/raid1/www/Hosts/bankrupt/TCR_Public/050319.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, March 19, 2005, Vol. 9, No. 66
Headlines
ACCEPTANCE INSURANCE: Posts $225,905 Net Loss in February 2005
ATA AIRLINES: January 2005 Net Loss Narrows to $23.7 Million
CATHOLIC CHURCH: Portland Files January Monthly Operating Report
COVANTA WTE: Posts $167,867 Net Loss in December 2004
KUSHNER-LOCKE: Releases October 2004 Monthly Operating Reports
KUSHNER-LOCKE: Releases November 2004 Monthly Operating Reports
KUSHNER-LOCKE: Releases December 2004 Monthly Operating Reports
MIIX GROUP: Posts $127,068 Net Loss for Six Weeks Ending Jan. 31
PILLOWTEX CORP: December 2004 Cash Receipts & Disbursements Report
PILLOWTEX CORP: January 2005 Cash Receipts & Disbursements Report
RELIANCE GROUP: Posts $388,000 Net Loss in February 2005
ROBOTIC VISION: Posts $3 Million Net Loss in January 2005
TWINLAB CORP: Files February 2005 Monthly Operating Report
UAL CORP: Posts $457 Million Net Loss for December 2004
UNIVERSAL ACCESS: Files February 2005 Monthly Operating Report
USG CORP: Earns $21 Million of Net Income in January 2005
*********
ACCEPTANCE INSURANCE: Posts $225,905 Net Loss in February 2005
--------------------------------------------------------------
On March 8, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for February 2005, with the U.S.
Bankruptcy Court for the District of Nebraska.
The Debtor reports a $225,905 net loss for February 2005.
At Feb. 28, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,839,415
Total Assets 32,891,415
Total Liabilities 138,159,995
Total Shareholders' Equity Deficit $(105,268,580)
A full-text copy of Acceptance Insurance Companies Inc.'s February
2005 Monthly Operating Report is available at no charge at:
http://sec.gov/Archives/edgar/data/74783/000119312505047942/dex991.htm
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed chapter 7
petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-80058). John
J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its
restructuring efforts. When the Debtor filed for protection from
its creditors, it listed $33,069,446 in total assets and
$137,120,541 in total debts.
ATA AIRLINES: January 2005 Net Loss Narrows to $23.7 Million
------------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of January 31, 2005
Assets
Current assets
Cash and cash equivalents $123,471,000
Receivables,
net of allowance for doubtful accounts 125,996,000
Inventories, net 42,741,000
Prepaid expenses and other current assets 44,786,000
------------
TOTAL CURRENT ASSETS 336,994,000
Property and equipment
Flight equipment 199,273,000
Facilities and ground equipment 147,611,000
Accumulated depreciation (167,176,000)
------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 179,708,000
Restricted cash 31,571,000
Goodwill 8,488,000
Prepaid aircraft rent 56,974,000
Investment in BATA 6,818,000
Deposits and other assets 27,064,000
------------
TOTAL ASSETS $647,617,000
============
Liabilities and Shareholders' Deficit
Current liabilities
Long-term debt in default -
Current maturities on long-term debt $41,000,000
Accounts payable 7,075,000
Air traffic liabilities 85,657,000
Accrued expenses 126,755,000
------------
Total current liabilities 260,487,000
Long-term debt -
Deferred gains from sale & leaseback of aircraft -
Other deferred items 31,220,000
Mandatorily redeemable preferred stock -
------------
TOTAL LIABILITIES 291,707,000
Liabilities subject to compromise 1,258,795,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' Equity (deficit)
Preferred stock, authorized 9,999,200 shares -
Common stock, without par value 66,013,000
Treasury stock (24,778,000)
Additional paid-in capital 18,166,000
Accumulated deficit (992,286,000)
------------
TOTAL SHAREHOLDERS' DEFICIT (932,885,000)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $647,617,000
============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended January 31, 2005
Operating revenues:
Scheduled service $60,365,000
Charter 38,781,000
Ground package 1,960,000
Other 3,999,000
------------
TOTAL OPERATING REVENUES 105,105,000
Operating expenses:
Salaries, wages and benefits 35,680,000
Fuel and oil 30,094,000
Aircraft rentals 16,038,000
Handling, landing and navigation fees 11,042,000
Aircraft maintenance, materials and repairs 5,706,000
Depreciation and amortization 4,098,000
Crew and other employee travel 3,589,000
Passenger service 3,246,000
Other selling expenses 2,953,000
Commissions 2,670,000
Facilities and other rentals 2,378,000
Ground package cost 1,673,000
Insurance 1,539,000
Advertising 612,000
Aircraft impairments and retirements 189,000
Other 5,296,000
------------
TOTAL OPERATING EXPENSES 126,803,000
------------
Operating income (loss) (21,698,000)
Other income (expense)
Interest income 142,000
Interest expense (525,000)
Reorganization expenses (1,584,000)
Other (77,000)
------------
TOTAL OTHER EXPENSE (2,044,000)
------------
Income (loss) before income taxes (23,742,000)
Income taxes -
------------
NET INCOME (LOSS) ($23,742,000)
============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended January 31, 2005
Cash Flows from Operating Activities:
Net income ($22,158,000)
Reorganization items (1,584,000)
Adjustments to reconcile net income:
Depreciation and amortization 4,098,000
Aircraft impairments and retirements 189,000
Other non-cash items (17,000)
Changes in operating assets and liabilities:
Receivables (7,189,000)
Inventories 975,000
Prepaid expenses (5,539,000)
Accounts payable (488,000)
Air traffic liabilities (4,230,000)
Liabilities Subject to Compromise 20,531,000
Accrued expenses 4,725,000
------------
NET CASH PROVIDED BY OPERATING ACTIVITIES (10,687,000)
Cash Flows from Investing Activities:
Aircraft pre-delivery deposits -
Capital expenditures (1,201,000)
Non-current prepaid aircraft rent (4,943,000
Reductions to other assets (146,000)
Proceeds from sales of property and equipment 159,000
------------
NET CASH USED BY INVESTING ACTIVITIES (6,131,000)
Cash Flows from Financing activities:
Proceeds from DIP Financing -
Payments on short-term debt and long-term debt (60,000)
Decrease (increase) in restricted cash 697,000
------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 637,000
------------
Net change in cash and cash equivalents (16,181,000)
Cash and equivalents at beginning of period 139,652,000
------------
Cash and cash equivalents at end of period $123,471,000
============
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco
to over 40 business and vacation destinations. Stock of parent
company, ATA Holdings Corp., is traded on the Nasdaq Stock
Exchange. The Company and its debtor-affiliates filed for chapter
11 protection on Oct. 26, 2004 (Bankr. S.D. Ind. Case No.
04-19866, 04-19868 through 04-19874). Terry E. Hall, Esq., at
Baker & Daniels, represents the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $745,159,000 in total assets and
$940,521,000 in total debts. (ATA Airlines Bankruptcy News, Issue
No. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files January Monthly Operating Report
----------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of January 31, 2005
ASSETS
Cash and cash equivalents $14,770,964
Accounts receivable, net 2,752,548
Notes, estates and other receivables 11,754,069
Loans receivable from Archdiocesan entities, net 11,412,929
Loans receivable from Archdiocesan housing entities 543,394
Interest receivable and other assets 198,654
Inventories 1,412,452
Real Property 226,689
Deposits and prepaid expenses 353,690
Investments 87,158,308
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,214,143
------------
Total Assets $140,437,840
============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 2,246,455
Funds held for others
Second Collections 23,030
Short-term investments payable 20,464,661
Long-term pool investments payable 18,848,082
Reserve for insurance claims 2,343,946
Notes payable 11,275,850
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
------------
Total Prepetition Liabilities 64,042,741
------------
Postpetition
Accounts payable 415,923
Accrued liabilities 2,145,076
Funds held for others
Second Collections 380,381
Short-term investments payable 1,431,232
Long-term pool investments 1,665,868
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 13,760
Accrued port-retirement liability -
------------
Total Postpetition Liabilities 6,052,240
------------
Total Liabilities 70,094,981
------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,273,810
Other Assets (3,277,697)
------------
Total Prepetition Net Assets 65,996,113
------------
Postpetition Net Assets:
Charitable Trust Assets 840,520
Other Assets 3,506,226
------------
Total Postpetition Net Assets 4,346,746
------------
Total Net Assets 70,342,859
------------
Total liabilities & net assets $140,437,840
============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the period ending January 31, 2005
Revenues, gains and other support
Annual Catholic Appeal income ($300)
Gross profit on cemetery sales 92,633
Contributions, gifts, annuities and bequests 275,157
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 333,185
Change in unrealized losses (1,322,974)
Insurance premiums, net (326)
Interest income from loans 40,975
Parish assessments 241,023
Other income 55,682
Departmental revenues 41,315
Net assets released from restrictions -
------------
Total revenues, gains, and other support (243,630)
------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 222,000
Clergy Services 47,313
Catholic Schools 34,619
Pastoral Services 51,749
Evangelization Services 58,909
Public Services 9,063
Tribunal Services 20,017
Deposit and loan interest (7,724)
Insurance program 244,522
Cemetery operating expenses 58,913
High School grants/charitable annuities 309,042
Other program expenses 91,845
------------
Total program services 1,140,268
------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 69,411
Finance & Administration:
Resource Development 116,435
Business Affairs 9,808
Financial Services 52,389
Human Resources 25,586
Shared Services 24,333
Occupancy and physical plant expenses 14,779
Designated funds expense 14,738
Bankruptcy expense 366,157
Depreciation expense -
------------
Total supporting services 693,636
------------
Total expenses and program support 1,833,904
------------
Increase (decrease) in net assets before
transfers and designations of net assets (2,077,534)
Fund transfers - in (out) -
Designation of net assets -
------------
Increase (decrease) in net assets (2,077,534)
Net assets at beginning of year 72,420,393
------------
Net assets at end of year $70,342,859
============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the period ending January 31, 2005
Beginning Cash Balance: $14,546,915
Add:
Transfers in 276,687
Receipts Deposited 3,693,483
Other (Return of Direct Deposits) -
Other (Interest Income) 20,308
------------
Total Cash Receipts 3,990,478
Subtract:
Transfers out (276,687)
Disbursements by check or debit (3,488,680)
Cash withdrawn -
Other (Service Charges) (889)
Other (NSF Checks) (175)
Other (Clear Interfund Rec/Pay) -
------------
Total Cash Disbursements (3,766,431)
------------
Ending Cash Balance $14,770,962
============
The Archdiocese of Portland in Oregon -- http://www.archdpdx.org/
-- 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.
The Diocese of St. George's -- http://www.rcchurch.com/--
established in 1904, is located in Western Newfoundland in Canada.
It serves a Catholic population of 32,060 found in 20 parishes
under the pastoral care of 18 priests. St. George's is one of
four Catholic dioceses in the province. The Diocesan Centre is
located in Corner Brook.
The Roman Catholic Church of the Diocese of Spokane --
http://www.dioceseofspokane.org/-- filed for chapter 11
protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Archdiocese
in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $11,162,938 in total
assets and $81,364,055 in total debts.
The Roman Catholic Church of the Diocese of Tucson --
http://www.diocesetucson.org/-- filed for chapter 11 protection
(Bankr. D. Ariz. Case No. 04-04721) on September 20, 2004, and
delivered a plan of reorganization to the Court on the same day.
Susan G. Boswell, Esq., and Kasey C. Nye, Esq., at Quarles & Brady
Streich Lang LLP, represent the Tucson Diocese.
COVANTA WTE: Posts $167,867 Net Loss in December 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 December 31, 2004
ASSETS
Cash $777,569
Inventory -
Accounts receivable 11,891,776
Land -
Machinery, fixtures and equipment 47,015,489
Restricted funds 243,763
Other current assets 210,254
Other assets 77,399
------------
Total assets $60,216,250
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $7,373,201
Accounts payable and other liabilities 2,411,454
------------
Total postpetition liabilities 9,784,655
Prepetition Liabilities:
Project Debt 18,764,556
Advances from parent and affiliates 26,235,087
Liabilities Subject to Compromise 1,827,383
Taxes/Others -
------------
Total Prepetition Liabilities 46,827,026
------------
Shareholders' Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition 8,343,700
Retained earnings - postpetition (4,739,131)
------------
Total Shareholders' Equity 3,604,569
------------
Total Liabilities and Shareholders' Equity $60,216,250
============
WTE Debtors
Consolidated Statements of Operations
From December 1 to December 31, 2004
INCOME:
Service, electric and construction revenue $475,580
Waste-to-Energy project debt revenue 383,464
------------
Total Income 859,044
EXPENSES:
Operating and construction costs 653,888
Waste-to-Energy project debt expense 103,273
Depreciation and amortization expense 189,750
Other - Net -
Cost allocations from parent & affiliates 80,000
Gain on sale of businesses -
------------
Total Expenses 1,026,911
------------
NET OPERATING PROFIT/(LOSS) (167,867)
Non-Operating Income/(Expense)
Reorganization costs -
------------
Total Non-Operating Income (Expense) -
Income Taxes -
Income before cumulative effect of accounting
Change (167,867)
------------
NET INCOME ($167,867)
============
WTE Debtors
Consolidated Cash Flow Statements
From December 1 to December 31, 2004
Net income ($167,867)
Depreciation and amortization 189,750
Receivables 6,873,063
Other assets (172,543)
Payables and accrued expenses (247,477)
Other liabilities -
Property, plant and equipment expenditures (118,986)
Restricted funds, net (32,401)
(Repayments) issuance of debt, net (6,834,438)
Advances from parents & affiliates 841,914
------------
331,015
Cash, beginning balance 446,554
------------
Cash, ending balance $777,569
============
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. 75;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
KUSHNER-LOCKE: Releases October 2004 Monthly Operating Reports
--------------------------------------------------------------
On March 11, 2005, The Kushner-Locke Company and its debtor-
affiliates filed its unaudited October 2004 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California.
For the month ending Oct. 31, 2004, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 73,954
Total Non-Operating Expenses 0
Net Income (Loss) ($73,954)
For the period from Oct. 1, 2004 through Oct. 31, 2004, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,284,118 $61,016
Total Receipts 12,634 72,000
Total Disbursements 72,000 73,954
Ending Balance $1,224,752 $59,062
Full-text copies of The Kushner-Locke Company's October 2004
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://sec.gov/Archives/edgar/data/842009/000095012905002373/v06833exv99w2.h
tm
Cash Receipts and Disbursements Report:
http://sec.gov/Archives/edgar/data/842009/000095012905002373/v06833exv99w1.h
tm
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
KUSHNER-LOCKE: Releases November 2004 Monthly Operating Reports
---------------------------------------------------------------
On March 11, 2005, The Kushner-Locke Company and its debtor-
affiliates filed its unaudited November 2004 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District
of California.
For the month ending Nov. 30, 2004, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 71,400
Total Non-Operating Expenses 17,550
Net Income (Loss) ($88,950)
For the period from Nov. 1, 2004 through Nov. 30, 2004, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,224,752 $59,062
Total Receipts 264,255 93,000
Total Disbursements 93,000 88,950
Ending Balance $1,396,007 $63,112
Full-text copies of The Kushner-Locke Company's November 2004
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://sec.gov/Archives/edgar/data/842009/000095012905002373/v06833exv99w4.h
tm
Cash Receipts and Disbursements Report:
http://sec.gov/Archives/edgar/data/842009/000095012905002373/v06833exv99w3.h
tm
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
KUSHNER-LOCKE: Releases December 2004 Monthly Operating Reports
---------------------------------------------------------------
On March 11, 2005, The Kushner-Locke Company and its debtor-
affiliates filed its unaudited December 2004 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District
of California.
For the month ending Dec. 31, 2004, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 76,729
Total Non-Operating Expenses 35,662
Net Income (Loss) ($112,391)
For the period from Dec. 1, 2004 through Dec. 31, 2004, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,396,007 $63,112
Total Receipts 182,935 115,000
Total Disbursements 115,000 112,391
Ending Balance $1,463,942 $65,720
Full-text copies of The Kushner-Locke Company's December 2004
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://sec.gov/Archives/edgar/data/842009/000095012905002373/v06833exv99w6.h
tm
Cash Receipts and Disbursements Report:
http://sec.gov/Archives/edgar/data/842009/000095012905002373/v06833exv99w5.h
tm
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
MIIX GROUP: Posts $127,068 Net Loss for Six Weeks Ending Jan. 31
----------------------------------------------------------------
On March 1, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from Dec. 21, 2004, to Jan. 31,
2005, with the U.S. Bankruptcy Court for the District of Delaware.
MIIX Group reports a cumulative net loss of $127,068 on $116 in
total revenue for the period from Dec. 21, 2004 thru Jan. 31,
2005. New Jersey State Medical Underwriters, Inc., reports a
cumulative net income of $39,727 on $445,922 total revenue for the
period from Dec. 21, 2004 thru Jan. 31, 2005.
At Jan. 31, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:
New Jersey
State Medical
The MIIX Group Underwriters, Inc.
-------------- ------------------
Total Assets $9,590,634 $15,401,535
Total Liabilities 8,846,807 6,672,949
Stockholders' Equity $ 743,827 $ 8,728,586
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period
from Dec. 21, 2004, to Jan. 31, 2005, is available at no charge
at:
http://sec.gov/Archives/edgar/data/1064063/000089322005000518/w06675exv99w1.
txt
Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc.
-- http://www.miix.com/-- provides management services to medical
malpractice insurance companies. The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588). Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and $50
million and debts between $10 million and $50 million.
PILLOWTEX CORP: December 2004 Cash Receipts & Disbursements Report
------------------------------------------------------------------
Pillowtex, et al.
Actual Cash Flow
For the Month of December 2004
Accounts Receivable Collections $49,000
Brown & Joseph/Atwell Fees (53,000)
Accounts Receivable Personnel (16,000)
Inventory Bulk Sales 336,000
Property Tax Related to Asset Sale (69,000)
Property (Net) (29,000)
Miscellaneous Proceeds 444,000
--------
Total Proceeds 662,000
Prepetition Cure Cost of Capital Leases -
Balance of 2003 Personal Property Tax -
Alliance Street Production -
Interest Expense (Term and Revolver) -
Idle Facility Cost (241,000)
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 -
Corporate 91,000
Severance/Retention -
Warehouse Vacation Pay -
SB Capital Estate Charge Back -
Early Termination Fee -
DIP Fees -
Professional Fees 905,000
Miscellaneous Expenses (13,000)
--------
Total Expenses 742,000
--------
Net Cash Flow ($80,000)
========
Pillowtex, et al.
Disbursement Report
For the Month of December 2004
Net Payroll & Payroll Taxes Paid $182,773
Sales, Use & Other Taxes Paid 69,099
Inventory Purchases -
Interest on Long Term Debt -
Secured/Rental/Lease -
Utilities 4,215
Insurance -
Administrative 50,660
Professional Fees 926,141
U.S. Trustee's Fees -
Others 32,863
---------
Total for U.S. Trustee Fees $1,265,750
=========
The Debtors' Consolidated Balance Sheets and Consolidated
Statements of Operations contain illegible figures. A full-text
copy of the December 2004 Monthly Operating Report is available
for free at:
http://bankrupt.com/misc/Pillowtex_operating_report_ending_dec04.pdf
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. 76;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: January 2005 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 January 31, 2005. 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 January 2005
Accounts Receivable Collections $26,000
Brown & Joseph/Atwell Fees (23,000)
Accounts Receivable Personnel (20,000)
Inventory Bulk Sales 5,000
Property Tax Related to Asset Sale (158,000)
Property (Net) (45,000)
Miscellaneous Proceeds (5,000)
---------
Total Proceeds (220,000)
Prepetition Cure Cost of Capital Leases -
Balance of 2003 Personal Property Tax -
Alliance Street Production -
Interest Expense (Term and Revolver) -
Idle Facility Cost 105,000
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 (27,000)
Product Liability/D&O/Workers Comp. Insurance (13,000)
Corporate 121,000
Severance/Retention 55,000
Warehouse Vacation Pay -
SB Capital Estate Charge Back -
Early Termination Fee -
DIP Fees -
Professional Fees 514,000
Miscellaneous Expenses 44,000
---------
Total Expenses 799,000
---------
Net Cash Flow ($1,019,000)
=========
Pillowtex, et al.
Disbursement Report
For the Month of January 2005
Net Payroll & Payroll Taxes Paid $290,998
Sales, Use & Other Taxes Paid 3,417
Inventory Purchases -
Interest on Long Term Debt -
Secured/Rental/Lease -
Utilities 9,782
Insurance 39,270
Administrative 134,443
Professional Fees 502,152
U.S. Trustee's Fees 15,250
Others 1,158
---------
Total for U.S. Trustee Fees $996,470
=========
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. 76;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
RELIANCE GROUP: Posts $388,000 Net Loss in February 2005
--------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 28-Feb-2005
_____________________________________ ___________
ASSETS
Cash $54,847,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Plant, property & equipment -
-------------
Total Assets $68,290,000
=============
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,730,000
Professional fee holdback payable 2,407,000
PBGC administrative claim 3,000,000
Liabilities subject to compromise 1,106,116,000
-------------
Total liabilities 1,113,253,000
-------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,615,120,000)
-------------
Total shareholders' deficit (1,044,963,000)
-------------
Total liabilities & deficit $68,290,000
=============
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Feb-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 28-Feb-2005
_____________________________________ ___________
Revenues $0
-------------
Costs and expenses:
Operating and administrative 43,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
-------------
Total costs and expenses 43,000
-------------
Loss before reorganization items (43,000)
-------------
Reorganization items:
Professional fees 442,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (97,000)
-------------
Total reorganization items 345,000
-------------
Income Tax benefits 0
-------------
Net Income (loss) ($388,000)
=============
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Feb-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 28-Feb-2005
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($43,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables 18,000
Increase in Liabilities
subject to compromise 0
-------------
Net cash (used) provided by
operating activities before
reorganization items (25,000)
-------------
Operating cash flows from
reorganization items:
Interest earned 97,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items 0
-------------
Net cash used by
reorganization items 97,000
-------------
Net cash used by
operating activities 72,000
-------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
-------------
Net cash provided by
investing activities 0
-------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
-------------
Net cash provided by
financing activities 0
-------------
Net increase in cash 72,000
Cash at beginning of period 54,775,000
-------------
Cash at end of period $54,847,000
=============
Headquartered in New York, New York, Reliance Group Holdings,
Inc. -- http://www.rgh.com/--is a holding company that owns
100% of Reliance Financial Services Corporation. Reliance
Financial, in turn, owns 100% of Reliance Insurance Company.
The holding and intermediate finance companies filed for chapter
11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403)
listing $12,598,054,000 in assets and $12,877,472,000 in debts.
The insurance unit is being liquidated by the Insurance
Commissioner of the Commonwealth of Pennsylvania. (Reliance
Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
ROBOTIC VISION: Posts $3 Million Net Loss in January 2005
---------------------------------------------------------
On Feb. 25, 2005, Robotic Vision Systems, Inc., delivered a copy
of its January 2005 monthly operating report to the U.S.
Securities and Exchange Commission.
Robotic Vision reports a $3,273,000 net loss on $1,269,000 of
gross revenues for the month ending Jan. 31, 2005.
At Jan. 31, 2005, Robotic Vision's balance sheet showed:
Total Current Assets $20,478,000
Total Assets 48,004,000
Total Liabilities Subject to Compromise 55,311,000
Total Liabilities 56,770,000
Shareholders' Equity Deficit ($8,766,000)
A full-text copy of Robotic Vision Systems, Inc.'s January 2005
Monthly Operating Report is available at no charge at:
http://sec.gov/Archives/edgar/data/225868/000119312505052486/dex991.htm
Headquartered in Nashua, New Hampshire, Robotic Vision Systems,
Inc. -- http://www.rvsi.com/-- designs, manufactures and markets
machine vision, automatic identification and related products for
the semiconductor capital equipment, electronics, automotive,
aerospace, pharmaceutical and other industries. The Company,
together with its debtor-affiliate, filed for chapter 11
protection on Nov. 19, 2004 (Bankr. D. N.H. Case No. 04-14151).
Bruce A. Harwood, Esq., at Sheehan, Phinney, Bass + Green
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$43,046,000 in total assets and $51,338,000 in total debts.
TWINLAB CORP: Files February 2005 Monthly Operating Report
----------------------------------------------------------
On Mar. 15, 2005, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) filed their monthly operating reports for the month
ended Feb. 28, 2005, with the Securities and Exchange Commission.
At Feb. 28, 2005, Twinlab Corporation (n/k/a TL Administration
Corporation) reports that it has no independent means of
generating revenue due to its non-operation. As a holding
company, Twinlab's internal sources of funds to meet its cash
needs, including the payment of expenses, are dividends and other
permitted payments from its direct and indirect subsidiaries.
Full-text copies of the Debtors' February 2005 Monthly Operating
Reports are available at no charge at:
http://sec.gov/Archives/edgar/data/1015868/000095012305003148/0000950123-05-
003148-index.htm
On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc.
and Twin Laboratories (UK) Ltd., commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 (CB) and are pending before the
Honorable Cornelius Blackshear.
Also, on Sept. 4, 2003, the Companies entered into that certain
asset purchase agreement with IdeaSphere, Inc. of Grand Rapids,
Michigan, pursuant to which the Companies sold substantially all
of their assets. The sale closed on Dec. 9, 2003, effective as of
Dec. 9, 2003. In connection with the sale, the Debtors obtained
an order from the Court authorizing them to change their names.
Twinlab Corporation changed its name to TL Administration
Corporation, Twin Laboratories Inc., changed its name to TL
Administration Inc., and Twin Laboratories (UK) Ltd., changed its
name to TL Administration (UK) Ltd.
The Debtors continue to operate as debtors-in-possession pursuant
to sections 1107(a) and 1108 of the Bankruptcy Code.
UAL CORP: Posts $457 Million Net Loss for December 2004
-------------------------------------------------------
A full-text copy of UAL Corporation's December 2004 Operating
Report is available for free at the Securities and Exchange
Commission at:
http://www.sec.gov/Archives/edgar/data/100517/000010051705000001/decmor.htm
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For the Month Ended December 31, 2004
(In Thousands)
Total operating revenues $1,421,428
Total operating expenses 1,656,063
Earnings (loss) from operations (234,635)
Non-operating income (expenses):
Net interest expense (35,720)
Other income (expenses), net 1,780
----------
Total non-operating income (expenses) (33,940)
Net Earnings (loss) before Reorganization items (268,575)
Reorganization items (188,721)
----------
Net earnings (loss) ($457,296)
==========
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 78; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
UNIVERSAL ACCESS: Files February 2005 Monthly Operating Report
--------------------------------------------------------------
Universal Access Global Holdings, Inc., and its debtor-affiliates
filed its February 2005 monthly operating report with the United
States Bankruptcy Court for the Northern District of Illinois,
Eastern Division. The Debtors' summary of cash receipts and
disbursements shows:
Beginning Cash Balance $7,596,125
Total Receipts 2,855,920
Total Disbursements 4,238,918
Ending Cash Balance $6,213,128
A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' February 2005 Monthly Operating Report is
available at no charge at:
http://sec.gov/Archives/edgar/data/1070699/000110465905011308/a05-5147_1ex99
d1.htm
Headquartered in Chicago, Illinois, Universal Access Global
Holdings, Inc. -- http://www.universalaccess.com/-- provides
network infrastructure services and facilitates the buying and
selling of capacity on communications networks. The company, and
its debtor-affiliates, filed for a chapter 11 protection on
August 4, 2004 (Bankr. N.D. Ill. Case No. 04-28747). John Collen,
Esq., and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent
the Company. David W. Wirt, Esq., and David Neier, Esq., at
Winston & Strawn, represent an Official Committee of Unsecured
Creditors. When the Debtor filed for protection from its
creditors, it listed $22,047,000 in total assets and $24,054,000
in total debts.
USG CORP: Earns $21 Million of Net Income in January 2005
---------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-January-2005
__________________________ _______________
Assets:
Cash and cash equivalents $502,011,000
Marketable Securities 134,116,000
Restricted Cash 36,033,000
Receivables 390,498,000
Inventories 290,579,000
Income taxes receivable 23,777,000
Deferred income taxes 22,192,000
Other current assets 53,357,000
-------------
Total current assets 1,452,563,000
Property, plant and equipment, net 1,601,936,000
Marketable Securities 281,502,000
Deferred income taxes 148,531,000
Goodwill 42,576,000
Other assets 357,175,000
-------------
Total Assets $3,884,283,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $233,661,000
Accrued expenses 186,569,000
Taxes on income 66,077,000
-------------
Total current liabilities 486,307,000
Other liabilities 392,317,000
Liabilities subject to compromise 2,241,885,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (255,750,000)
Capital received in excess of par value 100,429,000
Accumulated other comprehensive income/(loss) 9,767,000
Retained earnings 904,330,000
-------------
Total stockholders' equity 763,774,000
-------------
Total Liabilities and Stockholders' Equity $3,884,283,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-January-2005
_____________________________ _______________
Net sales $334,935,000
Cost of products sold 278,100,000
Selling and administrative expenses 23,630,000
Chapter 11 reorganization expenses (1,759,000)
Provision for restructuring expenses -
Interest expense 327,000
Interest income (225,000)
Other (income)/expense, net (164,000)
-------------
Earnings/(loss) before income taxes 35,026,000
Income taxes (benefit) 14,045,000
-------------
Net Earnings/(loss) $20,981,000
=============
Headquartered in Chicago, Illinois, USG Corporation
-- http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 82; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
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related conferences are encouraged. Send announcements to
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Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
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F. Casquejo and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
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