/raid1/www/Hosts/bankrupt/TCR_Public/050507.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, May 7, 2005, Vol. 9, No. 107
Headlines
AMES DEPT: Monthly Operating Report for Period Ended Apr. 2, 2005
ATA AIRLINES: Posts $315 Million Net Loss in March 2005
FOOTSTAR INC: Earns $2.6 Million of Net Income in March 2005
KAISER ALUMINUM: Posts $708,000 Net Loss in March 2005
PILLOWTEX CORP: Files Amended Schedules of Assets & Debts
PILLOWTEX CORP: Beacon Mfg.'s Amended Schedules of Assets & Debts
PILLOWTEX CORP: Encee Inc.'s Amended Schedules of Assets & Debts
PILLOWTEX CORP: FCI Corporate's Amended Schedules
PILLOWTEX CORP: Fieldcrest's Amended Schedules of Assets & Debts
PILLOWTEX CORP: Opelika Industries' Amended Schedules
PILLOWTEX CORP: PTEX Inc.'s Amended Schedules of Assets & Debts
PILLOWTEX CORP: Leshner's Amended Schedules of Assets & Debts
SOLUTIA INC: Earns $6 Million of Net Income in March 2005
THAXTON GROUP: Posts $30.8 Million Net Loss in January 2005
TOWER AUTOMOTIVE: Posts $24.8 Million Net Loss in February 2005
TRINITY ENERGY: Releases March 2005 Operating Report
USG CORP: Earns $21,638,000 of Net Income in March 2005
WINSTAR COMMS: Releases March 2005 Monthly Operating Report
*********
AMES DEPT: Monthly Operating Report for Period Ended Apr. 2, 2005
-----------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At April 2, 2005
(In Thousands)
ASSETS
Current assets:
Cash and cash equivalents $21,032
Restricted cash 58,993
Receivables 1,665
----------
Total current assets 81,690
Fixed assets -
----------
Total Assets $81,690
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $55,728
Other 11,007
----------
Total accounts payable 66,735
Self-insurance reserves 29,238
Accrued expenses 19,593
Liabilities subject to compromise 845,365
----------
Total liabilities 960,931
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,412,007)
Treasury stock (922)
----------
Total stockholders' deficit (879,241)
----------
Total liabilities and stockholders' deficit $81,690
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For the Five Weeks Ended April 2, 2005
(In Thousands)
Total revenue $1,604
Costs and expenses
Wind down expenses and other costs 749
Gain on Sale of Assets (3,000)
Write off of excess reserves (435)
Professional fees 100
----------
Loss before income taxes 4,190
Income tax provision -
----------
Net Income $4,190
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For the Five Weeks Ended April 2, 2005
(In Thousands)
Cash flows from operating activities:
Net income $4,190
Expenses not requiring the outlay of cash:
Gain on the sale of assets (3,000)
----------
Cash used by operations 1,190
Changes in working capital:
Increase in receivables (264)
Decrease in accrued exp. and other liabilities (764)
Decrease in accounts payable (1,887)
Decrease in Restricted Cash 281
----------
Net cash used by operating activities (1,444)
Cash flows from financing activities:
Change in liabilities subject to compromise (820)
Proceeds from the sale of assets 3,000
----------
Net cash provided by financing activities 2,180
Increase in cash and cash equivalents 736
Cash and cash equivalents, beginning of period 20,296
----------
Cash and cash equivalents, end of period $21,032
==========
Ames Department Stores filed for chapter 11 protection on August
20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut, Esq.,
Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J.
Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal &
Manges LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: Posts $315 Million Net Loss in March 2005
-------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of March 31, 2005
ASSETS
Current assets:
Cash and cash equivalents $101,513,000
Receivables,
net of allowance for doubtful accounts 118,108,000
Inventories, net 34,990,000
Assets held for sale 3,250,000
Prepaid expenses and other current assets 41,342,000
--------------
TOTAL CURRENT ASSETS 299,203,000
Property and equipment:
Flight equipment 174,018,000
Facilities and ground equipment 141,635,000
Accumulated depreciation (163,503,000)
--------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 152,150,000
Restricted cash 31,300,000
Goodwill 6,987,000
Prepaid aircraft rent 220,000
Investment in BATA 6,379,000
Deposits and other assets 25,102,000
--------------
TOTAL ASSETS $521,341,000
Liabilities And Shareholders' Deficit
Current liabilities
Short-term debt 41,000,000
Accounts payable 5,089,000
Air traffic liabilities 80,747,000
Accrued expenses 128,453,000
--------------
TOTAL CURRENT LIABILITIES 255,289,000
Long-term debt 0
Deferred gains from sale and leaseback of aircraft 0
Other deferred items 34,563,000
Mandatorily redeemable preferred stock 0
--------------
TOTAL LIABILITIES 289,852,000
Liabilities subject to compromise 1,484,726,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' 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 (1,342,638,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,283,237,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $521,341,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended March 31, 2005
Operating revenues:
Scheduled service 65,425,000
Charter 42,538,000
Ground package 1,252,000
Other 3,283,000
--------------
TOTAL OPERATING REVENUES 112,498,000
Operating expenses:
Salaries, wages and benefits 29,160,000
Fuel and oil 28,179,000
Aircraft rentals 14,582,000
Handling, landing and navigation fees 8,161,000
Aircraft maintenance, materials and repairs 4,923,000
Depreciation and amortization 4,037,000
Crew and other employee travel 4,161,000
Passenger service 3,680,000
Other selling expenses 2,813,000
Commissions 2,788,000
Facilities and other rentals 2,204,000
Insurance 1,689,000
Ground package cost 1,051,000
Advertising 1,125,000
Aircraft impairments and retirements 214,000
Other 5,926,000
--------------
TOTAL OPERATING EXPENSES 114,693,000
--------------
Operating loss (2,195,000)
Other expenses:
Interest income 167,000
Interest expense (599,000)
Reorganization expenses (312,662,000)
Other (79,000)
--------------
TOTAL OTHER EXPENSE (313,173,000)
Loss before income taxes (315,368,000)
Income taxes -
--------------
NET LOSS (315,368,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended March 31, 2005
Cash Flows from Operating Activities:
Net loss before reorganization expenses ($2,706,000)
Adjustments to reconcile net loss:
Depreciation and amortization 4,037,000
Aircraft impairments and retirements 214,000
Other non-cash items 2,049,000
Changes in operating assets and liabilities:
Receivables 7,609,000
Inventories 3,091,000
Assets held for sale (3,250,000)
Prepaid expenses (4,499,000)
Accounts payable 212,000
Air traffic liabilities (7,946,000)
Liabilities subject to compromise (6,415,000)
Accrued expenses 3,794,000
--------------
NET CASH (USED IN) OPERATING ACTIVITIES (3,810,000)
Cash Flows from Reorganization Activities:
Reorganization items, net (312,662,000)
Prepaid expenses 15,114,000
Liabilities subject to compromise 207,679,000
Accrued expenses (2,093,000)
Noncurrent prepaid aircraft rent 65,031,000
Impairment of assets held for sale 11,280,000
Other non-cash items 12,409,000
Proceeds from sales of property and equipment 6,000,000
--------------
NET CASH PROVIDED BY REORGANIZATION ACTIVITIES 2,758,000
Cash Flows from Investing Activities:
Capital expenditures (1,044,000)
Noncurrent prepaid aircraft rent (461,000)
(Additions) reductions to other assets (16,000)
Proceeds from sales of property and equipment 10,000
--------------
NET CASH (USED IN) INVESTING ACTIVITIES (1,511,000)
Cash Flows from Financing Activities:
Payments on long-term debt -
Increase in restricted cash (474,000)
--------------
NET CASH (USED IN) FINANCING ACTIVITIES (474,000)
--------------
Decrease in cash and cash equivalents (3,037,000)
Cash and cash equivalents, beginning of period 104,550,000
--------------
Cash and cash equivalents, end of period $101,513,000
==============
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 Nos. 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. 22; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FOOTSTAR INC: Earns $2.6 Million of Net Income in March 2005
------------------------------------------------------------
On April 29, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the month of March 2005 with
the U.S. Bankruptcy Court for the Southern District of New York.
The Debtors reported a $2.6 million net income on $67.3 million of
net sales for March 2005. The Debtors also reported a cumulative
net loss of $40.2 million on $871 million of net sales from
March 3, 2004, through April 2, 2005.
At April 2, 2005, Footstar, Inc.'s consolidated balance sheet
showed:
Total Current Assets $374,700,000
Total Assets 420,900,000
Current Liabilities 129,300,000
Total Liabilities Subject to Compromise 174,400,000
Total Liabilities 356,000,000
Shareholders' Equity $64,900,000
A full-text copy of Footstar, Inc.'s March 2005 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1011308/000090951805000288/mv4-29ex99_1.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 chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.
KAISER ALUMINUM: Posts $708,000 Net Loss in March 2005
------------------------------------------------------
Kaiser Aluminum Corporation and its debtor-affiliates delivered an
illegible copy of their balance sheet as of March 31, 2005, to the
U.S. Bankruptcy Court for the District of Delaware.
The balance sheet shows over $300 million in total current assets
and over $200 million in total current liabilities as of March 31,
2005. The Debtors report over $3 billion in liabilities subject
to compromise and over $1.8 billion in total liabilities and
equity.
A copy of the Debtors' March 31, 2005 Balance Sheet is available
at no charge at:
http://bankrupt.com/misc/March_2005_Balance_Sheets.pdf
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statements of Operations
For the Month Ending March 31, 2005
(In Thousands)
Net Sales $115,914
Costs and expenses:
Cost of products sold 97,896
Depreciation & amortization 1,648
Selling, administrative, R&D and general 6,968
Other operating charges (benefits), net 6,213
---------
Total costs and expenses 112,725
---------
Operating income (loss) 3,189
Other income (expense):
Interest expenses, net (342)
Reorganization items (1,804)
Other-net 31
---------
Income (loss) before
income taxes and minority interest 1,074
(Provision) benefit for income taxes (1,745)
Minority interests -
Equity in income (loss) of subsidiaries (37)
---------
Net income (loss) ($708)
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending March 31, 2005
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $82,149
KAII Receivables 26,594
---------
Total Trade Receivables 108,743
COBRA receipts 491
Proceeds from Hedging Settlement 423
Cash Collateral Returned from
Previous DIP Lender 3,413
---------
Total Receipts 113,070
Disbursements:
Inventory/Raw Materials 39,506
Capital Expenditures 1,862
Maintenance, Materials, etc. 5,201
Freight 3,731
Utilities/Energy 4,912
Hourly Payroll 7,714
Salaried Payroll 4,001
VEBA Advances 5,083
Medical - Current Employees 3,025
Annual Insurance Premiums 728
Workmen's Compensation 728
Corporate General and Administrative 2,262
JV Fundings - Alumina 22,148
JV Fundings - Primary, Net of Minority Interest 10,074
Other Disbursements 12,054
---------
Total Operating and G&A Disbursements 125,289
Reorganization Items 4,809
---------
Total Disbursements 130,098
---------
Net Cash Flow (17,028)
Beginning Bank Cash Balances 40,812
---------
Ending Bank Cash Balances 23,784
Reconciling Items 541
---------
Ending Book Cash Balances $24,325
=========
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, represents 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. 68;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: Files Amended Schedules of Assets & Debts
---------------------------------------------------------
Pillowtex Corporation amends its Schedules of Assets and
Liabilities to reflect changes to Schedules D and F.
Pillowtex reduces its scheduled Secured Claims by $29,769,220.
Pillowtex estimates zero liability to seven creditors:
-- Aviary Capital Enterprises, Inc.,
-- Banc of America Securities LLC,
-- Contrarian Capital Advisors,
-- Deutsche Bank Trust Co. Americas,
-- LC Capital Master Fund, Ltd.,
-- Pequot Special Opportunities FD LP, and
-- Wells Fargo Bank NA
Pillowtex also reports $146,350 in additional Accounts Payable.
Pillowtex estimates its total scheduled liabilities to be
$185,427,877.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: Beacon Mfg.'s Amended Schedules of Assets & Debts
-----------------------------------------------------------------
Beacon Manufacturing Company reports a $911 decrease in its
scheduled Unsecured Non-priority Claims.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: Encee Inc.'s Amended Schedules of Assets & Debts
----------------------------------------------------------------
Encee, Inc., schedules $1,661 in Tax Claims under Schedule E in
its Schedules of Assets and Liabilities. Encee reduces its
accounts payable in Schedule F by $7,132. Encee's scheduled
liabilities total $324,108.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: FCI Corporate's Amended Schedules
-------------------------------------------------
FCI Corporate LLC schedules two de minimis Unsecured Non-Priority
Claims aggregating $180, thereby increasing its estimated
liabilities to $240,811.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: Fieldcrest's Amended Schedules of Assets & Debts
----------------------------------------------------------------
Fieldcrest Cannon, Inc., reduces its accounts payable in Schedule
F by $2,226,137. Fieldcrest estimates the total Unsecured Non-
priority Claims to be $18,247,449.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: Opelika Industries' Amended Schedules
-----------------------------------------------------
Opelika Industries, Inc., reduces its accounts payable in Schedule
F by $1,333. Opelika estimates its total Unsecured Non-priority
Claims to be $53,998.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: PTEX Inc.'s Amended Schedules of Assets & Debts
---------------------------------------------------------------
PTEX, Inc., amends its Schedules of Assets and Liabilities to
reflect changes in Schedules B, E and F. PTEX estimates its total
personal property to be $44,155,177, an increase of $80,800.
PTEX schedules an additional $60,863 in Unsecured Priority Claims
and reduces Unsecured Non-priority Claims by $59,441. PTEX
estimates its total Scheduled Liabilities to be $5,701,790.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
PILLOWTEX CORP: Leshner's Amended Schedules of Assets & Debts
-------------------------------------------------------------
Leshner Corporation reduces its accounts payable in Schedule F by
$74. Leshner estimates its total Unsecured Non-priority Claims to
be $8,133.
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. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
SOLUTIA INC: Earns $6 Million of Net Income in March 2005
---------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of March 31, 2005
ASSETS
Cash $7,000,000
Trade Receivables, net 166,000,000
Account Receivables-Unconsolidated Subsidiaries 52,000,000
Inventories 163,000,000
Other Current Assets 74,000,000
-------------
TOTAL CURRENT ASSETS $462,000,000
Property, Plant and Equipment, net $690,000,000
Investments in Subsidiaries and Affiliates 505,000,000
Intangible Assets, net 101,000,000
Other Assets 92,000,000
-------------
TOTAL ASSETS $1,850,000,000
=============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $169,000,000
Short Term Debt 320,000,000
Other Current Liabilities 130,000,000
-------------
TOTAL CURRENT LIABILITIES $619,000,000
Other Long-Term Liabilities $209,000,000
-------------
TOTAL LIABILITIES NOT SUBJECT TO COMPROMISE $828,000,000
LIABILITIES SUBJECT TO COMPROMISE 2,284,000,000
SHAREHOLDERS' DEFICIT (1,262,000,000)
-------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,850,000,000
=============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended March 31, 2005
Total Net Sales $206,000,000
Total Cost Of Goods Sold 190,000,000
-------------
Gross Profit 16,000,000
Total MAT Expense 18,000,000
-------------
Operating Income (2,000,000)
Equity Income from Affiliates 7,000,000
Interest Expense, net (5,000,000)
Other Income, net 1,000,000
Reorganization Items:
Professional fees (4,000,000)
Adjustments to allowed claim amounts -
Employee severance and retention costs (6,000,000)
Adjustment to allowed claim amounts 22,000,000
Other (6,000,000)
--------------
Total Reorganization Items 6,000,000
--------------
Income Before Taxes 7,000,000
Income Tax 1,000,000
--------------
NET INCOME $6,000,000
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Conor D. Reilly, Esq., and Richard M. Cieri, Esq., at Gibson, Dunn
& Crutcher, LLP. (Solutia Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
THAXTON GROUP: Posts $30.8 Million Net Loss in January 2005
-----------------------------------------------------------
On April 22, 2005, The Thaxton Group filed its monthly operating
report for March 2005 with the U.S. Bankruptcy Court for the
District of Delaware.
The company reported a cumulative net loss of $34,642,305 on
$684,189 revenue for the period from Oct. 17, 2003 thru March 31,
2005.
At March 31, 2005, the Company's balance sheet reflects:
Total Assets $153,688,051
Total Liabilities 185,325,117
Stockholders' Deficit ($31,637,066)
A full-text copy of Thaxton Group's March 2005 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1001430/000119312505088646/dex991.htm
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company. The
Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). The Debtors are represented by
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.
TOWER AUTOMOTIVE: Posts $24.8 Million Net Loss in February 2005
---------------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of February 28, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $9,622
Accounts receivable, net 297,295
Inventories 86,223
Prepaid tooling and other 41,775
----------
TOTAL CURRENT ASSETS 434,915
----------
Property, plant and equipment, net 656,873
Investment in joint ventures 62
Investment in subsidiaries 346,782
Inter-company receivables 415,370
Goodwill 326,309
Other assets, net 131,996
----------
TOTAL ASSETS $2,312,307
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt & capital $9,081
lease obligations
Accounts payable 118,405
Accrued liabilities 213,032
----------
Liabilities subject to comprise 1,123,422
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 532,239
Inter-company accounts payable 16,394
Other non-current liabilities 180,877
----------
TOTAL LIABILITIES 2,193,450
STOCKHOLDERS' EQUITY 118,857
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $2,312,307
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
February 2 to 28, 2005
(In Thousands)
Revenues $183,362
Cost of sales 175,765
----------
Gross profit 7,597
Selling, general and administrative expenses 7,936
Restructuring and asset impairment charges, net 301
----------
Operating income (loss) (640)
Interest expense 21,420
Interest income (1,930)
Other expense, net -
Chapter 11 and related reorganization items 4,448
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures and
minority interest (24,578)
Provision (benefit) for income taxes 100
Equity in earnings of joint ventures, net of tax (75)
----------
NET LOSS ($24,753)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
February 2 to 28, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($24,753)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 4,448
Payments of Chapter 11 and related reorganization
expenses -
Restructuring and asset impairment charge, net -
Depreciation 8,525
Deferred compensation 123
Equity in earnings of joint ventures, net (75)
Change in working capital and other operating
items (78,530)
----------
Net cash provided by operating activities (90,262)
----------
INVESTING ACTIVITIES:
Capital expenditures (390)
Proceeds from sale of fixed assets -
Other -
----------
Net cash used in investing activities (390)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 55,737
Repayments of borrowings from DIP credit facility -
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 55,737
----------
Net Change in cash and cash equivalents ($34,915)
----------
Cash and Cash Equivalents, beginning of period 44,537
Cash and Cash Equivalents, end of period $9,622
==========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. --
http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-
10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup
Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq.,
at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRINITY ENERGY: Releases March 2005 Operating Report
----------------------------------------------------
On April 20, 2005, Trinity Energy Resources, Inc., filed its
monthly operating report for the month ended March 2005 with the
United States Bankruptcy Court for the Southern District of Texas,
Houston Division.
Trinity Energy reported a $10,227 net income in $19,520 of total
revenues for the month from March 1, 2005, to March 31, 2005.
At March 31, 2005, Trinity Energy's balance sheet showed:
Total Current Assets $415,659
Total Assets 1,242,981
Total Liabilities 1,782,513
Total Owner's Equity Deficit ($539,532)
A full-text copy of Trinity Energy's March 2005 monthly operating
report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1082292/000101540205002190/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.
USG CORP: Earns $21,638,000 of Net Income in March 2005
-------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-March-2005
__________________________ _____________
Assets:
Cash and cash equivalents $461,653,000
Marketable Securities 168,594,000
Restricted Cash 38,657,000
Receivables 447,801,000
Inventories 283,458,000
Income taxes receivable 22,966,000
Deferred income taxes 6,969,000
Other current assets 84,670,000
-------------
Total current assets 1,514,768,000
Property, plant and equipment, net 1,607,419,000
Marketable Securities 277,688,000
Deferred income taxes 134,382,000
Goodwill 42,576,000
Other assets 380,957,000
-------------
Total Assets $3,957,790,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $231,692,000
Accrued expenses 173,752,000
Taxes on income 86,119,000
-------------
Total current liabilities 491,563,000
Other liabilities 390,259,000
Liabilities subject to compromise 2,241,478,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (255,505,000)
Capital received in excess of par value 100,853,000
Accumulated other comprehensive income/(loss) 38,784,000
Retained earnings 945,360,000
-------------
Total stockholders' equity 834,490,000
-------------
Total Liabilities and Stockholders' Equity $3,957,790,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-March-2005
_____________________________ _____________
Net sales $391,749,000
Cost of products sold 323,343,000
Selling and administrative expenses 27,645,000
Chapter 11 reorganization expenses 3,798,000
Provision for restructuring expenses -
Interest expense 326,000
Interest income (246,000)
Other (income)/expense, net (813,000)
-------------
Earnings/(loss) before income taxes 37,696,000
Income taxes (benefit) 16,058,000
-------------
Net Earnings/(loss) $21,638,000
=============
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. 86; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINSTAR COMMS: Releases March 2005 Monthly Operating Report
-----------------------------------------------------------
Winstar Communications, Inc.
Balance Sheet
As of March 31, 2005
ASSETS
Unrestricted Cash and Equivalents $26,057,586
Restricted Cash and Cash Equivalents -
Accounts Receivable (Net) -
Notes Receivable -
Inventories -
Prepaid Expenses -
Professional Retainers -
Other Current Assets -
------------
Total Current Assets 26,057,586
------------
Real Property and Improvements
Machinery & Equipment -
Furniture, Fixtures & Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
------------
Total Property & Equipment -
------------
Loans to Insiders
Other Assets -
------------
Total Other Assets -
------------
TOTAL ASSETS $26,057,586
============
LIABILITIES & SHAREHOLDER'S EQUITY
Accounts Payable -
Taxes Payable -
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees -
Amounts Due to Insiders -
Other Post Conversion Liabilities -
------------
Total Post Conversion Liabilities -
------------
Secured Debt -
Priority Debt -
Unsecured Debt -
------------
Total Pre-Conversion Liabilities -
------------
Owners' Equity
Capital Stock -
Additional Paid In Capital -
Partners' Capital Account -
Owners' Equity Account $57,559,619
Retained Earnings - Pre-Conversion -
Retained Earnings - Post-Conversion (31,502,032)
Adjustments to Owner Equity -
Postpetition Contributions (Distributions)(Draws) -
------------
Net Owners' Equity 26,057,586
------------
TOTAL LIABILITIES & OWNERS' EQUITY $26,057,586
============
Winstar Communications, Inc.
Statement of Operations
For the Month Ended March 31, 2005
Gross Revenues -
Less: Returns and Allowances -
------------
Net Revenue -
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs -
Less: Ending Inventory -
Cost of Goods Sold -
------------
Gross Profit -
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs -
Insider Compensation -
Insurance -
Management Fees/Bonuses -
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance -
Rent and Lease Expenses -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel and Entertainment -
Utilities -
Other -
------------
Total Operating Expenses before Depreciation -
Depreciation/Depletion/Amortization -
------------
Net Profit (Loss) before other income and expenses -
Other Income $571,785
Worker's Comp Refund -
Tax Refund -
Leasehold Buyback -
Interest Expense -
Other Expense 1,145
Pmt from Sale of Assets - Tera -
Compensation as Director per Court Order -
Payment Per Stipulation -
Pmt from Sale of Assets - American Communications -
Return of DIP Loan Disbursement -
Pmt from Sale of Del Telecom International Stock -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Turnover of Funds to IDT -
Turnover of Bank Account -
Insurance Expense -
Reimbursement of Expenses -
Payroll 23,175
Sale of Assets -
------------
Net Profit (Loss) before reorganization items 547,464
Professional Fees -
U.S. Trustee Quarterly Fees -
Interest Earned on Accumulated Cash from Chapter 11 -
Gain (Loss) from Sale of Equipment -
Other Reorganization Expenses -
Total Reorganization Expenses -
Income Taxes -
------------
Net Profit (Loss) $547,464
============
Winstar Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended March 31, 2005
Cash Beginning of Month $25,510,122
Receipts:
Cash Sales -
Accounts Receivable -
Return of DIP Loan Disbursement -
Sale of ISP Northwest Nexus -
Holdings Funds -
Insurance Refund Dividend -
Final Settlement -
Liquidation of Well's Fargo Acct -
Liquidation of Fleet Account per stipulation -
Transfer from AON -
Leasehold Buyback -
Closing of Bank Account -
Pmt from Sales of Assets - Tera -
Pmt from Sales of Assets - American Communications -
Pmt from Sale of Del Telecom International Stock -
Transfers -
Claim Settlement -
Refund of Overpayment -
Tax Refund -
Worker's Comp Refund -
Collection on Preferences 555,955
Turnover of Bank Account -
Reimbursement - Moving Expenses -
Interest 15,829
Payment from Sale of Assets -
------------
Total Receipts $571,785
Disbursements:
Employee Benefits -
Net Payroll $23,175
Payroll Taxes -
Sales, Use, & Other Taxes -
Chapter 11 Quarterly Fees -
Chapter 11 Administrative Claims -
Insurance -
Additional Payment of Funds - CTG Revised Accounting -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Advertising Fees -
License Fees -
Legal Fees per Court Order -
Administrative 145
Telephone -
Compensation as Director per Court Order -
Distribution Per Orders of 12/12/02 -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Owner Draw -
Reimbursement of Check from SF Interactive -
Reimbursement of Expenses -
Reimbursement of Expenses per Order of 5/13/03 -
Turnover of Funds to IDT -
Trustee Bond -
Professional Fees -
Trustee Expense -
Trustee Commission -
Bankruptcy Service Payments 1,000
Rent -
Moving Expenses -
Payment per Stipulation -
Payment of Carve Out per order of 12/11/02 -
Payment per stipulation and order of 4/15/03
- per carve out -
Per Order of 4/15/03 - payment of chapter 11 carve out -
Pmt per order of 4/15/03
- pmt of carve out chapter 11 fees -
Attorney's Fees for Counsel for Trustee -
Accounting Fees for acct. for Chapter 7 Trustee -
Tax Consultant Fees -
Payment - Summary Judgment -
Payment of Claims -
------------
Total Disbursements 24,321
------------
Net Cash Flow 547,464
------------
Cash - End of Month $26,057,586
============
Headquartered in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers. The Company
and its debtor-affiliates filed for chapter 11 protection on April
18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through 01-01462).
The Debtors obtained the Court's approval converting their case to
a chapter 7 liquidation proceeding in January 2002. Christine C.
Shubert serves as the Debtors' chapter 7 trustee. When the Debtors
filed for bankruptcy, they listed $4,975,437,068 in total assets
and $4,994,467,530 in total debts. (Winstar Bankruptcy News,
Issue No. 66; 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
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Each Friday's edition of the TCR includes a review about a book of
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available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
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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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Copyright 2005. All rights reserved. ISSN: 1520-9474.
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