/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/050514.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 14, 2005, Vol. 9, No. 113 Headlines MIIX GROUP: Posts $327,842 Cumulative Net Loss in March 2005 MIRANT CORP: Posts $4.6 Million Net Loss in February 2005 MIRANT CORP: MAGi Posts $16 Million Net Loss in February 2005 PARMALAT: Farmland Dairies Amends Schedules of Assets & Debts PARMALAT: Milk Products Amends Schedules of Assets & Debts SPIEGEL INC: Posts $16 Million Net Loss for Period Ended Feb. 26 TRENWICK AMERICA: Reports $280,975 Net Profit in March 2005 UAL CORPORATON: Posts $457.8 Million Net Loss in March 2005 USGEN NEW ENGLAND: Posts $3.3 Million Net Loss in October 2004 USGEN NEW ENGLAND: Posts $1.5 Million Loss in November 2004 USGEN NEW ENGLAND: Posts $82 Million Net Loss in December 2004 USGEN NEW ENGLAND: Posts $509 Million Net Loss in January 2005 USGEN NEW ENGLAND: Posts $10.4 Million Net Loss in February 2005 ********* MIIX GROUP: Posts $327,842 Cumulative Net Loss in March 2005 ------------------------------------------------------------ On April 25, 2005, The MIIX Group, Inc., and its debtor-affiliate, New Jersey State Medical Underwriters, Inc., filed their monthly operating reports for the period from March 1, 2005 to March 31, 2005, with the U.S. Bankruptcy Court for the District of Delaware. MIIX Group reports a cumulative net loss of $327,842 on $8,285 in total revenue for the period from Dec. 21, 2004 thru March 31, 2005. New Jersey State Medical Underwriters, Inc., reports a cumulative net income of $627,182 on $1,997,393 total revenue for the period from Dec. 21, 2004 thru Mar. 31, 2005. At March 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 $9,731,597 $15,750,811 Total Liabilities 8,930,182 6,820,756 Stockholders' Equity $801,415 $8,930,055 A full-text copy of MIIX Group and New Jersey State Medical Underwriters, Inc.'s monthly operating reports for the period from March 1, 2005 to March 31, 2005, is available at no charge at: http://www.sec.gov/Archives/edgar/data/1064063/000089322005001041/w08733exv99w1.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. MIRANT CORP: Posts $4.6 Million Net Loss in February 2005 --------------------------------------------------------- Mirant Corporation and Subsidiaries Consolidated Balance Sheet As of February 28, 2005 ASSETS Cash and cash equivalents $1,717,415,062 Accounts receivable - net 934,946,736 Assets from risk management activities 264,404,353 Derivative hedging instruments - Inventories 317,018,331 Other 688,115,253 --------------- Total Current Assets 3,921,899,735 Property, plant and equipment 5,191,912,277 Less: accumulated depreciation/depletion 843,299,839 Leasehold interests - net 1,485,674,180 Construction work in progress 127,560,457 Investment in suspended construction 249,745,059 --------------- Total net property, plant and equipment 6,211,592,134 Investments 248,299,785 Long-term accounts receivable - net 31,658,649 Notes receivable - net - Assets from risk management activities 116,915,129 Goodwill - net 5,767,352 Other intangibles - net 268,790,398 Derivative hedging instruments - Restricted cash, non-current 207,199,784 7Other long-term assets 1 Miscellaneous deferred charges 431,956,645 --------------- Total Non-current Assets 1,310,587,743 --------------- TOTAL ASSETS $11,444,079,612 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $1,306,399,240 Accounts Payable 722,621,781 Liabilities from risk management activities 395,673,862 Obligations under energy deliveries 9,244,154 Derivative hedging instruments - Other 198,094,792 Miscellaneous deferred credits 699,221,285 --------------- Total postpetition liabilities 3,331,255,114 Prepetition Liabilities 9,202,951,759 --------------- TOTAL LIABILITIES 12,534,206,873 EQUITY: Minority interest in subsidiaries 167,499,636 Mandatory redeemable securities - Common stock 4,056,621 Additional paid-in capital 4,917,823,447 Retained earnings (6,095,680,214) Treasury stock, at cost (2,260,000) Accumulated other comprehensive income (81,566,751) --------------- Total Equity (1,090,127,261) --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $11,444,079,612 =============== Mirant Corporation and Subsidiaries Consolidated Statements of Income For the month ending February 28, 2005 REVENUES: Generation $196,371,454 Net trading revenue 2,552,858 Distribution 44,849,620 Other 1,135,031 --------------- Net Revenue 244,908,963 OPERATING EXPENSES: Energy cost 126,924,170 Operations and maintenance 74,579,987 Depreciation and amortization 24,883,364 Gain on sale of property and investment (75,000) Impairment loss 6,654 Restructuring costs 417,290 --------------- Total Operating Expenses 226,736,465 --------------- Income before non-operating income and expense 18,172,498 OTHER INCOME AND EXPENSES: Interest income 1,483,963 Interest expense (9,888,605) Equity in income of affiliates 2,231,032 Other 1,502,247 Reorganization items (24,329,165) Minority interest (1,726,002) Net income from discontinued operations (261,730) --------------- Total Other Income (30,988,260) Provision for income tax 8,249,747 --------------- NET PROFIT (LOSS) ($4,566,015) =============== Mirant Corporation Unconsolidated Cash Receipts and Disbursements For the month ending February 28, 2005 Cash, beginning of month $275,621,834 Non-Operating Receipts: Loans & Advances (609,613) Sale of Assets - --------------- Total non-operating receipts (609,613) --------------- Total receipts (609,613) --------------- Total Cash Available 275,012,221 Operating Disbursements 0 Reorganization Expenses (22,654) --------------- Total disbursements (22,654) --------------- Net Cash Flow (586,959) --------------- Cash, end of month $275,034,875 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. 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. 62; Bankruptcy Creditors' Service, Inc., 215/945-7000) MIRANT CORP: MAGi Posts $16 Million Net Loss in February 2005 ------------------------------------------------------------- Mirant Americas Generation, LLC, and Subsidiaries Consolidated Balance Sheet As of February 28, 2005 ASSETS Cash and cash equivalents $484,710,327 Accounts receivable - net 560,582,564 Assets from risk management activities 94,561,855 Derivative hedging instruments - Inventories 151,095,474 Other 125,702,828 --------------- Total Current Assets 1,416,653,048 Property, plant and equipment 2,203,551,028 Less: accumulated depreciation/depletion 345,570,654 Leasehold interests - net - Construction work in progress 71,865,798 Investment in suspended construction 174,278,786 --------------- Total net property, plant and equipment 2,104,124,958 Investments 25,000 Long-term accounts receivable - net 94,068,795 Notes receivable - net 223,275,000 Assets from risk management activities 3,011,579 Other intangibles - net 205,703,664 Derivative hedging instruments - Restricted cash, non-current 5,062,781 Other long-term assets - Miscellaneous deferred charges 210,002,584 --------------- Total Non-current Assets 741,149,403 --------------- TOTAL ASSETS $4,261,927,409 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $0 Accounts Payable 257,103,453 Liabilities from risk management activities 153,709,113 Obligations under energy deliveries - Derivative hedging instruments - Other 155,340,324 Miscellaneous deferred credits 27,857,109 --------------- Total postpetition liabilities 594,009,999 Prepetition Liabilities 3,438,221,090 --------------- TOTAL LIABILITIES 4,032,231,089 EQUITY: Minority interest in subsidiaries 35,002 Mandatory redeemable securities - Common stock 1,000 Additional paid-in capital 3,853,859,362 Retained earnings (3,624,199,044) Treasury stock, at cost - Accumulated other comprehensive income - --------------- Total Equity 229,696,320 --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $4,261,927,409 =============== Mirant Americas Generation, LLC, and Subsidiaries Consolidated Statements of Income For the month ending February 28, 2005 REVENUES: Generation $119,493,867 Net trading revenue - Distribution - Other 48,429 --------------- Net Revenue 119,542,296 OPERATING EXPENSES: Energy cost 79,098,182 Operations and maintenance 47,254,899 Depreciation and amortization 6,825,944 Gain on sale of property and investment - Impairment loss 7,643 Restructuring costs 256,340 --------------- Total Operating Expenses 133,443,008 --------------- Income before non-operating income and expense (13,900,712) OTHER INCOME AND EXPENSES: Interest income - Interest expense (656,818) Equity in income of affiliates - Other 127,356 Reorganization items (3,804,523) Minority interest - Net income from discontinued operations - --------------- Total Other Income (4,333,985) Provision for income tax 2,219,512 --------------- NET PROFIT (LOSS) ($16,015,185) =============== Mirant Americas Generation, LLC, and Subsidiaries Unconsolidated Cash Receipts and Disbursements For the month ending February 28, 2005 Cash, beginning of month $186,669,575 Non-Operating Receipts: Loans & Advances 8,046,972 Sale of Assets - --------------- Total non-operating receipts 8,046,972 --------------- Total receipts 8,046,972 --------------- Total Cash Available 194,716,547 Operating Disbursements 0 Reorganization Expenses 0 --------------- Total disbursements 0 --------------- Net Cash Flow 8,046,972 --------------- Cash, end of month $194,716,547 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. 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. 62; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT: Farmland Dairies Amends Schedules of Assets & Debts ------------------------------------------------------------- Farmland Dairies LLC amends Schedule F in its Schedules of Assets and Liabilities to report a reduction in the amount of 16 scheduled claims. Farmland also schedules 24 insurance claims, each for $0. Farmland estimates its total liabilities to be $25,995,223, consisting of: Type of Claim Amount ------------- ------ Long-Term Debt $142,129 Deposits Payable $1,168,572 Accounts Payable $13,525,300 Intercompany Liabilities $9,512,302 Litigation Claims Undetermined Other Liabilities $1,646,920 Insurance Claims Undetermined Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion 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. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It 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. The Bankruptcy Court confirmed the U.S. Debtors' Plan of Reorganization on March 7, 2005. (Parmalat Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT: Milk Products Amends Schedules of Assets & Debts ---------------------------------------------------------- Milk Products of Alabama LLC estimates that it has a $2,196 accounts payable to Anderson Chemical Company. Milk Products amends Schedule F in its Schedules of Assets and Liabilities to reflect the claim. Milk Products estimates its total scheduled liabilities to be $7,024,014, consisting of: Type of Claim Amount ------------- ------ Accounts Payable $1,021,587 Intercompany Liabilities $6,002,427 Litigation Claims Undetermined Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion 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. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It 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. The Bankruptcy Court confirmed the U.S. Debtors' Plan of Reorganization on March 7, 2005. (Parmalat Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) SPIEGEL INC: Posts $16 Million Net Loss for Period Ended Feb. 26 ---------------------------------------------------------------- Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Balance Sheet As of February 26, 2005 ASSETS Current assets: Cash and cash equivalents $320,370,000 Receivables, net 33,270,000 Inventories 144,442,000 Prepaid expenses 31,627,000 Assets of discontinued operations 49,994,000 ------------- Total current assets 579,703,000 ------------- Property and equipment, net 112,888,000 Intangible assets, net 135,608,000 Other assets 22,996,000 ------------- Total assets $851,195,000 ============= LIABILITIES AND STOCKHOLDERS' DEFICIT Liabilities not subject to compromise: Current liabilities: Accounts payable and accrued liabilities $172,134,000 Current portion of long-term debt 48,000,000 Liabilities of discontinued operations 75,172,000 ------------- Total current liabilities 295,306,000 ------------- Deferred lease obligation 11,891,000 Liabilities subject to compromise 1,398,303,000 Total liabilities 1,705,500,000 ------------- Stockholders' deficit: Class A non-voting common stock, $1.00 par value; authorized 16,000,000 shares; 14,945,144 shares issued and outstanding 14,945,000 Class B voting common stock, $1.00 par value; authorized 121,500,000 shares; 117,009,869 shares issued & outstanding 117,010,000 Additional paid-in capital 329,489,000 Accumulated other comprehensive loss (27,962,000) Accumulated deficit (1,287,787,000) -------------- Total stockholders' deficit (854,305,000) -------------- Total liabilities & stockholders' deficit $851,195,000 ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Operations Four Weeks Ended February 26, 2005 Net sales and other revenues: Net sales $66,230,000 Other revenue 3,422,000 -------------- 69,652,000 Cost of sales and operating expenses: Cost of sales, including buying and occupancy expenses 44,307,000 Selling, general & administrative expenses 36,606,000 -------------- 80,313,000 Estimated loss of non-debtors (223,000) Operating Loss (10,884,000) Interest expense 402,000 -------------- Loss from operations before reorganization (11,286,000) items -------------- Reorganization items, net 2,296,000 Income Tax 2,689,000 -------------- Loss from operations (16,271,000) -------------- Discontinued operations: Loss from discontinued operations (54,000) -------------- Net Loss ($16,325,000) ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Cash Flows Four Weeks Ended February 26, 2005 Cash flows from operating activities: Net Loss ($16,325,000) Adjustments to reconcile net loss to net cash used in operating activities: Reorganization items, net 2,296,000 Depreciation and amortization 7,736,000 Change in assets and liabilities: (Increase) decrease in receivables, net 6,438,000 (Increase) decrease in investments/advances 182,000 (Increase) decrease in inventories (126,000) (Increase) decrease in prepaid expenses (582,000) Increase (decrease) in accounts payable and other accrued liabilities (9,115,000) Increase (decrease) in net liabilities of discontinued operations (259,000) (Increase) decrease in income taxes (352,000) ------------- Net cash used for operating activities (10,107,000) ------------- Net cash used for reorganization items (573,000) Cash flows from investing activities: Net (additions) reductions to property and equipment (968,000) Net (additions) reductions to other assets (180,000) ------------- Net cash used in investing activities (1,148,000) ------------- Net cash provided by financing activities - ------------- Effect of exchange rate changes on cash 12,000 ------------- Net change in cash and cash equivalents (11,816,000) Cash & cash equivalents, beginning of period 332,186,000 ------------- Cash & cash equivalents, end of period $320,370,000 ============= Headquartered in Downers Grove, Illinois, Spiegel, Inc. -- http://www.spiegel.com/-- is a leading international general merchandise and specialty retailer that offers apparel, home furnishings and other merchandise through catalogs, e-commerce sites and approximately 560 retail stores. The Company filed for Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No. 03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq., at Shearman & Sterling, represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $1,737,474,862 in assets and $1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., 215/945-7000) TRENWICK AMERICA: Earns $280,975 of Net Income in March 2005 ------------------------------------------------------------ On April 20, 2005, Trenwick America Corporation filed its monthly operating report for the month ended March 31, 2005, and the period from Aug. 20, 2003 to March 31, 2005, with the United States Bankruptcy Court for the District of Delaware. Trenwick posts a $280,975 net profit in March 2005, and a cumulative $120,220,410 loss for the period from Aug. 20, 2003, to March 31, 2005. At March 31, 2005, Trenwick America's balance sheet showed: Total Current Assets $55,904,292 Total Assets 187,144,917 Total Prepetition Debts 288,386,386 Total Liabilities 292,631,981 Net Owner Equity Deficit ($105,487,064) A full-text copy of Trenwick America's March 2005 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1127783/000116923205002511/d63684_ex99-1.txt Headquartered in Stamford, Connecticut, Trenwick America Corporation is a holding company for operating insurance companies in the United States. The Company filed for chapter 11 protection on August 20, 2003 (Bankr. Del. Case No. 03-12635). Christopher S. Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby & Geddes, and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D. Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in their restructuring efforts. As of June 30, 2003, the Debtor listed approximate assets of $400,000,000 and debts of $293,000,000. On August 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings Limited also filed insolvency proceedings in the Supreme Court of Bermuda. On August 22, 2003, the Bermuda Court granted an order appointing Michael Morrison and John Wardrop, partners of KPMG in Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint Provisional Liquidators in respect of TGL and LaSalle. The Bermuda Court granted the JPLs the power to oversee the continuation and reorganization of these companies' businesses under the control of their boards of directors and under the supervision of the U.S. Bankruptcy Court and the Bermuda Court. UAL CORPORATON: Posts $457.8 Million Net Loss in March 2005 ----------------------------------------------------------- UAL Corporation filed with the United States Bankruptcy Court for the Northern District of Illinois its Monthly Operating Report for March 2005. The company posted a $54 million operating profit for March. "Although we had a modest profit in the seasonally strong month of March, we need to complete our restructuring to be a viable company," Jake Brace, United's executive vice president and chief financial officer, said. UAL met the requirements of its debtor-in-possession (DIP) financing. A full-text copy of UAL Corporation's March 2005 Operating Report is available for free at the Securities and Exchange Commission at: http://www.sec.gov/Archives/edgar/data/100517/000010051705000016/aprmor.htm UAL Corporation and Subsidiary Companies Condensed Consolidating Statement of Operations For The Month Ended March 31, 2005 (In Thousands) Total operating revenues $1,642,207 Total operating expenses 1,588,589 Earnings (loss) from operations 53,618 Non-operating income (expenses): Net interest expense (33,032) Other income (expenses), net 60,181 ---------- Total non-operating income (expenses) 27,149 Net Earnings (loss) before Reorganization items 80,767 Reorganization items (538,588) ---------- Net earnings (loss) ($457,821) ========== 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. 86; Bankruptcy Creditors' Service, Inc., 215/945-7000) USGEN NEW ENGLAND: Posts $3.3 Million Net Loss in October 2004 -------------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of October 31, 2004 ASSETS Cash and Cash Equivalents $249,726,657 Accounts Receivable 124,419,658 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 42,931,592 Prepaid Expenses 28,874,910 -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 1,442,258,361 Construction Work in Progress 52,601,082 Intangible Asset $3,888,833 Support Payment Receivable - Non-current Undetermined -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $26,615,270 Accrued Liabilities 49,702,102 -------------- Total Current Liabilities 76,317,371 Deferred Income Taxes 72,642,148 Other Liabilities 8,913,969 -------------- Total Postpetition Liabilities 157,873,489 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Debt - Current (in Default) 84,770,293 Out of Market Liabilities - Current 27,220,706 Out of Market Liabilities - Non-current 206,742,598 -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income (1,713,124) Retained Earnings (259,398,532) -------------- Total Shareholder's Equity $1,086,625,273 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period October 1 to October 31, 2004 REVENUE: Contract Revenue $48,641,262 Market Energy 4,966,580 Ancillary Products 333,631 Market Capacity 242,500 Power Hedges - Other Revenue (986,958) -------------- Total Revenue 53,197,015 FUEL COSTS: Contract Expense 9,866,463 Fuel Expense 20,297,447 Fuel Hedges (251,688) -------------- Total Fuel Costs 29,912,221 -------------- Gross Profit 23,284,793 OPERATING EXPENSES: Direct Labor 6,267,427 Direct Materials 2,168,870 Direct Subcontractor Services 6,359,721 Other Operating 1,642,197 Incentive Plan, Union and non-union 429,479 Ash Disposal, net 934,261 -------------- Total Station Operating Expenses 17,801,955 Corporate Expense: Corporate Labor 701,381 Bonus 616,461 Travel and Entertainment 14,436 Insurance 1,273,844 Professional Services 3,226,655 Other General Administrative (513,834) -------------- Total Corporate Expenses 5,318,943 General Expenses: Property Taxes 2,638,374 Interconnect Cost 125,422 Amortization - Depreciation 5,589,965 -------------- Total General Expenses 8,353,761 -------------- Total Operating Expenses 31,474,660 -------------- Total Operating Income (8,189,866) Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 1,732,055 Income - Other 366,102 Expense - Other - Gain - Bank and LC Fees 756,251 -------------- Total Other Income (Expenses) 2,629,408 -------------- Income Before Tax (5,560,458) Income Taxes (2,249,355) -------------- Net Income ($3,311,103) ============== USGen New England, Inc. Unaudited Cash Flow Statement For the Period October 1 to October 31, 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income ($3,311,103) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,589,965 Amortization of intangible assets 548,167 Loss on disposal of fixed assets - Change in assets and liabilities: Accounts receivable (Increase) 11,601,368 Inventory (Increase) (3,487,465) Prepaid, Deposits & Other (Increase) (6,357,986) Deferred Income Taxes (Decrease) (1,636,325) Accounts Payable (Decrease) 3,290,420 Accrued Liabilities (Decrease) 3,948,134 Liabilities - Other (Decrease) (2,452,846) Prepetition Assets (Increase) 12,441 Prepetition Liabilities (Decrease) (617,687) Equity - Other (Increase) 817,563 -------------- Net cash (used in) provided by operating activities 7,944,646 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment (7,269,479) Change in Investment in Subsidiary (250,083) Support payments received - principle 5,871,295 -------------- Net cash (used in) provided by investing activities (1,648,268) CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Debt - Capital Contributions - -------------- Net cash provided by (used in) financing activities - -------------- NET INCREASE (DECREASE) IN CASH 6,296,379 CASH, BEGINNING OF PERIOD 243,430,279 -------------- CASH, END OF PERIOD $249,726,657 ============== Headquartered in Bethesda, Maryland, USGen New England, Inc., an affiliate of PG&E Generating Energy Group, LLC, owns and operates several electric generating facilities in New England and purchases and sells electricity and other energy-related products at wholesale. The Debtor filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq., Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A. Damast, Esq., at Blank Rome, LLP, represent the Debtor in its restructuring efforts. When it sought chapter 11 protection, the Debtor reported assets amounting to $2,337,446,332 and debts amounting to $1,249,960,731. (PG&E National Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000) USGEN NEW ENGLAND: Posts $1.5 Million Loss in November 2004 ----------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of November 30, 2004 ASSETS Cash and Cash Equivalents $246,283,721 Accounts Receivable 130,668,273 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 47,031,314 Prepaid Expenses 29,628,339 -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 1,436,805,496 Construction Work in Progress 58,684,094 Intangible Asset $3,340,811 Support Payment Receivable - Non-current Undetermined -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $33,093,054 Accrued Liabilities 49,723,615 -------------- Total Current Liabilities 82,816,669 Deferred Income Taxes 70,856,619 Other Liabilities 8,986,987 -------------- Total Postpetition Liabilities 162,660,275 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Debt - Current (in Default) 84,770,293 Out of Market Liabilities - Current 27,082,575 Out of Market Liabilities - Non-current 204,485,431 -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income (1,101,659) Retained Earnings (260,863,261) -------------- Total Shareholder's Equity $1,085,772,009 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period November 1 to November 30, 2004 REVENUE: Contract Revenue $50,535,648 Market Energy 4,387,185 Ancillary Products 1,385,972 Market Capacity 242,500 Power Hedges - Other Revenue (1,177,852) -------------- Total Revenue 55,373,453 FUEL COSTS: Contract Expense 8,187,293 Fuel Expense 23,336,355 Fuel Hedges (166,562) -------------- Total Fuel Costs 31,357,086 -------------- Gross Profit 24,016,367 OPERATING EXPENSES: Direct Labor 5,945,793 Direct Materials 1,595,388 Direct Subcontractor Services 6,273,962 Other Operating 1,736,819 Incentive Plan, Union and non-union 436,156 Ash Disposal, net 778,079 -------------- Total Station Operating Expenses 16,766,196 Corporate Expense: Corporate Labor 689,619 Incentive Plan 318,380 Travel and Entertainment 30,358 Insurance 526,826 Professional Services 1,275,991 Other General Administrative 398,561 -------------- Total Corporate Expenses 3,239,734 General Expenses: Property Taxes 2,638,374 Interconnect Cost 104,873 Amortization - Depreciation 5,585,210 -------------- Total General Expenses 8,328,457 -------------- Total Operating Expenses 28,334,387 -------------- Total Operating Income (4,318,020) Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 1,694,151 Income - Other 393,539 Expense - Other - Gain - Bank and LC Fees 3,090 -------------- Total Other Income (Expenses) 1,865,780 -------------- Income Before Tax (2,452,240) Income Taxes (987,511) -------------- Net Income ($1,464,729) ============== USGen New England, Inc. Unaudited Cash Flow Statement For the Period November 1 to November 30, 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income ($1,464,729) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,585,210 Amortization of intangible assets 548,167 Loss on disposal of fixed assets - Change in assets and liabilities: Accounts receivable (Increase) (6,625,328) Inventory (Increase) (4,099,722) Prepaid, Deposits & Other (Increase) (753,429) Deferred Income Taxes (Decrease) (1,785,529) Accounts Payable (Decrease) 6,477,784 Accrued Liabilities (Decrease) 21,514 Liabilities - Other (Decrease) (2,322,280) Prepetition Assets (Increase) 433,984 Prepetition Liabilities (Decrease) 236,260 Equity - Other (Increase) 611,465 -------------- Net cash (used in) provided by operating activities (3,136,633) CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment (6,215,357) Change in Investment in Subsidiary (145) Support payments received - principle 5,909,199 -------------- Net cash (used in) provided by investing activities (306,303) CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Debt - Capital Contributions - -------------- Net cash provided by (used in) financing activities - -------------- NET INCREASE (DECREASE) IN CASH (3,442,936) CASH, BEGINNING OF PERIOD 249,726,657 -------------- CASH, END OF PERIOD $246,283,721 ============== Headquartered in Bethesda, Maryland, USGen New England, Inc., an affiliate of PG&E Generating Energy Group, LLC, owns and operates several electric generating facilities in New England and purchases and sells electricity and other energy-related products at wholesale. The Debtor filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq., Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A. Damast, Esq., at Blank Rome, LLP, represent the Debtor in its restructuring efforts. When it sought chapter 11 protection, the Debtor reported assets amounting to $2,337,446,332 and debts amounting to $1,249,960,731. (PG&E National Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000) USGEN NEW ENGLAND: Posts $82 Million Net Loss in December 2004 -------------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of December 31, 2004 ASSETS Cash and Cash Equivalents $304,655,850 Accounts Receivable 115,716,002 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 42,948,228 Prepaid Expenses 18,678,255 -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 1,437,385,921 Construction Work in Progress 54,684,437 Intangible Asset $2,793,025 Support Payment Receivable - Non-current Undetermined -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $39,466,022 Accrued Liabilities 58,302,594 -------------- Total Current Liabilities 97,768,616 Deferred Income Taxes 3,231,208 Other Liabilities 8,979,276 -------------- Total Postpetition Liabilities 109,979,100 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Debt - Current (in Default) 84,770,293 Out of Market Liabilities - Current 8,322,509 Out of Market Liabilities - Non-current 1,768,094 -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income (805,125) Retained Earnings (343,099,541) -------------- Total Shareholder's Equity $1,003,832,264 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period December 1 to December 31, 2004 REVENUE: Contract Revenue $60,099,670 Market Energy 16,102,444 Ancillary Products 1,822,832 Market Capacity 242,500 Power Hedges - Other Revenue 12,083,941 -------------- Total Revenue 90,351,387 FUEL COSTS: Contract Expense 8,369,985 Fuel Expense 23,453,896 Fuel Hedges (176,723) -------------- Total Fuel Costs 31,647,157 -------------- Gross Profit 58,704,230 OPERATING EXPENSES: Direct Labor 4,032,888 Direct Materials 1,337,143 Direct Subcontractor Services 3,311,875 Other Operating 1,750,338 Incentive Plan, Union and non-union 4,326,703 Ash Disposal, net 1,301,742 -------------- Total Station Operating Expenses 16,060,689 Corporate Expense: Corporate Labor 995,459 Incentive Plan 1,685,223 Travel and Entertainment 38,510 Insurance 526,190 Professional Services 3,971,086 Other General Administrative 844,554 -------------- Total Corporate Expenses 8,059,022 General Expenses: Property Taxes 4,602,583 Interconnect Cost 111,253 Amortization - Depreciation 5,644,563 -------------- Total General Expenses 10,358,399 -------------- Total Operating Expenses 34,478,110 -------------- Total Operating Income 24,226,120 Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 1,656,002 Income - Other 455,663 Expense - Other - Gain (164,306,373) Bank and LC Fees (800) -------------- Total Other Income (Expenses) (102,420,508) -------------- Income Before Tax (138,194,388) Income Taxes (56,958,108) -------------- Net Income ($82,236,280) ============== USGen New England, Inc. Unaudited Cash Flow Statement For the Period December 1 to December 31, 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income ($82,236,280) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,644,563 Amortization of intangible assets 548,167 Loss on disposal of fixed assets 8,170,268 Change in assets and liabilities: Accounts receivable (Increase) 17,722,816 Inventory (Increase) 4,083,085 Prepaid, Deposits & Other (Increase) 10,950,084 Deferred Income Taxes (Decrease) (3,609,607) Accounts Payable (Decrease) 6,372,968 Accrued Liabilities (Decrease) 8,578,979 Liabilities - Other (Decrease) (2,272,444) Prepetition Assets (Increase) 3,811,258 Prepetition Liabilities (Decrease) 88,120,302 Equity - Other (Increase) 296,534 -------------- Net cash (used in) provided by operating activities 62,820,760 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment (10,395,599) Change in Investment in Subsidiary (381) Support payments received - principle 5,947,348 -------------- Net cash (used in) provided by investing activities (4,448,632) CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Debt - Capital Contributions - -------------- Net cash provided by (used in) financing activities - -------------- NET INCREASE (DECREASE) IN CASH 58,372,128 CASH, BEGINNING OF PERIOD 246,283,722 -------------- CASH, END OF PERIOD $304,655,850 ============== Headquartered in Bethesda, Maryland, USGen New England, Inc., an affiliate of PG&E Generating Energy Group, LLC, owns and operates several electric generating facilities in New England and purchases and sells electricity and other energy-related products at wholesale. The Debtor filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq., Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A. Damast, Esq., at Blank Rome, LLP, represent the Debtor in its restructuring efforts. When it sought chapter 11 protection, the Debtor reported assets amounting to $2,337,446,332 and debts amounting to $1,249,960,731. (PG&E National Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000) USGEN NEW ENGLAND: Posts $509 Million Net Loss in January 2005 -------------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of January 31, 2005 ASSETS Cash and Cash Equivalents $930,024,736 Accounts Receivable 92,801,451 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 1,524,204 Prepaid Expenses 17,713,872 -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 375,168,162 Construction Work in Progress 2,061,323 Intangible Asset $166,529 Support Payment Receivable - Non-current Undetermined -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $24,581,971 Accrued Liabilities 52,568,117 -------------- Total Current Liabilities 77,150,088 Deferred Income Taxes (1,098,758) Other Liabilities (80,730) -------------- Total Postpetition Liabilities 75,970,600 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Debt - Current (in Default) 84,770,293 Out of Market Liabilities - Current 4,606,069 Out of Market Liabilities - Non-current (18,916) -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income - Retained Earnings (825,318,129) -------------- Total Shareholder's Equity $495,418,800 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period January 1 to January 31, 2005 REVENUE: Contract Revenue $721,529 Market Energy 16,345,965 Ancillary Products 1,146,406 Market Capacity 34,000 Other Revenue (2,193,628) -------------- Total Revenue 16,054,272 FUEL COSTS: Contract Expense 5,435,333 Fuel Expense 772,687 Fuel Hedges (1,005,034) -------------- Total Fuel Costs 5,202,986 -------------- Gross Profit 10,851,285 OPERATING EXPENSES: Direct Labor 1,173,027 Direct Materials 179,915 Direct Subcontractor Services 857,931 Other Operating 386,479 Incentive Plan, Union and non-union 180,751 Ash Disposal, net (287,110) -------------- Total Station Operating Expenses 2,490,992 Corporate Expense: Corporate Labor 1,030,241 Incentive Plan 534,805 Travel and Entertainment 10,779 Insurance 1,533,030 Professional Services 7,360,988 Other General Administrative 157,303 -------------- Total Corporate Expenses 10,627,146 General Expenses: Property Taxes 1,310,228 Interconnect Cost 50,638 Depreciation 847,198 -------------- Total General Expenses 2,208,064 -------------- Total Operating Expenses 15,326,202 -------------- Total Operating Income (4,474,917) Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 1,617,606 Income - Other 1,573,339 Gain (507,708,816) Bank and LC Fees (800) -------------- Total Other Income (Expenses) (504,743,671) -------------- Income Before Tax ($509,218,588) ============== Joseph J. Bartoletta, Controller for USGen New England, Inc., states that due to the complex transaction related to USGen's sale of two coal/oil-fired electric generating facilities and a natural gas-fired plant to Dominion Energy New England, Inc., the income tax calculations were not completed at present and are not reflected on the Income Statement covering the period from January 1 to 31, 2005. USGen New England, Inc. Unaudited Cash Flow Statement For the Period January 1 to January 31, 2005 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income ($509,218,588) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 847,198 Amortization of intangible assets 53,000 Loss on disposal of fixed assets 507,708,816 Change in assets and liabilities: Accounts receivable 20,440,877 Inventory 41,424,024 Prepaid, Deposits & Other 964,383 Deferred Income Taxes 548,025 Accounts Payable (14,884,052) Accrued Liabilities (10,612,468) Liabilities - Other (12,563,456) Prepetition Assets 7,587,834 Prepetition Liabilities (22,593,231) Equity - Other 805,125 -------------- Net cash (used in) provided by operating activities 10,507,488 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment 606,284,859 Change in Investment in Subsidiary 2,573,496 Support payments received - principle 6,003,044 -------------- Net cash (used in) provided by investing activities 614,861,399 CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Debt - Capital Contributions - -------------- Net cash provided by (used in) financing activities - -------------- NET INCREASE (DECREASE) IN CASH 625,368,887 CASH, BEGINNING OF PERIOD 304,655,850 -------------- CASH, END OF PERIOD $930,024,736 ============== Headquartered in Bethesda, Maryland, USGen New England, Inc., an affiliate of PG&E Generating Energy Group, LLC, owns and operates several electric generating facilities in New England and purchases and sells electricity and other energy-related products at wholesale. The Debtor filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq., Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A. Damast, Esq., at Blank Rome, LLP, represent the Debtor in its restructuring efforts. When it sought chapter 11 protection, the Debtor reported assets amounting to $2,337,446,332 and debts amounting to $1,249,960,731. (PG&E National Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000) USGEN NEW ENGLAND: Posts $10.4 Million Net Loss in February 2005 ---------------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of February 28, 2005 ASSETS Cash and Cash Equivalents $975,966,326 Accounts Receivable 34,593,381 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 1,714,084 Prepaid Expenses 9,696,163 -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 374,321,640 Construction Work in Progress 2,079,732 Intangible Asset $166,529 Support Payment Receivable - Non-current Undetermined -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $11,123,566 Accrued Liabilities 52,330,747 -------------- Total Current Liabilities 63,454,314 Deferred Income Taxes (1,098,758) Other Liabilities (80,730) -------------- Total Postpetition Liabilities 62,274,826 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Debt - Current (in Default) 84,770,293 Out of Market Liabilities - Current 2,312,492 Out of Market Liabilities - Non-current (18,916) -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income - Retained Earnings (862,708,058) -------------- Total Shareholder's Equity $485,028,871 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period February 1 to February 28, 2005 REVENUE: Contract Revenue $282,942 Market Energy 9,496,520 Ancillary Products 568,323 Market Capacity 34,000 Other Revenue 57,681 -------------- Total Revenue 10,439,467 FUEL COSTS: Contract Expense 5,793,668 Fuel Expense 958,374 Fuel Hedges - -------------- Total Fuel Costs 6,752,042 -------------- Gross Profit 3,687,425 OPERATING EXPENSES: Direct Labor 616,937 Direct Materials 285,061 Direct Subcontractor Services 1,100,957 Other Operating 661,913 Incentive Plan, Union and non-union 82,759 Ash Disposal, net 570,885 -------------- Total Station Operating Expenses 3,318,512 Corporate Expense: Corporate Labor 310,671 Incentive Plan 120,003 Travel and Entertainment 6,206 Insurance 1,302,005 Professional Services 2,168,487 Other General Administrative 541,974 -------------- Total Corporate Expenses 4,449,346 General Expenses: Property Taxes 1,310,228 Interconnect Cost 62,619 Depreciation 846,522 -------------- Total General Expenses 2,219,369 -------------- Total Operating Expenses 9,987,227 -------------- Total Operating Income (6,299,802) Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 1,578,851 Income - Other 1,704,724 Gain (7,147,871) Bank and LC Fees (830) -------------- Total Other Income (Expenses) (4,090,127) -------------- Income Before Tax ($10,389,929) ============== USGen New England, Inc. Controller Joseph J. Bartoletta relates that the due to the complexity of the transaction related to the Fossil Facilities Sale, the income tax calculations are not completed and are not reflected on the current Income Statement covering the period from February 1 to 28, 2005. USGen New England, Inc. Unaudited Cash Flow Statement For the Period February 1 to February 28, 2005 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income ($10,389,929) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 846,522 Amortization of intangible assets - Loss on disposal of fixed assets 7,147,871 Change in assets and liabilities: Accounts receivable 57,901,128 Inventory (189,880) Prepaid, Deposits & Other 8,017,709 Deferred Income Taxes - Accounts Payable (13,458,404) Accrued Liabilities (237,370) Liabilities - Other (2,293,577) Prepetition Assets - Prepetition Liabilities (277,999) Equity - Other - -------------- Net cash (used in) provided by operating activities 47,066,071 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment (7,166,280) Change in Investment in Subsidiary - Support payments received - principle 6,041,799 -------------- Net cash (used in) provided by investing activities (1,124,481) CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Debt - Capital Contributions - -------------- Net cash provided by (used in) financing activities - -------------- NET INCREASE (DECREASE) IN CASH 45,941,590 CASH, BEGINNING OF PERIOD 930,024,736 -------------- CASH, END OF PERIOD $975,966,326 ============== Headquartered in Bethesda, Maryland, USGen New England, Inc., an affiliate of PG&E Generating Energy Group, LLC, owns and operates several electric generating facilities in New England and purchases and sells electricity and other energy-related products at wholesale. The Debtor filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq., Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A. Damast, Esq., at Blank Rome, LLP, represent the Debtor in its restructuring efforts. When it sought chapter 11 protection, the Debtor reported assets amounting to $2,337,446,332 and debts amounting to $1,249,960,731. (PG&E National Bankruptcy News, Issue No. 41; 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 Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L. Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P. Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M. Pinili and Peter A. Chapman, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $675 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***