/raid1/www/Hosts/bankrupt/TCR_Public/050604.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, June 4, 2005, Vol. 9, No. 131
Headlines
ADELPHIA COMMS: Posts $43 Million Net Loss in April 2005
ADELPHIA COMMS: Century/ML's April 2005 Monthly Operating Report
COMMERCE ONE: Posts $67,911 Net Loss in April 2005
COVANTA WTE: Posts $101,133 Net Loss in March 2005
FASTNET CORP: Files Jan. to Mar. 2005 Monthly Operating Reports
FEDERAL-MOGUL: Posts $9.7 Million Net Loss in April 2005
KAISER ALUMINUM: Earns $375 Million of Net Income in April 2005
MIIX GROUP: Posts $367,178 Cumulative Net Loss in April 2005
NEWPOWER HOLDINGS: Files April 2005 Monthly Operating Report
OWENS CORNING: Posts $3.4 Billion Net Loss in March 2005
SOUTHERN INVESTORS: Posts $3.3 Million Net Loss for 23-Day Period
TOWER AUTOMOTIVE: Posts $11 Million Net Loss in April 2005
TRENWICK AMERICA: Reports $280,975 Net Profit in April 2005
UAL CORP: Posts $124 Million Net Loss in April 2005
US AIRWAYS: Posts $30.6 Million Net Loss in April 2005
*********
ADELPHIA COMMS: Posts $43 Million Net Loss in April 2005
--------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of April 30, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $327,761
Restricted cash 25,333
Accounts receivables - net 104,146
Other current assets 173,054
-----------
Total current assets 630,294
Restricted cash 3,092
Investments in equity affiliates 225,794
Related party receivables 24,770
Property, plant and equipment - net 4,256,730
Intangible assets - net 7,426,403
Other noncurrent assets - net 90,086
-----------
Total Assets $12,657,169
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $150,225
Subscriber advance payments and deposits 31,370
Accrued and other liabilities 412,955
Deferred revenue 28,027
Current portion of parent and subsidiary debt 651,795
-----------
Total current liabilities 1,274,372
Other liabilities 119,017
Deferred revenue 77,501
Deferred income taxes 697,626
-----------
Total noncurrent liabilities 894,144
Liabilities subject to compromise 18,354,376
-----------
Total liabilities 20,522,892
Minority interests 88,189
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,567,026
Accumulated other comprehensive loss 801
Accumulated deficit (16,721,290)
Treasury stock, at cost (27,937)
-----------
Total (7,178,455)
Amounts due from Rigas family entities (775,457)
-----------
Total stockholders' equity (7,953,912)
-----------
Total liabilities and stockholders' equity $12,657,169
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended April 30, 2005
(Dollars in thousands)
Revenue $347,499
Cost and expenses:
Direct operating and programming 206,049
Selling, general and administrative 31,376
Investigation and re-audit fees 3,800
Depreciation and amortization 81,885
Impairment of long-lived and other assets -
Gains on dispositions of long-lived assets 4
-----------
Operating income (loss) 24,385
Other income (expense):
Interest expense (58,121)
Impairment of cost & available for sale investments -
Other income (expense) - net 115
-----------
Total other expense - net (58,006)
-----------
Loss from continuing operations before reorganization (33,621)
Reorganization expenses due to bankruptcy (9,486)
-----------
Loss from continuing operations before income taxes (43,107)
Income tax (expense) benefit -
Share of losses of equity affiliates - net (712)
Minority's interest in subsidiary losses - net 727
-----------
Net loss (43,092)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended April 30, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($43,092)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 81,885
Gains on dispositions of long-lived assets 4
Amortization of debt issuance costs 17,219
Impairment of cost & available for sale investments -
Reorganization expenses due to bankruptcy 9,486
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net 712
Minority interest in losses of subsidiaries (727)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (8,521)
-----------
Net cash provided by operating activities before
payment of reorganization expenses 56,966
Reorganization expenses paid during the period (8,758)
-----------
Net cash provided by (used in) operating activities 48,208
Cash flows from investing activities:
Expenditures for property, plant and equipment (57,989)
Changes in restricted cash 3,318
Other 3,567
-----------
Net cash used in investing activities (51,104)
Cash flows from financing activities:
Proceeds from debt 17,000
Repayments of debt (1,631)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 15,369
Change in cash and cash equivalents cash 12,473
Cash, beginning of period 315,288
-----------
Cash, end of period $327,761
===========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No.
94; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Century/ML's April 2005 Monthly Operating Report
----------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of April 30, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $19,205
Subscriber receivables, net 259
Investment in Century-ML Corporation 140,873
Related-party receivables 231
Other current assets 299
--------
Total current assets 160,867
Property, plant and equipment, net 6,019
Intangible assets, net 1,528
--------
Total assets $168,414
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $95
Accrued expenses and other liabilities 2,136
Intercompany payables 2,938
--------
Total current liabilities 5,169
--------
Long-term accrued and other liabilities 16
Deferred revenues 134
Deferred income taxes 45
--------
Total non-current liabilities 195
Liabilities subject to compromise:
Accrued expenses and other liabilities 1,281
Intercompany payables 10,656
--------
Total liabilities subject to compromise 11,937
--------
Total liabilities 17,301
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 94,313
--------
Total partners' equity 151,113
--------
Total liabilities and partners' equity $168,414
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended April 30, 2005
(Dollars in thousands)
Revenue $958
Cost and expenses:
Direct operating and programming 535
Selling, general and administrative 40
Management fees 41
Non-recurring professional fees -
Depreciation 55
--------
Operating income before reorganization
expenses due to bankruptcy 287
Reorganization expenses due to bankruptcy 58
--------
Operating income 229
Interest income, net 24
Equity in net income of Century-ML Cable
Corporation, net of taxes 1,722
--------
Income before income taxes 1,975
Income tax expense (96)
--------
Net income $1,879
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended April 30, 2005
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,879
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 55
Reorganization expenses due to bankruptcy 58
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (1,722)
Change in assets and liabilities:
Subscriber receivables, net (43)
Prepaid expenses and other assets, net (9)
Accounts payable (20)
Subscriber advance payments and deposits 10
Accrued expenses and other liabilities 43
Intercompany receivables and payables - net 148
--------
Net cash provided by operating activities 399
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (71)
--------
Net cash used in investing activities (71)
--------
Change in cash and cash equivalents 328
Cash and cash equivalents, beginning of period 18,877
--------
Cash and cash equivalents, end of period $19,205
========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No.
94; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COMMERCE ONE: Posts $67,911 Net Loss in April 2005
--------------------------------------------------
On May 27, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed its monthly operating report for the month ending April 30,
2005, with the United States Bankruptcy Court for the Northern
District of California.
The Company posted a $67,911 net loss on $0 sales for April 2005.
At April 30, 2005, Commerce One's balance sheet showed:
Current Assets $14,583,971
Total Assets 14,583,971
Current Liabilities 493,152
Total Liabilities 7,329,176
Total Stockholder's Deficit ($7,254,795)
A full-text copy of Commerce One's April 2005 Monthly Operating
Report is available at no charge at http://tinyurl.com/cneqd
Headquartered in San Francisco, California, Commerce One, Inc.
(n/k/a CO Liquidation, Inc.) -- http://www.commerceone.com/--
provides software services that enable businesses to conduct
commerce over the Internet. Commerce One, Inc., and its wholly
owned subsidiary, Commerce One Operations, Inc., filed for chapter
11 protection on Oct. 6, 2004 (Bankr. N.D. Calif. Case Nos. 04-
32820 and 04-32821). Doris A. Kaelin, Esq., and Lovee Sarenas,
Esq., at Murray and Murray, represent the Debtors in their
restructuring efforts. When the Debtors filed for bankruptcy,
they listed $14,531,000 in total assets and $12,442,000 in total
debts. As of December 2, 2004, Commerce One estimates that its
liabilities owed to creditors total approximately $9.7 million,
including approximately $5.1 million owed to ComVest. The Company
expects that total liabilities will continue to increase over
time.
COVANTA WTE: Posts $101,133 Net Loss in March 2005
--------------------------------------------------
The Remaining WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc., and
-- Covanta Warren Holdings II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of March 31, 2005
ASSETS
Cash $26,633
Inventory -
Accounts receivable 13,930,451
Land -
Machinery, fixtures and equipment 46,829,795
Restricted funds 736,324
Other current assets 147,089
Other assets 109,081
------------
Total assets $61,779,373
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $7,257,837
Accounts payable and other liabilities 2,994,237
------------
Total postpetition liabilities 10,252,074
Prepetition Liabilities:
Project Debt 19,108,221
Advances from parent and affiliates 26,235,087
Liabilities Subject to Compromise 1,825,969
Taxes/Others -
------------
Total Prepetition Liabilities 47,169,277
------------
Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition 8,343,700
Retained earnings - postpetition (3,985,678)
------------
Total Equity 4,358,022
------------
Total Liabilities and Equity $61,779,373
============
WTE Debtors
Consolidated Statements of Operations
From March 1 to March 31, 2005
INCOME:
Service, electric and construction revenue $741,086
Waste-to-Energy project debt revenue 400,562
------------
Total Income 1,141,648
EXPENSES:
Operating and construction costs 869,790
Waste-to-Energy project debt expense 103,241
Depreciation and amortization expense 189,750
Other - Net -
Cost allocations from parent & affiliates 80,000
Gain on sale of businesses -
------------
Total Expenses 1,242,781
------------
NET OPERATING PROFIT/(LOSS) (101,133)
Non-Operating Income/(Expense)
Reorganization costs -
------------
Total Non-Operating Income (Expense) -
Income Taxes -
Income before cumulative effect of accounting,
Change (101,133)
------------
NET INCOME ($101,133)
============
WTE Debtors
Consolidated Cash Flow Statements
From March 1 to March 31, 2005
Net income ($101,133)
Depreciation and amortization 189,750
Receivables (189,472)
Other assets 21,054
Payables and accrued expenses 286,905
Other liabilities -
Property, plant and equipment expenditures (106,568)
Restricted funds, net (502,259)
(Repayments) issuance of debt, net -
Advances from parents & affiliates (125,116)
------------
(526,839)
Cash, beginning balance 553,472
------------
Cash, ending balance $26,633
============
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation. Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 79;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
FASTNET CORP: Files Jan. to Mar. 2005 Monthly Operating Reports
---------------------------------------------------------------
On May 27, 2005, Fastnet Corporation (n/k/a FN Estate Inc.) and
its debtor-affiliates filed their monthly operating reports for
January, February, and March 2005, with the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania.
At the end of each month, the Debtors' Monthly Balance Sheets
showed:
Jan. 31, 2005 Feb. 28, 2005 Mar. 31, 2005
------------- ------------- -------------
Assets $4,443,604 $4,192,408 $4,170,475
Post-petition
Liabilities 2,540,871 2,481,994 2,589,847
Pre-petition
Liabilities 16,393,360 16,306,910 16,315,111
Stockholders'
Deficit $26,576,865 $26,682,734 $26,820,721
Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:
January 2005 Monthly Operating Report:
http://tinyurl.com/e3fl3
February 2005 Monthly Operating Report:
http://tinyurl.com/bovwm
March 2005 Monthly Operating Report:
http://tinyurl.com/7mxm5
Fastnet Corporation (n/k/a FN Estate, Inc.) provides Internet
access and enhanced products and services to businesses and
residential customers. The services include high-speed data and
Internet services, data center services, including web hosting and
managed and unmanaged colocation services, small office-home
office Internet access, wholesale ISP services and various
professional services including eSolutions, web design and
development. On June 10, 2003, Fastnet Corporation and on June
13, 2003, each of its subsidiaries (excluding the Company's
wholly-owned subsidiary "DASLIC", a Delaware Holding Company)
filed voluntary chapter 11 petitions (Bankr. E.D. Pa. Jointly
Administered Case No. 03-23143).
FEDERAL-MOGUL: Posts $9.7 Million Net Loss in April 2005
--------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of April 30, 2005
(In millions)
Assets
Cash and equivalents $416.1
Accounts receivable 628.7
Inventories 488.5
Deferred taxes 182.5
Prepaid expenses and other current assets 100.3
---------
Total current assets 1,816.0
Summary of Unpaid Postpetition Debits (12.0)
Intercompany Loans Receivable (Payable) 2,611.4
---------
Intercompany Balances 2,599.4
Property, plant and equipment 1,006.2
Goodwill 1,123.7
Other intangible assets 440.4
Insurance recoverable 847.4
Other non-current assets 1,075.7
---------
Total Assets $8,908.7
=========
Liabilities and Shareholders' Equity
Short-term debt $350.0
Accounts payable 219.4
Accrued compensation 69.4
Restructuring and rationalization reserves 10.2
Current portion of asbestos liability -
Interest payable 3.0
Other accrued liabilities 284.2
---------
Total current liabilities 936.3
Long-term debt -
Post-employment benefits 2,021.7
Other accrued liabilities 981.5
Liabilities subject to compromise 6,014.7
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,021.8
Accumulated deficit (9,633.0)
Accumulated other comprehensive income (1,050.6)
Other -
----------
Total Shareholders' Equity (1,045.4)
----------
Total Liabilities and Shareholders' Equity $8,908.7
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended April 30, 2005
(In millions)
Net sales $297.9
Cost of products sold 251.6
----------
Gross margin 46.3
Selling, general & administrative expenses (51.9)
Amortization (1.2)
Reorganization items (6.3)
Interest income (expense), net (10.9)
Other income (expense), net 14.6
----------
Earnings before Income Taxes (9.4)
Income Tax (Expense) Benefit (0.4)
----------
Earnings before effect of change in acctg principle (9.7)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($9.7)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended April 30, 2005
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($9.7)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 14.0
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (0.4)
Decrease/(increase) in accounts receivable 6.8
Decrease/(increase) in inventories 4.2
Increase/(decrease) in accounts payable 0.9
Change in other assets and other liabilities (13.2)
Change in restructuring charge (0.6)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 1.9
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (5.0)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses 0.4
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (4.6)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (1.4)
Sale of accounts receivable under securitization -
Dividends -
Other (5.9)
----------
Net Cash Provided From Financing Activities 4.5
Increase (Decrease) in Cash and Equivalents 1.9
Cash and equivalents at beginning of period 414.2
----------
Cash and equivalents at end of period $416.1
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of some
$6 billion. The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent
the Debtors in their restructuring efforts. When the Debtors
filed for protection from their creditors, they listed US$10.15
billion in assets and $8.86 billion in liabilities. At Dec. 31,
2004, Federal-Mogul's balance sheet showed a $1.925 billion
stockholders' deficit. At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a $2.048 billion stockholders' deficit, compared to a
$1.926 billion deficit at Dec. 31, 2004. (Federal-Mogul
Bankruptcy News, Issue No. 80; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
KAISER ALUMINUM: Earns $375 Million of Net Income in April 2005
---------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of April 30, 2005
(In Thousands)
ASSETS
Cash $65,843
Receivables:
Trade 90,301
Other 8,552
---------
Total Receivables 98,853
Inventories 114,497
Prepaid expenses and other current assets 15,637
---------
Total current assets 294,830
Investments in and advances to subsidiaries 20,865
Intercompany receivables/payables, net (4,530)
Property, plant, and equipment - net 213,064
Deferred income taxes -
Restricted proceeds from sale of commodity interests 673,113
Other assets 1,012,479
---------
Total Assets $2,209,821
=========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $51,694
Accrued interest 838
Accrued salaries, wages and related expenses 51,175
Accrued post retirement benefit - current -
Other accrued liabilities 80,661
Payable to affiliates 10,041
Long term debt - current portion 1,197
---------
Total current liabilities 195,606
Long-term liabilities 34,703
Accrued postretirement benefit obligation -
Long-term debt 2,812
Liabilities subject to compromise 3,979,454
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 789
Additional capital 538,009
Accumulated deficit - As of filing date (946,930)
Accumulated deficit - Post filing date (1,586,930)
Accumulated other comprehensive income (loss) (8,347)
Note receivable from parent -
---------
Total Liabilities & Stockholders' Equity $2,209,821
=========
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statements of Operations
For the Month Ending April 30, 2005
(In Thousands)
Net Sales $84,426
Costs and expenses:
Cost of products sold 72,976
Depreciation & amortization 1,653
Selling, administrative, R&D and general 5,859
Other operating charges (benefits), net (374,166)
---------
Total costs and expenses (293,678)
---------
Operating income (loss) 378,104
Other income (expense):
Interest expenses, net (355)
Reorganization items (2,388)
Other-net (75)
---------
Income (loss) before
income taxes and minority interest 375,286
(Provision) benefit for income taxes 239
Minority interests -
Equity in income (loss) of subsidiaries (63)
---------
Net income (loss) $375,462
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending April 30, 2005
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $83,840
KAII Receivables 39,588
---------
Total Trade Receivables 123,428
Release of Collateral from Prior Asset Sale 1,750
Reimbursement for Asset Disposition Cost
Previously Paid 7,680
COBRA receipts 557
Proceeds from Hedging Settlement 215
Cash Collateral Returned by
Previous DIP Lender 10,126
---------
Total Receipts 143,756
Disbursements:
Inventory/Raw Materials 40,994
Capital Expenditures 1,335
Maintenance, Materials, etc. 4,912
Freight 3,962
Utilities/Energy 4,163
Hourly Payroll 6,763
Salaried Payroll 3,841
VEBA Advances 1,900
Medical - Current Employees 2,707
Workmen's Compensation 649
Corporate General and Administrative 3,054
JV Fundings - Alumina -
JV Fundings - Primary, Net of Minority Interest 13,521
Other Disbursements 8,913
---------
Total Operating and G&A Disbursements 96,714
Reorganization Items 2,203
---------
Total Disbursements 98,917
---------
Net Cash Flow 44,839
Beginning Bank Cash Balances 23,784
---------
Ending Bank Cash Balances 68,623
Reconciling Items (2,780)
---------
Ending Book Cash Balances $65,843
=========
Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications. The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases. 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. 70; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIIX GROUP: Posts $367,178 Cumulative Net Loss in April 2005
------------------------------------------------------------
On May 26, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from April 1, 2005, to April 30,
2005, with the U.S. Bankruptcy Court for the District of Delaware.
MIIX Group reports a cumulative net loss of $367,178 on $8,293 of
total revenue for the period from Dec. 21, 2004 thru April 30,
2005. New Jersey State Medical Underwriters, Inc., reports a
cumulative net income of $138,581 on $2,788,919 of total revenue
for the period from Dec. 21, 2004, thru April 30, 2005.
At April 30, 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 $9,210,948 $14,672,627
Total Liabilities 8,937,488 6,231,194
Stockholders' Equity $273,460 $8,441,433
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
April 1, 2005 to April 30, 2005, is available at no charge at
http://tinyurl.com/a7bws
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.
NEWPOWER HOLDINGS: Files April 2005 Monthly Operating Report
------------------------------------------------------------
On May 25, 2005, NewPower Holdings, Inc., filed its April 2005
Monthly Operating Report for the period from March 31, 2005, to
April 30, 2005, with the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division. The company reports an
opening cash balance of $52,620,000 and a closing cash balance of
$52,604,000.
A full-text copy of NewPower Holdings, Inc.'s April 2005 Monthly
Operating Report is available at no charge at
http://tinyurl.com/ccxwx
NewPower Holdings, Inc., and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors. When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. On February 28, 2003, the Bankruptcy Court previously
confirmed the Plan, and the Plan has been effective as of March
11, 2003, with respect to The New Power Company, a wholly owned
subsidiary of the Company. The Plan became effective on Oct. 9,
2003, with respect to the Company and TNPC.
OWENS CORNING: Posts $3.4 Billion Net Loss in March 2005
--------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of March 31, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $586,727
Receivables 396,868
Receivables-Inter-company 981,317
Inventories 224,218
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 3,325
Other Current Assets 17,424
-----------
Total Current Assets $2,210,363
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 187,807
Restricted cash and securities 0
Deferred Income Taxes 1,011,282
Goodwill 48,568
Investment in Affiliates 31,599
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 482,241
-----------
Total Other Assets 3,793,037
Plant & Equipment:
Land 35,489
Buildings & Leasehold Improvements 552,640
Machinery & Equipment 2,166,712
Construction in Progress 103,022
Less: Accumulated Depreciation 1,576,861
-----------
Net Plant and Equipment 1,281,002
-----------
TOTAL ASSETS $7,284,402
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 486,749
Inter-company Liabilities 922,470
Short-term debt 0
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 1,410,586
Long-Term Debt 9,812
Other Employee Benefits Liability 214,624
Pension Plan Liability 617,596
Other Liability 152,555
-----------
Total Non-Current Liabilities 984,775
-----------
Total Postpetition Liabilities 2,405,173
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 262,338
Other Employee Benefits Liability 201,971
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,503,993
Asbestos-Related Liability 6,166,734
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 12,038,688
Total Liabilities 14,443,861
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (7,505,805)
Accumulated Comprehensive Income (Loss) (5,344)
Other (345,608)
-----------
Net Stockholder's Equity (7,159,459)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,284,402
===========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended March 31, 2005
(In Thousands)
Net sales $355,230
Cost of Sales 297,466
-----------
Gross Margin 57,764
Operating Expenses:
Marketing and Administrative Expenses 31,309
Science and Technology Expenses 2,525
Provision for Asbestos Litigation Claims 0
Insider Compensation 805
Restructure Costs 0
Other Expenses 3,447,384
-----------
Income (Loss) from Operations (3,424,259)
Other Expenses:
Cost of Borrowed Funds 49
Other 0
-----------
Income (Loss) Before Reorganization Items (3,424,308)
Reorganization Items:
Professional Fees 6,121
U.S. Trustee Quarterly Fees 7
Interest Earned on Accumulated Cash from Chapter 11 (676)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 2,094
-----------
Total Reorganization Expenses 7,546
-----------
Income (Loss) Before Income Taxes (3,431,854)
Provision (credit) for Income Tax (64,723)
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (3,367,131)
Minority interest 0
Equity in net income (loss) of affiliates 620
-----------
Net Income (Loss) ($3,366,511)
===========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended March 31, 2005
(In Thousands)
Cash, Beginning of Month $676,574
Receipts:
Customer Receipts 308,462
Inter-company Sales 3,054
Loans and Advances 0
Sale of Assets 0
Other Receipts 4,007
Inter-company Transfers 94,799
Transfers from DIP 285,232
-----------
Total Receipts $695,554
Disbursements:
Net Payroll 77,136
Payroll Taxes 0
Sales Use & Other Taxes 7,342
Inventory Purchases 134,249
Insurance 2,279
Administrative & Selling 87,084
Other 104,309
Inter-company Transfers 82,012
Transfers to DIP 285,232
Professional Fees 5,758
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
-----------
Total Disbursements $785,400
Net Cash Flow (89,847)
-----------
Cash -- End of Month $586,727
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At Sept.
30, 2004, the Company's balance sheet shows $7.5 billion in assets
and a $4.2 billion stockholders' deficit. The company reported
$132 million of net income in the nine-month period ending
Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No. 109;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SOUTHERN INVESTORS: Posts $3.3 Million Net Loss for 23-Day Period
-----------------------------------------------------------------
On May 20, 2005, Southern Investors Service Company, Inc., filed
its monthly operating report for the period from April 8, 2005,
thru April 30, 2005, with the U.S. Bankruptcy Court for Southern
District of Texas.
Southern Investors reports a net loss of $3,286.83 on $0 revenues
for the period from April 8, 2005 thru April 30, 2005.
At April 30, 2005, Southern Investors' balance sheet reflects:
Current Assets $2,726,488
Total Assets 2,726,488
Post-Petition Liabilities 733
Pre-Petition Liabilities 8,636,056
Total Liabilities 8,636,789
Total Owner's Equity Deficit $5,910,301
A full-text copy of Southern Investors' monthly operating report
for the period from April 8, 2005 to April 30, 2005, is available
at no charge at http://tinyurl.com/brnvs
Headquartered in Houston, Texas, Southern Investors Service
Company, Inc., manages residential developments and office
buildings that are owned by others. The Company filed for
chapter 11 protection on April 8, 2005. (Bankr. S.D. Tx. Case No.
05-35538). Basil A. Umari, Esq. of Andrews & Kurth LLP, represents
the Debtors in their restructuring efforts. When the Debtors
filed for protection from their creditors, they reported assets of
$2,377,000 and Debts totaling $8,607,000.
TOWER AUTOMOTIVE: Posts $11 Million Net Loss in April 2005
----------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of April 30, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $569
Accounts receivable, net 285,987
Inventories 87,887
Prepaid tooling and other 41,180
----------
TOTAL CURRENT ASSETS 415,623
----------
Property, plant and equipment, net 638,436
Investment in joint ventures 3
Investment in subsidiaries 346,782
Inter-company receivables 411,686
Goodwill 326,309
Other assets, net 107,482
----------
TOTAL ASSETS $2,246,321
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt & capital $3,127
lease obligations
Accounts payable 116,308
Accrued liabilities 215,568
----------
TOTAL CURENT LIABILITIES 335,003
----------
Liabilities subject to comprise 1,127,243
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 57,124
DIP borrowings, net of current maturities 512,286
Other non-current liabilities 183,287
----------
TOTAL LIABILITIES 2,214,943
STOCKHOLDERS' EQUITY 31,378
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $2,246,321
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
April 1 to 30, 2005
(In Thousands)
Revenues $191,617
Cost of sales 180,225
----------
Gross profit 11,392
Selling, general and administrative expenses 8,702
Restructuring and asset impairment charges, net 105
----------
Operating income (loss) 2,585
Interest expense 7,100
Interest income (1,945)
Other expense, net -
Chapter 11 and related reorganization items 6,200
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures and
minority interest (8,770)
Provision (benefit) for income taxes 2,337
Income (loss) before equity in earnings of joint
Ventures and minority interest (11,107)
Equity in earnings of joint ventures, net of tax (27)
----------
NET LOSS ($11,134)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
April 1 to 30, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($11,134)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 6,200
Payments of Chapter 11 and related reorganization
expenses (2,547)
Restructuring and asset impairment charge, net -
Depreciation 9,403
Deferred compensation 78
Equity in earnings of joint ventures, net (27)
Change in working capital and other operating
items (1,808)
----------
Net cash provided by operating activities 165
----------
INVESTING ACTIVITIES:
Capital expenditures (1,644)
Proceeds from sale of fixed assets -
Other -
----------
Net cash used in investing activities (1,644)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings (2,204)
Borrowings from DIP credit facility 69,047
Repayments of borrowings from DIP credit facility (67,500)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities (657)
----------
Net Change in cash and cash equivalents (2,136)
----------
Cash and Cash Equivalents, beginning of period 2,705
Cash and Cash Equivalents, end of period $569
==========
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. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRENWICK AMERICA: Reports $280,975 Net Profit in April 2005
-----------------------------------------------------------
On May 20, 2005, Trenwick America Corporation filed its monthly
operating report for the month ended April 30, 2005, and the
period from Aug. 20, 2003, to April 30, 2005, with the United
States Bankruptcy Court for the District of Delaware.
Trenwick posts a $586,743 net loss in April 2005, and a cumulative
$120,807,151 loss for the period from Aug. 20, 2003, to April 30,
2005.
At April 30, 2005, Trenwick America's balance sheet showed:
Total Current Assets $55,455,170
Total Assets 185,582,528
Total Prepetition Debts 288,386,386
Total Liabilities 292,291,899
Net Owner Equity Deficit ($106,709,371)
A full-text copy of Trenwick America's April 2005 Monthly
Operating Report is available at no charge at
http://tinyurl.com/abnby
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 CORP: Posts $124 Million Net Loss in April 2005
---------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, filed its April Monthly
Operating Report with the United States Bankruptcy Court.
The company reported an operating loss of $47 million for April
2005. This marks a $28 million year-over-year improvement despite
a $91 million higher fuel expense than April 2004 on 4% lower
capacity. The company reported a net loss of $124 million,
including $28 million of reorganization expenses. Mainline unit
costs (CASM) in April increased 7% over the same month last year
on the 4% lower capacity. Excluding fuel, mainline unit costs in
April decreased 2% year-over-year. Mainline passenger unit
revenue in April increased 7% over the same period a year ago.
UAL ended April with a cash balance of $2.4 billion, which
included $866 million in restricted cash (filing entities only).
The cash balance increased $102 million during the month of April,
driven by strong receipts and effective cost controls. UAL met
the requirements of its debtor-in-possession (DIP) financing.
"Given the challenge of high fuel prices, our success lowering
non-fuel unit expenses, increasing unit revenue, and building our
cash balance is encouraging," said Jake Brace, executive vice
president and chief financial officer. "This week marked a
significant milestone for United, as we now have in place
consensual cost-savings agreements with all of our six union
groups after a great deal of hard work. These agreements
represent the strong commitment from the employees of United
Airlines to ensure that we are a viable and sustainable
enterprise, offering our customers the best service and value
they expect from a global network carrier."
A full-text copy of UAL Corporation's April 2005 Operating Report
is available for free at the Securities and Exchange Commission at
http://tinyurl.com/dy8r7
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended April 30, 2005
(In Thousands)
Total operating revenues $1,568,716
Total operating expenses 1,615,347
Earnings (loss) from operations (46,631)
Non-operating income (expenses):
Net interest expense (35,322)
Other income (expenses), net: (14,303)
----------
Total non-operating income (expenses): (49,625)
Net Earnings (loss) before Reorganization items (96,256)
Reorganization items (27,748)
----------
Net earnings (loss) ($124,004)
==========
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. 88; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
US AIRWAYS: Posts $30.6 Million Net Loss in April 2005
------------------------------------------------------
US Airways Group, Inc.
Consolidated Balance Sheet
At April 30, 2005
(in thousands)
Current Assets:
Cash and cash equivalents $535,675
Restricted cash 117,946
Receivables, net 332,697
Materials and supplies, net 171,988
Prepaid expenses and other 188,513
------------
Total Current Assets 1,346,819
Property and Equipment:
Flight equipment 3,297,255
Ground property and equipment 365,561
Less accumulated depreciation and amortization (370,748)
------------
3,292,068
Purchase deposits for flight equipment 73,550
------------
Total Property and Equipment 3,365,618
Other Assets:
Goodwill 2,489,638
Other intangibles, net 522,052
Restricted cash 615,045
Other assets, net 81,779
------------
Total Other Assets 3,708,514
------------
Total Assets $8,420,951
============
Current Liabilities:
Current maturities of long-term debt
and capital lease obligations $842,490
Accounts payable 448,794
Traffic balances payable and unused tickets 1,015,364
Accrued aircraft rent 36,079
Accrued salaries, wages and vacation 191,569
Other accrued expenses 322,702
------------
Total Current Liabilities 2,856,998
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 77,257
Deferred gains and credits, net 41,716
Postretirement benefits other than pensions 1,906
Employee benefit liabilities and other 270,686
------------
Total Noncurrent Liabilities and Deferred Credits 391,565
Liabilities Subject to Compromise 5,801,399
Commitments and Contingencies
Stockholders' Equity:
Class A Common Stock 50,616
Class B Common Stock 5,000
Paid-in capital 409,730
Accumulated deficit (1,097,399)
Common stock held in treasury, at cost (2,815)
Deferred compensation (8,716)
Accumulated other comprehensive income 14,364
------------
Total Stockholders' Deficit (629,011)
------------
Total Liabilities & Stockholders' Equity $8,420,951
============
US Airways Group, Inc.
Consolidated Statement of Operations
Month ended April 30, 2005
(in thousands)
Operating Revenues:
Passenger transportation $579,035
Cargo and freight 8,499
Other 54,389
------------
Total Operating Revenues 641,923
Operating Expenses:
Personnel costs 135,492
Aviation fuel 147,216
US Airways Express capacity purchases 77,190
Aircraft rent 38,309
Other rent and landing fees 44,068
Selling expenses 34,607
Aircraft maintenance 37,587
Depreciation and amortization 17,221
Other 103,233
------------
Total Operating Expenses 634,923
Operating Income 7,000
Other Income (Expense):
Interest income 1,419
Interest expense, net (26,793)
Reorganization items, net (10,306)
Other, net (1,948)
------------
Other Income (Expense), Net (37,628)
Income Before Income Taxes (30,628)
Income Tax Benefit 0
------------
Net Income ($30,628)
============
US Airways Group, Inc.
Consolidated Statement of Cash Flows
Month ended April 30, 2005
(in thousands)
Net cash from operating activities
before reorganization items ($27,462)
Reorganization items, net (3,184)
------------
Net cash provided by operating activities (30,646)
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (1,572)
Proceeds from dispositions of property 2,410
Decrease in restricted cash 32,603
------------
Net cash provided by investing activities 33,441
Cash flows from financing activities:
Proceeds from issuance of long-term debt 0
Proceeds from DIP Financing 25,000
Principal payments on long-term debt
and capital lease obligations (4,635)
------------
Net cash provided by financing activities 20,365
Net increase in Cash and cash equivalents 23,160
------------
Cash and cash equivalents at beginning of period 512,515
------------
Cash and cash equivalents at end of period $535,675
============
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 94; 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
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Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
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.
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*** End of Transmission ***