/raid1/www/Hosts/bankrupt/TCR_Public/050611.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 11, 2005, Vol. 9, No. 137
Headlines
ACCEPTANCE INSURANCE: Posts $607,286 Net Loss in April 2005
ACCEPTANCE INSURANCE: Posts $29,614 Net Loss in May 2005
ATA HOLDINGS: Posts $12.6 Million Net Loss in April 2005
CATHOLIC CHURCH: Portland's April 2005 Monthly Operating Report
CATHOLIC CHURCH: Spokane's April 2005 Monthly Operating Report
FRIEDMAN'S INC: Files April 2005 Monthly Operating Report
HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005
INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
SOLUTIA INC: Earns $4 Million of Net Income in April 2005
THAXTON GROUP: Posts $67.3 Mil. Cumulative Net Loss in April 2005
TRINITY ENERGY: Posts $133,962 Net Income in April 2005
WESTPOINT STEVENS: Posts $26 Million Net Loss in April 2005
WESTPOINT STEVENS: JP Stevens' April 2005 Monthly Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' April Operating Report
WESTPOINT STEVENS: WP Stevens Stores' April 2005 Operating Report
WESTPOINT STEVENS: WP Stevens I Earns $1MM of Net Income in April
*********
ACCEPTANCE INSURANCE: Posts $607,286 Net Loss in April 2005
-----------------------------------------------------------
On May 12, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for April 2005, with the U.S. Bankruptcy
Court for the District of Nebraska.
The Debtor reports a $607,286 net loss for April 2005.
At Apr. 30, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,825,929
Total Assets 32,278,929
Total Liabilities 138,209,466
Total Shareholders' Equity Deficit ($105,930,537)
A full-text copy of Acceptance Insurance Companies Inc.'s April
2005 Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?12
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
ACCEPTANCE INSURANCE: Posts $29,614 Net Loss in May 2005
--------------------------------------------------------
On June 3, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for May 2005, with the U.S. Bankruptcy
Court for the District of Nebraska.
The Debtor reports a $29,614 net loss for May 2005.
At May 31, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,776,112
Total Assets 32,229,112
Total Liabilities 138,189,263
Total Shareholders' Equity Deficit ($105,960,151)
A full-text copy of Acceptance Insurance Companies Inc.'s May 2005
Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?11
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
ATA HOLDINGS: Posts $12.6 Million Net Loss in April 2005
--------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of April 30, 2005
ASSETS
Current assets:
Cash and cash equivalents $88,692,000
Receivables,
net of allowance for doubtful accounts 113,219,000
Inventories, net 36,013,000
Assets held for sale 3,250,000
Prepaid expenses and other current assets 40,056,000
--------------
TOTAL CURRENT ASSETS 281,230,000
Property and equipment:
Flight equipment 174,227,000
Facilities and ground equipment 141,724,000
Accumulated depreciation (166,748,000)
--------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 149,203,000
Restricted cash 30,690,000
Goodwill 6,987,000
Prepaid aircraft rent 204,000
Investment in BATA 6,255,000
Deposits and other assets 25,212,000
--------------
TOTAL ASSETS $499,781,000
==============
Liabilities And Shareholders' Deficit
Current liabilities:
Short-term debt $41,000,000
Accounts payable 6,486,000
Air traffic liabilities 75,404,000
Accrued expenses 123,532,000
--------------
TOTAL CURRENT LIABILITIES 246,422,000
Deferred items 33,934,000
--------------
Liabilities subject to compromise 1,485,301,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' deficit:
Preferred stock, authorized 9,999,200 shares -
Common stock, without par value 66,013,000
Treasury stock (24,778,000)
Additional paid-in capital 18,166,000
Accumulated deficit (1,355,277,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,295,876,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $499,781,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended April 30, 2005
Operating revenues:
Scheduled service $47,099,000
Charter 34,896,000
Ground package 1,553,000
Other 3,566,000
--------------
TOTAL OPERATING REVENUES 87,114,000
Operating expenses:
Fuel and oil 25,595,000
Salaries, wages and benefits 23,010,000
Aircraft rentals 12,088,000
Handling, landing and navigation fees 8,078,000
Aircraft maintenance, materials and repairs 4,562,000
Depreciation and amortization 3,860,000
Passenger service 3,265,000
Crew and other employee travel 3,236,000
Other selling expenses 2,354,000
Commissions 2,265,000
Facilities and other rentals 2,076,000
Insurance 1,638,000
Ground package cost 1,344,000
Advertising 1,112,000
Aircraft impairments and retirements 0
Other 3,703,000
--------------
TOTAL OPERATING EXPENSES 98,186,000
--------------
Operating loss (11,072,000)
Other income (expense):
Interest income 167,000
Interest expense (496,000)
Reorganization expenses (1,186,000)
Other (52,000)
--------------
TOTAL OTHER EXPENSE (1,567,000)
--------------
Loss before income taxes (12,639,000)
Income taxes -
--------------
NET LOSS ($12,639,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended April 30, 2005
Cash Flows from Operating Activities:
Net loss before reorganization expenses ($11,453,000)
Adjustments to reconcile net loss:
Depreciation and amortization 3,860,000
Other non-cash items (62,000)
Changes in operating assets and liabilities:
Receivables 4,889,000
Inventories (1,234,000)
Prepaid expenses 192,000
Accounts payable 1,397,000
Air traffic liabilities (5,343,000)
Liabilities subject to compromise 575,000
Accrued expenses (5,383,000)
--------------
NET CASH (USED IN) OPERATING ACTIVITIES (12,562,000)
Cash Flows from Reorganization Activities:
Reorganization items, net (1,186,000)
Prepaid expenses 196,000
Accrued expenses 461,000
Other non-cash items (426,000)
--------------
NET CASH (USED IN) REORGANIZATION ACTIVITIES (955,000)
Cash Flows from Investing Activities:
Capital expenditures (784,000)
Noncurrent prepaid aircraft rent 17,000
(Additions) reductions to other asset (274,000)
Proceeds from sales of property and equipment 229,000
--------------
NET CASH (USED IN) INVESTING ACTIVITIES (812,000)
Cash Flows from Financing Activities:
Increase in restricted cash 1,508,000
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,508,000
--------------
Decrease in cash and cash equivalents (12,821,000)
Cash and cash equivalents, beginning of period 101,513
--------------
Cash and cash equivalents, end of period $88,692,000
==============
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 25; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland's April 2005 Monthly Operating Report
---------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of April 30, 2005
ASSETS
Cash and cash equivalents $14,797,687
Accounts receivable, net 1,494,448
Notes, estates and other receivables 11,523,662
Loans receivable from Archdiocesan entities, net 10,951,913
Loans receivable from Archdiocesan housing entities 517,725
Interest receivable and other assets 194,430
Inventories 1,472,196
Real Property 226,688
Deposits and prepaid expenses 398,169
Investments 87,505,393
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,233,229
--------------
Total Assets $138,955,540
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 2,241,312
Funds held for others
Second Collections 9,025
Short-term investments payable 18,689,726
Long-term pool investments payable 19,827,084
Reserve for insurance claims 2,343,946
Notes payable 11,196,319
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 63,148,129
--------------
Postpetition
Accounts payable 330,516
Accrued liabilities 4,198,161
Funds held for others
Second Collections 281,516
Short-term investments payable 1,723,070
Long-term pool investments 1,685,454
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 13,751
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 8,232,467
--------------
Total Liabilities 71,380,596
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,695,606
Other Assets (3,263,381)
--------------
Total Prepetition Net Assets 66,432,225
--------------
Postpetition Net Assets:
Charitable Trust Assets (1,032,107)
Other Assets 2,174,826
--------------
Total Postpetition Net Assets 1,142,719
--------------
Total Net Assets 67,574,944
--------------
Total liabilities & net assets $138,955,540
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending April 30, 2005
Revenues, gains and other support
Annual Catholic Appeal income $3,978
Gross profit on cemetery sales 85,953
Contributions, gifts, annuities and bequests 10,698
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 393,678
Change in unrealized losses (1,270,958)
Insurance premiums, net -
Interest income from loans 38,127
Parish assessments 241,023
Other income 72,108
Departmental revenues 23,929
Net assets released from restrictions -
--------------
Total revenues, gains, and other support (401,464)
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 110,010
Clergy Services 71,573
Catholic Schools 22,964
Pastoral Services 52,254
Evangelization Services 49,146
Public Services 9,699
Tribunal Services 20,694
Deposit and loan interest (257)
Insurance program 132,709
Cemetery operating expenses 66,848
High School grants/charitable annuities 11,025
Other program expenses 75,023
--------------
Total program services 621,688
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 57,877
Finance & Administration:
Resource Development 47,390
Business Affairs 9,434
Financial Services 73,670
Human Resources 26,278
Shared Services 22,943
Occupancy and physical plant expenses 11,182
Designated funds expense 9,308
Bankruptcy expense 286,239
Depreciation expense -
--------------
Total supporting services 544,321
--------------
Total expenses and program support 1,166,009
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (1,567,473)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (1,567,473)
Net assets at beginning of year 69,142,417
--------------
Net assets at end of year $67,574,944
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending April 30, 2005
Beginning Cash Balance: $13,805,925
Add:
Transfers in 348,030
Receipts Deposited 2,832,311
Other (Return of Direct Deposits) -
Other (Interest Income) 27,090
--------------
Total Cash Receipts 3,207,431
Subtract:
Transfers out (348,030)
Disbursements by check or debit (1,863,994)
Cash withdrawn -
Other (Service Charges) (2,807)
Other (NSF Checks) (835)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,215,666)
--------------
Ending Cash Balance $14,797,689
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 29; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane's April 2005 Monthly Operating Report
--------------------------------------------------------------
The Diocese of Spokane filed an incomplete balance sheet with the
U.S. Bankruptcy Court for the Eastern District of Washington.
A full-text copy of the Diocese's April 2005 monthly operating
report is available for free at:
http://bankrupt.com/misc/MOR_April.pdf
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending April 30, 2005
Total Income $224,903
Total Expenses 384,631
--------------
Net Excess or Deficit $159,728
==============
Catholic Diocese of Spokane
Statement of Cash Receipts and Disbursements
April 1, 2005 to April 30, 2005
Total Cash Receipts $464,620
Total Cash Disbursements ($515,440)
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FRIEDMAN'S INC: Files April 2005 Monthly Operating Report
---------------------------------------------------------
On May 27, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period
April 2, 2005, through April 30, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.
At April 30, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports shows:
Beginning Cash Balance $4,455,913
Total Cash Receipts 43,223,467
Total Cash Disbursements 37,567,676
Ending Cash Balance $10,111,704
A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended April 30, 2005, is
available at no charge at http://researcharchives.com/t/s?10
Headquartered in Savannah, Georgia, Friedman's Inc. --
http://www.friedmans.com/-- is the parent company of a group of
companies that operate fine jewelry stores located in strip
centers and regional malls in the southeastern United States. The
Company and its affiliates filed for chapter 11 protection on Jan.
14, 2005 (Bankr. S.D. Ga. Case No. 05-40129). John W. Butler, Jr.,
Esq., George N. Panagakis, Esq., Timothy P. Olson, Esq., and Alexa
N. Paliwal, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$395,897,000 in total assets and $215,751,000 in total debts.
HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005
-------------------------------------------------------------
On May 24, 2005 Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its April 2005 Monthly Operating
Report with the United States Bankruptcy Court for the District of
Hawaii. The carrier reports earning $415,000 on $63,833,000 of
revenues.
For the month ending April 30, 2005, Hawaiian Airlines' balance
sheet showed:
Total Current Assets $251,795,000
Total Assets 372,970,000
Total Current Liabilities 238,544,000
Total Liabilities 443,258,000
Liabilities Subject
to Compromise 214,548,000
Shareholder's Deficit $284,836,000
A full-text copy of Hawaiian Airlines' April 2005 Monthly
Operating Report is available at no charge at:
http://researcharchives.com/t/s?14
Hawaiian Airlines, Inc. -- http://www.HawaiianAir.com/-- is a
subsidiary of Hawaiian Holdings, Inc. (AMEX and PCX: HA). Since
the appointment of a bankruptcy trustee in May 2003, Hawaiian
Holdings has had no responsibility for the management of Hawaiian
Airlines and has had limited access to information concerning the
airline.
On March 21, 2003, Hawaiian Airlines, Inc., filed a voluntary
petition for reorganization under Chapter 11 of the United States
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Hawaii (Case No. 03-00827). Joshua Gotbaum serves as the chapter
11 trustee for Hawaiian Airlines, Inc. Mr. Gotbaum is represented
by Tom E. Roesser, Esq., and Katherine G. Leonard, Esq., at
Carlsmith Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson,
Esq., Joshua D. Morse, Esq., and John L. Jones, II, Esq., at
Hennigan, Bennett & Dorman LLP. The Bankruptcy Court confirmed
the Chapter 11 Trustee's Plan of Reorganization on March 10, 2005.
The Plan took effect on June 2, 2005.
INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
-------------------------------------------------------------
Interstate Bakeries Corporation filed its second amendment to
Schedule F -- Creditors Holding General Unsecured Claims -- of its
Schedules of Assets and Liabilities. According to Ronald B.
Hutchison, Chief Financial Officer of Interstate Bakeries, the
Debtor amended Schedule F to reflect $269,146,946 in estimated
Non-priority Unsecured Liabilities. The Debtor removed five trade
creditors from the list.
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-
45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
SOLUTIA INC: Earns $4 Million of Net Income in April 2005
---------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of April 30, 2005
ASSETS
Current Assets:
Cash $9,000,000
Trade Receivables, net 173,000,000
Account Receivables-Unconsolidated Subsidiaries 50,000,000
Inventories 157,000,000
Other Current Assets 56,000,000
--------------
Total Current Assets 445,000,000
Property, Plant and Equipment, net 685,000,000
Investments in Subsidiaries and Affiliates 515,000,000
Intangible Assets, net 101,000,000
Other Assets 88,000,000
--------------
TOTAL ASSETS $1,834,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Accounts Payable $152,000,000
Short Term Debt 300,000,000
Other Current Liabilities 152,000,000
--------------
Total Current Liabilities 604,000,000
Other Long-Term Liabilities 208,000,000
--------------
Total Liabilities not Subject to Compromise 812,000,000
Liabilities Subject to Compromise 2,282,000,000
Shareholders' Deficit (1,260,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,834,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended April 30, 2005
Total Net Sales $204,000,000
Total Cost Of Goods Sold 187,000,000
--------------
Gross Profit 17,000,000
Total MAT Expense 18,000,000
--------------
Operating Income (1,000,000)
Equity Earnings from Affiliates 11,000,000
Interest Expense, net (5,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (4,000,000)
--------------
Income Before Taxes 4,000,000
Income Taxes -
--------------
Net Income $4,000,000
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. (Solutia Bankruptcy
News, Issue No. 40; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
THAXTON GROUP: Posts $67.3 Mil. Cumulative Net Loss in April 2005
-----------------------------------------------------------------
On May 24, 2005, The Thaxton Group filed its monthly operating
report for April 2005 with the U.S. Bankruptcy Court for the
District of Delaware.
The company reported a cumulative net loss of $67,287,819 on
$4,413,310 revenue for the period from Oct. 17, 2003, thru
April 30, 2005.
At April 30, 2005, the Company's balance sheet reflects:
Total Assets $126,859,261
Total Liabilities 192,901,722
Stockholders' Deficit ($66,042,460)
A full-text copy of Thaxton Group's April 2005 Monthly Operating
Report is available at no charge at:
http://researcharchives.com/t/s?15
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company. The
Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). The Debtors are represented by
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.
TRINITY ENERGY: Posts $133,962 Net Income in April 2005
-------------------------------------------------------
On May 23, 2005, Trinity Energy Resources, Inc., filed its monthly
operating report for the month ended April 2005 with the United
States Bankruptcy Court for the Southern District of Texas,
Houston Division.
Trinity Energy reported a $133,962 net income on zero revenues for
the month from April 1, 2005, to April 30, 2005.
At April 30, 2005, Trinity Energy's balance sheet showed:
Total Current Assets $551,334
Total Assets 1,377,656
Total Liabilities 1,783,225
Total Owner's Equity Deficit ($405,569)
A full-text copy of Trinity Energy's April 2005 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?13
Headquartered in Houston, Texas, Trinity Energy Resources, Inc.,
develops and operates proven oil and gas reserves in the Rocky
Mountains, Texas, and Louisiana, with international interests in
the African Republic of Chad. The Company filed for chapter 11
protection on Jan. 31, 2003 (Bankr. S.D. Tex. Case No. 03-31453).
John William Mahoney, Esq., at Williams Birnberg & Andersen
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$1,009,626 in total assets and $1,619,031 in total debts as of
Sept. 30, 2002. On April 23, 2003, the Bankruptcy Court appointed
Elizabeth M. Guffy as the Debtor's Chapter 11 Trustee.
WESTPOINT STEVENS: Posts $26 Million Net Loss in April 2005
-----------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At April 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $955
Short-term investments -
Accounts receivable, net 166,664
Total inventories 273,556
Prepaid & other current assets 19,395
----------
Total current assets 460,570
Total investments & other assets 92,883
Goodwill -
Property, plant and equipment, net 464,796
----------
TOTAL ASSETS $1,018,249
==========
Liabilities and Shareholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility 438,208
DIP Credit Agreement 54,389
Second Lien Facility 165,000
Accrued interest payable 2,234
Accounts payable - trade 43,908
Accounts payable - intercompany 171,169
Other payables and accrued liabilities 112,847
Deferred income taxes -
Pension and other liabilities 147,622
----------
Total liabilities not subject to compromise 1,135,377
Liabilities Subject to Compromise:
Senior Notes 1,000,000
Deferred financing fees (3,808)
Accrued interest payable on Senior Notes 36,313
Accounts payable 27,558
Other payables and accrued liabilities 8,232
Pension and other liabilities 15,474
----------
Total liabilities subject to compromise 1,083,769
----------
Total Liabilities 2,219,146
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital Surplus/Treasury Stock 41,122
Retained earnings (deficit) (1,010,699)
Minimum pension liability adjustment (109,403)
Other adjustments 1,129
Unearned compensation -
----------
Total Shareholders' Equity (Deficit) (1,200,897)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $1,018,249
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended April 30, 2005
(in thousands)
Total sales $106,091
Cost of sales 103,737
----------
Gross profit 2,354
Selling and administrative expenses
Selling expense 4,350
Warehousing and shipping 5,701
Advertising 482
Division administrative expense 1,128
MIS expense 1,636
Corporate administrative expense 1,414
----------
Total selling and administrative expense 14,711
Restructuring and impairment charge 350
Fixed asset impairment charge -
Profit/(loss) from operations (12,707)
Interest expense
Interest expense - outside 8,409
Capitalized interest expense -
Interest expense - intercompany 668
Interest income 5
Interest income - intercompany -
----------
Net interest expense 9,072
Other expense
Miscellaneous 326
Royalties - intercompany 1,807
Transaction gain/loss -
----------
Total other expense 2,133
Other income
Royalties - intercompany -
Dividends -
Sale of assets 329
Miscellaneous 44
----------
Total other income 373
----------
Net other expense 1,760
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit)
and extraordinary item (23,539)
Chapter 11 reorganization expenses 3,062
Income taxes (benefit) (887)
----------
Income (loss) before extraordinary item (25,714)
Extraordinary item - net of taxes -
----------
Net income (loss) ($25,714)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended April 30, 2005
(in thousands)
Cash Flows from Operations:
Net income (loss) ($25,714)
Equity adjustments 722
Non-cash items
Depreciation and amortization expense 8,156
Gain/(Loss) on sale of assets (329)
Changes in Assets and Liabilities
Decrease/(increase) -- accounts receivable 23,100
Decrease/(increase) -- inventories 1,945
Decrease/(increase) -- other current assets 376
Decrease/(increase) -- other noncurrent assets
and liabilities 334
Increase/(decrease) -- accounts payable (trade) 4,266
Increase/(decrease) -- a/p (intercompany) (828)
Increase/(decrease) -- accrued liabilities (6,760)
Increase/(decrease) -- accrued interest payable 1,431
Increase/(decrease) -- pension & other liabilities 989
Increase/(decrease) -- deferred income tax (1,275)
----------
Total Cash Flows from Operations 6,413
Cash Flows from Investing
Decrease/(increase) -- short term investments -
Capital expenditures (1,446)
Net proceeds from sale of assets 343
----------
Total Cash Flows from Investing (1,102)
Cash Flows from Financing
Increase/(decrease) -- DIP credit agreement (6,196)
----------
Total Cash Flows from Financing (6,196)
Beginning Cash Balance 1,840
Change in Cash (885)
----------
Ending Cash Balance $955
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: JP Stevens' April 2005 Monthly Operating Report
------------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At April 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Short-term investments -
Accounts receivable - customers -
Accounts receivable - intercompany $110,749
Total inventories -
Prepaid & other current assets -
----------
Total Current assets 110,749
Total investments & other assets 2,697
Goodwill -
Property, plant and equipment, net -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Shareholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accounts receivable - intercompany -
Accrued interest payable -
Accounts payable - trade -
Accounts payable - intercompany -
Other payables and accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total liabilities not subject to compromise -
Liabilities Subject to Compromise:
Senior Notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable -
Other payables and accrued liabilities -
Pension and other liabilities -
----------
Total liabilities subject to compromise -
----------
Total Liabilities -
SHAREHOLDERS' EQUITY (DEFICIT)
Equity of subsidiaries $10,503
Common stock -
Capital Surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Total Shareholders' Equity (Deficit) 113,446
---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $113,446
=========
J.P. Stevens & Co., Inc., reports no income and cash flow for
April 2005.
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: JP Stevens Enterprises' April Operating Report
-----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At April 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $22
Short-term investments -
Accounts receivable - customers, net -
Accounts receivable - intercompany 17,853
Prepaid expenses and other current assets -
----------
Total current assets 17,875
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $17,875
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Accounts payable - intercompany -
Other payables and accrued liabilities $198
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 198
Liabilities Subject to Compromise -
----------
Total Liabilities 198
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 17,675
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 17,677
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $17,875
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended April 30, 2005
(in thousands)
Total sales -
Cost of goods sold -
----------
Gross earnings -
Selling and administrative expenses
Selling expenses $3
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
----------
Total selling and administrative expense 3
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit/(loss) from operations (3)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 106
----------
Net interest expense (106)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 190
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 190
----------
Net other expense (190)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 293
Chapter 11 reorganization expenses -
Income tax expense (benefit) 103
Extraordinary item - net of taxes -
----------
Net Income (loss) $190
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended April 30, 2005
(in thousands)
Cash flows from operations:
Net income (loss) $190
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (87)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities (93)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 10
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 12
Change in cash 10
----------
Ending cash balance $22
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: WP Stevens Stores' April 2005 Operating Report
-----------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At April 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,146
Short-term investments -
Accounts receivable - customers 108
Accounts receivable - intercompany 2,029
Total Inventories 20,586
Prepaid expenses and other current assets 807
----------
Total current assets 24,676
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,293
----------
TOTAL ASSETS $26,969
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - trade $515
Accounts payable -intercompany -
Other payables and accrued liabilities 2,623
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 3,138
----------
Liabilities Subject to Compromise
Accounts payable 1,677
----------
Total Liabilities 4,815
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 6,198
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 22,154
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $26,969
==========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended April 30, 2005
(in thousands)
Total sales $6,796
Cost of goods sold 4,150
----------
Gross earnings 2,646
Selling and administrative expenses
Selling expenses 2,186
Warehousing and shipping 246
Advertising 234
Division administrative expense 316
MIS expense 68
Corporate administrative expense 106
----------
Total selling and administrative expense 3,156
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit/(loss) from operations (510)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 193
Interest income -
Interest income - intercompany -
----------
Net interest expense 193
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties Intercompany -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income -
----------
Net other expense -
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (703)
Chapter 11 reorganization expenses -
Income tax expense (benefit) (246)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($457)
==========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended April 30, 2005
(in thousands)
Cash flows from operations:
Net income (loss) ($457)
Non-cash items
Depreciation and amortization 58
Working Capital Changes
Decrease/(increase) - a/r (customers) 32
Decrease/(increase) - a/r (intercompany) 239
Decrease/(increase) - inventories (1,154)
Decrease/(increase) - other current assets (5)
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) 119
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 689
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (479)
Cash flows from investing activities
Capital expenditures (6)
Transfers -
Net proceeds from sale of assets -
----------
Total cash flows from investing (6)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 1,631
Change in cash (485)
----------
Ending cash balance $1,146
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: WP Stevens I Earns $1MM of Net Income in April
-----------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At April 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $174
Short-term investments -
Accounts receivable - customers -
Accounts receivable - intercompany 28,218
Total inventories -
Prepaid & other current assets -
----------
Total current assets 35,653
Total investments & other assets 9,447
Goodwill -
Property, plant and equipment, net 11,590
----------
TOTAL ASSETS $56,690
==========
Liabilities and Shareholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $379
Accounts payable - intercompany -
Other payables and accrued liabilities 6,994
Deferred income taxes -
Pension and other liabilities -
----------
Total liabilities not subject to compromise 7,373
Liabilities Subject to Compromise:
Senior Notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,438
Other payables and accrued liabilities -
Pension and other liabilities 3,445
----------
Total liabilities subject to compromise 4,883
----------
Total Liabilities 12,256
SHAREHOLDERS' EQUITY (DEFICIT)
Equity of subsidiaries -
Common stock 1
Capital Surplus/Treasury Stock 70,559
Retained earnings (deficit) (26,126)
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Total Shareholders' Equity (Deficit) 44,434
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $56,690
==========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended April 30, 2005
(in thousands)
Total sales $2,550
Cost of sales 2,689
----------
Gross profit (139)
Selling and administrative expenses
Selling expense 3
Warehousing and shipping 164
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 410
----------
Total selling and administrative expense 577
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit/(loss) from operations (716)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income - intercompany 755
----------
Net interest expense (756)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
----------
Total other expense 190
Other income
Royalties - intercompany 1,934
Affiliate Income -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 1,934
----------
Net other expense (1,744)
----------
Income (loss) before reorganization
expenses and income taxes (benefit)
and extraordinary item 1,784
Reorganization expenses -
Income taxes (benefit) 625
----------
Income (loss) before extraordinary item 1,159
Extraordinary item - net of taxes -
----------
Net income (loss) $1,159
==========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended April 30, 2005
(in thousands)
Cash Flows from Operations:
Net income (loss) $1,159
Non-cash items
Depreciation and amortization expense 140
Changes in Assets and Liabilities
Decrease/(increase) -- a/r (customers) -
Decrease/(increase) -- a/r (intercompany) 1,898
Decrease/(increase) -- inventories (622)
Decrease/(increase) -- other current assets -
Decrease/(increase) -- other noncurrent assets -
Increase/(decrease) -- accounts payable (trade) (217)
Increase/(decrease) -- a/p (intercompany) -
Increase/(decrease) -- accrued liabilities (2,359)
Increase/(decrease) -- accrued interest payable -
Increase/(decrease) -- pension and other liabilities -
Increase/(decrease) -- deferred federal income tax -
----------
Total Cash Flows from Operations (1)
Cash Flows from Investing
Decrease/(increase) -- short term investments -
Capital expenditures -
Net proceeds from sale of assets -
----------
Total Cash Flows from Investing (1)
Cash Flows from Financing
Increase/(decrease) -- DIP credit agreement -
Increase/(decrease) -- Senior Notes -
----------
Total Cash Flows from Financing -
Beginning Cash Balance 176
Change in Cash (2)
----------
Ending Cash Balance $174
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
46; 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
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are not intended to reflect actual trades. Prices for actual
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Nothing in the TCR constitutes an offer or solicitation to buy or
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Each Tuesday edition of the TCR contains a list of companies with
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share in public markets. At first glance, this list may look like
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*********
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