/raid1/www/Hosts/bankrupt/TCR_Public/050625.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 25, 2005, Vol. 9, No. 149
Headlines
AMERICAN BUSINESS: ABC Files Amended Schedules of Assets & Debts
AMERICAN BUSINESS: HACI Files Amended Schedule of Assets & Debts
COVANTA WTE: Posts $80,443 Net Loss in April 2005
INTERMET CORP: Posts $5.8 Million Net Loss in May 2005
KEYSTONE CONSOLIDATED: Posts $5 Million Net Loss in May 2005
MIRANT CORP: Earns $53.7 Million of Net Income in April 2005
MIRANT CORP: MAGi Earns $266 Million of Net Income in April 2005
RELIANCE GROUP: Earns $2.8 Million of Net Income in May 2005
SPIEGEL INC: Posts $631,000 Net Loss in April 2005
UNIVERSAL ACCESS: Files May 2005 Monthly Operating Report
VARIG S.A.: Files Consolidated Balance Sheet as of March 31
WINN-DIXIE: Posts $34 Mil. Net Loss For The Period Ended June 1
*********
AMERICAN BUSINESS: ABC Files Amended Schedules of Assets & Debts
----------------------------------------------------------------
On June 14, 2005, American Business Credit, Inc., delivered to the
Court an amended schedule of assets and liabilities, specifically
reflecting these changes:
D. Secured Claims
Fortress Investment Group, Inc. $0
JP Morgan Chase Bank NA 56,323
53,917
The Patriot Group, LLC 0
Escrow and collections accounts 5,700,000
Credit Tech and Ameer Saleem 0
E. Unsecured Priority Claims 1,463,019
F. Unsecured Non-Priority Claims 600,891,397
TOTAL SCHEDULED LIABILITIES $608,164,656
========================================================
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: HACI Files Amended Schedule of Assets & Debts
----------------------------------------------------------------
Home American Credit, Inc., amends its Schedules of Assets and
Liabilities to reflect an additional unsecured non-priority claim
for $5,000 filed by St. Paul Traveler.
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
COVANTA WTE: Posts $80,443 Net Loss in April 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 April 30, 2005
ASSETS
Cash $473,116
Inventory -
Accounts receivable 13,591,954
Land -
Machinery, fixtures and equipment 46,743,245
Restricted funds 219,104
Other current assets 126,033
Other assets 109,082
------------
Total assets $61,262,534
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $7,259,833
Accounts payable and other liabilities 2,441,290
------------
Total postpetition liabilities 9,701,123
Prepetition Liabilities:
Project Debt 19,222,776
Advances from parent and affiliates 26,235,087
Liabilities Subject to Compromise 1,825,969
Taxes/Others -
------------
Total Prepetition Liabilities 47,283,832
------------
Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition 8,343,700
Retained earnings - postpetition (4,066,121)
------------
Total Equity 4,277,579
------------
Total Liabilities and Equity $61,262,534
============
WTE Debtors
Consolidated Statements of Operations
From April 1 to April 30, 2005
INCOME:
Service, electric and construction revenue $745,051
Waste-to-Energy project debt revenue 400,562
------------
Total Income 1,145,613
EXPENSES:
Operating and construction costs 853,088
Waste-to-Energy project debt expense 103,218
Depreciation and amortization expense 189,750
Other - Net -
Cost allocations from parent & affiliates 80,000
Gain on sale of businesses -
------------
Total Expenses 1,226,056
------------
NET OPERATING PROFIT/(LOSS) (80,443)
Non-Operating Income/(Expense)
Reorganization costs -
------------
Total Non-Operating Income (Expense) -
Income Taxes -
Income before cumulative effect of accounting,
Change (80,443)
------------
NET INCOME/(LOSS) ($80,443)
============
WTE Debtors
Consolidated Cash Flow Statements
From April 1 to April 30, 2005
Net income ($80,443)
Depreciation and amortization 189,750
Receivables 338,497
Other assets 21,055
Payables and accrued expenses (438,392)
Other liabilities -
Property, plant and equipment expenditures (103,200)
Restricted funds, net 517,220
(Repayments) issuance of debt, net -
Advances from parents & affiliates 1,996
------------
446,483
Cash, beginning balance 26,633
------------
Cash, ending balance $473,116
============
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. 80;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
INTERMET CORP: Posts $5.8 Million Net Loss in May 2005
------------------------------------------------------
On June 20, 2005, Intermet Corporation and its debtor-affiliates
delivered its May 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.
For the month ending May 31, 2005, Intermet Corporation reported a
net loss of $5,800,000 against $51,827,000 of net sales.
At May 31, 2005, Intermet's balance sheet showed:
Current Assets $140,781,000
Total Assets 431,888,000
Postpetition Debts 24,193,000
Total Liabilities 575,234,000
Total Stockholders' Equity Deficit ($143,346,000)
A full-text copy of Intermet Corporation's May 2005 Monthly
Operating Report is available at no charge at:
http://researcharchives.com/t/s?33
Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/-- provides machining and tooling
services for the automotive and industrial markets specializing in
the design and manufacture of highly engineered, cast automotive
components for the global light truck, passenger car, light
vehicle and heavy-duty vehicle markets. Intermet, along with its
debtor-affiliates, filed for chapter 11 protection on Sept. 29,
2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614).
Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represents
the Debtors. When the Debtors filed for protection from their
creditors, they listed $735,821,000 in total assets and
$592,816,000 in total debts.
KEYSTONE CONSOLIDATED: Posts $5 Million Net Loss in May 2005
------------------------------------------------------------
On June 13, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating report for the
month of May 2005 with the U.S. Bankruptcy Court for the Eastern
District of Wisconsin.
Keystone Consolidated reported a $5,114,910 net loss on
$23,336,680 of net sales.
At May 31, 2005, Keystone Consolidated's balance sheet shows:
Current Assets $76,006,904
Total Assets 309,636,189
Current Liabilities 159,863,805
Total Liabilities 340,264,488
Stockholders' Deficit $(32,740,299)
A full-text copy of Keystone Consolidated Industries' May 2005
Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?35
Headquartered in Dallas, Texas, Keystone Consolidated Industries,
Inc., makes carbon steel rod, fabricated wire products, including
fencing, barbed wire, welded wire and woven wire mesh for the
agricultural, construction and do-it-yourself markets. The
Company filed for chapter 11 protection on February 26, 2004,
(Bankr. E.D. Wisc. Case No. 04-22422). Daryl L. Diesing, Esq., at
Whyte Hirschboeck Dudek S.C., and David L. Eaton, Esq., at
Kirkland & Ellis LLP, represent the Debtors in their restructuring
efforts. When the Company filed for protection from their
creditors, it listed $196,953,000 in total assets and $365,312,000
in total debts.
MIRANT CORP: Earns $53.7 Million of Net Income in April 2005
------------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of April 30, 2005
ASSETS
Cash and cash equivalents $1,642,725,766
Accounts receivable - net 713,020,521
Assets from risk management activities 263,645,848
Derivative hedging instruments -
Inventories 377,738,774
Other 708,789,752
---------------
Total Current Assets 3,705,920,661
Property, plant and equipment 5,207,171,669
Less: accumulated depreciation/depletion 879,366,885
Leasehold interests - net 1,472,008,153
Construction work in progress 145,600,890
Investment in suspended construction 249,754,262
---------------
Total net property, plant and equipment 6,195,168,089
Investments 255,943,338
Long-term accounts receivable - net 33,541,490
Notes receivable - net -
Assets from risk management activities 111,977,801
Goodwill - net 5,767,352
Other intangibles - net 267,161,370
Derivative hedging instruments -
Restricted cash, non-current 205,163,972
Other long-term assets 1
Miscellaneous deferred charges 427,580,405
---------------
Total Non-current Assets 1,307,135,729
---------------
TOTAL ASSETS $11,208,224,479
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,296,351,127
Accounts Payable 523,525,035
Liabilities from risk management activities 362,119,366
Obligations under energy deliveries 8,447,320
Derivative hedging instruments -
Other 198,131,672
Miscellaneous deferred credits 708,355,201
---------------
Total postpetition liabilities 3,096,929,721
Prepetition Liabilities 9,187,185,878
---------------
TOTAL LIABILITIES 12,284,115,599
EQUITY:
Minority interest in subsidiaries 167,378,094
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,964,708
Retained earnings (6,089,857,060)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (73,173,483)
---------------
Total Equity (1,075,891,120)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,208,224,479
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending April 30, 2005
REVENUES:
Generation $278,879,212
Net trading revenue 3,350,093
Distribution 58,147,071
Other 586,555
---------------
Net Revenue 340,962,931
OPERATING EXPENSES:
Energy cost 163,086,662
Operations and maintenance 84,168,147
Depreciation and amortization 25,621,925
Gain on sale of property and investment 4,399
Impairment loss 54,459
Restructuring costs 243,046
---------------
Total Operating Expenses 273,178,638
---------------
Income before non-operating income
and expense 67,784,293
OTHER INCOME AND EXPENSES:
Interest income 1,956,130
Interest expense (10,289,685)
Equity in income of affiliates 2,562,391
Other (1,149,744)
Reorganization items 2,836,448
Minority interest (2,097,474)
Net income from discontinued operations 11,095
Gain on sale assets, minority owned -
---------------
Total Other Income (6,170,839)
Provision for income tax (7,870,032)
---------------
NET PROFIT (LOSS) $53,743,422
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending April 30, 2005
Cash, beginning of month $234,903,286
Non-Operating Receipts:
Loans & Advances (9,163,859)
Sale of Assets -
---------------
Total non-operating receipts (9,163,859)
---------------
Total receipts (9,163,859)
---------------
Total Cash Available 225,739,427
Operating Disbursements 0
Reorganization Expenses 11,991
--------------
Total disbursements 11,991
--------------
Net Cash Flow (9,175,850)
--------------
Cash, end of month $225,727,437
==============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: MAGi Earns $266 Million of Net Income in April 2005
----------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of April 30, 2005
ASSETS
Cash and cash equivalents $518,711,842
Accounts receivable - net 495,308,219
Assets from risk management activities 54,001,827
Derivative hedging instruments -
Inventories 181,137,199
Other 121,519,636
---------------
Total Current Assets 1,370,678,723
Property, plant and equipment 2,206,171,730
Less: accumulated depreciation/depletion 359,429,987
Leasehold interests - net -
Construction work in progress 88,815,017
Investment in suspended construction 174,287,989
---------------
Total net property, plant and equipment 2,109,844,749
Investments 25,000
Long-term accounts receivable - net 92,161,395
Notes receivable - net 223,275,000
Assets from risk management activities 5,994,767
Other intangibles - net 204,446,175
Derivative hedging instruments -
Restricted cash, non-current 5,079,283
Other long-term assets -
Miscellaneous deferred charges 214,343,034
---------------
Total Non-current Assets 745,324,654
---------------
TOTAL ASSETS $4,225,848,126
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 257,918,685
Liabilities from risk management activities 97,064,817
Obligations under energy deliveries -
Derivative hedging instruments -
Other 151,582,386
Miscellaneous deferred credits 49,178,591
---------------
Total postpetition liabilities 555,744,479
Prepetition Liabilities 3,236,301,970
---------------
TOTAL LIABILITIES 3,792,046,449
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,362
Retained earnings (3,420,093,687)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity 433,801,677
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,225,848,126
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending April 30, 2005
REVENUES:
Generation $192,741,191
Net trading revenue 24,444
Distribution -
Other 28,269
---------------
Net Revenue 192,793,904
OPERATING EXPENSES:
Energy cost 88,292,466
Operations and maintenance 53,238,700
Depreciation and amortization 7,543,852
Gain on sale of property and investment -
Impairment loss 54,459
Restructuring costs 130,669
---------------
Total Operating Expenses 149,260,146
---------------
Income before non-operating income
and expense 43,533,758
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (919,915)
Equity in income of affiliates -
Other 97,308
Reorganization items 222,445,955
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income 221,623,348
Provision for income tax 937,140
---------------
NET PROFIT (LOSS) $266,094,246
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending April 30, 2005
Cash, beginning of month $194,692,337
Non-Operating Receipts:
Loans & Advances 8,707,566
Sale of Assets -
---------------
Total non-operating receipts 8,707,566
---------------
Total receipts 8,707,566
---------------
Total Cash Available 203,399,903
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow $8,707,566
---------------
Cash, end of month $203,399,903
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
RELIANCE GROUP: Earns $2.8 Million of Net Income in May 2005
------------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-May-2005
_____________________________________ ___________
ASSETS
Cash $48,388,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Note Receivable from Reorganized
RFS Corporation 2,537,000
Plant, property & equipment -
----------------
Total Assets $64,368,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,193,000
Professional fee holdback payable 2,417,000
PBGC administrative claim 0
Liabilities subject to compromise 848,241,000
----------------
Total liabilities 851,851,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,357,630,000)
----------------
Total shareholders' deficit (787,630,000)
----------------
Total liabilities & deficit $64,368,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-May-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-May-2005
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 43,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 43,000
----------------
Loss before reorganization items (43,000)
----------------
Reorganization items:
Professional fees 301,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (116,000)
----------------
Total reorganization items 185,000
----------------
Income tax benefits (3,053,000)
----------------
Net Income (loss) $2,825,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-May-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-May-2005
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($43,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables (20,000)
Increase in Liabilities
subject to compromise 0
---------------
Net cash (used) provided by
operating activities before
reorganization items (63,000)
---------------
Operating cash flows from
reorganization items:
Interest earned 116,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (684,000)
---------------
Net cash used by
reorganization items (568,000)
---------------
Net cash used by
operating activities (631,000)
---------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
---------------
Net cash provided by
investing activities 0
---------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
---------------
Net cash provided by
financing activities 0
---------------
Net decrease in cash (631,000)
Cash at beginning of period 49,019,000
---------------
Cash at end of period $48,388,000
===============
Headquartered in New York, New York, Reliance Group Holdings, Inc.
-- http://www.rgh.com/-- is a holding company that owns 100% of
Reliance Financial Services Corporation. Reliance Financial, in
turn, owns 100% of Reliance Insurance Company. The holding and
intermediate finance companies filed for chapter 11 protection on
June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing
$12,598,054,000 in assets and $12,877,472,000 in debts. The
insurance unit is being liquidated by the Insurance Commissioner
of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News,
Issue No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SPIEGEL INC: Posts $631,000 Net Loss in April 2005
--------------------------------------------------
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Balance Sheet
As of April 30, 2005
ASSETS
Current assets:
Cash and cash equivalents $321,989,000
Receivables, net 29,546,000
Inventories 131,179,000
Prepaid expenses 29,242,000
Assets of discontinued operations 68,801,000
--------------
Total current assets 580,757,000
--------------
Property and equipment, net 113,128,000
Intangible assets, net 135,608,000
Other assets 16,479,000
--------------
Total assets $845,972,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities $154,401,000
Current portion of long-term debt 48,000,000
Liabilities of discontinued operations 94,852,000
--------------
Total current liabilities 297,253,000
--------------
Deferred lease obligation 14,968,000
Liabilities subject to compromise 1,384,906,000
--------------
Total liabilities 1,697,127,000
--------------
Stockholders' deficit:
Class A non-voting common stock,
$1.00 par value; authorized 16,000,000
shares; 14,945,144 shares issued
and outstanding 14,945,000
Class B voting common stock, $1.00
par value; authorized 121,500,000 shares;
117,009,869 shares issued & outstanding 117,010,000
Additional paid-in capital 329,489,000
Accumulated other comprehensive loss (22,841,000)
Accumulated deficit (1,289,758,000)
--------------
Total stockholders' deficit (851,155,000)
--------------
Total liabilities & stockholders' deficit $845,972,000
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Operations
Four Weeks Ended April 30, 2005
Net sales and other revenues:
Net sales $66,947,000
Other revenue 3,448,000
--------------
70,395,000
Cost of sales and operating expenses:
Cost of sales, including buying
and occupancy expenses 37,656,000
Selling, general & administrative expenses 27,571,000
--------------
67,227,000
Estimated loss of non-debtors (251,000)
Operating Income 4,917,000
Interest expense 17,000
--------------
Income from operations before reorganization
items 4,900,000
--------------
Reorganization items, net 5,844,000
Income Tax (287,000)
--------------
Income from operations (657,000)
--------------
Discontinued operations:
Loss from discontinued operations 26,000
--------------
Net Income ($631,000)
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended April 30, 2005
Cash flows from operating activities:
Net Income ($631,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Reorganization items, net 5,844,000
Depreciation and amortization 1,990,000
Change in assets and liabilities:
(Increase) decrease in receivables, net 5,727,000
(Increase) decrease in investments/advances 274,000
(Increase) decrease in inventories 425,000
(Increase) decrease in prepaid expenses (645,000)
Increase (decrease) in accounts payable
and other accrued liabilities (4,841,000)
Increase (decrease) in net liabilities of
discontinued operations 2,563,000
(Increase) decrease in income taxes (884,000)
--------------
Net cash used for operating activities 9,822,000
--------------
Net cash used for reorganization items (2,322,000)
Cash flows from investing activities:
Net (additions) reductions to property and
equipment (1,953,000)
Net (additions) reductions to other assets (37,000)
--------------
Net cash used in investing activities (1,990,000)
--------------
Net cash provided by financing activities -
--------------
Effect of exchange rate changes on cash (326,000)
--------------
Net change in cash and cash equivalents 5,184,000
Cash & cash equivalents, beginning of period 316,805,000
--------------
Cash & cash equivalents, end of period $321,989,000
==============
Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts. The Court confirmed the Debtors'
Modified First Amended Joint Plan of Reorganization on May 23,
2005. Impaired creditors overwhelmingly voted to accept the Plan.
(Spiegel Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
UNIVERSAL ACCESS: Files May 2005 Monthly Operating Report
---------------------------------------------------------
On June 15, 2005, Universal Access Global Holdings, Inc., and its
debtor-affiliates delivered its May 2005 monthly operating report
with the United States Bankruptcy Court for the Northern District
of Illinois, Eastern Division. The Debtors' summary of cash
receipts and disbursements shows:
Beginning Cash Balance $8,055,143
Total Receipts 3,941,026
Total Disbursements 4,435,874
Ending Cash Balance $7,560,296
A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' May 2005 Monthly Operating Report is
available at no charge at:
http://researcharchives.com/t/s?34
Headquartered in Chicago, Illinois, Universal Access Global
Holdings, Inc. -- http://www.universalaccess.com/-- provides
network infrastructure services and facilitates the buying and
selling of capacity on communications networks. The company, and
its debtor-affiliates, filed for a chapter 11 protection on August
4, 2004 (Bankr. N.D. Ill. Case No. 04-28747). John Collen, Esq.,
and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent the
Company. David W. Wirt, Esq., and David Neier, Esq., at Winston &
Strawn, represent an Official Committee of Unsecured Creditors.
When the Debtor filed for protection from its creditors, it listed
$22,047,000 in total assets and $24,054,000 in total debts.
VARIG S.A.: Files Consolidated Balance Sheet as of March 31
-----------------------------------------------------------
The Consolidated Balance Sheet present balances of the accounts of
VARIG, S.A. (Viacao Aerea Rio-Grandense), VARIG Logistica S.A. and
VARIG Engenharia e Manutencao S.A.
Consolidated Balance Sheet
As of March 31, 2005
(in thousands of reais)
ASSETS
Current Assets
Cash and cash equivalents BRL68,808
Accounts receivable 779,900
Related companies 51,623
Special deposits 120,600
Recoverable taxes 17,926
Inventories 265,532
Prepaid expenses 211,826
Other credits 67,557
------------
Total of current assets 1,583,772
------------
Non-current Assets
Related companies 458,434
Special deposits 177,601
Recoverable taxes 116,987
Other credits 92,541
------------
Total of non-current assets 845,563
------------
Permanent Assets
Investments 17,148
Property, plant and equipment 532,826
------------
Total of permanent assets 549,974
------------
Unsecured Liabilities 6,495,621
------------
Total of Assets and Unsecured Liabilities BRL9,474,930
============
LIABILITIES
Current liabilities
Trade Payables BRL527,710
Loans, financing and debentures 363,981
Refinancing of tax obligations 286,673
Duties, taxes and contributions 235,802
Payroll and social charges 203,170
Leasing payable 256,970
Related companies 91,259
Accounts payable 159,334
Transport to be provided 419,765
Sundry provisions 336,502
------------
Total of current liabilities 2,881,166
------------
Long-term liabilities
Loans, financing and debentures 1,697,569
Refinancing of tax obligations 3,103,199
Related companies 51,067
Leasing payable 109,128
Provision for actuarial liabilities 501,828
Sundry provisions 9,266
Provisions for contingencies 1,121,675
------------
Total of long-term liabilities 6,593,732
------------
Minority Interests 32
------------
Total Liabilities BRL9,474,930
============
A full-text copy of VARIG's latest quarterly report is available
for free at:
http://bankrupt.com/misc/quarterly_report.pdf
Vicente Cervo, the foreign representative appointed in Varig,
S.A., and its debtor-affiliates' Brazilian bankruptcy proceedings,
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402). Rick B. Antonoff, Esq., at Pillsbury
Winthrop Shaw Pittman LLP represents Mr. Cervo in the United
States and Sergio Bermudes, Esq., in Brazil. As of March 31,
2005, the Debtors reported BRL2,979,309,000 in total assets and
BRL9,474,930,000 in total debts. (Varig Bankruptcy News, Issue No.
02; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WINN-DIXIE: Posts $34 Mil. Net Loss For The Period Ended June 1
---------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At June 1, 2005
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $45,965
Marketable securities 19,634
Trade and other receivables, net 190,981
Insurance claims receivable 7,029
Income tax receivable 33,671
Merchandise inventories, less LIFO reserve 820,452
Prepaid expenses and other current assets 102,992
------------
Total current assets 1,220,724
Property, plant and equipment, net 797,539
Other assets, net 117,759
------------
TOTAL ASSETS $2,136,022
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $270
Current obligations under capital leases 2,850
Accounts payable 110,902
Reserve for workers' compensation insurance
claims and self- insurance 85,509
Accrued wages and salaries 86,371
Accrued rent 6,342
Accrued expenses 108,263
------------
Total current liabilities 400,507
Reserve for workers' compensation insurance
claims and self-insurance 136,590
Long-term debt 337
Long-term borrowings under DIP Credit Facility 227,010
Obligations under capital leases 7,552
Other liabilities 18,813
------------
Total liabilities not subject to compromise 790,809
Liabilities subject to compromise 1,080,144
------------
Total liabilities 1,870,953
Shareholders' equity:
Common stock 141,917
Additional paid-in-capital 32,192
Retained earnings 110,281
Accumulated other comprehensive loss (19,321)
------------
Total shareholders' equity 265,069
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,136,022
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four weeks ended June 1, 2005
(In thousands)
Net sales $755,390
Cost of sales 581,228
------------
Gross profit on sales 174,162
Other operating and administrative expenses 218,102
Restructuring charges 2
------------
Operating loss (43,942)
Interest expense, net 1,494
------------
Loss before reorganization items and income taxes (45,436)
Reorganization items, net (12,812)
Income tax expense -
------------
Net loss from continuing operations (32,624)
Discontinued operations:
Loss from discontinued operations (1,311)
Loss on disposal of discontinued operations (40)
Income tax expense -
------------
Net loss from discontinued operations (1,351)
------------
NET LOSS ($33,975)
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four weeks ended June 1, 2005
(In thousands)
Cash flows from operating activities:
Net loss ($33,975)
Adjustments to reconcile net loss to net cash
used in operating activities:
Gain on sale of facilities (4)
Reorganization items, net (12,812)
Depreciation and amortization 11,059
Stock compensation plans 255
Change in operating assets and liabilities:
Trade and other receivables (802)
Merchandise inventories 4,285
Prepaid expenses and other current assets 7,796
Accounts payable 2,753
Reserve for insurance claims and self-insurance 2,962
Lease liability on closed facilities (1,307)
Income taxes receivable 340
Defined benefit plan (405)
Other accrued expenses (13,406)
Net cash used in operating activities before
reorganization items (33,261)
Cash effect of reorganization items (2,358)
------------
Net cash used in operating activities (35,619)
Cash flows from investing activities:
Purchases of property, plant and equipment (2,104)
Increase in investments and other assets (244)
Marketable securities, net (64)
------------
Net cash used in investing activities (2,412)
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 198,172
Gross repayments on DIP Credit Facility (167,947)
Principal payments on long-term debt (33)
Principal payments on capital lease obligations (157)
Other 285
------------
Net cash provided by financing activities 30,320
------------
Decrease in cash and cash equivalents (7,711)
Cash and cash equivalents at beginning of period 53,676
------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $45,965
============
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063). The Honorable Judge
Robert D. Drain ordered the transfer of Winn-Dixie's chapter 11
cases from Manhattan to Jacksonville. On April 14, 2005, Winn-
Dixie and its debtor-affiliates filed for chapter 11 protection in
M.D. Florida (Case No. 05-03817 to 05-03840). D.J. Baker, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Sarah Robinson
Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$2,235,557,000 in total assets and $1,870,785,000 in total debts.
(Winn-Dixie Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
*********
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for bond issues that reportedly trade well below par. Prices are
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
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Copyright 2005. All rights reserved. ISSN: 1520-9474.
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