/raid1/www/Hosts/bankrupt/TCR_Public/050702.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, July 2, 2005, Vol. 9, No. 155
Headlines
ADELPHIA COMMS: Posts $25 Million Net Loss in May 2005
ADELPHIA COMMS: Century/ML's May 2005 Monthly Operating Report
COMMERCE ONE: Posts $248,355 Net Loss in May 2005
FIRST VIRTUAL: Posts $238,032 Net Loss in April 2005
FIRST VIRTUAL: Posts $275,409 Net Loss in May 2005
FRESH CHOICE: Posts $395,246 Net Loss for Period Ended June 12
INTERSTATE BAKERIES: Posts $24 Million Net Loss in April 2005
MERIDIAN AUTOMOTIVE: Posts $4.7 Million Net Loss in May 2005
MIIX GROUP: Posts $367,178 Cumulative Net Loss in May 2005
NEWPOWER HOLDINGS: Files May 2005 Monthly Operating Report
ROBOTIC VISION: Posts $1 Million Net Loss in April 2005
SOUTHERN INVESTORS: Posts $32,581 Net Loss for May 2005
TRENWICK AMERICA: Earns $2.3 Million of Net Income in May 2005
TRINITY ENERGY: Posts $1,211 Net Loss in May 2005
*********
ADELPHIA COMMS: Posts $25 Million Net Loss in May 2005
------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of May 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $327,913
Restricted cash 25,508
Accounts receivables - net 103,030
Other current assets 156,389
-----------
Total current assets 612,840
Restricted cash 3,062
Investments in equity affiliates 225,650
Related party receivables 19,829
Property, plant and equipment - net 4,256,615
Intangible assets - net 7,357,545
Other noncurrent assets - net 91,440
-----------
Total Assets $12,566,981
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $54,017
Subscriber advance payments and deposits 30,973
Accrued and other liabilities 578,586
Deferred revenue 28,816
Current portion of parent and subsidiary debt 710,107
----------
Total current liabilities 1,402,499
Other liabilities 33,032
Deferred revenue 72,033
Deferred income taxes 836,860
----------
Total noncurrent liabilities 941,925
Liabilities subject to compromise 18,470,595
----------
Total liabilities 20,815,019
Minority interests 87,508
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 (17,108,427)
Treasury stock, at cost (27,937)
-----------
Total (7,565,592)
Amounts due from Rigas family entities (769,954)
-----------
Total stockholders' equity (8,335,546)
-----------
Total liabilities and stockholders' equity $12,566,981
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended May 31, 2005
(Dollars in thousands)
Revenue $350,285
Cost and expenses:
Direct operating and programming 207,152
Selling, general and administrative 30,427
Investigation and re-audit fees 7,069
Depreciation and amortization 79,436
Impairment of long-lived and other assets -
Gains on dispositions of long-lived assets (58)
-----------
Operating income (loss) 26,259
Other income (expense):
Interest expense (45,842)
Impairment of cost & available for sale investments -
Other income (expense) - net 263
-----------
Total other expense - net (45,579)
-----------
Loss from continuing operations before reorganization (19,320)
Reorganization expenses due to bankruptcy (6,332)
-----------
Loss from continuing operations before income taxes (25,652)
Income tax (expense) benefit -
Share of losses of equity affiliates - net (144)
Minority's interest in subsidiary losses - net 747
-----------
Net loss (25,049)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($25,049)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended May 31, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($25,049)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 79,436
Gains on dispositions of long-lived assets (58)
Amortization of debt issuance costs 1,578
Impairment of cost & available for sale investments -
Reorganization expenses due to bankruptcy 6,332
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net 144
Minority interest in losses of subsidiaries (747)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (35,869)
-----------
Net cash provided by operating activities before
payment of reorganization expenses 25,767
Reorganization expenses paid during the period (1,484)
-----------
Net cash provided by (used in) operating activities 24,283
Cash flows from investing activities:
Expenditures for property, plant and equipment (65,105)
Changes in restricted cash (145)
Other (16,949)
-----------
Net cash used in investing activities (82,199)
Cash flows from financing activities:
Proceeds from debt 70,000
Repayments of debt (11,688)
Payment of debt issuance costs (244)
-----------
Net cash provided by financing activities 58,068
Change in cash and cash equivalents cash 152
Cash, beginning of period 327,761
-----------
Cash, end of period $327,913
===========
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.
98; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Century/ML's May 2005 Monthly Operating Report
--------------------------------------------------------------
Century/ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of May 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $19,847
Subscriber receivables, net 355
Investment in Century-ML Corporation 142,709
Related-party receivables 231
Other current assets 294
--------
Total current assets 163,436
Property, plant and equipment, net 6,011
Intangible assets, net 1,528
--------
Total assets $170,975
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $91
Accrued expenses and other liabilities 2,568
Intercompany payables 2,872
--------
Total current liabilities 5,531
--------
Long-term accrued and other liabilities
Deferred revenues 130
Deferred income taxes 45
--------
Total non-current liabilities 175
Liabilities subject to compromise:
Accrued expenses and other liabilities 1,261
Intercompany payables 10,696
--------
Total liabilities subject to compromise 11,957
--------
Total liabilities 17,663
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 96,512
--------
Total partners' equity 153,312
--------
Total liabilities and partners' equity $170,975
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended May 31, 2005
(Dollars in thousands)
Revenue $1,381
Cost and expenses:
Direct operating and programming 670
Selling, general and administrative 39
Management fees 34
Non-recurring professional fees -
Depreciation 56
--------
Operating income before reorganization
expenses due to bankruptcy 582
Reorganization expenses due to bankruptcy 75
--------
Operating income 507
Interest income, net 26
Equity in net income of Century-ML Cable
Corporation, net of taxes 1,382
--------
Income before income taxes 1,915
Income tax expense (264)
--------
Net income $1,651
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended May 31, 2005
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,651
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 56
Reorganization expenses due to bankruptcy 75
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (1,382)
Change in assets and liabilities:
Subscriber receivables, net (96)
Prepaid expenses and other assets, net (15)
Accounts payable 4
Subscriber advance payments and deposits (4)
Accrued expenses and other liabilities 271
Intercompany receivables and payables - net 130
--------
Net cash provided by operating activities 690
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (48)
--------
Net cash used in investing activities (48)
--------
Change in cash and cash equivalents 642
Cash and cash equivalents, beginning of period 19,205
--------
Cash and cash equivalents, end of period $19,847
========
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.
98; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COMMERCE ONE: Posts $248,355 Net Loss in May 2005
-------------------------------------------------
On June 27, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed its monthly operating report for the month ending May 31,
2005, with the United States Bankruptcy Court for the Northern
District of California.
The Company posted a $248,355 net loss on zero sales for May 2005.
At May 31, 2005, Commerce One's balance sheet showed:
Current Assets $14,369,589
Total Assets 14,369,589
Current Liabilities 603,125
Total Liabilities 7,439,149
Total Stockholder's Deficit 6,930,440
A full-text copy of Commerce One's May 2005 Monthly Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?47
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.
FIRST VIRTUAL: Posts $238,032 Net Loss in April 2005
----------------------------------------------------
On June 21, 2005, First Virtual Communications, Inc., and its
debtor-affiliate, CUseeMe Networks, Inc., filed their monthly
operating report for the month of April 2005 with the U.S.
Bankruptcy Court for the Northern District of California.
The Debtors reported a $238,032 net loss on zero net sales for
April 2005. The Debtors also reported a cumulative net profit of
$4,600,775 on $1,984,925 of net sales from Jan. 20, 2005, through
April 30, 2005.
At April 30, 2005, First Virtual's consolidated balance sheet
showed:
Total Current Assets $2,938,526
Total Assets 2,938,526
Current Liabilities 501,110
Total Liabilities 2,573,383
Shareholders' Equity $365,143
A full-text copy of First Virtual's April 2005 Monthly Operating
Report is available at no charge at:
http://researcharchives.com/t/s?3d
Headquartered in Redwood City, California, First Virtual
Communications, Inc. -- http://www.fvc.com/-- delivers integrated
software technologies for rich media web conferencing and
collaboration solutions. The Company and its affiliate - CUseeMe
Networks, Inc. -- filed for chapter 11 protection on Jan. 20, 2005
(Bankr. N.D. Calif. Case No. 05-30145). Kurt E. Ramlo, Esq., at
Skadden, Arps, Slate, Meagher & Flom represents the Debtors in
their restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $7,485,867 in total assets and
$13,567,985 in total debts.
FIRST VIRTUAL: Posts $275,409 Net Loss in May 2005
--------------------------------------------------
On June 26, 2005, First Virtual Communications, Inc., and its
debtor-affiliate, CUseeMe Networks, Inc., filed their monthly
operating report for the month of May 2005 with the U.S.
Bankruptcy Court for the Northern District of California.
The Debtors reported a $275,409 net loss on zero net sales for May
2005. The Debtors also reported a cumulative net profit of
$4,325,366 on $1,984,925 of net sales from Jan. 20, 2005, through
May 31, 2005.
At May 31, 2005, First Virtual's consolidated balance sheet
showed:
Total Current Assets $2,463,160
Total Assets 2,463,160
Current Liabilities 296,955
Total Liabilities 2,369,228
Shareholders' Equity 93,932
A full-text copy of First Virtual's May 2005 Monthly Operating
Report is available at no charge at:
http://researcharchives.com/t/s?3e
Headquartered in Redwood City, California, First Virtual
Communications, Inc. -- http://www.fvc.com/-- delivers integrated
software technologies for rich media web conferencing and
collaboration solutions. The Company and its affiliate - CUseeMe
Networks, Inc. -- filed for chapter 11 protection on Jan. 20, 2005
(Bankr. N.D. Calif. Case No. 05-30145). Kurt E. Ramlo, Esq., at
Skadden, Arps, Slate, Meagher & Flom represents the Debtors in
their restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $7,485,867 in total assets and
$13,567,985 in total debts.
FRESH CHOICE: Posts $395,246 Net Loss for Period Ended June 12
--------------------------------------------------------------
On June 28, 2005, Fresh Choice, Inc., filed its monthly operating
report for the four-week period ended June 12, 2005, with the
United States Bankruptcy Court for the Northern District of
California.
The Company reported a $395,246 net loss in $4,335,208 of total
revenues for the four-week period ended June 12, 2005.
At June 12, 2005, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $3,494,921
Total Assets 17,745,243
Current Liabilities 6,619,851
Total Prepetition Liabilities 10,983,569
Total Liabilities 19,161,008
Total Stockholders' Equity Deficit ($1,415,765)
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended June 12, 2005, is available at no charge at:
http://researcharchives.com/t/s?40
Headquartered in Morgan Hill, California, Fresh Choice, Inc. --
http://www.freshchoice.com/-- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub P.C. represents
the Debtor in its restructuring efforts. When the Debtor filed
for protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
INTERSTATE BAKERIES: Posts $24 Million Net Loss in April 2005
-------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended April 30, 2005
REVENUE
Gross Income $264,988,539
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 63,804,571
Direct & Indirect Labor 48,958,796
Overhead & Production Administration 14,196,619
------------
Total Cost of Goods Sold 126,959,986
------------
Gross Profit $138,028,553
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $63,245,502
Advertising and Marketing 2,317,118
Insurance (Property, Casualty, & Medical) 14,401,372
Payroll Taxes 5,536,057
Lease and Rent 4,584,304
Telephone and Utilities 1,411,032
Corporate Expense (Including Salaries) 7,500,000
Other Expenses 29,850,041
------------
Total Operating Expenses $128,845,425
------------
EBITDA $9,183,128
Restructuring & Reorganization Charges 35,727,966
Depreciation and Amortization 6,861,508
Other Income (27,514)
Gain/Loss Sale of Property (239,941)
Interest Expense 3,358,604
------------
Operating Income (Loss) (36,497,495)
Income Tax Expense (Benefit) (12,377,456)
------------
Net Income (Loss) ($24,120,039)
============
CURRENT ASSETS
Accounts Receivable at end of period $179,966,144
Increase (Decrease) in Accounts Receivable 11,920,871
Inventory at end of period 72,420,090
Increase (Decrease) in Inventory for period (1,182,690)
Cash at end of period 121,593,424
Increase (Decrease) in Cash for period 3,459,469
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 10,700,215
Increase (Decrease) in Liabilities
Subject to Compromise 265,319
Taxes payable:
Federal Payroll Taxes 14,292,767
State/Local Payroll Taxes 2,785,780
State Sales Taxes 749,871
Real Estate and Personal Property Taxes 14,163,540
Other 6,203,237
------------
Total Taxes Payable $38,195,195
============
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. 22; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
MERIDIAN AUTOMOTIVE: Posts $4.7 Million Net Loss in May 2005
------------------------------------------------------------
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of May 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $139,480
Intercompany receivable 15,402
Inventories 72,698
Tooling costs in excess of billings and others 32,048
----------
TOTAL CURRENT ASSETS 259,628
----------
Property, plant and equipment, net 232,070
Intangible assets 15,657
Investment in subsidiaries 23,863
Other assets, 20,999
----------
TOTAL ASSETS $552,217
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $294,853
Accounts payable 25,616
Accrued expenses 40,745
Tooling billings in excess of costs 4,855
----------
TOTAL CURENT LIABILITIES 366,069
----------
Liabilities subject to comprise 435,631
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 20,229
Accumulated post-retirement benefit obligation 15,994
----------
TOTAL LIABILITIES 837,923
STOCKHOLDERS' EQUITY (285,706)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $552,217
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
April 26 to May 31, 2005
(In Thousands)
Net sales $92,061
Cost of sales 83,218
----------
Gross profit 8,843
Selling, general and administrative expenses 2,828
Restructuring charges 1,403
----------
Operating income (loss) 4,612
Interest expense, net 6,174
Other income (expense) 12
Chapter 11 and related reorganization items 3,153
----------
Loss before provision for income taxes (4,703)
Provision for income taxes 28
----------
NET LOSS ($4,731)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
April 1 to 30, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($4,731)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 3,908
Change in working capital and other operating
items (5,260)
----------
Net cash used for operating activities before
reorganization items (6,083)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 3,153
Payments on Chapter 11 and related reorg items (953)
----------
Net cash provided by Chapter 11 and related
reorg items 2,200
Net cash used for operating activities (3,883)
INVESTING ACTIVITIES:
Additions to property and equipment (3,445)
Proceeds from sale or property and equipment 23
----------
Net cash used for investing activities (3,422)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 22,400
Repayments of DIP credit facility (13,800)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (1,493)
----------
Net cash provided by financing activities 7,107
----------
Net increase (decrease) in cash (198)
----------
Cash and Cash Equivalents, beginning of period 198
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MIIX GROUP: Posts $367,178 Cumulative Net Loss in May 2005
----------------------------------------------------------
On June 24, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from May 1, 2005, to May 31,
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 May 31, 2005.
New Jersey State Medical Underwriters, Inc., reports a cumulative
net loss of $22,451 on $ 2,808,944 of total revenue for the period
from Dec. 21, 2004, thru May 31, 2005.
At May 31, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:
New Jersey
State Medical
The MIIX Group Underwriters, Inc.
-------------- ------------------
Total Assets $8,799,991 $14,259,089
Total Liabilities 8,937,488 6,231,194
Stockholders' Equity ($137,497) $8,027,895
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
May 1, 2005 to May 31, 2005, is available at no charge at:
http://researcharchives.com/t/s?42
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 May 2005 Monthly Operating Report
----------------------------------------------------------
On June 27, 2005, NewPower Holdings, Inc., filed its May 2005
Monthly Operating Report for the period from April 30, 2005, to
May 31, 2005, with the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division. The company reports an
opening cash balance of $52,604,000 and a closing cash balance of
$52,461,000.
A full-text copy of NewPower Holdings, Inc.'s Monthly Operating
Report for the period from April 30, 2005, to May 31, 2005,is
available at no charge at:
http://ResearchArchives.com/t/s?3f
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.
ROBOTIC VISION: Posts $1 Million Net Loss in April 2005
-------------------------------------------------------
On June 23, 2005, Robotic Vision Systems, Inc., nka Acuity
Cimatrix, Inc., delivered a copy of its April 2005 monthly
operating report to the U.S. Securities and Exchange Commission.
Robotic Vision reported a $1,065,000 net loss on $1,449,000 of
gross revenues for the month ending April 30, 2005.
At April 30, 2005, Robotic Vision's balance sheet showed:
Total Current Assets $6,493,000
Total Assets 29,116,000
Total Liabilities Subject to Compromise 54,454,000
Total Liabilities 55,271,000
Shareholders' Equity Deficit ($26,155,000)
A full-text copy of Robotic Vision Systems, Inc.'s April 2005
Monthly Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?45
Headquartered in Nashua, New Hampshire, Robotic Vision Systems,
Inc., n/k/a Acuity Cimatrix, Inc. -- http://www.rvsi.com/--
designs, manufactures and markets machine vision, automatic
identification and related products for the semiconductor capital
equipment, electronics, automotive, aerospace, pharmaceutical and
other industries. The Company, together with its debtor-
affiliate, filed for chapter 11 protection on Nov. 19, 2004
(Bankr. D. N.H. Case No. 04-14151). Bruce A. Harwood, Esq., at
Sheehan, Phinney, Bass + Green represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $43,046,000 in total assets and
$51,338,000 in total debts.
SOUTHERN INVESTORS: Posts $32,581 Net Loss for May 2005
-------------------------------------------------------
On June 20, 2005, Southern Investors Service Company, Inc., filed
its monthly operating report for May 2005 with the U.S. Bankruptcy
Court for Southern District of Texas.
Southern Investors reports a net loss of $32,581 on $0 revenues
for the month of May 2005.
At May 31, 2005, Southern Investors' balance sheet reflects:
Current Assets $2,729,033
Total Assets 2,729,033
Post-Petition Liabilities 35,859
Pre-Petition Liabilities 8,636,056
Total Liabilities 8,671,915
Total Owner's Equity Deficit ($5,942,883)
A full-text copy of Southern Investors' monthly operating report
for the month of May 2005 is available at no charge at:
http://ResearchArchives.com/t/s?46
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.
TRENWICK AMERICA: Earns $2.3 Million of Net Income in May 2005
--------------------------------------------------------------
On June 20, 2005, Trenwick America Corporation filed its monthly
operating report for the month ended May 31, 2005, and the period
from Aug. 20, 2003, to May 31, 2005, with the United States
Bankruptcy Court for the District of Delaware.
Trenwick posts a $2,323,067 net profit in May 2005, and a
cumulative $118,484,084 loss for the period from Aug. 20, 2003, to
May 31, 2005.
At May 31, 2005, Trenwick America's balance sheet showed:
Total Current Assets $55,431,489
Total Assets 188,474,371
Total Prepetition Debts 288,386,386
Total Liabilities 292,435,319
Net Owner Equity Deficit ($103,960,948)
A full-text copy of Trenwick America's May 2005 Monthly Operating
Report is available at no charge at
http://researcharchives.com/t/s?41
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 Aug. 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings
Limited also filed insolvency proceedings in the Supreme Court of
Bermuda. On Aug. 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.
TRINITY ENERGY: Posts $1,211 Net Loss in May 2005
-------------------------------------------------
On June 20, 2005, Trinity Energy Resources, Inc., filed its
monthly operating report for the month ended May 2005 with the
United States Bankruptcy Court for the Southern District of Texas,
Houston Division.
Trinity Energy reported a $1,211 net loss on $3,723 revenues for
the month from May 1, 2005, to May 31, 2005.
At May 31, 2005, Trinity Energy's balance sheet showed:
Total Current Assets $545,242
Total Assets 1,370,564
Total Liabilities 1,777,343
Total Owner's Equity Deficit ($406,779)
A full-text copy of Trinity Energy's May 2005 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?43
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.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
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herein is obtained from sources believed to be reliable, but is
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