/raid1/www/Hosts/bankrupt/TCR_Public/050730.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 30, 2005, Vol. 9, No. 179
Headlines
COVANTA WTE: Earns $251,835 of Net Income in May 2005
MERIDIAN AUTOMOTIVE: Files Amended May 2005 Operating Report
MERIDIAN AUTOMOTIVE: Posts $21.5 Million Net Loss in June 2005
MIRANT CORP: Posts $76.3 Million Net Loss in May 2005
MIRANT CORP: MAGi Posts $73.6 Million Net Loss in May 2005
RELIANCE GROUP: Posts $2.5 Million Net Loss in June 2005
*********
COVANTA WTE: Earns $251,835 of Net Income in May 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 May 31, 2005
ASSETS
Cash $406,125
Inventory -
Accounts receivable 14,488,685
Land -
Machinery, fixtures and equipment 46,861,610
Restricted funds 77,387
Other current assets 104,977
Other assets 109,082
------------
Total assets $62,047,866
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $7,203,017
Accounts payable and other liabilities 2,917,047
------------
Total postpetition liabilities 10,120,064
Prepetition Liabilities:
Project Debt 19,337,332
Advances from parent and affiliates 26,235,087
Liabilities Subject to Compromise 1,825,969
Taxes/Others -
------------
Total Prepetition Liabilities 47,398,388
------------
Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition 8,343,700
Retained earnings - postpetition (3,814,286)
------------
Total Equity 4,529,414
------------
Total Liabilities and Equity $62,047,866
============
WTE Debtors
Consolidated Statements of Operations
From May 1 to May 31, 2005
INCOME:
Service, electric and construction revenue $772,336
Waste-to-Energy project debt revenue 400,562
------------
Total Income 1,172,898
EXPENSES:
Operating and construction costs 548,111
Waste-to-Energy project debt expense 103,202
Depreciation and amortization expense 189,750
Other - Net -
Cost allocations from parent & affiliates 80,000
Gain on sale of businesses -
------------
Total Expenses 921,063
------------
NET OPERATING PROFIT/(LOSS) 251,835
Non-Operating Income/(Expense)
Reorganization costs -
------------
Total Non-Operating Income (Expense) -
Income Taxes -
Income before cumulative effect of accounting,
Change 251,835
------------
NET INCOME/(LOSS) $251,835
============
WTE Debtors
Consolidated Cash Flow Statements
From May 1 to May 31, 2005
Net income $251,835
Depreciation and amortization 189,750
Receivables (896,731)
Other assets 21,056
Payables and accrued expenses 590,313
Other liabilities -
Property, plant and equipment expenditures (308,115)
Restricted funds, net 141,717
(Repayments) issuance of debt, net -
Advances from parents & affiliates (56,816)
------------
(66,991)
Cash, beginning balance 473,116
------------
Cash, ending balance $406,125
============
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. 81;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
MERIDIAN AUTOMOTIVE: Files Amended May 2005 Operating Report
------------------------------------------------------------
On July 21, 2005, the Debtors filed with the Court an amended
monthly operating report for the period April 26 to May 31, 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 $137,480
Intercompany receivable 15,402
Inventories 72,734
Tooling costs in excess of billings and others 32,048
----------
TOTAL CURRENT ASSETS 257,673
----------
Property, plant and equipment, net 232,201
Intangible assets 15,657
Investment in subsidiaries 23,863
Other assets, 20,999
----------
TOTAL ASSETS $550,393
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $294,853
Accounts payable 25,678
Accrued expenses 44,237
Tooling billings in excess of costs 4,855
----------
TOTAL CURENT LIABILITIES 369,623
----------
Liabilities subject to comprise 435,639
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 16,860
Accumulated post-retirement benefit obligation 15,994
----------
TOTAL LIABILITIES 838,116
STOCKHOLDERS' EQUITY (287,723)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $550,393
==========
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 82,448
----------
Gross profit 9,613
Selling, general and administrative expenses 2,828
Restructuring charges 1,403
----------
Operating income (loss) 5,382
Interest expense, net 5,705
Other income (expense) 12
Chapter 11 and related reorganization items 3,153
----------
Loss before provision for income taxes (3,484)
Provision for income taxes 28
----------
NET LOSS ($3,492)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
April 26 to May 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($3,492)
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 (6,499)
----------
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. 12; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Posts $21.5 Million Net Loss in June 2005
--------------------------------------------------------------
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of June 30, 2005
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $127,593
Intercompany receivable 15,493
Inventories 70,277
Tooling costs in excess of billings and others 30,305
----------
TOTAL CURRENT ASSETS 243,668
----------
Property, plant and equipment, net 235,864
Intangible assets 15,639
Investment in subsidiaries 23,863
Other assets, 19,225
----------
TOTAL ASSETS $538,259
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $302,132
Accounts payable 28,568
Accrued expenses 49,578
Tooling billings in excess of costs 5,144
----------
TOTAL CURENT LIABILITIES 385,422
----------
Liabilities subject to comprise 422,435
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 16,707
Accumulated post-retirement benefit obligation 16,064
----------
TOTAL LIABILITIES 840,628
STOCKHOLDERS' EQUITY (302,369)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $538,259
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
April 26 to May 31, 2005
(In Thousands)
Net sales $80,822
Cost of sales 73,690
----------
Gross profit 7,132
Selling, general and administrative expenses 3,617
Restructuring charges 1,317
----------
Operating income (loss) 7,580
Interest expense, net 22,539
Other income (expense) 13
Chapter 11 and related reorganization items 6,505
----------
Loss before provision for income taxes (21,451)
Provision for income taxes 56
----------
NET LOSS ($21,507)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
April 26 to May 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($18,015)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 3,954
Change in working capital and other operating
items 14,659
----------
Net cash provided by operating activities
before reorganization items 598
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 3,352
Payments on Chapter 11 and related reorg items (1,152)
----------
Net cash provided by Chapter 11 and related
reorg items 2,200
Net cash provided by operating activities 2,798
INVESTING ACTIVITIES:
Additions to property and equipment (7,590)
Proceeds from sale or property and equipment -
----------
Net cash used for investing activities (7,590)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 43,622
Repayments of DIP credit facility (36,400)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (2,430)
----------
Net cash provided by financing activities 4,792
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
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. 12; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MIRANT CORP: Posts $76.3 Million Net Loss in May 2005
-----------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of May 31, 2005
ASSETS
Cash and cash equivalents $1,683,431,460
Accounts receivable - net 662,720,610
Assets from risk management activities 271,368,362
Derivative hedging instruments -
Inventories 392,251,866
Other 719,913,252
---------------
Total Current Assets 3,729,685,550
Property, plant and equipment 5,211,973,110
Less: accumulated depreciation/depletion 897,703,572
Leasehold interests - net 1,465,692,412
Construction work in progress 168,751,649
Investment in suspended construction 202,003,697
---------------
Total net property, plant and equipment 6,150,717,296
Investments 253,100,734
Long-term accounts receivable - net 33,441,343
Notes receivable - net -
Assets from risk management activities 106,152,190
Goodwill - net 5,767,352
Other intangibles - net 266,346,856
Derivative hedging instruments -
Restricted cash, non-current 205,172,974
Other long-term assets -
Miscellaneous deferred charges 419,351,823
---------------
Total Non-current Assets 1,289,333,272
---------------
TOTAL ASSETS $11,169,736,118
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,302,934,717
Accounts Payable 521,859,613
Liabilities from risk management activities 332,650,364
Obligations under energy deliveries 8,048,903
Derivative hedging instruments -
Other 212,030,017
Miscellaneous deferred credits 717,120,587
---------------
Total postpetition liabilities 3,094,644,201
Prepetition Liabilities 9,222,355,610
---------------
TOTAL LIABILITIES 12,316,999,811
EQUITY:
Minority interest in subsidiaries 168,348,697
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,974,951
Retained earnings (6,166,164,239)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (69,219,723)
---------------
Total Equity (1,147,263,693)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,169,736,118
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending May 31, 2005
REVENUES:
Generation $212,179,862
Net trading revenue (4,182,213)
Distribution 62,475,123
Other 593,504
---------------
Net Revenue 271,066,276
OPERATING EXPENSES:
Energy cost 145,400,130
Operations and maintenance 80,824,956
Depreciation and amortization 25,687,780
Gain on sale of property and investment 27,590,958
Impairment loss 22,872
Restructuring costs 524,849
---------------
Total Operating Expenses 280,051,545
---------------
Income before non-operating income
and expense (8,985,269)
OTHER INCOME AND EXPENSES:
Interest income 2,075,983
Interest expense (10,846,773)
Equity in income of affiliates 1,744,859
Other (2,553,856)
Reorganization items (45,181,260)
Minority interest (2,189,008)
Net income from discontinued operations (179,345)
Gain on sale assets, minority owned -
---------------
Total Other Income (57,129,400)
Provision for income tax (10,192,511)
---------------
NET PROFIT (LOSS) ($76,307,180)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending May 31, 2005
Cash, beginning of month $225,727,437
Non-Operating Receipts:
Loans & Advances 6,923,976
Sale of Assets -
---------------
Total non-operating receipts (6,923,976)
---------------
Total receipts (6,923,976)
---------------
Total Cash Available 232,651,413
Operating Disbursements 0
Reorganization Expenses
---------------
Total disbursements 0
---------------
Net Cash Flow 6,923,976
---------------
Cash, end of month $232,651,413
===============
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. 71; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: MAGi Posts $73.6 Million Net Loss in May 2005
----------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of May 31, 2005
ASSETS
Cash and cash equivalents $499,166,716
Accounts receivable - net 421,966,508
Assets from risk management activities 61,893,369
Derivative hedging instruments -
Inventories 184,461,818
Other 115,430,523
---------------
Total Current Assets 1,282,918,934
Property, plant and equipment 2,209,380,636
Less: accumulated depreciation/depletion 366,366,089
Leasehold interests - net -
Construction work in progress 97,717,262
Investment in suspended construction 173,993,349
---------------
Total net property, plant and equipment 2,114,725,158
Investments 25,000
Long-term accounts receivable - net 92,151,573
Notes receivable - net 223,275,000
Assets from risk management activities 5,614,064
Other intangibles - net 203,817,430
Derivative hedging instruments -
Restricted cash, non-current 5,088,770
Other long-term assets -
Miscellaneous deferred charges 199,735,448
---------------
Total Non-current Assets 729,707,285
---------------
TOTAL ASSETS $4,127,351,377
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt -
Accounts Payable 253,781,874
Liabilities from risk management activities 70,207,646
Obligations under energy deliveries -
Derivative hedging instruments -
Other 156,076,719
Miscellaneous deferred credits 42,600,586
---------------
Total postpetition liabilities 522,666,825
Prepetition Liabilities 3,236,327,632
---------------
TOTAL LIABILITIES 3,758,994,457
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,362
Retained earnings (3,485,538,444)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity 368,356,920
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,127,351,377
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending May 31, 2005
REVENUES:
Generation $143,858,187
Net trading revenue (24,444)
Distribution -
Other 104,562
---------------
Net Revenue 143,938,305
OPERATING EXPENSES:
Energy cost 75,254,220
Operations and maintenance 49,540,469
Depreciation and amortization 7,564,847
Gain on sale of property and investment -
Impairment loss 22,872
Restructuring costs 291,136
---------------
Total Operating Expenses 132,673,544
---------------
Income before non-operating income
and expense 11,264,761
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (787,598)
Equity in income of affiliates -
Other (73,766)
Reorganization items (84,760,651)
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income (85,622,015)
Provision for income tax 746,401
---------------
NET PROFIT (LOSS) ($73,610,853)
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending May 31, 2005
Cash, beginning of month $203,399,903
Non-Operating Receipts:
Loans & Advances (8,018,340)
Sale of Assets -
---------------
Total non-operating receipts (8,018,340)
---------------
Total receipts (8,018,340)
---------------
Total Cash Available 195,381,564
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow ($8,018,340)
---------------
Cash, end of month $195,381,564
===============
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. 71; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
RELIANCE GROUP: Posts $2.5 Million Net Loss in June 2005
--------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 30-Jun-2005
_____________________________________ ___________
ASSETS
Cash $48,476,000
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 $64,456,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,410,000
Professional fee holdback payable 2,479,000
PBGC administrative claim 0
Liabilities subject to compromise 850,150,000
----------------
Total liabilities 854,399,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,360,100,000)
----------------
Total shareholders' deficit (789,943,000)
----------------
Total liabilities & deficit $64,456,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Jun-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 30-Jun-2005
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 36,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 36,000
----------------
Loss before reorganization items (36,000)
----------------
Reorganization items:
Professional fees 282,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (117,000)
Correction on interest
due on bonds 2,269,000
----------------
Total reorganization items 2,434,000
----------------
Income tax benefits 0
----------------
Net Income (loss) ($2,470,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Jun-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 30-Jun-2005
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($36,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables 7,000
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (29,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 117,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items 0
----------------
Net cash used by
reorganization items 117,000
----------------
Net cash used by
operating activities 88,000
----------------
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 increase in cash 88,000
Cash at beginning of period 48,388,000
----------------
Cash at end of period $48,476,000
================
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. 76; Bankruptcy Creditors' Service, Inc., 215/945-7000)
*********
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Wednesday's edition of the TCR. Submissions about insolvency-
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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.
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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
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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