/raid1/www/Hosts/bankrupt/TCR_Public/050806.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, August 6, 2005, Vol. 9, No. 185
Headlines
ADELPHIA COMMS: Posts $54.3 Million Net Loss in June 2005
ADELPHIA COMMS: Century/ML's June 2005 Monthly Operating Report
ALLIED HOLDINGS: Consolidated Balance Sheet at March 31, 2005
ATA AIRLINES: Posts $27 Million Net Loss in June 2005
CATHOLIC CHURCH: Spokane's June 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson's June 2005 Monthly Operating Report
COMMERCE ONE: Posts $576,643 Net Loss in June 2005
FIRST VIRTUAL: Posts $141,803 Net Loss in June 2005
FOOTSTAR INC: Posts $300,000 Net Loss for Period Ended July 2
FRESH CHOICE: Posts $99,523 Net Loss for Period Ended July 10
KAISER ALUMINUM: Posts $4.8 Million Net Loss in June 2005
KUSHNER-LOCKE: Releases May 2005 Monthly Operating Reports
NEWPOWER HOLDINGS: Files June 2005 Monthly Operating Report
OWENS CORNING: Posts $5.8 Million Net Loss in May 2005
SOLUTIA INC: Earns $4 Million of Net Income in June 2005
TOWER AUTOMOTIVE: Posts $124.5 Million Net Loss in June 2005
UAL CORP: Posts $1.2 Billion Net Loss in June 2005
US AIRWAYS: Earns $8.6 Million of Net Income in June 2005
*********
ADELPHIA COMMS: Posts $54.3 Million Net Loss in June 2005
---------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of June 30, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $306,744
Restricted cash 28,185
Accounts receivables - net 107,769
Other current assets 187,250
-----------
Total current assets 629,948
Restricted cash 3,079
Investments in equity affiliates 225,696
Receivables from non-filing entities 775,908
Property, plant and equipment - net 4,230,192
Intangible assets - net 7,344,925
Other noncurrent assets - net 90,880
-----------
Total Assets $13,300,628
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $92,119
Subscriber advance payments and deposits 30,494
Accrued liabilities 528,477
Deferred revenue 25,966
Current portion of parent and subsidiary debt 727,786
-----------
Total current liabilities 1,404,842
Other liabilities 34,890
Deferred revenue 73,426
Deferred income taxes 864,414
-----------
Total noncurrent liabilities 972,730
Liabilities subject to compromise 18,465,898
-----------
Total liabilities 20,843,470
Minority interests 87,372
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 income 28
Accumulated deficit (17,172,276)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (7,630,214)
-----------
Total liabilities and stockholders' equity $13,300,628
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended June 30, 2005
(Dollars in thousands)
Revenue $349,899
Cost and expenses:
Direct operating and programming 219,059
Selling, general and administrative 23,981
Investigation and re-audit fees 771
Depreciation and amortization 80,786
Impairment of long-lived and other assets -
Gains on dispositions of long-lived assets -
-----------
Operating income (loss) 25,302
Other income (expense):
Interest expense (39,612)
Impairment of cost & available for sale investments (7)
Other expense - net (21,194)
-----------
Total other expense - net (60,813)
-----------
Loss from continuing operations before
reorganization expenses (35,511)
Reorganization expenses due to bankruptcy (359)
-----------
Loss from continuing operations before income taxes (35,870)
Income tax expense (18,600)
Share of losses of equity affiliates - net (15)
Minority's interest in subsidiary losses - net 136
-----------
Net loss ($54,349)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended June 30, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($54,349)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 80,786
Gains on dispositions of long-lived assets -
Amortization of debt issuance costs 516
Impairment of cost & available for sale investments 7
Provision for settlements 22,308
Reorganization expenses due to bankruptcy 359
Deferred tax expense (benefit) 19,140
Share in losses of equity affiliates - net 15
Minority interest in losses of subsidiaries (136)
Other non-cash gains (1,396)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (35,460)
-----------
Net cash provided by operating activities before
payment of reorganization expenses 31,790
Reorganization expenses paid during the period (8,167)
-----------
Net cash provided by (used in) operating activities 23,623
Cash flows from investing activities:
Expenditures for property, plant and equipment (51,703)
Changes in restricted cash (2,694)
Other (8,075)
-----------
Net cash used in investing activities (62,472)
Cash flows from financing activities:
Proceeds from debt 19,000
Repayments of debt (1,320)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 17,680
Change in cash and cash equivalents cash (21,169)
Cash, beginning of period 327,913
-----------
Cash, end of period $306,744
===========
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.
101; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Century/ML's June 2005 Monthly Operating Report
---------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of June 30, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $20,435
Subscriber receivables, net 284
Investment in Century-ML Corporation 142,975
Related-party receivables 231
Other current assets 428
--------
Total current assets 164,353
Property, plant and equipment, net 6,007
Intangible assets, net 1,528
--------
Total assets $171,888
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $91
Accrued expenses and other liabilities 2,770
Intercompany payables 3,126
--------
Total current liabilities 5,987
--------
Long-term accrued and other liabilities
Deferred revenues 127
Deferred income taxes 45
--------
Total non-current liabilities 172
Liabilities subject to compromise:
Accrued expenses and other liabilities 1,279
Intercompany payables 10,690
--------
Total liabilities subject to compromise 11,969
--------
Total liabilities 18,128
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 96,960
--------
Total partners' equity 153,760
--------
Total liabilities and partners' equity $171,888
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended June 30, 2005
(Dollars in thousands)
Revenue $1,110
Cost and expenses:
Direct operating and programming 548
Selling, general and administrative 33
Management fees 59
Non-recurring professional fees -
Depreciation 55
--------
Operating income before reorganization
expenses due to bankruptcy 415
Reorganization expenses due to bankruptcy 92
--------
Operating income 323
Interest income, net 31
Equity in net income of Century-ML Cable
Corporation, net of taxes 975
--------
Income before income taxes 1,329
Income tax expense (103)
--------
Net income $1,226
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended June 30, 2005
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,226
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 55
Reorganization expenses due to bankruptcy 92
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (975)
Change in assets and liabilities:
Subscriber receivables, net 71
Prepaid expenses and other assets, net (38)
Accounts payable -
Subscriber advance payments and deposits -
Accrued expenses and other liabilities (41)
Intercompany receivables and payables - net 249
--------
Net cash provided by operating activities 639
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (51)
--------
Net cash used in investing activities (51)
--------
Change in cash and cash equivalents 588
Cash and cash equivalents, beginning of period 19,847
--------
Cash and cash equivalents, end of period $20,435
========
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.
101; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Consolidated Balance Sheet at March 31, 2005
-------------------------------------------------------------
Allied Holdings, Inc., and Subsidiaries
Consolidated Balance Sheets (Unaudited)
At March 31, 2005
ASSETS
Current assets:
Cash and cash equivalents $3,922,000
Restricted cash and cash equivalents 30,799,000
Receivables, net of allowances 56,255,000
Inventories 4,797,000
Deferred income taxes 4,775,000
Prepayments and other current assets 24,175,000
------------
Total current assets 124,723,000
------------
Property & equipment,
net of accumulated depreciation 131,697,000
Goodwill, net 83,680,000
Other assets:
Restricted cash and cash equivalents 62,434,000
Other noncurrent assets 36,515,000
------------
Total other assets 98,949,000
------------
Total assets $439,049,000
============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current maturities of long-term debt $13,500,000
Borrowings under revolving credit facilities 16,815,000
Accounts and notes payable 38,778,000
Accrued liabilities 99,254,000
------------
Total current liabilities 168,347,000
------------
Long-term debt, less current maturities 230,601,000
Postretirement benefits other than pensions 4,868,000
Deferred income taxes 16,214,000
Other long-term liabilities 70,888,000
Commitments and contingencies -
Stockholders' deficit:
Preferred stock, no par value -
Common stock, no par value -
Additional paid-in capital 48,464,000
Treasury stock, 139 shares at cost (707,000)
Accumulated deficit (98,965,000)
Accumulated other comprehensive loss, net of tax (661,000)
Total stockholders' deficit (51,869,000)
------------
Total liabilities and stockholders' deficit $439,049,000
============
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 01;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ATA AIRLINES: Posts $27 Million Net Loss in June 2005
-----------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of June 30, 2005
ASSETS
Current assets:
Cash and cash equivalents $80,944,000
Receivables,
net of allowance for doubtful accounts 136,171,000
Inventories, net 36,317,000
Assets held for sale 2,000,000
Prepaid expenses and other current assets 38,065,000
--------------
TOTAL CURRENT ASSETS 293,497,000
Property and equipment:
Flight equipment 174,035,000
Facilities and ground equipment 142,159,000
Accumulated depreciation (170,850,000)
--------------
TOTAL PROPERTY AND EQUIPMENT 145,344,000
Restricted cash 31,072,000
Goodwill 6,987,000
Prepaid aircraft rent 179,000
Investment in BATA 6,005,000
Deposits and other assets 25,272,000
--------------
TOTAL ASSETS $508,356,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Short-term debt 41,000,000
Accounts payable 4,410,000
Air traffic liabilities 89,714,000
Accrued expenses 131,763,000
--------------
Total current liabilities 266,887,000
Deferred items 32,817,000
Liabilities subject to compromise 1,516,689,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' deficit:
Preferred stock; authorized 9,999,200 shares -
Common stock, without par value; authorized 66,013,000
Treasury stock; (24,778,000)
Additional paid-in capital 18,166,000
Accumulated deficit (1,397,438,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,338,037,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $508,356,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended June 30, 2005
Operating revenues:
Scheduled service $62,666,000
Charter 32,585,000
Ground package 1,342,000
Other 3,378,000
--------------
Total operating revenues 99,971,000
Operating expenses:
Salaries, wages and benefits 21,698,000
Fuel and oil 26,918,000
Aircraft rentals 12,500,000
Handling, landing and navigation fees 7,762,000
Aircraft maintenance, materials and repairs 2,255,000
Crew and other employee travel 3,362,000
Depreciation and amortization 2,474,000
Passenger service 2,773,000
Other selling expenses 2,731,000
Commissions 2,034,000
Facilities and other rentals 1,835,000
Insurance (200,000)
Ground package cost 1,073,000
Advertising 644,000
Aircraft impairments and retirements 0
Other 3,874,000
--------------
TOTAL OPERATING EXPENSES 91,733,000
Operating loss 8,238,000
Other income (expense):
Interest income 289,000
Interest expense (511,000)
Reorganization expenses (35,185,000)
Other 129,000
--------------
TOTAL OTHER EXPENSE (35,278,000)
--------------
Loss before income taxes (27,040,000)
Income taxes -
--------------
Net loss ($27,040,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended June 30, 2005
Cash Flows from Operating Activities:
Net income before reorganization expenses $8,145,000
Adjustments to reconcile net income:
Depreciation and amortization 2,474,000
Other non-cash items 554,000
Changes in operating assets and liabilities:
Receivables (9,124,000)
Inventories (2,253,000)
Prepaid expenses (6,705,000)
Accounts payable (544,000)
Air traffic liabilities 3,616,000
Liabilities subject to compromise (2,854,000)
Accrued expenses 6,496,000
--------------
NET CASH (USED IN) OPERATING ACTIVITIES (195,000)
Cash Flows from Reorganization activities:
Reorganization items , net (35,185,000)
Prepaid expenses 197,000
Liabilities subject to compromise 34,452,000
Accrued expenses (622,000)
Impairment loss (131,000)
Assets held for sale 1,250,000
Receivables (140,000)
Other non-cash items (438,000)
--------------
NET CASH (USED IN) REORGANIZATION ACTIVITIES (617,000)
Cash Flows from Investing Activities:
Capital expenditures (1,547,000)
Noncurrent prepaid aircraft rent 8,000
Reductions to other assets 149,000
Proceeds from sales of property and equipment 504,000
--------------
NET CASH (USED IN) INVESTING ACTIVITIES (886,000)
Cash Flows from Financing Activities:
Decrease in restricted cash 989,000
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 989,000
--------------
Decrease in cash and cash equivalents (709,000)
Cash and cash equivalents, beginning of period 81,653,000
--------------
Cash and cash equivalents, end of period $80,944,000
==============
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 30; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane's June 2005 Monthly Operating Report
-------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of June 30, 2005
ASSETS
Total Cash Accounts $3,694,239
Total Investments 3,910,757
Total Property 495,004
Total Loans Receivable 3,033,553
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 59,176
Total Land and Buildings & Equip 2,272,137
Total Prepaid Expenses 37,880
--------------
Total Assets $13,899,633
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 5,516,111
Total Interest Payable 0
Total Accounts Payable (48,023)
Net Assets
Total Unrestricted - Fund Balance (4,360,480)
Total Unrestricted Net Assets (4,360,480)
T.R. - Guse Grant Funds 221,825
T.R. - Bishop's School Grants Funds 2,077
Total Replacement Fund 9,852,993
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 617,670
Temporarily Restricted 145,247
--------------
Total liabilities & net assets $13,899,633
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending June 30, 2005
Total Income $566,334
Total Expenses 828,479
--------------
Net Excess or Deficit $262,145
==============
Catholic Diocese of Spokane
Statement of Cash Receipts and Disbursements
June 1, 2005 to June 30, 2005
Total Cash Receipts $885,333
Total Cash Disbursements ($796,868)
A full-text copy of the Diocese of Spokane's June 2005 monthly
operating report is available for free at:
http://bankrupt.com/misc/spokane_june_MOR.pdf
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Tucson's June 2005 Monthly Operating Report
------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of June 30, 2005
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 546,586 443,391
Cash Equivalents 2,633,822 1,904,206
Accounts receivable, net 5,512,806 5,512,806
Allowance for doubtful accounts (1,212,406) (1,212,406)
Grants receivable 251,500 251,500
Pledges receivable 6,000 6,000
A/R held in trust for others 65,446 0
Due from administered funds 61,580 61,580
Prepaid expenses & other assets 48,517 48,517
Investments in businesses 6,248,123 5,673,067
Corp. & Gov't. bond investments 765,383 440,383
Investment in BPIC 80,850 80,850
Notes receivable, net 2,070,886 290,817
Allowance for doubtful
notes receivable (323,878) 0
Assets securing 2002 settlement 3,000,000 3,000,000
Construction in progress 48,867 48,867
Land, buildings, and equipment 295,155 295,155
Assets held for sale 10,900 10,900
Land held for future parish sites 339,801 339,801
-------------- --------------
$20,453,438 $17,196,934
============== ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 1,342,976 1,342,976
Accounts payable - pre 43,255 43,255
Accrued expenses - post 596,036 596,036
Accrued expenses - pre 157,682 157,682
Interfunds payable 61,580 0
Accrued insurance claims 266,889 266,889
Deferred revenue 1,500 1,500
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured long-term debt - post 100,000 100,000
Unrestricted parish deposits 6,963,934 6,962,867
Restricted parish deposits 2,710,800 0
Secured long-term debt 2,674,888 2,674,888
Custodial funds 483,057 0
-------------- --------------
Total Liabilities 17,464,052 14,207,548
-------------- --------------
Net Assets:
Unrestricted/temporarily
restricted 1,080,498 1,080,498
Permanently restricted 1,908,888 1,908,888
-------------- --------------
Total liabilities & net assets $20,453,438 $17,196,934
============== ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
June 1, 2005 through June 30, 2005
Revenues
Contributions, grants and bequests $(943)
Chancery assessment 250,522
Priests salary subsidy 35,806
Fees for services 14,420
Advertising revenue 5,892
Retreat fees 0
Rental Income 4,397
Insurance (265,430)
Investment Income 53,083
Gain on sale of land 2,829,305
Miscellaneous 1,213
--------------
Total Support & Revenue 2,928,265
Expense
Program Services:
Archives 1,582
Catholic Commitments & Social Services 1,083
Evangelization & Hispanic Ministry 6,803
Catechesis Office 8,471
Formation Office 5,301
Department of Catholic Schools 25,479
Clergy, religious & seminarian advancement 17,592
Parish Assistance 21,610
Catholic Social Mission 5,378
Supporting Services:
Offices of the Bishop, et al. 38,412
Office of Women Religious 2,352
General & Administrative 5,540
Fiscal & Employee Services 52,355
Office of Child, Adolescent, et al. Protection 19,750
Communications & Community Relations 9,688
Property Management 34,247
Insurance Administration 3,577
Reorganization 574,970
Imputed interest on settlement 14,095
Provision for doubtful accounts 5,833
Depreciation 3,737
--------------
Total Expenses 857,855
--------------
Excess (deficiency) of revenues over expenses $2,070,410
==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
June 1, 2005 through June 30, 2005
Cash and Bank Balance:
Beginning of Month $448,748
Receipts
Cash Sales 36,077
Accounts Receivable -- Prepetition 18,685
Accounts Receivable -- Postpetition 451,021
Loans and Advances 0
Sale of Assets 0
Transfers in from other accounts 171,844
Other -- Custodial Funds 382
Other -- Payroll Reimbursements 0
Credit Adjustments 541
--------------
Total Receipts 678,550
Disbursements:
Business -- Ordinary Operations 301,800
Capital Improvements 0
Prepetition Debt 0
Transfers to other DIP Accounts 171,844
Other -- Custodial Funds 5,229
Other -- TRF to Wells Fargo Investment 0
Other -- Payroll Reimbursement 0
Reorganization Expenses:
Attorney Fees 196,806
Accountant Fees 8,228
Other Professional Fees 0
Other (Advertising) 0
U.S. Trustee Quarterly Fee 0
Court Costs 0
--------------
Total Disbursements 683,908
--------------
Cash & Bank Balance -- End of Month $443,391
==============
The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day. Susan G. Boswell, Esq., Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese. (Catholic Church Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
COMMERCE ONE: Posts $576,643 Net Loss in June 2005
--------------------------------------------------
On August 2, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed its monthly operating report for the month ending June 30,
2005, with the United States Bankruptcy Court for the Northern
District of California.
The Company posted a $576,643 net loss on zero sales for June
2005.
At June 30, 2005, Commerce One's balance sheet showed:
Current Assets $14,018,950
Total Assets 14,018,950
Current Liabilities 200,625
Total Liabilities 7,036,649
Total Stockholder's Equity 6,982,301
A full-text copy of Commerce One's June 2005 Monthly Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?a8
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 $141,803 Net Loss in June 2005
---------------------------------------------------
On July 26, 2005, First Virtual Communications, Inc., and its
debtor-affiliate, CUseeMe Networks, Inc., filed their monthly
operating report for the month of June 2005 with the U.S.
Bankruptcy Court for the Northern District of California.
The Debtors reported a $141,803 net loss on zero net sales for
June 2005. The Debtors also reported a cumulative net profit of
$4,187,563 on $1,984,925 of net sales from Jan. 20, 2005, through
June 30, 2005.
At June 30, 2005, First Virtual's consolidated balance sheet
showed:
Total Current Assets $2,285,507
Total Assets 2,285,507
Current Liabilities 261,105
Total Liabilities 2,333,378
Shareholders' Deficit $47,871
A full-text copy of First Virtual's June 2005 Monthly Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?a9
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.
FOOTSTAR INC: Posts $300,000 Net Loss for Period Ended July 2
-------------------------------------------------------------
On July 29, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the period from May 29, 2005,
to July 2, 2005, with the U.S. Bankruptcy Court for the Southern
District of New York.
The Debtors reported a $300,000 net loss on $75,300,000 of net
sales for the period from May 29, 2005, to July 2, 2005. The
Debtors also reported a cumulative net loss of $41,800,000 on
$1,063,500,000 of net sales from March 3, 2004, through July 2,
2005.
At July 2, 2005, Footstar, Inc.'s consolidated balance sheet
showed:
Total Current Assets $371,600,000
Total Assets 416,300,000
Current Liabilities Subject to Compromise 176,700,000
Total Liabilities 353,000,000
Total Shareholders' Equity $63,300,000
A full-text copy of Footstar, Inc.'s Monthly Operating Report for
the period from May 29, 2005, to July 2, 2005, is available at no
charge at:
http://ResearchArchives.com/t/s?a5
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.
FRESH CHOICE: Posts $99,523 Net Loss for Period Ended July 10
-------------------------------------------------------------
On July 27, 2005, Fresh Choice, Inc., filed its monthly operating
report for the four-week period ended July 10, 2005, with the
United States Bankruptcy Court for the Northern District of
California.
The Company reported a $99,523 net loss in $4,363,243 of gross
sales for the four-week period ended July 10, 2005.
At July 10, 2005, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $3,478,907
Total Assets 17,612,632
Current Liabilities 6,667,484
Total Prepetition Liabilities 10,946,442
Total Liabilities 19,127,922
Total Stockholders' Equity Deficit ($1,515,289)
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended July 10, 2005, is available at no charge at:
http://ResearchArchives.com/t/s?a4
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.
KAISER ALUMINUM: Posts $4.8 Million Net Loss in June 2005
---------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of June 30, 2005
(In Thousands)
ASSETS
Cash $54,750
Receivables:
Trade 96,168
Other 11,590
---------
Total Receivables 107,758
Inventories 115,173
Prepaid expenses and other current assets 12,892
---------
Total current assets 290,573
Investments in and advances to subsidiaries 18,058
Intercompany receivables/payables, net (4,406)
Property, plant, and equipment - net 212,993
Deferred income taxes -
Restricted proceeds from sale of commodity interests 674,997
Other assets 1,013,319
---------
Total Assets $2,205,534
=========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $54,075
Accrued interest 872
Accrued salaries, wages and related expenses 53,008
Accrued post retirement benefit - current -
Other accrued liabilities 83,849
Payable to affiliates 11,978
Long term debt - current portion 1,187
---------
Total current liabilities 204,969
Long-term liabilities 34,170
Accrued postretirement benefit obligation -
Long-term debt 1,212
Liabilities subject to compromise 3,976,830
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 789
Additional capital 538,009
Accumulated deficit - As of filing date (946,931)
Accumulated deficit - Post filing date (1,595,182)
Accumulated other comprehensive income (loss) (8,987)
Note receivable from parent -
---------
Total Liabilities & Stockholders' Equity $2,205,534
=========
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statements of Operations
For the Month Ending June 30, 2005
(In Thousands)
Net Sales $89,787
Costs and expenses:
Cost of products sold 84,059
Depreciation & amortization 1,676
Selling, administrative, R&D and general 6,387
Other operating charges (benefits), net -
---------
Total costs and expenses 92,122
---------
Operating income (loss) (2,335)
Other income (expense):
Interest expenses, net (385)
Reorganization items (5,111)
Other-net 2,152
---------
Income (loss) before
income taxes and minority interest (5,679)
(Provision) benefit for income taxes 1,266
Minority interests -
Equity in income (loss) of subsidiaries (406)
---------
Net income (loss) ($4,819)
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending June 30, 2005
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $61,745
KAII Receivables 32,355
---------
Total Trade Receivables 94,100
Proceeds from Asset Sales 44
Return of collateral for B of A Letters of Credit 1,282
Asbestos insurance recoveries 866
COBRA receipts 1,354
Proceeds from Hedging Settlement -
---------
Total Receipts 97,646
Disbursements:
Inventory/Raw Materials 43,130
Capital Expenditures 1,546
Maintenance, Materials, etc. 3,911
Freight 5,884
Utilities/Energy 4,687
Hourly Payroll 7,306
Salaried Payroll 4,854
Hedging Activities 3,239
VEBA Advances 1,900
Medical - Current Employees 2,545
Workmen's Compensation 833
Corporate General and Administrative 507
JV Fundings - Alumina 4,663
JV Fundings - Primary, Net of Minority Interest 12,181
Other Disbursements 7,589
---------
Total Operating and G&A Disbursements 104,775
Reorganization Items 1,574
---------
Total Disbursements 106,349
---------
Net Cash Flow (8,703)
Beginning Bank Cash Balances 63,769
---------
Ending Bank Cash Balances 55,066
Reconciling Items (316)
---------
Ending Book Cash Balances $54,750
=========
Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications. The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases. Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts. On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 74; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
KUSHNER-LOCKE: Releases May 2005 Monthly Operating Reports
----------------------------------------------------------
On July 28, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited May 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California.
For the month ending May 31, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 74,600
Total Non-Operating Expenses 73,019
Net Income (Loss) ($147,619)
For the period from May 1, 2005 through May 31, 2005, The Kushner-
Locke Company's Cash Receipts and Disbursements Report shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,705,677 $168,064
Total Receipts 306,894 40,000
Total Disbursements 40,000 147,619
Ending Balance $1,972,571 $60,445
Full-text copies of The Kushner-Locke Company's May 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?ab
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?aa
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
NEWPOWER HOLDINGS: Files June 2005 Monthly Operating Report
-----------------------------------------------------------
On July 25, 2005, NewPower Holdings, Inc., filed its June 2005
Monthly Operating Report for the period from May 31, 2005, to
June 30, 2005, with the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division. The company reports an
opening cash balance of $52,461,000 and a closing cash balance of
$52,307,000.
A full-text copy of NewPower Holdings, Inc.'s Monthly Operating
Report for the period from May 31, 2005, to June 30, 2005,is
available at no charge at:
http://ResearchArchives.com/t/s?a3
NewPower Holdings, Inc., and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors. When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. On February 28, 2003, the Bankruptcy Court previously
confirmed the Plan, and the Plan has been effective as of
March 11, 2003, with respect to The New Power Company, a wholly
owned subsidiary of the Company. The Plan became effective on
Oct. 9, 2003, with respect to the Company and TNPC.
OWENS CORNING: Posts $5.8 Million Net Loss in May 2005
------------------------------------------------------
Owens Corning
Balance Sheet
As of May 31, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $631,390
Receivables 412,852
Receivables-Inter-company 984,235
Inventories 237,127
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 3,325
Other Current Assets 23,084
-----------
Total Current Assets $2,292,497
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 188,320
Restricted cash and securities - Fibreboard 0
Deferred Income Taxes 967,908
Goodwill 48,568
Investment in Affiliates 30,260
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 477,554
-----------
Total Other Assets 3,744,150
Plant & Equipment:
Land 35,164
Buildings & Leasehold Improvements 550,576
Machinery & Equipment 2,167,114
Construction in Progress 126,058
Less: Accumulated Depreciation 1,595,737
-----------
Net Plant and Equipment 1,283,175
-----------
TOTAL ASSETS $7,319,822
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 491,659
Inter-company Liabilities 960,656
Short-term debt 0
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 1,453,682
Long-Term Debt 9,734
Other:
Other Employee Benefits Liability 218,712
Pension Plan Liability 617,801
Other Liability 152,628
-----------
Total Non-Current Liabilities 989,141
-----------
Total Postpetition Liabilities 2,452,557
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 261,694
Other Employee Benefits Liability 199,738
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,503,855
Asbestos-Related Liability 6,166,734
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 12,035,673
Total Liabilities 14,488,230
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (7,514,534)
Accumulated Comprehensive Income (Loss) (5,580)
Other (345,592)
-----------
Net Stockholder's Equity (7,168,408)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,319,822
===========
Owens Corning
Statement of Operations
For the Month Ended May 31, 2005
(In Thousands)
Net sales $356,996
Cost of Sales 287,179
-----------
Gross Margin 69,817
Operating Expenses:
Marketing and Administrative Expenses 32,904
Science and Technology Expenses 2,832
Provision for Asbestos Litigation Claims 0
Insider Compensation 810
Restructure Costs 0
Other Expenses 11,650
-----------
Income (Loss) from Operations 21,621
Other Expenses:
Cost of Borrowed Funds 110
Other 0
-----------
Income (Loss) Before Reorganization Items 21,511
Reorganization Items:
Professional Fees 2,433
U.S. Trustee Quarterly Fees 2
Interest Earned on Accumulated Cash from Chapter 11 (1,091)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 2,836
-----------
Total Reorganization Expenses 4,181
-----------
Income (Loss) Before Income Taxes 17,330
Provision (credit) for Income Tax 23,135
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (5,805)
Minority interest 0
Equity in net income (loss) of affiliates (18)
-----------
Net Income (Loss) ($5,823)
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended May 31, 2005
(In Thousands)
Cash, Beginning of Month $584,594
Receipts:
Customer Receipts 363,636
Inter-company Sales 5,213
Loans and Advances 0
Sale of Assets 0
Other Receipts 6,420
Inter-company Transfers 102,073
Transfers from DIP 269,274
-----------
Total Receipts $746,616
Disbursements:
Net Payroll 34,751
Payroll Taxes 47
Sales Use & Other Taxes 5,918
Inventory Purchases 130,410
Insurance 2,539
Administrative & Selling 71,877
Other 96,131
Inter-company Transfers 82,248
Transfers to DIP 269,274
Professional Fees 6,624
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
-----------
Total Disbursements $699,820
Net Cash Flow 46,796
-----------
Cash -- End of Month $631,390
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At Sept.
30, 2004, the Company's balance sheet shows $7.5 billion in assets
and a $4.2 billion stockholders' deficit. The company reported
$132 million of net income in the nine-month period ending
Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No. 113;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SOLUTIA INC: Earns $4 Million of Net Income in June 2005
--------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of June 30, 2005
ASSETS
Current Assets
Cash $12,000,000
Trade Receivables, net 153,000,000
Account Receivables-Unconsolidated Subsidiaries 50,000,000
Inventories 150,000,000
Other Current Assets 69,000,000
--------------
Total Current Assets 434,000,000
Property, Plant and Equipment, net 677,000,000
Investments in Subsidiaries and Affiliates 528,000,000
Intangible Assets, net 101,000,000
Other Assets 85,000,000
--------------
TOTAL ASSETS $1,825,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $137,000,000
Short Term Debt 300,000,000
Other Current Liabilities 156,000,000
--------------
Total Current Liabilities 593,000,000
Other Long-Term Liabilities 208,000,000
Total Liabilities not Subject to Compromise 801,000,000
Liabilities Subject to Compromise 2,271,000,000
Shareholders' Deficit (1,247,000,000)
--------------
Total Liabilities & Shareholders' Deficit $1,825,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended June 30, 2005
Total Net Sales $196,000,000
Total Cost Of Goods Sold 171,000,000
--------------
Gross Profit 25,000,000
Total MAT Expense 19,000,000
--------------
Operating Income 6,000,000
Equity Earnings from Affiliates 6,000,000
Interest Expense, net (5,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs -
Adjustment to allowed claim amounts -
Settlements of prepetition claims -
Other (1,000,000)
--------------
Total reorganization items (5,000,000)
Income Before Taxes 5,000,000
Income Taxes 1,000,000
--------------
Net Income $4,000,000
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. (Solutia Bankruptcy
News, Issue No. 44; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
TOWER AUTOMOTIVE: Posts $124.5 Million Net Loss in June 2005
------------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of June 30, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $5,756
Accounts receivable, net 304,423
Inventories 68,684
Prepaid tooling and other 43,836
----------
TOTAL CURRENT ASSETS 422,699
----------
Property, plant and equipment, net 593,933
Investment in joint ventures -
Investment in subsidiaries 346,782
Inter-company receivables 404,984
Other assets, net 92,771
----------
TOTAL ASSETS $1,861,169
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt & capital $15,682
lease obligations
Accounts payable 114,896
Accrued liabilities 200,380
----------
TOTAL CURENT LIABILITIES 330,958
----------
Liabilities subject to comprise 1,221,956
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 43,774
DIP borrowings, net of current maturities 533,286
Other non-current liabilities 184,540
----------
TOTAL LIABILITIES 2,314,514
STOCKHOLDERS' EQUITY (453,345)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,861,169
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
June 1 to 30, 2005
(In Thousands)
Revenues $188,010
Cost of sales 168,910
----------
Gross profit 19,100
Selling, general and administrative expenses 7,154
Restructuring and asset impairment charges, net 37,163
----------
Operating income (loss) (25,217)
Interest expense 5,960
Interest income (1,848)
Chapter 11 and related reorganization items 94,994
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures and
minority interest (124,323)
Provision (benefit) for income taxes 254
Income (loss) before equity in earnings of joint
ventures and minority interest (124,577)
Equity in earnings of joint ventures, net of tax 113
----------
NET LOSS ($124,464)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
June 1 to 30, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($124,464)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 94,994
Payments of Chapter 11 and related reorganization
expenses (1,955)
Restructuring and asset impairment, net 36,713
Depreciation 9,855
Deferred compensation 74
Equity in earnings of joint ventures, net (113)
Change in working capital and other operating
items (23,912)
----------
Net cash provided by operating activities (8,808)
----------
INVESTING ACTIVITIES:
Capital expenditures (2,500)
----------
Net cash used in investing activities (2,500)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings (794)
Borrowings from DIP credit facility 85,000
Repayments of borrowings from DIP credit facility (70,000)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 14,206
----------
Net Change in cash and cash equivalents 2,898
----------
Cash and Cash Equivalents, beginning of period 2,858
Cash and Cash Equivalents, end of period $5,756
==========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 16; Bankruptcy Creditors' Service, Inc., 215/945-7000)
UAL CORP: Posts $1.2 Billion Net Loss in June 2005
--------------------------------------------------
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended June 30, 2005
(In Thousands)
Total operating revenues $1,722,288
Total operating expenses 1,589,762
Earnings (loss) from operations 132,526
Non-operating income (expenses):
Net interest expense (43,999)
Other income (expenses), net 35,563
----------
Total non-operating income (expenses) (8,436)
Net Earnings (loss) before Reorganization items 124,090
Reorganization items (1,321,797)
----------
Net earnings (loss) ($1,197,707)
==========
A full-text copy of UAL Corporation's June 2005 Operating Report
is available for free at the Securities and Exchange Commission at
http://ResearchArchives.com/t/s?a0
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 95; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
US AIRWAYS: Earns $8.6 Million of Net Income in June 2005
---------------------------------------------------------
US Airways Group, Inc.
Consolidated Balance Sheet
At June 30, 2005
(in thousands)
Current Assets:
Cash and cash equivalents $556,620
Restricted cash 132,895
Receivables, net 311,335
Materials and supplies, net 175,881
Prepaid expenses and other 169,727
------------
Total Current Assets 1,346,458
Property and Equipment:
Flight equipment 2,743,330
Ground property and equipment 365,648
Less accumulated depreciation and amortization (374,012)
------------
2,734,966
Purchase deposits for flight equipment 72,494
------------
Total Property and Equipment 2,807,460
Other Assets:
Goodwill 2,489,638
Other intangibles, net 517,396
Restricted cash 660,109
Other assets, net 81,105
------------
Total Other Assets 3,748,248
------------
Total Assets $7,902,166
============
Current Liabilities:
Current maturities of long-term debt
and capital lease obligations $856,654
Accounts payable 437,952
Traffic balances payable and unused tickets 1,065,267
Accrued aircraft rent 48,993
Accrued salaries, wages and vacation 176,248
Other accrued expenses 344,240
------------
Total Current Liabilities 2,929,354
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 76,232
Deferred gains and credits, net 162,768
Postretirement benefits other than pensions 1,906
Employee benefit liabilities and other 243,102
------------
Total Noncurrent Liabilities and Deferred Credits 484,008
Liabilities Subject to Compromise 5,150,292
Commitments and Contingencies
Stockholders' Equity:
Class A Common Stock 50,616
Class B Common Stock 5,000
Paid-in capital 410,339
Accumulated deficit (1,128,518)
Common stock held in treasury, at cost (2,815)
Deferred compensation (6,784)
Accumulated other comprehensive income 10,674
------------
Total Stockholders' Deficit (661,488)
------------
Total Liabilities & Stockholders' Equity $7,902,166
============
US Airways Group, Inc.
Consolidated Statement of Operations
Month ended June 30, 2005
(in thousands)
Operating Revenues:
Passenger transportation $621,311
Cargo and freight 8,260
Other 48,379
------------
Total Operating Revenues 677,950
Operating Expenses:
Personnel costs 126,417
Aviation fuel 156,421
US Airways Express capacity purchases 74,203
Aircraft rent 38,833
Other rent and landing fees 41,293
Selling expenses 31,524
Aircraft maintenance 35,284
Depreciation and amortization 27,459
Other 101,567
------------
Total Operating Expenses 633,001
Operating Income 44,949
Other Income (Expense):
Interest income 3,616
Interest expense, net (27,706)
Reorganization items, net (11,912)
Other, net (2,248)
------------
Other Income (Expense), Net (38,250)
Loss Before Income Taxes 6,699
Income Tax Benefit 1,882
------------
Net Income (Loss) $8,581
============
US Airways Group, Inc.
Consolidated Statement of Cash Flows
Month ended June 30, 2005
(in thousands)
Net cash from operating activities
before reorganization items $68,142
Reorganization items, net (26,128)
------------
Net cash provided by operating activities 42,014
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (1,834)
Proceeds from dispositions of property 155
Increase in restricted cash (50,696)
------------
Net cash provided by investing activities (52,375)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 13,559
Proceeds from DIP Financing 0
Principal payments on long-term debt
and capital lease obligations (5,863)
------------
Net cash provided by financing activities 7,696
Net increase in Cash and cash equivalents (2,665)
------------
Cash and cash equivalents at beginning of period 559,285
------------
Cash and cash equivalents at end of period $556,620
============
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 100; Bankruptcy Creditors' Service, Inc., 215/945-7000)
*********
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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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