/raid1/www/Hosts/bankrupt/TCR_Public/050813.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 13, 2005, Vol. 9, No. 191
Headlines
ACCEPTANCE INSURANCE: Earns $1 Million of Net Income in July 2005
AMES DEPT: Earns $2 Mil. of Net Income for Period Ended May 28
ANCHOR GLASS: Condensed Balance Sheet at March 31, 2005
CATHOLIC CHURCH: Portland's June 2005 Monthly Operating Report
COLLINS & AIKMAN: Earns $3 Million of Net Income in June 2005
FEDERAL-MOGUL: Posts $100,000 Net Loss in June 2005
FRIEDMAN'S INC: Files June 2005 Monthly Operating Report
MIRANT CORP: Earns $12.6 Million of Net Income in June 2005
MIRANT CORP: MAGi Earns $13 Million of Net Income in June 2005
PILLOWTEX CORP: Earns $4MM of Net Income for Period Ended July 2
ROBOTIC VISION: Posts $1 Million Net Loss in May 2005
THAXTON GROUP: Posts $71 Million Cumulative Net Loss in June 2005
USG CORP: Earns $35 Million of Net Income in June 2005
USGEN NEW ENGLAND: Monthly Operating Reports for April & May 2005
WESTPOINT STEVENS: Posts $23.6 Million Net Loss in June 2005
WESTPOINT STEVENS: WP Stevens I Earns $3MM of Net Income in June
WESTPOINT STEVENS: WP Stevens Stores' June 2005 Operating Report
WESTPOINT STEVENS: JP Stevens' June 2005 Monthly Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' June Operating Report
WINN-DIXIE: Posts $40 Mil. Net Loss for the Period Ended June 29
*********
ACCEPTANCE INSURANCE: Earns $1 Million of Net Income in July 2005
-----------------------------------------------------------------
On Aug. 4, 2005, Acceptance Insurance Companies Inc. filed its
monthly operating report for July 2005 with the U.S. Bankruptcy
Court for the District of Nebraska.
The Debtor reports a $1,097,156 net income on $8,237 of revenue
for July 2005.
At July 31, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,701,093
Total Assets 33,267,689
Total Liabilities 138,185,974
Total Shareholders' Equity Deficit ($104,918,285)
A full-text copy of Acceptance Insurance Companies Inc.'s July
2005 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?c3
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
AMES DEPT: Earns $2 Mil. of Net Income for Period Ended May 28
--------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At May 28, 2005
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $18,979
Restricted cash 58,680
Receivables 2,033
----------
Total current assets 79,692
Fixed Assets -
----------
Total Assets $79,692
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade $55,551
Other 11,003
----------
Total accounts payable 66,554
Self-insurance reserves 28,839
Accrued expenses 19,535
Liabilities subject to compromise 843,005
----------
Total liabilities 957,933
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,411,007)
Treasury stock (922)
----------
Total stockholders' deficit (878,241)
----------
Total liabilities and stockholders' equity $79,692
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statement of Operations
For the Four Weeks Ended May 28, 2005
(In Thousands)
Total revenue $2,694
Costs and expenses
Wind down expenses and other costs 577
Gain on Sale of Assets (36)
Write off of excess reserves -
Professional fees 100
----------
Gain before income taxes 2,053
Income tax provision -
----------
Net Gain $2,053
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For the Four Weeks Ended May 28, 2005
(In Thousands)
Cash flows from operating activities:
Net gain $2,053
Expenses not requiring the outlay of cash:
Gain on the sale of assets (36)
Cash used by operations 2,017
Changes in working capital:
Decrease in receivables 16
Decrease in accrued exp. and other liabilities (227)
Increase in accounts payable 21
Decrease in Restricted Cash 320
----------
Net cash used by operating activities 2,147
Cash flows from financing activities:
Change in liabilities subject to compromise (3,010)
Proceeds from the sale of assets 36
----------
Net cash provided by financing activities (2,974)
Decrease in cash and cash equivalents (827)
Cash and cash equivalents, beginning of period 19,806
----------
Cash and cash equivalents, end of period $18,979
==========
Ames Department Stores filed for chapter 11 protection on Aug. 20,
2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut, Esq.,
Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J.
Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal &
Manges LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 71; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ANCHOR GLASS: Condensed Balance Sheet at March 31, 2005
-------------------------------------------------------
Anchor Glass Container Corporation
Condensed Balance Sheets
At March 31, 2005
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $127,000
Accounts receivable 49,539,000
Inventories:
Raw materials and manufacturing supplies 27,356,000
Finished products 98,208,000
Other current assets 12,255,000
------------
Total current assets 187,485,000
Property, plant and equipment, net 453,971,000
Other assets 14,226,000
Intangible assets 5,858,000
------------
$661,540,000
============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Borrowings under revolving credit facilities $71,242,000
Current maturities of long-term debt 9,458,000
Accounts payable 61,217,000
Accrued expenses 23,796,000
Accrued interest 5,533,000
Accrued compensation and employee benefits 26,280,000
------------
Total current liabilities 197,526,000
Long-term debt 409,966,000
Long-term post-retirement liabilities 40,942,000
Other long-term liabilities 18,128,000
------------
469,036,000
Stockholders' deficit:
Common stock 2,468,000
Capital in excess of par value 127,721,000
Accumulated deficit (137,484,000)
Accumulated other comprehensive income (loss) 2,273,000
------------
(5,022,000)
------------
$661,540,000
============
Headquartered in Tampa, Florida, Anchor Glass Container
Corporation is the third-largest manufacturer of glass containers
in the United States. Anchor manufactures a diverse line of flint
(clear), amber, green and other colored glass containers for the
beer, beverage, food, liquor and flavored alcoholic beverage
markets. The Company filed for chapter 11 protection on Aug. 8,
2005 (Bankr. M.D. Fla. Case No. 05-15606). Robert A. Soriano,
Esq., at Carlton Fields PA, represents the Debtor in its
restructuring efforts. When the Debtor filed for protection from
its creditors, it listed $661.5 million in assets and $666.6
million in debts.
The Company previously filed for chapter 11 protection on Apr. 15,
2002. The U.S. Bankruptcy Court for the District of Delaware
confirmed the company's Amended Plan of Reorganization on Aug. 8,
2002, and the Company emerged from chapter 11 on August 30, 2002,
that delivered equity in the reorganized company to affiliates of
investment firm Cerberus Capital Management, L.P. In September
2003, Anchor Glass completed an IPO. Cerberus affiliates own a
60% stake in Anchor Glass. (Anchor Glass Bankruptcy News, Issue
No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland's June 2005 Monthly Operating Report
--------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of June 30, 2005
ASSETS
Cash and cash equivalents $15,161,593
Accounts receivable, net 574,163
Notes, estates and other receivables 11,446,520
Loans receivable from Archdiocesan entities, net 10,287,201
Loans receivable from Archdiocesan housing entities 522,109
Interest receivable and other assets 206,246
Inventories 1,492,422
Real Property 226,688
Deposits and prepaid expenses 497,289
Investments 91,331,165
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,234,735
--------------
Total Assets $141,620,131
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 2,240,356
Funds held for others
Second Collections (12)
Short-term investments payable 18,101,483
Long-term pool investments payable 19,642,572
Reserve for insurance claims 2,343,946
Notes payable 11,140,712
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 62,309,774
--------------
Postpetition
Accounts payable 650,374
Accrued liabilities 4,551,642
Funds held for others
Second Collections 149,013
Short-term investments payable 2,023,124
Long-term pool investments 2,482,738
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 19,783
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 9,876,674
--------------
Total Liabilities 72,186,448
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,687,003
Other Assets (3,254,778)
--------------
Total Prepetition Net Assets 66,432,225
--------------
Postpetition Net Assets:
Charitable Trust Assets 1,530,249
Other Assets 1,471,209
--------------
Total Postpetition Net Assets 3,001,458
--------------
Total Net Assets 69,433,683
--------------
Total liabilities & net assets $141,620,131
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending June 30, 2005
Revenues, gains and other support
Annual Catholic Appeal income $1,204
Gross profit on cemetery sales 98,515
Contributions, gifts, annuities and bequests 825,807
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 433,982
Change in unrealized losses 624,120
Insurance premiums, net (2,625)
Interest income from loans 36,311
Parish assessments 241,023
Other income 130,882
Departmental revenues 30,297
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 2,419,516
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 197,204
Clergy Services 39,250
Catholic Schools 62,298
Pastoral Services 61,453
Evangelization Services 45,961
Public Services 11,890
Tribunal Services 20,536
Deposit and loan interest 105,333
Insurance program 215,952
Cemetery operating expenses 113,271
High School grants/charitable annuities 19,592
Other program expenses 127,070
--------------
Total program services 1,019,810
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 46,693
Finance & Administration:
Resource Development 52,878
Business Affairs 9,469
Financial Services 90,281
Human Resources 27,601
Shared Services 27,263
Occupancy and physical plant expenses 7,271
Designated funds expense 94,180
Bankruptcy expense 227,493
Depreciation expense -
--------------
Total supporting services 583,129
--------------
Total expenses and program support 1,602,939
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 816,577
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 816,577
Net assets at beginning of year 68,617,106
--------------
Net assets at end of year $69,433,683
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending June 30, 2005
Beginning Cash Balance: $15,295,099
Add:
Transfers in 310,843
Receipts Deposited 2,150,717
Other (Return of Direct Deposits) -
Other (Interest Income) 40,001
--------------
Total Cash Receipts 2,501,561
Subtract:
Transfers out (310,843)
Disbursements by check or debit (2,322,307)
Cash withdrawn -
Other (Service Charges) (1,451)
Other (NSF Checks) (466)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,635,066)
--------------
Ending Cash Balance $15,161,594
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Earns $3 Million of Net Income in June 2005
-------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of June 30, 2005
ASSETS
Current assets:
Cash $15,512,604
Accounts receivable 126,259,963
Other non-trade receivables 6,304,934
Inventories, net 113,975,114
Tooling and molding, net - current 49,822,885
Prepaids & other current assets 57,564,871
Deferred tax assets - current (87,825)
---------------
Total current assets 369,352,545
Investment in subsidiaries 2,534,708,519
Fixed assets, net 368,586,793
Goodwill, net 978,554,071
Deferred tax assets - long term 25,938,826
Tooling and molding, net-long term 14,942,275
Other noncurrent assets 99,766,819
Intercompany assets 620,706,706
PP IC accounts receivable 26,928,065,464
---------------
TOTAL ASSETS $31,940,622,017
===============
LIABILITIES & EQUITY
Current liabilities:
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion - long term debt 169,912,952
Current portion - capital leases 0
Accounts payable 40,707,316
Accrued interest payable 17,200
Accrued & other liabilities 31,864,532
Income taxes payable (3,533,112)
---------------
Total current liabilities 238,968,888
Liabilities subject to compromise
2010 - A/P - trade - prepetition 192,412,564
2014 - A/P - rec'd - not invoiced prepetition 7,844,970
2030 - A/P - prepetition other (33,109,966)
2071 - A/P - tooling 38,947,529
2072 - A/P - capital 1,848,168
2210 - PP Accrued liabilities 118,207,968
2215 - PP Accrued local property tax 1,278,899
2220 - PP Accrued sales & use tax (169,022)
2225 - PP Environmental reserve 27,434,356
2235 - PP restructuring reserve 14,813,739
2240 - PP long term debt 1,587,697,736
2245 - PP Capital leases 609,224
2062 - PP IC short term notes payables 629,201,325
2462 - PP IC short term interest payables 21,102,840
2652 - PP IC long term note payable 5,189,420
2911 - PP IC accounts payables 25,585,418,635
2061 - Intercompany S/T loans/notes payable 11,069,801
2910 - Intercompany trade accounts payable 594,066,673
Deferred income taxes 20,831,599
Preferred stock of Products Co. 222,875,520
Other noncurrent liabilities 144,937,322
---------------
Total liabilities subject to compromise 29,192,509,302
---------------
Total Liabilities 29,431,478,190
Total Equity 2,509,143,828
---------------
TOTAL LIABILITIES & EQUITY $31,940,622,017
===============
Collins & Aikman Corporation
Income Statement
Month Ended June 30, 2005
Net outside sales $271,134,466
I/D Net sales 14,330,757
I/G Net sales 5,311,432
---------------
Total sales 290,776,654
Cost of sales 264,598,856
---------------
Gross profit 26,177,798
Selling, general & administrative expense 28,372,201
---------------
Operating income (2,194,402)
Interest expenses 3,675,777
Intercompany interest, net (7,147,084)
Preferred stock accretion 0
Miscellaneous (income)/expense 88,989
Corporate allocation adjustment 0
Commission income (147,588)
Royalty income 0
Royalty expense (635,829)
Income from invest in JV (93,086)
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss (203,132)
Amount of discount on NPV of liabilities 0
(Gain)/Loss on sale - leaseback transaction 0
---------------
Income from continuing operations before taxes 2,267,549
Federal income tax (940,713)
State income tax 0
Foreign income tax 19,678
---------------
Income from continuing operations 3,188,584
Discontinued operations 0
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME $3,188,584
===============
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). When the Debtors filed for protection from their
creditors, they listed $3,196,700,000 in total assets and
$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Posts $100,000 Net Loss in June 2005
---------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of June 30, 2005
(In millions)
Assets
Cash and equivalents $424.3
Accounts receivable 625.3
Inventories 478.9
Deferred taxes 181.5
Prepaid expenses and other current assets 99.5
----------
Total current assets 1,809.5
Summary of Unpaid Postpetition Debits (26.7)
Intercompany Loans Receivable (Payable) 2,496.2
----------
Intercompany Balances 2,469.5
Property, plant and equipment 985.5
Goodwill 1,012.3
Other intangible assets 429.9
Insurance recoverable 810.2
Other non-current assets 1,007.1
----------
Total Assets $8,523.9
==========
Liabilities and Shareholders' Equity
Short-term debt $362.8
Accounts payable 198.1
Accrued compensation 73.5
Restructuring and rationalization reserves 8.9
Current portion of asbestos liability -
Interest payable 2.6
Other accrued liabilities 279.1
----------
Total current liabilities 925.0
Long-term debt -
Post-employment benefits 1,951.7
Other accrued liabilities 954.1
Liabilities subject to compromise 5,999.8
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,021.6
Accumulated deficit (9,752.8)
Accumulated other comprehensive income (1,191.8)
Other -
----------
Total Shareholders' Equity (1,306.6)
----------
Total Liabilities and Shareholders' Equity $8,523.9
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended June 30, 2005
(In millions)
Net sales $292.8
Cost of products sold 244.5
----------
Gross margin 48.3
Selling, general & administrative expenses (39.0)
Amortization (1.2)
Reorganization items (7.6)
Interest income (expense), net (10.6)
Other income (expense), net 15.7
----------
Earnings before Income Taxes 5.6
Income Tax (Expense) Benefit (5.6)
----------
Earnings before effect of change in acctg principle (0.1)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($0.1)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended June 30, 2005
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($0.1)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 14.0
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (0.7)
Decrease/(increase) in accounts receivable 12.3
Decrease/(increase) in inventories 3.1
Increase/(decrease) in accounts payable (18.6)
Change in other assets and other liabilities 23.9
Change in restructuring charge (0.8)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 33.1
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (9.5)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (9.5)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 1.1
Sale of accounts receivable under securitization -
Dividends -
Other (4.0)
----------
Net Cash Provided From Financing Activities (2.9)
Increase (Decrease) in Cash and Equivalents 20.7
Cash and equivalents at beginning of period 403.6
----------
Cash and equivalents at end of period $424.3
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion. The Company filed for chapter 11 protection on October
1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities. At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit. At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a US$2.048 billion stockholders' deficit, compared to
a US$1.926 billion deficit at Dec. 31, 2004. Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford. (Federal-Mogul Bankruptcy News, Issue No. 90; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
FRIEDMAN'S INC: Files June 2005 Monthly Operating Report
--------------------------------------------------------
On Aug. 1, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period from
May 29, 2005, through July 2, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.
At July 2, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports show:
Beginning Cash Balance $4,070,869
Total Cash Receipts 53,520,324
Total Cash Disbursements 58,638,158
Ending Cash Balance ($1,046,965)
A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended July 2, 2005, is
available at no charge at http://ResearchArchives.com/t/s?b5
Headquartered in Savannah, Georgia, Friedman's Inc. --
http://www.friedmans.com/-- is the parent company of a group of
companies that operate fine jewelry stores located in strip
centers and regional malls in the southeastern United States. The
Company and its affiliates filed for chapter 11 protection on Jan.
14, 2005 (Bankr. S.D. Ga. Case No. 05-40129). John W. Butler, Jr.,
Esq., George N. Panagakis, Esq., Timothy P. Olson, Esq., and Alexa
N. Paliwal, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$395,897,000 in total assets and $215,751,000 in total debts.
MIRANT CORP: Earns $12.6 Million of Net Income in June 2005
-----------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of June 30, 2005
ASSETS
Cash and cash equivalents $1,495,204,506
Accounts receivable - net 676,516,946
Assets from risk management activities 347,640,673
Derivative hedging instruments -
Inventories 358,467,990
Other 986,147,347
---------------
Total Current Assets 3,863,977,462
Property, plant and equipment 5,219,226,645
Less: accumulated depreciation/depletion 914,859,089
Leasehold interests - net 1,459,321,743
Construction work in progress 173,586,409
Investment in suspended construction 174,896,884
---------------
Total net property, plant and equipment 6,112,172,592
Investments 255,799,323
Long-term accounts receivable - net 47,196,064
Notes receivable - net -
Assets from risk management activities 146,440,716
Goodwill - net 5,767,352
Other intangibles - net 265,532,342
Derivative hedging instruments -
Restricted cash, non-current 205,182,505
Other long-term assets 1,000,000
Miscellaneous deferred charges 476,602,598
---------------
Total Non-current Assets 1,403,520,900
---------------
TOTAL ASSETS $11,379,670,954
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,303,889,166
Accounts Payable 560,001,231
Liabilities from risk management activities 488,780,842
Obligations under energy deliveries 7,650,486
Derivative hedging instruments -
Other 215,228,048
Miscellaneous deferred credits 730,219,851
---------------
Total postpetition liabilities 3,305,769,624
Prepetition Liabilities 9,205,537,838
---------------
TOTAL LIABILITIES 12,511,307,462
EQUITY:
Minority interest in subsidiaries 170,340,187
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,965,792
Retained earnings (6,153,573,240)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (68,165,868)
---------------
Total Equity (1,131,636,508)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,379,670,954
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending June 30, 2005
REVENUES:
Generation $318,384,579
Net trading revenue (30,462,324)
Distribution 68,206,566
Other 409,890
---------------
Net Revenue 356,538,711
OPERATING EXPENSES:
Energy cost 204,733,320
Operations and maintenance 89,529,928
Depreciation and amortization 25,468,244
Gain on sale of property and investment 31,152
Impairment loss 7,121,624
Restructuring costs 248,300
---------------
Total Operating Expenses 327,132,568
---------------
Income before non-operating income
and expense 29,406,143
OTHER INCOME AND EXPENSES:
Interest income 2,796,077
Interest expense 10,390,931)
Equity in income of affiliates 2,986,021
Other (2,011,109)
Reorganization items 9,104,136
Minority interest (1,988,720)
Net income from discontinued operations (426,556)
Gain on sale assets, minority owned -
---------------
Total Other Income 68,918
Provision for income tax (16,884,061)
---------------
NET PROFIT (LOSS) $12,591,000
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending June 30, 2005
Cash, beginning of month $232,651,413
Non-Operating Receipts:
Loans & Advances $3,416,984
Sale of Assets -
---------------
Total non-operating receipts 3,416,984
---------------
Total receipts 3,416,984
---------------
Total Cash Available 236,068,396
Operating Disbursements 0
Reorganization Expenses
---------------
Total disbursements 0
---------------
Net Cash Flow 3,416,984
---------------
Cash, end of month $236,068,396
===============
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. 73; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: MAGi Earns $13 Million of Net Income in June 2005
--------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of June 30, 2005
ASSETS
Cash and cash equivalents $429,152,167
Accounts receivable - net 480,195,072
Assets from risk management activities 27,498,325
Derivative hedging instruments -
Inventories 167,451,114
Other 120,400,415
---------------
Total Current Assets 1,224,697,093
Property, plant and equipment 2,210,361,399
Less: accumulated depreciation/depletion 373,289,733
Leasehold interests - net -
Construction work in progress 103,666,585
Investment in suspended construction 173,996,884
---------------
Total net property, plant and equipment 2,114,735,135
Investments 25,000
Long-term accounts receivable - net 44,255,212
Notes receivable - net 223,275,000
Assets from risk management activities 16,714,347
Other intangibles - net 203,188,685
Derivative hedging instruments -
Restricted cash, non-current 5,098,301
Other long-term assets -
Miscellaneous deferred charges 241,313,876
---------------
Total Non-current Assets 733,870,421
---------------
TOTAL ASSETS $4,073,302,649
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt -
Accounts Payable 150,701,260
Liabilities from risk management activities 71,407,896
Obligations under energy deliveries -
Derivative hedging instruments -
Other 163,434,736
Miscellaneous deferred credits 72,743,000
---------------
Total postpetition liabilities 458,286,892
Prepetition Liabilities 3,233,412,847
---------------
TOTAL LIABILITIES 3,691,699,739
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,364
Retained earnings (3,472,292,456)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity 381,602,910
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,073,302,649
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending June 30, 2005
REVENUES:
Generation $147,013,399
Net trading revenue -
Distribution -
Other 84,750
---------------
Net Revenue 147,098,149
OPERATING EXPENSES:
Energy cost 85,419,902
Operations and maintenance 51,058,409
Depreciation and amortization 7,552,389
Gain on sale of property and investment (2,347)
Impairment loss 121,624
Restructuring costs 205,983
---------------
Total Operating Expenses 144,355,960
---------------
Income before non-operating income
and expense 2,742,189
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (847,546)
Equity in income of affiliates -
Other 142,532
Reorganization items 12,542,184
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income 11,837,170
Provision for income tax (1,333,370)
---------------
NET PROFIT (LOSS) $13,245,989
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending June 30, 2005
Cash, beginning of month $195,381,564
Non-Operating Receipts:
Loans & Advances (11,510,530)
Sale of Assets -
---------------
Total non-operating receipts (11,510,530)
---------------
Total receipts (11,510,530)
---------------
Total Cash Available 183,871,034
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow ($11,510,530)
---------------
Cash, end of month $183,871,034
===============
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. 73; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PILLOWTEX CORP: Earns $4MM of Net Income for Period Ended July 2
----------------------------------------------------------------
Pillowtex, et al.
Consolidated Balance Sheets
As of July 2, 2005
ASSETS
Cash and cash equivalents $40,492,093
Accounts Receivables (Net) 8,233,735
Inventory (Net) 0
Pre-Paid Expenses 600,408
Other Assets 0
-----------
TOTAL CURRENT ASSETS 49,326,236
-----------
Property Plan & Equipment (Net) 0
Intangibles (Net) 0
Other Non-Current 3,725,890
Inter-Company 0
-----------
TOTAL ASSETS $53,052,126
===========
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise
Accounts Payable 0
Accrued Expenses 25,891,911
Deferred Taxes 295,000
Professional Fees 670,509
Secured Debt 0
Other 84,831,000
-----------
Total Not Subject to Compromise 111,688,420
-----------
Liabilities Subject to Compromise
Current Debt 622,763
Unsecured debt 25,434,521
-----------
Total Subject to Compromise 26,057,284
-----------
Preferred Convertible Stock 0
Equity
Inter-Company (6,801,529)
Investment in Subs 0
Additional Paid in Capital 195,118,000
Common Stock 3,000
Deferred Compensation 0
Retained Earnings (211,512,049)
Pension Equity Adjustment (61,501,000)
Translation 0
-----------
TOTAL EQUITY (77,892,049)
-----------
TOTAL LIABILITIES & EQUITY $53,052,126
===========
Pillowtex, et al.
Consolidated Statement of Operations
For Three Months Ended July 2, 2005
Net Revenues $1,175,836
Cost of Goods Sold (309,997)
-----------
Gross Profit 1,485,833
Selling, General & Administrative 1,128,664
Other 0
-----------
Earnings from Operations 357,169
Interest Expense 0
Other Income & Expenses (261,686)
Reorganization Expenses
Professional Fees 1,287,906
U.S. Trustee Fees 3,500
Gain/Loss from Sale of Assets (4,867,922)
Other (Income)/Expense 0
-----------
Total Reorganization Expenses (3,576,516)
Income Before Taxes 4,195,371
Income Taxes 0
Income (Loss) on Disposal 0
Income from Discontinued Operations 0
-----------
Net Profit or (Loss) $4,195,371
===========
Pillowtex, et al.
Actual Cash Flow
For the Month of June 2005
Accounts Receivable Collections $179,000
Brown & Joseph/Atwell Fees (8,000)
Accounts Receivable Personnel (14,000)
Inventory Bulk Sales -
Property Tax Related to Asset Sale -
Property (Net) 3,897,000
Miscellaneous Proceeds -
-----------
Total Proceeds 4,054,000
Prepetition Cure Cost of Capital Leases -
Balance of 2003 Personal Property Tax -
Alliance Street Production -
Interest Expense (Term and Revolver) -
Idle Facility Cost (159,000)
Electric Demand Charge -
Retail Store Operating Costs -
Warehousing, Shipping & Billing -
Freight & Duty -
Manufacturing -
Inventory Cleanup -
Accrued Employee Expenses -
Critical Vendor Payments -
Continuing Medical -
Terminated Medical -
Product Liability/D&O/Workers Comp. Insurance 145,000
Corporate 70,000
Severance/Retention -
Warehouse Vacation Pay -
SB Capital Estate Charge Back -
Early Termination Fee -
DIP Fees -
Professional Fees 103,000
Miscellaneous Expenses 54,000
-----------
Total Expenses 213,000
-----------
Net Cash Flow $3,841,000
===========
Pillowtex, et al.
Disbursement Report
For the Month Ended July 2, 2004
Net Payroll & Payroll Taxes Paid $184,309
Sales, Use & Other Taxes Paid 45
Inventory Purchases -
Interest on Long Term Debt -
Secured/Rental/Lease -
Utilities 1,637
Insurance 146,450
Administrative 35,942
Professional Fees 103,123
U.S. Trustee's Fees -
Others 32,395
-----------
Total for U.S. Trustee Fees $503,902
===========
Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to
virtually every major retailer in the U.S. and Canada. The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339). The second chapter 11 filing triggered
sales of substantially all of the Company's assets. David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors. On July 30,
2003, the Company listed $548,003,000 in assets and $475,859,000
in debts. (Pillowtex Bankruptcy News, Issue No. 82; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
ROBOTIC VISION: Posts $1 Million Net Loss in May 2005
-----------------------------------------------------
On Aug. 8, 2005, Robotic Vision Systems, Inc., nka Acuity
Cimatrix, Inc., delivered a copy of its May 2005 monthly operating
report to the U.S. Securities and Exchange Commission.
Robotic Vision reported a $1,349,000 net loss on $1,432,000 of net
sales for the month ending May 31, 2005.
At May 31, 2005, Robotic Vision's balance sheet showed:
Total Current Assets $6,652,000
Total Assets 27,331,000
Total Liabilities Subject to Compromise (165,274,000)
Total Liabilities (164,368,000)
Shareholders' Equity Deficit $191,699,000
A full-text copy of Robotic Vision Systems, Inc.'s May 2005
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?c4
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.
THAXTON GROUP: Posts $71 Million Cumulative Net Loss in June 2005
-----------------------------------------------------------------
On July 25, 2005, The Thaxton Group filed its monthly operating
report for the month of June 2005 with the U.S. Bankruptcy Court
for the District of Delaware.
The company reported a cumulative net loss of $71,141,976 on
$85,842,403 of revenue for the period from Oct. 17, 2003 thru June
30, 2005.
At June 30, 2005, the Company's balance sheet reflects:
Total Assets $107,276,714
Total Liabilities 176,633,344
Stockholders' Equity Deficit ($69,356,630)
A full-text copy of Thaxton Group's June 2005 Monthly Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?b4
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company. The
Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). The Debtors are represented by
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.
USG CORP: Earns $35 Million of Net Income in June 2005
------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 30-June-2005
__________________________ ____________
Assets:
Cash and cash equivalents $469,489,000
Marketable Securities 170,219,000
Restricted Cash 67,878,000
Receivables 443,400,000
Inventories 283,901,000
Income taxes receivable 34,035,000
Deferred income taxes 14,045,000
Other current assets 73,893,000
-------------
Total current assets 1,556,860,000
Property, plant and equipment, net 1,618,894,000
Marketable Securities 300,207,000
Deferred income taxes 238,829,000
Goodwill 63,917,000
Other assets 396,332,000
-------------
Total Assets $4,175,039,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $240,897,000
Accrued expenses 196,243,000
Taxes on income 169,614,000
-------------
Total current liabilities 606,754,000
Other liabilities 410,913,000
Liabilities subject to compromise 2,242,206,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (252,972,000)
Capital received in excess of par value 103,078,000
Accumulated other comprehensive income/(loss) 24,840,000
Retained earnings 1,035,222,000
-------------
Total stockholders' equity 915,166,000
-------------
Total Liabilities and Stockholders' Equity $4,175,039,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 30-June-2005
_____________________________ ____________
Net sales $408,204,000
Cost of products sold 322,293,000
Selling and administrative expenses 25,469,000
Chapter 11 reorganization expenses 2,751,000
Provision for restructuring expenses -
Interest expense 327,000
Interest income (151,000)
Other (income)/expense, net (199,000)
-------------
Earnings/(loss) before income taxes 57,714,000
Income taxes (benefit) 22,614,000
-------------
Net Earnings/(loss) $35,100,000
=============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
USGEN NEW ENGLAND: Monthly Operating Reports for April & May 2005
-----------------------------------------------------------------
USGen New England, Inc., has no direct employees. Rather, USGen
is provided services pursuant to an Operations, Maintenance and
Management Services agreement with USG Services Company, LLC.
All payroll taxes are paid by USG Services as the service
provider. Joseph J. Bartoletta, controller for USGen, discloses
that USGen paid USG Services $2,157,891 on April 18, 2005, and
$2,161,677 on May 13, 2005, for payroll obligations.
On April 1, 2005, USGen closed on the sale of its Hydro assets to
TransCanada Hydro Northeast, Inc., thereby disposing of their
remaining operating assets. USGen will be a process of
liquidation in accordance with its Plan or Reorganization. Total
sale proceeds after final account reconciliation are $500,095,439.
USGen also completed the Court-approved sale of the land
associated with its Bear Swamp leased facility to Bear Swamp
Power Company LLC, effective May 24, 2005. Total sale proceeds
were $1 in accordance with settlement agreement approved within
the Plan.
As of May 31, 2005, USGen has $8,744,797 in accounts receivable:
Beginning Balance (Ended March 31, 2005) $35,875,421
Incurred during April 1 to May 31, 2005 3,431,803
Collection during April 1 to May 31, 2005 30,562,426
-----------
Ending Balance $8,744,797
===========
USGen also has $7,169,983 in accounts payable as of May 31, 2005:
Beginning Balance (Ended March 31, 2005) $9,834,116
Incurred during April 1 to May 31, 2005 17,602,601
Paid during April 1 to May 31, 2005 20,266,734
-----------
Ending Balance $7,169,983
===========
A full-text copy of USGen's Monthly Operating Report covering the
period April 1, 2005, to May 31, 2005, is available for free at
http://bankrupt.com/misc/usgen-fina-MOR.pdf
Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale. The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts. When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731. The Debtor filed its Second Amended
Plan of Liquidation and Disclosure Statement on March 24, 2005
(PG&E National Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: Posts $23.6 Million Net Loss in June 2005
------------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At June 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $2,775
Short-term investments -
Accounts receivable, net 155,559
Total inventories 260,885
Prepaid & other current assets 15,908
----------
Total current assets 435,127
Total investments & other assets 92,882
Goodwill -
Property, plant and equipment, net 453,505
----------
TOTAL ASSETS $981,514
==========
Liabilities and Shareholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility $437,167
DIP Credit Agreement 74,741
Second Lien Facility 165,000
Accrued interest payable 862
Accounts payable - trade 40,759
Accounts payable - intercompany 177,158
Other payables and accrued liabilities 99,800
Deferred income taxes -
Pension and other liabilities 149,781
----------
Total liabilities not subject to compromise 1,145,268
Liabilities Subject to Compromise:
Senior Notes 1,000,000
Deferred financing fees (3,498)
Accrued interest payable on Senior Notes 36,313
Accounts payable 27,561
Other payables and accrued liabilities 8,232
Pension and other liabilities 15,471
----------
Total liabilities subject to compromise 1,084,079
----------
Total Liabilities 2,229,347
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital Surplus/Treasury Stock 41,122
Retained earnings (deficit) (1,056,225)
Minimum pension liability adjustment (109,403)
Other adjustments (281)
Unearned compensation -
----------
Total Shareholders' Equity (Deficit) (1,247,833)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $981,514
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended June 30, 2005
(in thousands)
Total sales $86,270
Cost of sales 83,941
----------
Gross profit 2,329
Selling and administrative expenses
Selling expense 2,759
Warehousing and shipping 4,708
Advertising 385
Division administrative expense 773
MIS expense 1,108
Corporate administrative expense 1,661
----------
Total selling and administrative expense 11,394
Restructuring and impairment charge 1,028
Fixed asset impairment charge -
----------
Profit/(loss) from operations (10,093)
----------
Interest expense
Interest expense - outside 6,905
Capitalized interest expense -
Interest expense - intercompany 603
Interest income 6
Interest income - intercompany -
----------
Net interest expense 7,502
Other expense
Miscellaneous 388
Royalties - intercompany 3,500
Transaction gain/loss -
----------
Total other expense 3,888
Other income
Royalties - intercompany -
Dividends -
Sale of assets 8
Miscellaneous -
----------
Total other income 8
----------
Net other expense 3,880
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit)
and extraordinary item (21,475)
Chapter 11 reorganization expenses 3,961
Income taxes (benefit) (1,868)
----------
Income (loss) before extraordinary item (23,568)
Extraordinary item - net of taxes -
----------
Net income (loss) ($23,568)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended June 30, 2005
(in thousands)
Cash Flows from Operations:
Net income (loss) ($23,568)
Equity adjustments 516
Non-cash items
Depreciation and amortization expense 6,056
Gain/(Loss) on sale of assets (8)
Changes in Assets and Liabilities
Decrease/(increase) -- accounts receivable (4,055)
Decrease/(increase) -- inventories 12,160
Decrease/(increase) -- other current assets (657)
Decrease/(increase) -- other noncurrent assets
and liabilities 126
Increase/(decrease) -- accounts payable (trade) 3,835
Increase/(decrease) -- a/p (intercompany) 1,104
Increase/(decrease) -- accrued liabilities (4,958)
Increase/(decrease) -- accrued interest payable (449)
Increase/(decrease) -- pension & other liabilities 1,309
Increase/(decrease) -- deferred income tax -
----------
Total Cash Flows from Operations (8,589)
Cash Flows from Investing
Decrease/(increase) -- short term investments -
Capital expenditures (597)
Transfers 87
Net proceeds from sale of assets 41
----------
Total Cash Flows from Investing (469)
Cash Flows from Financing
Increase/(decrease) -- DIP credit agreement 10,510
----------
Total Cash Flows from Financing 10,510
Beginning Cash Balance 1,323
Change in Cash 1,452
----------
Ending Cash Balance $2,775
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 53; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WESTPOINT STEVENS: WP Stevens I Earns $3MM of Net Income in June
----------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At June 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $38
Short-term investments -
Accounts receivable - customers -
Accounts receivable - intercompany 34,293
Total inventories 9,773
Prepaid & other current assets -
----------
Total current assets 44,104
Total investments & other assets 9,447
Goodwill -
Property, plant and equipment, net 11,450
----------
TOTAL ASSETS $65,001
==========
Liabilities and Shareholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $542
Accounts payable - intercompany -
Other payables and accrued liabilities 9,059
Deferred income taxes -
Pension and other liabilities -
----------
Total liabilities not subject to compromise 9,601
Liabilities Subject to Compromise:
Senior Notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,438
Other payables and accrued liabilities -
Pension and other liabilities 3,445
----------
Total liabilities subject to compromise 4,883
----------
Total Liabilities 14,484
SHAREHOLDERS' EQUITY (DEFICIT)
Equity of subsidiaries -
Common stock 1
Capital Surplus/Treasury Stock 70,559
Retained earnings (deficit) (20,043)
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Total Shareholders' Equity (Deficit) 50,517
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $65,001
==========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended June 30, 2005
(in thousands)
Total sales $2,877
Cost of sales 1,942
----------
Gross profit 935
Selling and administrative expenses
Selling expense 6
Warehousing and shipping 129
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 230
----------
Total selling and administrative expense 365
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit/(loss) from operations 570
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income (1)
Interest income - intercompany 669
----------
Net interest expense (668)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
----------
Total other expense 190
Other income
Royalties - intercompany 3,611
Affiliate Income -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 3,611
----------
Net other expense (3,421)
----------
Income (loss) before reorganization
expenses and income taxes (benefit)
and extraordinary item 4,659
Reorganization expenses -
Income taxes (benefit) 1,630
----------
Income (loss) before extraordinary item 3,029
Extraordinary item - net of taxes -
----------
Net income (loss) $3,029
==========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended June 30, 2005
(in thousands)
Cash Flows from Operations:
Net income (loss) $3,029
Non-cash items
Depreciation and amortization expense 112
Changes in Assets and Liabilities
Decrease/(increase) -- a/r (customers) -
Decrease/(increase) -- a/r (intercompany) (1,025)
Decrease/(increase) -- inventories (1,442)
Decrease/(increase) -- other current assets -
Decrease/(increase) -- other noncurrent assets -
Increase/(decrease) -- accounts payable (trade) (98)
Increase/(decrease) -- a/p (intercompany) -
Increase/(decrease) -- accrued liabilities (506)
Increase/(decrease) -- accrued interest payable -
Increase/(decrease) -- pension and other liabilities -
Increase/(decrease) -- deferred federal income tax -
----------
Total Cash Flows from Operations 70
Cash Flows from Investing
Decrease/(increase) -- short term investments -
Capital expenditures -
Transfers (85)
Net proceeds from sale of assets -
----------
Total Cash Flows from Investing (85)
Cash Flows from Financing
Increase/(decrease) -- DIP credit agreement -
Increase/(decrease) -- Senior Notes -
----------
Total Cash Flows from Financing -
Beginning Cash Balance 53
Change in Cash (15)
----------
Ending Cash Balance $38
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 53; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WESTPOINT STEVENS: WP Stevens Stores' June 2005 Operating Report
----------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At June 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,863
Short-term investments -
Accounts receivable - customers 166
Accounts receivable - intercompany 897
Total Inventories 20,671
Prepaid expenses and other current assets 879
----------
Total current assets 24,476
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,326
----------
TOTAL ASSETS $26,802
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - trade $491
Accounts payable -intercompany -
Other payables and accrued liabilities 3,252
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 3,743
----------
Liabilities Subject to Compromise
Accounts payable 1,679
----------
Total Liabilities 5,422
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 5,424
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 21,380
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $26,802
==========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended June 30, 2005
(in thousands)
Total sales $6,096
Cost of goods sold 3,807
----------
Gross earnings 2,289
Selling and administrative expenses
Selling expenses 1,932
Warehousing and shipping 186
Advertising 306
Division administrative expense 288
MIS expense 55
Corporate administrative expense 84
----------
Total selling and administrative expense 2,851
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit/(loss) from operations (562)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 155
Interest income -
Interest income - intercompany -
----------
Net interest expense 155
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties Intercompany -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income -
----------
Net other expense -
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (717)
Chapter 11 reorganization expenses -
Income tax expense (benefit) (251)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($466)
==========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended June 30, 2005
(in thousands)
Cash flows from operations:
Net income (loss) ($466)
Non-cash items
Depreciation and amortization 49
Working Capital Changes
Decrease/(increase) - a/r (customers) (53)
Decrease/(increase) - a/r (intercompany) 475
Decrease/(increase) - inventories (247)
Decrease/(increase) - other current assets 221
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) 143
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 308
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 430
Cash flows from investing activities
Capital expenditures (71)
Transfers (2)
Net proceeds from sale of assets -
----------
Total cash flows from investing (73)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 1,506
Change in cash 357
----------
Ending cash balance $1,863
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 53; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WESTPOINT STEVENS: JP Stevens' June 2005 Monthly Operating Report
-----------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At June 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Short-term investments -
Accounts receivable - customers -
Accounts receivable - intercompany $110,749
Total inventories -
Prepaid & other current assets -
----------
Total Current assets 110,749
Total investments & other assets 2,697
Goodwill -
Property, plant and equipment, net -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Shareholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accounts receivable - intercompany -
Accrued interest payable -
Accounts payable - trade -
Accounts payable - intercompany -
Other payables and accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total liabilities not subject to compromise -
Liabilities Subject to Compromise:
Senior Notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable -
Other payables and accrued liabilities -
Pension and other liabilities -
----------
Total liabilities subject to compromise -
----------
Total Liabilities -
SHAREHOLDERS' EQUITY (DEFICIT)
Equity of subsidiaries $10,503
Common stock -
Capital Surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Total Shareholders' Equity (Deficit) 113,446
---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $113,446
=========
J.P. Stevens & Co., Inc., reports no income and cash flow for
June 2005.
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 53; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WESTPOINT STEVENS: JP Stevens Enterprises' June Operating Report
----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At June 30, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $20
Short-term investments -
Accounts receivable - customers, net -
Accounts receivable - intercompany 18,224
Prepaid expenses and other current assets -
----------
Total current assets 18,244
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $18,244
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Accounts payable - intercompany -
Other payables and accrued liabilities $198
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 198
Liabilities Subject to Compromise -
----------
Total Liabilities 198
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 18,044
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 18,046
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $18,244
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended June 30, 2005
(in thousands)
Total sales -
Cost of goods sold -
----------
Gross earnings -
Selling and administrative expenses
Selling expenses -
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
----------
Total selling and administrative expense -
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit/(loss) from operations -
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany $89
----------
Net interest expense (89)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 190
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 190
----------
Net other expense (190)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 279
Chapter 11 reorganization expenses -
Income tax expense (benefit) 198
Extraordinary item - net of taxes -
----------
Net Income (loss) $81
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended June 30, 2005
(in thousands)
Cash flows from operations:
Net income (loss) $81
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (91)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities -
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (10)
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 30
Change in cash (10)
----------
Ending cash balance $20
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 53; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WINN-DIXIE: Posts $40 Mil. Net Loss for the Period Ended June 29
----------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At June 29, 2005
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $62,136
Marketable securities 19,656
Trade and other receivables, net 210,621
Insurance claims receivable 9,814
Income tax receivable 33,966
Merchandise inventories, less LIFO reserve 788,504
Prepaid expenses and other current assets 85,620
------------
Total current assets 1,210,317
Property, plant and equipment, net 777,405
Other assets, net 117,353
------------
TOTAL ASSETS $2,105,075
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $272
Current obligations under capital leases 4,046
Accounts payable 96,655
Reserve for self-insurance liabilities 78,891
Accrued wages and salaries 83,996
Accrued rent 25,021
Accrued expenses 100,411
------------
Total current liabilities 389,292
Reserve for self-insurance liabilities 142,683
Long-term debt 318
Long-term borrowings under DIP Credit Facility 245,003
Obligations under capital leases 11,440
Other liabilities 18,582
------------
Total liabilities not subject to compromise 807,318
------------
Liabilities subject to compromise 1,072,530
------------
Total liabilities 1,879,848
Shareholders' equity:
Common stock 141,889
Additional paid-in-capital 32,452
Retained earnings 69,996
Accumulated other comprehensive loss (19,110)
------------
Total shareholders' equity 225,227
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,105,075
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four weeks ended June 29, 2005
(In thousands)
Net sales $732,563
Cost of sales 558,687
------------
Gross profit on sales 173,876
Other operating and administrative expenses 207,954
Restructuring charges 40
------------
Operating loss (34,118)
Interest expense, net 2,276
------------
Loss from continuing operations before
reorganization items and income taxes (36,394)
Reorganization items, net 5,225
Income tax expense -
------------
Net loss from continuing operations (41,619)
Discontinued operations:
Earnings from discontinued operations 987
Gain on disposal of discontinued operations 346
Income tax expense -
------------
Net earnings from discontinued operations 1,333
------------
NET LOSS ($40,286)
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four weeks ended June 29, 2005
(In thousands)
Cash flows from operating activities:
Net loss ($40,286)
Adjustments to reconcile net loss to
net cash used in operating activities:
Gain on sales of assets (2,120)
Reorganization items, net 5,225
Depreciation and amortization 11,405
Stock compensation plans 330
Change in operating assets and liabilities:
Trade and other receivables (22,424)
Merchandise inventories 31,393
Prepaid expenses and other current assets 17,147
Accounts payable (13,005)
Reserve for self-insurance liabilities (525)
Lease liability on closed facilities (868)
Income taxes receivable (295)
Defined benefit plan 823
Other accrued expenses 3,374
Net cash used in operating activities before
reorganization items (9,826)
Cash effect of reorganization items (5,551)
------------
Net cash used in operating activities (15,377)
Cash flows from investing activities:
Purchases of property, plant and equipment (355)
Increase in investments and other assets 525
Proceeds from sales of assets 17,801
Marketable securities, net (888)
------------
Net cash provided by investing activities 17,083
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 194,705
Gross repayments on DIP Credit Facility (176,712)
Principal payments on long-term debt (17)
Debt issuance costs (1,883)
Principal payments on capital lease obligations (1,496)
Other (132)
------------
Net cash provided by financing activities 14,465
Increase in cash and cash equivalents 16,171
Cash and cash equivalents at beginning of period 45,965
------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $62,136
============
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063). The Honorable Judge
Robert D. Drain ordered the transfer of Winn-Dixie's chapter 11
cases from Manhattan to Jacksonville. On April 14, 2005, Winn-
Dixie and its debtor-affiliates filed for chapter 11 protection in
M.D. Florida (Case No. 05-03817 to 05-03840). D.J. Baker, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Sarah Robinson
Borders, Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$2,235,557,000 in total assets and $1,870,785,000 in total debts.
(Winn-Dixie Bankruptcy News, Issue No. 20; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
*********
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for bond issues that reportedly trade well below par. Prices are
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*********
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