/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/050903.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, September 3, 2005, Vol. 9, No. 209 Headlines ADELPHIA COMMS: Posts $19.9 Million Net Loss in July 2005 ADELPHIA COMMS: Century/ML's July 2005 Monthly Operating Report COLLINS & AIKMAN: Posts $7.4 Million Net Loss in July 2005 COLLINS & AIKMAN: C&A Canada's Schedules of Assets & Liabilities COLLINS & AIKMAN: C&A Products' Schedules of Assets & Liabilities COLLINS & AIKMAN: Michigan Carpet's Schedules of Assets & Debts COLLINS & AIKMAN: Southwest Laminate's Schedules of Assets & Debts COLLINS & AIKMAN: Tennessee Carpet's Schedules of Assets & Debts COLLINS & AIKMAN: Wickes Asset's Schedules of Assets & Liabilities COMMERCE ONE: Posts $202,386 Net Loss in July 2005 FRESH CHOICE: Earns $205K of Net Income for Period Ended Aug. 7 FRIEDMAN'S INC: Files July 2005 Monthly Operating Report SAINT VINCENTS: Files Monthly Operating Report for July 2005 TRENWICK AMERICA: Posts $1.2 Million Net Loss in July 2005 US AIRWAYS: Earns $2.3 Million of Net Income in July 2005 ********* ADELPHIA COMMS: Posts $19.9 Million Net Loss in July 2005 --------------------------------------------------------- Adelphia Communications Corporation, et al. Unaudited Consolidated Balance Sheet As of July 31, 2005 (Dollars in thousands) ASSETS Cash and cash equivalents $290,068 Restricted cash 25,962 Accounts receivables - net 109,856 Other current assets 184,049 ----------- Total current assets 609,935 Restricted cash 3,084 Investments in equity affiliates 227,210 Receivables from non-filing entities 772,666 Property, plant and equipment - net 4,269,707 Intangible assets - net 7,332,194 Other noncurrent assets - net 80,638 ----------- Total Assets $13,295,434 =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $96,024 Subscriber advance payments and deposits 30,944 Accrued liabilities 530,435 Deferred income 25,966 Current portion of parent and subsidiary debt 746,872 ----------- Total current liabilities 1,430,241 Other liabilities 34,890 Deferred income 64,972 Deferred income taxes 864,414 ----------- Total noncurrent liabilities 964,276 Liabilities subject to compromise 18,464,637 ----------- Total liabilities 20,859,154 Minority interests in equity of subsidiary 86,432 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 (17,192,214) Treasury stock, at cost (27,937) ----------- Total stockholders' equity (7,650,152) ----------- Total liabilities and stockholders' equity $13,295,434 =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Operations Month Ended July 31, 2005 (Dollars in thousands) Revenue $344,526 Cost and expenses: Direct operating and programming 209,816 Selling, general and administrative 31,934 Investigation, re-audit and sale transaction costs 1,994 Depreciation and amortization 74,184 Impairment of long-lived assets - Gains on dispositions of long-lived assets - ----------- Operating income 26,598 Other income (expense): Interest expense (46,023) Impairment of cost & available for sale investments - Other income (expense) - net 5,954 ----------- Total other expense - net (40,069) ----------- Loss from continuing operations before reorganization expenses (13,471) Reorganization expenses due to bankruptcy (7,090) ----------- Loss from continuing operations before income taxes (20,561) Income tax expense - Share of losses of equity affiliates - net (317) Minority's interest in subsidiary losses - net 940 ----------- Net loss (19,938) Beneficial conversion feature - ----------- Net loss applicable to common stockholders ($19,938) =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Cash Flows Month Ended July 31, 2005 (Dollars in thousands) Cash flows from operating activities: Net loss ($19,938) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 74,184 Gains on dispositions of long-lived assets - Amortization of debt issuance costs 274 Impairment of cost & available for sale investments - Provision for settlements - Reorganization expenses due to bankruptcy 7,090 Deferred tax expense (benefit) - Share in losses of equity affiliates - net 317 Minority interest in losses of subsidiaries (940) Other noncash gains - Depreciation, amortization and other non-cash items from discontinued operations - Change in operating assets & liabilities (4,439) ----------- Net cash provided by operating activities before payment of reorganization expenses 56,548 Reorganization expenses paid during the period (4,854) ----------- Net cash provided by operating activities 51,694 Cash flows from investing activities: Expenditures for property, plant and equipment (91,606) Changes in restricted cash 2,218 Other 1,932 ----------- Net cash used in investing activities (87,456) Cash flows from financing activities: Proceeds from debt 23,000 Repayments of debt (3,914) Payment of debt issuance costs - ----------- Net cash provided by financing activities 19,086 Change in cash and cash equivalents cash (16,676) Cash, beginning of period 306,744 ----------- Cash, end of period $290,068 =========== 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. 104; Bankruptcy Creditors' Service, Inc., 215/945-7000) ADELPHIA COMMS: Century/ML's July 2005 Monthly Operating Report --------------------------------------------------------------- Century-ML Cable Venture (Debtor-In-Possession) Unaudited Balance Sheet As of July 31, 2005 (Dollars in thousands) ASSETS Cash and cash equivalents $20,739 Subscriber receivables - net 305 Investment in Century-ML Corporation 144,308 Related-party receivables 231 Other current assets 380 -------- Total current assets 165,963 Property, plant and equipment - net 6,003 Intangible assets, net 1,528 -------- Total assets $173,494 ======== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $49 Subscriber advance payments and deposits 91 Accrued expenses and other liabilities 2,919 Intercompany payables 3,222 -------- Total current liabilities 6,281 -------- Long-term accrued and other liabilities Deferred revenues 116 Deferred income taxes 45 -------- Total non-current liabilities 161 Liabilities subject to compromise: Accrued expenses and other liabilities 1,279 Intercompany payables 10,683 -------- Total liabilities subject to compromise 11,962 -------- Total liabilities 18,404 -------- Partners' equity: Partners' contributions 56,800 Partners' retained earnings 98,290 -------- Total partners' equity 155,090 -------- Total liabilities and partners' equity $173,494 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Operations For the Month Ended July 31, 2005 (Dollars in thousands) Revenue $1,104 Cost and expenses: Direct operating and programming 576 Selling, general and administrative 24 Management fees 43 Non-recurring professional fees - Depreciation 31 -------- Operating income before reorganization expenses due to bankruptcy 430 Reorganization expenses due to bankruptcy 84 -------- Operating income 346 Interest income, net 18 Equity in net income of Century-ML Cable Corporation, net of taxes 1,353 -------- Income before income taxes 1,717 Income tax expense (142) -------- Net income $1,575 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Cash Flows For the Month Ended July 31, 2005 (Dollars in thousands) Cash flow from operating activities: Net income $1,575 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 31 Reorganization expenses due to bankruptcy 84 Non-recurring professional fees - Equity in net income of Century-ML Cable Corp., net of taxes (1,353) Change in assets and liabilities: Subscriber receivables, net (22) Prepaid expenses and other assets, net (20) Accounts payable 103 Subscriber advance payments and deposits - Accrued expenses and other liabilities (155) Intercompany receivables and payables - net 88 -------- Net cash provided by operating activities 331 -------- Cash flows from investing activities: Expenditures from property, plant and equipment (27) -------- Net cash used in investing activities (27) -------- Change in cash and cash equivalents 304 Cash and cash equivalents, beginning of period 20,435 -------- Cash and cash equivalents, end of period $20,739 ======== Century Communications Corporation filed for Chapter 11 protection on June 10, 2002. Century's case has been jointly administered to proceedings of Adelphia Communications Corporation. Century operates cable television services in Colorado, California and Puerto Rico. CENTURY is an indirect wholly owned subsidiary of ACOM and an affiliate of Adelphia Business Solutions, Inc. Lawyers at Willkie, Farr & Gallagher represent CENTURY. 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. 104; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: Posts $7.4 Million Net Loss in July 2005 ---------------------------------------------------------- Collins & Aikman Corporation Balance Sheet As of July 31, 2005 ASSETS Current assets: Cash $22,070,108 Accounts receivable 106,771,110 Other non-trade receivables 6,155,772 Inventories, net 120,556,060 Tooling and molding, net - current 53,432,382 Prepaids & other current assets 62,939,049 Deferred tax assets - current (87,825) --------------- Total current assets 371,836,656 Investment in subsidiaries 2,534,708,519 Fixed assets, net 364,265,541 Goodwill, net 978,554,071 Deferred tax assets - long term 25,938,826 Tooling and molding, net-long term 14,169,146 Other noncurrent assets 98,812,267 Intercompany assets 984,319,133 PP IC accounts receivable 26,921,371,399 --------------- TOTAL ASSETS $32,293,975,558 =============== LIABILITIES & EQUITY Current liabilities: Notes payable $0 Short term borrowings 109 Advance on receivables 0 Current portion - long term debt 197,461,452 Current portion - capital leases (107,369) Accounts payable 36,026,301 Accrued interest payable 5,933,384 Accrued & other liabilities 77,300,636 Income taxes payable (4,342,678) --------------- Total current liabilities 312,271,835 Liabilities subject to compromise 2010 - A/P - trade - prepetition 202,431,717 2014 - A/P - rec'd - not invoiced prepetition 5,999,361 2030 - A/P - prepetition other (40,760,110) 2071 - A/P - tooling 44,733,333 2072 - A/P - capital 1,848,168 2210 - PP Accrued liabilities 129,951,088 2215 - PP Accrued local property tax 1,315,263 2220 - PP Accrued sales & use tax (311,877) 2225 - PP Environmental reserve 34,213,880 2235 - PP restructuring reserve 14,705,327 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 25,585,347,136 2061 - Intercompany S/T loans/notes payable 11,069,801 2910 - Intercompany trade accounts payable 868,536,653 Deferred income taxes 20,831,599 Preferred stock of Products Co. 222,875,520 Other noncurrent liabilities 142,280,054 --------------- Total liabilities subject to compromise 29,488,867,460 --------------- Total Liabilities 29,801,139,295 Total Equity 2,492,836,263 --------------- TOTAL LIABILITIES & EQUITY $32,293,975,558 =============== Collins & Aikman Corporation Income Statement Month Ended July 31, 2005 Net outside sales $393,795,041 I/D Net sales 20,857,060 I/G Net sales 4,649,274 --------------- Total sales 419,301,375 Cost of sales 383,059,707 --------------- Gross profit 36,241,668 Selling, general & administrative expense 46,866,467 --------------- Operating income (10,624,800) Interest expenses 14,640,662 Intercompany interest, net (9,339,570) Preferred stock accretion 0 Miscellaneous (income)/expense 3,625 Corporate allocation adjustment (5,578,189) Commission income (237,745) Royalty income (911,413) Royalty expense 0 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 362,759 Amount of discount on NPV of liabilities 0 (Gain)/Loss on sale - leaseback transaction 0 --------------- Income from continuing operations before taxes (9,471,842) Federal income tax (2,089,931) State income tax 0 Foreign income tax 31,699 --------------- Income from continuing operations (7,413,610) Discontinued operations 0 Gain/Loss on sale of divisions 0 Extraordinary items 0 Integration 0 --------------- NET INCOME ($7,413,610) =============== 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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: C&A Canada's Schedules of Assets & Liabilities ---------------------------------------------------------------- A. Real Property $0 B. Personal Property B.9 Insurance Policy Interests unknown B.12 Stock Interests 97,290,718 B.15 Accounts Receivable Intercompany from: C&A Canada Holding Co. I 248,136,718 C&A Canada Holding Co. II 2,506,432 TOTAL SCHEDULED ASSETS $347,933,867 ============= C. Property Claimed as Exempt Not applicable D. Secured Claims JPMorgan Chase Bank NA $473,000,000 JPMorgan Chase Bank NA 105,000,000 JPMorgan Chase Bank NA 108,800,000 JPMorgan Chase Bank NA 927,801 JPMorgan Chase Bank NA 575,828 JPMorgan Chase Bank NA 3,378,337 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims BNY Midwest Trust Company 500,000,000 BNY Midwest Trust Company 400,900,000 BNY Midwest Trust Company 20,739,764 BNY Midwest Trust Company 13,429,629 C&A Automotive Canada 13,720 C&A Products Co. 4,181,368 JPMorgan Chase Bank NA unknown TOTAL SCHEDULED LIABILITIES $1,630,946,447 =============== 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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: C&A Products' Schedules of Assets & Liabilities ----------------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on Hand 6,892 B.2 Bank Account Wachovia Bank, NA 15,000 Cigna 39,346 JP Morgan/Chase (5,405,185) JP Morgan/Chase (13,327) JP Morgan/Chase (69,728) JP Morgan/Chase (197,907) Bank One Detroit 107,479 JP Morgan/Chase 4,432,298 JP Morgan/Chase 245,820 Comerica Bank 26,703 JP Morgan/Chase (2,075) Commercial Paper & Other 12,150 Cigna Gen'l Depository Bank Accts (5,035) BB&T 29,000 Scotia Bank 7 Bank One 4,500 BB&T - Old Fort Bank 10,000 First One Bank 1,927 Scotia Bank 1,618,711 Scotia Bank 951,568 Variance 266 B.3 Security Deposits Delivery deposits 24,301 Freudenberg Non-woven Group 156,901 Invista 1,593,557 Martin Color 9,800 Miscellaneous deposits 325,476 Nevada Power Company 2,465 Noveon Inc 18,920 Paper Tube Racks deposits 4,895 Rent Deposits - Japan Office 44,786 Rent Deposits - JPS Greenville 17,167 Rent Deposits - Opburn Bldg 74,746 Utilities services deposits 64,480 B.9 Insurance Policy Interests Prepaid Insurance 10,623,435 Split Dollar Insurance 102,027 W/C Escrow Payment 300,000 B.10 Annuities unknown B.11 Interest in Retirement Plans Prepaid Pension (331,477) Pension related 132,263 Non qualified SERP 7,188,199 Retirement Benefits 912,471 B.12 Stock Interests Investments - Miscellaneous 44,122 ACK-TI 123,156,751 Collins & Aikman Holdings Canada Ltd. 10,743,000 Collins & Aikman Turkey 90 FSC 1,000 Collins & Aikman Carpet/TN Acoustics 14,171,737 Collins & Aikman Carpet/MI Acoustics 23,774,158 Collins & Aikman Fabrics Inc. 137,382,727 Southwest Laminates 10,415,000 Carcorp Inc. 51,218,000 Collins & Aikman Interiors 64,426,650 Collins & Aikman Development 15,000,000 Collins & Aikman Canada Domestic Holdings 257,179,721 Wickes Manufacturing 148,193,913 Collins & Aikman Asset Services (17,915,881) Trim Troy 364,490,552 Gamble Development Company 10,000 Collins & Aikman Properties 14,156,737 WAM Inc. Real Estate 21,729,146 Collins & Aikman International 178,549,643 Collins & Aikman Accessory Mats, Inc. 27,500,100 Dura Convertible Systems, Inc. 987,763 Collins & Aikman Plastics, Inc. 234,055,550 B.13 Interests in Partnership and Joint Ventures JV Moduko Co. Ltd (31,127) JV Mobis 4,197,000 B.15 Accounts Receivable Amco Convertible Fabrics, Inc. 9,143,098 Becker Group, LLC 254,737,442 C&A (Gibraltar) Limited 23,350 C&A Asset Services, Inc. 126,100 C&A Austria 2,178,203 C&A Automotive (Argentina) Inc. 77 C&A Automotive (Asia) Inc. 707,619 C&A Automotive Canada Co. 23,933,838 C&A Automotive Interiors, Inc. 827,954,157 C&A Automotive Internat'l Services, Inc. 5,865,485 C&A Automotive Sys GmbH 1,088,079 C&A Automotive Sys S.L. (Spain) 4,801,002 C&A Canada Domestic Holding Co. 4,182,549 C&A Canada, Inc (Canada) 47,095,593 C&A Carpet & Acoustics (TN) Inc. 155,219,698 C&A de Mexico 987,982 C&A Development Company 133 C&A Europe BV (Netherlands) 7,581,198 C&A Europe S.A. (LUXCO) 185,141,455 C&A Export Corp. 12,079 C&A Fabrics, Inc. 370,075,773 C&A Holdings AB (Sweden) 229 C&A Holdings BV (Netherlands) 68,925,771 C&A Holdings Canada, Inc. 200 C&A Holdings, S.A. de CV (Mexico) 21,064,223 C&A Interiors, Inc. 145,234,277 C&A Luxembours SA (LUXCO2) 10,000 C&A Plastics, Inc. 357,324,304 Carpet & Acoustics S.A. de CV 6,494,503 Dura de Mexico 4,589,168 Gamble Development Company 1,831,073 Hopkins Services, Inc. 31,062,211 Italy FAS 3,140 JPS Automotive, Inc. 236,262,166 New Baltimore Holdings, LLC 5,187,171 Not Used 455 Owosso Thermal Forming, LLC 12,410,751 Rosario Project SA Intercompany 139 Textron Auto Belgium BVBA (Belgium) 173,033 Textron Automotive Germany 1,483,641 Textron Automotive Moravia s.r.o. 1,122,423 Textron Sa de CV (Mex) 47,303,565 Wickes Manufacturing Company 15,933,583 Non-factored accounts receivable 1,946,679 B.17 Other Liquidated Debts Deferred Lease Financing Fee 1,057,872 Prepaid Miscellaneous - DP Charges 1,007,692 Prepaid Airplane Rent 463,097 Prepaid Fuel 146,140 Prepaid Inventory 1,234,941 Prepaid Maintenance Supplies 421,031 Prepaid Process Materials 164,969 Prepaid Rent 1,404,391 Prepaid Taxes 159,548 Professional deposits 2,960,000 Tooling Inventory 8,640,307 Non-Tooling Inventory 654,425 Other 759 B.19 Contingent and Non-Contingent Interests 102,027 B.20 Other Contingent and Non-liquidated Claims - B.21 Intellectual Property unknown B.22 Licenses, Franchises and Other Intangibles Technology Intangibles 24,000,000 Customer Contracts 40,032,000 Acc. Dep. - Tech. Intangibles (8,965,029) Acc. Dep. - Customer Contracts (22,075,231) Software 6,020,372 Accumulated Depreciation (3,424,686) Other intangibles 301,575 B.26 Office Equipment Construction in process - Science Center 258,361 Construction in process - St. Clair, MI 2,134,443 Construction in process - Troy, MI 57,602 Furniture and fixtures - Troy, NC 2,574 Furniture and fixtures - Albemarle, NC 64,189 Furniture and fixtures - Old Fort, NC 1,010 Furniture and fixtures - other 8,453 Furniture and fixtures - Science Center 4,435,511 Furniture and fixtures - St. Clair, MI 100 Machinery and equipment - St. Clair, MI 2,824,347 Office furniture and fixtures - other 24,760 Tooling - St. Clair, MI 562,235 B.27 Machinery Construction in progress - Glen Road 19,288 Construction in progress - Albemarle, NC 69,757 Construction in progress - Old Fort, NC 5,303,268 Machinery & equipment - Albemarle, NC 3,287,059 Machinery & equipment - New Baltimore, MI 839,884 Machinery & equipment - Old Fort, NC 2,168,475 Machinery & equipment - other 80,563 Machinery & equipment - Service Center 2,677,482 Other production equipment - Glen Road 376,221 Other production equipment - Old Fort, NC 111,834 Other production equipment - other 13,496 Software - Albemarle, NC 193,879 B.28 Inventory Raw Material - Albemarle 1,581,718 Work in Process - Albemarle 2,412,402 Finished Goods - Albemarle 2,152,431 Raw Materials - Farnham 1,031,853 Work in Process - Farnham 1,001,589 Raw Materials - Ingersoll Plant 1,685,240 Work in Process - Ingersoll Plant 85,078 Finished Goods - Ingersoll Plant 519,178 Raw Material - Kitchener 286,871 Work In Progress - Kitchener 110,774 Finished Goods - Kitchener 239,379 Raw Material - St. Clair 196,127 Work in Process - St. Clair 190,813 Finish Goods - St. Clair 387,654 Raw Materials - Glen Road 249,449 Work in Proccess - Glen Road 242,558 Finished Goods - Glen Road 98,552 Raw Materials - Montgomery 175,050 Work in Process - Montgomery 262,718 Finished Goods - Montgomery 166,767 Inventory - Other 152,706 B.30 Crops GM Project 900 Series 6,200,000 Tooling Costs 1,315,302 Deferred Fees - Subdebt 15,297,011 Deferred Fees - Aug '04 Debt Offer 13,128,696 Deferred Fees - Sept '04 Bank Fees 5,085,162 Deferred Lease Financing Fee 3,817,125 Deferred Fees - 75MM Term B Incr 2,977,055 Deferred Loan Fee - Subdebt 2001 28,699 Deposits 1,562,588 Other assets 11,522,619 Inventory - Operating Supplies 347,444 TOTAL SCHEDULED ASSETS $4,720,070,516 =============== C. Property Claimed as Exempt Not applicable D. Secured Claims JPMorgan Chase Bank NA $105,000,000 JPMorgan Chase Bank NA 108,800,000 JPMorgan Chase Bank NA 473,000,000 JPMorgan Chase Bank NA 927,801 JPMorgan Chase Bank NA 575,828 JPMorgan Chase Bank NA 3,378,337 E. Unsecured Priority Claims unknown F. Unsecured Non-Priority Claims C&A Accessory Mats, Inc. 81,445,624 C&A Auto Interior Systems Europe Ltd. 11,248,816 C&A Automotive Exteriors, Inc. 1,375,131,557 C&A Automotive Floormats Europe, BV 1,207,700 C&A Automotive Systems AB 1,253,574 C&A Carpet & Acoustics (MI) Inc. 224,308,129 C&A Intellimold, Inc. 2,331,803 C&A International Corp. 161,810,683 C&A Mobis, LLC 1,841,939 C&A Properties, Inc. 157,074,130 Carcorp, Inc. 104,674,322 Collins & Aikman Corporation 206,452,106 Dura Convertible Systems, Inc. 54,970,413 SAF Services Corp. 31,497,563 Servitop 5,159,741 Southwest Laminates, Inc. 66,709,906 Michigan Department of Treasury 2,590,000 Unum Life Insurance Co. 2,048,030 Wickes Asset Management, Inc. 13,645,907 BNY Midwest Trust Company 500,000,000 BNY Midwest Trust Company 20,739,764 BNY Midwest Trust Company 400,900,000 BNY Midwest Trust Company 13,429,629 Others 54,473,244 TOTAL SCHEDULED LIABILITIES $4,186,626,546 =============== 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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: Michigan Carpet's Schedules of Assets & Debts --------------------------------------------------------------- A. Real Property $0 B. Personal Property B.9 Insurance Policy Interests unknown B.12 Stock Interests unknown B.15 Accounts Receivable Intercompany from: C&A Automotive Interiors 3,850 C&A Fabrics, Inc. 7,957 C&A Plastics, Inc. 42,888 C&A Products Co. 224,308,129 Note Receivable 25,000 TOTAL SCHEDULED ASSETS $224,387,824 ============= C. Property Claimed as Exempt Not applicable D. Secured Claims Carcorp, Inc. unknown Chase Manhattan Bank unknown CIT Communications Finance Corporation unknown General Electric Capital Corporation unknown IRS Collection Support Branch Organization unknown JPMorgan Chase Bank NA $105,000,000 JPMorgan Chase Bank NA 108,800,000 JPMorgan Chase Bank NA 473,000,000 JPMorgan Chase Bank NA 927,801 JPMorgan Chase Bank NA 575,828 JPMorgan Chase Bank NA 3,378,337 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims BNY Midwest Trust Company 500,000,000 BNY Midwest Trust Company 400,900,000 BNY Midwest Trust Company 13,429,629 BNY Midwest Trust Company 20,739,764 C&A Accessory Mats, Inc. 19,594,089 C&A Carpet & Assoustics (TN), Inc. 200,548,505 Carpet & Acoustics SA de CV 32,223 JPS Automotive, Inc. 1,729 JPMorgan Chase Bank unknown TOTAL SCHEDULED LIABILITIES $1,846,927,905 =============== 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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: Southwest Laminate's Schedules of Assets & Debts ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.1 Cash on Hand 159 B.3 Security Deposits Prepaid Deposits - Returnable Containers 9,949 Prepaid Leases 23,586 B.9 Insurance Policy Interests unknown B.12 Stock Interests unknown B.15 Accounts Receivable Intercompany from: C&A Exteriors, Inc. 1,800 C&A Products Co. 66,709,906 Trade Receivables 13,289,526 B.26 Office Equipment 11,516 B.27 Machinery 1825 - Machinery & Equipment 2,167,202 1845 - CIP 22,246 B.28 Inventory Finished Goods Location - 1520 5,585,138 Raw Materials Location - 1370 124,822 B.33 Others 201,447 TOTAL SCHEDULED ASSETS $88,147,297 ============ C. Property Claimed as Exempt Not applicable D. Secured Claims JPMorgan Chase Bank NA $105,000,000 JPMorgan Chase Bank NA 927,801 JPMorgan Chase Bank NA 108,800,000 JPMorgan Chase Bank NA 575,828 JPMorgan Chase Bank NA 473,000,000 JPMorgan Chase Bank NA 3,378,337 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims C&A Fabrics, Inc. 88,478,872 BNY Midwest Trust Company 500,000,000 BNY Midwest Trust Company 400,900,000 BNY Midwest Trust Company 20,739,764 BNY Midwest Trust Company 13,429,629 Others 686,565 TOTAL SCHEDULED LIABILITIES $1,715,916,795 =============== 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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: Tennessee Carpet's Schedules of Assets & Debts ---------------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on Hand 1,200 B.2 Bank Account 47,754 B.9 Insurance Policy Interests unknown B.12 Stock Interests unknown B.15 Accounts Receivable Intercompany from: C&A Automotive Canada Co. 17,856 C&A Automotive Exteriors, Inc. 6,000 Carpet & Acoustics (MI), Inc. 200,548,505 Carcorp, Inc. 2,325,705 Dura Convertible Systems, Inc. 609 Hopkins Services, Inc. 395 JPS Automotive, Inc. 48,446 B.17 Other Liquidated Debts 462,525 B.26 Office Equipment 12,150 B.27 Machinery CIP Springfield Plant 1,374,205 Machinery & Equipment (Springfield Plant) 5,663,834 Maintenance Supplies Inventory (Springfield) 32,244 B.28 Inventory Inv - Finished Goods 581,774 Inv - Raw Materials 993,535 Inv - Reserve for Old & Obsolete RM (109,937) Inv - Work in Process 25,721 B.33 Others 215,357 TOTAL SCHEDULED ASSETS $212,247,876 ============= C. Property Claimed as Exempt Not applicable D. Secured Claims Carcorp, Inc. unknown Chase Manhattan Bank unknown CIT Communications Finance Corporation unknown General Electric Capital Corporation unknown IRS Collection Support Branch Organization unknown JPMorgan Chase Bank NA $105,000,000 JPMorgan Chase Bank NA 108,800,000 JPMorgan Chase Bank NA 473,000,000 JPMorgan Chase Bank NA 927,801 JPMorgan Chase Bank NA 575,828 JPMorgan Chase Bank NA 3,378,337 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Becker Group, LLC 1,072,091 BNY Midwest Trust Company 500,000,000 BNY Midwest Trust Company 400,900,000 BNY Midwest Trust Company 20,739,764 BNY Midwest Trust Company 13,429,629 C&A Accessory Mats, Inc. 42,015,574 C&A Products Co. 155,219,698 Others 3,383,544 TOTAL SCHEDULED LIABILITIES $1,828,442,266 =============== 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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: Wickes Asset's Schedules of Assets & Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.3 Security Deposits 2,100 B.9 Insurance Policy Interests unknown B.12 Stock Interests unknown B.15 Accounts Receivable Intercompany from: C&A Products Co. 13,645,846 Gamble Development Company 11,869 Wickes Manufacturing Company 104,253 Hopkins Services, Inc. 9,311,033 Net accounts - Tenants 33,583 B.33 Others 23,365 TOTAL SCHEDULED ASSETS $23,132,048 ============ C. Property Claimed as Exempt Not applicable D. Secured Claims JPMorgan Chase Bank NA $473,000,000 JPMorgan Chase Bank NA 108,800,000 JPMorgan Chase Bank NA 105,000,000 JPMorgan Chase Bank NA 3,378,337 JPMorgan Chase Bank NA 927,801 JPMorgan Chase Bank NA 575,828 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Afi Mgmt 27,865 Bellsouth 52 BNY Midwest Trust Company 500,000,000 BNY Midwest Trust Company 20,739,764 BNY Midwest Trust Company 400,900,000 BNY Midwest Trust Company 13,429,629 Brandon Associates Corp. 15,493 C&A Products Co. 15,933,579 Equity One, Inc. 42,218 Gamble Development Company 652 Helen Ervin 104 JPMorgan Chase Bank NA unknown Mclaurin Mart 6,473 SAF Services Corp. 2,159,185 Utility Payment Processing 83 Wickes Asset Management, Inc. 104,253 TOTAL SCHEDULED LIABILITIES $1,645,041,316 =============== 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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000) COMMERCE ONE: Posts $202,386 Net Loss in July 2005 -------------------------------------------------- On August 26, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.) filed its monthly operating report for the month ending July 31, 2005, with the United States Bankruptcy Court for the Northern District of California. The Company posted a $202,386 net loss on zero sales for July 2005. At July 31, 2005, Commerce One's balance sheet showed: Current Assets $13,311,056 Total Assets 13,311,056 Current Liabilities 207,546 Total Liabilities 7,071,498 Total Stockholder's Equity 6,239,558 A full-text copy of Commerce One's July 2005 Monthly Operating Report is available at no charge at: http://ResearchArchives.com/t/s?145 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. FRESH CHOICE: Earns $205K of Net Income for Period Ended Aug. 7 --------------------------------------------------------------- On Aug. 23, 2005, Fresh Choice, Inc., filed its monthly operating report for the four-week period ended Aug. 7, 2005, with the United States Bankruptcy Court for the Northern District of California. The Company reported a $205,456 net income in $4,657,669 of gross sales for the four-week period ended Aug. 7, 2005. At Aug. 7, 2005, Fresh Choice, Inc.'s balance sheet shows: Current Assets $3,058,426 Total Assets 17,210,490 Current Liabilities 6,118,431 Total Prepetition Liabilities 10,914,612 Total Liabilities 18,520,323 Total Stockholders' Equity Deficit ($1,309,833) A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report for the period ended Aug. 7, 2005, is available at no charge at: http://ResearchArchives.com/t/s?125 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. FRIEDMAN'S INC: Files July 2005 Monthly Operating Report -------------------------------------------------------- On Aug. 29, 2005, Friedman's Inc. and its debtor-affiliates filed their consolidated monthly operating reports for the period from July 3, 2005, through July 30, 2005, with the U.S. Bankruptcy Court for the Southern District of Georgia. At July 30, 2005, Friedman's Inc. and its debtor-affiliates' financial reports show: Beginning Cash Balance ($1,047,365) Total Cash Receipts 30,635,753 Total Cash Disbursements 29,736,616 Ending Cash Balance ($148,228) A full-text copy of Friedman's Inc. and its debtor-affiliates' Monthly Operating Reports for the period ended July 30, 2005, is available at no charge at http://ResearchArchives.com/t/s?14e 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. SAINT VINCENTS: Files Monthly Operating Report for July 2005 ------------------------------------------------------------ SVCMC Debtors Unaudited Consolidated Balance Sheet As of July 31, 2005 ASSETS Cash & Cash Equivalents $1,083,690 Investments 7,193,057 Patients Accounts Receivable, less allowance for doubtful accounts 213,277,566 Accounts Receivable 34,494,549 Other Current Assets 42,045,000 -------------- Total Current Assets 298,093,862 -------------- Other: Depreciation Reserve Funds & Collaterized Assets 91,830,529 Assets Designated for Self-Insurance Investments at Market 47,343,931 Assets whose use is limited - Investments at Market 63,525,867 Other Non-Current Assets 11,918,032 Land, Buildings & Equipment Net of Accumulated Depreciation 295,794,060 -------------- Total Assets $808,506,281 ============== LIABILITIES AND NET ASSETS Liabilities Subject to Compromise: HFG Loan $14,124,000 Accounts Payable & Accrued Expenses 234,534,471 Estimated Retroactive Payables to Third Parties, net 98,726,573 Long-term Debt 329,806,278 Long-term Debt, excluding current installments 18,221,542 Estimated Liability for Self-Insurance 140,912,516 Other Liabilities 92,236,546 -------------- Total Liabilities Subject to Compromise 928,561,926 -------------- Liabilities Not Subject to Compromise: Accrued Salaries & Payroll Taxes Withheld 58,926,700 Accounts Payables & Accrued Expenses 29,567,417 -------------- Total Liabilities 1,017,116,043 Net Assets: Unrestricted (263,840,189) Temporarily Restricted 30,849,427 Permanently Restricted 24,381,000 -------------- Total Net Assets (208,609,762) -------------- Total Liabilities & Net Assets $808,506,281 ============== SVCMC Debtors Unaudited Consolidated Income Statement From July 5 to July 31, 2005 Operating Revenue Inpatient $60,231,988 Outpatient 22,303,381 Patient Service Revenue 82,535,368 Less Provision for Bad Debt 13,664,340 Net Patient Service Revenue 68,871,029 Pool Revenue 3,131,681 Capitation 6,733,377 Other 8,131,985 -------------- Total Operating Revenue 86,868,071 Operating Expenses: Salaries and Wages 43,417,995 Fringe Benefits 11,955,746 Supplies and Other 25,253,450 Insurance 4,023,794 -------------- Total Direct Operating Costs 84,650,984 -------------- Salaries and Wages 2,850,087 Fringe Benefits 799,709 Supplies and Other 5,645,312 -------------- Total Corporate Allocated 9,295,108 -------------- Total Operating Expense 93,946,092 -------------- Interest 1,619,625 Depreciation 3,199,366 Operating Gain (Loss) Before Non-Recurring and/or Unusual Items (11,897,011) Non-Recurring and/or Unusual Items: St. Mary's Op Pac Rate Adjustment 2,711,323 ZBEC/HFE Recoveries 734,781 Restructuring & Bankruptcy Related Costs (1,279,019) -------------- Total Non-Recurring and/or Unusual Items 2,167,085 -------------- Operating Gain (Loss) After Non-Recurring and/or Unusual Items (9,729,926) -------------- Non-Operating Revenue 519,106 Change in Temporary Restricted Net Assets 373,250 -------------- Change in Net Assets ($8,837,570) -------------- EBITDA ($7,078,020) ============== SVCMC Debtors Unaudited Statement of Cash Flows From July 5 to July 31, 2005 Cash Flows from Operation Activities: Changes in Net Assets ($8,837,570) Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Change in Net Assets from July 1 to July 4, 2005 (1,364,566) Depreciation & Amortization 3,199,368 Change in Unrealized Gains & Losses 227,000 Change in Patient's Accounts Receivable 5,818,130 Change in Accounts Receivables, Other (1,075,305) Change in Prepaid Expenses & Other (5,504,000) Change in Other Non-Current Assets 13,054 Change in Accounts Payable & Accrued Exp-Prepetition 854,687 Change in Accounts Payable & Accrued Exp-Postpetition 29,681,408 Change in Accrued Salaries & P/R Taxes (1,709,463) Change in Est. Retro rec/pay from/to third parties (671,174) Change in Est. Liability for self-insurance 2,557,275 Change in Other Non-Current Liabilities 2,083,074 -------------- Net Cash Provided by Operating Activities 25,271,918 Cash flows From Investment Activities: Sale of Investments, Net 401,182 (Purchase) of Assets Whose Use is Limited (5,817,651) Acquisition/Sale of Land, Building, & Equipment 114,436 -------------- Net Cash Provided by Investing Activities (5,302,033) Cash flows From Financing Activities: Proceeds/Repayment From/of Working Capital Loan (14,370,000) Net Cash (Used) in Financing Activities (14,370,000) Net Increase (Decrease) in Cash & Cash Equivalents 5,599,885 Cash & Cash Equivalents at Beginning of Month (4,516,196) -------------- Cash & Cash Equivalents at End of the Month $1,083,690 ============== Headquartered in New York, New York, Saint Vincents Catholic Medical Centers of New York -- http://www.svcmc.org/-- the largest Catholic healthcare providers in New York State, operate hospitals, health centers, nursing homes and a home health agency. The hospital group consists of seven hospitals located throughout Brooklyn, Queens, Manhattan, and Staten Island, along with four nursing homes and a home health care agency. The Company and six of its affiliates filed for chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, represent the Debtors in their restructuring efforts. As of Apr. 30, 2005, the Debtors listed $972 million in total assets and $1 billion in total debts. (Saint Vincent Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) TRENWICK AMERICA: Posts $1.2 Million Net Loss in July 2005 ---------------------------------------------------------- On Aug. 24, 2005, Trenwick America Corporation filed its monthly operating report for the month ended July 31, 2005, and the period from Aug. 20, 2003, to July 31, 2005, with the United States Bankruptcy Court for the District of Delaware. Trenwick posts a $1,236,923 net loss in July 2005, and a cumulative $119,887,559 loss for the period from Aug. 20, 2003, to July 31, 2005. At July 31, 2005, Trenwick America's balance sheet showed: Total Current Assets $54,892,380 Total Assets 185,237,430 Total Prepetition Debts 288,386,386 Total Liabilities 292,136,819 Net Owner Equity Deficit ($106,899,390) A full-text copy of Trenwick America's July 2005 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?124 Headquartered in Stamford, Connecticut, Trenwick America Corporation is a holding company for operating insurance companies in the United States. The Company filed for chapter 11 protection on August 20, 2003 (Bankr. Del. Case No. 03-12635). Christopher S. Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby & Geddes, and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D. Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in their restructuring efforts. As of June 30, 2003, the Debtor listed approximate assets of $400,000,000 and debts of $293,000,000. On Aug. 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings Limited also filed insolvency proceedings in the Supreme Court of Bermuda. On Aug. 22, 2003, the Bermuda Court granted an order appointing Michael Morrison and John Wardrop, partners of KPMG in Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint Provisional Liquidators in respect of TGL and LaSalle. The Bermuda Court granted the JPLs the power to oversee the continuation and reorganization of these companies' businesses under the control of their boards of directors and under the supervision of the U.S. Bankruptcy Court and the Bermuda Court. US AIRWAYS: Earns $2.3 Million of Net Income in July 2005 --------------------------------------------------------- US Airways Group, Inc. Consolidated Balance Sheet At July 31, 2005 (in thousands) Current Assets: Cash and cash equivalents $489,653 Restricted cash 131,218 Receivables, net 321,329 Materials and supplies, net 179,589 Prepaid expenses and other 179,322 ------------ Total Current Assets 1,301,111 Property and Equipment: Flight equipment 2,744,258 Ground property and equipment 366,523 Less accumulated depreciation and amortization (389,053) ------------ 2,721,728 Purchase deposits for flight equipment 72,494 ------------ Total Property and Equipment 2,794,222 Other Assets: Goodwill 2,489,638 Other intangibles, net 515,103 Restricted cash 591,706 Other assets, net 80,678 ------------ Total Other Assets 3,677,125 ------------ Total Assets $7,772,458 ============ Current Liabilities: Current maturities of debt and capital lease obligations $856,955 Accounts payable 407,126 Traffic balances payable and unused tickets 978,288 Accrued aircraft rent 60,769 Accrued salaries, wages and vacation 167,984 Other accrued expenses 344,742 ------------ Total Current Liabilities 2,805,864 Noncurrent Liabilities and Deferred Credits: Long-term debt and capital lease obligations, net of current maturities 75,715 Deferred gains and credits, net 161,413 Postretirement benefits other than pensions 1,906 Employee benefit liabilities and other 241,887 ------------ Total Noncurrent Liabilities and Deferred Credits 480,921 Liabilities Subject to Compromise 5,145,517 Commitments and Contingencies Stockholders' Equity: Class A Common Stock 50,616 Class B Common Stock 5,000 Paid-in capital 410,522 Accumulated deficit (1,126,177) Common stock held in treasury, at cost (2,815) Deferred compensation (5,819) Accumulated other comprehensive income 8,829 ------------ Total Stockholders' Deficit (659,844) ------------ Total Liabilities & Stockholders' Equity $7,772,458 ============ US Airways Group, Inc. Consolidated Statement of Operations Month ended July 31, 2005 (in thousands) Operating Revenues: Passenger transportation $622,484 Cargo and freight 8,389 Other 47,413 ------------ Total Operating Revenues 678,286 Operating Expenses: Personnel costs 139,014 Aviation fuel 161,031 US Airways Express capacity purchases 76,006 Aircraft rent 42,441 Other rent and landing fees 43,056 Selling expenses 30,714 Aircraft maintenance 34,967 Depreciation and amortization 17,656 Other 99,838 ------------ Total Operating Expenses 644,723 Operating Income 33,563 Other Income (Expense): Interest income 1,631 Interest expense, net (23,617) Reorganization items, net (7,243) Other, net (1,993) ------------ Other Income (Expense), Net (31,222) Income Before Income Taxes 2,341 Income Tax Benefit 0 ------------ Net Income $2,341 ============ US Airways Group, Inc. Consolidated Statement of Cash Flows Month ended July 31, 2005 (in thousands) Net cash used for operating activities before reorganization items ($135,961) Reorganization items, net (10,530) ------------ Net cash used for operating activities (146,491) Cash flows from investing activities: Capital expenditures and purchase deposits for flight equipment, net (2,844) Proceeds from dispositions of property 654 Increase in restricted cash 70,080 ------------ Net cash provided by investing activities 67,890 Cash flows from financing activities: Proceeds from debt 21,118 Proceeds from DIP Financing 0 Principal payments on long-term debt and capital lease obligations (9,484) ------------ Net cash used for financing activities 11,634 Net decrease in Cash and cash equivalents (66,967) ------------ Cash and cash equivalents at beginning of period 556,620 ------------ Cash and cash equivalents at end of period $489,653 ============ 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. 103; Bankruptcy Creditors' Service, Inc., 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. 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For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L. Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P. Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M. Pinili and Peter A. Chapman, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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