/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/050910.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 10, 2005, Vol. 9, No. 215 Headlines ATA AIRLINES: Earns $2.97 Million of Net Income in July 2005 CATHOLIC CHURCH: Portland's July 2005 Monthly Operating Report CATHOLIC CHURCH: Spokane's July 2005 Monthly Operating Report CATHOLIC CHURCH: Tucson's July 2005 Monthly Operating Report FEDERAL-MOGUL: Posts $33.1 Million Net Loss in July 2005 INTERSTATE BAKERIES: Earns $283,864 in Month Ending July 23 KAISER ALUMINUM: Earns $719,000 of Net Income in July 2005 MERIDIAN AUTOMOTIVE: Posts $57.5 Million Net Loss in July 2005 THAXTON GROUP: Posts $72.6 Mil. Cumulative Net Loss in July 2005 TOWER AUTOMOTIVE: Posts $53.2 Million Net Loss in July 2005 USG CORP: Earns $35 Million of Net Income in July 2005 WINN-DIXIE: Posts $38 Mil. Net Loss for the Period Ended July 27 ********* ATA AIRLINES: Earns $2.97 Million of Net Income in July 2005 ------------------------------------------------------------ ATA Holdings Corp. and Subsidiaries Unaudited Balance Sheet As of July 31, 2005 ASSETS Current assets: Cash and cash equivalents $95,252,000 Receivables, net of allowance for doubtful accounts 130,675,000 Inventories, net 39,814,000 Assets Held for Sale 2,000,000 Prepaid expenses and other current assets 31,923,000 -------------- Total current assets 299,664,000 Property and equipment: Flight equipment 174,170,000 Facilities and ground equipment 142,210,000 Accumulated depreciation (172,903,000) -------------- TOTAL PROPERTY AND EQUIPMENT 143,477,000 Restricted cash 31,079,000 Goodwill 6,987,000 Prepaid aircraft rent 171,000 Investment in BATA 5,471,000 Deposits and other assets 25,589,000 -------------- TOTAL ASSETS $512,438,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Short Term Debt 41,000,000 Accounts payable 4,566,000 Air traffic liabilities 86,958,000 Accrued expenses 137,001,000 -------------- Total current liabilities 269,525,000 Deferred items 32,354,000 Liabilities subject to compromise 1,515,630,000 Commitments and contingencies Convertible redeemable preferred stock 30,000,000 Shareholders' deficit: Preferred stock; authorized 9,999,200 shares; - Common stock, without par value; authorized 66,013,000 Treasury stock; (24,778,000) Additional paid-in capital 18,166,000 Accumulated deficit (1,394,472,000) -------------- TOTAL SHAREHOLDERS' DEFICIT (1,335,071,000) -------------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $512,438,000 ============== ATA Holdings Corp. and Subsidiaries Unaudited Income Statement For the Month Ended July 31, 2005 Operating revenues: Scheduled service $68,923,000 Charter 30,965,000 Ground package 1,372,000 Other 2,766,000 -------------- TOTAL OPERATING REVENUES 104,026,000 Operating expenses: Fuel and oil 28,656,000 Salaries, wages and benefits 23,990,000 Aircraft rentals 12,503,000 Handling, landing and navigation fees 7,189,000 Aircraft maintenance, materials and repairs 3,967,000 Crew and other employee travel 3,499,000 Depreciation and amortization 2,347,000 Passenger service 3,199,000 Other selling expenses 3,036,000 Commissions 1,927,000 Facilities and other rentals 1,539,000 Insurance 1,100,000 Ground package cost 1,222,000 Advertising 931,000 Aircraft impairments and retirements 0 Other 4,377,000 -------------- TOTAL OPERATING EXPENSES 99,482,000 Operating income (loss) 4,544,000 Other income (expense): Interest income 202,000 Interest expense (520,000) Reorganization expenses (1,164,000) Other (96,000) -------------- TOTAL OTHER EXPENSE (1,578,000) Income (loss) before income taxes 2,966,000 Income taxes - -------------- Net income (loss) $2,966,000 ============== ATA Holdings Corp. and Subsidiaries Cash Flow Report For the Month Ended July 31, 2005 Cash Flows from Operating Activities: Net income before reorganization expenses $4,130,000 Adjustments to reconcile net income: Depreciation and amortization 2,347,000 Other non-cash items 342,000 Changes in operating assets and liabilities: Receivables 5,496,000 Inventories (3,478,000) Prepaid expenses 5,473,000 Accounts payable 156,000 Air traffic liabilities (2,756,000) Liabilities subject to compromise (1,059,000) Accrued expenses 5,327,000 -------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 15,978,000 Cash Flows from Reorganization Activities: Reorganization items, net (1,164,000) Prepaid expenses 62,000 Accrued Expenses 35,000 Other non-cash items (438,000) -------------- NET CASH (USED IN) REORGANIZATION ACTIVITIES (1,505,000) Cash Flows from Investing activities: Capital expenditures (540,000) Noncurrent prepaid aircraft rent 8,000 Additions to other assets (429,000) Proceeds from sales of property and equipment 196,000 -------------- NET CASH (USED IN) INVESTING ACTIVITIES (765,000) Cash Flows from Financing activities: Decrease in restricted cash 600,000 -------------- NET CASH PROVIDED BY FINANCING ACTIVITIES 600,000 -------------- Increase in cash and cash equivalents 14,308,000 Cash and cash equivalents, beginning of period 80,944,000 -------------- Cash and cash equivalents, end of period $95,252,000 ============== Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA Holdings Corp. -- http://www.ata.com/-- is the nation's 10th largest passenger carrier (based on revenue passenger miles) and one of the nation's largest low-fare carriers. ATA has one of the youngest, most fuel-efficient fleets among the major carriers, featuring the new Boeing 737-800 and 757-300 aircraft. The airline operates significant scheduled service from Chicago- Midway, Hawaii, Indianapolis, New York and San Francisco to over 40 business and vacation destinations. Stock of parent company, ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The Company and its debtor-affiliates filed for chapter 11 protection on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868 through 04-19874). Terry E. Hall, Esq., at Baker & Daniels, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $745,159,000 in total assets and $940,521,000 in total debts. (ATA Airlines Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Portland's July 2005 Monthly Operating Report -------------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of July 31, 2005 ASSETS Cash and cash equivalents $13,537,567 Accounts receivable, net 707,904 Notes, estates and other receivables 12,750,901 Loans receivable from Archdiocesan entities, net 9,877,588 Loans receivable from Archdiocesan housing entities 521,228 Interest receivable and other assets 221,446 Inventories 1,488,292 Real Property 226,689 Deposits and prepaid expenses 348,953 Investments 93,639,592 Advances to Archdiocesan housing entities 1,640,000 Land, buildings, and equipment, net 8,083,261 -------------- Total Assets $143,043,358 ============== LIABILITIES AND NET ASSETS Liabilities: Prepetition Accounts payable $777,185 Accrued liabilities 2,223,387 Funds held for others Second Collections (11) Short-term investments payable 17,747,805 Long-term pool investments payable 19,570,358 Reserve for insurance claims 2,343,946 Notes payable 11,113,255 Pre-need liability and reserve 456,268 Accrued port-retirement liability 7,607,264 -------------- Total Prepetition Liabilities 61,839,457 -------------- Postpetition Accounts payable 447,569 Accrued liabilities 1,848,385 Funds held for others Second Collections 221,724 Short-term investments payable 2,112,058 Long-term pool investments 2,991,188 Reserve for insurance claims - Notes payable - Pre-need liability and reserve 28,260 Accrued port-retirement liability - -------------- Total Postpetition Liabilities 7,649,184 -------------- Total Liabilities 69,488,641 -------------- Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,696,879 Other Assets (3,254,555) -------------- Total Prepetition Net Assets 66,442,324 -------------- Postpetition Net Assets: Charitable Trust Assets 6,481,963 Other Assets 630,430 -------------- Total Postpetition Net Assets 7,112,393 -------------- Total Net Assets 73,554,717 -------------- Total liabilities & net assets $143,043,358 ============== Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending July 31, 2005 Revenues, gains and other support Annual Catholic Appeal income $1,017 Gross profit on cemetery sales 110,851 Contributions, gifts, annuities and bequests 13,067 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 659,410 Change in unrealized losses 1,593,859 Insurance premiums, net (399) Interest income from loans 47,155 Parish assessments 254,125 Other income 28,948 Departmental revenues 83,704 Net assets released from restrictions - -------------- Total revenues, gains, and other support 2,791,737 -------------- Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 171,316 Clergy Services 78,732 Catholic Schools 36,182 Pastoral Services 55,216 Evangelization Services 52,948 Public Services 8,569 Tribunal Services 19,958 Deposit and loan interest 208,624 Insurance program 1,351,421 Cemetery operating expenses 72,015 High School grants/charitable annuities 10,596 Other program expenses 54,309 -------------- Total program services 2,119,886 -------------- Supporting Services: Archbishop, Vicar General and Chancellor Services 63,337 Finance & Administration: Resource Development 82,201 Business Affairs 9,920 Financial Services 51,350 Human Resources 28,703 Shared Services 23,436 Occupancy and physical plant expenses 8,865 Designated funds expense 16,687 Bankruptcy expense 274 Depreciation expense - -------------- Total supporting services 284,773 -------------- Total expenses and program support 2,404,659 -------------- Increase (decrease) in net assets before transfers and designations of net assets 387,078 Fund transfers - in (out) - Designation of net assets - -------------- Increase (decrease) in net assets 387,078 Net assets at beginning of year 73,167,639 -------------- Net assets at end of year $73,554,717 ============== Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending July 31, 2005 Beginning Cash Balance: $15,161,302 Add: Transfers in 304,621 Receipts Deposited 1,404,278 Other (Return of Direct Deposits) 130 Other (Interest Income) 28,384 -------------- Total Cash Receipts 1,737,413 Subtract: Transfers out (304,621) Disbursements by check or debit (3,055,044) Cash withdrawn - Other (Service Charges) (1,348) Other (Misc Check Correction) (4) Other (NSF Checks) (131) Other (Clear Interfund Rec/Pay) - -------------- Total Cash Disbursements (3,361,148) -------------- Ending Cash Balance $13,537,567 ============== 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. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Spokane's July 2005 Monthly Operating Report ------------------------------------------------------------- Catholic Diocese of Spokane Balance Sheet As of July 31, 2005 ASSETS Total Cash Accounts $3,429,595 Total Investments 3,912,740 Total Property 495,004 Total Loans Receivable 3,014,925 Total Interfund Loan Receivable 396,887 Total Accounts Receivable 62,586 Total Land and Buildings & Equip 2,272,137 Total Prepaid Expenses 36,813 -------------- Total Assets $13,620,687 ============== LIABILITIES AND NET ASSETS Liabilities Total Deposits Payable 6,030,677 Total Interest Payable 0 Total Accounts Payable (461,023) Net Assets Total Unrestricted - Fund Balance (5,177,017) Total Unrestricted Net Assets (5,177,017) T.R. - Guse Grant Funds 267,193 Total Replacement Fund 9,832,049 Total Diocesan D&L Funding 2,176,115 Total Guatemala Funds 614,077 Temporarily Restricted 145,246 -------------- Total liabilities & net assets $13,620,687 ============== Catholic Diocese of Spokane Income and Expense Statement For the month ending July 31, 2005 Total Income $173,085 Total Expenses 262,339 -------------- Net Excess or Deficit $89,255 ============== Catholic Diocese of Spokane Statement of Cash Receipts and Disbursements June 1, 2005 to July 31, 2005 Total Cash Receipts $288,814 Total Cash Disbursements ($265,799) A full-text copy of the Diocese of Spokane's July 2005 monthly operating report is available for free at: http://bankrupt.com/misc/spokane_july_MOR.pdf The Roman Catholic Church of the Diocese of Spokane filed for chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen, Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $11,162,938 in total assets and $81,364,055 in total debts. (Catholic Church Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Tucson's July 2005 Monthly Operating Report ------------------------------------------------------------ The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole (Unaudited) Statement of Financial Condition As of July 31, 2005 ASSETS Total Diocese-Owned ----- ------------- Cash on hand $1,500 $1,500 Cash in Banks 4,049,775 3,784,603 Cash Equivalents 2,433,828 2,253,029 Accounts receivable, net 1,559,758 1,559,758 Allowance for doubtful accounts (1,216,572) (1,216,572) Grants receivable 247,750 247,750 Pledges receivable 6,000 6,000 A/R held in trust for others 63,093 0 Due from administered funds 496,375 0 Prepaid expenses & other assets 100,864 100,864 Investments in businesses 6,463,340 5,888,340 Corp. & Gov't. bond investments 765,692 440,692 Investment in BPIC 80,850 80,850 Notes receivable, net 2,068,321 288,117 Allowance for doubtful notes receivable (323,878) 0 Assets securing 2002 settlement 3,001,847 3,001,847 Construction in progress 48,867 48,867 Land, buildings, and equipment 244,534 244,534 Land held for future parish sites 299,389 299,389 -------------- -------------- $20,391,333 $17,029,568 ============== ============== LIABILITIES AND NET ASSETS Liabilities: Accounts payable - post 1,201,008 1,201,008 Accounts payable - pre 43,255 43,255 Accrued expenses - post 76,230 76,230 Accrued expenses - pre 157,682 157,682 Interfunds payable 496,375 496,375 Accrued insurance claims 265,215 265,215 Deferred revenue 45,780 45,780 Unsecured long-term debt - pre 2,061,455 2,061,455 Unsecured long-term debt - post 100,000 100,000 Unrestricted parish deposits 6,960,309 6,959,242 Restricted parish deposits 2,710,368 0 Secured long-term debt 2,689,034 2,689,934 Custodial funds 650,330 0 -------------- -------------- Total Liabilities 17,457,941 14,096,176 -------------- -------------- Net Assets: Unrestricted/temporarily restricted 1,024,504 1,024,504 Permanently restricted 1,908,888 1,908,888 -------------- -------------- Total liabilities & net assets $20,391,333 $17,029,568 ============== ============== The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole Statement of Operations and Charges in Net Assets July 1, 2005 through July 31, 2005 Revenues Contributions, grants and bequests $1,861 Chancery assessment 116,688 Priests salary subsidy 15,235 Fees for services 13,602 Rental Income 4,248 Insurance 38,642 Investment Income 47,484 Gain/(loss) on assets sold 81,364 Miscellaneous 6,937 -------------- Total Support & Revenue 326,061 Expense Program Services: Archives 1,509 Catholic Commitments & Social Services 11,545 Evangelization & Hispanic Ministry 7,385 Catechesis Office 10,802 Formation Office 5,008 Department of Catholic Schools 13,388 Clergy, religious & seminarian advancement 17,801 Parish Assistance 21,999 Catholic Social Mission 3,820 Supporting Services: Office of Bishop Emeritus 6,397 Offices of the Bishop, et al. 30,120 Office of Women Religious 1,337 General & Administrative 68,898 Fiscal & Employee Services 41,167 Office of Child, Adolescent, et al. Protection 10,384 Communications & Community Relations 14,672 Property Management 11,514 Insurance Administration 10,485 Reorganization 24,006 Imputed interest on settlement 15,046 Provision for doubtful accounts 4,167 Depreciation 3,720 -------------- Total Expenses 335,179 -------------- Excess (deficiency) of revenues over expenses ($9,118) ============== The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole Current Month's Receipts and Disbursements July 1, 2005 through July 31, 2005 Cash and Bank Balance: Beginning of Month $443,391 Receipts Cash Sales 141,568 Accounts Receivable -- Prepetition 300 Accounts Receivable -- Postpetition 506,453 Interest 6,259 Sale of Assets 3,764,406 Transfers in from other accounts 101,676 Other -- Custodial Funds 0 Other -- Payroll Reimbursements 0 Credit Adjustments 801 -------------- Total Receipts 4,521,462 Disbursements: Business -- Ordinary Operations 893,519 Capital Improvements 0 Prepetition Debt 0 Transfers to other DIP Accounts 101,676 Other -- Custodial Funds 5,536 Other -- TRF to Wells Fargo Investment 0 Other -- Payroll Reimbursement 0 Reorganization Expenses: Attorney Fees 59,747 Accountant Fees 8,513 Other Professional Fees 0 Funding of Avoidance Action Fund 100,000 U.S. Trustee Quarterly Fee 5,000 Court Costs 0 -------------- Total Disbursements 1,173,991 -------------- Cash & Bank Balance -- End of Month $3,790,862 ============== The Roman Catholic Church of the Diocese of Tucson filed for chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on September 20, 2004, and delivered a plan of reorganization to the Court on the same day. Susan G. Boswell, Esq., Kasey C. Nye, Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson Diocese. (Catholic Church Bankruptcy News, Issue No. 41 Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Posts $33.1 Million Net Loss in July 2005 -------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of July 31, 2005 (In millions) Assets Cash and equivalents $412.7 Accounts receivable 583.5 Inventories 480.9 Deferred taxes 181.0 Prepaid expenses and other current assets 100.0 ---------- Total current assets 1,758.0 Summary of Unpaid Postpetition Debits (56.9) Intercompany Loans Receivable (Payable) 2,471.7 ---------- Intercompany Balances 2,414.8 Property, plant and equipment 974.7 Goodwill 1,010.2 Other intangible assets 424.6 Insurance recoverable 791.4 Other non-current assets 986.6 ---------- Total Assets $8,360.3 ========== Liabilities and Shareholders' Equity Short-term debt $333.0 Accounts payable 196.7 Accrued compensation 60.5 Restructuring and rationalization reserves 9.8 Current portion of asbestos liability - Interest payable 3.2 Other accrued liabilities 288.9 ---------- Total current liabilities 892.1 Long-term debt - Post-employment benefits 1,915.9 Other accrued liabilities 942.2 Liabilities subject to compromise 5,991.7 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,020.7 Accumulated deficit (9,787.7) Accumulated other comprehensive income (1,231.0) Other - ---------- Total Shareholders' Equity (1,381.6) ---------- Total Liabilities and Shareholders' Equity $8,360.3 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended July 31, 2005 (In millions) Net sales $238.1 Cost of products sold 213.6 ---------- Gross margin 24.5 Selling, general & administrative expenses (45.6) Amortization (1.2) Reorganization items (10.4) Interest income (expense), net (10.3) Other income (expense), net 12.1 ---------- Earnings before Income Taxes (30.8) Income Tax (Expense) Benefit (2.2) ---------- Earnings before effect of change in acctg principle (33.1) Cumulative effect of change in acctg principle - ---------- Net Earnings (loss) ($33.1) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended July 31, 2005 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) ($33.1) Adjustments to reconcile net earnings (loss): Depreciation and amortization 13.2 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 (0.5) Decrease/(increase) in accounts receivable 39.2 Decrease/(increase) in inventories (3.7) Increase/(decrease) in accounts payable 0.3 Change in other assets and other liabilities 19.4 Change in restructuring charge 1.1 Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities 36.0 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (6.1) 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 (6.1) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt (29.2) Sale of accounts receivable under securitization - Dividends - Other (12.3) ---------- Net Cash Provided From Financing Activities (41.5) Increase (Decrease) in Cash and Equivalents (11.6) Cash and equivalents at beginning of period 424.3 ---------- Cash and equivalents at end of period $412.7 ========== 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 Oct. 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. 92; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: Earns $283,864 in Month Ending July 23 ----------------------------------------------------------- Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended July 23, 2005 REVENUE Gross Income $250,793,398 Less Cost of Goods Sold Ingredients, Packaging, & Outside Purchasing 60,649,284 Direct & Indirect Labor 47,747,045 Overhead & Production Administration 13,089,989 ------------ Total Cost of Goods Sold 121,486,318 ------------ Gross Profit $129,307,080 ------------ OPERATING EXPENSES Owner-Draws/Salaries - Selling & Delivery Employee Salaries $60,902,279 Advertising and Marketing 2,627,156 Insurance (Property, Casualty, & Medical) 13,899,782 Payroll Taxes 5,202,665 Lease and Rent 4,160,683 Telephone and Utilities 1,071,619 Corporate Expense (Including Salaries) 6,706,864 Other Expenses 30,453,566 ------------ Total Operating Expenses $125,024,614 ------------ EBITDA $4,282,466 Restructuring & Reorganization Charges (6,850,235) Depreciation and Amortization 5,918,838 Other Income (34,971) Gain/Loss Sale of Property - Interest Expense 3,605,790 ------------ Operating Income (Loss) 1,643,044 Income Tax Expense (Benefit) 1,359,180 ------------ Net Income (Loss) $283,864 ============ CURRENT ASSETS Accounts Receivable at end of period $162,899,746 Increase (Decrease) in Accounts Receivable (6,346,062) Inventory at end of period 65,776,511 Increase (Decrease) in Inventory for period (4,281,935) Cash at end of period 157,649,903 Increase (Decrease) in Cash for period 8,282,718 Restricted Cash 19,589,069 Increase (Dec.) in Restricted Cash for period 19,589,069 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise 965,614 Increase (Decrease) in Liabilities Subject to Compromise 409,451 Taxes payable: Federal Payroll Taxes 11,561,663 State/Local Payroll Taxes 3,681,182 State Sales Taxes 949,608 Real Estate and Personal Property Taxes 16,608,082 Other 5,692,236 ------------ Total Taxes Payable $38,492,771 ============ The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service, Inc., 215/945-7000) KAISER ALUMINUM: Earns $719,000 of Net Income in July 2005 ---------------------------------------------------------- Kaiser Aluminum Corporation -- All Debtors Unaudited Statements of Operations For the Month Ending July 31, 2005 (In Thousands) Net Sales $83,060 Costs and expenses: Cost of products sold 72,201 Depreciation & amortization 1,639 Selling, administrative, R&D and general 5,276 Other operating charges (benefits), net - --------- Total costs and expenses 79,116 --------- Operating income (loss) 3,944 Other income (expense): Interest expenses, net (374) Reorganization items (1,228) Other-net (338) --------- Income (loss) before income taxes and minority interest 2,004 (Provision) benefit for income taxes (1,256) Minority interests - Equity in income (loss) of subsidiaries (29) --------- Net income (loss) $719 ========= Kaiser Aluminum Corporation -- All Debtors Schedule of Consolidated Cash Receipts and Disbursements For the Month Ending July 31, 2005 (In Thousands) Receipts: Trade Receivables KACC Receivables $68,544 KAII Receivables 22,035 --------- Total Trade Receivables 90,579 Proceeds from Asset Sales - Return of collateral for B of A Letters of Credit 315 Asbestos insurance recoveries - COBRA receipts 727 Proceeds from Hedging Settlement 109 --------- Total Receipts 91,730 Disbursements: Inventory/Raw Materials 38,711 Capital Expenditures 1,933 Maintenance, Materials, etc. 3,745 Freight 4,683 Utilities/Energy 4,153 Hourly Payroll 6,345 Salaried Payroll 3,370 Hedging Activities 563 VEBA Advances 5,219 Medical - Current Employees 1,900 Workmen's Compensation 2,302 Corporate General and Administrative 432 JV Fundings - Alumina 3,639 JV Fundings - Primary, Net of Minority Interest 10,860 Other Disbursements 5,624 --------- Total Operating and G&A Disbursements 93,479 Reorganization Items 4,365 --------- Total Disbursements 97,844 --------- Net Cash Flow (6,114) Beginning Bank Cash Balances 54,750 --------- Ending Bank Cash Balances 48,636 Reconciling Items 365 --------- Ending Book Cash Balances $49,001 ========= Kaiser Aluminium Corporation delivered an illegible copy of the balance sheet to the Bankruptcy Court Clerk. Kaiser posted over $2,000,000,000 in total assets, including approximately $270,000,000 in cash, receivables and inventories, as of July 31, 2005. Kaiser posted over $4,000,000,000 in total liabilities, including almost $200,000,000 in accounts payable and accrued wages and related expenses. A full-text copy of the Debtors' Monthly Operating Report for the period ending July 31, 2005, is available at no charge at: http://bankrupt.com/misc/Kaiser_MOR_July_2005.pdf Headquartered in Foothill Ranch, California, Kaiser Aluminum Corporation -- http://www.kaiseraluminum.com/-- is a leading producer of fabricated aluminum products for aerospace and high- strength, general engineering, automotive, and custom industrial applications. The Company filed for chapter 11 protection on February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off a number of its commodity businesses during course of its cases. Corinne Ball, Esq., at Jones Day, represents the Debtors in their restructuring efforts. On June 30, 2004, the Debtors listed $1.619 billion in assets and $3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service, Inc., 215/945-7000) MERIDIAN AUTOMOTIVE: Posts $57.5 Million Net Loss in July 2005 -------------------------------------------------------------- Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets As of July 31, 2005 (In Thousands) CURRENT ASSETS: Cash - Accounts receivable, net $112,657 Intercompany receivable 16,538 Inventories 76,027 Tooling costs in excess of billings and others 24,134 ---------- TOTAL CURRENT ASSETS 229,356 ---------- Property, plant and equipment, net 236,248 Intangible assets 15,621 Investment in subsidiaries 23,863 Other assets 19,029 ---------- TOTAL ASSETS $524,117 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current portion of long term debt $286,369 Accounts payable 34,178 Accrued expenses 47,452 Tooling billings in excess of costs 12,075 ---------- TOTAL CURENT LIABILITIES 380,074 ---------- Liabilities subject to comprise 457,682 Non-Current Liabilities Not Subject to Compromise: Long-term debt, less current portion 13,622 Other long-term liabilities 16,527 Accumulated post-retirement benefit obligation 16,095 ---------- TOTAL LIABILITIES 884,000 STOCKHOLDERS' EQUITY (359,883) ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $524,117 ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Operations July 1 to 31, 2005 (In Thousands) Net sales $45,052 Cost of sales 50,106 ---------- Gross profit (5,054) Selling, general and administrative expenses 2,943 Restructuring charges 162 ---------- Operating loss (income) (8,159) Interest expense, net 6,964 Other income (expense) 2 Chapter 11 and related reorganization items 42,363 ---------- Loss before provision for income taxes (57,484) Provision for income taxes 29 ---------- NET LOSS ($57,513) ========== Meridian Automotive Systems - Composite Operations, Inc. and Subsidiaries Unaudited Statement of Cash Flows July 1 to 31, 2005 (In Thousands) OPERATING ACTIVITIES: Net loss ($57,513) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization, and impairment 3,875 Change in working capital and other operating items 21,260 ---------- Net cash provided by operating activities before reorganization items (32,378) ---------- Operating cash flows from reorganization items: Chapter 11 and related reorganization items 42,363 Payments on Chapter 11 and related reorg items (3,577) ---------- Net cash provided by Chapter 11 and related reorg items 38,786 Net cash provided by operating activities 6,408 INVESTING ACTIVITIES: Additions to property and equipment (4,233) Proceeds from sale or property and equipment - ---------- Net cash used for investing activities (4,233) ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings - Proceeds from DIP credit facility 31,400 Repayments of DIP credit facility (33,600) Repayments on prepetition long-term debt - Deferred financing costs capitalized (25) ---------- Net cash used for financing activities (2,175) ---------- Net increase (decrease) in cash - ---------- Cash and Cash Equivalents, beginning of period - Cash and Cash Equivalents, end of period - ========== Headquartered in Dearborn, Mich., Meridian Automotive Systems, Inc. -- http://www.meridianautosystems.com/-- supplies technologically advanced front and rear end modules, lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers. Meridian operates 22 plants in the United States, Canada and Mexico, supplying Original Equipment Manufacturers and major Tier One parts suppliers. The Company and its debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $530 million in total assets and approximately $815 million in total liabilities. (Meridian Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000) THAXTON GROUP: Posts $72.6 Mil. Cumulative Net Loss in July 2005 ----------------------------------------------------------------- On Aug. 25, 2005, The Thaxton Group filed its monthly operating report for the month of July 2005 with the U.S. Bankruptcy Court for the District of Delaware. The company reported a cumulative net loss of $72,605,771 on $85,899,541 of revenue for the period from Oct. 17, 2003 thru July 31, 2005. At July 31, 2005, the Company's balance sheet reflects: Total Assets $106,696,395 Total Liabilities 177,163,919 Stockholders' Equity Deficit ($70,467,524) A full-text copy of Thaxton Group's July 2005 Monthly Operating Report is available at no charge at: http://ResearchArchives.com/t/s?154 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. TOWER AUTOMOTIVE: Posts $53.2 Million Net Loss in July 2005 ----------------------------------------------------------- Tower Automotive, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets As of July 31, 2005 (In Thousands) CURRENT ASSETS: Cash and cash equivalents $1,254 Accounts receivable, net 246,684 Inventories 68,275 Prepaid tooling and other 31,078 ---------- TOTAL CURRENT ASSETS 347,291 ---------- Property, plant and equipment, net 586,646 Investment in joint ventures - Investment in subsidiaries 346,782 Inter-company receivables 409,295 Other assets, net 91,359 ---------- TOTAL ASSETS $1,781,373 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current maturities of long-term debt & capital $14,257 lease obligations Accounts payable 85,843 Accrued liabilities 166,028 ---------- TOTAL CURENT LIABILITIES 266,128 ---------- Liabilities subject to comprise 1,224,744 Non-Current Liabilities Not Subject to Compromise: Long-term debt, net of current maturities 43,772 DIP borrowings, net of current maturities 530,286 Other non-current liabilities 221,913 ---------- TOTAL LIABILITIES 2,286,843 STOCKHOLDERS' EQUITY (505,470) ---------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,781,373 ========== Tower Automotive, Inc. and Subsidiaries Unaudited Statement of Operations July 1 to 31, 2005 (In Thousands) Revenues $94,342 Cost of sales 108,639 ---------- Gross profit (14,297) Selling, general and administrative expenses 8,233 Restructuring and asset impairment charges, net 17,990 ---------- Operating income (loss) (40,520) Interest expense 6,235 Interest income (1,853) Chapter 11 and related reorganization items 8,029 ---------- Income (loss) before provision for income taxes, equity in earnings of joint ventures and minority interest (52,931) Provision (benefit) for income taxes 319 ---------- Income (loss) before equity in earnings of joint ventures and minority interest (53,250) Equity in earnings of joint ventures, net of tax 1 ---------- NET LOSS ($53,249) ========== Tower Automotive, Inc. and Subsidiaries Unaudited Statement of Cash Flows July 1 to 31, 2005 (In Thousands) OPERATING ACTIVITIES: Net loss ($53,249) Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Chapter 11 & related reorganization expenses 8,029 Payments of Chapter 11 and related reorganization expenses (1,099) Restructuring and asset impairment, net 15,763 Depreciation 8,655 Equity in earnings of joint ventures, net (1) Change in working capital and other operating items 22,070 ---------- Net cash provided by operating activities 168 ---------- INVESTING ACTIVITIES: Capital expenditures (243) ---------- Net cash used in investing activities (243) ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings (1,427) Borrowings from DIP credit facility 57,000 Repayments of borrowings from DIP credit facility (60,000) Net proceeds from issuance of common stock - ---------- Net cash provided by financing activities (4,427) ---------- Net Change in cash and cash equivalents (4,502) ---------- Cash and Cash Equivalents, beginning of period 5,756 Cash and Cash Equivalents, end of period $1,254 ========== Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. -- http://www.towerautomotive.com/-- is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The Company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $787,948,000 in total assets and $1,306,949,000 in total debts. (Tower Automotive Bankruptcy News, Issue No. 18; Bankruptcy Creditors' Service, Inc., 215/945-7000) USG CORP: Earns $35 Million of Net Income in July 2005 ------------------------------------------------------ USG Corporation, et al. Consolidated Balance Sheet 31-July-2005 __________________________ ____________ Assets: Cash and cash equivalents $551,351,000 Marketable Securities 153,735,000 Restricted Cash 67,882,000 Receivables 428,108,000 Inventories 291,921,000 Income taxes receivable 34,035,000 Deferred income taxes 9,662,000 Other current assets 85,754,000 ------------- Total current assets 1,622,448,000 Property, plant and equipment, net 1,627,416,000 Marketable Securities 296,522,000 Deferred income taxes 238,173,000 Goodwill 64,124,000 Other assets 394,460,000 ------------- Total Assets $4,243,143,000 ============= Liabilities and Stockholders' Equity: Accounts payable $244,529,000 Accrued expenses 192,889,000 Taxes on income 192,798,000 ------------- Total current liabilities 630,216,000 Other liabilities 412,633,000 Liabilities subject to compromise 2,241,995,000 Stockholders' Equity: Common stock 4,998,000 Treasury stock (252,727,000) Capital received in excess of par value 103,068,000 Accumulated other comprehensive income/(loss) 32,411,000 Retained earnings 1,070,549,000 ------------- Total stockholders' equity 958,299,000 ------------- Total Liabilities and Stockholders' Equity $4,243,143,000 ============= USG Corporation, et al. Month Ending Consolidated Income Statement 31-July-2005 _____________________________ ____________ Net sales $374,089,000 Cost of products sold 292,016,000 Selling and administrative expenses 25,289,000 Chapter 11 reorganization expenses (2,354,000) Provision for restructuring expenses - Interest expense 383,000 Interest income (156,000) Other (income)/expense, net (277,000) ------------- Earnings/(loss) before income taxes 59,188,000 Income taxes (benefit) 23,862,000 ------------- Net Earnings/(loss) $35,326,000 ============= 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. 95; Bankruptcy Creditors' Service, Inc., 215/945-7000) WINN-DIXIE: Posts $38 Mil. Net Loss for the Period Ended July 27 ---------------------------------------------------------------- Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At June 27, 2005 (In thousands) ASSETS Current assets: Cash and cash equivalents $58,241 Marketable securities 19,662 Trade and other receivables, net 217,885 Insurance claims receivable 8,656 Income tax receivable 33,790 Merchandise inventories, less LIFO reserve 743,913 Prepaid expenses and other current assets 95,754 ------------ Total current assets 1,177,901 Property, plant and equipment, net 682,760 Other assets, net 109,790 ------------ TOTAL ASSETS $1,970,451 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $213 Current obligations under capital leases 4,859 Accounts payable 93,038 Reserve for self-insurance liabilities 77,966 Accrued wages and salaries 86,125 Accrued rent 29,569 Accrued expenses 89,427 ------------ Total current liabilities 381,197 Reserve for self-insurance liabilities 141,071 Long-term debt 377 Long-term borrowings under DIP Credit Facility 240,526 Obligations under capital leases 10,375 Other liabilities 18,440 ------------ Total liabilities not subject to compromise 791,986 Liabilities subject to compromise 1,103,037 ------------ Total liabilities 1,895,023 Shareholders' equity: Common stock 141,863 Additional paid-in-capital 33,143 Retained deficit (59,186) Accumulated other comprehensive loss (40,392) ------------ Total shareholders' equity 75,428 ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,970,451 ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four weeks ended July 27, 2005 (In thousands) Net sales $732,906 Cost of sales 548,432 ------------ Gross profit on sales 184,474 Other operating and administrative expenses 217,038 Restructuring gains (40) Operating loss (32,524) Interest expense, net 1,708 ------------ Loss before reorganization items and income taxes (34,232) Reorganization items, net 4,263 ------------ Loss before income taxes (38,495) Income tax expense - ------------ NET LOSS ($38,495) ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four weeks ended July 27, 2005 (In thousands) Cash flows from operating activities: Net loss ($38,495) Adjustments to reconcile net loss to net cash used in operating activities: Gain on sales of assets, net (45) Reorganization items, net (4,263) Depreciation and amortization 10,734 Stock compensation plans 900 Change in operating assets and liabilities: Trade and other receivables (11,093) Merchandise inventories 54,071 Prepaid expenses and other current assets (13,041) Accounts payable (290) Reserve for self-insurance liabilities (496) Lease liability on closed facilities (1,246) Income taxes receivable 176 Defined benefit plan (63) Other accrued expenses 1,186 Net cash provided by operating activities before reorganization items (1,965) Cash effect of reorganization items (2,356) ------------ Net cash used in operating activities (4,321) Cash flows from investing activities: Purchases of property, plant and equipment (723) Decrease in investments and other assets 5,869 Proceeds from sales of assets 226 Marketable securities, net 36 ------------ Net cash provided by investing activities 5,408 Cash flows from financing activities: Gross borrowings on DIP Credit Facility 191,443 Gross repayments on DIP Credit Facility (195,921) Debt issuance costs (120) Principal payments on capital lease obligations (271) Other (118) ------------ Net cash used in financing activities (4,987) Decrease in cash and cash equivalents (3,900) Cash and cash equivalents at beginning of period 62,141 ------------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $58,241 ============ 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. 22; 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. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. 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