/raid1/www/Hosts/bankrupt/TCR_Public/051001.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, October 1, 2005, Vol. 9, No. 233
Headlines
ENTERGY NEW ORLEANS: Balance Sheet as of June 30, 2005
FEDERAL-MOGUL: Posts $13.7 Million Net Loss in August 2005
FRESH CHOICE: Posts $101,124 Net Loss for Period Ended Sept. 4
INTERMET CORP: Posts $4.5 Million Net Loss in August 2005
KUSHNER-LOCKE: Releases June 2005 Monthly Operating Reports
KUSHNER-LOCKE: Releases July 2005 Monthly Operating Reports
MERIDIAN AUTMOTIVE: Posts $6.3 Million Net Loss in August 2005
SOUTHERN INVESTORS: Posts $27,582 Net Loss for August 2005
WINN-DIXIE: Posts $164 Mil. Net Loss for the Period Ended Aug. 24
*********
ENTERGY NEW ORLEANS: Balance Sheet as of June 30, 2005
------------------------------------------------------
ENTERGY NEW ORLEANS, INC.
BALANCE SHEET
As of June 30, 2005
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $1,640,000
Temporary cash investments - at cost,
which approximates market 6,418,000
------------
Total cash and cash equivalents 8,058,000
------------
Accounts receivable:
Customer 40,156,000
Allowance for doubtful accounts (3,444,000)
Associated companies 9,355,000
Other 5,691,000
Accrued unbilled revenues 38,721,000
------------
Total accounts receivable 90,479,000
------------
Deferred fuel costs 23,396,000
Fuel inventory - at average cost -
Materials and supplies - at average cost 9,468,000
Prepayments and other 8,685,000
------------
TOTAL 140,086,000
------------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 3,259,000
------------
UTILITY PLANT
Electric 717,279,000
Natural gas 192,759,000
Construction work in progress 25,315,000
------------
TOTAL UTILITY PLANT 935,353,000
Less - accumulated depreciation & amortization 448,562,000
------------
UTILITY PLANT - NET 486,791,000
------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets 37,101,000
Long term receivables 1,812,000
Other 21,629,000
------------
TOTAL 60,542,000
------------
TOTAL ASSETS $690,678,000
============
CURRENT LIABILITIES
Currently maturing long-term debt $30,000,000
Accounts payable:
Associated companies 30,807,000
Other 30,682,000
Customer deposits 18,005,000
Taxes accrued 2,219,000
Accumulated deferred income taxes 7,546,000
Interest accrued 4,354,000
Energy Efficiency Program provision 6,776,000
Other 2,696,000
------------
TOTAL 133,085,000
------------
NON-CURRENT LIABILITIES
Accumulated deferred income taxes
and taxes accrued 52,582,000
Accumulated deferred investment tax credits 3,782,000
SFAS 109 regulatory liability - net 45,300,000
Accumulated provisions 9,006,000
Pension liability 26,890,000
Long-term debt 229,910,000
Other 3,853,000
------------
TOTAL LIABILITIES 371,323,000
------------
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780,000
Common stock, $4 par value,
authorized 10,000,000 shares;
issued and outstanding 8,435,900
shares in 2005 and 2004 33,744,000
Paid-in capital 36,294,000
Retained earnings 96,452,000
------------
TOTAL SHAREHOLDERS' EQUITY 186,270,000
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $690,678,000
============
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed total assets of
$703,197,000 and total debts of $610,421,000. (Entergy New
Orleans Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Posts $13.7 Million Net Loss in August 2005
----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of August 31, 2005
(In millions)
Assets
Cash and equivalents $426.8
Accounts receivable 578.7
Inventories 474.0
Deferred taxes 181.4
Prepaid expenses and other current assets 102.8
----------
Total current assets 1,763.6
Summary of Unpaid Postpetition Debits (66.5)
Intercompany Loans Receivable (Payable) 2,526.9
----------
Intercompany Balances 2,460.4
Property, plant and equipment 969.6
Goodwill 1,011.9
Other intangible assets 426.8
Insurance recoverable 807.0
Other non-current assets 977.3
----------
Total Assets $8,416.6
==========
Liabilities and Shareholders' Equity
Short-term debt $319.0
Accounts payable 191.6
Accrued compensation 65.5
Restructuring and rationalization reserves 10.0
Current portion of asbestos liability -
Interest payable 1.5
Other accrued liabilities 278.7
----------
Total current liabilities 866.3
Long-term debt -
Post-employment benefits 1,944.9
Other accrued liabilities 946.6
Liabilities subject to compromise 5,996.9
Shareholders' equity:
Preferred stock 1,050.6
Common stock 565.8
Additional paid-in capital 8,022.7
Accumulated deficit (9,795.1)
Accumulated other comprehensive income (1,184.0)
Other -
----------
Total Shareholders' Equity (1,340.1)
----------
Total Liabilities and Shareholders' Equity $8,416.6
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended August 31, 2005
(In millions)
Net sales $287.9
Cost of products sold 240.3
----------
Gross margin 47.7
Selling, general & administrative expenses (49.5)
Amortization (1.2)
Reorganization items (10.0)
Interest income (expense), net (12.0)
Other income (expense), net 13.3
----------
Earnings before Income Taxes (11.7)
Income Tax (Expense) Benefit (2.0)
----------
Earnings before effect of change in acctg principle (13.7)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($13.7)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended August 31, 2005
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($13.7)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 13.8
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 (0.3)
Decrease/(increase) in accounts receivable 7.0
Decrease/(increase) in inventories 8.3
Increase/(decrease) in accounts payable (5.0)
Change in other assets and other liabilities 13.6
Change in restructuring charge 0.0
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 23.8
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (5.7)
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 (5.7)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (14.0)
Sale of accounts receivable under securitization -
Dividends -
Other 9.9
----------
Net Cash Provided From Financing Activities (4.1)
Increase (Decrease) in Cash and Equivalents 14.0
Cash and equivalents at beginning of period 412.7
----------
Cash and equivalents at end of period $426.8
==========
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. 93;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FRESH CHOICE: Posts $101,124 Net Loss for Period Ended Sept. 4
--------------------------------------------------------------
On Sept. 23, 2005, Fresh Choice, Inc., filed its monthly operating
report for the four-week period ended Sept. 4, 2005, with the
United States Bankruptcy Court for the Northern District of
California.
The Company reported a $101,124 net loss in $4,394,470 of gross
sales for the four-week period ended Sept. 4, 2005.
At Sept. 4, 2005, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $3,237,125
Total Assets 17,321,958
Current Liabilities 6,373,752
Total Prepetition Liabilities 10,885,593
Total Liabilities 18,732,915
Total Stockholders' Equity Deficit ($1,410,957)
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the four-week period ended Sept. 4, 2005, is available at no
charge at http://ResearchArchives.com/t/s?203
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.
INTERMET CORP: Posts $4.5 Million Net Loss in August 2005
---------------------------------------------------------
On Sept. 23, 2005, Intermet Corporation and its debtor-affiliates
delivered their August 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.
For the month ending Aug. 31, 2005, Intermet Corporation reported
a net loss of $4,516,000 against $52,495,000 of net sales.
At Aug. 31, 2005, Intermet's balance sheet showed:
Current Assets $147,974,000
Total Assets 429,550,000
Postpetition Debts 28,452,000
Total Liabilities 601,451,000
Total Stockholders' Equity Deficit ($171,901,000)
A full-text copy of Intermet Corporation and its debtor-
affiliates' August 2005 Monthly Operating Report is available at
no charge at http://ResearchArchives.com/t/s?202
Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/-- provides machining and tooling
services for the automotive and industrial markets specializing in
the design and manufacture of highly engineered, cast automotive
components for the global light truck, passenger car, light
vehicle and heavy-duty vehicle markets. Intermet, along with its
debtor-affiliates, filed for chapter 11 protection on Sept. 29,
2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614).
Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represents
the Debtors. When the Debtors filed for protection from their
creditors, they listed $735,821,000 in total assets and
$592,816,000 in total debts.
KUSHNER-LOCKE: Releases June 2005 Monthly Operating Reports
-----------------------------------------------------------
On Sept. 20, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited June 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California, Los Angeles Division.
For the month ending June 30, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 68,036
Total Non-Operating Expenses 118,101
Net Income (Loss) ($186,137)
For the period from June 1, 2005 through June 30, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,972,571 $60,445
Total Receipts 372,967 200,000
Total Disbursements 200,000 186,137
Ending Balance $2,145,538 $74,307
Full-text copies of The Kushner-Locke Company's June 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?1cd
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?1ce
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
KUSHNER-LOCKE: Releases July 2005 Monthly Operating Reports
-----------------------------------------------------------
On Sept. 20, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited July 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California.
For the month ending July 31, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 61,654
Total Non-Operating Expenses 0
Net Income (Loss) ($61,654)
For the period from July 1, 2005 through July 31, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $2,145,538 $74,307
Total Receipts 56,679 60,000
Total Disbursements 60,000 61,512
Ending Balance $2,142,217 $72,796
Full-text copies of The Kushner-Locke Company's July 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?1cf
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?1d0
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
MERIDIAN AUTMOTIVE: Posts $6.3 Million Net Loss in August 2005
--------------------------------------------------------------
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of August 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $129,232
Intercompany receivable 16,086
Inventories 74,941
Tooling costs in excess of billings and others 23,269
----------
TOTAL CURRENT ASSETS 243,528
----------
Property, plant and equipment, net 237,463
Intangible assets 15,603
Investment in subsidiaries 23,863
Other assets 19,042
----------
TOTAL ASSETS $539,499
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $286,952
Accounts payable 36,373
Accrued expenses 48,774
Tooling billings in excess of costs 10,535
----------
TOTAL CURENT LIABILITIES 382,634
----------
Liabilities subject to comprise 458,716
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, less current portion 31,822
Other long-term liabilities 16,366
Accumulated post-retirement benefit obligation 16,138
----------
TOTAL LIABILITIES 905,676
STOCKHOLDERS' EQUITY (366,177)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $539,499
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
August 1 to 31, 2005
(In Thousands)
Net sales $82,803
Cost of sales 75,510
----------
Gross profit 7,293
Selling, general and administrative expenses 2,378
Restructuring charges 248
----------
Operating income 4,667
Interest expense, net 7,492
Other income (expense) 21
Chapter 11 and related reorganization items 3,462
----------
Loss before provision for income taxes (6,266)
Provision for income taxes 29
----------
NET LOSS ($6,295)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
August 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($6,295)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 3,893
Change in working capital and other operating
items (14,027)
----------
Net cash provided by operating activities
before reorganization items (16,429)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 3,462
Payments on Chapter 11 and related reorg items (100)
----------
Net cash provided by Chapter 11 and related
reorg items 3,362
Net cash used for operating activities (13,067)
INVESTING ACTIVITIES:
Additions to property and equipment (5,090)
Proceeds from sale or property and equipment -
----------
Net cash used for investing activities (5,090)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 46,400
Repayments of DIP credit facility (28,200)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (43)
----------
Net cash provided by financing activities 18,157
----------
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. 15; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
SOUTHERN INVESTORS: Posts $27,582 Net Loss for August 2005
----------------------------------------------------------
On Sept. 19, 2005, Southern Investors Service Company, Inc., filed
its monthly operating report for August 2005 with the U.S.
Bankruptcy Court for Southern District of Texas.
Southern Investors reports a net loss of $27,582 on $0 revenues
for the month of August 2005.
At Aug. 31, 2005, Southern Investors' balance sheet reflects:
Current Assets $2,702,979
Total Assets 2,702,979
Post-Petition Liabilities 81,812
Pre-Petition Liabilities 8,636,056
Total Liabilities 8,717,868
Total Owner's Deficit ($6,014,889)
A full-text copy of Southern Investors' monthly operating report
for the month of August 2005 is available at no charge at:
http://ResearchArchives.com/t/s?1d2
Headquartered in Houston, Texas, Southern Investors Service
Company, Inc., manages residential developments and office
buildings that are owned by others. The Company filed for chapter
11 protection on April 8, 2005. (Bankr. S.D. Tx. Case No. 05-
35538). Basil A. Umari, Esq. of Andrews & Kurth LLP, represents
the Debtors in their restructuring efforts. When the Debtors
filed for protection from their creditors, they reported assets of
$2,377,000 and Debts totaling $8,607,000.
WINN-DIXIE: Posts $164 Mil. Net Loss for the Period Ended Aug. 24
-----------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At August 24, 2005
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $55,135
Marketable securities 19,706
Trade and other receivables, net 248,317
Insurance claims receivable 8,656
Income tax receivable 30,084
Merchandise inventories, less LIFO reserve 580,445
Prepaid expenses and other current assets 83,481
------------
Total current assets 1,025,824
Property, plant and equipment, net 650,058
Other assets, net 107,067
------------
TOTAL ASSETS $1,782,949
============
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $214
Current obligations under capital leases 4,715
Accounts payable 90,596
Reserve for self-insurance liabilities 78,663
Accrued wages and salaries 97,803
Accrued rent 31,390
Accrued expenses 91,769
------------
Total current liabilities 395,150
Reserve for self-insurance liabilities 141,314
Long-term debt 359
Long-term borrowings under DIP Credit Facility 96,475
Obligations under capital leases 8,622
Other liabilities 16,483
------------
Total liabilities not subject to compromise 658,403
Liabilities subject to compromise 1,241,951
------------
Total liabilities 1,900,354
Shareholders' equity:
Common stock 141,863
Additional paid-in-capital 33,807
Retained deficit (255,446)
Accumulated other comprehensive loss (37,629)
------------
Total shareholders' equity (117,405)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,782,949
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four weeks ended August 24, 2005
(In thousands)
Net sales $550,842
Cost of sales 411,053
------------
Gross profit on sales 139,789
Other operating and administrative expenses 161,070
Restructuring charges 15
------------
Operating loss (21,296)
Interest expense, net 1,532
------------
Loss before reorganization items and income taxes (22,828)
Reorganization items, net (1,157)
Income tax expense -
------------
Net loss from continuing operations (21,671)
Discontinued operations:
Loss from discontinued operations (62,221)
Loss on disposal of discontinued operations (80,526)
Income tax expense -
------------
Net loss from discontinued operations (142,747)
------------
NET LOSS ($164,418)
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four weeks ended August 24, 2005
(In thousands)
Cash flows from operating activities:
Net loss ($164,418)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Gain on sales of assets, net (37,578)
Reorganization items, net 1,157
Depreciation and amortization 13,765
Stock compensation plans 897
Change in operating assets and liabilities:
Trade and other receivables (30,432)
Merchandise inventories 163,898
Prepaid expenses and other current assets 15,726
Accounts payable (16,169)
Reserve for self-insurance liabilities 940
Lease liability on closed facilities 138,170
Income taxes receivable 659
Defined benefit plan (487)
Other accrued expenses 20,371
------------
Net cash provided by operating activities
before reorganization items 106,499
Cash effect of reorganization items (5,383)
------------
Net cash provided by operating activities 101,116
Cash flows from investing activities:
Purchases of property, plant and equipment (1,412)
Increase in investments and other assets (3,662)
Proceeds from sales of assets 45,046
Marketable securities, net 188
------------
Net cash provided by investing activities 40,160
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 96,899
Gross repayments on DIP Credit Facility (240,949)
Principal payments on long-term debt (17)
Debt issuance costs (105)
Principal payments on capital lease obligations (289)
Other 79
------------
Net cash used in financing activities (144,382)
Decrease in cash and cash equivalents (3,106)
Cash and cash equivalents at beginning of period 58,241
------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $55,135
============
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. 23; 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
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however, be complete or accurate. The Monday Bond Pricing table
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Each Tuesday edition of the TCR contains a list of companies with
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liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***