/raid1/www/Hosts/bankrupt/TCR_Public/051119.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, November 19, 2005, Vol. 9, No. 275
Headlines
ALLIED HOLDINGS: Posts $4.1 Million Net Loss in September 2005
ALLIED HOLDINGS: CT Services Inc.'s Schedules of Assets and Debts
ALLIED HOLDINGS: F.J. Boutell's Schedules of Assets and Debts
ALLIED HOLDINGS: GACS Inc.'s Schedules of Assets and Liabilities
ALLIED HOLDINGS: QAT Inc.'s Schedules of Assets and Liabilities
ALLIED HOLDINGS: Terminal Services' Schedules of Assets and Debts
ALLIED HOLDINGS: Transport Support's Schedules of Assets & Debts
CATHOLIC CHURCH: Tucson's September 2005 Monthly Operating Report
ENTERGY NEW ORLEANS: Posts $424,000 Net Loss in September 2005
ENTERGY NEW ORLEANS: Files Schedules of Assets and Liabilities
FGI GROUP: Files Monthly Operating Report for October 2005
FOOTSTAR INC: Posts $7.1 Million Net Loss for Period Ended Oct. 1
KAISER ALUMINUM: Earns $5.4 Million for the Month Ending Sept. 30
SOLUTIA INC: Files Amended Monthly Operating Report for September
TERAFORCE TECH: Posts $243,379 Net Loss in September 2005
TOWER AUTOMOTIVE: Posts $16 Million Net Loss in September 2005
TRIGEM COMPUTER: Balance Sheet as of September 2004
USG CORP: Earns $53.3 Million of Net Income in September 2005
XYBERNAUT CORP: Posts $527,692 Net Loss in September 2005
*********
ALLIED HOLDINGS: Posts $4.1 Million Net Loss in September 2005
--------------------------------------------------------------
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of September 30, 2005
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $1,232
Receivables, net 53,474
Related party receivables 12,058
Inventories 5,041
Deferred income taxes 4,021
Prepayments and other current assets 22,075
---------
Total current assets 97,901
Property and equipment, net 121,821
Goodwill, net 3,938
Other noncurrent assets 36,454
Investment in related parties 31,488
---------
TOTAL ASSETS $291,602
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise:
Borrowings under revolving credit 41,517
Accounts and notes payable 16,815
Accrued liabilities 54,626
---------
Total current liabilities 112,958
Long-term liabilities not subject to compromise:
Long-term debt 100,000
Postretirement benefits 4,763
Deferred income taxes 3,989
Other long-term liabilities 21,704
---------
Total long-term liabilities 130,456
Liabilities subject to compromise 186,329
Stockholders' Deficit (138,141)
---------
Total liabilities and stockholders' deficit $291,602
=========
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended September 30, 2005
(In Thousands)
Revenues $77,625
Operating Expenses:
Salaries, wages 42,493
Operating supplies and expenses 16,272
Purchased transportation 9,896
Insurance and claims 3,594
Operating taxes and licenses 2,567
Depreciation and amortization 2,193
Rents 555
Communications and utilities 415
Other operating expenses 659
Gain on disposal of operating assets, net (31)
---------
Total operating expenses 78,613
---------
Operating (loss) income (988)
Other income (expense):
Interest expense (2,389)
Investment income 8
Foreign exchange gain, net 662
---------
(1,719)
---------
(Loss) Income before reorganization
item and income taxes (2,707)
Reorganization items (1,383)
---------
Loss before income taxes (4,090)
Income tax expense (19)
---------
NET LOSS ($4,109)
=========
The Debtors report that certain operating expense categories in
the statement of operations for the month ended August 31, 2005,
have been reclassified to conform to the classification and
presentation in the statement of operations for the month ended
September 30, 2005.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case No. 05-12515). Jeffrey W. Kelley, Esq., at Troutman Sanders,
LLP, represents the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: CT Services Inc.'s Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank accounts 49,475
B.15 Accounts receivable 2,978,589
B.17 Other liquidated debts owed
Alabama Corp. Franchise Tax Prepayment 110
Colorado Corp. Franchise Tax Prepayment 1,586
Florida Corp. Franchise Tax Prepayment 5,900
Georgia Corp. Franchise Tax Prepayment 1,500
Illinois Corp. Franchise Tax Prepayment 1,011
Louisiana Corp. Franchise Tax Prepayment 4,399
Maryland Corp. Franchise Tax Prepayment 6,338
Massachusetts Corp. Franchise Tax Prepayment 997
Michigan Single Business Tax Prepayment 15,085
New Jersey Corp. Franchise Tax Prepayment 17,400
New Mexico Corp. Franchise Tax Prepayment 50
Ohio Corporate Franchise Tax Prepayment 4,878
Texas Corporate Franchise Tax Prepayment 300
B.23 Automobiles 172,040
B.26 Office equipment and supplies 315,882
B.33 Other personal property
Software 5,413
Intercompany receivables 4,942,149
Leasehold Improvements 90,753
TOTAL SCHEDULED ASSETS $8,613,855
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured priority claims
Rick Wiley 11,460
Marty Biegler 4,500
Florida Dept. of Labor 5,158
Internal Revenue Service, Texas 3,941
Michigan Department of State 3,930
Michigan Dept. of Treasury 5,608
Washington State Dept. of Revenue 2,065
Virginia Dept. of Taxation 2,955
State of New Jersey 2,290
Treasurer of State of Ohio 2,021
Others 25,572
F. Unsecured non-priority claims
20 Oak Hollow Ltd., Partnership 28,716
Auction Transport of N.Y., Inc. 12,380
Axis Group, Inc. 822,236
Axis North America 32,168
Country Service, Inc. 18,955
Daimler Chrysler Motors 15,529
Delaware Otsego Corp., NYS & W 32,841
Elan Financial Services 50,000
Florida East Coast Railway Co. 31,757
Ford Motor Credit Co. - Michigan 24,721
Green's Auto Transport 14,620
Hertz Corporation 22,266
KIA Motors of America 30,000
Michigan Department of Treasury 14,000
Miles & Miles Auto Transport 19,453
MMA Service Corp. 10,417
Nusoft Solutions 78,981
Rita P. Hutchinson 10,866
Shamrock Auto Transport, Inc. 12,349
Terminal Services, LLC 12,989
Others 126,205
TOTAL SCHEDULED LIABILITIES $1,490,947
===========
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case No. 05-12515). Jeffrey W. Kelley, Esq., at Troutman Sanders,
LLP, represents the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: F.J. Boutell's Schedules of Assets and Debts
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.2 Bank accounts $9,263
B.15 Accounts receivable 1,452,939
B.17 Other liquidated debts owed 30
B.23 Automobiles 55,300
B.33 Other personal property 213,759
TOTAL SCHEDULED ASSETS $1,731,291
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured priority claims
Kentucky State Treasurer 30
South Carolina Dept. of Revenue 25
F. Unsecured non-priority claims
Allied Holdings, Inc. 15,562,441
Allied Systems, Ltd. 68,285
Secretary of State Rhode Island 50
Indiana Secretary of State 120
Ford Motor Company 7,107
TOTAL SCHEDULED LIABILITIES $15,638,058
============
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case No. 05-12515). Jeffrey W. Kelley, Esq., at Troutman Sanders,
LLP, represents the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: GACS Inc.'s Schedules of Assets and Liabilities
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.12 Stock interests 916,013
B.17 Other liquidated debts owed 10
B.33 Other personal property 115,295
TOTAL SCHEDULED ASSETS $1,031,318
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured priority claims
F. Unsecured non-priority claims 250,002
TOTAL SCHEDULED LIABILITIES $250,002
=========
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case No. 05-12515). Jeffrey W. Kelley, Esq., at Troutman Sanders,
LLP, represents the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: QAT Inc.'s Schedules of Assets and Liabilities
---------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.3 Security Deposits 3,300
B.17 Other liquidated debts owed
Georgia Corporate Franchise Tax Prepayment 822
Louisiana Corporate Franchise Tax Prepayment 20
Michigan Single Business Tax Prepayment 30,125
Ohio Corporate Franchise Tax Prepayment 2,468
Massachusetts Corp. Franchise Tax Prepayment 8,415
Tennessee Corporate Franchise Tax Prepayment 5,839
South Carolina Corp. Franchise Tax Prepayment 55
Virginia Corporate Franchise Tax Prepayment 5,636
Wisconsin Corporate Franchise Tax Prepayment 210
B.23 Automobiles
Trailers 146,000
Tractors 514,000
B.33 Other personal property
Software -- Field Imaging Software 362
Data Processing Equipment 394
Intercompany Receivables 351,560
TOTAL SCHEDULED ASSETS $1,069,205
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured priority claims
State of Michigan Treasury Department 16,000
Louisiana Dept. of Revenue 14
Michigan Dept. of Treasury 355
New York State Corp. Tax 425
West Virginia State Tax 50
F. Unsecured non-priority claims
Allied Automotive Group, Inc. 178,933
Allied Holdings, Inc. 813,148
Complete Personnel Logistics, Inc. 61,139
Complete Personnel Logistics, Inc. 101,306
Volvo Action Service 9,500
Others 23,395
TOTAL SCHEDULED LIABILITIES $1,204,265
===========
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case No. 05-12515). Jeffrey W. Kelley, Esq., at Troutman Sanders,
LLP, represents the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Terminal Services' Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.3 Security Deposits 108,576
B.15 Accounts receivable 627,323
B.23 Automobiles 17,315
B.26 Office equipment and supplies 9,065
B.27 Machinery, furniture and fixtures
Shop equipment - Renton Washington 7,141
Parts and supplies 44,533
B.33 Other personal property
Intercompany receivables 2,827,587
Leasehold improvements 58,463
TOTAL SCHEDULED ASSETS $3,700,003
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured priority claims
Employment Sec. Department 658
Employment Sec. Department 3,179
Internal Revenue Service 696
Internal Revenue Service 52
Utah Dept. of Workforce Services 246
Washington State Dept. of Revenue 1,570
Washington State Workers 12,485
Wisconsin Dept. of Revenue 272
F. Unsecured non-priority claims
Allied Systems, Ltd 15,588
BNSF 7,230
Daimler Chrysler 11,088
Day Reliable 8,141
Hunt Enterprises 123,142
Platt Security Inc. 21,018
Union Pacific Railroad 27,102
Others 41,445
TOTAL SCHEDULED LIABILITIES $273,911
=========
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case No. 05-12515). Jeffrey W. Kelley, Esq., at Troutman Sanders,
LLP, represents the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Transport Support's Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.15 Accounts Receivable 1,366,271
B.17 Other liquidated debts owed
Alabama Corporate Franchise Tax Prepayment 110
Georgia Corporate Franchise Tax Refund 80
New York Corporate Franchise Tax Refund 375
B.23 Vehicles 10,600
B.33 Other Personal Property
Leasehold improvements 0
Software - Field Imaging Software 362
Data Processing Equipment 5,628
Intercompany Receivables 2,895,373
Prepayment 61,159
TOTAL SCHEDULED ASSETS $4,339,957
===========
C. Property Claimed as Exempt $0
D. Secured Claim 0
E. Unsecured Priority Claims
Florida Department of Labor 12,021
Internal Revenue Service 78,625
Michigan Dept. of Treasury 11,748
Ohio Department of Taxation 10,189
State of Michigan 34,206
Others 41,338
F. Unsecured Non-priority Claims
Allied Automotive Group 930,561
Allied Freight Broker 1,531,915
Allied Holdings, Inc. 31,133,885
Others 132,434
TOTAL SCHEDULED LIABILITIES $33,916,920
============
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case No. 05-12515). Jeffrey W. Kelley, Esq., at Troutman Sanders,
LLP, represents the Debtors in their restructuring efforts. When
the Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts. (Allied
Holdings Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Tucson's September 2005 Monthly Operating Report
-----------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of September 30, 2005
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 3,857,885 3,379,228
Cash Equivalents 5,072,600 3,733,872
Accounts receivable, net 1,596,762 1,596,762
Allowance for doubtful accounts (1,224,906) (1,224,906)
Grants receivable 182,500 182,500
Pledges receivable 6,000 6,000
A/R held in trust for others 63,782 0
Due from administered funds 148,490 148,490
Prepaid expenses & other assets 102,115 102,115
Investments in businesses 3,696,627 3,446,627
Corp. & Gov't. bond investments 250,000 200,000
Investment in BPIC 80,850 80,850
Notes receivable, net 2,058,547 282,105
Allowance for doubtful
notes receivable (323,878) 0
Assets securing 2002 settlement 3,009,157 3,009,157
Construction in progress 48,867 48,867
Land, buildings, and equipment 223,281 223,281
Land held for future parish sites 0 0
-------------- --------------
$18,850,179 $15,216,448
============== ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 1,172,872 1,172,872
Accounts payable - pre 39,279 39,279
Accrued expenses - post 155,225 155,225
Accrued expenses - pre 157,682 157,682
Interfunds payable 148,490 0
Accrued insurance claims 261,704 261,704
Deferred revenue 0 0
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured long-term debt - post 200,000 200,000
Unrestricted parish deposits 4,963,940 4,962,867
Restricted parish deposits 2,715,056 0
Secured long-term debt 2,720,027 2,720,027
Custodial funds 769,112 0
-------------- --------------
Total Liabilities 15,364,842 11,731,111
-------------- --------------
Net Assets:
Unrestricted/temporarily
restricted 1,576,449 1,576,449
Permanently restricted 1,908,888 1,908,888
-------------- --------------
Total liabilities & net assets $18,850,179 $15,216,448
============== ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
September 1, 2005 through September 30, 2005
Revenues
Contributions, grants and bequests $1,461,532
Chancery assessment 117,386
Priests salary subsidy 15,424
Fees for services 69,923
Advertising revenue 7,321
Retreat fees 21,250
Rental Income 3,261
Insurance 285,950
Investment Income 52,497
Gain/(loss) on assets sold (27,596)
Miscellaneous 1,192
--------------
Total Support & Revenue 2,008,140
Expense
Program Services:
Archives 1,588
Catholic Commitments & Social Services 0
Evangelization & Hispanic Ministry 5,973
Catechesis Office 8,056
Formation Office 9,106
Department of Catholic Schools 57,708
Clergy, religious & seminarian advancement 157,502
Parish Assistance 27,253
Catholic Social Mission 4,332
Supporting Services:
Office of Bishop Emeritus 5,959
Offices of the Bishop, et al. 26,736
Office of Women Religious 1,251
General & Administrative 57,021
Fiscal & Employee Services 42,803
Office of Child, Adolescent, et al. Protection 9,384
Communications & Community Relations 15,627
Property Management 12,313
Insurance Administration 35,073
Reorganization 2,552,759
Imputed interest on settlement 15,046
Provision for doubtful accounts 4,167
Depreciation 3,487
--------------
Total Expenses 3,053,144
--------------
Excess (deficiency) of revenues over expenses ($1,045,004)
==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
September 1, 2005 through September 30, 2005
Cash and Bank Balance:
Beginning of Month $5,585,230
Receipts
Cash Sales 1,654,555
Accounts Receivable -- Prepetition 0
Accounts Receivable -- Postpetition 642,955
Interest 19,216
Sale of Assets 125,000
Insurance & Parish Contributions 16,900,000
Transfers in from other accounts 19,494,155
Other -- Custodial Funds 8
Other -- Payroll Reimbursements 0
Credit Adjustments 0
--------------
Total Receipts 38,835,888
Disbursements:
Business -- Ordinary Operations 1,920,385
Capital Improvements 0
Prepetition Debt 0
Transfers to other DIP Accounts 19,494,155
Other -- Custodial Funds 4,051
Other -- TRF to Wells Fargo Investment 0
Other -- Payroll Reimbursement 0
Reorganization Expenses:
Attorney Fees 264,127
Accountant Fees 7,805
Transfer to Settlement Pool 19,351,366
Other (Advertising) 0
U.S. Trustee Quarterly Fee 0
Court Costs 0
--------------
Total Disbursements 41,041,889
--------------
Cash & Bank Balance -- End of Month $3,379,228
==============
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. 46
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ENTERGY NEW ORLEANS: Posts $424,000 Net Loss in September 2005
--------------------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of September 30, 2005
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $46,686
Temporary cash investments -
-----------
Total cash and cash equivalents 46,686
Accounts receivable
Customer 74,165
Allowance for doubtful accounts (18,621)
Associated companies 6,864
Other 7,683
Accrued unbilled revenues 48,626
-----------
Total accounts receivable 118,717
Deferred fuel costs 41,257
Fuel inventory - at average cost 6,997
Materials and supplies 9,322
Prepayments and other 21,249
-----------
Total current assets 24,4228
Other Property and Investments
Investment in affiliates - at equity 3,259
Non-utility property at cost, net 1,107
-----------
Total other property and investments 4,366
Utility Plant
Electric 696,538
Natural gas 195,779
Construction work in progress 207,754
-----------
Total Utility Plant 1,100,071
Less - accumulated depreciation and amortization 434,471
-----------
Utility plant - net 665,600
Deferred Debits and Other Assets
Regulatory assets 135,592
Long term receivables 1,812
Other 20,621
-----------
Total deferred debits and other assets 158,025
-----------
TOTAL ASSETS $1,072,219
===========
LIABILITIES
Current Liabilities:
Currently Maturing long-term debt -
DIP credit facility $60,000
Notes payable 15,000
Accounts payable:
Associated companies -
Other 259,267
Customer deposits 18,379
Taxes accrued -
Accumulated deferred income taxes 14,128
Interest accrued 816
Energy Efficiency Program provision 6,871
Other 1,889
-----------
Total current liabilities not subject to compromise 376,350
Non-current Liabilities:
Accumulated deferred income taxes & taxes accrued 77,699
Accumulated deferred investment tax credits 3,676
SFAS 109 regulatory liability - net 45,128
Other regulatory liabilities 12,253
Accumulated provisions 2,119
Pension liability 26,151
Long-term debt -
Other 4,326
-----------
Total non-current liabilities
not subject to compromise 171,352
Liabilities subject to compromise 335,530
-----------
Total Liabilities 883,232
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings 99,169
-----------
Total shareholders equity 188,987
-----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,072,219
===========
Entergy New Orleans, Inc.
Statement of Operations
September 23 to 30, 2005
(in thousands)
Operating revenues:
Domestic electric $6,029
Natural gas 724
-----------
Total operating revenues 6,753
Operating Expenses:
Operation and maintenance
Fuel 378
Purchased power 4,547
Other operation and maintenance 1,335
Taxes other than income taxes 471
Depreciation and amortization 760
Other regulatory charges (credits) - net 19
-----------
Total operating expenses 7,510
-----------
Operating Income (757)
Other income:
Allowance for equity funds used
during construction 25
Interest and dividend income 69
Miscellaneous - net (11)
-----------
Total other income 83
Interest and other charges:
Interest on long-term debt 287
Other interest-net 80
Allowance for borrowed funds used
during construction (19)
-----------
Total 348
-----------
Loss before income taxes (1,022)
Income taxes (598)
-----------
Net loss ($424)
===========
Entergy New Orleans, Inc.
Cash Receipts and Disbursements Statement
September 23 to 30, 2005
(in thousands)
Cash receipts $63,097,167
Cash disbursements (31,966,385)
-----------
Net cash flow 31,130,782
-----------
Ending cash balance $46,685,605
===========
The Debtor discloses that the Cash Disbursement has been
adjusted. The amount is now $31,130,782, less inter-account
transfers and fees paid to the United States Trustee.
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. 5; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ENTERGY NEW ORLEANS: Files Schedules of Assets and Liabilities
--------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Deposit - Row Transmission 10,000
Working Funds 3,935
B.2 Bank Accounts
Hibernia National Bank (No. 01701521) 13,628,179
Hibernia National Bank (No. 81233818) 1,728,397
Hibernia National Bank (No. 882390594) 218,500
Hibernia National Bank (No. 812382799) 910
Hibernia National Bank (No. 800105803) 102,473
Liberty Bank & Trust New Orleans 100,000
B.3 Security Deposits 405,432
B.4 Household goods 0
B.5 Collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies 1,570,730
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests 2,600
B.13 Interests in partnerships or joint venture 0
B.14 Government and Corporate Bonds 0
B.15 Accounts Receivable
Residential customers 32,594,214
Commercial customers 17,846,782
Industrial customers 3,625,812
Government customers 9,479,424
Miscellaneous customers 10,618,672
Notes receivable -- System Fuels 3,526,000
Entergy Gulf States 542,743
Entergy Louisiana 1,559,503
Entergy Mississippi 271
Entergy Services 2,246,754
System Fuels 84,610
Entergy Technology Company 3,555
B.16 Alimony 0
B.17 Other liquidated debts owed N.A.
B.18 Equitable and future interests N.A.
B.19 Contingent interests N.A.
B.20 Other Contingent & Unliquidated Claims
ELI and ENOI v. Greenwich Insurance Co. 31,404
ENOI v. Cox Communications New Orleans 2,000,000
ELI and ENOI v. American Motorists Ins. unknown
Insurance claims (Hurricane Katrina) unknown
B.21 Intellectual Property 0
B.22 General Intangibles 0
B.23 Vehicles 1,768,573
B.24 Boats, motors and accessories 0
B.25 Aircraft and accessories 0
B.26 Office Equipment
Office furniture and equipment 962,920
Office furniture -- Gas Plant 116,941
Information Systems Gas Plant 971,938
Information Systems 8,016,610
Data handling equipment 73,133
Data handling equipment-Gas Plant 50,045
Common Equipment -- Gas Plant 447,738
Miscellaneous Common Equipment 656,798
Miscellaneous Equipment 317,474
Miscellaneous Equip. -- Gas Plant 29,755
5Yr. Life - Intangibles 13,236,788
10Yr. Life - Intangibles 3,008,758
15Yr. Life - Intangibles 11,693,444
5Yr. Life - Intangibles 12,239,101
B.27 Machinery
Stores equipment 8,864
Stores equipment -- Gas Plant 70,747
Tools, shop & garage equipment 1,647,221
Tools, shop & garage equip. -- Gas 913,951
Laboratory Equipment 588,531
Lab. Equipment -- Gas Plant 24,377
Common & Microwave Equipment 750,456
B.28 Inventory
InveMaterials and supplies 9,321,721
InveGas stored underground 6,997,217
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other Personal Property
Prepaid taxes 3,416,526
Prepaid dues to Edison Elec. Inst. 18,190
Interest and dividends receivable 4,260
Asset from risk management 8,748,615
Deferred Fuel 41,256,566
Accrued unbilled revenues 48,626,348
TOTAL SCHEDULED ASSETS $277,914,506
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
Hibernia National Bank 15,000,000
The Bank of New York 25,000,000
The Bank of New York 30,000,000
The Bank of New York 70,000,000
The Bank of New York 30,000,000
The Bank of New York 40,000,000
The Bank of New York 35,000,000
E. Unsecured Priority Claims
Employee payroll 3,194,253
Aetna Health Plan 382,040
Entergy Corp.'s Qualified Savings 25,662
MetLife Institutional Group 19,426
MetLife Institutional Group 19,372
UNUM Provident 25,513
State of Louisiana, Dept. of Rev. 2,004,409
Others 7,193
F. Unsecured Non-priority Claims
ABC Professional Tree 389,299
ACCU Read Services 222,000
AEP Energy Services, Inc. 282,576
Air 2 LLC 586,819
Ameren Corporation 744,960
Apache Corp. 457,394
Asplundh Construction Corp. 1,635,939
Asplundh Tree Expert, Co. 1,921,562
Atmos Energy Marketing, LLC 19,458,006
Baker Donelson 250,120
Base Logistics, LLC 640,628
Baton Rouge Marriott 219,136
Boh Bros. Construction Co., LLC 454,951
Bridgeline Gas Marketing, LLC 12,647,895
Bridgeline Holdings, LP 214,000
Citi Capital Bankers Leasing 684,251
Cooper Power Systems, Inc. 488,836
Coral Energy, LP 1,856,825
Coral Power, LLC 788,737
Crescent Construction, Co. 220,141
Enbridge Marketing US, LP 871,735
Entergy Arkansas, Inc. 4,496,719
Entergy Corp. 1,368,000
Entergy Gulf States, Inc. 6,347,272
Entergy LA 1,361,425
Entergy Power, Inc. 1,206,624
Entergy Services, Inc. 12,476,457
EWO Marketing, LP 4,455,519
Exelon Generation Co., LLC 344,458
Family RV Center 219,108
Fisher Controls Int'l., Inc. 1,122,856
Gainesville Regional Utilities 234,000
General Electric 210,691
General Electric Energy Services 508,549
General Electric Int'l., Inc. 510,544
Highlines Construction Co., Inc. 1,021,240
Hyatt Regency 284,888
Infrasource 250,000
Itron 530,000
JF Electric, Inc. 543,552
John H. Carter, Co., Inc. 478,632
Magnus Energy Marketing, LTD 2,226,291
Mastec 322,022
Mercury Instruments, Inc. 220,429
Nelson Tree Service, Inc. 5,000,000
NRG Power Marketing, Inc. 3,432,780
S&C Electric 300,000
Science Applications Int'l. Corp. 253,162
Signature Special Event 972,976
Stone Ward 540,000
Suez Energy Marketing NA, Inc. 430,673
System Energy Resources, Inc. 6,174,219
Texas Gas Service 263,000
The Cincinatti Gas & Electric 528,768
Union Power Partners, LP 252,134
Utility Lines Construction 537,249
Western Gas Resources, Inc. 4,146,326
Others 8,063,158
TOTAL SCHEDULED LIABILITIES $367,347,399
=============
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. 5; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FGI GROUP: Files Monthly Operating Report for October 2005
----------------------------------------------------------
On Nov. 15, 2005, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period from Oct. 1 to Oct. 31, 2005, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.
FGI Group reports a $1,070,360 cash balance at Oct. 31, 2005, and
provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
A full-text copy of FGI Group's October 2005 Monthly Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?2f5
Florsheim Group, Inc., filed for chapter 11 protection on March 4,
2002 (Bankr. N.D. Ill. Case No. 02-08209) to facilitate a sale of
its U.S. wholesale business and 23 retail stores to its U.S.
assets to the Weyco Group, Inc., for $45.6 million in cash,
subject to post closing adjustment.
FOOTSTAR INC: Posts $7.1 Million Net Loss for Period Ended Oct. 1
-----------------------------------------------------------------
On Nov. 10, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the period from Aug. 28, 2005,
to Oct. 1, 2005, with the U.S. Bankruptcy Court for the Southern
District of New York.
The Debtors reported a $7,100,000 net loss on $56,300,000 of net
sales for the period from Aug. 28, 2005, to Oct. 1, 2005. The
Debtors also reported a cumulative net loss of $61,600,000 on
$1,203,700,000 of net sales from March 3, 2004, through Oct. 1,
2005.
At Oct. 1, 2005, Footstar, Inc.'s consolidated balance sheet
showed:
Total Current Assets $308,500,000
Total Assets 351,300,000
Current Liabilities Subject to Compromise 150,000,000
Total Liabilities 307,700,000
Total Shareholders' Equity $43,600,000
A full-text copy of Footstar, Inc.'s Monthly Operating Report for
the period from Aug. 28, 2005, to Oct. 1, 2005, is available at
no charge at http://ResearchArchives.com/t/s?2df
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.
KAISER ALUMINUM: Earns $5.4 Million for the Month Ending Sept. 30
-----------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Statements of Operations
For the Month Ending September 30, 2005
(In Thousands)
Net Sales $92,937
Costs and expenses:
Cost of products sold 78,421
Depreciation & amortization 1,643
Selling, administrative, R&D and general 7,380
Other operating charges (benefits), net (1,438)
---------
Total costs and expenses 86,006
---------
Operating income (loss) 6,931
Other income (expense):
Interest expenses, net (339)
Reorganization items (1,458)
Other-net (594)
---------
Income (loss) before
income taxes and minority interest 4,540
(Provision) benefit for income taxes 994
Minority interests -
Equity in income (loss) of subsidiaries (134)
---------
Net income (loss) $5,400
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending September 30, 2005
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $61,534
KAII Receivables 24,317
---------
Total Trade Receivables 85,851
Proceeds from Asset Sales 853
Asbestos insurance recoveries -
COBRA receipts 626
Proceeds from Hedging Settlement 291
---------
Total Receipts $87,621
Disbursements:
Inventory/Raw Materials 35,321
Capital Expenditures 5,838
Domestic Income Tax Payment 6,375
Maintenance, Materials, etc. 3,496
Freight 5,251
Utilities/Energy 6,000
Hourly Payroll 7,444
Salaried Payroll 3,267
Hedging Activities 347
Pension Contributions -
VEBA Advances 1,900
Medical - Current Employees 3,137
Workmen's Compensation 414
Corporate General and Administrative 3,870
JV Fundings - Primary, Net of Minority Interest 10,938
Other Disbursements 5,324
---------
Total Operating and G&A Disbursements 98,922
Reorganization Items 2,469
---------
Total Disbursements $101,391
---------
Net Cash Flow ($13,770)
Beginning Bank Cash Balances 57,197
---------
Ending Bank Cash Balances 43,427
Reconciling Items 175
---------
Ending Book Cash Balances $43,602
=========
Kaiser Aluminum Corporation delivered an illegible copy of its
unaudited balance sheet as of Sept. 30, 2005, to the
Bankruptcy Court Clerk.
Kaiser reports more than $2,000,000,000 in total assets,
including more than $250,000,000 in cash, receivables and
inventories, as of September 30, 2005.
Kaiser posted almost $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 Sept. 30, 2005, is available for free at:
http://ResearchArchives.com/t/s?300
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. 82; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
SOLUTIA INC: Files Amended Monthly Operating Report for September
-----------------------------------------------------------------
Solutia Inc. and its debtor-affiliates' delivered to the U.S.
Bankruptcy Court for the Southern District of New York an amended
Monthly Operating Report for the month ended Sept. 30, 2005. The
Debtors clarify that while every effort has been made to assure
its accuracy and completeness, errors or omissions may have
inadvertently occurred and they reserve the right to amend their
MOR as necessary.
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of September 30, 2005
Assets
Current Assets:
Cash $6,000,000
Trade Receivables, net 145,000,000
Account Receivables-Unconsolidated Subsidiaries 46,000,000
Inventories 148,000,000
Other Current Assets 57,000,000
--------------
Total Current Assets 402,000,000
Property, Plant and Equipment, net 672,000,000
Investments in Subsidiaries and Affiliates 543,000,000
Intangible Assets, net 100,000,000
Other Assets 82,000,000
--------------
TOTAL ASSETS $1,799,000,000
==============
Liabilities and Shareholders' Deficit
Current Liabilities
Accounts Payable $139,000,000
Short Term Debt 300,000,000
Other Current Liabilities 164,000,000
--------------
Total Current Liabilities 603,000,000
Other Long-Term Liabilities 201,000,000
--------------
Total Liabilities not Subject to Compromise 804,000,000
Liabilities Subject to Compromise 2,261,000,000
Shareholders' Deficit (1,266,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,799,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended September 30, 2005
Total Net Sales $173,000,000
Total Cost Of Goods Sold 168,000,000
--------------
Gross Profit 5,000,000
Total MAT Expense 16,000,000
--------------
Operating Loss (11,000,000)
Equity Earnings from Affiliates 4,000,000
Interest Expense, net (5,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs (1,000,000)
Adjustment to allowed claim amounts 1,000,000
Settlements of prepetition claims -
Other (1,000,000)
--------------
Total Reorganization Items (5,000,000)
--------------
Loss Before Taxes (14,000,000)
Income Taxes 1,000,000
--------------
Net Loss ($15,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. (Solutia Bankruptcy
News, Issue No. 50; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
TERAFORCE TECH: Posts $243,379 Net Loss in September 2005
---------------------------------------------------------
On Nov. 15, 2005, Teraforce Technology Corporation filed its
monthly operating report for the month of September 2005 with the
U.S. Bankruptcy Court for the Northern District of Texas, Dallas
Division.
Subsequent to the sale of substantially all of the assets of its
wholly-owned subsidiary, DNA Computing Solutions, Inc., on
Sept. 7, 2005, the Company has had no significant operations.
The company reported a $243,379 net loss on $0 of revenue
for the month of September 2005.
At Sept. 30, 2005, the Company's balance sheet reflects:
Total Assets $127,665,176
Total Liabilities 10,772,073
Stockholders' Equity $116,893,103
A full-text copy of Teraforce Technology Corporation's September
2005 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?2fa
The Company's affiliate, DNA Computing Solutions, Inc., also filed
its monthly operating report for the months of August, September
and October 2005 with the U.S. Bankruptcy Court for the Northern
District of Texas, Dallas Division.
A full-text copy of DNA Computing Solutions, Inc.'s Monthly
Operating Report for the months of August, September and October
2005 is available at no charge at
http://ResearchArchives.com/t/s?2fc
Headquartered in Fairfax, Virginia, Xybernaut Corporation,
develops and markets small, wearable, mobile computing and
communications devices and a variety of other innovative products
and services all over the world. The corporation never turned a
profit in its 15-year history. The Company and its affiliate,
Xybernaut Solutions, Inc., filed for chapter 11 protection on
July 25, 2005 (Bankr. E.D. Va. Case Nos. 05-12801 and 05-12802).
John H. Maddock III, Esq., at McGuireWoods LLP, represents the
Debtors in their chapter 11 proceedings. When the Debtors filed
for protection from their creditors, they listed $40 million in
total assets and $3.2 million in total debts.
TOWER AUTOMOTIVE: Posts $16 Million Net Loss in September 2005
--------------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheets
As of September 30, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $1,175
Accounts receivable, net 214,129
Inventories 73,312
Prepaid tooling and other 37,392
----------
TOTAL CURRENT ASSETS 326,008
----------
Property, plant and equipment, net 552,547
Investment in joint ventures -
Investment in subsidiaries 346,782
Inter-company receivables 413,465
Other assets, net 67,818
----------
TOTAL ASSETS $1,706,620
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,257
Accounts payable 102,722
Accrued liabilities 155,473
----------
TOTAL CURENT LIABILITIES 272,452
----------
Liabilities subject to comprise 1,147,436
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 43,771
DIP borrowings, net of current maturities 553,764
Other non-current liabilities 193,545
----------
TOTAL LIABILITIES 2,210,968
STOCKHOLDERS' DEFICIT (504,348)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,706,620
==========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
As of September 30, 2005
(In Thousands)
Revenues $160,768
Cost of sales 147,039
----------
Gross profit 13,729
Selling, general and administrative expenses 6,543
Restructuring and asset impairment charges, net 17,720
----------
Operating income (loss) (10,534)
Interest expense 6,055
Interest income (1,780)
Chapter 11 and related reorganization items 2,688
----------
Income (loss) before provision for income taxes,
equity earnings and minority interest (17,497)
Provision (benefit) for income taxes (1,407)
----------
Income (loss) before equity in earnings (16,090)
Equity in earnings of joint ventures, net of tax 38
----------
NET INCOME/(LOSS) ($16,052)
==========
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
September 1 to 30, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($16,052)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 456
Restructuring and asset impairment, net 21,290
Depreciation 4,991
Equity in earnings of joint ventures, net (38)
Change in working capital and operating items (15,735)
----------
Net cash used in operating activities (5,088)
----------
INVESTING ACTIVITIES:
Capital expenditures (3,598)
----------
Net cash used in investing activities (3,598)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 58,000
Repayments of borrowings from DIP credit facility (51,022)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 6,978
----------
Net Change in cash and cash equivalents (1,708)
----------
Cash and Cash Equivalents, beginning of period 2,883
Cash and Cash Equivalents, end of period $1,175
==========
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. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRIGEM COMPUTER: Balance Sheet as of September 2004
---------------------------------------------------
TRIGEM COMPUTER, INC.
BALANCE SHEETS
As of September 30, 2004
ASSETS
Korean Won U.S. Dollars
---------- -----------
Current Assets
Cash and cash equivalents 4,866,952,580 $4,239,875
Short-term financial instruments 47,195,776,718 41,114,885
Marketable securities 2,000,058,663 1,742,363
Trade accounts & notes receivable 435,210,907,584 79,136,604
Short-term loans 6,856,457,251 5,973,044
Uncollected balance 24,986,367,344 21,767,024
Accured income 2,101,470,622 1,830,709
Forward contract 75,927,641 66,145
Advance payments 746,194,725 650,052
Prepaid expenses 1,639,934,501 1,428,639
Prepaid taxes 439,046,552 382,478
Inventories 78,223,811,129 68,145,144
--------------- ------------
Total current assets 604,342,905,310 $526,476,963
Fixed Assets
long-term financial instruments 9,612,000,000 8,373,552
Investment Securuties 139,332,455,512 121,380,308
Long-term other accounts receivable,
net of discount 4,240,000,000 3,693,702
Guarantee deposits 19,834,897,418 17,279,290
Deferred income tax assets 41,675,113,406 36,305,526
Other assets 2,094,076,863 1,824,268
Property, plant and equipment,
net of accumulated depreciation 97,503,423,996 84,940,695
Intangible assets 13,930,659,648 12,135,778
-------------- ------------
Total fixed assets 328,222,626,843 $285,933,119
---------------- ------------
TOTAL ASSETS 932,565,532,153 $812,410,081
================ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Korean Won U.S. Dollars
---------- -----------
Current liabilities:
Trade accounts & notes payables 513,193,072,093 447,071,236
Short-term borrowings 20,351,283,757 17,729,143
Accounts payable, other 124,223,966,150 108,218,456
Advance by customers 64,977,642 56,606
Deposits payable 875,503,255 762,700
Guarantee for deposits payable 6,590,906,148 5,741,708
Accrued expenses 9,478,393,968 8,257,160
Current maturities of
long-term debt 10,360,226,815 9,025,374
Long-term borrowings by ABS 32,000,000,000 27,876,993
Current maturities of
net of discounts on debentures 31,980,185,432 27,859,731
Forward exchange contracts 263,761,345 229,777
Deferred income 236,858,528 206,341
---------------- ------------
Total current liabilities 749,619,135,133 $653,035,225
Fixed liabilities
Convertible Bond, net 55,113,466,953 8,012,429
Long-term debt 19,040,084,480 6,586,884
Long-term debt by ABS 8,000,000,000 6,969,248
Provisions for product warranties
and performance guarantees 8,120,722,292 7,074,416
Accured severance benefits, net 12,804,981,945 1,155,137
Reserve for contingent losses 600,000,000 522,694
---------------- ------------
Total fixed liabilities 103,679,255,670 $90,320,808
---------------- -----------
Total liabilities 853,298,390,803 $743,356,033
Shareholders' equity:
Capital stock 151,152,240,000 $131,677,184
Common stock 151,152,240,000 131,677,184
Capital surplus 42,666,529 37,169
Deficit (46,632,931,513) (40,624,559)
Capital adjustments: (25,294,833,666) (22,035,747)
Treasury stocks (13,425,303,000) (11,695,534)
Unrealized losses on valuation
of investment securities
by equity method (11,987,658,498) (10,443,121)
Stock options 300,356,900 261,658
Overseas operations
translation credit (182,229,068) (158,750)
---------------- -----------
Total shareholders' equity 79,267,141,350 $69,054,048
---------------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 932,565,532,153 $812,410,081
================ ============
As of Mar. 31, 2005, TriGem reported KRW872.3 billion in total
assets and KRW774.6 billion in total liabilities, excluding
guarantee liabilities. Including the guarantee liabilities,
TriGem's total debts are estimated to be about KRW1.175 trillion.
Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/-- manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year to
clients all over the world. Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052). Charles D. Axelrod, Esq.,
at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.
TriGem America Corporation, an affiliate of the Debtor, filed for
chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif. Case No.
05-13972). TriGem Texas, Inc., another affiliate of the Debtor,
also filed for chapter 11 protection on June 8, 2005 (Bankr. C.D.
Calif. Case No. 05-14047). (TriGem Bankruptcy News, Issue No. 1
Bankruptcy Creditors' Service, Inc., 215/945-7000)
USG CORP: Earns $53.3 Million of Net Income in September 2005
-------------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 30-Sept-2005
__________________________ ____________
Assets:
Cash and cash equivalents $660,311,000
Marketable Securities 158,270,000
Restricted Cash 72,898,000
Receivables 433,668,000
Inventories 276,336,000
Income taxes receivable 6,234,000
Other current assets 202,212,000
-------------
Total current assets 1,809,929,000
Property, plant and equipment, net 1,642,340,000
Marketable Securities 275,865,000
Deferred income taxes 214,932,000
Goodwill 84,124,000
Other assets 435,221,000
-------------
Total Assets $4,442,411,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $259,272,000
Accrued expenses 222,704,000
Deferred income taxes 25,629,000
Taxes on income 85,249,000
-------------
Total current liabilities 592,854,000
Other liabilities 424,709,000
Liabilities subject to compromise 2,243,286,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (223,121,000)
Capital received in excess of par value 116,628,000
Accumulated other comprehensive income/(loss) 114,028,000
Retained earnings 1,169,029,000
-------------
Total stockholders' equity 1,181,562,000
-------------
Total Liabilities and Stockholders' Equity $4,442,411,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 30-Sept-2005
__________________________ ____________
Net sales $410,164,000
Cost of products sold 330,242,000
Selling and administrative expenses 25,752,000
Chapter 11 reorganization expenses 7,207,000
Provision for restructuring expenses -
Interest expense 311,000
Interest income (145,000)
Other (income)/expense, net (296,000)
-------------
Earnings/(loss) before income taxes 47,093,000
Income taxes (benefit) (6,221,000)
-------------
Net Earnings/(loss) $53,314,000
=============
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. 99; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
XYBERNAUT CORP: Posts $527,692 Net Loss in September 2005
---------------------------------------------------------
On Nov. 16, 2005, Xybernaut Corporation filed its monthly
operating report for the month of October 2005 with the U.S.
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division.
The company reported a $527,692 net loss on $77,280 of revenue
for the month of October 2005.
At Oct. 31, 2005, the Company's balance sheet reflects:
Total Assets $5,048,741
Total Liabilities 3,295,650
Stockholders' Equity $1,753,091
A full-text copy of Xybernaut Corporation's October 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?2f6
The Company's affiliate, Xybernaut Solutions, Inc., also filed its
monthly operating report for the month of October 2005 with the
U.S. Bankruptcy Court for the Eastern District of Virginia.
A full-text copy of Xybernaut Solution Inc.'s October 2005
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?2f8
Headquartered in Fairfax, Virginia, Xybernaut Corporation,
develops and markets small, wearable, mobile computing and
communications devices and a variety of other innovative products
and services all over the world. The corporation never turned a
profit in its 15-year history. The Company and its affiliate,
Xybernaut Solutions, Inc., filed for chapter 11 protection on
July 25, 2005 (Bankr. E.D. Va. Case Nos. 05-12801 and 05-12802).
John H. Maddock III, Esq., at McGuireWoods LLP, represents the
Debtors in their chapter 11 proceedings. When the Debtors filed
for protection from their creditors, they listed $40 million in
total assets and $3.2 million in total debts.
*********
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.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
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, Tara Marie Martin, and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
not guaranteed.
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*** End of Transmission ***