/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/051126.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 26, 2005, Vol. 9, No. 281 Headlines ADELPHIA COMMS: Posts $16.1 Million Net Loss in October 2005 ADELPHIA COMMS: Century/ML'S October 2005 Monthly Operating Report ASARCO LLC: Files Schedules of Assets and Liabilities FEDERAL-MOGUL: Posts $9.7 Million Net Loss in October 2005 FRESH CHOICE: Posts $463,079 Net Loss for Period Ended Oct. 30 MIRANT CORP: Posts $1.4 Billion Net Loss in September 2005 MIRANT CORP: MAGi Posts $763 Million Net Loss in September 2005 O'SULLIVAN INDUSTRIES: Files Schedules of Assets and Liabilities O'SULLIVAN INDUSTRIES: Holdings' Schedules of Assets and Debts O'SULLIVAN INDUSTRIES: Virginia's Schedules of Assets & Debts O'SULLIVAN IND: Furniture Outlets' Schedules of Assets & Debts OWENS CORNING: Posts $7 Million Net Loss in August 2005 UNITED AIRLINES: Posts $698 Million Net Loss in October 2005 ********* ADELPHIA COMMS: Posts $16.1 Million Net Loss in October 2005 ------------------------------------------------------------ Adelphia Communications Corporation, et al. Unaudited Consolidated Balance Sheet As of October 31, 2005 (Dollars in thousands) ASSETS Cash and cash equivalents $328,045 Restricted cash 23,035 Accounts receivables - net 100,917 Receivable for securities 25,129 Other current assets 184,730 ----------- Total current assets 661,856 Restricted cash 266,806 Investments in equity affiliates 7,029 Receivables from non-filing entities 731,539 Property, plant and equipment - net 4,248,932 Intangible assets - net 7,068,581 Other noncurrent assets - net 78,571 ----------- Total Assets $13,063,314 =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $66,236 Subscriber advance payments and deposits 31,045 Accrued liabilities 567,794 Deferred income 23,458 Current portion of parent and subsidiary debt 815,515 ----------- Total current liabilities 1,504,048 Other liabilities 34,857 Deferred income 60,848 Deferred income taxes 827,457 ----------- Total noncurrent liabilities 923,162 Liabilities subject to compromise 18,463,633 ----------- Total liabilities 20,890,843 Minority interests in equity of subsidiary 75,903 Stockholders' equity: Series preferred stock 397 Class A and Class B common stock 2,548 Additional paid-in capital 9,567,055 Accumulated other comprehensive income 42 Accumulated deficit (17,445,537) Treasury stock, at cost (27,937) ----------- Total stockholders' equity (7,903,432) ----------- Total liabilities and stockholders' equity $13,063,314 =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Operations Month Ended October 31, 2005 (Dollars in thousands) Revenue $350,434 Cost and expenses: Direct operating and programming 205,047 Selling, general and administrative 33,499 Investigation, re-audit and sale transaction co 5,105 Depreciation and amortization 67,303 Impairment of long-lived assets - Provision for uncollectible amounts from Rigases - Gains on dispositions of long-lived assets - ----------- Operating income (loss) 39,480 Other income (expense): Interest expense (49,937) Impairment of cost & available for sale investments - Other income (expense) - net 82 ----------- Total other expense - net (49,855) ----------- Loss from continuing operations before reorganization expenses (10,375) Reorganization expenses due to bankruptcy (5,998) ----------- Loss from continuing operations before income taxes (16,373) Income tax expense - Share of losses of equity affiliates - net (290) Minority's interest in subsidiary losses - net 559 ----------- Net loss (16,104) Beneficial conversion feature - ----------- Net loss applicable to common stockholders ($16,104) =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Cash Flows For the Month Ended October 31, 2005 (Dollars in thousands) Cash flows from operating activities: Net loss ($16,104) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 67,303 Impairment of long-lived assets - Provision for uncollectible amounts from Rig - Amortization of debt issuance costs 277 Impairment of cost & available for sale investments - Provision for settlements - Reorganization expenses due to bankruptcy 5,998 Deferred tax expense (benefit) - Share in losses of equity affiliates - net 290 Minority interest in losses of subsidiaries (559) Other noncash gains - Depreciation, amortization and other non-cash items from discontinued operations - Change in operating assets & liabilities (6,321) ----------- Net cash provided by operating activities before payment of reorganization expenses 50,884 Reorganization expenses paid during the period (6,477) ----------- Net cash provided by (used in) operating activities 44,407 Cash flows from investing activities: Expenditures for property, plant and equipment (49,256) Changes in restricted cash (264,925) Proceeds from sale of investments 263,770 Other 3,416 ----------- Net cash used in investing activities (46,995) Cash flows from financing activities: Proceeds from debt 6,000 Repayments of debt (1,389) Payment of debt issuance costs - ----------- Net cash provided by financing activities 4,611 Change in cash and cash equivalents cash 2,023 Cash, beginning of period 326,022 ----------- Cash, end of period $328,045 =========== Headquartered in Coudersport, Pennsylvania, Adelphia Communications Corporation (OTC: ADELQ) is the fifth-largest cable television company in the country. Adelphia serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over its broadband networks. The Company and its more than 200 affiliates filed for Chapter 11 protection in the Southern District of New York on June 25, 2002. Those cases are jointly administered under case number 02-41729. Willkie Farr & Gallagher represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service, Inc., 215/945-7000) ADELPHIA COMMS: Century/ML'S October 2005 Monthly Operating Report ------------------------------------------------------------------ Century-ML Cable Venture (Debtor-In-Possession) Unaudited Balance Sheet As of October 31, 2005 (Dollars in thousands) ASSETS Cash and cash equivalents $35,626 -------- Total assets $35,626 ======== LIABILITIES AND STOCKHOLDERS' EQUITY Accrued expenses and other liabilities $35,626 -------- Total current liabilities 35,626 -------- Contingencies Partners' equity - -------- Total liabilities and partners' equity $35,626 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Operations For the Month Ended October 31, 2005 (Dollars in thousands) Revenue $1,112 Cost and expenses: Direct operating and programming 610 Selling, general and administrative 6 Management fees 38 Non-recurring professional fees 137 Depreciation 63 -------- Operating income 258 Other income: Interest income, net 29 Equity in net income of Century-ML Cable Corporation, net of taxes 279 -------- Income before reorganization expenses 566 Reorganization expenses due to bankruptcy (264) -------- Income before income taxes 302 Income tax expense (132) -------- Net income $170 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Cash Flows For the Month Ended October 31, 2005 (Dollars in thousands) Cash flow from operating activities: Net income $170 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 63 Reorganization expenses due to bankruptcy 264 Non-recurring professional fees - Equity in net income of Century-ML Cable Corp., net of taxes (279) Change in assets and liabilities: (592) -------- (374) Reorganization expenses during the period (233) -------- Net cash provided by operating activities (607) Cash flows from investing activities: Expenditures from property, plant and equipment (92) Proceeds from sale deposited for benefit of Venture's bankruptcy estate 35,626 Distribution of cash on hand to buyers (19,618) -------- Net cash used in investing activities 15,916 -------- Change in cash and cash equivalents 15,309 Cash and cash equivalents, beginning of period 20,317 -------- Cash and cash equivalents, end of period $35,626 ======== Century Communications Corporation filed for Chapter 11 protection on June 10, 2002. Century's case has been jointly administered to proceedings of Adelphia Communications Corporation. Century operates cable television services in Colorado, California and Puerto Rico. CENTURY is an indirect wholly owned subsidiary of ACOM and an affiliate of Adelphia Business Solutions, Inc. Lawyers at Willkie, Farr & Gallagher represent CENTURY. Headquartered in Coudersport, Pennsylvania, Adelphia Communications Corporation (OTC: ADELQ) is the fifth-largest cable television company in the country. Adelphia serves customers in 30 states and Puerto Rico, and offers analog and digital video services, high-speed Internet access and other advanced services over its broadband networks. The Company and its more than 200 affiliates filed for Chapter 11 protection in the Southern District of New York on June 25, 2002. Those cases are jointly administered under case number 02-41729. Willkie Farr & Gallagher represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service, Inc., 215/945-7000) ASARCO LLC: Files Schedules of Assets and Liabilities ----------------------------------------------------- A. Real Estate Arizona Mission Complex $6,219,988 Ray Complex 14,919,250 Ray Complex Land Exchange 1,357,000 Madera Canyon 1,000,000 Hardshell Mine 8,000,000 Tucson Office 2,015,000 Others 597,877 Arkansas Coal Deposit 600,000 Colorado Globe Plant 1,313,500 Silverton 270,900 Idaho sites 267,424 Illinois -- Alton Site 570,000 Montana -- various sites 858,691 New Jersey -- Perth Amboy Site 13,400,000 Ohio -- Columbus Site 765,000 Texas Additional land in El Paso 3,000,000 Amarillo Copper Refinery 69,486,997 Amarillo Zinc Refinery 37,378 Utah Technical Services Center 2,100,000 Others 55,449 Washington -- Tacoma Smelter 32,000,000 B. Personal property B.1 Cash on hand 25,096 B.2 Bank accounts Wells Fargo Operating 5,414,525 Bank One Concentration 6,145,717 Bank One Overnight Investments 1,781,617 Wells Fargo Money Market 5,049,101 Bank One 1,160,534 Others 1,464,021 B.3 Security deposits Insur PPD -- Workers Compensation 162,500 Old Republic Work Comp. Insurance Deposit 1,296,502 Indiana Comm Dept Enviro Mgmt Deposit 384,319 Heritage Minerals Enviro Reclaim Deposit 1,000,000 Chevron Texaco 1,025,000 El Paso Natural Gas 73,998 Southwest Gas Corporation 197,069 Phoenix Fuel 50,000 Copper Basin Railway 100,000 Sasol Southwest 30,000 Electric Deposit 320,384 SCF of Arizona 585,732 Bureau of Land Management 96,600 Transwestern Commercial Services 156,765 Deposit Societe Generale 50,000 Accounts & Note Receivable 326,287 B.4 Household goods 0 B.5 Books, art work & 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 2,759,932 B.10 Annuities 0 B.11 Interests in retirement plans 78,648,101 B.12 Stock interests undetermined B.13 Interests in partnerships AR Silver Bell, Inc. 25,904,563 Silver Bell LLC 25,540,425 ASARCO Sta. Cruz, Inc. 3,880,112 B.14 Bonds 0 B.15 Accounts receivable Inter-segment receivable 17,772,147 Related party receivable 139 Trade receivables 13,685,400 Accounts and notes receivable 18,884,351 B.16 Alimony 0 B.17 Other liquidated debts owed Americas Mining Corporation ($100M promissory note, 7%, eight years) 50,000,000 Americas Mining Corporation ($123.25M promissory note, 7%, seven years) 38,589,799 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims Claim promoted before IRS-future tax benefits derived from losses 48,929,395 Federal fuel tax refund 81,400 Diesel fed excise tax refund 29,793 B.21 Patents, copyrights & trademarks undetermined B.22 Other intangibles Capital improvements: On Mineral land 7,836,248 Including permits, air quality studies and roads 22,886,645 Mine stripping 142,966,772 Current Year CIP Add -- Mineral Land No. 3 1,275,084 Long-lived asset -- Mission 3,361,668 Long-lived asset impairment E Helena (33,593,429) Depl-Mineral Land No. 1 -- SB HD 775,381 Depl-Mineral Land No. 2 -- SB HD 5,949,988 Depl-Mineral Land No. 2 -- Ray (5,035,843) Depl-Mineral Land No. 3 -- Mission (4,100,154) Depl-Mineral Land No. 3 -- Ray (7,999,363) Depl-Mineral Land No. 3 -- SB HD (18,563,845) Depr Assets Retirement Obligation (1,341,720) Others (967,418) B.23 Automobiles 933,908 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies Amarillo 1,406 Corporate ledger 1,383,747 East Helena 38,190 El Paso 199,982 Mission 32,256 Ray 42,725 B.27 Machinery, furniture and fixtures Amarillo $49,141,773 Corporate Ledger 1,065,019 East Helena 57,014,612 El Paso 11,944,596 Globe 887,275 Mission 18,831,505 Ray 205,014,942 Salt Lake Research 615,475 Tennessee 8,101,034 B.28 Inventory Metals Inventory $136,635,238 Warehouse Supplies 33,572,017 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property Prepaid expenses 2,237,028 Total accounts receivable long-term 7,972,799 Total engineering plan & projects 4,508,737 Misc -- Northbrook Discount 475,000 Total several various other 428,938 TOTAL SCHEDULED ASSETS $1,164,904,494 =============== C. Property claimed as exempt Not applicable D. Secured claims Mitsui & Co. (U.S.A.), Inc. $21,745,237 Branin, Donald & Linda Branin, et al. 1,112,500 Potter County Tax Office 1,246,242 Gila County Treasurer 1,341,891 Pinal County Treasurer 2,023,615 Salt River Project -- Electric Power 2,375,941 Others 4,505,502 E. Unsecured priority claims Taxes and other debts owed to government: New York State $1,863,705 Internal revenue Service 6,941,321 State of California 1,694,184 Others 73,115 Wages, salaries and commissions 310,932 F. Unsecured non-priority claims $491,721,329 Long-term debt $448,713,768 Accounts payable 27,906,566 Intercompany liabilities: Miner Mexico Internacional, Inc. 4,374,685 Grupo Mexico S.A. de C.V. 3,300,000 Others 686,890 Employee-related liabilities 3,159,956 Contractual obligations 3,405,351 Environmental liabilities undetermined Litigation undetermined Taxes and other gov't. obligations 946,712 Other obligations undetermined TOTAL SCHEDULED LIABILITIES undetermined ============= ASARCO reports that the book value of its real property totals $48,218,953. The $158,834,454 total of the individual line items shown in Schedule A reflects "the most current appraisal value," ASARCO says, "to the extent available, or in the alternative the tax appraisal value of each particular property." In all events, ASARCO says, book values shown in the Company's accounting records, reflect outdated values. Headquartered in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors,it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation. (ASARCO Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000). FEDERAL-MOGUL: Posts $9.7 Million Net Loss in October 2005 ---------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of October 31, 2005 (In millions) Assets Cash and equivalents $420.6 Accounts receivable 608.7 Inventories 457.2 Deferred taxes 181.2 Prepaid expenses and other current assets 101.7 ---------- Total current assets 1,769.4 Summary of Unpaid Postpetition Debits (65.1) Intercompany Loans Receivable (Payable) 2,534.8 ---------- Intercompany Balances 2,469.8 Property, plant and equipment 945.3 Goodwill 1,011.4 Other intangible assets 423.5 Insurance recoverable 802.2 Other non-current assets 948.6 ---------- Total Assets $8,370.1 ========== Liabilities and Shareholders' Equity Short-term debt $304.0 Accounts payable 207.3 Accrued compensation 81.7 Restructuring and rationalization reserves 9.1 Current portion of asbestos liability - Interest payable 3.6 Other accrued liabilities 283.2 ---------- Total current liabilities 888.8 Long-term debt - Post-employment benefits 1,936.0 Other accrued liabilities 937.5 Liabilities subject to compromise 5,996.8 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,023.0 Accumulated deficit (9,825.7) Accumulated other comprehensive income (1,202.6) Other - ---------- Total Shareholders' Equity (1,389.0) ---------- Total Liabilities and Shareholders' Equity $8,370.1 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended October 31, 2005 (In millions) Net sales $277.1 Cost of products sold 230.0 ---------- Gross margin 47.1 Selling, general & administrative expenses (47.2) Amortization (1.2) Reorganization items (8.6) Interest income (expense), net (11.9) Other income (expense), net 14.2 ---------- Earnings before Income Taxes (7.7) Income Tax (Expense) Benefit (2.0) ---------- Earnings before effect of change in acctg principle (9.7) Cumulative effect of change in acctg principle - ---------- Net Earnings (loss) ($9.7) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended October 31, 2005 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) ($9.7) Adjustments to reconcile net earnings (loss): Depreciation and amortization 14.9 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 (0.6) Decrease/(increase) in accounts receivable 8.3 Decrease/(increase) in inventories 7.9 Increase/(decrease) in accounts payable 8.3 Change in other assets and other liabilities (2.9) Change in restructuring charge (1.0) Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities 25.1 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (4.7) 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 (4.7) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt (23.5) Sale of accounts receivable under securitization - Dividends - Other 3.6 ---------- Net Cash Provided From Financing Activities (19.9) Increase (Decrease) in Cash and Equivalents 0.5 Cash and equivalents at beginning of period 420.0 ---------- Cash and equivalents at end of period $420.5 ========== 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. 98; Bankruptcy Creditors' Service, Inc., 215/945-7000) FRESH CHOICE: Posts $463,079 Net Loss for Period Ended Oct. 30 -------------------------------------------------------------- On Nov. 21, 2005, Fresh Choice, Inc., filed its monthly operating report for the period ended Oct. 30, 2005, with the United States Bankruptcy Court for the Northern District of California. The Company reported a $463,079 net loss in $3,746,392 of gross sales for the four-week period ended Oct. 30, 2005. At Oct. 30, 2005, Fresh Choice, Inc.'s balance sheet shows: Current Assets $2,671,179 Total Assets 16,612,967 Current Liabilities 6,661,453 Total Prepetition Liabilities 10,733,869 Total Liabilities 18,807,084 Total Stockholders' Equity Deficit ($2,194,117) A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report for the period ended Oct. 30, 2005, is available at no charge at http://ResearchArchives.com/t/s?337 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. MIRANT CORP: Posts $1.4 Billion Net Loss in September 2005 ---------------------------------------------------------- Mirant Corporation and Subsidiaries Consolidated Balance Sheet As of September 30, 2005 ASSETS Cash and cash equivalents $1,229,489,843 Accounts receivable - net 817,841,883 Assets from risk management activities 1,488,845,611 Derivative hedging instruments - Inventories 340,823,964 Other 1,551,209,969 -------------- Total Current Assets 5,428,211,270 Property, plant and equipment 5,200,057,770 Less: accumulated depreciation/depletion 922,820,781 Leasehold interests - net 1,437,676,623 Construction work in progress 165,504,289 Investment in suspended construction 174,424,404 -------------- Total net property, plant and equipment 6,054,842,305 Investments 259,796,053 Long-term accounts receivable - net 49,551,143 Notes receivable - net - Assets from risk management activities 179,539,735 Goodwill - net 5,767,352 Other intangibles - net 263,162,266 Derivative hedging instruments - Restricted cash, non-current 187,628,200 Other long-term assets - Miscellaneous deferred charges 453,401,885 -------------- Total Non-current Assets 1,398,846,634 -------------- TOTAL ASSETS $12,881,900,209 ============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $1,220,253,392 Accounts Payable 679,951,220 Liabilities from risk management activities 2,196,317,480 Obligations under energy deliveries 6,455,235 Derivative hedging instruments - Other 274,491,181 Miscellaneous deferred credits 680,799,840 -------------- Total postpetition liabilities 5,058,268,348 Prepetition Liabilities 10,467,518,407 ------------- TOTAL LIABILITIES 15,525,786,755 EQUITY: Minority interest in subsidiaries 173,781,908 Mandatory redeemable securities - Common stock 4,056,621 Additional paid-in capital 4,918,012,950 Retained earnings (7,669,017,331) Treasury stock, at cost (2,260,000) Accumulated other comprehensive income (68,460,694) -------------- Total Equity ($2,643,886,546) --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $12,881,900,209 =============== Mirant Corporation and Subsidiaries Consolidated Statements of Income For the month ending September 30, 2005 REVENUES: Generation $221,482,176 Net trading revenue (787,335) Distribution 68,623,761 Other 554,844 --------------- Net Revenue 289,873,446 OPERATING EXPENSES: Energy cost 283,178,034 Operations and maintenance 87,738,293 Depreciation and amortization 25,161,728 Gain on sale of property and investment 1,705,999 Impairment loss 1,911,879 Restructuring costs 181,431 --------------- Total Operating Expenses 399,877,364 --------------- Income before non-operating income and expense (110,003,918) OTHER INCOME AND EXPENSES: Interest income 3,368,217 Interest expense (1,177,625,062) Equity in income of affiliates 2,574,889 Other (2,767,977) Reorganization items 987,132,058) Minority interest (2,030,250) Net income from discontinued operations 3,473,189 Gain on sale assets, minority owned - --------------- Total Other Income (1,260,139,052) Provision for income tax (48,901,861) --------------- NET PROFIT (LOSS) ($1,419,044,831) =============== Mirant Corporation Unconsolidated Cash Receipts and Disbursements For the month ending September 30, 2005 Cash, beginning of month $207,173,680 Non-Operating Receipts: Loans & Advances $41,551,659 Sale of Assets - --------------- Total non-operating receipts $41,551,659 --------------- Total receipts $41,551,659 --------------- Total Cash Available $248,725,339 Operating Disbursements 0 Reorganization Expenses --------------- Total disbursements 0 --------------- Net Cash Flow $41,551,659 --------------- Cash, end of month $248,725,339 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 83 Bankruptcy Creditors' Service, Inc., 215/945-7000) MIRANT CORP: MAGi Posts $763 Million Net Loss in September 2005 --------------------------------------------------------------- Mirant Americas Generation, LLC, and Subsidiaries Consolidated Balance Sheet As of September 30, 2005 ASSETS Cash and cash equivalents $159,563,901 Accounts receivable - net 942,529,212 Assets from risk management activities - Derivative hedging instruments - Inventories 155,953,985 Other 183,921,872 --------------- Total Current Assets 1,441,968,970 Property, plant and equipment 2,206,325,606 Less: accumulated depreciation/depletion 393,759,925 Leasehold interests - net - Construction work in progress 114,846,389 Investment in suspended construction 174,014,404 --------------- Total net property, plant and equipment 2,101,426,474 Investments 25,000 Long-term accounts receivable - net 50,514,857 Notes receivable - net 223,275,000 Assets from risk management activities 17,528,484 Other intangibles - net 201,302,451 Derivative hedging instruments - Restricted cash, non-current 5,131,448 Other long-term assets - Miscellaneous deferred charges 205,527,185 --------------- Total Non-current Assets 703,304,425 --------------- TOTAL ASSETS $4,246,699,869 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt - Accounts Payable 172,769,125 Liabilities from risk management activities 514,198,764 Obligations under energy deliveries - Derivative hedging instruments - Other 184,255,057 Miscellaneous deferred credits 68,676,173 --------------- Total postpetition liabilities 939,899,119 Prepetition Liabilities 3,871,524,445 --------------- TOTAL LIABILITIES 4,811,423,564 EQUITY: Minority interest in subsidiaries 35,002 Mandatory redeemable securities - Common stock 1,000 Additional paid-in capital 3,853,859,365 Retained earnings (4,418,619,062) Treasury stock, at cost - Accumulated other comprehensive income - --------------- Total Equity (564,723,695) --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $4,246,699,869 =============== Mirant Americas Generation, LLC, and Subsidiaries Consolidated Statements of Income For the month ending September 30, 2005 REVENUES: Generation $92,337,752 Net trading revenue - Distribution - Other 11,567 --------------- Net Revenue 92,349,319 OPERATING EXPENSES: Energy cost 196,600,914 Operations and maintenance 52,236,960 Depreciation and amortization 7,587,710 Gain on sale of property and investment - Impairment loss 9,825 Restructuring costs 99,522 --------------- Total Operating Expenses 256,534,931 --------------- Income before non-operating income and expense (164,185,612) OTHER INCOME AND EXPENSES: Interest income 10,315 Interest expense (562,587,889) Equity in income of affiliates - Other 65,456 Reorganization items (33,622,143) Minority interest - Net income from discontinued operations - --------------- Total Other Income (596,134,261) Provision for income tax (2,666,241) --------------- NET PROFIT (LOSS) ($762,986,114) =============== Mirant Americas Generation, LLC, and Subsidiaries Unconsolidated Cash Receipts and Disbursements For the month ending September 30, 2005 Cash, beginning of month $153,517,967 Non-Operating Receipts: Loans & Advances (86,780,236) Sale of Assets - --------------- Total non-operating receipts (86,780,236) --------------- Total receipts (86,780,236) --------------- Total Cash Available $66,737,731 Operating Disbursements 0 Reorganization Expenses 0 --------------- Total disbursements 0 --------------- Net Cash Flow ($86,780,236) --------------- Cash, end of month $66,737,731 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 83 Bankruptcy Creditors' Service, Inc., 215/945-7000) O'SULLIVAN INDUSTRIES: Files Schedules of Assets and Liabilities ---------------------------------------------------------------- A. Real Property 45 Acres of Commercial Property - Missouri $273,000 72 Acres of Commercial Property - Missouri 308,654 B. Personal Property B.1 Cash on hand 1,377 B.2 Bank accounts Banc of America 284,419 Banc of America 1,278 Banc of America 615,938 Lamar Bank & Trust 3,610 Lamar Bank & Trust 19,068 Royal Bank of Canada 205,252 Barclays Bank PLC 3,870 B.3 Security Deposits Johnson & Higgins 11,000 City of Bentonville 400 Letron GMBH 100,000 Columbia Electric 4,756 Kralovic Properties 4,075 Vonderharr Holdings 1,800 GE Capital Corporation 350,571 H.M. Customs & Excise 176,990 B.4 Household goods 0 B.5 Books, art work & 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 0 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in partnerships 0 B.14 Bonds 0 B.15 Accounts receivable 24,203,499 B.16 Alimony 0 B.17 Other liquidated debts owed 0 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims 0 B.21 Patents, copyrights & trademarks 0 B.22 Other intangibles 0 B.23 Automobiles 2000 Dodge Van 216 2003 Kenworth 18,652 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 634,769 B.27 Machinery, furniture and fixtures Construction in Progress 478,859 Plant Equipment 18,188,396 Other 6,378,059 B.28 Inventory Raw Materials 12,058,178 Finished Goods 17,006,310 In Process 3,117,566 In Transit 307,369 Finished Goods Reserves (1,649,799) Raw Material Reserves/Obsolete (3,919,277) B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property Prepaid insurance 2,903,219 Prepaid miscellaneous 1,348,981 Prepaid - Voucher Logging (9,139) Prepaid loan fees 16,130 Prepaid shows & catalogue 33,531 Investment in stock 79,409 Container deposits 24,390 VEBA trust (2,987) VEBA trust - investment 384 Deferred income tax - current 576,110 Goodwill 38,087,674 Capitalized retirement 231,009 L/T prepaid loan fees 5,602,569 Other noncurrent assets (100) Fluctuation in exchange rate 29,056 TOTAL SCHEDULED ASSETS $128,109,093 ============= C. Property claimed as exempt Not applicable D. Secured claims AFCO Premium Credit, LLC 2,063,515 The Bank of New York 100,000,000 The Bank of New York (3,347,612) The Bank of New York 7,929,632 General Electric Capital Corp. 6,635,543 General Electric Capital Corp. 22,953 Wachovia Bank, N.A. 39,885 E. Unsecured priority claims Wages 452,738 Flex spending benefits 8,991 Taxes (16,351,597) Standard Insurance 24,918 Richard Davidson 131,171 Michael Franks 12,929 Rowland Geddie, III 22,295 Thomas O'Sullivan, Jr. 22,743 Edward Riegel 67,854 Other accounting based accruals Salaries and wages 87,224 Payroll clearing 376,541 State withholding (26,016) FICA Tax 11,315 State unemployment tax 57,915 Health Insurance (609,259) Life Insurance (19,392) Workmen's compensation 777,343 Holidays 113,284 Vacations 1,586,781 Deferred investment plan 81,059 Stock purchase plan 24,277 Commissions payable 239,058 ACC Real estate/property tax 264,326 Sales tax payable (16,896) PST tax (30,794) HST (89,789) HM customs (35,045) Accrued franchise tax 84,308 State tax payable 1,107,554 Deferred federal tax 782,937 Others 302,819 F. Unsecured non-priority claims Wells Fargo Bank, N.A. 96,000,000 Wells Fargo Bank, N.A. 6,368,226 Wells Fargo Bank, N.A. (1,079,168) Wells Fargo Bank, N.A. (2,013,546) Garron Bass unknown Richard Dandurand unknown Ames Department Stores, Inc. unknown Arkansas Department of Pollution & Ecology unknown Sun Container 785,546 Hafele America Company 97,323 Yellow Freight System Inc. 385,458 Temple Inland Corp. 493,497 Fibre Converters Inc. 347,165 DNP America LLC 390,384 Hendren Plastics 233,549 Sealed Air Corporation 194,286 Nickander Associates 165,991 Nickander Associates Consignment Board 158,218 Impact Resource Group 153,967 Federal Express Corp. 148,539 Guardian Industries Corp. 138,961 Woodcraft Industries Inc. 138,734 Toppan Printing Company 150,975 National Marketing Service 133,442 Collins Products 104,213 G L Resources (Comtrad) 87,323 Supreme Screw Products, Inc. 84,569 FedEx Freight Inc. 84,254 Flakeboard Company Ltd. 83,769 Peerless Graphics 68,158 Letron GMBH 83,851 Overnite Transportation 78,441 Akzo Nobel Coatings Inc. 66,859 XPEDX 78,116 Sierrapine Ltd-Adel Div. 74,207 Stone Container Corp. 71,294 Titus Tool Co. Inc. 71,186 Hardware Concepts Inc. 70,851 DFDS Transport 70,780 Others 15,315,773 TOTAL SCHEDULED LIABILITIES $222,990,701 ============= Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). On September 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) O'SULLIVAN INDUSTRIES: Holdings' Schedules of Assets and Debts -------------------------------------------------------------- A. Real Property $0 B. Personal Property B.33 Other personal property Prepaid loan fees 156,903 Investment in subsidiary 100 TOTAL SCHEDULED ASSETS $157,003 ========= C. Property claimed as exempt Not applicable D. Secured claims The Bank of New York 100,000,000 The Bank of New York (3,347,612) The Bank of New York 7,929,632 General Electric Capital Corp. 6,635,543 General Electric Capital Corp. 22,953 Wachovia Bank N.A. 39,885 E. Unsecured priority claims Internal Revenue Service, Utah 365,162 Division of Corporations, Delaware 9,957 F. Unsecured non-priority claims BancBoston Investments, Inc. 28,071,540 BancBoston Investments, Inc. (2,091,149) BancBoston Investments, Inc. 1,670,708 Radio Shack unknown TOTAL SCHEDULED LIABILITIES $139,306,619 ============= Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). On September 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) O'SULLIVAN INDUSTRIES: Virginia's Schedules of Assets & Debts ------------------------------------------------------------- A. Real Property $6,700,000 B. Personal Property B.1 Cash on hand 500 B.2 Bank accounts 3,500 B.3 Security Deposits Lamar Bank & Trust Co. 11,610 Dominion-Virginia Power 150,492 B.15 Accounts receivable 568 B.23 Automobiles 2000 Chevrolet Astro Van LS 7,961 1995 Ford Yard Tractor 12,406 B.26 Office equipment and supplies 60,052 B.27 Machinery, furniture and fixtures 21,933,371 B.28 Inventory 10,548,528 B.33 Other personal property Prepaid loan fees 33,682 Prepaid miscellaneous (1,392) Prepaid-voucher logging 4,935 Container deposits 10,093 TOTAL SCHEDULED ASSETS $39,476,306 ============ C. Property claimed as exempt Not applicable D. Secured claims The Bank of New York 100,000,000 The Bank of New York (3,347,612) The Bank of New York 7,929,632 General Electric Capital Corp. 6,635,543 General Electric Capital Corp. 22,953 Wachovia Bank, N.A. 39,885 Wells Fargo Bank, N.A. 10,000,000 Wells Fargo Bank, N.A. 10,949 General Electric Capital Corp. 10,109 Wachovia Bank, N.A. 3,945 E. Unsecured priority claims Wages 107,604 Utah Internal Revenue Service 17,304,858 Utah Internal Revenue Service 13,499 Virginia Department of Taxation 5,288 Virginia Employment Commission 24,940 Virginia Department of Taxation 133 ACC Real Estate/Property Tax 108,167 Sales Tax Payable 48 Federal Withholding (5,288) State Unemployment Tax (24,940) FICA Tax (10,851) Federal Unemployment Tax (2,648) Workmens Compensation 25,396 Holidays 13,614 Vacations 297,929 F. Unsecured non-priority claims Wells Fargo Bank, N.A. 96,000,000 Wells Fargo Bank, N.A. 6,368,226 Wells Fargo Bank, N.A. (1,079,168) Wells Fargo Bank, N.A. (2,013,546) Fibre Converters Inc. 232,579 Aconcagua Timber Corp. 209,233 Hafele America Company 206,660 Nickander Associates 189,542 Toppan Printing Company 137,073 Stone Container Corp. 135,468 Others 1,738,807 TOTAL SCHEDULED LIABILITIES $241,288,027 ============= Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). On September 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) O'SULLIVAN IND: Furniture Outlets' Schedules of Assets & Debts -------------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand 500 B.2 Bank accounts Banc of America 1,241 Banc of America 10,791 Cash clearing account 121,959 B.3 Security Deposits GBR Properties, Inc. 5,000 Cedar Tree Management 6,421 Empire District Electric Co. 900 B.26 Office equipment and supplies 17,513 B.27 Machinery, furniture and fixtures 397 B.28 Inventory 118,464 B.33 Other personal property 4,621 TOTAL SCHEDULED ASSETS $287,806 ========= C. Property claimed as exempt Not applicable D. Secured claims The Bank of New York 100,000,000 The Bank of New York (3,347,612) The Bank of New York 7,929,632 General Electric Capital Corp. 6,635,543 General Electric Capital Corp. 22,953 Wachovia Bank, N.A. 39,885 E. Unsecured priority claims Hynes, Avery A. 1,100 Adams, Michael T. 440 King, Anthony R. 366 Green, Herbert 287 Snow, Richard L. 280 Jennings, Ben W. 248 Spencer, Aaron E. 235 Fadely, Bryan J. 227 Davis, Garland A. 191 Christopher, James G. 157 Scott, Devin W. 99 Utah Internal Revenue Service 2,016 State of Arkansas 215 Missouri Department of Revenue 5,486 Arkansas Employment Security Department 105 Missouri Division of Employment Security 1,195 Missouri Department of Revenue 7,678 ACC Real Estate / Property Tax 390 Sales Tax Payable (4,165) Vacations 3,261 Federal Withholding (2,016) State Withholding (5,700) State Unemployment Tax (1,300) F. Unsecured non-priority claims Wells Fargo Bank, N.A. 96,000,000 Wells Fargo Bank, N.A. 6,368,226 Wells Fargo Bank, N.A. (1,079,168) Wells Fargo Bank, N.A. (2,013,546) Accounts payable - clearing (8,466) TOTAL SCHEDULED LIABILITIES $210,558,240 ============= Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings, Inc. -- http://www.osullivan.com/-- designs, manufactures, and distributes ready-to-assemble furniture and related products, including desks, computer work centers, bookcases, filing cabinets, home entertainment centers, commercial furniture, garage storage units, television, audio, and night stands, dressers, and bedroom pieces. O'Sullivan sells its products primarily to large retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its subsidiaries filed for chapter 11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05- 83049). On September 30, 2005, the Debtor listed $161,335,000 in assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) OWENS CORNING: Posts $7 Million Net Loss in August 2005 ------------------------------------------------------- Owens Corning Balance Sheet As of August 31, 2005 (In Thousands) Current Assets: Cash and cash equivalents $809,985 Receivables 385,403 Receivables-Inter-company 994,358 Inventories 241,035 Insurance for Asbestos Litigation Claims 0 Deferred Income Taxes 484 Income Tax Receivable 3,325 Other Current Assets 17,913 ----------- Total Current Assets $2,452,503 Other Assets: Insurance for Asbestos Litigation Claims 4,220 Restricted Cash 188,777 Restricted cash and securities - Fibreboard 0 Deferred Income Taxes 894,502 Goodwill 48,568 Investment in Affiliates 31,457 Investment in Subsidiaries 2,022,050 Notes Receivable - Intercompany 5,270 Other Non-current Assets 467,475 ----------- Total Other Assets 3,662,319 Plant & Equipment: Land 34,968 Buildings & Leasehold Improvements 550,660 Machinery & Equipment 2,179,210 Construction in Progress 138,442 Less: Accumulated Depreciation 1,624,201 ----------- Net Plant and Equipment 1,279,079 ----------- TOTAL ASSETS $7,393,901 =========== Liabilities not Subject to Compromise: Accounts Payable & Accrued Liabilities 529,308 Inter-company Liabilities 1,023,084 Short-term debt 0 Long-term debt - current portion 1,367 ----------- Total Current Liabilities 1,553,759 Long-Term Debt 9,610 Other: Other Employee Benefits Liability 225,700 Pension Plan Liability 617,735 Other Liability 164,567 ----------- Total Non-Current Liabilities 1,008,002 ----------- Total Postpetition Liabilities 2,571,371 Prepetition Liabilities: Accounts Payable and Accrued Liabilities 259,812 Other Employee Benefits Liability 193,039 Pension Plan Liability 0 Debt-US Bank Credit Facility 1,450,986 Debt-Bonds & Other 1,501,222 Asbestos-Related Liability 6,166,734 Inter-company 2,452,666 Other 0 ----------- Total Prepetition Liabilities 12,024,459 Total Liabilities 14,595,830 Minority Interest 0 Stockholder's Equity: Common Stock 697,298 Retained Earnings (Deficit) (7,545,158) Accumulated Comprehensive Income (Loss) (6,061) Other (348,008) ----------- Net Stockholder's Equity (7,201,929) ----------- TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,393,901 =========== Owens Corning Statement of Operations For the Month Ended August 31, 2005 (In Thousands) Net sales $367,800 Cost of Sales 297,949 ----------- Gross Margin 69,851 Operating Expenses: Marketing and Administrative Expenses 35,186 Science and Technology Expenses 2,651 Provision for Asbestos Litigation Claims 0 Insider Compensation 810 Restructure Costs 0 Other Expenses 12,265 ----------- Income (Loss) from Operations 18,939 Other Expenses: Cost of Borrowed Funds 303 Other 0 ----------- Income (Loss) Before Reorganization Items 18,636 Reorganization Items: Professional Fees 2,477 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash from Chapter 11 (1,636) (Gain) Loss from sale of equipment 0 (Gain) Loss from Settlement of Liabilities 0 Other Reorganization Expenses 2,643 ----------- Total Reorganization Expenses 3,483 ----------- Income (Loss) Before Income Taxes 15,153 Provision (credit) for Income Tax 22,250 ----------- Income (Loss) Before Minority Interest and Equity in Net Income (Loss) of Affiliates (7,097) Minority interest 0 Equity in net income (loss) of affiliates (18) ----------- Net Income (Loss) ($7,115) =========== Owens Corning Statement of Cash Receipts & Disbursements For the Month Ended August 31, 2005 (In Thousands) Cash, Beginning of Month $9,923 Receipts: Customer Receipts 368,383 Inter-company Sales 2,762 Loans and Advances 0 Sale of Assets 0 Other Receipts 4,458 Inter-company Transfers 113,169 Transfers from DIP 562,000 ----------- Total Receipts $550,771 Disbursements: Net Payroll 117 Payroll Taxes 0 Sales Use & Other Taxes 5,550 Inventory Purchases 130,818 Insurance 2,937 Administrative & Selling 60,408 Other 97,732 Inter-company Transfers 81,884 Transfers to DIP 169,272 Professional Fees 4,285 U.S. Trustee Quarterly Fees 0 Court costs 0 Adjustment 0 ----------- Total Disbursements $553,003 Net Cash Flow (2,231) ----------- Cash -- End of Month $7,691 =========== Headquartered in Toledo, Ohio, Owens Corning -- http://www.owenscorning.com/-- manufactures fiberglass insulation, roofing materials, vinyl windows and siding, patio doors, rain gutters and downspouts. The Company filed for chapter 11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837). Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom, represents the Debtors in their restructuring efforts. At Sept. 30, 2004, the Company's balance sheet shows $7.5 billion in assets and a $4.2 billion stockholders' deficit. The company reported $132 million of net income in the nine-month period ending Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No. 120; Bankruptcy Creditors' Service, Inc., 215/945-7000) UNITED AIRLINES: Posts $698 Million Net Loss in October 2005 ------------------------------------------------------------ On Nov. 24, 2005, UAL Corporation (OTCBB: UALAQ.OB), the holding company whose primary subsidiary is United Airlines, filed its October Monthly Operating Report with the U.S. Bankruptcy Court for the Northern District of Illinois. The company reported an operating loss of $71 million for October 2005 (filing entities only). Despite a 53% increase in fuel prices for mainline and United Express operations, which resulted in a $169 million increase in fuel expenses year-over-year, the operating loss is $6 million worse than the same period last year. In October 2004, the company reported an operating loss of $65 million. For October 2005, the company reported a net loss of $698 million, including $584 million of largely non-cash reorganization expenses driven by charges related to the termination of the pilot defined benefit pension plan. Excluding reorganization expenses, the company reported a net loss of $114 million. As previously disclosed, the company will continue to record large non-cash reorganization items as it moves towards exit. It is common for the results of operations of companies progressing through Chapter 11 to be impacted by non-cash charges related to their reorganization, especially as restructuring work nears completion. Charges based on the claims of our creditors are recorded at the amount expected to be allowed by the court. However, as shown in the company's Plan of Reorganization, these claims are expected to be settled at exit for a minor fraction of the amount of the charges recorded. UAL consolidated mainline unit costs in October increased 8% over the same month last year driven by 5% lower capacity and higher fuel expense. Excluding fuel, mainline unit costs in October decreased 4% year-over-year despite the capacity decrease. Mainline passenger unit revenue in October increased 9% over the same period a year ago. UAL ended October with a cash balance of $2.7 billion, which included $964 million in restricted cash (filing entities only). Cash balance during the month increased by $31 million. UAL met the requirements of its DIP financing for the month of October. Jake Brace, United's Chief Financial Officer said, "United's revenue performance and cost reductions were offset by record high fuel costs. Our restructuring work has been effective and has equipped the company to manage through the challenges the industry presents. We move steadily towards a February exit from bankruptcy." Headquartered in Chicago, Illinois, UAL Corporation -- http://www.united.com/-- through United Air Lines, Inc., is the holding company for United Airlines -- the world's second largest air carrier. The Company filed for chapter 11 protection on December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $24,190,000,000 in assets and $22,787,000,000 in 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 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 ***