/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/051210.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, December 10, 2005, Vol. 9, No. 293 Headlines ALLIED HOLDINGS: Earns $3.8 Million for the Month of October 2005 ANCHOR GLASS: Posts $3 Million Net Loss in October 2005 ASARCO INC: Encycle/Texas Inc.'s Schedules of Assets and Debts AURA SYSTEMS: Posts $493,725 Net Loss in October 2005 DELTA AIR: Posts $1 Billion Net Loss for Period Ended October 31 ENTEGY NEW ORLEANS: Posts $27.6 Million Net Loss in October 2005 FIRST VIRTUAL: Posts $121,329 Net Loss in September 2005 GARDENBURGER INC: Posts $664,633 Net Loss for Period Ended Oct. 31 MIIX GROUP: Posts $367,178 Cumulative Net Loss in October 2005 RELIANCE GROUP: Earns $113,000 for the Month of October 2005 SAINT VINCENTS: Posts $12 Million Net Loss in October 2005 TOWER AUTOMOTIVE: Earns $1.5 Million of Net Income in October 2005 ********* ALLIED HOLDINGS: Earns $3.8 Million for the Month of October 2005 ----------------------------------------------------------------- Allied Holdings, Inc., and Its Debtor Subsidiaries Unaudited Consolidated Balance Sheet As of October 31, 2005 (In Thousands) Assets Current Assets: Cash and cash equivalents $849 Receivables, net 54,786 Related party receivables 12,629 Inventories 5,007 Deferred income taxes 4,021 Prepayments and other current assets 23,453 --------- Total current assets 100,745 Property and equipment, net 122,057 Goodwill, net 3,938 Other noncurrent assets 36,166 Investment in related parties 31,488 --------- TOTAL ASSETS $294,394 ========= Liabilities and Stockholders' Deficit Current liabilities not subject to compromise: Borrowings under revolving credit facilities 38,596 Accounts and notes payable 20,551 Accrued liabilities 52,839 --------- Total current liabilities 111,986 Long-term liabilities not subject to compromise: Long-term debt 100,000 Postretirement benefits 4,613 Deferred income taxes 3,989 Other long-term liabilities 21,818 --------- Total long-term liabilities 130,420 Liabilities subject to compromise 186,281 Stockholders' Deficit (134,293) --------- Total liabilities and stockholders' deficit $294,394 ========= Allied Holdings, Inc., and Its Debtor Subsidiaries Unaudited Consolidated Statement of Operations For the Month Ended October 31, 2005 (In Thousands) Revenues $78,979 Operating Expenses: Salaries, wages and fringe benefits 37,723 Operating supplies and expenses 17,107 Purchased transportation 10,087 Insurance and claims 2,952 Operating taxes and licenses 2,558 Depreciation and amortization 2,179 Rents 628 Communications and utilities 391 Other operating expenses 366 Gain on disposal of operating assets, net 50 --------- Total operating expenses 74,041 --------- Operating (loss) income 4,938 Other income (expense): Interest expense (2,109) Investment income 4 Foreign exchange gain, net (201) Other, net 1,976 --------- (330) --------- (Loss) Income before reorganization items and income taxes 4,608 Reorganization items (765) --------- Income (Loss) before income taxes 3,843 Income tax provision - --------- NET INCOME $3,843 ========= 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. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000) ANCHOR GLASS: Posts $3 Million Net Loss in October 2005 ------------------------------------------------------- Anchor Glass Container Corporation Unaudited Statement of Operations and Comprehensive Loss For the month ending October 31, 2005 (In Thousands) Net Sales $60,559 Costs and Expenses Costs of products sold 59,577 Selling and administrative expenses 1,623 Restructuring charges 97 ----------- Loss from operations (738) Reorganization items (1,019) Other expense, net - Interest expense (1,425) Other income, net 125 ----------- Net Loss ($3,057) =========== The Debtor still did not file its balance sheet as of Oct. 31, 2005. Headquartered in Tampa, Florida, Anchor Glass Container Corporation is the third-largest manufacturer of glass containers in the United States. Anchor manufactures a diverse line of flint (clear), amber, green and other colored glass containers for the beer, beverage, food, liquor and flavored alcoholic beverage markets. The Company filed for chapter 11 protection on Aug. 8, 2005 (Bankr. M.D. Fla. Case No. 05-15606). Robert A. Soriano, Esq., at Carlton Fields PA, represents the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $661.5 million in assets and $666.6 million in debts.(Anchor Glass Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000) ASARCO INC: Encycle/Texas Inc.'s Schedules of Assets and Debts -------------------------------------------------------------- A. Real Property Nueces County/City of Corpus $1,129,888 City of Corpus Christi/Industrial District 1,777,960 *** Encycle/Texas, Inc. advises that the *** book value of its real property totals *** $2,907,848. The amounts reflected *** are the most recent values available. *** However, the accounting books show *** land-holdings at $6.7 million -- an amount *** based on a third-party appraisal in 2001. B. Personal Property B.1 Cash on hand 2,110 B.2 Bank accounts Encycle/Texas EPA TR AMGT Escrow Account 1,485,650 B.3 Security deposits Security Deposit with Automatic Data Processing, Inc. 283 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 undetermined 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 0 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 0 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 0 B.27 Machinery, furniture and fixtures Corpus Christi, Nueces County, Texas 608,350 B.28 Inventory 0 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property 0 TOTAL SCHEDULED ASSETS undetermined ============= C. Property claimed as exempt Not applicable D. Secured claims Meaney-Walsh Properties No. 1 Ltd. 510,000 Nueces County Tax Assessor-Collector 50,971 City of Corpus Christi 12,041 E. Unsecured Priority Claims Chalbert R. Nelson 2,410 Texas State Comptroller 1,031 F. Unsecured non-priority claims State of Texas, Natural Resources Division 1,125,000 United States of America 1,125,000 Texas Commission on Environmental Quality 50,050 Suez Energy Resources 23,602 SBC Communications, Inc. 21,709 City of Corpus Christi 7,799 U.S. Ecology Texas 7,473 Charles Rechter 6,241 Wade Honeycutt 4,829 Jose Guzman 3,759 Ram Consultants 1,800 Old Republic Insurance 1,533 STI, Corpus Christi 1,360 PSC Industrial Outsourcing, Inc. 1,311 Others 5,852 TOTAL SCHEDULED LIABILITIES undetermined ============= 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. 11; Bankruptcy Creditors' Service, Inc., 215/945-7000). AURA SYSTEMS: Posts $493,725 Net Loss in October 2005 ----------------------------------------------------- On Nov. 30, 2005, Aura Systems, Inc., filed its monthly operating report for the month of October 2005, with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. The Company reported a $493,725 net loss on $103,327 of net sales for the month of October 2005. At Oct. 31, 2005, Aura System, Inc.'s balance sheet shows: Current Assets $12,022,494 Total Assets 18,555,001 Total Postpetition Liabilities 2,941,189 Total Prepetition Liabilities 15,520,592 Total Liabilities 18,461,781 Total Stockholders' Equity $93,220 A full-text copy of Aura Systems, Inc.'s October 2005 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?3aa Headquartered in El Segundo, California, Aura Systems, Inc. -- http://www.aurasystems.com/-- develops and sells AuraGen(R) mobile induction power systems to the industrial, commercial and defense mobile power generation markets. The Company filed for chapter 11 protection on June 24, 2005 (Bankr. C.D. Calif. Case No. 05-24550). Ron Bender, Esq., at Levene Neale Bender Rankin & Brill LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for bankruptcy, it reported $18,036,502 in assets and $28,919,987 in debts. DELTA AIR: Posts $1 Billion Net Loss for Period Ended October 31 ---------------------------------------------------------------- DELTA AIR LINES, INC. Unaudited Consolidated Balance Sheets As of October 31, 2005 ASSETS CURRENT ASSETS: Cash and cash equivalents $2,067,000,000 Restricted cash 1,046,000,000 Accounts receivable, net of an allowance for uncollectible accounts of $40 996,000,000 Expendable parts and supplies inventories, net of an allowance for obsolescence of $191 182,000,000 Prepaid expenses and other 642,000,000 --------------- Total current assets 4,933,000,000 PROPERTY AND EQUIPMENT: Flight equipment 18,981,000,000 Accumulated depreciation (6,861,000,000) Flight equipment, net 12,120,000,000 Flight and ground equipment under capital leases 523,000,000 Accumulated amortization (216,000,000) Flight and ground equipment under capital leases, net 307,000,000 Ground property and equipment 4,863,000,000 Accumulated depreciation (2,887,000,000) Ground property and equipment, net 1,976,000,000 Advance payments for equipment 44,000,000 --------------- Total property and equipment, net 14,447,000,000 OTHER ASSETS: Goodwill 227,000,000 Operating rights and other intangibles, net of accumulated amortization of $189 74,000,000 Restricted investments for Boston airport terminal project 54,000,000 Other noncurrent assets 1,024,000,000 --------------- Total other assets 1,379,000,000 --------------- Total assets $20,759,000,000 =============== LIABILITIES AND SHAREOWNERS' DEFICIT CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $1,279,000,000 Accounts payable, deferred credits and other accrued liabilities 1,523,000,000 Air traffic liability 1,978,000,000 Taxes payable 391,000,000 Accrued salaries and related benefits 460,000,000 --------------- Total current liabilities 5,631,000,000 NONCURRENT LIABILITIES: Long-term debt and capital leases 6,761,000,000 Other 225,000,000 Deferred revenue and other credits 196,000,000 --------------- Total noncurrent liabilities 7,182,000,000 LIABILITIES SUBJECT TO COMPROMISE 16,462,000,000 COMMITMENTS AND CONTINGENCIES EMPLOYEE STOCK OWNERSHIP PLAN PREFERRED STOCK: Series B ESOP Convertible Preferred Stock, $1.00 par value, $72.00 stated and liquidation value; 4,668,107 shares issued and outstanding 336,000,000 Unearned compensation under employee stock ownership plan (86,000,000) --------------- Total Employee Stock Ownership Plan Preferred Stock 250,000,000 SHAREOWNERS' DEFICIT: Common stock: $0.01 par value; 900,000,000 shares authorized; 202,081,648 shares issued 2,000,000 Additional paid-in capital 1,636,000,000 Accumulated deficit (7,274,000,000) Accumulated other comprehensive loss (2,529,000,000) Treasury stock at cost, 12,738,652 shares (601,000,000) --------------- Total shareowners' deficit (8,766,000,000) --------------- Total liabilities and shareowners' deficit $20,759,000,000 =============== DELTA AIR LINES, INC. Unaudited Consolidated Statements of Operations For the Period September 15 to October 31, 2005 OPERATING REVENUES: Passenger: Mainline $1,313,000,000 Regional affiliates 453,000,000 Cargo 73,000,000 Other, net 114,000,000 --------------- Total operating revenues 1,953,000,000 OPERATING EXPENSES: Salaries and related costs 566,000,000 Aircraft fuel 642,000,000 Depreciation and amortization 156,000,000 Contracted services 129,000,000 Contract carrier arrangements 305,000,000 Landing fees and other rents 104,000,000 Aircraft maintenance materials and outside repairs 93,000,000 Aircraft rent 53,000,000 Passenger commissions and other selling expenses 56,000,000 Passenger service 42,000,000 Pension settlements, asset writedowns, restructuring and related items, net 86,000,000 Other 102,000,000 --------------- Total operating expenses 2,334,000,000 --------------- OPERATING LOSS (381,000,000) --------------- OTHER INCOME (EXPENSE): Interest expense (contractual interest expense equals $160 from September 15, 2005 to October 31, 2005) (100,000,000) Interest income 5,000,000 Miscellaneous, net 4,000,000 --------------- Total other expense, net (91,000,000) --------------- LOSS BEFORE REORGANIZATION ITEMS, NET (472,000,000) REORGANIZATION ITEMS, NET (648,000,000) --------------- LOSS BEFORE INCOME TAXES (1,120,000,000) INCOME TAX PROVISION (21,000,000) --------------- NET LOSS ($1,141,000,000) =============== DELTA AIR LINES, INC. Unaudited Consolidated Statements of Cash Flows For the Period September 15 to October 31, 2005 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($1,141,000,000) Adjustments to reconcile net loss to cash provided by operating activities, net 1,014,000,000 Changes in certain assets and liabilities, net 237,000,000 --------------- Net cash provided by operating activities 110,000,000 CASH FLOWS FROM INVESTING ACTIVITIES: Property and equipment additions: Flight equipment, including advance payments (17,000,000) Ground property and equipment (11,000,000) Decrease in restricted investments related to Boston airport terminal project 2,000,000 Increase in restricted cash (141,000,000) --------------- Net cash used in investing activities (167,000,000) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term debt and capital lease obligations (1,026,000,000) Proceeds from borrowing from long-term obligations 2,250,000,000 Other, net (35,000,000) --------------- Net cash provided by financing activities 1,189,000,000 --------------- Net increase in cash and cash equivalents 1,132,000,000 Cash & cash equivalents at beginning of period 935,000,000 --------------- Cash & cash equivalents at end of period $2,067,000,000 =============== Headquartered in Atlanta, Georgia, Delta Air Lines -- http://www.delta.com/-- is the world's second-largest airline in terms of passengers carried and the leading U.S. carrier across the Atlantic, offering daily flights to 502 destinations in 88 countries on Delta, Song, Delta Shuttle, the Delta Connection carriers and its worldwide partners. The Company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents the Debtors in their restructuring efforts. As of June 30, 2005, the Company's balance sheet showed $21.5 billion in assets and $28.5 billion in liabilities. (Delta Air Lines Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000) ENTEGY NEW ORLEANS: Posts $27.6 Million Net Loss in October 2005 ---------------------------------------------------------------- Entergy New Orleans, Inc. Balance Sheet As of October 31, 2005 (in thousands) ASSETS Current Assets: Cash and cash equivalents Cash $32,789 Temporary cash investments - ----------- Total cash and cash equivalents 32,789 Accounts receivable: Customer 108,501 Allowance for doubtful accounts (18,621) Associated companies 14,651 Other 2,823 Accrued unbilled revenues 13,152 ----------- Total accounts receivable 120,506 Deferred fuel costs 25,503 Fuel inventory - at average cost 7,966 Materials and supplies 9,790 Prepayments and other 35,259 ----------- Total current assets 231,813 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 689,214 Natural gas 188,952 Construction work in progress 205,134 ----------- Total Utility Plant 1,083,300 Less - accumulated depreciation and amortization 424,544 ----------- Utility plant - net 658,756 Deferred Debits and Other Assets Regulatory assets 135,354 Long term receivables 1,812 Other 20,892 ----------- Total deferred debits and other assets 158,058 ----------- TOTAL ASSETS $1,052,993 =========== LIABILITIES: Postpetition Liabilities: Taxes payable $4,238 Accounts payable 41,594 DIP credit facility 60,000 ----------- Total postpetition liabilities 105,832 Current Liabilities: Currently Maturing long-term debt - Notes payable 15,000 Accounts payable: Associated companies 52,287 Other 263,147 Customer deposits 18,200 Taxes accrued - Accumulated deferred income taxes 8,049 Interest accrued 3,733 Energy Effeciency Program provision 6,904 Other 115 ----------- Total current liabilities 367,435 Non-current Liabilities: Accumulated deferred income taxes and taxes accrued 85,306 Accumulated deffered investment tax credits 3,641 SFAS 109 regulatory liability - net 45,128 Other regulatory liabilities 14,915 Accumulated provisions 7,890 Pension liability 26,681 Long-term debt 229,856 Other 4,965 ----------- Total non-current liabilities 418,382 ----------- Total Liabilities 891,649 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 -- prepetition 99,593 Retained earnings -- postpetition (28,067) ----------- Total shareholders equity 161,344 ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,052,993 =========== Entergy New Orleans, Inc. Statement of Operations Month Ended October 2005 (in thousands) Operating revenues Domestic electric $10,064 Natural gas 7,718 ----------- Total operating revenues 17,782 Operating Expenses: Operation and maintenance Fuel 19,111 Purchased power 29,009 Other operation and maintenance 4,313 Taxes other than income taxes 2,428 Depreciation and amortization 2,751 Other regulatory charges (credits) - net 408 ----------- Total operating expenses 58,020 ----------- Operating Income (40,238) Other income: Allowance for equity funds used 92 during construction Interest and dividend income 173 Miscellaneous - net (3,289) ----------- Total other income (3,024) Interest and other charges: Interest on long-term debt 1,078 Other interest-net 547 Allowance for borrowed funds used during construction (76) ----------- Total interest and other charges 1,549 Loss before income taxes (44,811) Income taxes (17,168) ----------- NET LOSS ($27,643) =========== Entergy New Orleans, Inc. Cash Receipts and Disbursement Statement Month Ended October 2005 (in thousands) Beginning cash balance $46,685,605 Cash receipts 24,454,019 Cash disbursements (38,351,110) ----------- Net cash flow (13,897,091) ----------- ENDING CASH BALANCE $32,788,515 =========== 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. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) FIRST VIRTUAL: Posts $121,329 Net Loss in September 2005 -------------------------------------------------------- On Nov. 11, 2005, First Virtual Communications, Inc., and its debtor-affiliate, CUseeMe Networks, Inc., filed their monthly operating report for the month of September 2005 with the U.S. Bankruptcy Court for the Northern District of California. The Debtors reported a $121,329 net loss on zero net sales for September 2005. The Debtors also reported a cumulative net profit of $3,937,421 on $1,984,925 of net sales from Jan. 20, 2005, through Sept. 30, 2005. At Sept. 30, 2005, First Virtual's consolidated balance sheet showed: Total Current Assets $2,007,123 Total Assets 2,007,123 Current Liabilities 228,863 Total Liabilities 2,301,136 Shareholders' Deficit ($294,013) A full-text copy of First Virtual's September 2005 Monthly Operating Report is available at no charge at: http://ResearchArchives.com/t/s?3ac Headquartered in Redwood City, California, First Virtual Communications, Inc. -- http://www.fvc.com/-- delivers integrated software technologies for rich media web conferencing and collaboration solutions. The Company and its affiliate - CUseeMe Networks, Inc. -- filed for chapter 11 protection on Jan. 20, 2005 (Bankr. N.D. Calif. Case No. 05-30145). Kurt E. Ramlo, Esq., at Skadden, Arps, Slate, Meagher & Flom represents the Debtors in their restructuring efforts. When the Debtor filed for protection from its creditors, it listed $7,485,867 in total assets and $13,567,985 in total debts. GARDENBURGER INC: Posts $664,633 Net Loss for Period Ended Oct. 31 ------------------------------------------------------------------ On Nov. 30, 2005, Gardenburger, Inc., filed its monthly operating report for the period from Oct. 14 to Oct. 31, 2005, with the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division. The Company reported a $664,633 net loss in $3,761,598 of net revenue for the period from Oct. 14 to Oct. 31, 2005. At Oct. 31, 2005, Aura System, Inc.'s balance sheet shows: Current Assets $11,414,856 Total Assets 19,963,779 Total Postpetition Liabilities 2,195,260 Total Prepetition Liabilities 39,903,364 Total Liabilities 42,098,624 Total Stockholders' Equity ($22,134,845) A full-text copy of Gardenburger, Inc.'s Monthly Operating Report for the period from Oct. 14 to Oct. 31, 2005, is available at no charge at http://ResearchArchives.com/t/s?3ab Headquartered in Los Angeles, California, Gardenburger, Inc. -- http://www.gardenburger.com/-- makes original veggie burgers and innovates in meatless, 100% natural, low-fat food products. The company distributes its meatless products to more than 35,000 foodservice outlets throughout the United States and Canada. Retail customers include more than 30,000 grocery, natural food and club stores. The company filed for chapter 11 protection on Oct. 14, 2005 (Bankr. C.D. Calif. Case No. 05-19539). David S. Kupetz, Esq., at SulmeyerKupetz represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $21,379,886 in assets and $39,338,646 in debts. MIIX GROUP: Posts $367,178 Cumulative Net Loss in October 2005 -------------------------------------------------------------- On Nov. 28, 2005, The MIIX Group, Inc., and its debtor-affiliate, New Jersey State Medical Underwriters, Inc., filed their monthly operating reports for the period from Oct. 1, 2005, to Oct. 31, 2005, with the U.S. Bankruptcy Court for the District of Delaware. MIIX Group reports a cumulative net loss of $367,178 on $8,293 of total revenue for the period from Dec. 21, 2004 thru Oct. 31, 2005. New Jersey State Medical Underwriters, Inc., reports a cumulative net loss of $870,886 on $2,959,771 of total revenue for the period from Dec. 21, 2004, thru Oct. 31, 2005. At Oct. 31, 2005, The MIIX Group's and New Jersey State Medical Underwriters, Inc.'s balance sheets reflect: New Jersey State Medical The MIIX Group Underwriters, Inc. -------------- ------------------ Total Assets $7,605,304 $13,051,458 Total Liabilities 8,937,488 6,218,250 Stockholders' Equity ($1,332,184) $6,833,208 A full-text copy of MIIX Group and New Jersey State Medical Underwriters, Inc.'s monthly operating reports for the period from Oct. 1, 2005 to Oct. 31, 2005, is available at no charge at: http://ResearchArchives.com/t/s?3a9 Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. - - http://www.miix.com/-- provides management services to medical malpractice insurance companies. The Company along with its debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004 (Bankr. D. Del. Case No. 04-13588). Andrew J. Flame, Esq., at Drinker Biddle & Reath LLP represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they estimated assets between $10 million and $50 million and debts between $10 million and $50 million. RELIANCE GROUP: Earns $113,000 for the Month of October 2005 ------------------------------------------------------------ RELIANCE GROUP HOLDINGS, INC., et al. Unaudited Consolidated Balance Sheet, excluding subsidiaries which are not Debtors-in-Possession 31-Oct-2005 _____________________________________ ___________ ASSETS Cash $46,468,000 Accounts and Notes Receivable 13,090,000 Prepaid expenses and deposits 353,000 Note and interest receivable from Reorganized RFS Corp. 2,630,000 Underwriters Settlement 205,000 Due from Reliance Development Group, Inc. less allowance of $60,334 0 Property, plant and equipment 0 ---------------- Total Assets $62,746,000 ================ LIABILITIES AND SHAREHOLDERS' DEFICIT Liabilities not subject to compromise Post-petition -- accounts payable $1,178,000 Professional fee holdback payable 1,933,000 Liabilities subject to compromise 851,852,000 ---------------- Total Liabilities 854,963,000 ---------------- Shareholders' deficit: Common stock 11,616,000 Additional paid in capital 558,541,000 Accumulated deficit (1,362,374,000) ---------------- Total shareholders' deficit (792,217,000) ---------------- Total liabilities and deficit $62,746,000 ================ RELIANCE GROUP HOLDINGS, INC., et al. Unaudited Consolidated Statement of 1-Oct-2005 Operations, excluding subsidiaries to which are not Debtors-in-Possession 31-Oct-2005 _____________________________________ ___________ Revenues $0 ---------------- Costs and expenses: Operating and administrative 35,000 Pension plan actuarial adjustments and expenses 0 Depreciation 0 ---------------- Total costs and expenses 35,000 ---------------- Income (loss) before reorganization items (35,000) ---------------- Reorganization items: Professional fees 295,000 RFSC settlement (93,000) Underwriters Settlement (205,000) Interest earned on accumulating cash resulting from Chapter 11 proceeding (145,000) ---------------- Total Reorganization items (148,000) ---------------- Income tax benefits 0 ---------------- Net income (loss) $113,000 ================ RELIANCE GROUP HOLDINGS, INC., et al. Unaudited Consolidated Statement of 1-Oct-2005 Cash Flows, excluding subsidiaries to which are not Debtors-in-Possession 31-Oct-2005 _____________________________________ ___________ Cash flows from operating activities: Loss from operations before ($35,000) reorganization items Adjustments to reconcile loss to net cash provided by operating activities: Income tax recovery 0 Depreciation 0 Changes in: Prepaid expenses 0 Post-petition payables (4,000) Increase in liabilities subject to compromise 0 ---------------- Net cash provided (used) by operating activities before reorganization items (39,000) ---------------- Operating cash flows from reorganization items: Interest received 145,000 Application of retainer towards reorganization professional fees 0 Payment of reorganization items (471,000) ---------------- Net cash used by reorganization items (326,000) ---------------- Net cash used by operating activities (365,000) ---------------- Cash flows from investing activities: Receipt from Reliance Development Group 0 ---------------- Net cash provided by investing activities 0 ---------------- Cash flow from financing activities: Proceeds of split dollar policies 0 ---------------- Net cash provided by financing activities 0 ---------------- Net decrease in cash (365,000) Cash at beginning of period 46,833,000 ---------------- Cash at end of period $46,468,000 ================ Headquartered in New York, New York, Reliance Group Holdings, Inc. -- http://www.rgh.com/-- is a holding company that owns 100% of Reliance Financial Services Corporation. Reliance Financial, in turn, owns 100% of Reliance Insurance Company. The holding and intermediate finance companies filed for chapter 11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing $12,598,054,000 in assets and $12,877,472,000 in debts. The insurance unit is being liquidated by the Insurance Commissioner of the Commonwealth of Pennsylvania. On Nov. 7, 2005, the Hon. Eugene Gonzalez issued an order confirming the Creditors Committee's First Amended Plan for RGH. (Reliance Bankruptcy News, Issue No. 85; Bankruptcy Creditors' Service, Inc., 215/945- 7000) SAINT VINCENTS: Posts $12 Million Net Loss in October 2005 ---------------------------------------------------------- SVCMC Debtors Unaudited Consolidated Balance Sheet As of October 31, 2005 ASSETS Cash & Cash Equivalents $20,880,741 Investments 1,451,902 Patients Accounts Receivable, less allowance for doubtful accounts 180,861,346 Accounts Receivable 28,553,619 Other Current Assets 39,328,000 -------------- Total Current Assets 271,075,608 Depreciation Reserve Funds & Collaterized Assets 53,135,538 Assets Designated for Self-Insurance Investments at Market 41,731,453 Assets whose use is limited - Investments at Market 53,815,500 Other Non-Current Assets 11,785,996 Land, Buildings & Equipment, net of Accumulated Depreciation 286,551,815 -------------- Total Assets $718,095,910 ============== LIABILITIES AND NET ASSETS Liabilities Subject to Compromise: HFG Loan $4,589,000 Accounts Payable & Accrued Expenses 237,707,598 Estimated Retroactive Payables to Third Parties, net 93,816,859 Long-term Debt 299,806,278 Long-term Debt, excluding current installments 4,860,876 Estimated Liability for Self-Insurance 145,047,122 Other Liabilities 82,746,265 -------------- Total Liabilities Subject to Compromise 868,573,998 Liabilities Not Subject to Compromise: Accrued Salaries & Payroll Taxes Withheld 58,709,869 Accounts Payables & Accrued Expenses 75,106,645 -------------- Total Liabilities 1,002,390,512 Net Assets: Unrestricted (340,098,627) Temporarily Restricted 31,373,025 Permanently Restricted 24,431,000 -------------- Total Net Assets (284,294,602) -------------- Total Liabilities & Net Assets $718,095,910 ============== SVCMC Debtors Unaudited Consolidated Income Statement From October 1 to October 31, 2005 Operating Revenue Inpatient $58,731,659 Outpatient 30,213,306 Patient Service Revenue 88,944,965 Less Provision for Bad Debt 9,483,447 Net Patient Service Revenue 79,461,517 Pool Revenue 4,185,405 Capitation 7,446,825 Other 9,456,281 -------------- Total Operating Revenue 100,550,029 Operating Expenses: Salaries and Wages 47,730,778 Fringe Benefits 14,583,232 Supplies and Other 34,978,902 Insurance 3,528,042 -------------- Total Direct Operating Costs 100,821,954 Salaries and Wages 2,799,517 Fringe Benefits 811,093 Supplies and Other 8,288,861 -------------- Total Corporate Allocated 11,899,471 -------------- Total Operating Expense 112,721,425 -------------- Interest 2,100,743 Depreciation 3,823,514 -------------- Operating Gain (Loss) Before Non-Recurring and/or Unusual Items (18,095,653) Non-Recurring and/or Unusual Items: Discontinued Operations (St. Mary's) (298,932) St. Mary's Op Pac Rate Adjustment - ZBEC/HFE Recoveries (5,364) Restructuring & Bankruptcy Related Costs (6,074,647) Estimated Close-out of St. Mary's (20,000,000) Transfer of Equity Foundation (314,070) -------------- Total Non-Recurring and/or Unusual Items (26,693,013) -------------- Operating Gain (Loss) After Non-Recurring and/or Unusual Items (44,788,666) -------------- Non-Operating Revenue 1,391,385 Change in Temporary Restricted Net Assets 176,000 -------------- Change in Net Assets ($46,004,051) -------------- EBITDA ($12,171,396) ============== SVCMC Debtors Unaudited Statement of Cash Flows From October 1 to October 31, 2005 Cash Flows from Operation Activities: Changes in Net Assets ($46,004,051) Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Change in Net Assets from July 1 to July 4, 2005 - Depreciation & Amortization 3,823,514 Change in Unrealized Gains & Losses 1,957,751 Change in Patient's Accounts Receivable 8,879,289 Change in Accounts Receivables, Other 7,699,779 Change in Prepaid Expenses & Other 4,108,000 Change in Other Non-Current Assets 447,357 Change in Accounts Payable & Accrued Exp-Prepetition 1,336,811 Change in Accounts Payable & Accrued Exp-Postpetition 38,144,645 Change in Accrued Salaries & P/R Taxes (4,249,858) Change in Est. Retro rec/pay from/to third parties 3,496,336 Change in Est. Liability for self-insurance 1,850,882 Change in Other Non-Current Liabilities (243,464) -------------- Net Cash Provided by Operating Activities 21,256,992 Cash flows From Investment Activities: Sale of Investments, Net 1,732,004 (Purchase) of Assets Whose Use is Limited (54,963) Acquisition/Sale of Land, Building, & Equipment (680,683) -------------- Net Cash Provided by Investing Activities 996,358 Cash flows From Financing Activities: Proceeds/Repayment From/of Working Capital Loan (1,988,000) Proceed from issuance of Long-term debt - Repayment of Long-term debt (2,115,812) Net Cash (Used) in Financing Activities (4,103,812) Net Increase (Decrease) in Cash & Cash Equivalents 18,149,538 Cash & Cash Equivalents at Beginning of Month 35,150,292 -------------- Cash & Cash Equivalents at End of the Month $53,299,830 ============== Headquartered in New York, New York, Saint Vincents Catholic Medical Centers of New York -- http://www.svcmc.org/-- the largest Catholic healthcare providers in New York State, operate hospitals, health centers, nursing homes and a home health agency. The hospital group consists of seven hospitals located throughout Brooklyn, Queens, Manhattan, and Staten Island, along with four nursing homes and a home health care agency. The Company and six of its affiliates filed for chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, represent the Debtors in their restructuring efforts. As of Apr. 30, 2005, the Debtors listed $972 million in total assets and $1 billion in total debts. (Saint Vincent Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service, Inc., 215/945-7000) TOWER AUTOMOTIVE: Earns $1.5 Million of Net Income in October 2005 ------------------------------------------------------------------ Tower Automotive, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets As of October 31, 2005 (In Thousands) CURRENT ASSETS: Cash and cash equivalents $4,802 Accounts receivable, net 220,962 Inventories 73,371 Prepaid tooling and other 51,930 ---------- TOTAL CURRENT ASSETS 351,065 ---------- Property, plant and equipment, net 555,541 Investment in joint ventures - Investment in subsidiaries 346,782 Inter-company receivables 415,478 Other assets, net 64,776 ---------- TOTAL ASSETS $1,733,642 ========== CURRENT LIABILITIES NOT SUBJECT TO COMPRISE: Current maturities of long-term debt $14,257 Accounts payable 137,496 Accrued liabilities 151,999 ---------- TOTAL CURENT LIABILITIES 303,752 ---------- Liabilities subject to comprise 1,133,971 Non-Current Liabilities Not Subject to Compromise: Long-term debt, net of current maturities 43,771 DIP borrowings, net of current maturities 559,985 Other non-current liabilities 193,780 ---------- TOTAL LIABILITIES 2,235,259 STOCKHOLDERS' DEFICIT (501,617) ---------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,733,642 ========== Tower Automotive, Inc. and Subsidiaries Unaudited Statement of Operations October 1 to 31, 2005 (In Thousands) Revenues $153,202 Cost of sales 146,155 ---------- Gross profit 7,047 Selling, general and administrative expenses 7,668 Restructuring and asset impairment charges, net 59 ---------- Operating income (loss) (680) Interest expense 6,086 Interest income (1,756) Other income (7,748) Chapter 11 and related reorganization items 2,777 ---------- Income (loss) before provision for income taxes, equity earnings and minority interest (39) Provision (benefit) for income taxes (1,538) ---------- Income (loss) before equity in earnings 1,499 Equity in earnings of joint ventures, net of tax 16 ---------- NET INCOME/(LOSS) $1,515 ========== Tower Automotive, Inc. and Subsidiaries Unaudited Statement of Cash Flows October 1 to 31, 2005 (In Thousands) OPERATING ACTIVITIES: Net income $1,515 Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: Chapter 11 & related reorganization expenses 1,179 Restructuring and asset impairment, net - Depreciation 6,824 Equity in earnings of joint ventures, net (16) Change in working capital and operating items (6,379) ---------- Net cash provided by operating activities 3,123 ---------- INVESTING ACTIVITIES: Capital expenditures (5,718) ---------- Net cash used for investing activities (5,718) ---------- FINANCING ACTIVITIES: Proceeds from prepetition borrowings - Repayments of prepetition borrowings - Borrowings from DIP credit facility 89,722 Repayments of borrowings from DIP credit facility (83,500) Net proceeds from issuance of common stock - ---------- Net cash provided by financing activities 6,222 ---------- Net Change in cash and cash equivalents 3,627 ---------- Cash and Cash Equivalents, beginning of period 1,175 Cash and Cash Equivalents, end of period $4,802 ========== 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) ********* 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. 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