/raid1/www/Hosts/bankrupt/TCR_Public/040605.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, June 5, 2004, Vol. 8, No. 111
Headlines
ADELPHIA: Devon Liquidating Trustee's March 2004 Report
ADELPHIA: Reports $36.8 Million Net Loss in April 2004
AIR CANADA: Post-Filing Obligations Amount to CN$1.3 Billion
AIR CANADA: Provides Projected Cash Budget Through Oct. 1, 2004
ALLEGIANCE TELECOM: April Net Loss Narrows to $2.4 Million
AMES DEPT: February 2004 Monthly Operating Report
AMES DEPT: Administratively Insolvent at April 3, 2004
AVADO BRANDS: Net Loss Widens to $3.12 Million in April 2004
BIOTRANSPLANT INC: Posts $75,681 Net Loss in February 2004
BURLINGTON: BII Trust's March 2004 Financial Report
DII & KBR: DII's Net Loss Climbs to $77.2 Million in April 2004
DII & KBR: April 2004 Profit Declines to $281K for BPM Minerals
DII & KBR: KBR Posts $18.8 Million Net Income for April 2004
DII & KBR: KBR Engineering's April Monthly Operating Report
DII & KBR: KBR Int'l Reports $1.3 Million Income in April 2004
DII & KBR: KBR Int'l (Panama) Posts Lower Income of $517K in April
DII & KBR: KBR Technical Reports $767,000 Net Loss in April 2004
DII & KBR: Mid-Valley's April 2004 Monthly Operating Report
ENRON: ENA Examiner's 107th Weekly Report - Mar. 29 to Apr. 2
ENRON: ENA Examiner's 108th Weekly Report - Apr. 5 to 9, 2004
ENRON: ENA Examiner's 109th Weekly Report - Apr 12 to 16, 2004
ENRON: Wind Systems Trust Files April Monthly Operating Report
FASTNET: Files Oct. 2003 to Dec. 2003 Monthly Operating Reports
GENTEK INC: Reports $22.1 Million First Quarter Profit
HAYES LEMMERZ: Creditor Trust Releases First Quarter 2004 Results
RCN CORP: Releases March 31, 2004 Balance Sheet
SOLUTIA INC: Reports $13 Million Net Loss in April 2004
SONICBLUE INC: Releases April 2004 Monthly Operating Report
UNITED AIRLINES: April Net Loss Widens to $137.2 Million
WESTPOINT STEVENS: Reports $7.4 Million Net Loss in April 2004
WESTPOINT STEVENS: JP Stevens & Co.'s April Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' April Operating Report
WESTPOINT STEVENS: WP STEVENS I Posts $2.9 Mil Income in April
WESTPOINT STEVENS: WP Stevens Stores' April Operating Report
WORLD ACCESS INC: Releases Oct. 2003 to March 2004 Cash Flow Data
*********
ADELPHIA: Devon Liquidating Trustee's March 2004 Report
-------------------------------------------------------
Gerard A. Shapiro of Buccino & Associates, Inc., the Liquidating
Trustee of Devon Mobile Communications, LP, provides the U.S.
Bankruptcy Court for the District of Delaware with financial
information on events for the period from December 30, 2003 to
March 26, 2004.
Status of the Closing of Pending Sale Agreements
A. Buffalo Lake Erie Wireless Systems, Co., LLC (BLEW)
The BLEW transaction closed on December 24, 2003 and was
previously reported. In connection with the closing, a
$50,000 escrow was established to assess potential damages at
the various sites. It is likely that BLEW will be entitled to
a substantial portion of the escrowed funds. The Devon
Trustee is in discussions with insurers regarding the two
sites where damages and losses were confirmed.
B. Virginia and Maine Licenses
The Federal Communications Commission approved the transfer of
Devon's remaining Virginia license to Virginia Cellular, LLC.
The Devon Trustee is awaiting approval on the transfer of the
five remaining Maine licenses to Gary Curry.
C. Equipment
On January 29, 2004 and February 6, 2004, the Devon Trustee,
sold the remaining network equipment, which was held in a
warehouse in Orchard Park, New York. Net proceeds from the
sales were $20,400 -- net of a 15% commission paid to an
independent broker. The proceeds were in the range of a prior
appraisal and were consistent with market conditions.
The Devon Trustee still owns two undelivered Cellular Towers
and is currently marketing them for sale.
Distributions Pursuant to the Plan
The Devon Trustee paid administrative expense claims aggregating
$5,767,980. Administrative Expense Claims paid to date total
$7,441,874. Additional Administrative Expense Claims, if
allowed, are not expected to exceed $200,000.
On January 28, 2004, the Devon Trustee paid the $80,702 GD
Secured Claim.
Amounts Received and Collected
The Devon Trustee received $196,073, which consisted of:
* $116,205 of escrowed funds previously held by the Devon
Debtors' counsel for payment of professional fees incurred
prior to Plan Confirmation. There are no amounts owing to
professionals relating to pre-confirmation;
* $44,500 remaining balance from the sale transaction with
Verizon Wireless, which transaction closed on December 29,
2003;
* $20,400 relating to the sale of equipment;
* $7,499 relating to refund of certain insurance premiums.
The related policies were canceled if no longer required;
* $7,106 of interest earned on cash on deposit;
* $364 from various miscellaneous receipts.
Fees and Expenses Paid or Incurred
The Devon Estate incurred $533,704 in total fees and expenses:
* Fees and expenses paid to the Devon Trustee totaled
$247,038 for work performed from December 14, 2003 to
March 13, 2004;
* Fees paid to professionals consisted of:
(a) $197,917 paid to attorneys:
-- $181,659 related to services and expenses for October
to December 2003; and
-- $16,529 related to services and expenses for January
2004;
(b) $27,245 to the Claims Agent for the period October to
December 2003l; and
(c) $27,812 disposition fee paid to the Investment Banker
relating to the Verizon and BLEW transactions, which
were completed in December 2003;
* United States Trustee fees of $19,500 for the quarters ended
September 30, 2003 and December 31, 2003;
* An insurance premium of $4,100 was paid to extend commercial
liability coverage. About $3,100 was subsequently refunded
and is included in the refund of insurance premiums;
* Outside labor and related expenses of $3,100 for services
from December 15, 2003 to February 1, 2004;
* Landlord cure payments relating to the Verizon
transaction of $1,997;
* Rent for warehouse and office copier $1,389;
* Utility payments totaling $3,062 relating to remaining
electric charges on numerous cell sites; and
* Miscellaneous office expenses -- phone, shipping, bank
fees, etc. -- totaling $543.
Liquidating Funding Amount Balances
As of the close of business on March 26, 2004, the Devon Trustee
held funds totaling $4,423,232 in three accounts at a major
commercial bank:
Account Balance
------- -------
Money market account $4,277,845
Checking account used for disbursements 118,477
Account for distributions of Allowed Claims 26,910
ADELPHIA: Reports $36.8 Million Net Loss in April 2004
------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of April 30, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $251,144
Restricted cash 84,615
Subscriber receivables - net 203,606
Prepaid expenses and other assets - net 60,248
Investments 22,697
Intercompany receivables 27,675,865
Related party receivables 1,890,951
Property, plant and equipment - net 7,017,938
Intangible assets - net 15,387,530
Other assets - net 416,405
-----------
Total Assets $53,010,999
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $87,466
Subscriber advance payments and deposits 110,441
Accrued interest and other liabilities 465,293
Intercompany payables 629,266
Related party payables 162,471
Parent and subsidiary debt 467,062
Deferred income taxes 2,004,835
-----------
Total current liabilities 3,926,834
Liabilities subject to compromise:
Parent and subsidiary debt 13,421,601
Parent and subsidiary debt attributable to Rigas
entities 2,846,156
-----------
16,267,757
Accounts payable 979,793
Accrued interest and other liabilities 517,714
Intercompany payables 27,012,249
Related party payables 1,358,965
Redeemable exchangeable preferred stock 148,794
-----------
Total liabilities subject to compromise 46,285,272
-----------
Total liabilities 50,212,106
Minority interests 544,607
Stockholders' equity:
Convertible preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,460,346
Accumulated other comprehensive loss (6,585)
Accumulated deficit (4,206,863)
Treasury stock, at cost (149,401)
-----------
Total 5,100,442
Amounts due from Rigas family entities (2,846,156)
-----------
Total stockholders' equity 2,254,286
-----------
Total liabilities and stockholders' equity $53,010,999
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended April 30, 2004
(Dollars in thousands)
Revenue $322,618
Cost and expenses:
Direct operating and programming 200,835
Selling, general and administrative 31,640
Depreciation and amortization 80,378
Impairment of long-lived and other assets --
Non-recurring professional fees 10,377
Estimated provision for accounting changes --
-----------
Operating income (loss) before reorg expenses (612)
Reorganization expenses due to bankruptcy 2,527
-----------
Operating loss (3,139)
Other income (expense):
Interest expense (32,153)
Equity in losses of affiliates -- net (125)
Minority interest in losses (earnings) of
subsidiaries (585)
Other-than-temporary impairment of investments --
Other 220
-----------
Total (32,643)
-----------
Net loss before income taxes (35,782)
Income tax benefit --
-----------
Net loss from continuing operations (35,782)
Discontinued operations (1,035)
-----------
Net loss applicable to common stockholders ($36,817)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended April 30, 2004
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($36,817)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 80,378
Amortization of bank financing costs 2,134
Impairment of long-lived and other assets --
Other-than-temporary impairment of investments --
Minority interest in earnings (losses)
of subsidiaries 585
Equity in losses of affiliates, net 125
Gain on sale of assets - net --
Other non-cash items 289
Reorganization expenses due to bankruptcy 2,527
Non-recurring professional fees 10,402
Change in assets and liabilities:
Subscriber receivables - net 10,351
Prepaid expenses and other assets - net 11,208
Other assets - net 12,715
Accounts payable (22,785)
Subscriber advance payments and deposits (12,657)
Accrued interest and other liabilities (48,086)
Liabilities subject to compromise (16,590)
Intercompany receivables and payables - net (625)
-----------
Net cash provided by (used in) operations before
payment of reorganization expenses (6,846)
Reorganization expenses paid during the period (3,583)
-----------
Net cash provided by (used in) operating activities (10,429)
Cash flows from investing activities:
Expenditures for property, plant and equipment (67,994)
Cash paid for acquisitions --
Changes in restricted cash (1,128)
Investment distributions and contributions --
Related party receivables and payables - net 380
Other --
-----------
Net cash used in investing activities (68,742)
Cash flows from financing activities:
Proceeds from debt 66,000
Payments of debt (2,372)
Payment of DIP bank financing costs --
-----------
Net cash provided by (used in) financing activities 63,628
Change in cash, cash equivalents and restricted cash (15,543)
Cash, beginning of period 266,687
-----------
Cash, end of period $251,144
===========
AIR CANADA: Post-Filing Obligations Amount to CN$1.3 Billion
------------------------------------------------------------
Ernst & Young, Inc., the Court-appointed Monitor, estimates that
Air Canada's post-filing obligations as at March 31, 2004 total
CN$1,372,000,000, consisting of:
CN$253,700,000 Trade credit
69,000,000 Accrued and unpaid aircraft lease charges
164,000,000 Undue and unremitted trust amounts
370,800,000 Owing to the CIBC, Amex Bank of Canada and
GE Capital Corporation re post-filing
credit facilities
514,700,000 Accrued and unpaid payroll and other
employee related charges
--------------
CN$1,372,000,000 Total
Air Canada's cash on hand as of March 31, 2004 was
CN$868,800,000. Accordingly, Air Canada's Post-Filing
Obligations exceeded cash on hand by CN$503,200,000.
Deferred ticket revenues, representing advance ticket sales
collected, net of amounts held in trust by Air Canada Vacations
-- CN$51,800,000 on March 31, 2004 -- were CN$557,200,000 on
March 31 or CN$19,700,000 more than at April 1, 2003. The April
comparative figures were adjusted down by CN$28,900,000 to
account for set-off of the funds held in trust by Air Canada
Vacations for customer travel not yet completed, as required by
the province of Quebec's Consumer Protection Act.
After performing a detailed analysis of the March 31, 2004
deferred ticket revenues, Air Canada estimates that
CN$552,200,000 of the balance relates to tickets sold subsequent
to April 1, 2003 and this amount is not included in the
CN$503,200,000 Post-Filing Deficiency amount.
According to Ernst & Young President Murray McDonald, the Post-
Filing Deficiency amount decreased from February 29, 2004 at
which time it was CN$692,100,000. When combined with the
CN$557,200,000 post-filing advance ticket sales, the overall
deficiency is significant. The Monitor notes that, in the event
Air Canada's restructuring is not successful and the airline is
liquidated, there will be limited assets available from
realization to fund post-filing obligations. The Monitor also
notes that The Office of the Superintendent of Financial
Institutions continues to take the position that the
CN$371,000,000 deemed trust would further increase the amount of
the Post-Filing Deficiency.
Air Canada
Estimated Post-Filing Liabilities As At March 31, 2004
(Excluding Ticket Related Obligations)
Trade Credit
Fuel (CN$8,800,000)
Aircraft Maintenance 8,700,000
Airport Related Charges, Including Rent 53,200,000
Estimated Travel Agent Commissions 29,800,000
Jazz & Zip 31,600,000
Other Estimated Trade Liabilities 139,200,000
----------------
Total Estimated Trade Credit 253,700,000
Aircraft Leases 69,000,000
----------------
Unremitted Collections
Jazz -
GST -
Estimated Foreign Taxes, Fuel Taxes
and AIF not yet due 111,100,000
Airport Improvement Fees 13,900,000
Transportation Tax 12,800,000
Security Tax 18,000,000
US Immigration Tax 8,200,000
----------------
Total Unremitted Collections 164,000,000
Credit Facilities 370,800,000
Employee-Related Obligations 514,700,000
----------------
Total Estimated Post-Filing Liabilities CN$1,372,300,000
================
AIR CANADA: Provides Projected Cash Budget Through Oct. 1, 2004
---------------------------------------------------------------
Air Canada provides the CCAA Court and its creditors with updated
cash flow projections for the period from May 15, 2004 to
October 1, 2004. For that period, the Applicants expect to have
CN$338,400,000 net cash inflow after payment of aircraft lease
payments to lessors who have executed restructured lease
agreements to date but prior to the payment of any additional
amounts to any other lessors. This would result in a
CN$581,000,000 ending cash balance at October 1, 2004.
The amount of the net cash outflow is largely due to:
-- CN$432,100,000 forecast aircraft lease payments as there is
CN$167,000,000 in semi-annual lease payments, which will
become due in July 2004;
-- CN$65,000,000 pre-delivery payments in connection with the
regional jet aircraft orders to be made during the period;
and
-- cash receipts from credit card sales, which are expected to
decline in July and August in accordance with seasonal
trends.
Air Canada
Consolidated Cash Flow Forecast
For the Period April 1 to October 1, 2004
Receipts
Credit card & direct passenger receipts CN$2,098,900,000
Airtime and travel agent settlement 760,100,000
Cargo/Freight 65,000,000
Accounts receivable 127,000,000
Miscellaneous 22,200,000
Credit Facilities 0
Funding from pension plan 28,400,000
----------------
Total Receipts CN$3,101,600,000
----------------
Disbursements
Payroll & Benefits (CN$910,200,000)
Retiree payments (38,800,000)
Pension contributions (59,000,000)
Fuel (536,300,000)
Airport related charges (344,600,000)
Aircraft maintenance (143,500,000)
Food, Beverages & Supplies (109,600,000)
IBM Advantis (Computer support) (74,600,000)
Marketing (20,000,000)
Travel agent incentive commission (59,200,000)
Insurance (20,800,000)
Funding of foreign operations (84,000,000)
Other operating costs (320,000,000)
U.S. immigration tax remittances (12,300,000)
Airport improvement fees (75,000,000)
GST remittances (75,000,000)
Transportation tax (51,300,000)
Security tax remittances (94,500,000)
Professional fees (20,000,000)
----------------
Operating Disbursements (CN$3,048,700,000)
----------------
Capital Expenditures (CN$79,200,000)
Repayment of CIBC Facility (37,500,000)
Interest payments and fees re CIBC Facility (12,700,000)
Other (14,400,000)
----------------
Non-Operating Disbursements (CN$143,700,000)
----------------
Net Aeroplan Cashflows 151,500,000
Net Air Canada Vacations Cashflows 21,000,000
----------------
Cash Flows Re: Non-CCAA Applicants CN$182,500,000
----------------
Aircraft lease payments (432,100,000)
Net Cash Inflow/(Outflow) (338,400,000)
Opening cash balance 920,000,000
----------------
Ending cash balance CN$581,600,000
================
Headquartered in Saint-Laurent, Quebec Canada, Air Canada --
http://www.aircanada.ca/-- represents Canada's only major
domestic and international network airline, providing scheduled
and charter air transportation for passengers and cargo. The
Company filed for CCAA protection on April 1, 2003 (Ontario
Superior Court of Justice, Case No. 03-4932) and Section 304
petition with the U.S. Bankruptcy Court for the Southern District
of New York (Case No. 03-11971). Matthew A. Feldman, Esq., and
Elizabeth Crispino, Esq., at Willkie Farr & Gallagher serve as the
Debtors' U.S. Counsel. When the Debtors filed for protection from
its creditors, they listed C$7,816,000,000 in assets and
C$9,704,000,000 in liabilities. (Air Canada Bankruptcy News, Issue
No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ALLEGIANCE TELECOM: April Net Loss Narrows to $2.4 Million
----------------------------------------------------------
On June 1, 2004, Allegiance Telecom, Inc. and all of its
subsidiaries filed their monthly operating statement for the month
of April 2004 with the U.S. Bankruptcy Court for the Southern
District of New York.
The telecommunications company reports a $2.4 million net loss on
$50.3 million in revenues. Allegiance's April 30 balance sheet
shows $1.04 billion in assets and a $375 million stockholders'
deficit. A full-text copy of that report is available at no
charge at:
http://www.sec.gov/Archives/edgar/data/1058703/000110465904016002/a04-6622_1ex99d1.htm
Allegiance Telecom, Inc. -- http://www.algx.com/-- is a
facilities-based national local exchange carrier headquartered in
Dallas, Texas. As the leader in competitive local service for
medium and small businesses, Allegiance offers "One source for
business telecom(TM)" -- a complete telecommunications package,
including local, long distance, international calling, high-speed
data transmission and Internet services and a full suite of
customer premise communications equipment and service offerings.
Allegiance serves 36 major metropolitan areas in the U.S. with its
single source approach. Allegiance's common stock is traded on the
Over The Counter Bulletin Board under the ALGXQ ticker symbol.
AMES DEPT: February 2004 Monthly Operating Report
-------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At February 28, 2004
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $6,470
Restricted cash 59,650
Receivables 2,330
----------
Total current assets 68,450
----------
Total assets $68,450
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable:
Trade $64,914
Other 15,761
----------
Total accounts payable 80,675
Self-insurance reserves 25,419
Accrued expenses 27,525
Liabilities subject to compromise 853,875
----------
Total liabilities 987,494
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,394
Accumulated deficit (1,451,811)
Treasury stock (922)
----------
Total stockholders' deficit (919,044)
----------
Total liabilities and stockholders' deficit $68,450
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For Four Weeks Ended February 28, 2004
(In Thousands)
Total revenue $448
Costs and expenses
Wind down expenses and other costs 1,567
Gain on sale of fixed assets (3,001)
Lease rejection costs -
Professional fees 250
----------
Income before income taxes 1,632
----------
Net Income $1,632
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For Four Weeks Ended February 28, 2004
(In Thousands)
Cash flows from operating activities:
Net gain $1,632
Expenses not requiring the outlay of cash:
Gain on sale of fixed assets (3,001)
----------
Cash used by operations (1,369)
Changes in working capital:
Increase in receivables 2,274
Decrease in accounts payable (422)
Decrease in accrued expenses & other liabilities (1,316)
Increase in restricted cash 233
----------
Net cash provided by operating activities (600)
Cash flows from financing activities:
Proceeds from the sale of fixed assets 3,001
Payments of borrowings under DIP Credit Agreement (3,000)
Change in liabilities subject to compromise (133)
----------
Net cash provided by financing activities (132)
Decrease in cash and cash equivalents (732)
Cash and cash equivalents, beginning of period 7,202
----------
Cash and cash equivalents, end of period $6,470
==========
AMES DEPT: Administratively Insolvent at April 3, 2004
------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At April 3, 2004
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $5,225
Restricted cash 59,986
Receivables 1,406
----------
Total current assets 66,617
----------
Total assets $66,617
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable:
Trade $64,297
Other 15,805
----------
Total accounts payable 80,102
Self-insurance reserves 24,496
Accrued expenses 27,275
Liabilities subject to compromise 854,037
----------
Total liabilities 985,971
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,394
Accumulated deficit (1,452,060)
Treasury stock (922)
----------
Total stockholders' deficit (919,293)
----------
Total liabilities and stockholders' deficit $66,617
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For Five Weeks Ended April 3, 2004
(In Thousands)
Total revenue $812
Costs and expenses
Wind down expenses and other costs 811
Gain on sale of fixed assets -
Lease rejection costs -
Professional fees 250
----------
Income before income taxes (249)
----------
Net Income ($249)
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For Five Weeks Ended April 3, 2004
(In Thousands)
Cash flows from operating activities:
Net gain ($249)
Expenses not requiring the outlay of cash:
Gain on sale of fixed assets -
----------
Cash used by operations (249)
Changes in working capital:
Increase in receivables 924
Decrease in accounts payable (573)
Decrease in accrued expenses & other liabilities (1,173)
Increase in restricted cash (336)
----------
Net cash provided by operating activities (1,407)
Cash flows from financing activities:
Proceeds from the sale of fixed assets -
Borrowings under DIP Credit Agreement -
Change in liabilities subject to compromise 162
----------
Net cash provided by financing activities 162
Decrease in cash and cash equivalents (1,245)
Cash and cash equivalents, beginning of period 6,470
----------
Cash and cash equivalents, end of period $5,225
==========
AVADO BRANDS: Net Loss Widens to $3.12 Million in April 2004
------------------------------------------------------------
Avado Brands, Inc., the owner and operator of the Don Pablo's and
Hops restaurant chains, delivered its April Monthly Operating
Report to the Bankruptcy Court on May 19, 2004.
For the four-week period ended April 25, 2004, Don Pablo's reports
a $1,027,000 profit, Hops reports a net loss of $379,000 and
$3,776,000 of net losses at the corporate level resulted in a
consolidated net loss of $3,128,000.
A full-text copy of Avado's April Monthly Operating Report is
available at no charge at:
http://www.sec.gov/Archives/edgar/data/849101/000084910104000019/morapr.txt
On February, 4, 2004, Avado Brands, Inc. filed a voluntary
petition under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court for the Northern District of
Texas. The Honorable Chief Judge Steven A. Felsenthal presides
over the case, which is administered as Case No. 04-31555. Deborah
D. Williamson, Esq., and Thomas Rice, Esq., at Cox & Smith
Incorporated represent the Debtors in their restructuring efforts.
Miller Buckfire Lewis Ying & Co., LLC is providing financial
advisory services. DDJ Capital is Avado's DIP lender.
BIOTRANSPLANT INC: Posts $75,681 Net Loss in February 2004
----------------------------------------------------------
BioTransplant Inc reports a net loss of $75,681 in February 2004
while its wholly-owned subsidiary, Eligix Incorporated, reports a
net loss of $7,272 in November 2003.
A full-text copy of Eligix and BioTransplant's Form 8-K filed at
the Securities and Exchange Commission is available at no charge
at:
http://www.sec.gov/Archives/edgar/data/880259/000104746904018606/a2136750zex-99_1.txt
As of February 29, 2004, BioTransplant Incorporated has not closed
its December 31, 2002 accounting records.
The accounting records as of December 31, 2002 are to be adjusted
for various items, including potential write-offs of (i) Property,
Plant and Equipment, (ii) Intangible Assets, (iii) Goodwill, (iv)
Deferred Revenue (v) and amounts recognized as stock based
Deferred Compensation. These write-offs and other final year end
audit adjustments could potentially effect the monthly financial
results. As such, no depreciation, amortization of intangible
assets or stock based compensation expense is recognized for any
of the months during 2003.
As reported in the Troubled Company Reporter's November 26, 2003
edition, BioTransplant, Incorporated (BTRNQ.PK) announced that its
board of directors approved the liquidation of the Company's
remaining assets. The Company projects that proceeds of
liquidation will not likely be sufficient to provide any
distribution to the Company's shareholders.
On February 27, 2003, the Company and its wholly-owned subsidiary,
Eligix, Inc., filed voluntary petitions for relief under Chapter
11 of the Bankruptcy Code in the United States Bankruptcy Court in
Boston, Massachusetts (Bankr. D. Mass. Case No. 03-11585).
BURLINGTON: BII Trust's March 2004 Financial Report
---------------------------------------------------
BII Distribution Trust
Unaudited Cash Balance Sheet
As of March 31, 2004
Assets:
Cash $127,587,828
Letters of Credit - Cash Collateral 9,285,641
------------
$136,873,469
============
Liabilities:
BII Distribution Trust Reserve $95,280,258
BII Distribution Trust - Letters of Credit 9,285,641
BII Liquidation Real Estate LLC 2,269,614
BII Dist. Trust - Working Capital Escrow 30,000,000
BII Dist. Trust - Working Capital Escrow Interest 37,956
------------
$136,873,469
============
BII Distribution Trust
Unaudited Cash Receipts and Disbursements
From January 1, 2004 through March 31, 2004
Cash Receipts:
Closing date sale proceeds, net $1,956,840
Post closing working capital adjustment 0
Excluded assets monetized 1,016,455
Assets monetized due to Buyer 444,404
Interest income 172,749
------------
3,590,448
Cash Disbursements:
Distributions 0
Secured lender claims 0
Court appointed professionals expense 2,481,700
Allowed claims 3,694,298
Trust expenses 1,135,645
------------
8,135,645
------------
Net increase (decrease) in cash (4,545,197)
Cash at beginning of period 141,418,666
------------
Cash at end of period $136,873,469
============
Burlington Industries filed for Chapter 11 protection in the
United States Bankruptcy Court of the District of Delaware (Bankr.
Case No. 01-11282), sold its assets and confirmed a liquidating
plan of reorganization declared effective on November 10, 2003.
Daniel J. DeFranceschi, Esq., and Rebecca Booth, Esq., at Richards
Layton & Finger, represent the BII Distribution Trust resolving
creditors' claims and making distributions to creditors.
DII & KBR: DII's Net Loss Climbs to $77.2 Million in April 2004
---------------------------------------------------------------
DII Industries, LLC
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $3,796
Escrow - prepetition payments 149,076
Investment account with Parent -
Trade receivables -
Unbilled work on incomplete contracts -
Other receivables 950
Inventories -
Right to Halliburton Shares 1,828,316
Insurance for asbestos & silica-related PI claims 801,996
Other current assets 68,639
----------
Total current assets 2,852,773
Net property, plant and equipment -
Investments in consolidated subsidiaries 2,306,187
Equity in related companies -
Intercompany with related companies (636,927)
Goodwill, net -
Non-current deferred income taxes 266,000
Insurance for asbestos & silica-related PI claims 1,235,782
Other assets 11
----------
Total assets $6,023,826
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
DIP Financing -
Current maturities of long-term debt -
Accounts payable 6,526
Accrued employee compensation and benefits 2
Accrued interest payable 6,336
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 2,387,559
Other current liabilities 11,000
----------
Total current liabilities 2,411,423
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims 1,849,966
Minority interest in consolidated subsidiaries -
Other liabilities 5,690
----------
Total liabilities 4,267,079
Total shareholder's equity 1,756,747
----------
Total liabilities and shareholder's equity $6,023,826
==========
DII Industries, LLC
Unaudited Income Statement
Month ended April 30, 2004
(in thousands)
Revenues -
Operating costs and expenses $2,175
----------
Operating income/(loss) (2,175)
Interest expense -
Interest income 4,871
Foreign currency gains (losses) (2)
Other non-operating income - net -
Equity in earnings/(loss) of subsidiaries (818)
----------
Income/(loss) before taxes & minority interest 1,876
Income tax benefit/(provision) 221
----------
Income/(loss) from continuing operations 2,097
----------
Income/(loss) from discontinued operations (79,297)
----------
Net Income/(loss) ($77,200)
==========
Headquartered in Houston, Texas, Kellogg, Brown & Root is engaged
in the engineering and construction business, providing a wide
range of services to energy and industrial customers and
government entities in over 100 countries. DII has no business
operations. The Company filed for chapter 11 protection on
December 16, 2003 (Bankr. W.D. Pa. Case No. 02-12152). Jeffrey N.
Rich, Esq., Michael G. Zanic, Esq., and Eric T. Moser, Esq., at
Kirkpatrick & Lockhart LLP, represent the Debtors in their
restructuring efforts. (DII & KBR Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII & KBR: April 2004 Profit Declines to $281K for BPM Minerals
---------------------------------------------------------------
BPM Minerals, LLC
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($218)
Escrow - prepetition payments -
Trade receivables 5,712
Unbilled work on uncompleted contracts -
Other receivables 258
Inventories 6,587
Other current assets -
----------
Total current assets 12,339
Net property, plant and equipment 8,849
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent 45,103
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $66,291
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $1,057
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 42,000
Other current liabilities -
----------
Total current liabilities 43,057
Long-term debt -
Employee compensation and benefits 415
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 53
----------
Total liabilities 43,525
Total shareholder's equity 22,766
----------
Total liabilities and shareholder's equity $66,291
==========
BPM Minerals, LLC
Unaudited Income Statement
Month ended April 30, 2004
(in thousands)
Revenues $4,626
Operating costs and expenses 4,345
----------
Operating income 281
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
----------
Income before taxes and minority interest 281
Provision for income tax -
----------
Net Income $281
==========
DII & KBR: KBR Posts $18.8 Million Net Income for April 2004
------------------------------------------------------------
Kellogg Brown & Root, Inc.
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($51,765)
Escrow - prepetition payments -
Trade receivables 120,077
Unbilled work on uncompleted contracts 118,829
Other receivables 69,398
Inventories 19,128
Other current assets 31,815
----------
Total current assets 307,482
Net property, plant and equipment 56,334
Investments in consolidated subsidiaries 248,680
Equity in related companies 13,955
Intercompany with related companies 126,003
Intercompany with Parent 494,103
Goodwill, net 171,213
Non-current deferred income taxes 261,957
Insurance for asbestos & silica-related PI claims -
Right to Halliburton shares -
Other assets 97,250
----------
Total assets $1,776,977
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $114,063
Accrued employee compensation and benefits 55,832
Accrued interest payable -
Advanced billings on uncompleted contracts 252,315
Asbestos and silica-related PI claims 74,356
Other current liabilities 268,172
----------
Total current liabilities 764,738
Long-term debt -
Employee compensation and benefits 53,428
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 80,609
----------
Total liabilities 898,775
Total shareholder's equity 878,202
----------
Total liabilities and shareholder's equity $1,776,977
==========
Kellogg Brown & Root, Inc.
Unaudited Income Statement
Month ended April 30, 2004
(in thousands)
Revenues $157,601
Operating costs and expenses 126,175
----------
Operating income 31,426
Interest expense (2,418)
Interest income 198
Foreign currency gains (losses) (97)
Other non-operating income - net -
----------
Income before taxes and minority interest 29,109
Income tax benefit/(provision) (10,301)
----------
Income from continuing operations 18,808
----------
Net Income $18,808
==========
DII & KBR: KBR Engineering's April Monthly Operating Report
-----------------------------------------------------------
KBR Engineering Corp.
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies 77
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $77
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities -
----------
Total current liabilities -
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities -
Total shareholder's equity $77
----------
Total liabilities and shareholder's equity $77
==========
KBR Engineering Corp. reported no income for April 2004.
DII & KBR: KBR Int'l Reports $1.3 Million Income in April 2004
--------------------------------------------------------------
KBR International, Inc.
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $42,293
Escrow - prepetition payments -
Trade receivables 23,544
Unbilled work on uncompleted contracts 17,780
Other receivables 18,352
Inventories -
Other current assets 1,656
----------
Total current assets 103,625
Net property, plant and equipment 360
Investments in consolidated subsidiaries 28,140
Equity in related companies 1,955
Intercompany with related companies -
Intercompany with Parent (48,468)
Goodwill, net -
Non-current deferred income taxes 180
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 485
----------
Total assets $86,277
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $18,914
Accrued employee compensation and benefits 344
Accrued interest payable -
Advanced billings on uncompleted contracts 16,717
Asbestos and silica-related PI claims -
Other current liabilities 9,267
----------
Total current liabilities 45,242
Long-term debt -
Employee compensation and benefits 566
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 45,808
Total shareholder's equity 40,469
----------
Total liabilities and shareholder's equity $86,277
==========
KBR International, Inc.
Unaudited Income Statement
Month ended April 30, 2004
(in thousands)
Revenues $14,364
Operating costs and expenses 13,639
----------
Operating income/(loss) 725
Interest expense -
Interest income 1,271
Foreign currency gains (losses) 197
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest 2,193
Income tax benefit/(provision) (832)
----------
Net Income/(loss) $1,361
==========
DII & KBR: KBR Int'l (Panama) Posts Lower Income of $517K in April
------------------------------------------------------------------
KBR International, Inc. (Panama)
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $31,132
Escrow - prepetition payments -
Trade receivables 3,118
Unbilled work on uncompleted contracts 1,768
Other receivables 502
Inventories -
Other current assets 238
----------
Total current assets 36,758
Net property, plant and equipment 11
Investments in consolidated subsidiaries 23,865
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent (29,610)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 12
----------
Total assets $31,036
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable $462
Current maturities of long-term debt -
Accounts payable 2,635
Accrued employee compensation and benefits 2,922
Accrued interest payable -
Advanced billings on uncompleted contracts 25
Asbestos and silica-related PI claims -
Other current liabilities 1,288
----------
Total current liabilities 7,332
Long-term debt -
Employee compensation and benefits 626
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 7,958
Total shareholder's equity 23,078
----------
Total liabilities and shareholder's equity $31,036
==========
KBR International, Inc. (Panama)
Unaudited Income Statement
Month ended April 30, 2004
(in thousands)
Revenues $2,016
Operating costs and expenses 1,843
----------
Operating income/(loss) 173
Interest expense (35)
Interest income 21
Foreign currency gains (losses) 358
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest 517
Provision for income tax -
----------
Net Income/(loss) $517
==========
DII & KBR: KBR Technical Reports $767,000 Net Loss in April 2004
----------------------------------------------------------------
KBR Technical Services, Inc.
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $232
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables 321
Inventories -
Other current assets 907
----------
Total current assets 1,460
Net property, plant and equipment 26,070
Investments in consolidated subsidiaries 1,555
Equity in related companies -
Intercompany with related companies 9,668
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $38,753
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $10
Accrued employee compensation and benefits 18,508
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities 282
----------
Total current liabilities 18,800
Long-term debt -
Employee compensation and benefits 4,296
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 23,096
Total shareholder's equity 15,657
----------
Total liabilities and shareholder's equity $38,753
==========
KBR Technical Services, Inc.
Unaudited Income Statement
Month ended April 30, 2004
(in thousands)
Revenues -
Operating costs and expenses $627
----------
Operating income/(loss) (627)
Interest expense (143)
Interest income -
Foreign currency gains (losses) 3
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest (767)
----------
Net Income/(loss) ($767)
==========
DII & KBR: Mid-Valley's April 2004 Monthly Operating Report
-----------------------------------------------------------
Mid-Valley, Inc.
Unaudited Balance Sheet
As of April 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent $41,033
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets (5)
----------
Total assets $41,028
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $8
Accrued employee compensation and benefits 23
Accrued interest payable -
Advanced billings on uncompleted contracts 528
Asbestos and silica-related PI claims -
Other current liabilities 2,165
----------
Total current liabilities 2,724
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 2,724
Total shareholder's equity 38,304
----------
Total liabilities and shareholder's equity $41,028
==========
Mid-Valley, Inc., reported no income for April 2004.
ENRON: ENA Examiner's 107th Weekly Report - Mar. 29 to Apr. 2
-------------------------------------------------------------
Enron North America Examiner, Harrison J. Goldin, presents his
107th report summarizing deposits and disbursements into and out
of ENA Accounts for the period March 29, 2004 through April 2,
2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
March 29, 2004 $36,329 $6
March 30, 2004 190,336 (6,591)
March 31, 2004 179,879 (675)
April 01, 2004 417,052 0
April 02, 2004 10,000 (2,200)
------------ -------------
Week Total: $833,596 ($9,466)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
March 29, 2004 $0 $0
March 30, 2004 0 0
March 31, 2004 9,584,640 0
April 01, 2004 9,312,160 (9,659,520)
April 02, 2004 0 0
------------ -------------
Week Total: $18,896,800 ($9,659,520)
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
March 29, 2004 $36,329 $0
March 30, 2004 190,336 (6,591)
March 31, 2004 9,764,519 (675)
April 01, 2004 9,729,212 (9,659,520)
April 02, 2004 10,000 (2,200)
------------ -------------
Week Total: $19,730,396 ($9,668,986)
ENRON: ENA Examiner's 108th Weekly Report - Apr. 5 to 9, 2004
-------------------------------------------------------------
Enron North America Examiner, Harrison J. Goldin, presents his
108th report summarizing deposits and disbursements into and out
of ENA Accounts for the period April 5, 2004 through April 9,
2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 05, 2004 $47,510 ($2,961)
April 06, 2004 417,977 0
April 07, 2004 85,000 (97,204)
April 08, 2004 101,317 (19,110)
April 09, 2004 0 (2,510)
------------ -------------
Week Total: $651,804 ($121,785)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 05, 2004 $9,355,925 ($9,357,988)
April 06, 2004 791 0
April 07, 2004 120,266 (131,280)
April 08, 2004 0 0
April 09, 2004 0 0
------------ -------------
Week Total: $9,476,982 ($9,489,268)
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 05, 2004 $9,403,435 ($9,360,749)
April 06, 2004 418,768 0
April 07, 2004 205,266 (228,484)
April 08, 2004 101,317 (19,110)
April 09, 2004 0 (2,510)
------------ -------------
Week Total: $10,128,787 ($9,611,053)
ENRON: ENA Examiner's 109th Weekly Report - Apr 12 to 16, 2004
--------------------------------------------------------------
Enron North America Examiner, Harrison J. Goldin, presents his
109th report summarizing deposits and disbursements into and out
of ENA Accounts for the period April 12, 2004 through April 16,
2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 12, 2004 $800 ($2,376)
April 13, 2004 0 0
April 14, 2004 1,281,241 0
April 15, 2004 702,256 (267,015)
April 16, 2004 511,262 (1,279)
------------ -------------
Week Total: $2,495,558 ($270,670)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 12, 2004 $857,415 ($857,415)
April 13, 2004 0 0
April 14, 2004 4,701 (14,701)
April 15, 2004 0 0
April 16, 2004 0 0
------------ -------------
Week Total: $862,116 ($872,116)
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 12, 2004 $858,215 ($859,791)
April 13, 2004 0 0
April 14, 2004 1,285,941 (14,701)
April 15, 2004 702,256 (267,015)
April 16, 2004 511,262 (1,279)
------------ -------------
Week Total: $3,357,674 ($1,142,785)
ENRON: Wind Systems Trust Files April Monthly Operating Report
--------------------------------------------------------------
Wind Systems Trust
Combined Summary Report of Cash and Disbursements
For the Period April 1 to 30, 2004
Beginning Cash Balance $41,083,475
Total Cash Receipts 34,626,999
Total Cash Disbursements (34,771,903)
----------
Ending Cash Balance $40,938,571
ZWHC, LLC, Consolidated
The Trust and its Subsidiaries
Combined Summary Report of Cash and Disbursements
For the Period April 1 to 30, 2004
Beginning Cash Balance $7,276,121
Total Cash Receipts 820,487
Total Cash Disbursements (971,903)
----------
Ending Cash Balance $7,124,705
Wind Development Trust
Combined Summary Report of Cash and Disbursements
For the Period April 1 to 30, 2004
Beginning Cash Balance $16,530,743
Total Cash Receipts 4,024,007
Total Cash Disbursements (667,099)
----------
Ending Cash Balance $19,887,651
FASTNET: Files Oct. 2003 to Dec. 2003 Monthly Operating Reports
---------------------------------------------------------------
Fastnet Corporation (n/k/a FN Estate Inc.) filed its monthly
operating reports for October, November and December, 2003, with
the Bankruptcy Court on April 13, 2004, April 20, 2004, and
June 2, 2004, respectively.
The Debtors' Monthly Balance Sheets show:
Oct. 31, 2003 Nov. 30, 2003 Dec. 30, 2003
------------- ------------- -------------
Assets 15,362,496 15,134,831 9,989,739
Post-petition
Liabilities 9,574,219 10,243,913 5,752,802
Pre-petition
Liabilities 21,346,153 21,270,196 17,381,230
Stockholders'
Deficit 24,084,173 24,902,138 25,230,554
Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:
http://www.sec.gov/Archives/edgar/data/1092536/000101968704001242/0001019687-04-001242-index.htm
As previously reported, on December 15, 2003, FASTNET Corporation
and its debtor subsidiaries completed the sale of substantially
all of their assets, including their Broadband and Dial Up
Internet Access, Co-location, and Managed Hosting business units,
to US LEC Corp. for an estimated $8.5 million, plus the assumption
of certain liabilities. The $8.5 million consisted of $6 million
in cash, $1.5 million in a promissory note and $1 million in Class
A common stock of US LEC Corp.
This sale was completed pursuant to the provisions of the United
States Bankruptcy Code, and the sale procedures established by the
Bankruptcy Court, including an auction process. An order approving
such sale was issued by the United States Bankruptcy Court for the
Eastern District of Pennsylvania, Case No. 03-23143, on December
4, 2003.
This transaction did not include assets associated with the
Companies' Web Development business, upstate New York wireless
business, certain wireline operations in upstate New York, certain
non-operating fixed assets and receivables from former customers.
As a result of this sale, Fastnet Corporation, Inc. changed its
name to FN Estate, Inc.
On January 15, 2004, the Companies completed the sale of
substantially all of their assets associated with their Web
Development business to a group of noteholders of NetReach, Inc.,
a subsidiary of FASTNET Corporation, in exchange for the surrender
and transfer to FASTNET Corporation of promissory notes of
NetReach, Inc. in the aggregate principal amount of $760,000 and
in consideration of the assumption of certain liabilities. This
sale was completed pursuant to the provisions of the United States
Bankruptcy Code.
On April 30, 2004, the Companies completed the sale of
substantially all of their assets used or associated with their
wireless Internet access operations located in Rochester, New York
to CBTEK, LLC, a New York limited liability company, for an
estimated $155,000, plus the assumption of certain liabilities.
This sale was completed pursuant to the provisions of the United
States Bankruptcy Code.
On May 4, 2004, FN Estate completed the sale of all of its
information relating to certain customers in connection with FN
Estate's wireline operations in the State of New York to Choice
One Communications of New York, Inc., and agreed to cooperate
during a finite period of time in the migration of such customers
to the Choice One network. Pursuant to the asset purchase
agreement entered into by FN Estate and Choice One, Choice One is
obligated to pay to FN Estate a percentage of the charges
collected by Choice One on or before April 30, 2005 from the
customers that migrate to Choice One on or before June 30, 2004.
This sale was completed pursuant to provisions of the United
States Bankruptcy Code.
The Companies are in the process of selling any remaining non-
operating fixed assets and collecting receivables from former
customers. The Companies anticipate filing a plan of liquidation
with the Bankruptcy Court no later than August 31, 2004, followed
by a winding up of their affairs. It is not anticipated that there
will be any funds available for distribution to shareholders of FN
Estate.
GENTEK INC: Reports $22.1 Million First Quarter Profit
------------------------------------------------------
GenTek Inc. (OTC Bulletin Board: GETI) announced results for the
first quarter ended March 31, 2004. GenTek's results reflect the
classification of its KRONE communications operating unit as a
discontinued operation due to the pending sale of that business
to ADC Telecommunications, Inc., which is expected to close
within one week. In addition, GenTek has applied fresh-start
accounting in conjunction with its emergence from bankruptcy
protection on November 10, 2003, causing the results from the
prior-year period to not be comparable to current period results.
For the first quarter of 2004, GenTek had revenues totaling
$192.9 million and operating profit of $22.1 million. Also for
the quarter, including earnings from discontinued operations, net
income totaled $14.8 million and earnings per diluted share were
$1.48.
Pro Forma Results
To facilitate the comparison of 2004 results against prior
periods, GenTek has presented prior-period results on a pro forma
basis, as if the company had emerged from bankruptcy at the
beginning of such period. These pro forma results are based upon
certain important assumptions that are material to the
presentation of such results. In particular, the pro forma
results assume a normalized effective tax rate, which may
ultimately be materially different from GenTek's future effective
tax rate. While management believes that this presentation of
pro forma results may be useful, we caution investors not to rely
solely on such results in making investment decisions.
For the first quarter of 2004, GenTek posted revenues of
$192.9 million compared with $197.0 million in the corresponding
quarter of 2003. For the first quarter of 2004, GenTek recorded
operating profit of $22.1 million versus a pro forma operating
loss of $19.4 million in the first quarter of 2003. The company
recorded first-quarter net income, including results from
discontinued operations, of $14.8 million, or $1.48 per diluted
share, compared with a pro forma net loss of $12.5 million, or
$1.25 per diluted share, for the same period last year. The
company's first-quarter 2004 operating profit was favorably
impacted by a pension curtailment gain of $14.8 million.
"Our first-quarter results reflect improved top-line
performance in our manufacturing segment, primarily due to
stronger automotive and diesel business, as well as some success
in passing through higher raw material costs," said Richard R.
Russell, GenTek's president and chief executive officer.
"Revenue for the performance-products segment decreased versus
prior year due to the closure of the company's Delaware Valley
South facility in the fourth quarter of 2003."
Adjusted Pro Forma Results
For further comparison against prior and future periods,
GenTek has also presented 2004 first-quarter results, as well as
results for the comparable prior-year period, on an adjusted pro
forma basis. The adjusted pro forma results reflect removing the
impact of any restructuring, impairment, reorganization and
certain one-time items.
In addition, the company has presented adjusted earnings
before interest, taxes, depreciation and amortization -- adjusted
EBITDA -- as a measure of operating results. Adjusted EBITDA
reflects removing the impact of any restructuring, impairment,
reorganization, income from discontinued operations and certain
one-time items. GenTek has presented adjusted EBITDA to enhance
the reader's understanding of operating results, as it is a
measure commonly used to value businesses by investors and
lenders.
During the first quarter of 2004, adjusted EBITDA was $16.8
million compared with $17.2 million in the first quarter of 2003.
On an adjusted pro forma basis, including results from
discontinued operations, the company posted first-quarter net
income of $5.2 million, or 52 cents per diluted share, compared
with $1.5 million, or 15 cents per diluted share, for the same
period in 2003. On an adjusted pro forma basis, the company's
first-quarter income from continuing operations totaled $1.4
million, or 14 cents per diluted share, compared with $1.7
million, or 17 cents per diluted share, for the same period in
2003. The adjusted pro forma income from continuing operations,
net income and earnings per share figures above include full
interest expense pertaining to the company's senior term notes,
which are expected to be repaid upon consummation of the KRONE
transaction. Excluding senior term loan interest, first quarter
2004 adjusted pro forma income from continuing operations totaled
$3.5 million, or 35 cents per diluted share.
"In spite of experiencing historically high costs for fuel
and key raw materials during the first quarter, including
increases in excess of 60 percent in both copper and steel
pricing, we managed to achieve an adjusted EBITDA margin of
almost 9%, consistent with prior-year levels," Russell noted.
"With the sale of our KRONE communications business nearly
complete, we will continue to sharpen our focus on growing the
core businesses within the manufacturing and performance-products
segments. As always, we will also seek opportunities to
rationalize our cost structure further to ensure that it is in
line with our portfolio," Russell said.
A full-text copy of GenTek's Form 10-Q is available for free at:
http://www.sec.gov/Archives/edgar/data/1077552/000095011704001918/a37715.txt
GenTek, Inc.
Unaudited Consolidated Balance Sheets
As of March 31, 2004
(In Thousands)
Assets
Current assets:
Cash and cash equivalents $19,066
Receivables, net 116,307
Inventories 62,863
Deferred income taxes 18,955
Other current assets 15,850
---------------
Total current assets 233,041
Property, plant and equipment, net 291,163
Goodwill 152,504
Intangible assets 72,060
Deferred income taxes 3,347
Assets held for sale 281,192
Other assets 25,416
---------------
Total assets $1,058,723
===============
Liabilities and Equity
Current liabilities:
Accounts payable $33,689
Accrued liabilities 101,732
Current portion of long-term debt 338
---------------
Total current liabilities 135,759
Long-term debt 263,833
Pension and postretirement obligations 124,398
Liabilities subject to compromise 163,516
Other liabilities 71,184
---------------
Total liabilities 758,690
---------------
Contingently redeemable warrants 6,030
Equity (deficit):
Preferred Stock, $.01 par value;
authorized 10,000,000 shares;
none issued or outstanding --
Common Stock, no par value;
authorized 100,000,000 shares;
issued: 10,000,000 shares 268,084
Warrants 8,361
Accumulated other comprehensive income 1,661
Retained earnings 15,897
---------------
Total equity (deficit) 294,003
---------------
Total liabilities and equity (deficit) $1,058,723
===============
GenTek, Inc.
Unaudited Consolidated Statements of Operations
Three Months Ended March 31, 2004
Net revenues $192,930
Cost of sales 163,261
Selling, general and administrative expense 21,485
Restructuring and impairment charges 972
Pension curtailment gain 14,840
---------------
Operating profit (loss) 22,052
Interest expense, net 4,439
Interest income 84
Reorganization items --
Other (income) expense, net (1,634)
---------------
Income (loss) before income taxes 19,331
Income tax provision (benefit) 8,340
---------------
Income (loss) from continuing operations 10,991
Income (loss) from discontinued operations 3,814
---------------
Net income (loss) $14,805
===============
GenTek, Inc.
Consolidated Statements of Cash Flows
Three Months Ended March 31, 2004
Cash flows from operating activities:
Net income (loss) from continuing operations $10,991
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 10,145
Pension curtailment gain (14,840)
Asset impairment charges --
Reorganization items --
Net loss on disposition of long-term assets (2,968)
Long-term incentive plan costs, net --
Increase in receivables (12,928)
Increase in inventories (428)
Decrease in deferred tax assets 6,937
Increase (decrease) in accounts payable 5,221
Increase (decrease) in accrued liabilities (4,304)
Increase (decrease) in other
liabilities and assets, net (15,785)
---------------
Net cash provided by (used for) operations (17,959)
Net cash used for discounted operations (243)
---------------
Net cash provided by (used for)
operating activities (18,202)
---------------
Net cash used for reorganization items --
---------------
Cash flows from investing activities:
Capital expenditures (5,361)
Proceeds from sales or disposals
of long-term assets 3,113
Other investing activities (45)
---------------
Net cash used for investing activities (2,293)
---------------
Cash flows from financing activities:
Proceeds from long-term debt 12,989
Repayment of long-term debt (27)
Debt issuance costs - reorganization --
---------------
Net cash provided by (used for)
financing activities 12,962
---------------
Effect of exchange rate changes on cash (47)
---------------
Decrease in cash and cash equivalents (7,580)
Cash and cash equivalents, beginning of period 26,646
---------------
Cash and cash equivalents, end of period $19,066
===============
HAYES LEMMERZ: Creditor Trust Releases First Quarter 2004 Results
-----------------------------------------------------------------
HLI Creditor Trust
Unaudited Cash Balance Sheet
As of March 31, 2004
Assets:
Cash $2,609,311
Liabilities:
Trust Expenses Reserve, net 2,609,311
Expense advance account 0
Reimbursements to Reorganized Debtors account 0
Claimholder distribution reserve 0
----------
$2,609,311
==========
HLI Creditor Trust
Unaudited Statement of Cash Receipts and Disbursements
For the Period January 1 to March 31, 2004
Cash Receipts:
Funding of Expense Advance $250,000
Trust Recoveries 1,318,870
Interest Income 2,304
---------
$1,571,174
----------
Cash Disbursements:
Repayment of expense advance (0)
Reimbursements to Reorganized
Debtors (0)
Distributions to beneficiaries (0)
Trust Expenses (785,798)
----------
($785,798)
----------
Net increase (decrease) in cash $785,376
Cash at beginning of period 1,823,935
----------
Cash at end of period $2,609,311
==========
According to Trust Administrator, Avidity Partners, LLC, the
Quarterly Statement is not intended to be a presentation in
conformity with generally accepted accounting principles. The
Statement is prepared on a cash basis of accounting.
Transactions are recorded when cash is received or disbursed.
Accordingly, the Statement does not reflect accruals for
potential Trust Recoveries or liabilities. The Trust maintains a
cash balance to maintain liquidity with which it may pay
anticipated Trust Expenses.
RCN CORP: Releases March 31, 2004 Balance Sheet
-----------------------------------------------
RCN Corporation and Subsidiaries
(Including non-Debtors)
Consolidated Summary of Assets and Liabilities
As of March 31, 2004
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $19,559,000
Accounts receivable (net) 58,560,000
Restricted investments (short-term) 142,502,000
Prepaid expenses and other current assets 34,277,000
--------------
Total current assets 254,898,000
Property, plant & equipment (net) 885,154,000
Investments in joint ventures and
equity securities 208,440,000
Long-term restricted investments 100,000,000
Intangibles and other assets 38,290,000
--------------
Total assets $1,486,782,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $208,134,000
Advance billings and customer deposits 26,522,000
Current maturities of long-term debt 1,579,981,000
--------------
Total Current Liabilities 1,814,637,000
Other deferred credits 5,686,000
--------------
Total liabilities 1,820,323,000
Preferred Stock 1,804,741,000
Shareholders' equity (2,138,282,000)
--------------
Total liabilities and shareholders' equity $1,486,782,000
==============
SOLUTIA INC: Reports $13 Million Net Loss in April 2004
-------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of April 30, 2004
ASSETS
Current Assets
Cash $67,000,000
Trade Receivables, net 206,000,000
Account Receivables-Unconsolidated Subsidiaries 69,000,000
Inventories 159,000,000
Other Current Assets 76,000,000
--------------
Total Current Assets 577,000,000
Property, plant and equipment, net 747,000,000
Investments in Subsidiaries and Affiliates 500,000,000
Intangible Assets, net 102,000,000
Other Assets 228,000,000
--------------
TOTAL ASSETS $2,154,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $122,000,000
Other Current Liabilities 182,000,000
--------------
Total Current Liabilities 304,000,000
Long-Term Debt 343,000,000
Other Long-Term Liabilities 240,000,000
--------------
Total Liabilities not Subject to Compromise 887,000,000
Liabilities Subject to Compromise 2,331,000,000
Shareholders' Deficit (1,064,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $2,154,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended April 30, 2004
Total Net Sales $195,000,000
Total Cost Of Goods Sold 177,000,000
--------------
Gross Profit 18,000,000
Total MAT Expense 20,000,000
--------------
Operating Loss (2,000,000)
Equity Loss from Affiliates (2,000,000)
Interest Expense (5,000,000)
Other Income (Expense) -
Reorganization Items
Professional fees (3,000,000)
Provision for rejected executory contracts -
Other (1,000,000)
--------------
Total Reorganization Items (4,000,000)
Loss Before Taxes (13,000,000)
Income Taxes -
--------------
NET LOSS ($13,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Company filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. (Solutia Bankruptcy News,
Issue No. 16; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SONICBLUE INC: Releases April 2004 Monthly Operating Report
-----------------------------------------------------------
At April 30, 2004, SONICblue Inc. reports that it is sitting on
$81 million of cash, has accrued $2,442,320 in post-petition
liabilities and faces a $236,848,948 mountain of pre-petition
debts.
A full-text copy of SONICblue Inc.'s April 2004 Operating Report
is available at no charge at:
http://www.sec.gov/Archives/edgar/data/850519/000095013404008269/f99409exv99w1.txt
UNITED AIRLINES: April Net Loss Widens to $137.2 Million
--------------------------------------------------------
UAL Corporation (OTC Bulletin Board: UALAQ), the holding company
whose primary subsidiary is United Airlines, filed its April
Monthly Operating Report (MOR) with the United States Bankruptcy
Court.
The company reported a loss from operations of $75 million,
which represents an improvement of approximately $221 million
over April 2003. Mainline passenger unit revenue improved 20%
year-over-year. Unit costs were down 12% over last year.
Excluding fuel, costs were down 17%. The company reported a net
loss of $137 million, including $28 million in reorganization
expenses, which include non-cash items resulting from the
rejection of aircraft as the company aligns its fleet with the
market. UAL met the requirements of its debtor-in-possession
(DIP) financing.
"Like the rest of the industry, we are challenged by high
fuel prices," said Jake Brace, United's executive vice president
and chief financial officer. "We continue to move United's
restructuring forward. We are introducing a number of fuel
conservation measures and building on our cost reduction efforts
on all fronts. If fuel prices were at more typical levels,
United would have reported an operating profit in April."
UAL ended April with a cash balance of about $2.3 billion,
which included $685 million in restricted cash (filing entities
only). The cash balance decreased $246 million during the month
of April, driven by a pension contribution of $110 million, a
quarterly retroactive wage payment to International Association
of Machinists members of $63 million, the April Bank One DIP
repayment of $60 million and a quarterly Success Sharing reward
to employees of $26 million. The Success Sharing program
provided a cash payout for employees, who exceeded performance
goals for on-time departure and customer satisfaction.
United continued to deliver strong operational results, with
an on-time departure performance of 85.1% and a record April load
factor of 79.9%.
A full-text copy of United's April Operating Report is available
for free at the Securities and Exchange Commission at:
http://www.sec.gov/Archives/edgar/data/100517/000010051704000017/maymastr.htm
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended April 30, 2004
(In Thousands)
Total operating revenues $1,395,822
Total operating expenses 1,470,502
Earnings (loss) from operations (74,680)
Non-operating income (expenses):
Net interest expense (36,496)
Other income (expenses), net 2,101
----------
Total non-operating income (expenses) (34,395)
Net Earnings (loss) before Reorganization items (109,075)
Reorganization items (28,195)
----------
Net earnings (loss) ($137,270)
==========
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 Company filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WESTPOINT STEVENS: Reports $7.4 Million Net Loss in April 2004
--------------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At April 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $7,141
Short-term investments -
Accounts receivable, net 209,674
Inventories 399,768
Prepaid expenses and other current assets 24,297
----------
Total current assets 640,880
Total investments and other assets 126,783
Goodwill -
Property, Plant and Equipment, net 584,647
----------
TOTAL ASSETS $1,352,310
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Senior Credit Facility $440,736
DIP Credit Agreement 133,637
Second lien facility 165,000
Accrued interest payable 808
Accounts payable - trade 61,150
Accounts payable - intercompany 142,876
Other accrued liabilities 110,928
Deferred income taxes 73,796
Pension and other liabilities 138,613
----------
Total current liabilities 1,267,544
Liabilities Subject to Compromise
Senior notes 1,000,000
Deferred financing fees (6,325)
Accrued interest payable on Senior Notes 36,130
Accounts payable 26,903
Other payables and accrued liabilities 8,238
Pension and other liabilities 18,849
----------
Total liabilities not subject to compromise 1,083,795
----------
Total Liabilities 2,351,339
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital surplus/Treasury Stock (2,131)
Retained earnings (deficit) (760,128)
Minimum pension liability adjustment (101,921)
Other adjustments (11,803)
Unearned compensation -
----------
Stockholders' Equity (Deficit) (999,029)
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $1,352,310
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended April 30, 2004
(in thousands)
Total sales $134,737
Cost of sales 119,559
----------
Gross profit 15,178
Selling and administrative expenses
Selling expenses 4,880
Warehousing and shipping 6,847
Advertising 512
Division administrative expense 1,172
MIS expense 1,884
Corporate administrative expense 1,664
----------
Total selling and administrative expense 16,959
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit (loss) from operations (1,781)
Interest expense
Interest expense - outside 7,443
Capitalized interest expense -
Interest expense - intercompany 230
Interest income -
Interest income - intercompany -
----------
Net interest expense 7,673
Other expense
Miscellaneous 1,278
Royalties - intercompany 3,134
Transaction gain/loss -
----------
Total other expense 4,412
Other income
Royalties - intercompany -
Dividends -
Sale of assets 5,553
Miscellaneous 14
----------
Total other income 5,567
----------
Net other expense (1,155)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (8,299)
Chapter 11 reorganization expenses 2,419
Income tax expense (benefit) (3,244)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($7,474)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended April 30, 2004
(in thousands)
Cash flows from operations
Net income (loss) ($7,474)
Restructuring -
Equity adjustments (1,971)
Depreciation and amortization expense 6,011
Gain on sale of assets (5,545)
Working Capital Changes
Decrease/(increase) - accounts receivable 32,292
Decrease/(increase) - inventories (17,002)
Decrease/(increase) - other current assets 1,690
Decrease/(increase) - other noncurrent assets & debts 889
Increase/(decrease) - accounts payable (trade) 1,881
Increase/(decrease) - a/p (intercompany) (1,067)
Increase/(decrease) - accrued liabilities (10,551)
Increase/(decrease) - accrued interest payable (5,115)
Increase/(decrease) - pension and other liabilities (5,152)
Increase/(decrease) - deferred federal income tax (2,790)
----------
Total cash flows from operations (13,904)
Cash flows from investing activities
Capital expenditures (2,540)
Transfers 241
Net proceeds from sale of assets 5,422
----------
Total cash flows from investing 3,123
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement 16,236
----------
Total cash flows from financing 16,236
Beginning cash balance 1,686
Change in cash 5,455
----------
Ending cash balance $7,141
==========
WESTPOINT STEVENS: JP Stevens & Co.'s April Operating Report
------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At April 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Accounts receivable - intercompany $110,738
Prepaid expenses and other current assets 11
----------
Total current assets 110,749
Total investments & other assets 2,697
Goodwill -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Accounts payable - intercompany -
Other accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities -
Non-current Liabilities -
Shareholders' Equity (Deficit)
Equity of subsidiaries $10,503
Common stock -
Capital surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 113,446
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $113,446
==========
J.P. Stevens & Co., Inc., reports no income or cash flow for
April 2004.
WESTPOINT STEVENS: JP Stevens Enterprises' April Operating Report
-----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At April 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $25
Accounts receivable - intercompany 15,741
Prepaid expenses and other current assets -
----------
Total current assets 15,766
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $15,766
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Accounts payable - intercompany -
Other accrued liabilities $182
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities 182
Non-current Liabilities -
----------
Total liabilities 182
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 15,582
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 15,584
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $15,766
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended April 30, 2004
(in thousands)
Net sales -
Cost of goods sold -
----------
Gross earnings -
Selling and administrative expenses
Selling expenses $3
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
----------
Total selling and administrative expense 3
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (3)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 73
----------
Net interest expense (73)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 190
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 190
----------
Net other expense (190)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 260
Chapter 11 reorganization expenses -
Income tax expense (benefit) 91
Extraordinary item - net of taxes -
----------
Net Income (loss) $169
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended April 30, 2004
(in thousands)
Cash flows from operations
Net income (loss) $169
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (97)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other noncurrent assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities (89)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (17)
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 42
Change in cash (17)
----------
Ending cash balance $25
==========
WESTPOINT STEVENS: WP STEVENS I Posts $2.9 Mil Income in April
--------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At April 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $219
Accounts receivable - intercompany -
Inventories 10,569
Prepaid expenses and other current assets -
----------
Total current assets 10,788
Total investments and other assets 124,052
Property, Plant and Equipment, net 12,696
Goodwill -
----------
TOTAL ASSETS $147,536
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $760
Accounts payable - intercompany 9,150
Other accrued liabilities 6,689
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities 16,599
Non-current Liabilities
Senior notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,396
Other payables and accrued liabilities -
Pension and other liabilities -
----------
Total non-current liabilities 1,396
----------
Total liabilities 17,995
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 70,559
Retained earnings (deficit) 58,981
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Shareholders' Equity (Deficit) 129,541
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $147,536
==========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended April 30, 2004
(in thousands)
Net sales $3,747
Cost of goods sold 2,262
----------
Gross earnings 1,485
Selling and administrative expenses
Selling expenses 6
Warehousing and shipping 191
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 170
----------
Total selling and administrative expense 367
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) 1,118
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 325
----------
Net interest expense (325)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
----------
Total other expense 190
Other income
Royalties - intercompany 3,330
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 3,330
----------
Net other expense (3,140)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 4,583
Chapter 11 reorganization expenses -
Income tax expense (benefit) 1,605
Extraordinary item - net of taxes -
----------
Net Income (loss) $2,978
==========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended April 30, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $2,978
Non-cash items
Depreciation and amortization 138
Working Capital Changes
Decrease/(increase) - a/r (customers) -
Decrease/(increase) - a/r (intercompany) -
Decrease/(increase) - inventories (2,174)
Decrease/(increase) - other current assets -
Decrease/(increase) - other noncurrent assets -
Increase/(decrease) - accounts payable (trade) (167)
Increase/(decrease) - a/p (intercompany) 1,389
Increase/(decrease) - accrued liabilities (1,739)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 425
Cash flows from investing activities
Capital expenditures (16)
Transfers (275)
Net proceeds from sale of assets -
----------
Total cash flows from investing (291)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 85
Change in cash 134
----------
Ending cash balance $219
==========
WESTPOINT STEVENS: WP Stevens Stores' April Operating Report
------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At April 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,591
Accounts receivable - customers 250
Accounts receivable - intercompany 2,477
Total Inventories 21,719
Prepaid expenses and other current assets 739
----------
Total current assets 26,776
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,963
----------
TOTAL ASSETS $29,739
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Accounts payable - trade $534
Accounts payable -intercompany -
Other accrued liabilities 3,094
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities 3,628
----------
Non-current Liabilities
Accounts payable 1,673
----------
Total liabilities 5,301
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 8,482
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 24,438
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $29,739
==========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended April 30, 2004
(in thousands)
Net sales $7,401
Cost of goods sold 4,421
----------
Gross earnings 2,980
Selling and administrative expenses
Selling expenses 2,253
Warehousing and shipping 234
Advertising 211
Division administrative expense 317
MIS expense 70
Corporate administrative expense 103
----------
Total selling and administrative expense 3,188
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (208)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 195
Interest income -
Interest income - intercompany -
----------
Net interest expense 195
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income -
----------
Net other expense -
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (403)
Chapter 11 reorganization expenses -
Income tax expense (benefit) (140)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($263)
==========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended April 30, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($263)
Non-cash items
Depreciation and amortization 69
Gain on sale of assets (14)
Working Capital Changes
Decrease/(increase) - a/r (customers) (68)
Decrease/(increase) - a/r (intercompany) (637)
Decrease/(increase) - inventories (147)
Decrease/(increase) - other current assets 9
Decrease/(increase) - other noncurrent assets -
Increase/(decrease) - accounts payable (trade) 135
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 689
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (227)
Cash flows from investing activities
Capital expenditures (7)
Transfers 34
Net proceeds from sale of assets -
----------
Total cash flows from investing 27
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 1,791
Change in cash (200)
----------
Ending cash balance $1,591
==========
WORLD ACCESS INC: Releases Oct. 2003 to March 2004 Cash Flow Data
-----------------------------------------------------------------
World Access, Inc., and its WA Telcom Products Co., Inc., World
Access Telecommunications Group, Inc., FaciliCom International,
L.L.C. and WorldxChange Communications, Inc., subsidiaries
released Monthly Operating Reports this week for the months of
October 2003, November 2003, December 2003, January 2004, February
2004 and March 2004.
The companies caution that the information in these reports is
unaudited and has not been reviewed by an independent accountant.
The Monthly Operating Reports show:
Beginning Cash Ending Cash
Balance at Balance at
Debtor Entity Oct. 1, 2003 March 30, 2004
------------- -------------- --------------
World Access, Inc. $17,148,612.63 $14,171,418.23
WA Telcom Products
Co., Inc. 10,045,715.50 10,088,233.75
World Access Telecommunications
Group, Inc. 7,613,691.03 7,694,896.63
FaciliCom International, L.L.C. 8,230,658.42 14,285,813.88
WorldxChange Communications. 3,293,629.09 3,295,105.70
Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:
World Access Inc.:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404005921/g89406exv99w1.txt
WA Telcom Products Co., Inc.:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404005921/g89406exv99w2.txt
World Access Telecommunications Group, Inc.:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404005921/g89406exv99w3.txt
Facilicom International, L.L.C.:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404005921/g89406exv99w4.txt
WorldxChange Communications:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404005921/g89406exv99w5.txt
On April 24, 2001, World Access, Inc., and its debtor-affiliates
filed for chapter 11 protection in the United States Bankruptcy
Court for the Northern District of Illinois, Eastern Division
(Bankr. Case No. 01-14633-SPS).
*********
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*********
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