/raid1/www/Hosts/bankrupt/TCR_Public/040612.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 12, 2004, Vol. 8, No. 117
Headlines
ADELPHIA: Century/ML's October 2002 Monthly Operating Report
ADELPHIA: Century/ML's November 2002 Monthly Operating Report
ADELPHIA: Century/ML's December 2002 Monthly Operating Report
ADELPHIA: Century/ML's January 2003 Monthly Operating Report
ADELPHIA: Century/ML's February 2003 Monthly Operating Report
ADELPHIA: Century/ML's March 2003 Monthly Operating Report
ADELPHIA: Century/ML's April 2003 Monthly Operating Report
ADELPHIA: Century/ML's May 2003 Monthly Operating Report
ADELPHIA: Century/ML's June 2003 Monthly Operating Report
ADELPHIA: Century/ML's July 2003 Monthly Operating Report
ADELPHIA: Century/ML's August 2003 Monthly Operating Report
ADELPHIA: Century/ML's September 2003 Monthly Operating Report
ADELPHIA: Century/ML's October 2003 Monthly Operating Report
ADELPHIA: Century/ML's November 2003 Monthly Operating Report
ADELPHIA: Century/ML's December 2003 Monthly Operating Report
ADELPHIA: Century/ML's January 2004 Monthly Operating Report
ADELPHIA: Century/ML's February 2004 Monthly Operating Report
ADELPHIA: Century/ML's March 2004 Monthly Operating Report
ADELPHIA: Century/ML's April 2004 Monthly Operating Report
DAN RIVER: Reports $4.3 Million April 2004 Net Loss
ENRON: ENA Examiner's 110th Weekly Report - Apr. 19 to 23, 2004
ENRON: ENA Examiner's 111th Weekly Report - Apr. 26 to 30, 2004
ENRON: ENA Examiner's 25th Monthly Report As of May 7, 2004
HAUSER INC: Submits Amended Monthly Operating Reports
HAWAIIAN AIRLINES: April 2004 Earnings Narrows to $2.4 Million
IMPATH INC: April 2004 Net Loss Widens to $19.9 Million
KAISER: Reports $13.3 Million Net Loss in March 2004
MIRANT: MAGI Monthly Operating Reports for January - March 2004
MIRANT CORP: January to March 2004 Monthly Operating Reports
NEWPOWER HOLDINGS: Files April 2004 Monthly Operating Report
PEGASUS: Parent's Consolidated March 31, 2004 Balance Sheet
PEGASUS: Satellite Comm's March 31, 2004 Balance Sheet
RCN CORP: Releases Financial Projections Through 2009
RELIANCE GROUP: RIC Liquidator's Status Report for Q1 2004
SPIEGEL INC: April 2004 Net Loss Narrows to $12 Million
TRENWICK GROUP: Reports Positive Net Income in April 2004
WEIRTON STEEL: April 2004 Net Income Climbs to $14.7 Million
WORLD ACCESS: Releases April 2004 Monthly Operating Reports
USG CORP: Reports $21.5 Million April 2004 Net Earnings
*********
ADELPHIA: Century/ML's October 2002 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of October 31, 2002
(Dollars in thousands)
ASSETS
Property, plant and equipment --net $ 6,089
Intangible assets 1,528
Cash and cash equivalents 9,190
Subscriber receivables -- net 527
Prepaid expenses and other assets -- net 55,169
Intercompany receivables 1,883
--------
Total assets $ 74,386
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 558
Subscriber advance payments and deposits 383
Accrued interest and other liabilities 79
Deferred income taxes 45
--------
1,065
--------
Liabilities subject to compromise:
Accounts payable 1,122
Accrued interest and other liabilities 1,313
Intercompany payables 11,487
--------
Total liabilities subject to compromise 13,922
--------
Total liabilities 14,987
--------
Stockholders' equity:
Additional paid-in capital 56,800
Retained earnings 2,599
--------
Total stockholders' equity 59,399
--------
Total liabilities and stockholders' equity $74,386
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended October 31, 2002
(Dollars in thousands)
Revenue $ 864
Cost and expenses:
Direct operating and programming 325
Selling, general and administrative 142
Non-recurring professional fees 20
Depreciation 79
Management fees 65
--------
Operating income before reorganization
expenses due to bankruptcy 233
Reorganization expenses due to bankruptcy 60
--------
Operating income 173
Interest income 20
--------
Income before income taxes 193
Income tax expense 62
--------
Net income $ 255
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended October 31, 2002
(Dollars in thousands)
Cash flow from operating activities:
Net income $ 255
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation 79
Reorganization expenses due to bankruptcy 60
Non-recurring professional fees 20
Change in assets and liabilities:
Subscriber receivables -- net 3
Prepaid expenses and other assets -- net (9)
Accounts payable (2)
Subscriber advance payments and deposits 82
Accrued interest and other liabilities 19
--------
Net cash provided by operating activities 507
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (32)
Intercompany receivables and payables -- net 327
--------
Net cash provided by investing activities 295
--------
Increase in cash and cash equivalents 802
Cash and cash equivalents, beginning of period 8,388
--------
Cash and cash equivalents, end of period $9,190
========
Century/ML Cable Venture is a New York joint venture of Century
Communications Corporation, a wholly owned indirect subsidiary of
Adelphia Communications Corporation, and ML Media Partners, LP.
ADELPHIA: Century/ML's November 2002 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of November 30, 2002
(Dollars in thousands)
ASSETS
Property, plant and equipment - net $ 6,290
Intangible assets - net 1,528
Cash and cash equivalents 9,765
Subscriber receivables - net 465
Prepaid expenses and other assets - net 55,150
Intercompany receivables 1,680
--------
Total assets $74,878
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 1,102
Subscriber advance payments and deposits 296
Accrued expenses and other liabilities 101
Deferred income taxes 45
--------
1,544
--------
Liabilities subject to compromise:
Accounts payable 859
Accrued interest and other liabilities 1,341
Intercompany payables 11,481
--------
Total liabilities subject to compromise 13,681
--------
Total liabilities 15,225
--------
Stockholders' equity:
Additional paid-in capital 56,800
Retained earnings 2,853
--------
Total stockholders' equity 59,653
--------
Total liabilities and stockholders' equity $74,878
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended November 30, 2002
(Dollars in thousands)
Revenues $ 872
Cost and expenses:
Direct operating and programming 287
Selling, general and administrative 91
Non-recurring professional fees 15
Depreciation 79
Management fees 59
--------
Operating income before reorganization
expenses due to bankruptcy 341
Reorganization expenses due to bankruptcy 10
--------
Operating income 331
Interest income 10
--------
Income before income taxes 341
Income tax expense (87)
--------
Net income $ 254
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended November 30, 2002
(Dollars in thousands)
Cash flow from operating activities:
Net income $ 254
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation 79
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees 15
Change in assets and liabilities:
Subscriber receivables - net 62
Prepaid expenses and other assets - net 19
Accounts payable 256
Subscriber advance payments and deposits (87)
Accrued interest and other liabilities 50
--------
Net cash provided by operating activities 658
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (280)
Intercompany receivables and payables - net 197
--------
Net cash (used for) provided by investing activities (83)
--------
Increase in cash and cash equivalents 575
Cash and cash equivalents, beginning of period 9,190
--------
Cash and cash equivalents, end of period $ 9,765
========
ADELPHIA: Century/ML's December 2002 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of December 31, 2002
(Dollars in thousands)
ASSETS
Property, plant and equipment - net $ 6,487
Intangible assets 1,528
Cash and cash equivalents 9,818
Subscriber receivables - net 433
Prepaid expenses and other assets - net 55,166
Intercompany receivables 1,542
Related party receivables 231
--------
Total assets $75,205
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 1,130
Subscriber advance payments and deposits 332
Accrued expenses and other liabilities 191
Deferred income taxes 45
--------
1,698
--------
Liabilities subject to compromise:
Accounts payable 901
Accrued expenses and other liabilities 1,155
Intercompany payables 11,712
--------
Total liabilities subject to compromise 13,768
--------
Total liabilities 15,466
--------
Stockholders' equity:
Additional paid-in capital 56,800
Retained earnings 2,939
--------
Total stockholders' equity 59,739
--------
Total liabilities and stockholders' equity $75,205
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended December 31, 2002
(Dollars in thousands)
Revenue $ 870
Cost and expenses:
Direct operating and programming 348
Selling, general and administrative 115
Management fees 65
Non-recurring professional fees 36
Depreciation 89
--------
Operating income before reorganization
expenses due to bankruptcy 217
Reorganization expenses due to bankruptcy 5
--------
Operating income 212
Interest income 10
--------
Income before income taxes 222
Income tax expense 98
--------
Net income $ 124
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended December 31, 2002
(Dollars in thousands)
Cash flow from operating activities:
Net income $ 124
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation 89
Reorganization expenses due to bankruptcy 5
Non-recurring professional fees 36
Change in assets and liabilities:
Subscriber receivables - net 32
Prepaid expenses and other assets - net (16)
Accounts payable (9)
Subscriber advance payments and deposits 36
Accrued interest and other liabilities (96)
--------
Net cash provided by operating activities 201
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (286)
Intercompany receivables and payables - net 138
--------
Net cash (used for) provided by investing activities (148)
--------
Increase in cash and cash equivalents 53
Cash and cash equivalents, beginning of period 9,765
--------
Cash and cash equivalents, end of period $ 9,818
========
ADELPHIA: Century/ML's January 2003 Monthly Operating Report
------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of January 31, 2003
(Dollars in thousands)
ASSETS
Property, plant and equipment - net $ 6,234
Intangible assets - net 1,528
Cash and cash equivalents 10,332
Subscriber receivables - net 458
Prepaid expenses and other assets - net 102,603
Intercompany receivables --
Related party receivables 231
--------
Total assets $ 121,386
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 34
Subscriber advance payments and deposits 379
Accrued expenses and other liabilities 282
Intercompany payables 1,366
Deferred income taxes 45
--------
2,106
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 10,917
--------
Total liabilities subject to compromise 12,008
--------
Total liabilities 14,114
--------
Stockholder's equity:
Additional paid-in capital 56,800
Retained earnings 50,472
--------
Total stockholders' equity 107,272
--------
Total liabilities and stockholders' equity $ 121,386
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended January 31, 2003
(Dollars in thousands)
Revenues $ 878
Cost and expenses:
Direct operating and programming 333
Selling, general and administrative 100
Non-recurring professional fees 28
Depreciation 80
Management fees 65
--------
Operating income before reorganization expenses
due to bankruptcy 272
Reorganization expenses due to bankruptcy ---
--------
Operating income 272
Interest income 7
Equity in income of subsidiary 5,527
--------
Income before income taxes 5,806
Income tax expense 116
--------
Net income $ 5,690
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended January 31, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 5,690
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 80
Reorganization expenses due to bankruptcy --
Non-recurring professional fees 28
Equity in income subsidiary (5,527)
Change in assets and liabilities:
Subscriber receivables - net (25)
Prepaid expenses and other assets - net (67)
Accounts payable (2,005)
Subscriber advance payments and deposits 47
Accrued interest and other liabilities 7
--------
Net cash used in operating activities (1,772)
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment 173
Intercompany receivables and payables - net 2,113
--------
Net cash provided by investing activities 2,286
--------
Increase in cash and cash equivalents 514
Cash and cash equivalents, beginning of period 9,818
--------
Cash and cash equivalents, end of period $ 10,332
========
ADELPHIA: Century/ML's February 2003 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of February 28, 2003
(Dollars in thousands)
ASSETS
Property, plant and equipment - net $ 6,188
Intangible assets - net 1,528
Cash and cash equivalents 10,880
Subscriber receivables - net 438
Prepaid expenses and other assets - net 103,553
Related party receivables 231
--------
Total assets $122,818
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 45
Subscriber advance payments and deposits 261
Accrued expenses and other liabilities 267
Intercompany payables 1,747
Deferred income taxes 45
--------
2,365
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 10,917
--------
Total liabilities subject to compromise 12,008
--------
Total liabilities 14,373
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 51,645
--------
Total partners' equity 108,445
--------
Total liabilities and partners' equity $ 122,818
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended February 28, 2003
(Dollars in thousands)
Revenue $ 876
Cost and expenses:
Direct operating and programming 364
Selling, general and administrative 94
Non-recurring professional fees 38
Depreciation 83
Management fees 62
--------
Operating income before reorganization
expenses due to bankruptcy 235
Reorganization expenses due to bankruptcy ---
--------
Operating income 235
Interest income 7
Equity in net income of Century-ML Cable
Corporation 1,018
--------
Income before income taxes 1,260
Income tax expense 87
--------
Net income $ 1,173
--------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended February 28, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,173
Adjustments to reconcile net income to net
Cash provided by (used in) operating
activities:
Depreciation 83
Reorganization expenses due to bankruptcy --
Non-recurring professional fees 38
Equity in net income of Century-ML Cable
Corporation (1,018)
Change in assets in liabilities:
Subscriber receivables - net 20
Prepaid expenses and other assets - net 68
Accounts payable (27)
Subscriber advance payments and deposits (118)
Accrued interest and other liabilities (15)
--------
Net cash provided by operating activities 204
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (37)
Intercompany receivables and payables -- net 381
--------
Net cash provided by investing activities 344
Increase in cash and cash equivalents 548
Cash and cash equivalents, beginning of period 10,332
--------
Cash and cash equivalents, end of period $ 10,880
========
ADELPHIA: Century/ML's March 2003 Monthly Operating Report
----------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of March 31, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 11,246
Subscriber receivables - net 475
Prepaid expenses and other assets - net 104,415
Related party receivables 231
Property, plant and equipment - net 6,120
Intangible assets - net 1,528
--------
Total assets $ 124,015
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 1
Subscriber advance payments and deposits 334
Accrued expenses and other liabilities 412
Intercompany payables 1,777
Deferred income taxes 45
--------
2,569
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 10,924
--------
Total liabilities subject to compromise 12,015
--------
Total liabilities 14,584
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 52,631
--------
Total partners' equity 109,431
--------
Total liabilities and partners' equity $ 124,015
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended March 31, 2003
(Dollars in thousands)
Revenue $ 992
Cost and expenses:
Direct operating and programming 403
Selling, general and administrative 100
Non-recurring professional fees 34
Depreciation 81
Management fees 73
--------
Operating income before reorganization expenses
due to bankruptcy 231
Reorganization expenses due to bankruptcy 25
--------
Operating income 206
Interest income 7
Equity in net income of Century-ML Cable
Corporation 863
--------
Income before income taxes 1,076
Income tax expense (90)
--------
Net income $ 986
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended March 31, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 986
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 81
Reorganization expenses due to bankruptcy 25
Non-recurring professional fees 34
Equity in net income of Century-ML Cable
Corporation (863)
Change in assets and liabilities:
Subscriber receivables - net (37)
Prepaid expenses and other assets - net 1
Accounts payable (78)
Subscriber advance payments and deposits 73
Accrued interest and other liabilities 120
--------
Net cash used in operating activities 342
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (13)
Intercompany receivables and payables - net 37
--------
Net cash provided by investing activities 24
--------
Increase in cash and cash equivalents 366
Cash and cash equivalents, beginning of period 10,880
--------
Cash and cash equivalents, end of period $ 11,246
========
ADELPHIA: Century/ML's April 2003 Monthly Operating Report
----------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of April 30, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 11,314
Subscriber receivables - net 493
Prepaid expenses and other assets - net 159
Investment in Century-ML Cable Corporation 105,398
Related party receivables 231
Property, plant and equipment - net 6,144
Intangible assets - net 1,528
--------
Total assets $ 125,267
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 12
Subscriber advance payments and deposits 343
Accrued expenses and other liabilities 388
Intercompany payables 1,507
Deferred income taxes 45
--------
2,295
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,072
Intercompany payables 10,924
--------
Total liabilities subject to compromise 12,016
--------
Total liabilities 14,311
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 54,156
--------
Total partners' equity 110,956
--------
Total liabilities and partners' equity $125,267
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended April 30, 2003
(Dollars in thousands)
Revenue $ 1,052
Cost and expenses:
Direct operating and programming 317
Selling, general and administrative 131
Non-recurring professional fees (78)
Depreciation 81
Management fees 61
--------
Operating income before reorganization expenses
due to bankruptcy 540
Reorganization expenses due to bankruptcy 10
--------
Operating income 530
Interest income 6
Equity in net income of Century-ML Cable
Corporation 1,147
--------
Income before income taxes 1,683
Income tax expense (158)
--------
Net income $ 1,525
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended April 30, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,525
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 81
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees (78)
Equity in net income of Century-ML Cable
Corporation (1,147)
Change in assets and liabilities:
Subscriber receivables - net (18)
Prepaid expenses and other assets - net 5
Accounts payable 89
Subscriber advance payments and deposits 9
Accrued interest and other liabilities (33)
--------
Net cash used in operating activities 443
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (105)
Intercompany receivables and payables - net (270)
--------
Net cash provided by investing activities (375)
--------
Change in cash and cash equivalents 68
Cash and cash equivalents, beginning of period 11,246
--------
Cash and cash equivalents, end of period $ 11,314
========
ADELPHIA: Century/ML's May 2003 Monthly Operating Report
--------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of May 31, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 11,454
Subscriber receivables - net 479
Prepaid expenses and other assets - net 153
Investment in Century-ML Cable Corporation 107,639
Related party receivables 231
Property, plant and equipment - net 6,110
Intangible assets -- net 1,528
--------
Total assets $ 127,594
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 21
Subscriber advance payments and deposits 321
Accrued expenses and other liabilities 547
Intercompany payables 997
Deferred income taxes 45
--------
1,931
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,072
Intercompany payables 11,156
--------
Total liabilities subject to compromise 12,248
--------
Total liabilities 14,179
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 56,615
--------
Total partners' equity 113,415
--------
Total liabilities and partners' equity $ 127,594
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended May 31, 2003
(Dollars in thousands)
Revenue $ 906
Cost and expenses:
Direct operating and programming 365
Selling, general and administrative 104
Non-recurring professional fees (149)
Depreciation 80
Management fees 76
--------
Operating income before reorganization expenses
due to bankruptcy 430
Reorganization expenses due to bankruptcy 10
--------
Operating income 420
Interest income 9
Equity in net income of Century-ML Cable
Corporation 2,242
--------
Income before income taxes 2,671
Income tax expense (212)
--------
Net income $ 2,459
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended May 31, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 2,459
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 80
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees (149)
Equity in net income of Century-ML Cable
Corporation (2,242)
Change in assets and liabilities:
Subscriber receivables - net 14
Prepaid expenses and other assets - net 7
Accounts payable 158
Subscriber advance payments and deposits (22)
Accrued interest and other liabilities 149
--------
Net cash used in operating activities 464
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (46)
Intercompany receivables and payables - net (278)
--------
Net cash provided by investing activities (324)
--------
Change in cash and cash equivalents 140
Cash and cash equivalents, beginning of period 11,314
--------
Cash and cash equivalents, end of period $ 11,454
========
ADELPHIA: Century/ML's June 2003 Monthly Operating Report
---------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of June 30, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 11,885
Subscriber receivables - net 472
Prepaid expenses and other assets - net 139
Investment in Century-ML Cable Corporation 109,286
Related party receivables 231
Property, plant and equipment - net 6,063
Intangible assets - net 1,528
--------
Total assets $129,604
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $22
Subscriber advance payments and deposits 311
Accrued expenses and other liabilities 507
Intercompany payables 1,159
Deferred income taxes 45
--------
2,044
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 11,153
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,288
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 58,516
--------
Total partners' equity 115,316
--------
Total liabilities and partners' equity $ 129,604
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended June 30, 2003
(Dollars in thousands)
Revenue $ 996
Cost and expenses:
Direct operating and programming 340
Selling, general and administrative 115
Non-recurring professional fees --
Depreciation 82
Management fees 36
--------
Operating income before reorganization expenses
due to bankruptcy 423
Reorganization expenses due to bankruptcy 10
--------
Operating income 413
Interest income 10
Equity in net income of Century-ML Cable
Corporation 1,647
--------
Income before income taxes 2,070
Income tax expense (169)
--------
Net income $ 1,901
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended June 30, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,901
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 82
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation (1,647)
Change in assets and liabilities:
Subscriber receivables - net 7
Prepaid expenses and other assets - net 14
Accounts payable 1
Subscriber advance payments and deposits (10)
Accrued interest and other liabilities (51)
--------
Net cash used in operating activities 307
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (35)
Intercompany receivables and payables - net 159
--------
Net cash provided by investing activities 124
--------
Change in cash and cash equivalents 431
Cash and cash equivalents, beginning of period 11,454
--------
Cash and cash equivalents, end of period $ 11,885
========
ADELPHIA: Century/ML's July 2003 Monthly Operating Report
---------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of July 31, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 12,139
Subscriber receivables - net 516
Prepaid expenses and other assets - net 69
Investment in Century-ML Cable Corporation 110,329
Related party receivables 231
Property, plant and equipment - net 6,067
Intangible assets - net 1,528
--------
Total assets $ 130,879
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 9
Subscriber advance payments and deposits 393
Accrued expenses and other liabilities 555
Intercompany payables 1,092
Deferred income taxes 45
--------
2,094
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 11,153
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,388
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 59,741
--------
Total partners' equity 116,541
--------
Total liabilities and partners' equity $130,879
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended July 31, 2003
(Dollars in thousands)
Revenue $ 890
Cost and expenses:
Direct operating and programming 353
Selling, general and administrative 131
Non-recurring professional fees --
Depreciation 79
Management fees 32
--------
Operating income before reorganization expenses
due to bankruptcy 295
Reorganization expenses due to bankruptcy 10
--------
Operating income 285
Interest income 11
Equity in net income of Century-ML Cable
Corporation 1,043
--------
Income before income taxes 1,339
Income tax expense (114)
--------
Net income $ 1,225
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended July 31, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,225
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 79
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation (1,043)
Change in assets and liabilities:
Subscriber receivables - net (44)
Prepaid expenses and other assets - net 70
Accounts payable (13)
Subscriber advance payments and deposits 82
Accrued interest and other liabilities 38
--------
Net cash used in operating activities 404
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (83)
Intercompany receivables and payables - net (67)
--------
Net cash provided by investing activities (150)
--------
Change in cash and cash equivalents 254
Cash and cash equivalents, beginning of period 11,885
--------
Cash and cash equivalents, end of period $ 12,139
========
ADELPHIA: Century/ML's August 2003 Monthly Operating Report
-----------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of August 31, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 12,420
Subscriber receivables - net 446
Prepaid expenses and other assets - net 38
Investment in Century-ML Cable Corporation 111,231
Related party receivables 231
Property, plant and equipment - net 6,065
Intangible assets - net 1,528
--------
Total assets $ 131,959
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 44
Subscriber advance payments and deposits 307
Accrued expenses and other liabilities 593
Intercompany payables 1,121
Deferred income taxes 45
--------
2,110
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 11,153
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,354
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 60,805
--------
Total partners' equity 117,605
--------
Total liabilities and partners' equity $ 131,959
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended August 31, 2003
(Dollars in thousands)
Revenue $ 929
Cost and expenses:
Direct operating and programming 384
Selling, general and administrative 124
Non-recurring professional fees --
Depreciation 80
Management fees 32
--------
Operating income before reorganization expenses
due to bankruptcy 309
Reorganization expenses due to bankruptcy 10
--------
Operating income 299
Interest income 9
Equity in net income of Century-ML Cable
Corporation 902
--------
Income before income taxes 1,210
Income tax expense (146)
--------
Net income $ 1,064
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended August 31, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,064
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 80
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation (902)
Change in assets and liabilities:
Subscriber receivables - net 70
Prepaid expenses and other assets - net 31
Accounts payable 35
Subscriber advance payments and deposits (86)
Accrued interest and other liabilities 28
--------
Net cash used in operating activities 330
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (78)
Intercompany receivables and payables - net 29
--------
Net cash provided by investing activities (49)
--------
Change in cash and cash equivalents 281
Cash and cash equivalents, beginning of period 12,139
--------
Cash and cash equivalents, end of period $ 12,420
========
ADELPHIA: Century/ML's September 2003 Monthly Operating Report
--------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of September 30, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 12,441
Subscriber receivables - net 512
Prepaid expenses and other assets - net 13
Investment in Century-ML Cable Corporation 112,897
Related party receivables 231
Property, plant and equipment - net 6,230
Intangible assets - net 1,528
--------
Total assets $ 133,852
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 267
Subscriber advance payments and deposits 337
Accrued expenses and other liabilities 491
Intercompany payables 908
Deferred income taxes 45
--------
2,048
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 11,153
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,292
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 62,760
--------
Total partners' equity 119,560
--------
Total liabilities and partners' equity $133,852
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended September 30, 2003
(Dollars in thousands)
Revenue $ 1,107
Cost and expenses:
Direct operating and programming 340
Selling, general and administrative 219
Non-recurring professional fees --
Depreciation 80
Management fees 41
--------
Operating income before reorganization expenses
due to bankruptcy 427
Reorganization expenses due to bankruptcy 10
--------
Operating income 417
Interest income 10
Equity in net income of Century-ML Cable
Corporation 1,666
--------
Income before income taxes 2,093
Income tax expense (138)
--------
Net income $ 1,955
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended September 30, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,955
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 80
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation (1,666)
Change in assets and liabilities:
Subscriber receivables - net (66)
Prepaid expenses and other assets - net 25
Accounts payable 223
Subscriber advance payments and deposits 30
Accrued interest and other liabilities (112)
--------
Net cash used in operating activities 479
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (245)
Intercompany receivables and payables - net (213)
--------
Net cash provided by investing activities (458)
--------
Change in cash and cash equivalents 21
Cash and cash equivalents, beginning of period 12,420
--------
Cash and cash equivalents, end of period $ 12,441
========
ADELPHIA: Century/ML's October 2003 Monthly Operating Report
------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of October 31, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 12,625
Subscriber receivables - net 473
Prepaid expenses and other assets - net 54
Investment in Century-ML Cable Corporation 114,083
Related party receivables 231
Property, plant and equipment - net 6,265
Intangible assets 1,528
--------
Total assets $ 135,259
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 82
Subscriber advance payments and deposits 357
Accrued expenses and other liabilities 579
Intercompany payables 990
Deferred income taxes 45
--------
2,053
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 11,153
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,297
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 64,162
--------
Total partners' equity 120,962
--------
Total liabilities and partners' equity $ 135,259
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended October 31, 2003
(Dollars in thousands)
Revenue $ 875
Cost and expenses:
Direct operating and programming 419
Selling, general and administrative --
Management fees 32
Non-recurring professional fees --
Depreciation 80
--------
Operating income before reorganization expenses
due to bankruptcy 344
Reorganization expenses due to bankruptcy 10
--------
Operating income [334]
Interest income 10
Equity in net income of Century-ML Cable
Corporation - net of taxes 1,186
--------
Income before income taxes 1,530
Income tax expense (128)
--------
Net income $ 1,402
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended October 31, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,402
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 80
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation - net of taxes (1,186)
Change in assets and liabilities:
Subscriber receivables - net 39
Prepaid expenses and other assets - net (41)
Accounts payable (185)
Subscriber advance payments and deposits 20
Accrued expenses and other liabilities 78
Intercompany receivables and payables - net 82
--------
Net cash provided by operating activities 299
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (115)
--------
Net cash provided by investing activities (115)
--------
Change in cash and cash equivalents 184
Cash and cash equivalents, beginning of period 12,441
--------
Cash and cash equivalents, end of period $ 12,625
========
ADELPHIA: Century/ML's November 2003 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of November 30, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 12,918
Subscriber receivables - net 451
Prepaid expenses and other assets - net 160
Investment in Century-ML Cable Corporation 115,460
Related party receivables 231
Property, plant and equipment - net 6,296
Intangible assets 1,528
--------
Total assets $ 137,044
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 79
Subscriber advance payments and deposits 262
Accrued expenses and other liabilities 847
Intercompany payables 1,046
Deferred income taxes 45
--------
2,279
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,071
Intercompany payables 11,153
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,523
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 65,721
--------
Total partners' equity 122,521
--------
Total liabilities and partners' equity $137,044
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended November 30, 2003
(Dollars in thousands)
Revenue $ 919
Cost and expenses:
Direct operating and programming 400
Selling, general and administrative 122
Management fees 34
Non-recurring professional fees --
Depreciation 87
--------
Operating income before reorganization expenses
due to bankruptcy 276
Reorganization expenses due to bankruptcy 10
--------
Operating income 266
Interest income 14
Equity in net income of Century-ML Cable
Corporation - net of taxes 1,377
--------
Income before income taxes 1,657
Income tax expense (98)
--------
Net income $ 1,559
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended November 30, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,559
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 87
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation - net of taxes (1,377)
Change in assets and liabilities:
Subscriber receivables - net 22
Prepaid expenses and other assets - net (106)
Accounts payable (3)
Subscriber advance payments and deposits (95)
Accrued expenses and other liabilities 258
Intercompany receivables and payables - net 56
--------
Net cash provided by operating activities 411
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (118)
--------
Net cash provided by investing activities (118)
--------
Change in cash and cash equivalents 293
Cash and cash equivalents, beginning of period 12,625
--------
Cash and cash equivalents, end of period $ 12,918
========
ADELPHIA: Century/ML's December 2003 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of December 31, 2003
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 13,088
Subscriber receivables - net 469
Prepaid expenses and other assets - net 172
Investment in Century-ML Cable Corporation 116,972
Related party receivables 231
Property, plant and equipment - net 6,398
Intangible assets 1,528
--------
Total assets $ 138,858
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 20
Subscriber advance payments and deposits 342
Accrued expenses and other liabilities 861
Intercompany payables 1,204
Deferred income taxes 45
--------
2,472
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,072
Intercompany payables 11,152
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,716
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 67,342
--------
Total partners' equity 124,142
--------
Total liabilities and partners' equity $ 138,858
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended December 31, 2003
(Dollars in thousands)
Revenue $ 927
Cost and expenses:
Direct operating and programming 314
Selling, general and administrative 132
Management fees 35
Non-recurring professional fees --
Depreciation 83
--------
Operating income before reorganization expenses
due to bankruptcy 363
Reorganization expenses due to bankruptcy 10
--------
Operating income 353
Interest income 11
Equity in net income of Century-ML Cable
Corporation - net of taxes 1,513
--------
Income before income taxes 1,877
Income tax expense (256)
--------
Net income $ 1,621
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended December 31, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,621
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 83
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation - net of taxes (1,513)
Change in assets and liabilities:
Subscriber receivables - net (18)
Prepaid expenses and other assets - net (11)
Accounts payable (59)
Subscriber advance payments and deposits 80
Accrued expenses and other liabilities 5
Intercompany receivables and payables - net 157
--------
Net cash provided by operating activities 355
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (185)
--------
Net cash used in investing activities (185)
--------
Change in cash and cash equivalents 170
Cash and cash equivalents, beginning of period 12,918
--------
Cash and cash equivalents, end of period $ 13,088
========
ADELPHIA: Century/ML's January 2004 Monthly Operating Report
------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of January 31, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 12,123
Subscriber receivables - net 482
Prepaid expenses and other assets - net 234
Investment in Century-ML Corporation 118,214
Related party receivables 867
Property, plant and equipment - net 6,372
Intangible assets 1,528
--------
Total assets $ 139,820
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 71
Subscriber advance payments and deposits 377
Accrued expenses and other liabilities 985
Intercompany payables 487
Deferred income taxes 45
--------
1,965
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,072
Intercompany payables 11,152
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,209
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 68,811
--------
Total partners' equity 125,611
--------
Total liabilities and partners' equity $ 139,820
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended January 31, 2004
(Dollars in thousands)
Revenue $ 924
Cost and expenses:
Direct operating and programming 361
Selling, general and administrative 86
Management fees 35
Non-recurring professional fees --
Depreciation 76
--------
Operating income before reorganization
expenses due to bankruptcy 366
Reorganization expenses due to bankruptcy 10
--------
Operating income 356
Interest income - net 9
Equity in net income of Century-ML Cable
Corporation - net of taxes 1,242
--------
Income before income taxes 1,607
Income tax expense (138)
--------
Net income 1,469
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended January 31, 2004
(Dollars in thousands)
Cash flow from operating activities:
Net income $ 1,469
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 76
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation - net of taxes (1,242)
Change in assets and liabilities:
Subscriber receivables - net (13)
Prepaid expenses and other assets - net (62)
Accounts payable 51
Subscriber advance payments and deposits 35
Accrued expenses and other liabilities 114
Intercompany receivables and payables - net (1,353)
--------
Net cash provided by (used in) operating
activities (915)
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (50)
--------
Net cash used in investing activities (50)
--------
Change in cash and cash equivalents (965)
Cash and cash equivalents, beginning of period 13,088
--------
Cash and cash equivalents, end of period $ 12,123
========
ADELPHIA: Century/ML's February 2004 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of February 29, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 10,485
Subscriber receivables - net 436
Prepaid expenses and other assets - net 221
Investment in Century-ML Cable Corporation 119,640
Related party receivables 231
Intercompany receivables 2,244
Property, plant and equipment - net 6,332
Intangible assets - net 1,528
--------
Total assets $ 141,117
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 57
Subscriber advance payments and deposits 269
Accrued expenses and other liabilities 958
Intercompany payables 430
Deferred income taxes 45
--------
1,759
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,072
Intercompany payables 11,152
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 14,003
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 70,314
--------
Total partners' equity 127,114
--------
Total liabilities and partners' equity $ 141,117
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended February 29, 2004
(Dollars in thousands)
Revenue $ 943
Cost and expenses:
Direct operating and programming 471
Selling, general and administrative 228
Management fees 34
Non-recurring professional fees --
Depreciation 76
--------
Operating income before reorganization
expenses due to bankruptcy 134
Reorganization expenses due to bankruptcy 10
--------
Operating income 124
Interest income 9
Equity in net income of Century-ML Cable
Corporation 1,426
--------
Income before income taxes 1,559
Income tax expense (56)
--------
Net income $ 1,503
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended February 28, 2003
(Dollars in thousands)
Cash flows from operating activities:
Net income $ 1,503
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation 76
Reorganization expenses due to bankruptcy 10
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation (1,426)
Change in assets in liabilities:
Subscriber receivables - net 46
Prepaid expenses and other assets - net 13
Accounts payable (14)
Subscriber advance payments and deposits (108)
Accrued interest and other liabilities (37)
Intercompany receivables and payables - net (1,665)
--------
Net cash provided by (used in) operating activities (1,602)
--------
Cash flows from investing activities:
Expenditures for property, plant and equipment (36)
--------
Net cash used in investing activities (36)
--------
Change in cash and cash equivalents (1,638)
Cash and cash equivalents, beginning of period 12,123
--------
Cash and cash equivalents, end of period $ 10,485
========
ADELPHIA: Century/ML's March 2004 Monthly Operating Report
----------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of March 31, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 13,891
Subscriber receivables - net 468
Prepaid expenses and other assets - net 222
Investment in Century-ML Corporation 119,598
Related party receivables 231
Property, plant and equipment - net 6,248
Intangible assets 1,528
--------
Total assets $ 142,186
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 115
Subscriber advance payments and deposits 350
Accrued expenses and other liabilities 1,179
Intercompany payables 1,112
Deferred income taxes 45
--------
2,801
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,072
Intercompany payables 11,152
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 15,045
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 70,341
--------
Total partners' equity 127,141
--------
Total liabilities and partners' equity $ 142,186
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended March 31, 2004
(Dollars in thousands)
Revenue $ 936
Cost and expenses:
Direct operating and programming 476
Selling, general and administrative (146)
Management fees 34
Non-recurring professional fees --
Depreciation 233
--------
Operating income before reorganization
expenses due to bankruptcy 366
Reorganization expenses due to bankruptcy 264
--------
Operating income 102
Interest income - net 12
Equity in net income of Century-ML Cable
Corporation - net of taxes (42)
--------
Income before income taxes 72
Income tax expense (45)
--------
Net income 27
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended March 31, 2004
(Dollars in thousands)
Cash flow from operating activities:
Net income $ 27
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 233
Reorganization expenses due to bankruptcy 264
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation - net of taxes 42
Change in assets and liabilities:
Subscriber receivables - net (32)
Prepaid expenses and other assets - net (1)
Accounts payable 58
Subscriber advance payments and deposits 81
Accrued expenses and other liabilities (43)
Intercompany receivables and payables - net 2,926
--------
Net cash provided by operating activities 3,555
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (149)
--------
Net cash used in investing activities (149)
--------
Change in cash and cash equivalents 3,406
Cash and cash equivalents, beginning of period 10,485
--------
Cash and cash equivalents, end of period $ 13,891
========
ADELPHIA: Century/ML's April 2004 Monthly Operating Report
----------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of April 30, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $ 14,171
Subscriber receivables - net 478
Prepaid expenses and other assets - net 239
Investment in Century-ML Corporation 120,382
Related party receivables 231
Property, plant and equipment - net 6,193
Intangible assets 1,528
--------
Total assets $ 143,222
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 33
Subscriber advance payments and deposits 332
Accrued expenses and other liabilities 1,254
Intercompany payables 1,166
Deferred income taxes 45
--------
2,830
--------
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,072
Intercompany payables 11,152
--------
Total liabilities subject to compromise 12,244
--------
Total liabilities 15,074
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 71,348
--------
Total partners' equity 128,148
--------
Total liabilities and partners' equity $ 143,222
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Operations
For the Month Ended April 30, 2004
(Dollars in thousands)
Revenue $ 975
Cost and expenses:
Direct operating and programming 535
Selling, general and administrative 13
Management fees 36
Non-recurring professional fees --
Depreciation 96
--------
Operating income before reorganization
expenses due to bankruptcy 295
Reorganization expenses due to bankruptcy 19
--------
Operating income 276
Interest income - net 8
Equity in net income of Century-ML Cable
Corporation - net of taxes 784
--------
Income before income taxes 1,068
Income tax expense (61)
--------
Net income $ 1,007
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statements of Cash Flows
For the Month Ended April 30, 2004
(Dollars in thousands)
Cash flow from operating activities:
Net income $ 1,007
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 96
Reorganization expenses due to bankruptcy 19
Non-recurring professional fees --
Equity in net income of Century-ML Cable
Corporation - net of taxes (784)
Change in assets and liabilities:
Subscriber receivables - net (10)
Prepaid expenses and other assets - net (17)
Accounts payable (82)
Subscriber advance payments and deposits (18)
Accrued expenses and other liabilities 56
Intercompany receivables and payables - net 54
--------
Net cash provided by operating activities 321
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (41)
--------
Net cash used in investing activities (41)
--------
Change in cash and cash equivalents 280
Cash and cash equivalents, beginning of period 13,891
--------
Cash and cash equivalents, end of period $ 14,171
========
DAN RIVER: Reports $4.3 Million April 2004 Net Loss
---------------------------------------------------
On June 8, 2004, the Company filed with the Bankruptcy Court its
Monthly Operating Report for the month of April 2004 as debtor-in-
possession under Chapter 11 of the Bankruptcy Code. The Company
reports $4.3 million net loss in $51.7 million of net sales.
A full-text copy of Dan River Inc.'s Monthly Financial Report for
the period from March 31, 2004 to May 8, 2004 is available at no
charge at:
http://www.sec.gov/Archives/edgar/data/914384/000091438404000013/e996804.txt
Headquartered in Danville, Virginia, Dan River Inc.
-- http://www.danriver.com/-- is a designer, manufacturer and and
marketer of textile products for the home fashions, apparel
fabrics and industrial markets. The Company filed for chapter 11
protection on March 31, 2004 (Bankr. N.D. Ga. Case No. 04-10990).
James A. Pardo, Jr., Esq., at King & Spalding represents the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $441,800,000 in
total assets and $371,800,000 in total debts.
ENRON: ENA Examiner's 110th Weekly Report - Apr. 19 to 23, 2004
---------------------------------------------------------------
Enron North America Examiner, Harrison J. Goldin, presents his
110th report summarizing deposits and disbursements into and out
of ENA Accounts for the period April 19, 2004 through April 23,
2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 19, 2004 $32,047,187 ($367,190)
April 20, 2004 913 (26,148)
April 21, 2004 2,500,000 (497,340)
April 22, 2004 21,457 (54,159)
April 23, 2004 103,801,967 (575,530)
------------ -------------
Week Total: $138,371,523 ($1,520,367)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 19, 2004 $0 ($310,000)
April 20, 2004 324,473 (14,734)
April 21, 2004 303,354 (305,406)
April 22, 2004 0 0
April 23, 2004 0 0
------------ -------------
Week Total: $627,828 ($630,140)
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 19, 2004 $32,047,187 ($677,190)
April 20, 2004 325,385 (40,882)
April 21, 2004 2,803,354 (802,746)
April 22, 2004 21,457 (54,159)
April 23, 2004 103,801,967 (575,530)
------------ -------------
Week Total: $138,999,350 ($2,150,507)
ENRON: ENA Examiner's 111th Weekly Report - Apr. 26 to 30, 2004
---------------------------------------------------------------
Enron North America Examiner, Harrison J. Goldin, presents his
111th report summarizing deposits and disbursements into and out
of ENA Accounts for the period April 26, 2004 through April 30,
2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 26, 2004 $46,077 ($4,362)
April 27, 2004 773 (33,326)
April 28, 2004 316,235 (124)
April 29, 2004 33,617 (82,581)
April 30, 2004 3,017,947 0
------------ -------------
Week Total: $3,414,648 ($542,000)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 26, 2004 $542,000 ($542,000)
April 27, 2004 0 0
April 28, 2004 0 0
April 29, 2004 0 0
April 30, 2004 0 0
------------ -------------
Week Total: $542,000 ($542,000)
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
April 26, 2004 $588,077 ($546,362)
April 27, 2004 773 (33,326)
April 28, 2004 316,235 (124)
April 29, 2004 33,617 (82,581)
April 30, 2004 3,017,947 0
------------ -------------
Week Total: $3,956,648 ($662,394)
ENRON: ENA Examiner's 25th Monthly Report As of May 7, 2004
-----------------------------------------------------------
In his 25th monthly report, ENA Examiner Harrison J. Goldin keeps
the Court up to date regarding the status of ENA's cash, assets
and liabilities as of May 7, 2004.
Status of ENA Cash
>From December 3, 2001 through and including May 7, 2004, total
deposits were $5,400,000,000 and total disbursements were
$2,800,000,000. The breakdown between third party and inter-
company transactions are:
Deposits Disbursements
-------- -------------
Third party $4,100,000,000 $713,000,000
Intercompany 1,400,000,000 2,100,000,000
The cash balance, including short-term investments and various
adjustments and additions to bank accounts, was $3,000,000,000.
Status of ENA Non-Cash Assets
Mark-to-Market Valuation of the Wholesale Book:
MTM Value as of
March 31, 2004 May 4, 2004
------------- -----------
Enron Power Marketing, Inc. <$1,200,000,000 <$1,200,000,000
ENA Corp. <50,000,000 <50,000,000
Natural Gas <1,100,000,000 <900,000,000
EGM by ENA Corp. <330,000,000 <320,000,000
EGM by EGLI <6,000,000 <6,000,000
EGM by ERAC <2,000,000 <2,000,000
Enron Industrial Markets <60,000,000 <50,000,000
Enron Canada Corp. <350,000,000 <350,000,000
Enron Capital & Trade <110,000,000 <110,000,000
Resources Int'l. Corp.
Settlements of Structured Finance Transactions
Mr. Goldin notes that the Debtors have settled their disputes
with respect to the Hawaii structure, and the Sequoia and
Cherokee accounts receivable securitizations.
Examiner's Role Post-Confirmation
Under the Plan, the Examiner is to continue his role post-
confirmation, until the Effective Date of the Plan. However, the
Fifth Amended Plan of Reorganization provides that during this
time, the Examiner will no longer file his regular and routine
reports with the Court. The Plan also provides that the Court,
upon motion, may extend the Examiner's role beyond the Effective
Date. Mr. Goldin anticipates that the Court will continue to
recognize the importance of a distinct ENA fiduciary.
HAUSER INC: Submits Amended Monthly Operating Reports
-----------------------------------------------------
Kenneth C. Cleveland, President and Chief Executive Officer for
Hauser, Inc. (OTC:HAUSQ) advises that on May 28, 2004, the Company
and its wholly owned debtor-subsidiary, Botanicals International
Extracts, Inc., filed an amended monthly operating reports for the
months ended March 31, 2004 and April 30, 2004 with the Office of
the United States Trustee pursuant to Bankruptcy Rule 2015 and the
Trustee's Financial Reporting Requirements for Chapter 11 Cases.
Citing Rule 202 of Regulation S-T and the Company's continuing
hardship exemption, Mr. Cleveland explains that it is impossible
to deliver an electronic copy of that financial report to the
Securities and Exchange Commission so the Company has manually
filed a paper copy of the Amended Reports under cover of Form SE.
Hauser Inc., filed for chapter 11 protection on April 1, 2003, in
Los Angeles (Bankr. D.C. Calif. Case No. 03-18795). Christine M.
Pajak, Esq., at Stutman, Treister & Glatt, serves as legal counsel
to the Debtors.
HAWAIIAN AIRLINES: April 2004 Earnings Narrows to $2.4 Million
--------------------------------------------------------------
On May 20, 2004, Hawaiian Airlines filed its unaudited Monthly
Operating Report for the month of April 2004 with the U.S.
Bankruptcy Court for the District of Hawaii. A full-text copy of
that report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1172222/000090514804002731/efc4-1053_form8k.txt
For the month ending April 30, 2004, Hawaiian Airlines' balance
sheet shows $380 million in assets and a $198 million
shareholders' deficit. The carrier also reports $2.4 million of
earnings on $64.5 million of revenues.
On March 21, 2003, Hawaiian Airlines, Inc., the sole operating
subsidiary of Hawaiian Holdings, Inc., filed a voluntary petition
for reorganization under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Hawaii (Case No. 03-00827). Joshua Gotbaum serves as
the chapter 11 trustee for Hawaiian Airlines, Inc. Mr. Gotbaum is
represented by Tom E. Roesser, Esq., and Katherine G. Leonard at
Carlsmith Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson,
Esq., Joshua D. Morse, Esq., and John L. Jones, II, Esq., at
Hennigan, Bennett & Dorman LLP.
IMPATH INC: April 2004 Net Loss Widens to $19.9 Million
-------------------------------------------------------
On June 8, 2004, IMPATH Inc. and its other debtor-in-possession
subsidiaries filed their monthly operating report with the United
States Bankruptcy Court for the Southern District of New York.
Impath Inc. reports a $19.9 million net loss in April 2004
compared to a net loss of $4.2 million in March 2004.
Total Revenue $ 12,198,793
Gross Profit 6,697,432
Total Operating Expenses 14,381,706
Operating Income - EBIT (2,182,912)
Net Loss $ 19,957,440
A full-text copy of Impath Inc.'s April 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1003114/000090951804000543/jd6-9_ex99.txt
Chief Restructuring Officer Holly Etlin advises that this report
does not include a balance sheet "due to the ongoing
reconciliation of the Debtor's accounting records."
IMPATH Inc. and five affiliates filed for chapter 11 protection in
the U.S. Bankruptcy Court for the Southern District of New York
(Bankr. Case No. 03-16113). Impath is represented George A.
Davis, Esq., at Weil, Gotshal & Manges LLP.
KAISER: Reports $13.3 Million Net Loss in March 2004
-----------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of March 31, 2004
(In Thousands)
ASSETS
Cash $13,378
Receivables:
Trade 121,750
Other 10,941
---------
Total Receivables 132,691
Inventories 166,095
Prepaid expenses and other current assets 26,920
---------
Total current assets 339,084
Investments in and advances to subsidiaries 400,344
Intercompany receivables/payables, net (81,679)
Property, plant, and equipment - net 228,477
Deferred income taxes -
Other assets 517,369
---------
Total Assets $1,403,595
=========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $74,020
Accrued interest 812
Accrued salaries, wages and related expenses 42,226
Accrued post retirement benefit -- current 21,695
Other accrued liabilities 50,420
Payable to affiliates 59,366
Long term debt - current portion 1,262
---------
Total current liabilities 249,801
Long-term liabilities 73,367
Accrued postretirement benefit obligation -
Long-term debt 2,212
Liabilities subject to compromise 2,845,528
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 792
Additional capital 539,082
Accumulated deficit - As of filing date (949,851)
Accumulated deficit - Post filing date (1,251,937)
Accumulated other comprehensive income (loss) (106,054)
Note receivable from parent -
---------
Total Liabilities & Stockholders' Equity $1,403,595
=========
Kaiser Aluminum Corporation -- All Debtors
Statement of Operations
For the Month Ending March 31, 2004
(In Thousands)
Net Sales $115,918
Costs and expenses:
Cost of products sold 107,643
Depreciation & amortization 1,823
Selling, administrative, R&D and general 8,012
Other operating charges, net (1,457)
---------
Total costs and expenses 116,021
---------
Operating income (loss) (103)
Other income (expense):
Interest expenses, net (780)
Reorganization items (4,079)
Other-net (1,330)
---------
Income (loss) before
income taxes and minority interest (6,292)
(Provision) benefit for income taxes (5,101)
Minority interests -
Equity in income (loss) of subsidiaries (1,945)
---------
Net income (loss) ($13,338)
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending March 31, 2004
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $96,539
KAII Receivables 53,709
---------
Total Trade Receivables 150,248
Asbestos Insurance Recoveries -
Proceeds from Asset Sales 7,362
---------
Total Receipts 157,610
Disbursements:
Inventory/Raw Materials 38,583
Capital Expenditures 409
Maintenance, Materials, etc. 5,468
Freight 3,773
Utilities/Energy 18,860
Hourly Payroll 7,201
Salaried Payroll 8,745
Hedging Activities 2,985
Medical- Current and Former Employees 8,441
Annual Insurance Premiums 427
Workmen's Compensation 641
Corporate General and Administrative 4,107
JV Fundings - Alumina 35,469
JV Fundings - Primary, Net of Minority Interest 9,143
Other Disbursements 8,452
---------
Total Operating and G&A Disbursements 152,704
Reorganization Items 2,770
---------
Total Disbursements 155,474
---------
Net Cash Flow 2,136
Beginning Bank Cash Balances 11,885
Net Cash Flow 2,136
---------
Ending Bank Cash Balances 14,021
Reconciling Items (643)
---------
Ending Book Cash Balances $13,378
=========
MIRANT: MAGI Monthly Operating Reports for January - March 2004
---------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of January 31, 2004
ASSETS
Cash and cash equivalents $298,424,887
Accounts receivable - net 576,378,719
Assets from risk management activities 48,611,496
Derivative hedging instruments 0
Inventories 90,221,561
Other 179,384,218
---------------
Total Current Assets 1,193,020,881
Property, plant and equipment 2,268,087,038
Less: accumulated depreciation 368,511,549
Construction work in progress 31,838,681
Investment in suspended construction 280,791,861
---------------
Total net property, plant and equipment 2,212,206,030
Investments 25,000
Long-term accounts receivable - net 83,975,541
Notes receivable - net 223,275,000
Assets from risk management activities 13,861,917
Goodwill - net 0
Other intangibles - net 213,235,428
Derivative hedging instruments 0
Restricted cash, non-current 0
Other long-term assets 0
Miscellaneous deferred charges 180,571,791
---------------
Total Non-current Assets 714,944,677
---------------
TOTAL ASSETS $4,120,171,587
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 247,555,418
Liabilities from risk management activities 77,197,042
Obligations under energy deliveries 0
Derivative hedging instruments 0
Other 70,380,439
Miscellaneous deferred credits 11,843,976
---------------
Total postpetition liabilities 406,976,875
Prepetition Liabilities 3,424,331,138
---------------
TOTAL LIABILITIES 3,831,308,013
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities 0
Common stock 1,000
Additional paid-in capital 3,857,643,267
Retained earnings (3,568,815,694)
Accumulated other comprehensive income 0
---------------
Total Equity 288,863,575
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,120,171,587
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending January 31, 2004
REVENUES:
Generation $244,386,038
Net trading revenue (19,211)
Other 65,982
---------------
Gross Margin 244,432,809
OPERATING EXPENSES:
Energy cost 141,483,555
Maintenance 49,917,633
Depreciation and amortization 10,353,120
Selling, general & administrative 0
Gain on sale of property and investments 0
Restructuring costs 249,770
---------------
Total Operating Expenses 202,004,077
---------------
Income before non-operating income
and expense 42,428,732
OTHER INCOME AND EXPENSES:
Interest income 269,666
Interest expense (483,265)
Other income (expense) 36,199
Reorganization items (3,991,705)
Loss from discontinued operations 0
Minority interest 0
---------------
Total Other Income (expense) (4,169,105)
Provision for income tax 2,252,956
---------------
NET PROFIT (LOSS) $40,512,583
===============
# # # #
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of February 29, 2004
ASSETS
Cash and cash equivalents $367,168,631
Accounts receivable - net 516,636,097
Assets from risk management activities 51,111,992
Derivative hedging instruments 0
Inventories 92,485,278
Other 142,800,881
---------------
Total Current Assets 1,170,202,878
Property, plant and equipment 2,269,776,394
Less: accumulated depreciation 377,378,960
Construction work in progress 40,543,329
Investment in suspended construction 280,921,185
---------------
Total net property, plant and equipment 2,213,861,947
Investments 25,000
Long-term accounts receivable - net 83,785,697
Notes receivable - net 223,275,000
Assets from risk management activities 15,179,578
Goodwill - net 0
Other intangibles - net 211,780,182
Derivative hedging instruments 0
Restricted cash, non-current 0
Other long-term assets 0
Miscellaneous deferred charges 172,547,745
---------------
Total Non-current Assets 706,593,201
---------------
TOTAL ASSETS $4,090,658,027
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 185,016,994
Liabilities from risk management activities 79,921,241
Obligations under energy deliveries 0
Derivative hedging instruments 0
Other 105,700,521
Miscellaneous deferred credits 12,035,192
---------------
Total postpetition liabilities 382,673,948
Prepetition Liabilities 3,416,105,380
---------------
TOTAL LIABILITIES 3,798,779,328
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities 0
Common stock 1,000
Additional paid-in capital 3,857,643,267
Retained earnings (3,565,800,571)
Accumulated other comprehensive income 0
---------------
Total Equity 291,878,698
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,090,658,027
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending February 29, 2004
REVENUES:
Generation $196,961,193
Net trading revenue 0
Other 73,560
---------------
Gross Margin 197,034,753
OPERATING EXPENSES:
Energy cost 123,728,907
Maintenance 50,122,488
Depreciation and amortization 10,342,973
Selling, general & administrative 0
Gain on sale of property and investments 0
Restructuring costs 75,534
---------------
Total Operating Expenses 184,269,902
---------------
Income before non-operating income
and expense 12,764,851
OTHER INCOME AND EXPENSES:
Interest income (90,274)
Interest expense (526,006)
Other income (expense) 67,392
Reorganization items (3,562,797)
Loss from discontinued operations 0
Minority interest 0
---------------
Total Other Income (expense) (4,111,685)
Provision for income tax (5,638,042)
---------------
NET PROFIT (LOSS) $3,015,124
===============
# # # #
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of March 31, 2004
ASSETS
Cash and cash equivalents $396,672,349
Accounts receivable - net 523,338,082
Assets from risk management activities 45,410,778
Derivative hedging instruments 0
Inventories 91,212,615
Other 138,688,952
---------------
Total Current Assets 1,195,322,777
Property, plant and equipment 2,271,994,359
Less: accumulated depreciation 380,590,626
Construction work in progress 34,746,902
Investment in suspended construction 281,042,253
---------------
Total net property, plant and equipment 2,207,192,888
Investments 25,000
Long-term accounts receivable - net 88,388,836
Notes receivable - net 223,275,000
Assets from risk management activities 17,188,602
Goodwill - net 0
Other intangibles - net 212,295,919
Derivative hedging instruments 0
Restricted cash, non-current 0
Other long-term assets 0
Miscellaneous deferred charges 165,178,831
---------------
Total Non-current Assets 706,352,188
---------------
TOTAL ASSETS $4,108,867,853
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 200,605,656
Liabilities from risk management activities 107,800,112
Obligations under energy deliveries 0
Derivative hedging instruments 0
Other 110,523,913
Miscellaneous deferred credits 12,695,301
---------------
Total postpetition liabilities 431,624,983
Prepetition Liabilities 3,412,310,313
---------------
TOTAL LIABILITIES 3,843,935,295
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities 0
Common stock 1,000
Additional paid-in capital 3,857,643,267
Retained earnings (3,592,746,711)
Accumulated other comprehensive income 0
---------------
Total Equity 264,932,558
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,108,867,853
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending March 31, 2004
REVENUES:
Generation $111,120,050
Net trading revenue 0
Other 253,562
---------------
Gross Margin 111,373,612
OPERATING EXPENSES:
Energy cost 82,996,523
Maintenance 52,066,841
Depreciation and amortization 2,937,328
Selling, general & administrative 81,169
Gain on sale of property and investments 61,129
Restructuring costs 533,746
---------------
Total Operating Expenses 138,676,735
---------------
Income before non-operating income
and expense (27,303,123)
OTHER INCOME AND EXPENSES:
Interest income (89,281)
Interest expense (455,020)
Other income (expense) 58,753
Reorganization items (5,588,844)
Loss from discontinued operations 0
Minority interest 0
---------------
Total Other Income (expense) (5,895,830)
Provision for income tax 6,252,812
---------------
NET PROFIT (LOSS) ($26,946,141)
===============
Mirant Americas Generation, LLC
Unconsolidated Cash Receipts and Disbursements
For the month ending March 31, 2004
Cash, beginning of month $106,184,808
Non-Operating Receipts:
Loans and advances 12,449,521
Other 0
---------------
Total non-operating receipts 12,449,521
---------------
Total receipts 12,449,521
---------------
Total Cash Available 118,634,329
REORGANIZATION EXPENSES:
Professional fees 0
---------------
Total reorganization expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow 12,449,521
---------------
Cash, end of month $118,634,329
===============
MIRANT CORP: January to March 2004 Monthly Operating Reports
------------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of January 31, 2004
ASSETS
Cash and cash equivalents $1,596,557,926
Accounts receivable - net 1,245,183,266
Assets from risk management activities 120,756,460
Derivative hedging instruments 0
Inventories 261,377,420
Other 288,996,695
---------------
Total Current Assets 3,512,871,766
Property, plant and equipment 5,447,851,867
Less: accumulated depreciation 752,320,784
Leasehold interests - net 1,568,334,875
Construction work in progress 82,995,663
Investment in suspended construction 356,443,350
---------------
Total net property, plant and equipment 6,703,304,970
Investments 228,751,328
Long-term accounts receivable - net 2,065,707
Notes receivable - net (273,289)
Assets from risk management activities 133,620,146
Goodwill - net 587,304,374
Other intangibles - net 291,041,215
Derivative hedging instruments 0
Restricted cash, non-current 47,659,860
Other long-term assets 1
Miscellaneous deferred charges 2,701,140,333
---------------
Total Non-current Assets 3,991,309,675
---------------
TOTAL ASSETS $14,207,486,411
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,487,494,388
Accounts Payable 954,173,481
Liabilities from risk management activities 212,619,111
Obligations under energy deliveries 354,389,243
Derivative hedging instruments 0
Other 171,863,664
Miscellaneous deferred credits 2,702,132,847
---------------
Total postpetition liabilities 5,884,672,734
Prepetition Liabilities 8,889,271,138
---------------
TOTAL LIABILITIES 14,773,943,871
EQUITY:
Minority interest in subsidiaries 169,988,370
Mandatory redeemable securities 0
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,591,973,727)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (64,232,153)
---------------
Total Equity (566,457,460)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $14,207,486,411
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending January 31, 2004
REVENUES:
Generation $502,559,192
Net trading revenue 9,526,051
Distribution 46,658,546
Other 27,466
---------------
Gross Margin 558,771,254
OPERATING EXPENSES:
Energy cost 311,437,430
Operations and maintenance 88,038,699
Depreciation and amortization 29,195,672
Gain on sale of property and investments 0
Impairment loss (196,511)
Restructuring costs 345,765
---------------
Total Operating Expenses 428,821,055
---------------
Income before non-operating income
and expense 129,950,200
OTHER INCOME AND EXPENSES:
Interest income 1,060,378
Interest expense (9,354,485)
Equity in income of affiliates 326,197
Other (8,077,473)
Reorganization items (12,604,482)
Minority interest (1,413,272)
Net income from discontinued operations 323
---------------
Total Other Income (30,062,814)
Provision for income tax (13,605,659)
---------------
NET PROFIT $86,281,727
===============
# # # #
Mirant Corporation and Subsidiaries
Consolidated Balance Sheets
As of February 29, 2004
ASSETS
Cash and cash equivalents $1,676,786,114
Accounts receivable - net 1,349,959,973
Assets from risk management activities 129,804,619
Derivative hedging instruments 0
Inventories 258,441,469
Other 291,728,422
---------------
Total Current Assets 3,706,720,598
Property, plant and equipment 5,448,557,468
Less: accumulated depreciation 774,005,323
Leasehold interests - net 1,561,643,486
Construction work in progress 97,428,078
Investment in suspended construction 356,932,579
---------------
Total net property, plant and equipment 6,690,566,288
Investments 225,020,938
Long-term accounts receivable - net 1,236,622
Notes receivable - net (872,827)
Assets from risk management activities 123,084,857
Goodwill - net 587,304,374
Other intangibles - net 289,282,573
Derivative hedging instruments 0
Restricted cash, non-current 47,659,860
Other long-term assets 1
Miscellaneous deferred charges 2,461,045,356
---------------
Total Non-current Assets 3,733,761,753
---------------
TOTAL ASSETS $14,131,048,639
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,514,196,495
Accounts Payable 668,344,746
Liabilities from risk management activities 208,526,233
Obligations under energy deliveries 307,159,611
Derivative hedging instruments 0
Other 228,968,457
Miscellaneous deferred credits 2,886,637,997
---------------
Total postpetition liabilities 5,813,833,538
Prepetition Liabilities 8,894,971,667
---------------
TOTAL LIABILITIES 14,708,805,205
EQUITY:
Minority interest in subsidiaries 170,853,048
Mandatory redeemable securities 0
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,607,500,170)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (60,869,492)
---------------
Total Equity (577,756,565)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $14,131,048,639
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending February 29, 2004
REVENUES:
Generation $330,942,180
Net trading revenue 11,933,818
Distribution 43,968,191
Other 30,735
---------------
Gross Margin 386,874,923
OPERATING EXPENSES:
Energy cost 268,633,382
Operations and maintenance 77,281,254
Depreciation and amortization 29,927,851
Gain on sale of property and investments (71,575)
Impairment loss 189,596
Restructuring costs 3,524,482
---------------
Total Operating Expenses 379,484,989
---------------
Income before non-operating income
and expense 7,389,934
OTHER INCOME AND EXPENSES:
Interest income 767,719
Interest expense (8,445,369)
Equity in income of affiliates 232,977
Other (1,882,794)
Reorganization items (4,889,676)
Minority interest (2,083,085)
Net income from discontinued operations 0
---------------
Total Other Income (16,300,227)
Provision for income tax (6,612,280)
---------------
NET PROFIT ($15,522,574)
===============
# # # #
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of March 31, 2004
ASSETS
Cash and cash equivalents $1,573,704,556
Accounts receivable - net 1,291,875,642
Assets from risk management activities 130,800,115
Derivative hedging instruments 0
Inventories 257,762,247
Other 401,881,063
---------------
Total Current Assets 3,656,023,623
Property, plant and equipment 5,438,089,252
Less: accumulated depreciation 782,186,802
Leasehold interests - net 1,556,410,816
Construction work in progress 91,823,174
Investment in suspended construction 356,520,370
---------------
Total net property, plant and equipment 6,660,756,810
Investments 284,087,326
Long-term accounts receivable - net (331,488)
Notes receivable - net 362,014
Assets from risk management activities 125,545,507
Goodwill - net 587,304,374
Other intangibles - net 289,494,913
Derivative hedging instruments 0
Restricted cash, non-current 46,567,344
Other long-term assets 1
Miscellaneous deferred charges 363,597,723
---------------
Total Non-current Assets 1,696,627,415
---------------
TOTAL ASSETS $12,013,408,148
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,511,861,080
Accounts Payable 704,374,728
Liabilities from risk management activities 226,000,914
Obligations under energy deliveries 262,075,739
Derivative hedging instruments 0
Other 237,648,604
Miscellaneous deferred credits 731,555,601
---------------
Total postpetition liabilities 3,673,516,676
Prepetition Liabilities 8,983,805,280
---------------
TOTAL LIABILITIES 12,657,321,956
EQUITY:
Minority interest in subsidiaries 152,731,085
Mandatory redeemable securities 0
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,662,744,773)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (53,660,168)
---------------
Total Equity (643,913,808)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $12,013,408,148
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending March 31, 2004
REVENUES:
Generation $227,250,819
Net trading revenue (438,487)
Distribution 44,152,702
Other 2,096,004
---------------
Gross Margin 273,061,038
OPERATING EXPENSES:
Energy cost 187,586,624
Operations and maintenance 81,567,751
Depreciation and amortization 20,880,981
Gain on sale of property and investments (16,199,450)
Impairment loss (139,222)
Restructuring costs (1,921,218)
---------------
Total Operating Expenses 271,775,466
---------------
Income before non-operating income
and expense 1,285,572
OTHER INCOME AND EXPENSES:
Interest income 754,850
Interest expense (9,969,887)
Equity in income of affiliates 5,723,950
Other 7,668,922
Reorganization items (51,354,161)
Minority interest (2,165,158)
Net income from discontinued operations 0
---------------
Total Other Income [(49,341,484)]
Provision for income tax (7,188,692)
---------------
NET PROFIT ($55,244,603)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending March 31, 2004
Cash, beginning of month $484,455,481
Non-Operating Receipts:
Other (69,829,858)
---------------
Total non-operating receipts (69,829,858)
---------------
Total receipts (69,829,858)
---------------
Total Cash Available 414,625,622
Operating Disbursements 38,134
REORGANIZATION EXPENSES:
Professional fees 0
Others 14,315
---------------
Total reorganization expenses 14,315
---------------
Total disbursements 52,449
---------------
Net Cash Flow (69,882,307)
---------------
Cash, end of month [$414,573,173]
===============
NEWPOWER HOLDINGS: Files April 2004 Monthly Operating Report
------------------------------------------------------------
On June 4, 2004, NewPower Holdings filed its April Monthly
Operating Report with the Bankruptcy Court for the Northern
District of Georgia, Newnan Division. The company reports an
opening cash balance of $94,225,000 and a closing cash balance of
$93,864,000.
A full-text copy of NewPower Holdings April 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1119307/000090514804002707/efc4-1045_5549078ex991.txt
As previously reported, on August 15, 2003, the United States
Bankruptcy Court for the Northern District of Georgia, Newnan
Division confirmed the Second Amended Chapter 11 Plan with respect
to NewPower Holdings, Inc. and TNPC Holdings, Inc., a wholly owned
subsidiary of the Company. As previously reported, on February 28,
2003, the Bankruptcy Court previously confirmed the Plan, and the
Plan has been effective as of March 11, 2003, with respect to The
New Power Company, a wholly owned subsidiary of the Company. The
Plan became effective on October 9, 2003 with respect to the
Company and TNPC.
PEGASUS: Parent's Consolidated March 31, 2004 Balance Sheet
-----------------------------------------------------------
PEGASUS COMMUNICATIONS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
At March 31, 2004
ASSETS:
Currents assets:
Cash and cash equivalents $64,243,000
Restricted cash 62,664,000
Accounts receivable, net
Trade 22,241,000
Other 10,636,000
Deferred subscriber acquisition costs, net 7,950,000
Prepaid expenses 5,656,000
Other current assets 6,269,000
--------------
Total current assets 179,659,000
Property and equipment, net 80,542,000
Intangible assets, net 1,583,531,000
Other noncurrent assets 168,798,000
--------------
Total $2,012,530,000
==============
LIABILITIES & EQUITY:
Current liabilities:
Current portion of long term debt $19,625,000
Accounts payable 11,073,000
Accrued interest 21,572,000
Accrued programming fees and commissions 57,642,000
Litigation verdict accrual 58,000,000
Other accrued expenses 22,356,000
Other current liabilities 7,293,000
--------------
Total current liabilities 197,561,000
Long term debt 1,372,799,000
Mandatorily redeemable preferred stock 86,038,000
Other noncurrent liabilities 78,825,000
--------------
Total liabilities 1,735,223,000
--------------
Commitments and contingent liabilities
Redeemable preferred stocks 214,330,000
Minority interest 8,834,000
Common stockholders' equity:
Common stock 65,000
Other common stockholders' equity 54,078,000
--------------
Total common stockholders' equity 54,143,000
--------------
Total $2,012,530,000
==============
PEGASUS: Satellite Comm's March 31, 2004 Balance Sheet
------------------------------------------------------
PEGASUS SATELLITE COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
At March 31, 2004
ASSETS:
Currents assets:
Cash and cash equivalents $9,058,000
Restricted cash 62,511,000
Accounts receivable, net
Trade 22,178,000
Other 10,017,000
Deferred subscriber acquisition costs, net 7,950,000
Prepaid expenses 4,363,000
Other current assets 6,256,000
--------------
Total current assets 122,333,000
Property and equipment, net 62,081,000
Intangible assets, net 1,428,167,000
Other noncurrent assets 150,302,000
--------------
Total $1,762,883,000
==============
LIABILITIES & EQUITY:
Current liabilities:
Current portion of long term debt $19,506,000
Accounts payable 8,986,000
Accrued interest 21,505,000
Accrued programming fees and commissions 57,642,000
Litigation verdict accrual 58,000,000
Other accrued expenses 11,801,000
Other current liabilities 7,272,000
--------------
Total current liabilities 184,712,000
Long term debt 1,364,544,000
Mandatorily redeemable preferred stock 178,194,000
Note payable to parent 42,018,000
Other noncurrent liabilities 108,727,000
--------------
Total liabilities 1,878,195,000
--------------
Commitments and contingent liabilities
Minority interest 771,000
Common stockholder's equity:
Common stock --
Other common stockholder's equity (116,083,000)
--------------
Total common stockholder's equity (116,083,000)
--------------
Total $1,762,883,000
==============
RCN CORP: Releases Financial Projections Through 2009
-----------------------------------------------------
On June 1, 2004, RCN Corporation disclosed its projected operating
results (in millions) through 2009:
2004 2005 2006 2007 2008 2009
------ ------ ------ ------ ------ ------
Total
Revenue 493.3 527.2 580.3 633.3 678.4 718.7
Gross
Profit 313.9 335.9 370.2 403.3 428.6 449.1
Net (Loss)
Income (168.9) (89.9) (44.7) (13.7) 10.1 35.2
A full-text copy of RCN Corporation's Form 8-K is available at no
charge at:
http://www.sec.gov/Archives/edgar/data/1041858/000095017204001440/0000950172-04-001440.txt
Headquartered in Princeton, New Jersey, RCN Corporation --
http://www.rcn.com/-- is a provider of bundled Telecommunications
services. The Company, along with its affiliates, filed for
chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 04-13638) on
May 27, 2004. Frederick D. Morris, Esq., and Jay M. Goffman, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for protection
from their creditors, they listed $1,486,782,000 in assets and
$1,820,323,000 in liabilities.
RELIANCE GROUP: RIC Liquidator's Status Report for Q1 2004
----------------------------------------------------------
M. Diane Koken, Insurance Commissioner of the Commonwealth of
Pennsylvania, as Liquidator of Reliance Insurance Company, issues
a Status Report on the Liquidation of RIC for the First Quarter
2004.
The Liquidator notes that over 60,000 proofs of claim were filed
immediately before the December 31, 2003 claim filing deadline.
These claims are still being logged and assigned in RIC's
systems.
Ms. Koken reports that, at the end of the fourth quarter 2003,
RIC held $5,900,000,000 in assets. The most significant balance
was $3,700,000,000, relating to reinsurance receivables and
future reinsurance recoverables. This figure was reduced from a
$3,900,000,000 estimate in the Fourth Quarter Report. Total
liabilities are estimated at $8,700,000,000, with the most
significant balance, $5,700,000,000 attributable to loss and loss
adjustment expenses on direct business. The Statement reflects
$931,000,000 in losses and loss adjustment expenses paid by
Guaranty Associations. This figure includes data reported to the
estate through an automated interface on a time lag basis. Since
not all states were reporting through this system at the end of
the quarter, actual payments by GAs are higher. The gross
estimate for losses and loss adjustment expenses remains at
$6,600,000,000, as reported in the fourth quarter.
Short and intermediate duration marketable investments decreased
from $602,600,000 to $464,300,000 at the end of the period. This
was due to the early access distribution to the GAs.
Reinsurance collections, the primary source of funds, totaled
$201,000,000. The estate paid $361,600,000 in early access
payments to the GAs. The estate repaid an $18,700,000 advance to
RIC made subsequent to rehabilitation from a wholly owned
subsidiary. Loss adjustment expenses were $10,000,000.
Operating expenses were $159,600,000.
At December 31, 2003, RIC held Symbol Technologies common stock
worth $178,800,000. During the first quarter of 2004, RIC sold
$11,500,000 worth of Symbol stock. On April 30, 2004, the market
value was $12 per share.
RIC estimates current and future premium receivables at
$135,900,000. This includes receivables arising from large
deductible policies billed in 2003, whose ownership is disputed.
At December 31, 2003, reinsurance receivables and recoverables
total $3,700,000,000, down $200,000,000. RIC holds about
$1,200,000,000 in collateral as security. Total reinsurance
collections in 2003 amount to $201,000,000, with total
collections since the date of liquidation of $586,200,000. The
inventory of billed reinsurance receivables is $724,500,000 as of
December 31, 2003. Of this amount, approximately $272,000,000
relates to pre-liquidation balances. This balance relates to
amounts in both formal and informal dispute, amounts available to
reinsurers are legitimate offsets and balances due from insolvent
and financially distressed companies.
Data feeds from the Guaranty Associations providing paid and
outstanding claim information were loaded into RIC's systems in
April 2003. The GA data plus the Notices of Determination
generated about $558,500,000 of new reinsurance billings during
2003, of which $452,500,000 was unpaid at December 31, 2003. The
amount collected will ultimately be much lower due to disputes,
offsets and insolvencies. Total allowable GA administrative
expenses paid by the RIC estate through March 31, 2004 is
$58,000,000.
RIC is aggressively attempting to collect reinsurance billings
and is in constant contact with its major reinsurers. Formal
dispute resolution actions continue against several of the
reinsurers with substantial overdue balances, including John
Hancock Life Insurance Company and various Underwriters at
Lloyd's. At the end of 2003, RIC had completed over 35 on-site
reinsurance audits at various GAs.
In February 2004, an arbitration panel issued a decision
favorable to the Liquidator in its dispute with LDG Re and the
Members of Workers Compensation Alternative Facility 1. The
estate has collected over $44,000,000 awarded by the panel, with
over $6,600,000 being appealed by the reinsurer.
Ms. Koken advises that reinsurer financial strength is a problem
and will continue to be a major concern for the duration of the
RIC liquidation proceedings. RIC is monitoring the financial
condition of its major reinsurers and will attempt to settle its
overall exposure with distressed companies through commutation.
However, significant write-offs for uncollectible reinsurance are
expected, Ms. Koken says. RIC is liable for $1,200,000,000 in
loss and loss adjustment expenses on assumed reinsurance
business.
At March 31, 2004, RIC had a total of 409 employees in both the
Philadelphia and New York City offices. Since January 2004, RIC
has hired 10 employees in the claims department due to higher
than anticipated proof of claim volume. Staff has been reduced
in most other areas, resulting in a net decrease of 23 employees.
The Liquidator has devoted considerable resources to general
asset recovery, through numerous plaintiff actions to recover
assets owed to the estate. These include litigation and
arbitration for:
(1) collections from agencies, TPAs, brokers or program
managers -- approximately $43,000,000 sought;
(2) claims in bankruptcy against financially distressed
insureds -- approximately $162,000,000 sought;
(3) subrogation matters -- approximately $36,500,000 sought;
(4) premium and large deductible collections -- approximately
$24,000,000 sought;
(5) reinsurance recoveries -- approximately $171,000,000
sought; and
(6) other litigation -- approximately $1,000,000 sought.
The amounts likely recovered will be significantly less. During
the first quarter 2004, the Liquidator recovered in excess of
$44,700,000 through legal actions for reinsurance receivables and
unpaid premiums.
Through March 31, 2004, RIC received 158,608 proofs of claim. Of
that total:
2,509 were rejected as unsigned or altered;
33,464 are contingent claims; and
30,673 are currently being handled by GAs.
The Proof of Claim count continues to climb as RIC has been
reviewing, logging and assigning the more than 60,000 Proofs of
Claim that were received in the last few weeks of 2003. In
response to the Proofs of Claim, RIC has mailed 116,042 status
letters and issued 26,964 NODs. For all NODs issued through
March 31, 2004, the Liquidator has allowed $127,709,515 in
claims.
Reliance Insurance Company (In Liquidation)
Special Purpose Balance Sheet
At December 31, 2003
Assets
Short-term Investments $464,300,000
Symbol Technologies Common Stock 178,800,000
Non-liquid Investments 19,900,000
Investments in Trust - Secured Creditors 321,600,000
Real Estate Investments 27,500,000
---------------
Invested Assets 1,012,100,000
Investments in Affiliates 129,000,000
---------------
Total Invested Assets 1,141,100,000
Premium Balances 135,900,000
Reinsurance Receivable 724,500,000
Reinsurance Recoverable 2,992,100,000
Early Access to Guaranty Associations 789,400,000
Other Assets 85,300,000
---------------
Total Assets $5,868,300,000
===============
Liabilities
Loss & Loss Adjustment Expenses - GAs 930,500,000
Loss & Loss Adjustment Expenses - Direct 5,689,800,000
Loss & Loss Adjustment Expenses - Assumed 1,232,700,000
Funds Held 448,500,000
Other Liabilities 419,800,000
---------------
Total Liabilities 8,721,300,000
---------------
Net Deficit ($2,853,000,000)
===============
Reliance Insurance Company (In Liquidation)
Statement of Cash Flow
January 1, 2003 to December 31, 2003
Beginning Balance $602,600,000
Sources:
Reinsurance Collections 201,000,000
Premium Collections 29,400,000
Subrogation Recoveries 34,500,000
Net Release of Secured Funds
Cambridge Settlement 17,900,000
Released From Trust 22,400,000
Sales of Real Estate 14,600,000
Cash Receipts from Foreign Subsidiaries 9,400,000
Collateral Drawdowns 21,000,000
Investment Appreciation 14,300,000
Net Checks Outstanding at 12/31/04 35,300,000
Other 11,800,000
---------------
Total Sources 411,600,000
---------------
Uses:
Early Access to GAs (361,600,000)
Repayment to Non-Insurance Sub (18,700,000)
Loss & Loss Adjustment Expenses (10,000,000)
Operating Expenses (159,600,000)
---------------
Total Uses (549,900,000)
---------------
Net Increase in Funds (138,300,000)
Ending Balance $464,300,000
===============
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 Reliance Insurance Company. The
Company filed for chapter 11 protection on June 12, 2001 (Bankr.
S.D.N.Y. Case No. 01-13403). When the Company filed for
protection from their creditors, they listed $12,598,054,000 in
assets and $12,877,472,000 in debts. (Reliance Bankruptcy News,
Issue No. 54; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SPIEGEL INC: April 2004 Net Loss Narrows to $12 Million
-------------------------------------------------------
Spiegel Inc.'s Statement of Operations for the month ending May 1,
2004, shows a $12 million net loss on $91.2 million of revenues.
The company's balance sheet shows a stockholders' deficit of
$934.4 million against $802 million in total assets.
A full-text copy of Spiegel Inc.'s Monthly Operating Report is
available at no charge at:
http://www.sec.gov/Archives/edgar/data/276641/000119312504100229/dex99.htm
Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts.
TRENWICK GROUP: Reports Positive Net Income in April 2004
---------------------------------------------------------
On May 20, 2004, Trenwick America Corporation, Trenwick Group Ltd.
(in provisional liquidation) and LaSalle Re Holdings Limited (in
provisional liquidation) filed monthly operating reports for the
month ended April 30, 2004 and the period from August 20, 2003 to
April 30, 2004 with the United States Bankruptcy Court for the
District of Delaware.
Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports an
$11.9 million profit for the month ending April 30 2004, and a
cumulative $81.3 million loss for the period from August 20, 2003
to April 30, 2004. A full-text copy of Trenwich Group's March
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1122211/000116923204003219/d59846_ex99-1.txt
Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635)
reports a $10.9 million profit in April 2004 and a cumulative
$55.6 million loss during the course of its chapter 11
restructuring. A full-text copy of Trenwick America's March
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1122211/000116923204003219/d59846_ex99-2.txt
LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637)
reports $1,144,500 of positive net income in April 2004 and a
cumulative $4.8 million post-petition loss. A full-text copy of
LaSalle's March Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1001384/000116923204003220/d59848_ex99-1.txt
On August 20, 2003, TGL and LaSalle Re Holdings Limited (in
provisional liquidation) filed insolvency proceedings in the
Supreme Court of Bermuda. On August 22, 2003, the Bermuda Court
granted an order appointing Michael Morrison and John Wardrop,
partners of KPMG in Bermuda and KPMG LLP in the United Kingdom,
respectfully, as Joint Provisional Liquidators ("JPLs") in respect
of TGL and LaSalle. The Bermuda Court granted the JPLs the power
to oversee the continuation and reorganization of these companies'
businesses under the control of their boards of directors and
under the supervision of the Bankruptcy Court and the Bermuda
Court. The JPLs have not audited the contents of this report.
WEIRTON STEEL: April 2004 Net Income Climbs to $14.7 Million
------------------------------------------------------------
Weirton Steel Corporation
Unaudited Consolidated Condensed Balance Sheet
As of April 30, 2004
Assets
Current Assets
Cash equivalents,
including restricted cash of $214 $714,000
Receivables, less allowances of $6,269 117,817,000
Inventories, net 82,253,000
Other current assets 5,125,000
--------------
TOTAL CURRENT ASSETS 205,912,000
Property, plant and equipment, net 302,766,000
Other assets and deferred charges 5,955,000
--------------
TOTAL ASSETS $514,633,000
==============
Liabilities
Current Liabilities
DIP facility 81,771,000
Current portion of notes and bonds payable 55,018,000
Payables 28,943,000
Accrued employee costs and benefits 24,399,000
Accrued taxes other than income taxes 6,896,000
Other current liabilities 4,973,000
--------------
TOTAL CURRENT LIABILITIES 202,000,000
Notes and bonds payable -
Other long term liabilities 4,692,000
Liabilities Subject to Compromise 1,569,548,000
Redeemable Stock 19,032,000
Stockholders' Equity (Deficit)
Common stock, $0.01 par value 441,000
Additional paid-in capital 458,199,000
Additional deficit (1,741,190,000)
Less: Common treasury stock, at cost,
1,977,590 shares (10,260,000)
Accumulated other comprehensive loss -
--------------
TOTAL STOCKHOLDERS' DEFICIT (1,280,639,000)
--------------
TOTAL LIABILITIES, REDEEMABLE STOCK AND
STOCKHOLDERS' DEFICIT $514,633,000
==============
Weirton Steel Corporation
Unaudited Consolidated Statements of Operations
For the month ended April 30, 2004
Net Sales $106,728,000
Operating Costs:
Cost of Sales 85,379,000
Selling, general and administrative expenses 1,123,000
Depreciation 4,105,000
--------------
TOTAL OPERATING COSTS 90,607,000
Income from Operations 16,121,000
Reorganization Items (1,021,000)
Other Income 500,000
Gain from unconsolidated subsidiaries 496,000
Interest Expense (1,353,000)
--------------
Income before Income Taxes 14,743,000
Income tax (benefit) expense -
--------------
NET INCOME $14,743,000
==============
Weirton Steel Corporation
Unaudited Consolidated Statements of Cash Flows
For the month ended April 30, 2004
Cash Flows from Operating Activities:
Net income $14,743,000
Adjustments to reconcile net loss to net cash
used by operating activities:
Depreciation 4,105,000
Income from unconsolidated subsidiaries (496,000)
Amortization of financing costs 171,000
Reorganization items 1,021,000
Gain on early extinguishments of debt -
Cash provided (used) by working capital items:
Receivables (1,116,000)
Inventories 14,282,000
Other current assets 1,827,000
Payables (17,032,000)
Accrued employee costs and benefits (1,389,000)
Other current liabilities (1,594,000)
Other (261,000)
--------------
Net cash used by operating activities before
reorganization items 14,261,000
Reorganization items (572,000)
--------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 13,689,000
--------------
Cash flow from financing investing activities:
Capital spending (2,000)
--------------
NET CASH USED BY INVESTING ACTIVITIES (2,000)
--------------
Cash flow from financing activities:
Net borrowings on DIP credit facility (13,187,000)
Repayment of debt obligations -
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES (13,187,000)
--------------
Net change in cash and cash equivalents 500,000
Cash and equivalents at beginning of period 214,000
--------------
Cash and equivalents at end of period $714,000
==============
WORLD ACCESS: Releases April 2004 Monthly Operating Reports
-----------------------------------------------------------
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 April 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 for the month ending April 30, 2004
show:
Beginning Cash Ending Cash
Balance Balance
Debtor Entity -------------- --------------
-------------
World Access, Inc. $14,171,418.23 $13,879,969.27
WA Telcom Products
Co., Inc. 10,088,233.75 10,095,336.91
World Access Telecommunications
Group, Inc. 7,694,896.63 7,711,659.29
FaciliCom International, L.L.C. 14,285,813.88 14,353,995.70
WorldxChange Communications. 3,295,105.70 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/1071645/000095014404006123/g89557exv99w1.txt
WA Telcom Products Co., Inc.:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404006123/g89557exv99w2.txt
World Access Telecommunications Group, Inc.:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404006123/g89557exv99w3.txt
Facilicom International, L.L.C.:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404006123/g89557exv99w4.txt
WorldxChange Communications:
http://www.sec.gov/Archives/edgar/data/1071645/000095014404006123/g89557exv99w5.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).
USG CORP: Reports $21.5 Million April 2004 Net Earnings
-------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 30-April-2004
__________________________ _____________
Assets:
Cash and cash equivalents $402,519,000
Marketable Securities 39,343,000
Restricted Cash 23,527,000
Receivables 394,850,000
Inventories 276,287,000
Income taxes receivable 20,993,000
Deferred income taxes 42,655,000
Other current assets 44,599,000
-------------
Total current assets 1,244,773,000
Property, plant and equipment, net 1,568,975,000
Marketable Securities 232,798,000
Deferred income taxes 157,748,000
Goodwill 41,201,000
Other assets 349,545,000
-------------
Total Assets $3,595,040,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $223,985,000
Accrued expenses 153,496,000
Taxes on income 12,869,000
-------------
Total current liabilities 390,350,000
Other liabilities 406,930,000
Liabilities subject to compromise 2,241,350,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (258,005,000)
Capital received in excess of par value 101,604,000
Accumulated other comprehensive income/(loss) 13,389,000
Retained earnings 694,424,000
-------------
Total stockholders' equity 556,410,000
-------------
Total Liabilities and Stockholders' Equity $3,595,040,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 30-April-2004
_____________________________ _____________
Net sales $338,057,000
Cost of products sold 279,748,000
Selling and administrative expenses 21,182,000
Chapter 11 reorganization expenses (405,000)
Interest expense 274,000
Interest income (150,000)
Other (income)/expense, net 300,000
-------------
Earnings/(loss) before income taxes 37,108,000
Income taxes (benefit) 15,567,000
-------------
Net Earnings/(loss) $21,541,000
=============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones, Day, Reavis & Pogue represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,252,000,000 in assets and
$2,739,000,000 in debts. (USG Bankruptcy News, Issue No. 67;
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. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
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conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
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available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
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USA, and Beard Group, Inc., Frederick, Maryland USA. The TCR is
published every Monday through Saturday except on New Year's Day,
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Yvonne L. Metzler, Bernadette C. de Roda, Rizande B. Delos Santos,
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Peter A. Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***