/raid1/www/Hosts/bankrupt/TCR_Public/040626.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 26, 2004, Vol. 8, No. 129
Headlines
AVADO BRANDS: Reports $6.9 Million Net Loss in May 2004
ENRON: ENA Examiner's 112th Weekly Report - May 3 to 7, 2004
FLEMING COMPANIES: Files April 2004 Monthly Operating Report
KEYSTONE CONSOLIDATED: Reports $2.3 Million Income in May 2004
MINORPLANET SYSTEMS: May 2004 Monthly Operating Report
MISSISSIPPI CHEMICAL: Reports $1.8 Mil. Net Loss in April 2004
PARMALAT: Farmland Dairies May 2004 Monthly Operating Report
PARMALAT: Milk Products May 2004 Monthly Operating Report
PARMALAT USA: Releases May 2004 Monthly Operating Report
VENUS EXPLORATION: Reports $1.2 Million Net Profit in May 2004
*********
AVADO BRANDS: Reports $6.9 Million Net Loss in May 2004
-------------------------------------------------------
Avado Brands, Inc., the owner and operator of the Don Pablo's and
Hops restaurant chains, delivered its May 2004 Monthly Operating
Report to the Bankruptcy Court on June 17, 2004.
For the four-week period ended May 23, 2004, Don Pablo's reports
a net loss of $174,000, Hops reports a $4,195,000 net loss and
$2,613,000 of net losses at the corporate level resulted in a
consolidated net loss of $6,982,000.
A full-text copy of Avado's May Monthly Operating Report is
available at no charge at:
http://www.sec.gov/Archives/edgar/data/849101/000084910104000020/mormay.txt
On February, 4, 2004, Avado Brands, Inc. filed a voluntary
petition under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court for the Northern District of
Texas. The Honorable Chief Judge Steven A. Felsenthal presides
over the case, which is administered as Case No. 04-31555. Deborah
D. Williamson, Esq., and Thomas Rice, Esq., at Cox & Smith
Incorporated represent the Debtors in their restructuring efforts.
Miller Buckfire Lewis Ying & Co., LLC is providing financial
advisory services. DDJ Capital is Avado's DIP lender.
ENRON: ENA Examiner's 112th Weekly Report - May 3 to 7, 2004
------------------------------------------------------------
Enron North America Examiner, Harrison J. Goldin, presents his
112th report summarizing deposits and disbursements into and out
of ENA Accounts for the period May 3, 2004 through May 7, 2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 03, 2004 $239,855 ($2,787)
May 04, 2004 1,662,500 0
May 05, 2004 3,000,035 0
May 06, 2004 527 0
May 07, 2004 62 (18,001)
------------ -------------
Week Total: $4,902,979 ($20,788)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 03, 2004 $0 ($538,000)
May 04, 2004 0 0
May 05, 2004 0 0
May 06, 2004 0 0
May 07, 2004 0 0
------------ -------------
Week Total: $0 ($538,000)
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 03, 2004 $239,855 ($40,787)
May 04, 2004 1,662,500 0
May 05, 2004 3,000,035 0
May 06, 2004 527 0
May 07, 2004 62 (18,001)
------------ -------------
Week Total: $4,902,979 ($58,788)
FLEMING COMPANIES: Files April 2004 Monthly Operating Report
------------------------------------------------------------
On June 16, 2004, Fleming Companies, Inc. filed its unaudited
monthly operating report for the period April 1, 2004 through
April 30, 2004 with the United States Bankruptcy Court for the
District of Delaware, in connection with its voluntary petitions
for reorganization under Chapter 11 of Title 11 of the United
States Code (Case No. 03-10945) (Jointly Administered).
Fleming Companies, Inc. et. al's balance sheet shows a
$1,716,126,000 stockholders' deficit at April 30, 2004, compared
to a $1,568,074,000 deficit reported at March 31, 2004.
A full-text copy of Fleming Companies' April 2004 Monthly
Operating Report was delivered to the Securities and Exchange
Commission, and is available at no charge at:
http://www.sec.gov/Archives/edgar/data/352949/000095013404008943/d16193exv99w1.txt
Headquartered in Lewisville, Texas, Fleming Companies, Inc. --
http://www.fleming.com/-- is the largest multi-tier distributor
of consumer package goods in the United States. The Company filed
for chapter 11 protection on April 1, 2003 (Bankr. Del. Case No.
03-10945). Richard L. Wynne, Esq., Bennett L. Spiegel, Esq.,
Shirley Cho, Esq., and Marjon Ghasemi, Esq., at Kirkland & Ellis,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from its creditors, they listed
$4,220,500,000 in assets and $3,547,900,000 in liabilities.
KEYSTONE CONSOLIDATED: Reports $2.3 Million Income in May 2004
--------------------------------------------------------------
For the month ending May 31, 2004, Keystone reports earning
$2,325,442 on $29,102,072 of sales. At May 31, 2004, Keystone
Consolidated Industries' balance sheet shows:
Current Assets $ 69,508,015
Total Assets 301,602,386
Current Liabilities 161,945,202
Stockholders' Deficit $ 27,719,609
A full-text copy of Keystone Consolidated Industries' May 2004
Monthly Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/55604/000005560404000024/exhibit991may.txt
On February 26, 2004, Keystone Consolidated Industries, Inc.,
together with five of its direct and indirect subsidiaries
(FV Steel and Wire Company, DeSoto Environmental Management, Inc.,
J.L. Prescott Company, Sherman Wire Company f/k/a DeSoto, Inc.,
and Sherman Wire of Caldwell, Inc.), filed voluntary petitions
for relief under Chapter 11 of Title 11 of the United States Code
in the United States Bankruptcy Court for the Eastern District of
Wisconsin in Milwaukee.
MINORPLANET SYSTEMS: May 2004 Monthly Operating Report
------------------------------------------------------
At May 31, 2004, Minorplanet Systems USA, Inc.'s balance sheet
shows:
Total Assets $17,980,034
Total Post-petition Liabilities 1,451,404
Total Pre-petition Liabilities 21,968,620
Total Liabilities 31,596,252
Total Deficit $13,616,218
A full-text copy of Minorplanet Systems' May 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/944400/000095013404009044/d16248exv99w1.htm
Based in Richardson, Texas, Minorplanet Systems USA, Inc. --
http://www.minorplanetusa.com/-- develops and implements mobile
communications solutions for service vehicle fleets, long-haul
truck fleets and other mobile-asset fleets, including integrated
voice, data and position location services. Minorplanet, along
with two affiliates, filed for chapter 11 protection (Bankr. N.D.
Texas, Case No. 04-31200) on February 2, 2004. Omar J. Alaniz,
Esq. and Patrick J. Neligan, Jr., Esq. of Neligan Tarpley Andrews
and Foley LLP represent the Debtors in their restructuring
efforts. When Minorplanet filed for bankruptcy, it estimated
assets and debts at $10 million to $50 million.
MISSISSIPPI CHEMICAL: Reports $1.8 Mil. Net Loss in April 2004
--------------------------------------------------------------
On June 17, 2004, Mississippi Chemical Corporation and its
domestic subsidiaries filed its Monthly Operating Report for the
month ended May 31, 2004 with the Securities and Exchange
Commission. The Company reports a net loss of $1,887,000 in May
compared to a $1,469,000 net loss in April 2004. The Company's
consolidated balance sheet shows:
Total Assets $431,843,000
Total Current Liabilities 131,468,000
Liabilities Subject
to Compromise 283,988,000
Shareholders' Deficit 39,051,000
A full-text copy of Mississippi Chemical Corporation's April 2004
Monthly Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/66895/000006689504000020/exhibit991.htm
On May 15, 2003, Mississippi Chemical Corporation and its domestic
subsidiaries filed voluntary petitions for relief under Chapter 11
of Title 11 of the United States Code in the United States
Bankruptcy Court for the Southern District of Mississippi.
PARMALAT: Farmland Dairies May 2004 Monthly Operating Report
------------------------------------------------------------
Farmland Dairies, LLC
Balance Sheet
As of May 22, 2004
Assets
Cash & Cash Equivalents $6,113,559
Accounts Receivable-Trade 48,075,507
Accounts Rec.-Securitization (44,678,656)
Notes Receivable 276,176
Inventory 15,574,804
Prepaid Expenses 14,553,868
Other Current Assets 1,218,435
------------
Total Current Assets 41,133,693
Fixed Assets 214,746,256
Accumulated Depreciation 114,668,066
------------
Net Fixed Assets 100,078,190
Other Assets 38,933,437
Intercompany Receivables 71,666,796
------------
Total Assets [sic.] $251,812,116
============
Liabilities Subject to Compromise:
Accounts Payable 14,843,745
Accrued Expenses 3,327,875
Intercompany Payables 25,318,781
Capital Lease 95,000,000
------------
Total Liabilities Subject to Compromise 138,490,401
Liabilities:
Notes & Loans Payable 0
Capital Leases - Short Term 1,026
Accounts Payable 17,230,409
Accrued Expenses 22,376,404
------------
Total Current Liabilities 39,607,839
Notes & Loans Payable 14,826,563
Capital Leases - Long Term 50,832
Other 8,389,235
------------
Total Long Term Liabilities 23,266,630
Intercompany Payables (82,068,989)
------------
Total Liabilities 119,295,881
Equity
Paid In Capital 161,506,590
Accum Comprehensive Income (7,013,988)
Retained Earnings 11,323,693
YTD Net Income/(Loss) (23,483,744)
------------
Total Equity 142,332,551
------------
Total Liabilities & Owners' Equity [sic.] $261,628,432
============
Farmland Dairies, LLC
Income Statement
From April 25, 2004 to May 22, 2004
Revenues
Gross sales $40,906,304
Less: Returns & discounts 1,212,273
------------
Net sales 39,694,031
Expenses
Raw Materials & Ingredients 27,529,854
Packaging 2,799,702
Direct Labor 703,437
Power 442,026
Freight 310,927
Distribution 2,726,714
Industrial Depreciation 409,568
Production Overhead 2,236,307
Warehouse (Cooler) 1,747,763
Marketing Costs 832,889
Sales Admin Expenses 477,059
General Expenses 1,032,001
Financial Costs 770,994
Goodwill/trademarks 6,756
Extraordinary 118,370
Corporate Allocation (50,000)
Income Taxes -
------------
Total Expenses 42,094,367
Reorganization Expenses 4,131,822
------------
Net Profit (Loss) ($6,532,158)
============
Farmland Dairies, LLC
Cash Receipts and Disbursements
From April 25, 2004 to May 22, 2004
Cash - Beginning of Month $3,514,210
Receipts From Operations
Cash Sales 0
Collection of Accounts Receivable
Prepetition 528,314
Postpetition 37,566,773
------------
Total Operating Receipts 38,095,086
Non - Operating Receipts
Proceeds from GE Capital 3,000,000
Voided Checks (Prepetition) -
Adjustments 600,381
Deposits -- Other 847,488
Transfers 3,500,000
------------
Total Non-Operating Receipts 7,947,868
------------
Total Receipts 46,042,955
------------
Total Cash Available 49,557,165
Operating Disbursements
Chemicals 601,865
Commissions 107,927
Consulting/Legal 96,518
Co-packing 495,877
Employee & Employee-related expenses 994,624
Equipment Leases 532,165
Freight & Postage 108,514
Fuel 213,514
Transportation 783,187
Ingredients 2,041,861
Insurance 419,046
Lab Fees 49,376
Licenses & Taxes 181,880
Marketing 26,634
Other 656,008
Packaging 2,569,300
Pallets/Cases/Bossies 217,768
Milk Producers 21,146,353
Marketing Administrator 0
Purchased Products 1,256,444
R & M, Parts, Supplies 899,881
Raw Milk 2,198,713
Rebates 389,240
Rent 192,894
Security 135,763
Temporary Labor 77,513
Travel & Entertainment 47,801
Utilities 1,378,417
Securitization Payments 439,874
Payroll 2,614,119
Payroll Taxes 488,762
Voided Checks (Postpetition) (7,802)
------------
Total expenses 41,354,415
Reorganization Expenses
Professional Fees 1,980,613
U.S. Trustee Fees 10,250
DIP Interest & Fees 59,889
------------
Total Reorganization Expenses 2,050,752
------------
Total Disbursements 43,405,166
------------
Net Cash Flow 2,637,788
------------
Cash - End of Month $6,151,999
============
PARMALAT: Milk Products May 2004 Monthly Operating Report
---------------------------------------------------------
Milk Products of Alabama, LLC
Balance Sheet
As of May 22, 2004
Assets
Cash & Cash Equivalents $1,795,546
Accounts Receivable-Net 2,997,336
Inventory 1,287,472
Prepaid Expenses 262,441
Other Current Assets 4,521
------------
Total Current Assets 6,010,917
Fixed Assets 10,926,223
Accumulated Depreciation 6,590,490
------------
Net Fixed Assets 4,335,733
Other Assets 885,023
Intercompany Receivables 0
------------
Total Assets $11,568,072
============
Liabilities Subject to Compromise
Accrued Expenses $45,227
Intercompany Payables 8,338,493
------------
Total Liabilities Subject to Compromise 8,383,720
Liabilities:
Accounts Payable 194,670
Accrued Expenses 96,084
------------
Total Current Liabilities 290,754
Long Term Notes Payable - Intercompany
Other 43,738
------------
Total Long Term Liabilities 43,738
Intercompany Payables 2,872,138
------------
Total Liabilities 11,590,350
Equity
Retained Earnings 18,414
YTD Net Income/(Loss) (40,692)
------------
Total Equity (22,278)
------------
Total Liabilities & Owners' Equity $11,568,072
============
Milk Products of Alabama, LLC
Income Statement
From April 25, 2004 to May 22, 2004
Revenues
Gross sales $4,119,490
Less: Returns & discounts 1,990
------------
Net sales 4,117,500
Expenses
Raw Materials & Ingredients 2,880,672
Packaging 344,090
Direct Labor 81,521
Power 78,401
Freight 126,606
Industrial Depreciation 35,392
Production Overhead 208,553
Warehouse (Cooler) 8,526
Marketing Costs 0
Sales Admin Expenses 27,818
General Expenses 59,590
Financial Costs 20,734
Goodwill/trademarks 0
Extraordinary 39,119
Corporate Allocation 50,000
Income Taxes 0
------------
Total Expenses 3,961,022
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses -
------------
Net Profit (Loss) $156,478
============
Milk Products of Alabama, LLC
Cash Receipts and Disbursements
From April 25, 2004 to May 22, 2004
Cash - Beginning of Month $1,750,129
Receipts From Operations
Cash Sales -
Collection of Accounts Receivable
Prepetition 0
Postpetition 3,604,367
------------
Total Operating Receipts 3,604,367
Non - Operating Receipts
Transfers (3,500,000)
Other 73
------------
Total Non-Operating Receipts (3,499,927)
------------
Total Receipts 104,440
------------
Total Cash Available 1,854,568
Operating Disbursements
Bank Charges -
Freight -
Ingredients -
Licenses & Taxes -
Packaging -
Raw Milk -
R & M, Parts, Supplies -
Other 3,943
Letter of Credit 57,579
Warehouse (Cooler) -
Marketing Costs -
Sales Admin Expenses -
General Expenses -
Financial Costs -
Goodwill/trademarks -
Extraordinary -
Corporate Allocation -
Income Taxes -
------------
Total expenses 61,522
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses -
------------
Total Disbursements 61,522
------------
Net Cash Flow 42,917
------------
Cash - End of Month $1,793,046
============
PARMALAT USA: Releases May 2004 Monthly Operating Report
--------------------------------------------------------
Parmalat USA Corporation
Balance Sheet
As of May 22, 2004
Assets
Cash & Cash Equivalents $0
Accounts Receivable-Net 0
Notes Receivable -Current 0
Inventory 0
Prepaid Expenses 0
Other Current Assets 0
------------
Total Current Assets 0
Fixed Assets 0
Accumulated Depreciation 0
------------
Net Fixed Assets 0
Other Assets 326,010,087
Intercompany Receivables 25,210,233
------------
Total Assets $351,220,320
============
Liabilities Subject To Compromise:
Long Term Debt & Interest $19,836,909
Intercompany Payables 212,783,632
------------
Total Liabilities Subject to Compromise 232,620,541
Liabilities
Accounts Payable 0
Notes & Loans Payable 0
Accrued Expenses 320,445
Intercompany Payables 0
------------
Total Liabilities 232,940,986
Equity
Common Stock 1,388,356
Paid In Capital 227,962,103
Retained Earnings (110,643,290)
YTD Net Income/(Loss) (427,835)
------------
Total Equity 118,279,334
------------
Total Liabilities & Owners' Equity $351,220,320
============
Parmalat USA Corporation
Income Statement
From April 25, 2004 to May 22, 2004
Revenues
Gross sales $0
Less: Returns & discounts 0
------------
Net sales 0
Expenses
Raw Materials & Ingredients 0
Packaging 0
Direct Labor 0
Power 0
Freight 0
Distribution 0
Industrial Depreciation 0
Production Overhead 0
Warehouse (Cooler) 0
Marketing Costs 0
Sales Admin Expenses 0
General Expenses -
Financial Costs 80,144
Goodwill/trademarks 18,226
Extraordinary -
Corporate Allocation -
Depreciation -
Amortization -
Income Taxes -
------------
Total Expenses 98,650
Reorganization Expenses 250
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses 250
------------
Net Profit (Loss) ($98,900)
============
Parmalat USA Corporation
Cash Receipts and Disbursements
From April 25, 2004 to May 22, 2004
Cash - Beginning of Month $0
Receipts From Operations
Cash Sales -
Collection of Accounts Receivable
Prepetition -
Postpetition -
------------
Total Operating Receipts 0
Non - Operating Receipts
Transfers 1,123
Other -
------------
Total Non-Operating Receipts 1,123
------------
Total Receipts 1,123
------------
Total Cash Available 1,123
Operating Disbursements
Rebates 1,123
Packaging -
Direct Labor -
Power -
Freight -
Distribution -
Industrial Depreciation -
Production Overhead -
Warehouse (Cooler) -
Marketing Costs -
Sales Admin Expenses -
General Expenses -
Financial Costs -
Goodwill/trademarks -
Extraordinary -
Corporate Allocation -
Income Taxes -
------------
Total Expenses 1,123
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
------------
Total Reorganization Expenses 0
------------
Total Disbursements 1,123
------------
Net Cash Flow 0
------------
Cash - End of Month 0
============
VENUS EXPLORATION: Reports $1.2 Million Net Profit in May 2004
--------------------------------------------------------------
On June 21, 2004, the Company filed its monthly operating report
for May 2004 with the United States Bankruptcy Court for the
Eastern District of Texas.
For the month ending May 31, 2004, Venus Exploration Inc. reports
a $1,268,189.97 profit on $26,514.05 of gross revenues.
A full-text copy of Venus Exploration Inc.'s May 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/312037/000115752304005838/a4666914ex99.txt
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. The TCR is
published every Monday through Saturday except on New Year's Day,
Good Friday, Christmas Eve, Christmas Day and New Year's Eve.
Yvonne L. Metzler, Bernadette C. de Roda, Rizande B. Delos Santos,
Paulo Jose A. Solana, Jazel P. Laureno, Aileen M. Quijano and
Peter A. Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***