/raid1/www/Hosts/bankrupt/TCR_Public/040703.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, July 3, 2004, Vol. 8, No. 135
Headlines
ADELPHIA: May 2004 Operating Loss Tops $40 Million
DVI INC: Releases May 2004 Cash Receipts & Disbursements Data
ENRON: ENA Examiner's 113th Weekly Report - May 10 to 14, 2004
ENRON: ENA Examiner's 114th Weekly Report - May 17 to 21, 2004
FOOTSTAR INC: Files Revised April & May Monthly Operating Reports
HAUSER INC: Submits May 2004 Monthly Operating Report
LIBERATE TECHNOLOGIES: Posts $19.8 Million Net Profit in May 2004
NEWPOWER HOLDINGS: Files May 2004 Monthly Operating Report
PARMALAT: Releases Financial Results Ended May 31, 2004
RELIANCE GROUP: Releases May 2004 Monthly Operating Report
SK GLOBAL: Releases May 2004 Monthly Operating Report
SOLUTIA INC: Debtors Report $79 Million Net Loss in May 2004
SPIEGEL INC: May 2004 Net Loss Narrows to $3.2 Million
UAL CORP: Reports $93.3 Million Net Loss in May 2004
USG CORP: Reports $20.5 Million Earnings in May 2004
WEIRTON STEEL: Monthly Operating Report as of May 16, 2004
WESTPOINT STEVENS: Files Retirement Plan Annual Report with SEC
WINSTAR: Releases April 2004 Monthly Operating Report
*********
ADELPHIA: May 2004 Operating Loss Tops $40 Million
--------------------------------------------------
On June 24, 2004, Adelphia Communications Corporation and its
debtor-affiliated filed their unaudited consolidated Monthly
Operating Report for the month of May 2004 with the United States
Bankruptcy Court for the Southern District of New York.
Adelphia's May 2004 Monthly Operating Report shows:
Total Assets $52,906,031,000
Total Liabilities
Subject to Compromise 46,197,003,000
Total Liabilities 50,175,260,000
Total stockholders' equity $ 2,185,054,000
Revenue $ 328,846,000
Operating Loss 40,927,000
Net Loss Applicable to
Common Stockholders 69,232,000
Full-text copies of Adelphia's May 2004 Monthly Operating Reports
were delivered to the Securities and Exchange Commission and are
available at no charge at:
http://www.sec.gov/Archives/edgar/data/796486/000110465904017883/a04-7253_1ex99d1.htm
Adelphia-affiliates Arahova Communications Inc., Frontiervision
Capital Corp., Frontiervision Holdings Capital Corp.,
Frontiervision Holdings Capital II Corp., Frontiervision Holdings
LP, Frontiervision Operating Partners LP, Olympus Capital Corp.,
and Olympus Communications LP, also delivered copies of Adelphia's
consolidated financial statements to the Securities and Exchange
Commission.
Adelphia Communications Corporation and more than 200 affiliates
filed for Chapter 11 protection in the U.S. Bankruptcy Court for
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Shelley C.
Chapman, Esq., at Willkie Farr & Gallagher represents the ACOM
Debtors.
DVI INC: Releases May 2004 Cash Receipts & Disbursements Data
-------------------------------------------------------------
On August 25, 2003, DVI, Inc., together with DVI Financial
Services Inc., and DVI Business Credit Corporation filed a
petition for reorganization under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Delaware.
On June 23, 2004, DVI, DVI FS and DVI BC filed their respective
Monthly Operating Reports with the U.S. Bankruptcy Court and the
U.S. Trustee for the period from May 1, 2004 through May 31, 2004
showing:
Debtor Cash Receipts Cash Disbursements
------ ------------- ------------------
DVI $0 $0
DVI FS $11,822,000 $11,941,000
DVI BC $42,000 $47,000
A full-text copies of DVI's May 2004 Monthly Operating Report are
available at no charge at:
DVI Inc:
http://www.sec.gov/Archives/edgar/data/1019504/000104746904018500/a2137398zex-99_1.htm
DVI Financial Services:
http://www.sec.gov/Archives/edgar/data/801550/000095012304007755/y98557exv99w2.txt
DVI Business Credit:
http://www.sec.gov/Archives/edgar/data/801550/000095012304007755/y98557exv99w3.txt
ENRON: ENA Examiner's 113th Weekly Report - May 10 to 14, 2004
--------------------------------------------------------------
Enron North America Examiner, Harrison J. Goldin, presents his
113th report summarizing the deposits and disbursements into and
out of ENA Accounts for the period May 10, 2004 through May 14,
2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 10, 2004 $1,318,147 $0
May 11, 2004 6,000 (800)
May 12, 2004 0 (35)
May 13, 2004 0 (58,194)
May 14, 2004 430,833 (227,306)
------------ -------------
Week Total: $1,754,980 ($286,334)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 10, 2004 $0 $0
May 11, 2004 0 0
May 12, 2004 0 0
May 13, 2004 0 0
May 14, 2004 0 0
------------ -------------
Week Total: $0 $0
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 10, 2004 $1,318,147 $0
May 11, 2004 6,000 (800)
May 12, 2004 0 (35)
May 13, 2004 0 (58,194)
May 14, 2004 430,833 (227,306)
------------ -------------
Week Total: $1,754,980 ($286,334)
ENRON: ENA Examiner's 114th Weekly Report - May 17 to 21, 2004
--------------------------------------------------------------
Harrison J. Goldin, the Examiner for Enron North America,
delivers to the Court his 114th report summarizing the deposits
and disbursements into and out of ENA Accounts for the period
May 17, 2004 through May 21, 2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 17, 2004 $25 ($11,159)
May 18, 2004 0 0
May 19, 2004 982,200 (388,065)
May 20, 2004 0 (12,262)
May 21, 2004 78,160 (488)
------------ -------------
Week Total: $1,060,385 ($411,974)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 17, 2004 $1,079 ($1,079)
May 18, 2004 0 0
May 19, 2004 0 0
May 20, 2004 0 0
May 21, 2004 0 0
------------ -------------
Week Total: $1,079 ($1,079)
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
May 17, 2004 $1,103 ($12,238)
May 18, 2004 0 0
May 19, 2004 982,200 (388,065)
May 20, 2004 0 (12,262)
May 21, 2004 78,160 (488)
------------ -------------
Week Total: $1,061,463 ($413,052)
FOOTSTAR INC: Files Revised April & May Monthly Operating Reports
-----------------------------------------------------------------
On June 24, 2004, Footstar, Inc. released its revised monthly
operating reports for the period from March 3, 2004 to May 29,
2004 reclassifying about $43.9 million of accrued expenses and
minority interests to liabilities subject to compromise in April
and $79.5 million of accrued expenses and minority interests to
liabilities subject to compromise in May 2004.
Footstar, Inc.'s revised consolidated balance sheet shows (in
millions):
May 1, 2004 May 29, 2004
Total Assets $ 543.5 $ 447.6
Current Liabilities 144.2 134.5
Total Liabilities
Subject to Compromise 288.9 178.6
Shareholders' Equity $ 40.7 $ 62.7
In Footstar Inc.'s revised May 2004 statement of operations, net
income has remained unchanged. However, $5.6 million of
professional fees from Reorganization expenses have been
reclassified to Store operating, selling, general and
administrative expenses.
The company's May 2004 revised Statement of Operations shows (in
millions):
Gross Profit $ 24.4
Loss before reorganization
expenses 2.0
Loss before minority interests
and discontinued operations 3.7
Net Loss $ 22.1
A full-text copy of Footstar, Inc.'s revised April and May 2004
Monthly Operating Reports is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1011308/000090951804000575/jd6-23ex_99.txt
On March 2, 2004, Footstar, Inc. and substantially all of its
subsidiaries filed voluntary petitions under Chapter 11 of title
11, United States Code in the United States Bankruptcy Court for
the Southern District of New York (Case No. 04-22350 (ASH)). The
Debtors remain in possession of their assets and properties, and
continue to operate their businesses and manage their properties
as debtors-in-possession pursuant to sections 1107(a) and 1108 of
the Bankruptcy Code.
HAUSER INC: Submits May 2004 Monthly Operating Report
-----------------------------------------------------
Kenneth C. Cleveland, President and Chief Executive Officer for
Hauser, Inc. (OTC:HAUSQ) advises that on June 15, 2004, the
Company and its wholly owned subsidiaries filed the monthly
operating report for the month ended May 31, 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. C.D. Calif. Case No. 03-18795). Christine M.
Pajak, Esq., at Stutman, Treister & Glatt, serves as legal
counsel to the Debtors.
LIBERATE TECHNOLOGIES: Posts $19.8 Million Net Profit in May 2004
-----------------------------------------------------------------
On June 21, 2004, Liberate Technologies filed its monthly
operating report for the month of May 2004 with the United States
Bankruptcy Court for the Northern District of California in
connection with Liberate's voluntary petition for reorganization
under Chapter 11 of the United States Bankruptcy Code in Case No.
04-31394. The Company reports earning $19,858,582 on $3,328,629 of
net sales in May 2004.
At May 31, 2004, Liberate Technologies' balance sheet shows:
Total Current Assets $ 220,040,445
Total Assets 229,454,414
Total Current Liabilities 7,989,968
Total Pre-petition Liabilities 19,510,462
Total Liabilities 27,500,430
Total Equity $ 201,953,984
A full-text copy of Liberate Technologies' May 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1085776/000110465904017555/a04-7117_1ex99d01.htm
NEWPOWER HOLDINGS: Files May 2004 Monthly Operating Report
----------------------------------------------------------
On June 23, 2004, NewPower Holdings filed its May Monthly
Operating Report with the Bankruptcy Court for the Northern
District of Georgia, Newnan Division. The company reports an
opening cash balance of $93,864,000 and a closing cash balance of
$93,739,000.
A full-text copy of NewPower Holdings' May 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1119307/000090514804002925/efc4-1241_exhibit991.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.
PARMALAT: Releases Financial Results Ended May 31, 2004
-------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration
communicates the Parmalat's Groups financial results as at 31 May
2004.
Parmalat Finanziaria SpA
Highlights (in EUR millions)
Revenues EBITDA % of Revenues
---------------- --------------- ---------------
Prev. Current Prev. Current Prev. Current
Year Year Year Year Year Year
------- ------- ------ ------- ------ -------
Core
Activities 1,519.5 1,484.4 89.3 101.3 5.9 6.8
Non-Core
Activities 330.9 260.4 (21.5) (8.3) (6.5) (3.2)
------- ------- ------ ------- ------ -------
Activities
Subject to
Special
Procedures 372.9 232.4 (11.4) (31.7) (3.1) (13.6)
------- ------- ------ ------- ------ -------
Total 2,223.3 1,977.2 56.4 61.4 2.5 3.1
======= ======= ====== ======= ====== =======
* Core Activities: consisting of drinks (milk and fruit
juice), milk-based products, focused on approximately
thirty brands (Global brands or strong local brands),
focused on high potential countries in which there is a
strong demand for healthy lifestyle products, a
willingness to pay a premium price for Parmalat brands and
the availability of leading edge technology.
* Non-core Activities: consisting of countries and
activities considered non-strategic which will be subject
to disposal.
* Activities subject to Special Procedures: consisting of
businesses in countries outside Italy that are currently
subject to restrictions to their management as a result of
local bankruptcy proceedings.
Core Activities
Parmalat's Core Activity revenues have generally held up
well compared to the same period in the previous year (EUR1,484.4
million compared to EUR1,519.5 million) while EBITDA increased by
13.4% to EUR101.3 million compared to EUR89.3 million in the same
period in 2003.
This improvement in operating results is largely as a result
of initiatives of a commercial nature and thanks to operating
cost reduction measures which have also been applied to the
corporate structure.
In particular, looking at the Group's principal geographic
areas of operation, the following can be noted:
-- Italy
Revenues for the period reached EUR574.2, down 7.9%
compared to the EUR623.8 million recorded in the same
period in 2003. While revenues fell, EBITDA showed an
improvement rising by 17.6% from EUR34.0 million at
31 May 2003 to EUR40.0 [million] at 31 May 2004. This
confirms the positive trend already seen last month, even
if this is somewhat reduced as a result of a lower
contribution from the fruit juice activities (-12% for
the period January to May) compared to the same period in
the previous year, whose sales were slowed by unfavorable
weather conditions.
-- Spain
Revenues for the period were EUR91.0 million compared to
EUR93.4 million achieved at 31 May 2003. EBITDA for the
same period fell from EUR8.9 million to EUR5.9 million.
The two factors largely responsible for the worsening of
the result for the period were the increase in the cost
of milk supplies compared to the previous year (+8.2%)
that were not balanced by a corresponding increase in
sale prices and the negative trend of a strong seasonal
character relating to the sale of ice cream (Royne brand)
which suffered as a result of weather conditions that
slowed consumption.
-- South Africa
Revenues for the period of EUR93.1 million grew by 28.8%
compared to the EUR72.3 million reported at 31 May 2003.
EBITDA also increased considerably moving from
EUR5.6 million at 31 May 2003 to EUR8.1 million at
31 May 2004. As indicated last month this increase in
profitability has resulted from the acquisition of new
brands, the optimization of the business' productive
structure as well as the appreciation of the South
African rand against the Euro.
-- Venezuela
The lack of credit lines for the importation of raw
materials (powdered milk) resulted in reduced revenues
which went from EUR78.6 million in May 2003 to
EUR62.7 million in May 2004 (-20.2%). This resulted in a
strong decrease in operating profitability which fell
from EUR11.5 million to EUR1.7 million, impacted also by
an increase in local raw materials costs and higher
structural costs.
-- Canada
The Canadian market showed slight growth at the revenue
level moving from EUR457.1 million to EUR464.6 million
while EBITDA of EUR27.2 million in May 2004 was 23.7%
ahead of the same period last year (EUR22.0 million).
This improved profitability results principally from an
increase in cheese sales and from general and
distribution cost containment.
-- Australia
Revenues reached EUR154.9 million up 7.3% compared to the
EUR144.4 million in the same period in 2003. Similarly
EBITDA for the period was EUR11.7 million compared to
EUR10.5 million in the same period in the previous year
(+10.9%). This improvement in results is down to a
favorable exchange rate trend; and with regard to EBITDA
a reduction in general and promotional costs also made a
contribution.
Non Core Activities and
Activities in Special Procedures
The negative result for the businesses covered under these
two headings is mainly due to the performance of the Brazilian
and US operations:
-- Brazil
Revenues fell from EUR153.7 million to EUR45.4 million
(-70.5%) and EBITDA worsened moving from a negative
EUR9.9 million to a loss of EUR21.8 million. However in
Brazil the Group's operations recently came back under
Parmalat's control and a corporate restructuring plan is
currently being drawn up as part of a Concordata
procedure. In the meantime revenues have started to pick
up compared to previous months (+18% in May compared to
April).
-- USA
Consolidated results showed a fall in revenues (from
EUR350.2 million at 31 May 2003 to EUR288.7 million at
31 May 2004) and a reduction in the operating result
which moved from a loss of EUR5.8 million in 2003 to a
loss of EUR7.6 million at 31 May 2004. The Dairy
activities (milk and milk products) hit by a serious
financial crisis, were put into a Chapter 11 procedure.
This crisis has resulted in a significant reduction in
revenues and are worsening in EBITDA. The Bakery
activities produced lower revenues but a significantly
improved operating result (even though this is still in
negative territory) thanks to the process of
reorganization currently underway.
Net Financial Position
Highlights (in EUR millions)
As at As at
05/31/2004 12/31/2003
------------ ------------
Short Term Financial Assets (121.0) (121.3)
of which:
Liquid financial assets (0.9) (20.9)
Available liquidity (120.1) (100.4)
Accruals on Financial Assets (63.1) (61.9)
------------ ------------
Total Short Term
Financial Assets (184.1) (183.2)
Financial Debt 13,762.5 13,457.5
Accruals on Financial
Liabilities 263.5 256.2
------------ ------------
Total Financial Liabilities 14,026.0 13,713.7
------------ ------------
Financial Indebtedness 13,841.9 13,530.5
============ ============
In addition, further financial debt of EUR132.0 million
needs to be taken into account in relation to the situations as
at 31 December 2003 and 31 May 2004, this relating to companies
that are not totally consolidated, and connected and controlling
companies.
The figures still contain an element of uncertainty as
regards some companies in the Group that are subject to
restrictions as a result of local procedures (Brazil and USA
Dairy specifically). Financial debt should be considered as
being largely short-term in nature, given the current situation
of theoretical default on the covenants underlying the financing
contracts. Some companies are in talks to renegotiate their debt
in order to consolidate it. At 31 May a debt of EUR250 million
was inserted relating to the financing of a foreign subsidiary
company carried out in 2002 which envisaged a possible conversion
into equity. Parmalat has deemed it appropriate to forgo this
option instead registering with the subsidiary company a debt for
the same amount.
[The] net financial position of the Group is substantially
unchanged and impacted by two events:
(1) [O]n the asset side there has been an increase in the
level of available liquidity largely thanks to the close
attention paid to the management of available resources
and to the disposal of Parmalat SpA's holdings in MCC
SpA and Banca di Roma SpA and Parmalat Finanziaria SpA's
disposal of its holding in Fondo Alfieri; and
(2) On the liabilities side there has been a small increase
almost entirely resulting from a worsening of exchange
in the exchange rate between the Euro and currencies in
countries outside Europe where the Group operates, and
by an increase in accruals on liabilities for interest.
No use has been made until now of the line of credit of
EUR105,8 million provided by a pool of banks on 4 March 2004.
Main companies in Extraordinary Administration
The following tables summarizes situations of the main
Italian companies in Extraordinary Administration:
Parmalat Finanziaria SpA
(Values in millions of Euros)
As at As at
05/31/2004 12/31/2003
------------ ------------
Short Term Financial Assets (172.8) (172.3)
of which:
Interco. Financial Credits (171.8) (171.8)
Liquid financial assets 0.0 (0.5)
Available liquidity (1.0) 0.0
Accruals on Financial Assets
(incl. Interco.) 0.0 (0.6)
------------ ------------
Total Short Term
Financial Assets 172.8 (172.9)
Financial Debt
(incl. Intercompany Debt) 1,268.4 1,268.4
of which:
Intercompany Financial Debt 1,006.4 1,006.4
Other Financial Debt 262.0 262.0
Accruals on Financial
Liabilities
(incl. Interco.) 4.7 4.8
------------ ------------
Total Financial Liabilities 1,273.1 1,273.2
------------ ------------
Financial Indebtedness 1,100.3 1,100.3
============ ============
The net financial position of the company is substantially
unchanged with a small increase in available liquidity even given
the disposal during the course of May 2004 of its holding in
Fondo Alfieri.
Parmalat SpA
(Values in millions of Euros)
As at As at
05/31/2004 12/31/2003
------------ ------------
Short Term Financial Assets (64.8) (53.9)
of which:
Interco. Financial Credits (44.6) (27.6)
Liquid Financial Assets 0.0 (19.7)
Available liquidity (20.2) (6.6)
Accruals on Financial Assets
(incl. Interco.) 0.0 0.0
------------ ------------
Total Short Term
Financial Assets (64.8) (53.9)
Financial Debt
(incl. Intercompany Debt) 3,912.8 3,912.8
of which:
Intercompany Financial Debt 1,030.0 1,030.0
Other Financial Debt 2,882.8 2,882.8
Accruals on Financial
Liabilities
(incl. Interco.) - -
------------ ------------
Total Financial Liabilities 3,912.8 3,912.8
------------ ------------
Financial Indebtedness 3,848.0 3,858.9
============ ============
The net financial position of Parmalat SpA presents a
positive variation for the period (moving from -EUR3,859.0
million to -EUR3848.1 million, an improvement of EUR10.9
million). Liabilities were unchanged while available financial
resources were positively effected by the disposal of holdings in
MCC SpA and Banca di Roma SpA. These disposals, along with the
performance of the operating business generated new cash that
allowed for, above and beyond covering the ongoing requirements
of the business, an increase in total available liquidity (moving
from EUR6.6 million to EUR20.2 million) and the granting of
intercompany credits for an amount of EUR16.7 million,
principally in favor of units in North America (EUR10.7 million),
Uruguay (EUR1.7 million) and Germany (EUR1.6 million) and the
payment of suppliers with a privileged position (advisors to the
Administration procedure).
Eurolat SpA
(Values in millions of Euros)
As at As at
05/31/2004 12/31/2003
------------ ------------
Short Term Financial Assets (11.3) (13.6)
of which:
Interco. Financial Credits 0.0 0.0
Liquid Financial Assets 0.0 0.0
Available liquidity (11.3) (13.6)
Accruals on Financial Assets
(incl. Interco.) (0.1) 0.0
------------ ------------
Total Short Term
Financial Assets (11.4) (13.6)
Financial Debt
(incl. Intercompany Debt) 192.9 191.9
of which:
Intercompany Financial Debt 45.8 45.8
Other Financial Debt 147.1 146.1
Accruals on Financial
Liabilities
(incl. Interco.) 0.5 1.5
------------ ------------
Total Financial Liabilities 193.4 193.4
------------ ------------
Financial Indebtedness 182.0 179.8
============ ============
This company also saw its debt position stabilize having had
no requirement to seek new financing. The variation in the Other
Financial Debt line as at 31 May 2004 compared to 31 December
2003 is at a result of reclassifications relating to already made
accruals for liabilities at the close of the previous financial
year.
Lactis SpA
(Values in millions of Euros)
As at As at
05/31/2004 12/31/2003
------------ ------------
Short Term Financial Assets (3.1) (0.4)
of which:
Interco. Financial Credits 0.0 0.0
Liquid Financial Assets 0.0 0.0
Available liquidity (3.1) (0.4)
Accruals on Financial Assets
(incl. Interco.) 0.0 0.0
------------ ------------
Total Short Term
Financial Assets (3.1) (0.4)
Financial Debt
(incl. Intercompany Debt) 20.5 20.5
of which:
Intercompany Financial Debt 8.6 8.6
Other Financial Debt 11.9 11.9
Accruals on Financial
Liabilities
(incl. Interco.) 0.0 0.1
------------ ------------
Total Financial Liabilities 20.5 20.6
------------ ------------
Financial Indebtedness 17.4 20.2
============ ============
Available liquidity increased from EUR0.4 million to
EUR3.1 million, while financial liabilities remained unchanged
compared to 31 December 2003.
RELIANCE GROUP: Releases May 2004 Monthly Operating Report
----------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-May-2004
_____________________________________ ___________
ASSETS
Restricted Funds $0
Unrestricted Funds 58,997,000
-----------
Total 58,997,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 553,000
Due from Reliance Development Group,
less allowance of $59,334,000 1,000,000
Plant, property & equipment -
----------------
Total Assets $73,640,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $2,254,000
Professional fee holdback payable 1,714,000
Liabilities subject to compromise 1,025,318,000
----------------
Total liabilities 1,029,286,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,525,803,000)
----------------
Total shareholders' deficit (955,646,000)
----------------
Total liabilities & deficit $73,640,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-May-2004
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-May-2004
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 73,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 73,000
----------------
Loss before reorganization items (73,000)
----------------
Reorganization items:
Professional fees 838,000
Increase in allowance on balance
due from Reliance Development
Group, Inc. -
Reduction of balance due Reliance
Insurance Company per settlement -
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (59,000)
----------------
Total reorganization items 779,000
----------------
Income Tax benefits 0
----------------
Net Income ($852,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-May-2004
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-May-2004
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($73,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables 9,000
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (64,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 59,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (618,000)
Distribution to Reliance
Insurance Company
(in liquidation) 0
----------------
Net cash used by
reorganization items (559,000)
----------------
Net cash used by
operating activities (623,000)
----------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
----------------
Net cash provided by
investing activities 0
----------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
----------------
Net cash provided by
financing activities 0
----------------
Net increase in cash (623,000)
Cash at beginning of period 59,620,000
----------------
Cash at end of period $58,997,000
================
SK GLOBAL: Releases May 2004 Monthly Operating Report
-----------------------------------------------------
SK Global America, Inc.
Unaudited Balance Sheet
As of May 31, 2004
ASSETS
Unrestricted Cash and cash equivalents $110,739,380
Restricted Cash and cash equivalents -
Accounts receivable - net 217,893,556
Interest receivables 843,363
Commission receivables 4,712,375
Other receivables 4,163,444
Suspense payment 1,792,545
Payment in advance 10,000
Inventories 6,030,500
Prepaid expenses 524,726
Other Current Assets -
---------------
Total Current Assets 346,709,888
Real Property and improvements 10,447
Machinery and equipment -
Furniture, fixtures and office equipment 2,356,995
Leasehold improvements 2,210,702
Vehicles 115,891
Less Accumulated Depreciation (3,358,713)
---------------
Total Property & Equipment 1,335,323
Loans to Insiders
Other Assets 87,805,433
---------------
Total Other Assets 87,805,433
---------------
TOTAL ASSETS $435,850,645
===============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts Payable $1,328,848
---------------
Total Postpetition Liabilities 1,328,848
Liabilities subject to compromise:
Secured debt 133,669,769
Priority debt 38,726
Unsecured debt 2,900,972,128
---------------
Total Prepetition Liabilities 3,033,351,775
---------------
Total Liabilities 3,034,680,623
Owner Equity:
Capital Stock 20,000,000
Additional paid-in capital 70,000,000
Owner's Equity Account -
Retained earnings - prepetition (2,679,352,128)
Retained earnings - postpetition (9,477,850)
---------------
Net Owner Equity (2,598,829,978)
---------------
T0TAL LIABILITIES & SHAREHOLDERS' EQUITY $435,850,645
===============
SK Global America, Inc.
Unaudited Statement of Operations
May 1 to May 31, 2004
Revenues
Gross Revenues $2,575,087
Less: Returns and Allowances 35,341
---------------
Net Revenue 2,539,746
Cost of Goods Sold
Beginning Inventory 5,173,372
Add: Purchases 3,496,279
Add: Cost of Labor 0
Add: Other Costs 0
Less: Ending Inventory 6,030,500
---------------
Cost of Goods Sold 2,639,151
---------------
Gross Profit (99,405)
Operating Expenses
Salaries and employee benefits 419,302
Travel and Related Expenses 12,018
Utilities 256
Materials and supplies -
Advertising & Promotions -
Communications 11,617
Delivery 8,255
Rentals and Royalties 59,053
Property & Bus License taxes 415
Insurance 27,756
Direct & Indirect selling expenses 67,011
Repairs & Maintenance 0
Other 35,103
---------------
Total Operating Expenses before depreciation 640,786
Depreciation/Depletion/Amortization 40,144
---------------
Net Profit (Loss) before
Other income and expenses (780,335)
Other Income and Expenses
Other Income 136,390
Interest Expense 13,138
Other Expense -
---------------
Net Profit (Loss) Before Reorganization Items (657,083)
Reorganization Items
Professional fees -
U.S. Trustee Quarterly fees -
Interest earned on accum. cash from Chap. 11 -
Gain (Loss) from sale of equipment -
Other Reorganization expenses -
Income Taxes -
---------------
NET PROFIT (LOSS) ($657,083)
===============
SK Global America, Inc.
Unaudited Schedule of Cash Receipts and Disbursements
May 1 to May 31, 2004
CASH -- BEGINNING OF MONTH $109,393,459
---------------
Receipts
Accounts Receivable 4,698,679
Sale of Assets -
Other 168,369
Transfers (from DIP accounts) -
---------------
Total Receipts 4,867,048
Disbursements
Payroll 239,136
Payroll Taxes 127,703
Other Taxes -
Inventory purchases 2,755,543
Rental/leases 59,053
Insurance -
Administrative -
Selling -
Other 399,692
Professional Fees
U.S. Trustee Quarterly Fees -
---------------
Total Disbursements 3,521,127
Net cash flow 1,345,920
---------------
CASH -- END OF MONTH $110,739,380
===============
SOLUTIA INC: Debtors Report $79 Million Net Loss in May 2004
------------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of May 31, 2004
ASSETS
Current Assets:
Cash $59,000,000
Trade Receivables, net 213,000,000
Account Receivables-Unconsolidated Subsidiaries 66,000,000
Inventories 163,000,000
Other Current Assets 87,000,000
--------------
Total Current Assets 588,000,000
Property, plant and equipment, net 730,000,000
Investments in Subsidiaries and Affiliates 507,000,000
Intangible Assets, net 102,000,000
Other Assets 152,000,000
--------------
TOTAL ASSETS $2,079,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Accounts Payable $134,000,000
Other Current Liabilities 178,000,000
--------------
Total Current Liabilities 312,000,000
Long-Term Debt 343,000,000
Other Long-Term Liabilities 240,000,000
--------------
Total Liabilities not Subject to Compromise 895,000,000
Liabilities Subject to Compromise 2,316,000,000
Shareholders' Deficit (1,132,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $2,079,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended May 31, 2004
Total Net Sales $185,000,000
Total Cost Of Goods Sold 211,000,000
--------------
Gross Profit (26,000,000)
Total MAT Expense 36,000,000
--------------
Operating Loss (62,000,000)
Equity Loss from Affiliates (1,000,000)
Interest Expense, net (5,000,000)
Other Income (Expense) 4,000,000
Reorganization Items:
Professional fees (4,000,000)
Provision for rejected executory contracts (11,000,000)
--------------
Total Reorganization Items (15,000,000)
Loss Before Taxes (79,000,000)
Income Taxes -
--------------
Net Loss ($79,000,000)
==============
SPIEGEL INC: May 2004 Net Loss Narrows to $3.2 Million
------------------------------------------------------
Spiegel, Inc. filed its monthly operating report for the period
commencing May 2, 2004 and ended May 29, 2004 with the United
States Bankruptcy Court for the Southern District of New York.
Spiegel's Consolidated Statement of Operations shows a $3,288,000
net loss on $98,470,000 of revenues in May. The company's balance
sheet shows a stockholders' deficit of $937,615,000 against
$968,529,000 in total assets.
A full-text copy of Spiegel Inc.'s May Monthly Operating Report is
available at no charge at:
http://www.sec.gov/Archives/edgar/data/276641/000119312504111318/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.
UAL CORP: Reports $93.3 Million Net Loss in May 2004
----------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, filed its May Monthly
Operating Report (MOR) with the United States Bankruptcy Court.
The company reported earnings from operations of $9 million, which
represents an improvement of approximately $164 million over May
2003. Mainline passenger unit revenue improved 7% year-over-year.
Unit costs were down 15% over last year. The company reported a
net loss of $93 million, including $58 million in reorganization
expenses, which include non-cash items resulting from the
rejection of aircraft as the company aligns its fleet with the
market. UAL met the requirements of its debtor-in-possession (DIP)
financing.
"Despite high fuel prices that have impacted the entire
industry, United delivered a modest operating profit this month,
which speaks to the quality of our employees' performance and the
restructuring," said Jake Brace, United's executive vice
president and chief financial officer. "Our cost-reduction and
revenue-generation efforts are delivering results and making
United a stronger, more competitive airline as we continue to
move forward."
UAL ended May with a cash balance of about $2.2 billion,
which included $701 million in restricted cash. The cash balance
decreased $61 million during the month of May, driven by the
May 1 Bank One DIP repayment of $60 million.
United continued to deliver strong operational results, with
an on-time :14 departure performance of 74.6% and a May load
factor of 80.1%.
A full-text copy of United's May Operating Report is available
for free at the Securities and Exchange Commission at:
http://www.sec.gov/Archives/edgar/data/100517/000010051704000021/junemor.htm
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended May 31, 2004
(In Thousands)
Total operating revenues $1,470,574
Total operating expenses 1,461,531
Earnings (loss) from operations 9,043
Non-operating income (expenses):
Net interest expense (40,122)
Other income (expenses), net (4,599)
----------
Total non-operating income (expenses) (44,721)
Net Earnings (loss) before Reorganization items (35,678)
Reorganization items (57,624)
----------
Net earnings (loss) ($93,302)
==========
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. the Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at KIRKLAND & ELLIS represent the
Debtors in their restructuring efforts. When the Company filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts.
USG CORP: Reports $20.5 Million Earnings in May 2004
----------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-May-2004
__________________________ ___________
Assets:
Cash and cash equivalents $441,012,000
Marketable Securities 52,583,000
Restricted Cash 22,711,000
Receivables 396,391,000
Inventories 297,575,000
Income taxes receivable 20,770,000
Deferred income taxes 39,795,000
Other current assets 50,492,000
-------------
Total current assets 1,321,329,000
Property, plant and equipment, net 1,569,822,000
Marketable Securities 218,945,000
Deferred income taxes 152,241,000
Goodwill 41,201,000
Other assets 343,748,000
-------------
Total Assets $3,647,286,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $230,232,000
Accrued expenses 158,277,000
Taxes on income 24,593,000
-------------
Total current liabilities 413,102,000
Other liabilities 409,833,000
Liabilities subject to compromise 2,240,883,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (258,010,000)
Capital received in excess of par value 101,604,000
Accumulated other comprehensive income/(loss) 19,950,000
Retained earnings 714,926,000
-------------
Total stockholders' equity 583,468,000
-------------
Total Liabilities and Stockholders' Equity $3,647,286,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-May-2004
__________________________ ___________
Net sales $325,657,000
Cost of products sold 267,704,000
Selling and administrative expenses 22,313,000
Chapter 11 reorganization expenses (374,000)
Interest expense 274,000
Interest income (182,000)
Other (income)/expense, net 14,000
-------------
Earnings/(loss) before income taxes 35,908,000
Income taxes (benefit) 15,406,000
-------------
Net Earnings/(loss) $20,502,000
=============
WEIRTON STEEL: Monthly Operating Report as of May 16, 2004
----------------------------------------------------------
Weirton Steel Corporation
Unaudited Consolidated Condensed Balance Sheet
As of May 16, 2004
Assets
Current Assets
Cash equivalents,
including restricted cash of $214 $4,502,000
Receivables, less allowances of $6,269 124,849,000
Inventories, net 76,982,000
Other current assets 4,988,000
--------------
TOTAL CURRENT ASSETS 211,321,000
Property, plant and equipment, net 300,650,000
Other assets and deferred charges 4,939,000
--------------
TOTAL ASSETS $516,910,000
==============
Liabilities
Current Liabilities
DIP facility 78,015,000
Current portion of notes and bonds payable 55,018,000
Payables 30,226,000
Accrued employee costs and benefits 27,062,000
Accrued taxes other than income taxes 5,842,000
Other current liabilities 5,477,000
--------------
TOTAL CURRENT LIABILITIES 201,640,000
Notes and bonds payable -
Other long term liabilities 4,631,000
Liabilities Subject to Compromise 1,567,957,000
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 (1,724,730,000)
Less: Common treasury stock, at cost,
1,977,590 shares (10,260,000)
Accumulated other comprehensive loss -
--------------
TOTAL STOCKHOLDERS' DEFICIT (1,276,350,000)
--------------
TOTAL LIABILITIES, REDEEMABLE STOCK AND
STOCKHOLDERS' DEFICIT $516,910,000
==============
Weirton Steel Corporation
Unaudited Consolidated Statements of Operations
For the month ended May 16, 2004
Net Sales $53,349,000
Operating Costs:
Cost of Sales 39,510,000
Selling, general and administrative expenses 550,000
Depreciation 2,119,000
--------------
TOTAL OPERATING COSTS 42,179,000
Income from Operations 11,170,000
Reorganization Items (1,777,000)
Other Income -
Gain from unconsolidated subsidiaries 136,000
Interest Expense (5,240,000)
--------------
Income before Income Taxes 4,289,000
Income tax (benefit) expense -
--------------
NET INCOME $4,289,000
==============
Weirton Steel Corporation
Unaudited Consolidated Statements of Cash Flows
For the month ended May 16, 2004
Cash Flows from Operating Activities:
Net income $4,289,000
Adjustments to reconcile net loss to net cash
used by operating activities:
Depreciation 2,119,000
Income from unconsolidated subsidiaries (136,000)
Amortization of financing costs 1,151,000
Reorganization items 1,777,000
Gain on early extinguishments of debt -
Cash provided (used) by working capital items:
Receivables (7,032,000)
Inventories 5,271,000
Other current assets 140,000
Payables (1,313,000)
Accrued employee costs and benefits 2,663,000
Other current liabilities (550,000)
Other (60,000)
--------------
Net cash used by operating activities before
reorganization items 8,319,000
Reorganization items (772,000)
--------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,547,000
Cash flow from financing investing activities:
Capital spending (3,000)
--------------
NET CASH USED BY INVESTING ACTIVITIES (3,000)
Cash flow from financing activities:
Net borrowings on DIP credit facility (3,756,000)
Repayment of debt obligations -
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES (3,756,000)
--------------
Net change in cash and cash equivalents 3,788,000
Cash and equivalents at beginning of period 714,000
--------------
Cash and equivalents at end of period $4,502,000
==============
WESTPOINT STEVENS: Files Retirement Plan Annual Report with SEC
---------------------------------------------------------------
On June 29, 2004, WestPoint Stevens, Inc., delivered to the
Securities and Exchange Commission an annual report with respect
to the company's Retirement Savings Value Plan for Employees for
the fiscal year ended December 31, 2003. The annual report was
filed on Form 11-K and was made pursuant to Section 15(d) of the
Securities Exchange Act of 1934.
WestPoint Stevens, Inc.
Retirement Savings Value Plan for Employees
Statement of Net Assets Available for Plan Benefits
At December 31
2003 2002
------------ ------------
ASSETS
Receivables:
Participant contributions $63,327 77,582
Employer contributions 15,821 19,020
------------ ------------
79,148 96,602
Investments:
Ownership interest in the net
pooled assets of the WestPoint
Stevens, Inc., Retirement
Savings Value Plan 110,924,973 104,739,249
Participant loans 2,416,434 2,248,281
------------ ------------
Total Assets 113,420,555 107,084,132
------------ ------------
LIABILITIES
Fees and other Payables 184,988 223,790
------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $113,235,567 $106,860,342
============ ============
WestPoint Stevens, Inc.
Retirement Savings Value Plan for Employees
Statement of Changes in Net Assets
Available for Plan Benefits
December 31, 2003 and 2002
Additions to Net Assets Attributed to:
Contributions:
Employer $1,876,850
Participant 9,393,002
Rollovers 61,883
---------------
11,331,735
Plan's interest in investment results of the
WestPoint Stevens Inc. Retirement Savings
Value Plan Master Trust 8,966,143
---------------
20,297,878
Deductions from Net Assets Attributed to:
Administrative and other expenses (739,291)
Benefits paid to participants (13,183,362)
---------------
(13,922,653)
---------------
Net Increase 6,375,225
Net Assets Available for Plan Benefits at
Beginning of Year 106,860,342
---------------
Net Assets Available for Plan Benefits at
End of Year $113,235,567
===============
The Plan is a voluntary defined contribution Plan for
substantially all salaried and non-salaried employees of
WestPoint Stevens and certain of its subsidiaries. The Plan is
subject to the provisions of the Employee Retirement Income
Security Act of 1974. The Plan's assets are held for safekeeping
and investment by State Street Bank, as Trustee, as part of a
trust agreement between WestPoint Stevens, as the Plan Sponsor,
and the Trustee.
According to John F. Sorte, Chairman of the Management Pension
Committee, WestPoint Stevens matches 50% of each Plan
participant's before tax contributions not to exceed 1% of the
Plan participant's gross wages. WestPoint Stevens made matching
contributions of $1,876,850 in 2003.
Smith & Howard, P.C., audited the Plan's financial statements.
WINSTAR: Releases April 2004 Monthly Operating Report
-----------------------------------------------------
Winstar Communications, Inc.
Balance Sheet
As of April 30, 2004
ASSETS
Unrestricted Cash and Equivalents $27,626,790
Restricted Cash and Cash Equivalents -
Accounts Receivable (Net) -
Notes Receivable -
Inventories -
Prepaid Expenses -
Professional Retainers -
Other Current Assets -
------------
Total Current Assets $27,626,790
------------
Real Property and Improvements
Machinery & Equipment -
Furniture, Fixtures & Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
------------
Total Property & Equipment -
------------
Loans to Insiders
Other Assets -
------------
Total Other Assets -
------------
TOTAL ASSETS $27,626,790
============
LIABILITIES & SHAREHOLDER'S EQUITY
Accounts Payable -
Taxes Payable -
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees -
Amounts Due to Insiders -
Other Post Conversion Liabilities -
------------
Total Post Conversion Liabilities -
------------
Secured Debt -
Priority Debt -
Unsecured Debt -
------------
Total Pre-Conversion Liabilities -
------------
Owners' Equity
Capital Stock -
Additional Paid In Capital -
Partners' Capital Account -
Owners' Equity Account $57,559,619
Retained Earnings - Pre-Conversion -
Retained Earnings - Post-Conversion (29,932,829)
Adjustments to Owner Equity -
Postpetition Contributions (Distributions)
(Draws) -
------------
Net Owners' Equity 27,626,790
------------
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY $27,626,790
============
Winstar Communications, Inc.
Statement of Operations
For the Month Ended April 30, 2004
Gross Revenues -
Les: Returns and Allowances -
------------
Net Revenue -
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs -
Less: Ending Inventory -
Cost of Goods Sold -
------------
Gross Profit -
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs -
Insider Compensation -
Insurance -
Management Fees/Bonuses -
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance -
Rent and Lease Expenses -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel and Entertainment -
Utilities -
Other -
Total Operating Expenses before Depreciation -
Depreciation/Depletion/Amortization -
------------
Net Profit (Loss) before other income
and expenses -
Other Income $373,247
Worker's Comp Refund -
Tax Refund -
Leasehold Buyback -
Interest Expense -
Other Expense 1,785
Pmt from Sale of Assets - Tera -
Compensation as Director per Court Order -
Payment Per Stipulation -
Pmt from Sale of Assets - American Communications -
Return of DIP Loan Disbursement -
Pmt from Sale of Del Telecom International Stock -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Turnover of Funds to IDT -
Turnover of Bank Account -
Insurance Expense 2,046
Reimbursement of Expenses 1,632
Payroll -
Sale of Assets -
------------
Net Profit (Loss) before reorganization items 329,381
Professional Fees -
U.S. Trustee Quarterly Fees -
Interest Earned on Accumulated Cash from
Chapter 11 -
Gain (Loss) from Sale of Equipment -
Other Reorganization Expenses -
Income Taxes -
------------
Net Profit (Loss) $329,381
============
Winstar Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended April 30, 2004
Cash Beginning of Month $27,297,409
Receipts:
Cash Sales -
Accounts Receivable -
Return of DIP Loan Disbursement -
Sale of ISP Northwest Nexus -
Holdings Funds -
Insurance Refund Dividend -
Final Settlement -
Liquidation of Well's Fargo Acct -
Liquidation of Fleet Account per stipulation -
Transfer from AON -
Leasehold Buyback -
Closing of Bank Account -
Pmt from Sales of Assets - Tera -
Pmt from Sales of Assets - American
Communications -
Pmt from Sale of Del Telecom International
Stock -
Transfers -
Claim Settlement -
Refund of Overpayment -
Tax Refund -
Worker's Comp Refund -
Collection on Preferences 356,887
Turnover of Bank Account -
Reimbursement - Moving Expenses -
Interest 16,359
Payment from Sale of Assets -
------------
Total Receipts 373,247
Disbursements:
Employee Benefits -
Net Payroll 38,403
Payroll Taxes -
Sales, Use, & Other Taxes -
Chapter 11 Quarterly Fees -
Chapter 11 Administrative Claims -
Insurance 2,046
Additional Payment of Funds - CTG Revised
Accounting -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Advertising Fees -
License Fees -
Legal Fees per Court Order -
Administrative 1,785
Telephone -
Compensation as Director per Court Order -
Distribution Per Orders of 12/12/02 -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Owner Draw -
Reimbursement of Check from SF Interactive -
Reimbursement of Expenses 1,632
Reimbursement of Expenses per Order of 5/13/03 -
Turnover of Funds to IDT -
Trustee Bond -
Professional Fees -
Trustee Expense -
Trustee Commission -
Bankruptcy Service Payments -
Rent -
Moving Expenses -
Payment per Stipulation -
Payment of Carve Out per order of 12/11/02 -
Payment per stipulation and order of
4/15/03 - per carve out -
Per Order of 4/15/03 - payment of
chapter 11 carve out -
Pmt per order of 4/15/03 - pmt of
carve out chapter 11 fees -
Attorney's Fees for Counsel for Trustee -
Accounting Fees for acct. for Chapter 7 Trustee -
Tax Consultant Fees per order of 5/13/03 -
Payment - Summary Judgment -
Payment of Claims -
------------
Total Disbursements 43,866
------------
Net Cash Flow 329,381
------------
Cash - End of Month $27,626,790
============
*********
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
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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.
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