/raid1/www/Hosts/bankrupt/TCR_Public/040717.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 17, 2004, Vol. 8, No. 147
Headlines
ANC RENTAL: Reports $13.7 Million in Total Assets at May 31
DIVINE INC: Releases May 2004 Monthly Operating Reports
ENRON: ENA Examiner's 116th Weekly Report -- June 1 to 4, 2004
ENRON: ENA Examiner's 26th Monthly Report As of June 11, 2004
HAWAIIAN AIRLINES: Reports $157,000 Net Income in May 2004
KEYSTONE CONSOLIDATED: Reports $1.8 Million Income in June 2004
LAIDLAW INT'L: Reports $34.6 Million Net Income in Third Quarter
SONICBLUE INC: Releases May 2004 Monthly Operating Report
WESTPOINT STEVENS: Reports $11.2 Million Net Loss in May 2004
WESTPOINT STEVENS: JP Stevens & Co.'s May Monthly Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' May Operating Report
WESTPOINT STEVENS: WP Stevens I Posts $3.1 Million Income in May
WESTPOINT STEVENS: WP Stevens Stores' May Monthly Operating Report
*********
ANC RENTAL: Reports $13.7 Million in Total Assets at May 31
-----------------------------------------------------------
ANC Rental Corporation, et al.
Combined Balance Sheet
As of May 31, 2004
ASSETS
Current Assets
Cash -- Investments and Other Cash $1,200,896
Cash -- ANC Primary Disbursement 6,145
---------------
Total Unrestricted Cash 1,207,041
Restricted Cash -- Professional Fee Escrow 5,583,078
Restricted Cash -- Tax Escrow 6,800,000
---------------
Total Restricted Cash 12,383,078
Accounts Receivable Other 119,020
Corporate Accounts 3,640,880
Collision Damage Recovery A/R 2,873,499
Collision Damage Recovery Reserve (2,873,499)
Provision -- Trade A/R (3,651,950)
---------------
Total Receivables, net 107,950
---------------
Total Current Assets 13,698,069
Other Assets 58,215
---------------
Total Assets $13,756,284
===============
LIABILITIES & CAPITAL
Administrative Liabilities
Accounts Payable $742,059
Admin Claim -- Legal and Professional Fee 780,441
Accrued Interest on 3rd Party Debt 6,500,000
Reserve for Other Prof Fee and Admin Claims 3,675,000
---------------
Estimated Admin and Prof Fee Reserves 11,697,500
Secured Liabilities
Accrued Ad-Valorem Tax Reserve 6,800,000
Priority Liabilities
Accrued Prepetition Personal Property Taxes 2,264,409
Other Priority Creditor Accruals 444,127
General Unsecured Liabilities
Reserves for General Unsecured Claims 459,750,164
---------------
Total Liabilities 480,956,200
Total Capital (467,199,916)
---------------
Total Liabilities & Capital $13,756,284
===============
ANC Rental Corporation, et al.
Statement of Operations
For the month ending May 31, 2004
Total Revenues $0
Expenses
Citations (606)
Turnback Expense Charges 0
Damage Repair -- Collection (5,581)
Unemployment Taxes -- State 0
Payroll Taxes -- Other 0
Bank Service Charges 1,938
Consulting Fees 72,050
Accounting -- Auditing Fees 0
Legal Fees 41,049
Data Processing Services 9,278
Printed Forms/Stationery 276
Rent Expense 0
Utilities 0
Telephone/Communications 0
Personal Property Taxes 0
Non-Property Taxes 18,053
Environmental Costs 0
Miscellaneous Other Expense (Operating) 5,220
---------------
Total Expenses 141,677
---------------
Net Income ($141,677)
===============
ANC Rental Corporation, et al.
Cash Receipts and Disbursements
For the month ending May 31, 2004
Cash at Beginning of Period $13,927,352
Receipts:
Credit Card and Local Deposits 0
Collections of Accounts Receivable 180,496
Other Receipts 6,956
---------------
Total Receipts 187,452
Disbursements:
US Trustee Fees Paid 0
Fleet Operating Expenses 0
Personnel - Net Cash Payroll 0
Personnel - Payroll Taxes Paid 0
Personnel - Benefits Payments 0
Personnel - Payments of Garnishments Withheld 0
Travel Expenses Paid 0
Fuel Rental Fleet Payments 0
Airport - Agency - Concession Fees Paid 0
Insurance Payments All 0
Facility & Other Fixed Operating Expenses Paid 0
Travel Agency Tour Operator Commission Payments 0
Advertising Payments 0
IT Consulting Payments 0
IT Other Cash Payments 0
Sales Taxes and Other Taxes Paid 18,053
Professional Fees Paid - Ordinary Course 0
Professional Fees Paid - Bankruptcy Professional 484,980
Other Miscellaneous Operating Expenses Paid 21,652
Capital Expenditures 0
Interest and Financing Fees Paid 0
Vehicle Holding Costs Paid 0
Fleet Purchase Payments & Financing Enhancement 0
Working Capital Fundings to Subsidiaries 0
---------------
Total Disbursements 524,686
Net Cash Flow (337,233)
---------------
Cash at End of Period $13,590,119
===============
Headquartered in Fort Lauderdale, Florida, ANC Rental Corporation,
is the world's third-largest publicly traded car rental company.
The Company filed for chapter 11 protection on November 13, 2001
(Bankr. Del. Case No. 01-11200). On April 15, 2004, Judge Walrath
confirmed the Debtors' 3rd amended Chapter 11 Liquidation Plan, in
accordance with Section 1129(a) and (b) of the Bankruptcy Code.
Upon confirmation, Blank Rome, LLP, and Fried, Frank, Harris,
Shriver & Jacobson, LLP, withdrew as the Debtors' counsel. Gazes &
Associates, LLP, and Stevens & Lee, PC, serve as substitute
counsel to represent the debtors' post-confirmation interests.
When the Company filed for protection from their creditors, they
listed $6,497,541,000 in assets and $5,953,612,000 in liabilities.
(ANC Rental Bankruptcy News, Issue No. 56; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
DIVINE INC: Releases May 2004 Monthly Operating Reports
-------------------------------------------------------
On June 19, 2004, divine, inc., a Delaware corporation (now known
as Enivid, Inc.), released its monthly operating reports for the
period from May 1, 2004, through May 31, 2004. divine provides
separate reports for its software, hosting, and corporate
businesses. divine also filed a monthly operating report
summarizing its disbursements and receipts for the same period.
divine's Software and Hosting business units' operating reports
show virtually no activity in May 2004 because these units were
sold in May 2003.
The Corporate segment reports no revenue and a $346,437 net loss
in May 2004. At May 31, 2004, divine's balance sheet shows
$63,486,933.24 in total assets.
Full-text copies of divine's May 2004 Operating Reports are
available at no charge at:
http://www.sec.gov/Archives/edgar/data/1097516/000110465904019280/0001104659-04-019280-index.htm
divine, Inc., an affiliate of RoweCom Inc., described itself as an
extended enterprise company, which serves to make the most of
customer, employee, partner, and market interactions, and through
a holistic blend of Technology, services, and hosting solutions,
assist its clients in extending their enterprise. The Company
filed for chapter 11 protection on February 25, 2003 (Bankr.
Mass. Case No. 03-11472). Richard E. Mikels, Esq., Kevin J.
Walsh, Esq., Adrienne K. Walker, Esq., at Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo and J. Douglas Bacon, Esq., Stephen R.
Tetro, Esq., and Adam R. Skilken, Esq., represent the Debtors in
their chapter 11 cases. When the Debtors filed or protection from
their creditors, they listed $271,372,593 in total assets and
$191,957,065 in total debts.
ENRON: ENA Examiner's 116th Weekly Report -- June 1 to 4, 2004
--------------------------------------------------------------
Harrison J. Goldin, the Examiner for Enron North America,
delivers to the Court his 116th report summarizing the deposits
and disbursements into and out of ENA Accounts for the period
June 1, 2004 through June 4, 2004.
Third Party Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
June 1, 2004 $1,350,628 ($13,286)
June 2, 2004 11,956 0
June 3, 2004 255,250 0
June 4, 2004 0 (3,533,164)
------------ -------------
Week Total: $1,617,834 ($3,546,450)
Inter-company Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
June 1, 2004 $0 $0
June 2, 2004 0 0
June 3, 2004 0 0
June 4, 2004 0 0
------------ -------------
Week Total: $0 $0
Total Deposits and Disbursements:
Date Deposits Disbursements
---- -------- -------------
June 1, 2004 $1,350,628 ($13,286)
June 2, 2004 11,956 0
June 3, 2004 255,250 0
June 4, 2004 0 (3,533,164)
------------ -------------
Week Total: $1,617,834 ($3,546,450)
ENRON: ENA Examiner's 26th Monthly Report As of June 11, 2004
-------------------------------------------------------------
In his 26th 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 June 11, 2004.
Status of ENA Cash
>From December 3, 2001 through and including June 11, 2004, total
deposits were $5,500,000,000 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 $717,000,000
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
May 4, 2004 June 1, 2004
----------- ------------
Enron Power Marketing, Inc. <$1,200,000,000 <$1,200,000,000
ENA Corp. <50,000,000 <50,000,000
Natural Gas <900,000,000 <750,000,000
EGM by ENA Corp. <320,000,000 <320,000,000
EGM by EGLI <6,000,000 <6,000,000
EGM by ERAC <2,000,000 <2,000,000
Enron Industrial Markets <50,000,000 <50,000,000
Enron Canada Corp. <350,000,000 <330,000,000
Enron Capital & Trade <110,000,000 <110,000,000
Resources Int'l. Corp.
Status of Other ENA Non-Cash Assets
On May 21, 2004, the Debtors announced that they had reached an
agreement with NuCoastal, LLC, for the sale of CrossCountry for
$2.2 billion. Enron's board of directors has approved the sale,
which was previously supported by the Official Committee of
Unsecured Creditors.
On June 18, 2004, the Creditors Committee filed a statement
indicating that, after the execution of the NuCoastal Agreement,
it "received an offer from an investment grade company . . . that
offers approximately $55 million more cash, is not conditioned on
the payment of a break-up fee, and is otherwise on higher and/or
better terms than the NuCoastal Agreement." Accordingly, in the
Committee's view, the NuCoastal Agreement did not represent the
highest and best offer for CrossCountry. The Committee
recommended that the Court not approve NuCoastal's break-up fee
and authorize the Debtors to accept the competing offer. On June
22, 2004, the Committee filed a supplemental statement disclosing
that CCE Holdings, LLC, was the competing bidder.
Prior to the CrossCountry Bidding Procedures Hearing, the Debtors
conducted a "mini-auction" between NuCoastal and CCE Holdings.
CCE Holdings submitted the highest offer at $2.35 billion.
During the Bidding Procedures Hearing, the Debtors and the
Committee requested that instead of the NuCoastal break-up fee, a
stipulation be entered respecting the reimbursement to NuCoastal
of fees and expenses it incurred up to $15,000,000. However, Mr.
Goldin notes that the Court directed the Debtors to seek approval
of the proposed stipulation by motion, on notice to parties-in-
interest.
On June 24, 2004, the Court approved the revised bidding
procedures for the CrossCountry auction and sale. The revised
bidding procedures provide that:
(i) CCE Holding will not be entitled to reimbursement of
expenses or a break-up free should it not prevail at the
auction;
(ii) competing bids for the sale are to be submitted by
August 23, 2004;
(iii) the auction will be held on September 1, 2004; and
(iv) the hearing on the CrossCountry Sale Motion will be held
on September 9, 2004.
Continuing Regulatory Investigations
Mr. Goldin reports that on June 1, 2004, a party-in-interest
released taped telephone conversations of Enron Traders allegedly
engaging in misconduct during the period covered by the Federal
Energy Regulatory Commission investigation. On June 17, 2004,
the FERC issued a press release noting that it has directed its
staff to determine whether the Trader Tapes are relevant to any
pending investigations of Enron affiliates.
On June 17, 2004, California's Attorney General filed a civil
suit against several Enron affiliates under the state's Unfair
Competition Law and Commodity Law. The California Suit seeks
restitution, damages, civil penalties and other equitable
protection. According to Mr. Goldin, the California Suit cites
the Trader Tapes as evidence of alleged misconduct. Although the
California Suit does not specify the total amount of the
protection sought, a press release from the Attorney General
indicates that a potential recovery of "hundreds of millions" of
dollars is sought.
Plan Confirmation Hearing
Mr. Goldin says that the Plan Confirmation Hearing began on
June 3, 2003. The hearing was bifurcated into two distinct
phases:
(1) the presentation of evidence phase; and
(2) the oral argument phase respecting outstanding issues.
During the Evidence Phase, the Debtors presented as witnesses
Robert Bingham, Raymond Bowen, Jane Sullivan, Steven Zelin and
Stephen F. Cooper. Although over 100 parties-in-interest filed
objections to the Plan, many objections were resolved either
prior to or during the Confirmation Hearing. The remaining
objectors were given an opportunity to cross-examine the Debtors'
witnesses. The record as to evidence was closed on June 9, 2004.
The Argument Phase of the Confirmation Hearing began on June 14,
2004. The Debtors identified 47 issues in the numerous
objections to confirmation. The Court heard arguments on all
issues identified, to the extent that they were not rendered moot
by a settlement or otherwise. The Argument Phase concluded on
June 18, 2004.
Respecting the resolution of the Confirmation Hearing, Mr. Goldin
states that the Court established these schedules:
(a) the Debtors will submit the proposed finings of fact
and conclusions of law by June 23, 2004;
(b) the objectors will submit their proposed findings of fact
and conclusions of law by June 30, 2004;
(c) the Debtors or other party-in-interest may respond to the
objectors' proposed findings of fact by July 2, 2004; and
(d) the Court indicated that it would try to rule on the
matter on July 15, 2004.
(Enron Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
HAWAIIAN AIRLINES: Reports $157,000 Net Income in May 2004
----------------------------------------------------------
On June 24, 2004, Hawaiian Airlines filed its unaudited May 2004
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii.
For the month ending May 31, 2004, Hawaiian Airlines' balance
sheet shows $396 million in assets and a $198 million
shareholders' deficit. The carrier also reports $157,000 of
earnings on $59.3 million of revenues.
A full-text copy of Hawaiian Airlines' May 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1172222/000095013604002223/file001.txt
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.
KEYSTONE CONSOLIDATED: Reports $1.8 Million Income in June 2004
---------------------------------------------------------------
For the month ending June 30, 2004, Keystone reports earning
$1,865,385 on $30,527,238 of sales. At June 30, 2004, Keystone
Consolidated Industries' balance sheet shows:
Current Assets $ 68,975,835
Total Assets 300,882,549
Current Liabilities 158,338,220
Stockholders' Deficit $ 27,019,278
A full-text copy of Keystone Consolidated Industries' June 2004
Monthly Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/55604/000005560404000026/exhibit991june.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.
LAIDLAW INT'L: Reports $34.6 Million Net Income in Third Quarter
----------------------------------------------------------------
Laidlaw International, Inc., announced financial results for its
third quarter of fiscal 2004 ended May 31, 2004. As previously
reported, the company emerged from bankruptcy protection in June
2003. Accordingly, the results of the third quarter of 2004
presented in this news release are for the reorganized company.
All results for the third quarter ended May 31, 2003 are for
Laidlaw Inc., the predecessor company. Because of the company's
reorganization, comparisons to the prior year may not be
meaningful.
For the third quarter of fiscal 2004, revenue of $1,239.6 million
was up $36.8 million or 3.1% from $1,202.8 million for the prior
year period largely due to revenue growth from Laidlaw
International's healthcare companies. Net income for the third
quarter of 2004 was $34.6 million compared to $62.2 million for
the prior year quarter. In the prior year period of the
predecessor company, interest expense was not recorded for those
liabilities subject to compromise.
Operating income for the third quarter of 2004 was $89.5 million,
as compared to operating income of $73.7 million for the prior
year quarter principally reflecting improved performance of the
company's Greyhound Lines subsidiary.
Third quarter EBITDA (earnings before interest; income taxes;
depreciation; amortization; other expenses, net and cumulative
effect of change in accounting principle) was $164.2 million as
compared to an EBITDA of $150.9 million in the third quarter of
2003, an expansion in margin to 13.2% from 12.5% of revenue.
Laidlaw International presents EBITDA, a non-GAAP measure, as a
supplemental disclosure to the financial results provided in this
news release. EBITDA is commonly used as a measure to evaluate a
company's ability to service or incur debt.
A schedule reconciling EBITDA to net cash from operating
activities is provided as a supplement to this release. Net cash
from operating activities for the third quarter of fiscal 2004
was $186.6 million as compared to net cash provided by operating
activities of $199.7 million for the prior year period.
"This was a satisfactory quarter," said Kevin Benson, President
and Chief Executive Officer of Laidlaw International, Inc. "Our
school bus operations performed well as did Greyhound and AMR,
where we continued to work on improving margins through lower
overheads and better equipment utilization."
Mr. Benson added, "Our longer term operational plans are now
well advanced and share the common objective of improving
performance and demonstrating shareholder value. Our recent
announcement of Greyhound's network simplification in the
northwest United States is the first of many operational
improvements initiated by these plans."
As of May 31, 2004, the company had unrestricted cash and cash
equivalents of $161.3 million and debt outstanding of $1,159.3
million.
For the nine months ended May 31, 2004, Laidlaw International
reported consolidated revenue of $3,612.4 million, EBITDA of
$429.5 million and net cash from operating activities of $281.2
million. Year to date net capital expenditures totaled $150.8
million. The company now expects full year fiscal 2004 revenue to
be 3 to 4% higher than revenue in fiscal 2003 and full year fiscal
2004 EBITDA to be 7 to 8% higher than EBITDA in fiscal 2003. Net
capital expenditures are expected to be approximately $250
million.
Earlier this week, the company's subsidiary, Greyhound Lines,
Inc., entered into an amendment to its $125 million revolving
credit facility extending the maturity date through October 24,
2006, with an option to extend the term for an additional year
subject to certain terms and conditions. The amendment resets the
financial covenants and modifies the interest rate incurred on the
borrowings and letter of credit fees.
Laidlaw International also announced that, due to lack of trading
activity in Toronto, it is filing an application with the Toronto
Stock Exchange to delist the company's common stock traded under
the symbol: BUS. The company's common stock will continue to be
listed on the New York Stock Exchange, symbol: LI. The actual
delisting is expected to occur by July 16, 2004.
The company held a conference call hosted by senior management to
discuss the financial results on Friday, July 9, 2004 at 10:00
a.m. (eastern daylight-savings time). A replay is available
through August 9, 2004. To access the replay, dial 877-519-4471
(U.S and Canada) or 973-341-3080 (International); access code:
4866275. Additionally, the Web cast will be archived for
approximately one month on Laidlaw International's Web site
http://www.laidlaw.com/
Third Quarter Fiscal 2004 Results
A full-text copy of Laidlaw's Third Quarter Fiscal 2004 Results
is available at no cost at:
http://www.laidlaw.com/phoenix.zhtml?c=145371&p=irol-newsArticle&ID=589209&highlight
Laidlaw International, Inc.
Unaudited Consolidated Statements of Income
For Three Months Ended May 31, 2004
Revenue $1,239,600,000
Expenses:
Compensation expense 706,500,000
Accident claims & prof. liability expenses 78,100,000
Vehicle related costs 68,700,000
Occupancy costs 50,000,000
Fuel 50,100,000
Depreciation 70,100,000
Amortization 4,600,000
Other operating costs 122,000,000
--------------
Operating Income 89,500,000
Interest expense (31,400,000)
Other expenses (100,000)
--------------
Income(loss) before income taxes 58,000,000
Income tax expense (23,400,000)
--------------
Income(loss) before cumulative effect of
a change in accounting principle 34,600,000
Cumulative effect of a change in
accounting principle -
--------------
Net income (loss) $34,600,000
==============
Laidlaw International, Inc.
Unaudited Operating Highlights
For Three Months Ended May 31, 2004
(In U.S. dollars)
Revenue
Education services $459,700,000
Public Transit services 78,700,000
Greyhound 299,700,000
Healthcare Transportation services 265,600,000
Emergency Management services 135,900,000
--------------
Consolidated 1,239,600,000
--------------
EBITDA
Education services 120,800,000
Public Transit services 1,500,000
Greyhound 15,600,000
Healthcare Transportation services 22,100,000
Emergency Management services 4,200,000
--------------
Consolidated 164,200,000
--------------
EBITDA Margins
Education services 26,300,000
Public Transit services 1,900,000
Greyhound 5,200,000
Healthcare Transportation services 8,300,000
Emergency Management services 3,100,000
--------------
Consolidated 13,200,000
--------------
Net Capital Expenditures $45,700,000
==============
SONICBLUE INC: Releases May 2004 Monthly Operating Report
---------------------------------------------------------
At May 31, 2004, SONICblue Inc. reports that it is sitting on $81
million of cash, has accrued $2,654,081 in post-petition
liabilities and faces a $236,848,948 mountain of pre-petition
debts.
A full-text copy of SONICblue Inc.'s May 2004 Operating Report is
available at no charge at:
http://www.sec.gov/Archives/edgar/data/850519/000089161804001094/f00211exv99w1.txt
WESTPOINT STEVENS: Reports $11.2 Million Net Loss in May 2004
-------------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At May 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $2,133
Short-term investments -
Accounts receivable, net 220,889
Inventories 394,187
Prepaid expenses and other current assets 22,906
----------
Total current assets 640,115
Total investments and other assets 125,382
Goodwill -
Property, Plant and Equipment, net 580,999
----------
TOTAL ASSETS $1,346,496
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Senior Credit Facility $440,736
DIP Credit Agreement 145,637
Second lien facility 165,000
Accrued interest payable 4,220
Accounts payable - trade 51,377
Accounts payable - intercompany 145,448
Other accrued liabilities 108,032
Deferred income taxes 38,423
Pension and other liabilities 140,106
----------
Total current liabilities 1,238,979
Liabilities Subject to Compromise
Senior notes 1,000,000
Deferred financing fees (6,115)
Accrued interest payable on Senior Notes 36,130
Accounts payable 27,152
Other payables and accrued liabilities 8,238
Pension and other liabilities 18,849
----------
Total liabilities not subject to compromise 1,084,254
----------
Total Liabilities 2,323,233
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital surplus/Treasury Stock 30,223
Retained earnings (deficit) (771,371)
Minimum pension liability adjustment (101,921)
Other adjustments (10,622)
Unearned compensation -
----------
Stockholders' Equity (Deficit) (976,737)
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $1,346,496
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended May 31, 2004
(in thousands)
Total sales $111,184
Cost of sales 100,779
----------
Gross profit 10,405
Selling and administrative expenses
Selling expenses 3,894
Warehousing and shipping 5,784
Advertising 410
Division administrative expense 942
MIS expense 1,508
Corporate administrative expense 1,291
----------
Total selling and administrative expense 13,829
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit (loss) from operations (3,424)
Interest expense
Interest expense - outside 5,815
Capitalized interest expense -
Interest expense - intercompany 231
Interest income 2
Interest income - intercompany -
----------
Net interest expense 6,044
Other expense
Miscellaneous 1,195
Royalties - intercompany 3,700
Transaction gain/loss -
----------
Total other expense 4,895
Other income
Royalties - intercompany -
Dividends -
Sale of assets -
Miscellaneous 11
----------
Total other income 11
----------
Net other expense 4,884
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (14,352)
Chapter 11 reorganization expenses 2,181
Income tax expense (benefit) (5,290)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($11,243)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended May 31, 2004
(in thousands)
Cash flows from operations
Net income (loss) ($11,243)
Restructuring -
Equity adjustments 1,181
Depreciation and amortization expense 4,995
Gain on sale of assets -
Working Capital Changes
Decrease/(increase) - accounts receivable (11,215)
Decrease/(increase) - inventories 5,581
Decrease/(increase) - other current assets 1,391
Decrease/(increase) - other noncurrent assets & debts 1,611
Increase/(decrease) - accounts payable (trade) (9,524)
Increase/(decrease) - a/p (intercompany) 2,572
Increase/(decrease) - accrued liabilities (2,896)
Increase/(decrease) - accrued interest payable 3,412
Increase/(decrease) - pension and other liabilities 1,493
Increase/(decrease) - deferred federal income tax (3,019)
----------
Total cash flows from operations (15,661)
Cash flows from investing activities
Capital expenditures (1,286)
Transfers (66)
Net proceeds from sale of assets 5
----------
Total cash flows from investing (1,347)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement 12,000
----------
Total cash flows from financing 12,000
Beginning cash balance 7,141
Change in cash (5,008)
----------
Ending cash balance $2,133
==========
WESTPOINT STEVENS: JP Stevens & Co.'s May Monthly Operating Report
------------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At May 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Accounts receivable - intercompany $110,738
Prepaid expenses and other current assets 11
----------
Total current assets 110,749
Total investments & other assets 2,697
Goodwill -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Accounts payable - intercompany -
Other accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities -
Non-current Liabilities -
Shareholders' Equity (Deficit)
Equity of subsidiaries $10,503
Common stock -
Capital surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 113,446
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $113,446
==========
J.P. Stevens & Co., Inc., reports no income or cash flow for
May 2004.
WESTPOINT STEVENS: JP Stevens Enterprises' May Operating Report
---------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At May 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $35
Accounts receivable - intercompany 15,991
Prepaid expenses and other current assets -
----------
Total current assets 16,026
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $16,026
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Accounts payable - intercompany -
Other accrued liabilities $273
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities 273
Non-current Liabilities -
----------
Total liabilities 273
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 15,751
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 15,753
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $16,026
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended May 31, 2004
(in thousands)
Net sales -
Cost of goods sold -
----------
Gross earnings -
Selling and administrative expenses
Selling expenses -
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
----------
Total selling and administrative expense -
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) -
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 59
----------
Net interest expense (59)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 201
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 201
----------
Net other expense (201)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 260
Chapter 11 reorganization expenses -
Income tax expense (benefit) 91
Extraordinary item - net of taxes -
----------
Net Income (loss) $169
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended May 31, 2004
(in thousands)
Cash flows from operations
Net income (loss) $169
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (250)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other noncurrent assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 91
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 10
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 25
Change in cash 10
----------
Ending cash balance $35
==========
WESTPOINT STEVENS: WP Stevens I Posts $3.1 Million Income in May
----------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At May 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $63
Accounts receivable - intercompany -
Inventories 12,745
Prepaid expenses and other current assets -
----------
Total current assets 12,808
Total investments and other assets 124,052
Property, Plant and Equipment, net 12,707
Goodwill -
----------
TOTAL ASSETS $149,567
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $757
Accounts payable - intercompany 5,320
Other accrued liabilities 9,383
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities 15,460
Non-current Liabilities
Senior notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,396
Other payables and accrued liabilities -
Pension and other liabilities -
----------
Total non-current liabilities 1,396
----------
Total liabilities 16,856
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 70,559
Retained earnings (deficit) 62,151
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Shareholders' Equity (Deficit) 132,711
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $149,567
==========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended May 31, 2004
(in thousands)
Net sales $2,779
Cost of goods sold 1,581
----------
Gross earnings 1,198
Selling and administrative expenses
Selling expenses 2
Warehousing and shipping 194
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 170
----------
Total selling and administrative expense 366
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) 832
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 306
----------
Net interest expense (306)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
----------
Total other expense 190
Other income
Royalties - intercompany 3,932
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 3,932
----------
Net other expense (3,742)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 4,880
Chapter 11 reorganization expenses -
Income tax expense (benefit) 1,710
Extraordinary item - net of taxes -
----------
Net Income (loss) $3,170
==========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended May 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $3,170
Non-cash items
Depreciation and amortization 110
Working Capital Changes
Decrease/(increase) - a/r (customers) -
Decrease/(increase) - a/r (intercompany) -
Decrease/(increase) - inventories (2,176)
Decrease/(increase) - other current assets -
Decrease/(increase) - other noncurrent assets -
Increase/(decrease) - accounts payable (trade) (3)
Increase/(decrease) - a/p (intercompany) (3,830)
Increase/(decrease) - accrued liabilities 2,694
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (35)
Cash flows from investing activities
Capital expenditures (23)
Transfers (98)
Net proceeds from sale of assets -
----------
Total cash flows from investing (121)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 219
Change in cash (156)
----------
Ending cash balance $63
==========
WESTPOINT STEVENS: WP Stevens Stores' May Monthly Operating Report
------------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At May 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,468
Accounts receivable - customers 180
Accounts receivable - intercompany 2,869
Total Inventories 21,566
Prepaid expenses and other current assets 872
----------
Total current assets 26,955
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,762
----------
TOTAL ASSETS $29,717
==========
Liabilities and Stockholders' Deficit
Current Liabilities
Accounts payable - trade $442
Accounts payable -intercompany -
Other accrued liabilities 3,536
Deferred income taxes -
Pension and other liabilities -
----------
Total current liabilities 3,978
----------
Non-current Liabilities
Accounts payable 1,673
----------
Total liabilities 5,651
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 8,110
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 24,066
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit) $29,717
==========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended May 31, 2004
(in thousands)
Net sales $6,510
Cost of goods sold 3,998
----------
Gross earnings 2,512
Selling and administrative expenses
Selling expenses 1,999
Warehousing and shipping 181
Advertising 312
Division administrative expense 298
MIS expense 55
Corporate administrative expense 83
----------
Total selling and administrative expense 2,928
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (416)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 155
Interest income -
Interest income - intercompany -
----------
Net interest expense 155
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income -
----------
Net other expense -
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (571)
Chapter 11 reorganization expenses -
Income tax expense (benefit) (199)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($372)
==========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended May 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($372)
Non-cash items
Depreciation and amortization 55
Gain on sale of assets -
Working Capital Changes
Decrease/(increase) - a/r (customers) 70
Decrease/(increase) - a/r (intercompany) (392)
Decrease/(increase) - inventories 153
Decrease/(increase) - other current assets (133)
Decrease/(increase) - other noncurrent assets -
Increase/(decrease) - accounts payable (trade) (92)
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 442
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (269)
Cash flows from investing activities
Capital expenditures (18)
Transfers 164
Net proceeds from sale of assets -
----------
Total cash flows from investing 146
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 1,591
Change in cash (123)
----------
Ending cash balance $1,468
==========
*********
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*********
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