/raid1/www/Hosts/bankrupt/TCR_Public/041009.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, October 9, 2004, Vol. 8, No. 219
Headlines
DII/KBR: Posts $129 Million Net Income in August 2004
DII/KBR: Mid Valley's August 2004 Monthly Operating Report
DII/KBR: Kellogg Brown & Root's Aug. 2004 Monthly Operating Report
DII/KBR: KBR Engineering's Aug. 2004 Monthly Operating Report
DII/KBR: KBR Technical's August 2004 Monthly Operating Report
DII/KBR: KBR Int'l. Posts $4.9 Million Net Loss in August 2004
DII/KBR: KBR (Panama)'s August 2004 Monthly Operating Report
DII/KBR: BPM Minerals' August Net Income Tops $1.2 Million
FRESH CHOICE: Posts $3.2M Net Loss in Revised MOR Ended Aug. 8
FRESH CHOICE: Posts $792,003 Net Loss for Period Ended Sept. 5
MIRANT CORPORATION: Reports $98 Million Net Profit in July 2004
MIRANT: MAGi Reports $69.9 Million Net Income for July 2004
PARMALAT: Finanziaria Reports August 2004 Financial Results
PILLOWTEX CORP: August 2004 Cash Receipts & Disbursements Report
SOLUTIA INC: Posts $15 Million Net Loss for August 2004
TRENWICK GROUP: Posts $4,867,784 Net Loss in August 2004
WESTPOINT STEVENS: Reports $9.1 Million Net Loss in August 2004
WESTPOINT STEVENS: WP Stevens I August 2004 Monthly Report
WESTPOINT STEVENS: JP Stevens August 2004 Monthly Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' August Monthly Report
WESTPOINT STEVENS: WP Stevens Stores' August 2004 Monthly Report
*********
DII/KBR: Posts $129 Million Net Income in August 2004
-----------------------------------------------------
DII Industries, LLC
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $19,191
Escrow - prepetition payments 142,974
Investment account with Parent 408,000
Trade receivables -
Unbilled work on incomplete contracts -
Other receivables 9
Inventories -
Right to Halliburton Shares 1,717,408
Insurance for asbestos & silica-related PI claims 889,072
Other current assets 311,471
----------
Total current assets 3,488,125
Net property, plant and equipment -
Investments in consolidated subsidiaries 1,872,232
Equity in related companies -
Intercompany with related companies (933,009)
Goodwill, net -
Non-current deferred income taxes 349,000
Insurance for asbestos & silica-related PI claims 468,449
Other assets 12
----------
Total assets $5,244,809
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
DIP Financing -
Current maturities of long-term debt -
Accounts payable $3,329
Accrued employee compensation and benefits 1
Accrued interest payable 7,976
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 2,402,028
Other current liabilities 11,000
----------
Total current liabilities 2,424,334
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims 1,724,058
Minority interest in consolidated subsidiaries -
Other liabilities 5,182
----------
Total liabilities 4,153,574
Total shareholder's equity 1,091,235
----------
Total liabilities and shareholder's equity $5,244,809
==========
DII Industries, LLC
Unaudited Income Statement
Month ended August 31, 2004
(in thousands)
Revenues -
Operating costs and expenses ($25)
----------
Operating income/(loss) 25
Interest expense -
Interest income 5,762
Foreign currency gains (losses) 7
Other non-operating income - net -
Equity in earnings/(loss) of subsidiaries (1,994)
----------
Income/(loss) before taxes & minority interest 3,800
Income tax benefit/(provision) (1,652)
----------
Income/(loss) from continuing operations 2,148
----------
Income/(loss) from discontinued operations 126,806
----------
Net Income/(loss) $128,954
==========
DII/KBR: Mid Valley's August 2004 Monthly Operating Report
----------------------------------------------------------
Mid-Valley, Inc.
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent $40,353
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 558
----------
Total assets $40,911
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits 23
Accrued interest payable -
Advanced billings on uncompleted contracts 532
Asbestos and silica-related PI claims -
Other current liabilities 2,032
----------
Total current liabilities 2,587
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 2,587
Total shareholder's equity 38,324
----------
Total liabilities and shareholder's equity $40,911
==========
Mid-Valley, Inc.
Unaudited Income Statement
Month ended August 31, 2004
(in thousands)
Revenues -
Operating costs and expenses $3
----------
Operating income (3)
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
----------
Income before taxes & minority interest (3)
Income tax benefit -
----------
Net Income/(loss) ($3)
==========
DII/KBR: Kellogg Brown & Root's Aug. 2004 Monthly Operating Report
------------------------------------------------------------------
Kellogg Brown & Root, Inc.
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($24,898)
Escrow - prepetition payments -
Trade receivables 100,237
Unbilled work on uncompleted contracts 132,858
Other receivables 30,903
Inventories 15,284
Other current assets 30,997
----------
Total current assets 285,381
Net property, plant and equipment 60,665
Investments in consolidated subsidiaries 248,679
Equity in related companies 55,275
Intercompany with related companies (30,333)
Intercompany with Parent 566,503
Goodwill, net 171,213
Non-current deferred income taxes 209,000
Insurance for asbestos & silica-related PI claims -
Right to Halliburton shares -
Other assets 70,807
----------
Total assets $1,637,190
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $76,764
Accrued employee compensation and benefits 52,098
Accrued interest payable -
Advanced billings on uncompleted contracts 226,610
Asbestos and silica-related PI claims 74,337
Other current liabilities 347,510
----------
Total current liabilities 777,319
Long-term debt -
Employee compensation and benefits 59,598
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 84,502
----------
Total liabilities 921,419
Total shareholder's equity 715,771
----------
Total liabilities and shareholder's equity $1,637,190
==========
Kellogg Brown & Root, Inc.
Unaudited Income Statement
Month ended August 31, 2004
(in thousands)
Revenues $133,020
Operating costs and expenses 83,740
----------
Operating income 49,280
Interest expense (2,793)
Interest income 250
Foreign currency gains (losses) (877)
Other non-operating income - net -
----------
Income before taxes and minority interest 45,860
Income tax benefit/(provision) (15,117)
----------
Income from continuing operations 30,743
Loss from discontinued operations -
----------
Net Income $30,743
==========
DII/KBR: KBR Engineering's Aug. 2004 Monthly Operating Report
-------------------------------------------------------------
KBR Engineering Corp.
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies $77
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $77
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities -
----------
Total current liabilities -
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities -
Total shareholder's equity $77
----------
Total liabilities and shareholder's equity $77
==========
KBR Engineering Corp. reports no income for August 2004.
DII/KBR: KBR Technical's August 2004 Monthly Operating Report
-------------------------------------------------------------
KBR Technical Services, Inc.
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $312
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables 421
Inventories -
Other current assets 886
----------
Total current assets 1,619
Net property, plant and equipment 25,891
Investments in consolidated subsidiaries 1,555
Equity in related companies -
Intercompany with related companies 6,976
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $36,041
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $224
Accrued employee compensation and benefits 19,755
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities 686
----------
Total current liabilities 20,665
Long-term debt -
Employee compensation and benefits 2,503
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 23,168
Total shareholder's equity 12,873
----------
Total liabilities and shareholder's equity $36,041
==========
KBR Technical Services, Inc.
Unaudited Income Statement
Month ended August 31, 2004
(in thousands)
Revenues -
Operating costs and expenses $466
----------
Operating income/(loss) (466)
Interest expense (138)
Interest income -
Foreign currency gains (losses) 6
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest (598)
Income tax benefit -
----------
Net Income/(loss) ($598)
==========
DII/KBR: KBR Int'l. Posts $4.9 Million Net Loss in August 2004
--------------------------------------------------------------
KBR International, Inc.
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $40,131
Escrow - prepetition payments -
Trade receivables 18,153
Unbilled work on uncompleted contracts 18,393
Other receivables 20,349
Inventories -
Other current assets 3,039
----------
Total current assets 100,065
Net property, plant and equipment 329
Investments in consolidated subsidiaries 28,154
Equity in related companies 3,312
Intercompany with related companies -
Intercompany with Parent (49,037)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 449
----------
Total assets $83,272
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $12,778
Accrued employee compensation and benefits 233
Accrued interest payable -
Advanced billings on uncompleted contracts 14,648
Asbestos and silica-related PI claims -
Other current liabilities 11,852
----------
Total current liabilities 39,511
Long-term debt -
Employee compensation and benefits 469
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 116
----------
Total liabilities 40,096
Total shareholder's equity 43,176
----------
Total liabilities and shareholder's equity $83,272
==========
KBR International, Inc.
Unaudited Income Statement
Month ended August 31, 2004
(in thousands)
Revenues $8,078
Operating costs and expenses 12,615
----------
Operating income/(loss) (4,537)
Interest expense (442)
Interest income 111
Foreign currency gains (losses) 194
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest (4,674)
Income tax benefit/(provision) (249)
----------
Net Income/(loss) ($4,923)
==========
DII/KBR: KBR (Panama)'s August 2004 Monthly Operating Report
------------------------------------------------------------
KBR International, Inc. (Panama)
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $35,197
Escrow - prepetition payments -
Trade receivables 6,061
Unbilled work on uncompleted contracts 1,043
Other receivables 298
Inventories -
Other current assets 783
----------
Total current assets 43,382
Net property, plant and equipment 6,431
Investments in consolidated subsidiaries 23,865
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent (41,476)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 36
----------
Total assets $32,238
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable $462
Current maturities of long-term debt -
Accounts payable 1,850
Accrued employee compensation and benefits 2,862
Accrued interest payable -
Advanced billings on uncompleted contracts 572
Asbestos and silica-related PI claims -
Other current liabilities 489
----------
Total current liabilities 6,235
Long-term debt -
Employee compensation and benefits 613
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 6,848
Total shareholder's equity 25,390
----------
Total liabilities and shareholder's equity $32,238
==========
KBR International, Inc. (Panama)
Unaudited Income Statement
Month ended August 31, 2004
(in thousands)
Revenues $1,034
Operating costs and expenses 3,187
----------
Operating income/(loss) (2,153)
Interest expense (37)
Interest income 38
Foreign currency gains (losses) 52
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest (2,100)
Income tax benefit/(provision) -
----------
Net Income/(loss) ($2,100)
==========
DII/KBR: BPM Minerals' August Net Income Tops $1.2 Million
----------------------------------------------------------
BPM Minerals, LLC
Unaudited Balance Sheet
As of August 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($380)
Escrow - prepetition payments -
Trade receivables 6,165
Unbilled work on uncompleted contracts -
Other receivables 3,652
Inventories 4,725
Other current assets 1,470
----------
Total current assets 15,633
Net property, plant and equipment 8,794
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent 45,152
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $69,579
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $1,042
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities 101
----------
Total current liabilities 1,143
Long-term debt -
Employee compensation and benefits 519
Asbestos and silica-related PI claims 42,000
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 43,662
Total shareholder's equity 25,917
----------
Total liabilities and shareholder's equity $69,579
==========
BPM Minerals, LLC
Unaudited Income Statement
Month ended August 31, 2004
(in thousands)
Revenues $8,086
Operating costs and expenses 6,936
----------
Operating income 1,150
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
----------
Income before taxes and minority interest 1,150
Provision for income tax -
----------
Net Income $1,150
==========
FRESH CHOICE: Posts $3.2M Net Loss in Revised MOR Ended Aug. 8
--------------------------------------------------------------
On September 30, 2004, Fresh Choice, Inc., filed with the United
States Bankruptcy Court for the Northern District of California a
revised Monthly Operating Report for the 4-week period ended
August 8, 2004.
The Company posts a $3,222,045 net loss in $2,443,387 of total
revenues for the period from July 12, 2004, through August 8,
2004.
At August 8, 2004, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $3,308,650
Total Assets 23,834,017
Current Liabilities 4,023,027
Total Prepetition
Liabilities 16,340,828
Total Liabilities 20,372,402
Total Equity $3,461,615
A full-text copy of Fresh Choice, Inc.'s revised Monthly Operating
Report for the period ended August 8, 2004, is available at no
charge at:
http://www.sec.gov/Archives/edgar/data/893741/000115752304008947/a4731611ex991.txt
Headquartered in Morgan Hill, California, Fresh Choice --
http://www.freshchoice.com/-- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
FRESH CHOICE: Posts $792,003 Net Loss for Period Ended Sept. 5
--------------------------------------------------------------
On September 30, 2004, Fresh Choice, Inc., filed with the United
States Bankruptcy Court for the Northern District of California
its Monthly Operating Report for the 4-week period ended September
5, 2004.
The Company posts a $792,003 net loss in $2,327,974 of total
revenues for the 4-week period from August 9, 2004 through
September 5, 2004.
At Sept. 5, 2004, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $7,275,576
Total Assets 23,772,691
Current Liabilities 5,178,983
Total Prepetition
Liabilities 15,970,303
Total Liabilities 21,102,802
Total Equity $2,669,889
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Sept. 5, 2004, is available at no charge at:
http://www.sec.gov/Archives/edgar/data/893741/000115752304008951/a4731637ex991.txt
Headquartered in Morgan Hill, California, Fresh Choice --
http://www.freshchoice.com/-- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
MIRANT CORPORATION: Reports $98 Million Net Profit in July 2004
---------------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of July 31, 2004
ASSETS
Cash and cash equivalents $1,397,338,777
Accounts receivable - net 1,063,943,133
Assets from risk management activities 168,129,671
Derivative hedging instruments -
Inventories 306,192,546
Other 496,959,865
---------------
Total Current Assets 3,432,563,992
Property, plant and equipment 5,308,814,007
Less: accumulated depreciation/depletion 734,952,446
Leasehold interests - net 1,529,915,078
Construction work in progress 87,254,324
Investment in suspended construction 356,733,705
---------------
Total net property, plant and equipment 6,547,764,669
Investments 246,939,209
Long-term accounts receivable - net 30,797,116
Notes receivable - net -
Assets from risk management activities 137,134,195
Goodwill - net 587,304,353
0Other intangibles - net 273,767,995
Derivative hedging instruments -
Restricted cash, non-current 44,424,897
Other long-term assets 1
Miscellaneous deferred charges 386,644,003
---------------
Total Non-current Assets 1,707,011,768
---------------
TOTAL ASSETS $11,687,340,429
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,399,851,727
Accounts Payable 514,350,441
Liabilities from risk management activities 359,725,446
Obligations under energy deliveries 114,869,758
Derivative hedging instruments -
Other 439,716,289
Miscellaneous deferred credits 523,202,762
---------------
Total postpetition liabilities 3,351,716,423
Prepetition Liabilities 8,818,681,432
---------------
TOTAL LIABILITIES 12,170,397,855
EQUITY:
Minority interest in subsidiaries 168,197,987
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (5,517,856,006)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (53,159,456)
---------------
Total Equity (483,057,426)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,687,340,429
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending July 31, 2004
REVENUES:
Generation $396,457,453
Net trading revenue (13,083,602)
Distribution 53,541,578
Other 462,321
---------------
Net Revenue 437,377,749
OPERATING EXPENSES:
Energy cost 216,154,509
Operations and maintenance 80,080,145
Depreciation and amortization 26,054,761
Gain on sale of property and investment 76,863
Impairment loss 240,850
Restructuring costs (113,533)
---------------
Total Operating Expenses 322,493,596
---------------
Income before non-operating income
and expense 114,884,153
OTHER INCOME AND EXPENSES:
Interest income 498,703
Interest expense (11,201,500)
Equity in income of affiliates 2,222,406
Other (3,048,723)
Reorganization items 3,975,658
Minority interest (2,659,615)
Net income from discontinued operations -
---------------
Total Other Income (10,213,072)
Provision for income tax (6,577,110)
---------------
NET PROFIT (LOSS) $98,093,971
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending July 31, 2004
Cash, beginning of month $296,293,707
Non-Operating Receipts:
Total non-operating receipts 24,326,295
---------------
Total receipts 24,326,295
---------------
Total Cash Available 320,620,002
Operating Disbursements 0
Reorganization Expenses 462,277
---------------
Total disbursements 462,277
---------------
Net Cash Flow 23,864,068
---------------
Cash, end of month $320,157,775
===============
MIRANT: MAGi Reports $69.9 Million Net Income for July 2004
-----------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of July 31, 2004
ASSETS
Cash and cash equivalents $392,145,636
Accounts receivable - net 606,638,532
Assets from risk management activities 68,746,287
Derivative hedging instruments -
Inventories 93,468,662
Other 112,227,491
---------------
Total Current Assets 1,273,226,607
Property, plant and equipment 2,197,231,525
Less: accumulated depreciation/depletion 302,255,448
Construction work in progress 31,416,008
Investment in suspended construction 281,267,432
---------------
Total net property, plant and equipment 2,207,659,518
Investments 25,000
Long-term accounts receivable - net 94,164,132
Notes receivable - net 223,275,000
Assets from risk management activities 37,012,914
Goodwill - net -
Other intangibles - net 210,103,664
Derivative hedging instruments -
Restricted cash, non-current -
Other long-term assets -
Miscellaneous deferred charges 197,771,210
---------------
Total Non-current Assets 762,351,920
---------------
TOTAL ASSETS $4,243,238,045
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 293,406,990
Liabilities from risk management activities 149,886,696
Obligations under energy deliveries -
Derivative hedging instruments -
Other 136,251,910
Miscellaneous deferred credits 14,531,760
---------------
Total postpetition liabilities 594,077,356
Prepetition Liabilities 3,435,965,954
---------------
TOTAL LIABILITIES 4,030,043,310
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,858,859,717
Retained earnings (3,645,700,984)
Accumulated other comprehensive income -
---------------
Total Equity 213,194,735
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,243,238,045
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending July 31, 2004
REVENUES:
Generation $246,906,309
Net trading revenue -
Other 71,232
---------------
Net Revenue 246,977,542
OPERATING EXPENSES:
Energy cost 126,512,966
Operations and Maintenance 38,604,966
Depreciation and amortization 7,362,401
Gain on sale of property and investments -
Impairment Loss 100,132
Restructuring costs 51,009
---------------
Total Operating Expenses 172,631,474
---------------
Income before non-operating income
and expense 74,346,068
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (513,912)
Other 144,125
Reorganization items (16,178,764)
Loss from discontinued operations -
Minority interest -
---------------
Total Other Income (expense) (16,548,552)
Provision for income tax 12,060,045
---------------
NET PROFIT (LOSS) $69,857,561
===============
Mirant Americas Generation, LLC
Unconsolidated Cash Receipts and Disbursements
For the month ending July 31, 2004
Cash, beginning of month $99,351,816
Non-Operating Receipts:
Loans and advances (14,237,219)
Other -
---------------
Total non-operating receipts (14,237,219)
---------------
Total receipts (14,237,219)
---------------
Total Cash Available 113,589,035
REORGANIZATION EXPENSES:
Professional fees 0
---------------
Total reorganization expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow 14,237,219
---------------
Cash, end of month $113,589,035
===============
PARMALAT: Finanziaria Reports August 2004 Financial Results
-----------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration
communicates the financial and economic results for the Parmalat
Group as at 31 August 2004.
A number of the non-Italian operations of the Group identified in
previous months as subject to "Special Proceedings" (for example
USA Dairy, Brazil, Chile, EVH) and some financial companies (for
example Parmalat Capital Finance) are currently subject to certain
restrictions on their management as a result of the same local
proceedings, with the result that these operations are effectively
outside of the control of Parmalat Finanziaria SpA in
Extraordinary Administration. It has, for this reason, been
decided to remove these businesses from the total consolidation
area of the Group and to record them according to a net equity
methodology. This will be the case while any eventual obligations
Parmalat Finanziaria SpA in Extraordinary Administration may be
found to have on the basis of legislation in force in the
countries in which these businesses are headquartered, together
with any guarantees to those that financed these companies, have
been examined in greater detail and checked.
More specifically:
-- USA Dairy (Parmalat USA Corp., Farmland Dairies, Milk
Products of Alabama) is the American business operating in
the milk and milk related products sector and is subject to
Chapter 11 protection;
-- for two Brazilian companies (Parmalat Brasil and Parmalat
Partecipacoes) a local Concordata procedure has been agreed
that also covers their subsidiary companies;
-- the Chilean business is also subject to a local concordat
procedure;
-- EVH, a company incorporated in Canada, has been granted
creditor protection;
-- Parmalat Capital Finance has been placed into a liquidation
procedure by the local court.
This group of companies includes Eurofood IFSC, which is currently
subject to a dispute with the Irish judicial authorities that
contend that the Italian Extraordinary Administration proceedings
do not apply to this company.
As a consequence, pro forma results for the revised consolidation
relating to the previous financial year have been drawn up. It is
these figures, set out in the following tables that are comparable
with the relevant results for the current year.
FINANCIAL RESULTS
Highlights
(in EUR millions)
Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 2,465.0 2,465.0 2,406.9
Non Core Activities 1,152.5 501.9 376.4
-------- ------------- -------
Total 3,617.5 2,966.9 2,783.3
======== ============= =======
EBITDA
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 144.9 144.9 167.9
Non Core Activities (69.0) (28.7) (15.2)
-------- ------------- -------
Total 75.9 116.2 152.7
======== ============= =======
% of Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 5.9 5.9 7.0
Non Core Activities (6.0) (5.7) (4.0)
-------- ------------- -------
Total 2.1 3.9 5.5
======== ============= =======
* Core Activities: consist of drinks products (milk and
fruit juice) and milk-based products, focused on
approximately 30 brands ("global" brands or strong local
brands), centered on high potential countries where there
is strong demand for healthy lifestyle products, the
willingness to recognize premium prices for the Parmalat
brand and the availability of leading edge technology.
** Non-core activities: these are countries and activities
considered to be non-strategic that will be subject to
divestment.
Core Activities
Core Activity revenues have fallen slightly (down 2.4%) when
compared to the same period in the previous year (EUR2,406.9
million compared to EUR2,465.0 million), while EBITDA improved by
15.9% to EUR167.9 million compared to EUR144.9 million in August
2003.
This improvement in operating results is largely due to
initiatives of a commercial nature and thanks to operating and
structural cost reduction measures. These measures have together
neutralized the effect of the fall in volumes.
These results do not take account of the extraordinary costs
relating to the Administration procedure (since these represent
an extraordinary event) of some EUR36.2 million for the period to
date.
Revenues for the last month (the difference between the revenue
figure reported at the end of August 2004 and that to the end of
July 2004) were EUR296.3 million, down 9.1% on the previous
month's figure of EUR325.8 million. EBITDA of EUR21.1 million,
even if slightly lower in absolute terms compared to the EUR22.2
million recorded in July, increased as a percentage of revenues
(7.1% compared to 6.8% in July).
Specifically, looking at the Group's main geographical areas of
operation, the following is evident:
-- Italy
Revenues for the period to the end of August reached
EUR916.5 million, down 8.2% compared to the EUR998.5
million recorded in the same period in 2003. However, as
highlighted in the previous month, at revenues reduction
EBITDA improved by 12.6% moving from EUR55.5 million at
31 August 2003 to EUR62.5 million as at 31 August 2004.
EBITDA increased as a percentage of revenues from 5.6%
to 6.8%.
Revenues for the month of August were EUR110.2 million
while EBITDA was EUR6.3 million (5.7% of revenues).
The trend remains a positive one even if reduced in
magnitude compared to the previous months. Improved core
business revenues, confirming the trend of the previous
months, relate to the dairy businesses (principally
yogurt); these divisions have seen a smaller fall in
volumes than other areas of the business and have
benefited from the heavy cutbacks in promotional and
advertising expenditure and in lower general expenses.
However, the fruit juice activities have been hit by the
less favorable weather conditions of this year compared
to the same period a year previously.
It should also be noted that there has been an increase
in the cost of some raw materials (for example, of milk
bought by Parmalat SpA, which has increased in price
further compared to July) and an increased impact in
percentage terms of fixed business costs (which remain
unchanged in absolute terms compared to the previous
year). Steps are under way in the second half of the
year in order to reduce the level of these costs.
-- Spain
Revenues for the period were EUR155.3 million compared to
the EUR159.3 million achieved at 31 August 2003. EBITDA
for the same period was down from EUR16.3 million to
EUR11.0 million.
Revenues for the month of August 2004 were EUR18.6
million while EBITDA was EUR0.7 million (3.8% of
revenues), down on the trend of recent months.
Among the factors underlying the decrease in EBITDA are
the increase in the cost of milk from the beginning of
this year which has not been balanced by corresponding
increases in selling prices. To this can be added a
lower contribution from seasonally influenced products
(Royne branded ice creams and milk shakes) that have been
heavily penalized by the less clement weather conditions
than were seen in the same period last year and the
notable fall in the number of tourists in Spain. It
should be noted that there has been increased price
competition. There has also been a particular need to
counter a strong promotional campaign by international
competitors in the yogurt sector while in the flavored
milk sector competitors have been progressively
increasing their television advertising spend.
-- South Africa
Revenues as at 31 August 2004 of EUR160.7 million grew
34.7% compared to the EUR119.3 million of the same period
in 2003. EBITDA also grew significantly from EUR9.6
million to EUR12.6 million (+31.3%). This marked
improvement at the revenue and EBITDA levels compared to
the same period of the previous year was due to a number
of factors: the acquisition of new brands (Simonsberg),
the increased strength of the Parmalat brand in the
yogurt and cheese sectors, a marked increase in UHT milk
volumes as well as to the favorable appreciation of the
South African Rand against the Euro (+7.8%). Also in
volume terms there was an increase in sales of low margin
products such as bulk cheese.
Revenues for the month of August 2004 were EUR25.5
million while EBITDA for the month was EUR2.0 million
(7.8% of revenues).
-- Venezuela
The major political and social instability that has
impacted Venezuela for some time has been one of the main
causes of a significant depreciation of the Venezuelan
currency against the Euro (-25.9% compared to August
2003).
The absence of sufficient credit lines for the
importation of powdered milk, increased raw material
prices in the domestic market not balanced by a rise in
retail pricing, as well as reduced sales volumes in fruit
juices, led to a further marked reduction in revenues
which fell from EUR 131.9 million at August 2003 to
EUR96.9 million at the end of August 2004 (-26.5%).
There was an accompanying strong decrease in EBITDA which
fell in absolute terms from EUR16.9 million to EUR3.0
million and as a percentage of revenues from 12.8% to
3.1%.
Revenues for the month are EUR9.7 million and EBITDA is
EUR0.6 million. However in August there was a slight
improvement in operating profitability compared to the
previous month (from 2.4% in July to 6.2% in August)
thanks certainly to the price increase of condensed milk
that occurred during the month.
-- Canada
In spite of the slight depreciation of the Canadian
dollar relative to the Euro since August 2003 (-2.6%)
revenues were up, increasing from EUR748.1 million for
the same period in 2003 to EUR771.5 million to the end of
August this year.
At net revenues growth, EBITDA increased markedly both in
absolute terms (up 14.3% compared to August 2003 from
EUR44.0 million to EUR50.3 million) and as a percentage
of revenues (+0.6% from 5.9% to 6.5%). This was thanks
to close control of advertising and promotional expenses
and of general costs.
Revenues for the month in Canada were EUR103.1 million
while EBITDA was EUR7.4 million (7.2% of revenues).
-- Australia
Revenues for the period reached EUR242.2 million, in line
with the previous year's EUR239.7 million. EBITDA was
also stable at EUR19.5 million compared to EUR18.6
million.
These results were achieved thanks to a favorable trend
in the Australian dollar/Euro exchange rate (+5.6%), an
increase in milk volumes (particularly pasteurized milk),
a reduction in general and promotional expenses and
improved raw materials purchasing. These factors allowed
for the reduced average unit selling price of milk
implemented by the management during the month.
Revenues for the month of August were EUR22.2 million
while EBITDA was EUR2.2 million.
Non-Core Activities
Non-Core Activities' revenues as at 31 August 2004, while down
compared to the same period last year (EUR376.4 million compared
to EUR501.9 million, down 25.0%), were accompanied by an improved
EBITDA result, which while still negative, showed improvement at a
negative EUR15.2 million compared to a negative EUR28.7 million
for the same period in 2003.
In August 2004 total sales were EUR18.6 million whilst EBITDA was
zero.
The strong reduction in losses compared to 2003 is principally
linked to actions undertaken in Italy and at the US Bakery
operations.
Italy
The Non-Core activities of Parmalat SpA while reporting lower
revenues than at the end of August 2003 showed improved
operational profitability (of 57.9% moving from a negative
EUR10.7 million to a negative EUR4.5 million). To this has
contributed the suspension of the activities in the mineral water
sector and a drastic reduction in promotional and advertising
activities related to bakery and juices.
USA Bakery
Revenues generated by the US bakery activities (EUR188.0 million
in August 2004 compared to EUR231.4 million at the end of August
2003) were lower, this time by 18.8%. The heavy depreciation of
the US dollar during the year (down 10.5%) should be noted.
However, the negative effect of the fall in volumes and of the
increase in the price of raw materials has been balanced by more
targeted promotional investment and by the reorganization of the
operations (in July the Bollingbrook Head Office was closed down)
and the reduction of general expenses. Thanks to these moves,
there has been a marked improvement in EBITDA compared to the same
period last year, moving from a negative EUR13.8 million in 2003
to a negative EUR6.6 million at the end of August 2004.
Among the other companies in this category two Portuguese
businesses -- FIT and Italagro -- stand out. Both, in the face
of lower revenues, saw an increase in EBITDA. Specifically,
EBITDA at Italagro grew by 30.8% year-on-year, while at FIT
EBITDA more than doubled.
NET FINANCIAL POSITION
Highlights (in EUR millions)
Situation Situation Situation Situation
as at Pro-Forma as at as at as at
12/31/2003 12/31/2003 07/31/2004 08/31/2004
---------- --------------- ---------- ----------
Short term
financial assets (121.4) (104.7) (125.2) (126.0)
of which:
Liquidity
financial
assets (20.9) (20.9) (10.4) (1.0)
Available
liquidity (100.5) (83.8) (114.2) (125.0)
Accruals on
financial assets
(incl. Interco.) (61.9) (57.2) (76.6) (31.0)
---------- --------------- ---------- ----------
Total short term
financial
assets (183.3) (161.9) (201.8) (157.0)
---------- --------------- ---------- ----------
Financial
debts 13,457.5 11,402.6 11,447.7 11,448.6
Accruals on
financial liabilities
(incl. Interco.) 256.2 200.8 231.0 229.3
---------- --------------- ---------- ----------
Total financial
liabilities 13,713.7 11,603.4 11,678.7 11,677.9
Financial
indebtedness/(Fully
consolidated
companies) 13,530.4 11,441.5 11,476.9 11,520.9
---------- --------------- ---------- ----------
Financial
indebtedness/net
equity methodology
valued
companies 132.0 2,220.9 2,523.7 2,523.7
---------- --------------- ---------- ----------
Total financial
indebtedness 13,662.4 13,662.4 14,000.6 14,044.6
========== =============== ========== ==========
During the month of August, the Net Financial Position of the
Group, was characterized by a number of accounting adjustments:
(a) EUR9.3 million as been reclassified from liquidity
financial assets to fixed financial assets. It's a
deposit made in the past by a South African subsidiary
in order to guarantee a debt resulting from swap
contract;
(b) EUR34.5 million classified as accruals on financial
assets due to subsidiary Parmalat Soparfi's interest
have been devaluated. Excluding these adjustments,
referred to the past period, the financial position is
unchanged.
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.
With reference to those companies that have been consolidated in
their entirety, the net financial debt with third parties is
divided as follows:
(in EUR millions)
Situation Situation Situation
Pro-Forma as at as at as at
12/31/2003 07/31/2004 08/31/2004
--------------- ---------- ----------
Companies in EA
subject to proposed
composition with
creditors 10,055.3 10,048.6 10,088.7
Other companies in EA 56.9 41.4 54.5
Other companies 1,329.3 1,386.9 1,377.7
Financial
indebtedness/Total 11,441.5 11,476.9 11,520.9
=============== ========== ==========
Companies in Extraordinary Administration
The net indebtedness of these companies towards third parties,
incurred prior to their entry into Extraordinary Administration,
should be considered as being largely short-term in nature, given
the current situation of default on the covenants underlying the
financial contracts the change in the indebtedness of the
companies in Extraordinary Administration is substantially due to
the above adjustments relating to Parmalat Soparfi. Of particular
note is the increased levels of liquidity at the companies subject
to proposed Composition with Creditors, this having increased from
EUR24 million as at 31 December 2003 to EUR68.2 million as at 31
August 2004.
Other Companies
The remaining operating and financial companies not subject to the
Procedure and totally consolidated, have net financial
indebtedness towards third parties as at 31 December 2003 of
EUR1,329.3 million and at 31 August 2004 of EUR1,377.8 million.
Of this amount EUR689.7 million is represented by debt of a
medium or long term nature. A number of companies, among these
Portugal and South Africa, are currently in talks to renegotiate
their debt in order to consolidate it.
Principal Companies in Extraordinary Administration
The following tables summarize the situations of the principal
Italian companies in Extraordinary Administration.
Parmalat Finanziaria SpA
(Values in millions of Euros)
Situation Situation Situation
Pro-Forma as at as at as at
12/31/2003 07/31/2004 08/31/2004
--------------- ---------- ----------
Short term financial
assets (140.8) (141.3) (18.6)
of which:
Intercompany
financial credits (138.8) (138.8) (18.1)
Liquid financial
assets (2.0) - -
Available liquidity (0.0) (2.5) (0.5)
Accruals on financial
assets (incl. Interco.) (0.6) - -
--------------- ---------- ----------
Total short term
financial assets (141.4) (141.3) (18.6)
--------------- ---------- ----------
Financial debt (incl.
Intercompany debt) 1,269.9 1,274.4 1,274.4
of which:
Intercompany
financial debt 1,007.8 1,012.4 1,012.4
Other financial debt 262.1 262.0 262.0
Accruals on financial
liabilities
(incl. Interco.) 4.8 4.7 4.6
--------------- ---------- ----------
Total financial
liabilities 1,274.7 1,279.1 1,279.0
--------------- ---------- ----------
Financial indebtedness/
(positive fin. Position) 1,133.3 1,137.8 1,260.4
=============== ========== ==========
The reduction of inter-company credits in August 2004 compared to
the previous month is as a result of the subordination of the
credit of EUR122.4 million of Parmalat Pacific Holding, the parent
of the Group's Australian companies. The credit has therefore been
recorded as fixed assets. The transaction which had taken place
during the past month of February was not at that time properly
represented.
Parmalat SpA
(Values in millions of Euros)
Situation Situation Situation
Pro-Forma as at as at as at
12/31/2003 07/31/2004 08/31/2004
--------------- ---------- ----------
Short term financial
assets (54.3) (58.0) (57.4)
of which:
Intercompany
financial credits (28.0) (38.3) (36.8)
Liquid financial
assets (19.7) - -
Available liquidity (6.6) (19.7) (20.6)
Accruals on financial
assets (incl. Interco.) 0.0 0.0 0.0
--------------- ---------- ----------
Total short term
financial assets (54.3) (58.0) (57.4)
--------------- ---------- ----------
Financial debt (incl.
Intercompany debt) 4,149.0 4,149.0 3,891.4
of which:
Intercompany
financial debt 1,266.2 1,266.2 1,013.2
Other financial debt 2,882.8 2,882.8 2,878.2
Accruals on financial
liabilities
(incl. Interco.) 0.0 0.0 0.0
--------------- ---------- ----------
Total financial
liabilities 4,149.0 4,149.0 3,891.3
--------------- ---------- ----------
Financial indebtedness/
(positive fin. Position) 4,094.7 4,091.0 3,833.9
=============== ========== ==========
Compared to the situation as at 31 July 2004, the debt figure has
been adjusted to reflect the cancellation by the Supreme Court of
Justice of Ontario of the transaction by which Parmalat Dairy &
Bakery Inc. (Canada) had acquired BF Holdings USA Inc. (USA) and
the consequent cancellation of debt towards Parmalat Dairy &
Bakery Inc. (Canada) of EUR254.0 million.
Eurolat SpA
(Values in millions of Euros)
Situation Situation Situation
Pro-Forma as at as at as at
12/31/2003 07/31/2004 08/31/2004
--------------- ---------- ----------
Short term financial
assets (13.6) (17.8) (19.3)
of which:
Intercompany
financial credits 0.0 0.0 0.0
Liquid financial
assets 0.0 0.0 0.0
Available liquidity (13.6) (17.8) (19.3)
Accruals on financial
assets (incl. Interco.) - (0.1) (0.1)
--------------- ---------- ----------
Total short term
financial assets (13.6) (17.9) (19.4)
--------------- ---------- ----------
Financial debt (incl.
Intercompany debt) 191.9 190.1 190.1
of which:
Intercompany
financial debt 45.8 45.8 45.8
Other financial debt 146.1 144.4 144.4
Accruals on financial
liabilities
(incl. Interco.) 1.5 - -
--------------- ---------- ----------
Total financial
liabilities 193.4 190.1 190.1
--------------- ---------- ----------
Financial indebtedness/
(positive fin. Position) 179.7 172.3 170.8
=============== ========== ==========
The cash position at the end of the month of August was stronger
than in the previous month as a positive result of the operations.
Lactis SpA
(Values in millions of Euros)
Situation Situation Situation
Pro-Forma as at as at as at
12/31/2003 07/31/2004 08/31/2004
--------------- ---------- ----------
Short term financial
assets (0.4) (3.7) (2.5)
of which:
Intercompany
financial credits - - -
Liquid financial
assets - - -
Available liquidity (0.4) (3.7) (2.5)
Accruals on financial
assets (incl. Interco.) (0.0) (0.0) (0.0)
--------------- ---------- ----------
Total short term
financial assets (0.4) (3.7) (2.5)
--------------- ---------- ----------
Financial debt (incl.
Intercompany debt) 20.5 20.5 20.5
of which:
Intercompany
financial debt 8.6 8.6 8.6
Other financial debt 11.9 11.9 11.9
Accruals on financial
liabilities
(incl. Interco.) 0.0 0.0 -
--------------- ---------- ----------
Total financial
liabilities 20.5 20.5 20.5
--------------- ---------- ----------
Financial indebtedness/
(positive fin. Position) 20.2 16.8 18.0
=============== ========== ==========
Compared to the previous month available liquidity fell from
EUR3.7 million to EUR2.5 million.
Significant Events during August and September
6 August Request to the Court of Parma that UBS
Limited be subject to a claw-back action
following bankruptcy for an amount of EUR290
million plus interest.
9 August Request to the Court of Parma that Deutsche
Bank SpA be subject to a Clawback action
following bankruptcy for an amount of EUR17
million plus interest.
10 August Publication on a number of European daily
newspapers of the decrees of the delegated
Judge dated 3 August 2004 and 6 August 2004
relative to the proposed Composition with
Creditors and the summary Restructuring Plan
for the Parmalat Group. The relevant press
release was not distributed into the United
States of America or other restricted
territories.
11 August Notification to bond holders of the procedure
to unblock their securities. As a
consequence of this holders of such bonds are
able to trade their securities.
13 August Approval by the local court in Brazil of the
request for protection from creditors of
Parmalat Brasile and Parmalat Partecipacoes
as presented by Felsberg & Associates.
17 August Publication of a Notice relating to the
registration as credits of Private
Placements. This Notice makes clear that
holders of Private Placements are required to
request inclusion amongst the issuing
company's creditors in order to have their
status as creditors confirmed.
18 August The filing by the Extraordinary Commissioner
of a complaint with the Circuit Court of Cook
County in the State of Illinois requesting
that the former external auditors of
Parmalat, Grant Thornton International and
Deloitte Touche Tohmatsu and their U.S. and
Italian subsidiaries be required to pay
damages relating to a series of accusations.
The Extraordinary Commissioner asserts that
the former external auditors played an
absolutely central role in the causing of
damages that overcame the Parmalat Group and
in relation to this is requesting that the
firms in question be condemned to pay damages
of no less than US$10 billion.
19 August Request to the Court of Parma that Credit
Suisse First Boston International be subject
to a claw-back action following bankruptcy
for an amount of EUR248.3 million plus
interest.
10 September Invitations to tender to acquire buildings
belonging to Eurolat SpA in Extraordinary
Administration, located in the district of
Lodi, Montanaso Lombardo and Tavazzano con
Villavesco.
18 September Publication of a guide to the submission of
comments on the list of creditors drawn up by
the Extraordinary Commissioner and how
eventual responses to such comments will be
made.
21 September Approval of the project for an Offer and
Listing of shares and warrants in Parmalat
SpA (Assumptor) on the Mercato Telematico
Azionario of the Borsa Italiana.
PILLOWTEX CORP: August 2004 Cash Receipts & Disbursements Report
----------------------------------------------------------------
Pillowtex, et al.
Actual Cash Flow
For the Month of August 2004
Accounts Receivable Collections $1,093,000
Brown & Joseph/Atwell Fees (13,000)
Accounts Receivable Personnel (16,000)
Inventory Bulk Sales 4,000
Property Tax Related to Asset Sale -
Property (Net) (51,000)
Miscellaneous Proceeds 8,000
----------
Total Proceeds 1,025,000
Prepetition Cure Cost of Capital Leases -
Balance of 2003 Personal Property Tax -
Alliance Street Production -
Interest Expense (Term and Revolver) -
Idle Facility Cost 378,000
Electric Demand Charge -
Retail Store Operating Costs -
Warehousing, Shipping & Billing -
Freight & Duty -
Manufacturing -
Inventory Cleanup -
Accrued Employee Expenses -
Critical Vendor Payments -
Continuing Medical -
Terminated Medical -
Workers' Compensation/Other Insurance 26,000
Corporate 89,000
Severance/Retention 144,000
Warehouse Vacation Pay -
SB Capital Estate Charge Back -
Early Termination Fee -
DIP Fees -
Professional Fees 263,000
Miscellaneous Expenses 107,000
----------
Total Expenses 1,007,000
----------
Net Cash Flow $18,000
==========
Pillowtex, et al.
Disbursement Report
For the Month of August 2004
Net Payroll & Payroll Taxes Paid $318,511
Sales, Use & Other Taxes Paid -
Inventory Purchases -
Interest on Long Term Debt -
Secured/Rental/Lease -
Utilities 7,187
Insurance 26,336
Administrative -
Professional Fees 292,210
U.S. Trustee's Fees 14,250
Others 107,574
-----------
Total for U.S. Trustee Fees $766,068
===========
Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to
virtually every major retailer in the U.S. and Canada. The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339). The second chapter 11 filing triggered
sales of substantially all of the Company's assets. David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors. On July 30,
2003, the Company listed $548,003,000 in assets and $475,859,000
in debts. (Pillowtex Bankruptcy News, Issue No. 70; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
SOLUTIA INC: Posts $15 Million Net Loss for August 2004
-------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of August 31, 2004
ASSETS
Current Assets:
Cash $39,000,000
Trade Receivables, net 197,000,000
Account Receivables-Unconsolidated subsidiaries 51,000,000
Inventories 161,000,000
Other Current Assets 78,000,000
--------------
Total Current Assets 526,000,000
Property, Plant and Equipment, net 713,000,000
Investments in Affiliates 98,000,000
Intangible Assets, net 102,000,000
Other Assets 146,000,000
--------------
TOTAL ASSETS $1,985,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $140,000,000
Other Current Liabilities 158,000,000
--------------
Total Current Liabilities 298,000,000
Long-Term Debt 343,000,000
Other Long-Term Liabilities 234,000,000
--------------
Total Liabilities Not Subject to Compromise 875,000,000
Liabilities Subject to Compromise 2,289,000,000
Shareholders' Deficit (1,179,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,985,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended August 31, 2004
Total Net Sales $200,000,000
Total Cost Of Goods Sold 183,000,000
--------------
Gross Profit 17,000,000
Total MAT Expense 17,000,000
--------------
Operating Loss -
Equity Loss from Affiliates (8,000,000)
Interest Expense, net (5,000,000)
Other Income, net 2,000,000
Reorganization Items:
Professional fees (4,000,000)
--------------
Loss Before Taxes (15,000,000)
Income Taxes -
--------------
NET LOSS ($15,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection
from their creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts. (Solutia Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRENWICK GROUP: Posts $4,867,784 Net Loss in August 2004
--------------------------------------------------------
On September 20, 2004, Trenwick America Corporation, Trenwick
Group Ltd. (in provisional liquidation) and LaSalle Re Holdings
Limited (in provisional liquidation) filed monthly operating
reports for the month ended August 31, 2004, and the period from
August 20, 2003 to August 31, 2004, with the United States
Bankruptcy Court for the District of Delaware.
Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports a
$4,867,784 net loss for the month ended August 2004, and a
cumulative $93,747,579 loss for the period from August 20, 2003 to
August 31, 2004.
A full-text copy of Trenwick Group Ltd.'s August 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1122211/000116923204005083/d60865_ex99-1.txt
Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635)
reports a $5,358,087 net loss in August 2004 and a cumulative
$66,128,209 loss during the course of its chapter 11
restructuring.
A full-text copy of Trenwick America's August 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1127783/000116923204005084/d60866_ex99-1.txt
LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637)
reports a $659,337 net profit in August 2004 and a cumulative
$6,034,407 post-petition loss.
A full-text copy of LaSalle's August 2004 Monthly Operating Report
is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1001384/000116923204005085/d60867_ex99-1.txt
On August 20, 2003, TGL and LaSalle Re Holdings Limited (in
provisional liquidation) filed insolvency proceedings in the
Supreme Court of Bermuda. On August 22, 2003, the Bermuda Court
granted an order appointing Michael Morrison and John Wardrop,
partners of KPMG in Bermuda and KPMG LLP in the United Kingdom,
respectfully, as Joint Provisional Liquidators in respect of TGL
and LaSalle. The Bermuda Court granted the JPLs the power to
oversee the continuation and reorganization of these companies'
businesses under the control of their boards of directors and
under the supervision of the Bankruptcy Court and the Bermuda
Court. The JPLs have not audited the contents of this report.
WESTPOINT STEVENS: Reports $9.1 Million Net Loss in August 2004
---------------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At August 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $2,579
Short-term investments -
Accounts receivable, net 256,081
Inventories 347,197
Prepaid expenses and other current assets 17,608
----------
Total current assets 623,465
Total investments and other assets 120,046
Goodwill -
Property, Plant and Equipment, net 567,615
----------
TOTAL ASSETS $1,313,126
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility $439,656
DIP Credit Agreement 133,137
Second lien facility 165,000
Accrued interest payable 6,325
Accounts payable - trade 54,571
Accounts payable - intercompany 165,867
Other accrued liabilities 110,222
Deferred income taxes 4,431
Pension and other liabilities 144,297
----------
Total liabilities not subject to compromise 1,223,506
Liabilities Subject to Compromise
Senior notes 1,000,000
Deferred financing fees (5,486)
Accrued interest payable on Senior Notes 36,130
Accounts payable 27,136
Other payables and accrued liabilities 8,238
Pension and other liabilities 18,844
----------
Total liabilities not subject to compromise 1,084,862
----------
Total Liabilities 2,308,368
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital surplus/Treasury Stock 51,436
Retained earnings (deficit) (812,265)
Minimum pension liability adjustment (101,921)
Other adjustments (9,446)
Unearned compensation -
----------
Stockholders' Equity (Deficit) (995,242)
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $1,313,126
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended August 31, 2004
(in thousands)
Total sales $133,763
Cost of sales 121,357
----------
Gross profit 12,406
Selling and administrative expenses
Selling expenses 3,895
Warehousing and shipping 5,927
Advertising 410
Division administrative expense 936
MIS expense 1,508
Corporate administrative expense 1,291
----------
Total selling and administrative expense 13,967
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit (loss) from operations (1,561)
Interest expense
Interest expense - outside 6,134
Capitalized interest expense -
Interest expense - intercompany 292
Interest income -
Interest income - intercompany -
----------
Net interest expense 6,426
Other expense
Miscellaneous 1,116
Royalties - intercompany 3,700
Transaction gain/loss -
----------
Total other expense 4,816
Other income
Royalties - intercompany -
Dividends -
Sale of assets (8)
Miscellaneous 2
----------
Total other income (6)
----------
Net other expense 4,822
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (12,809)
Chapter 11 reorganization expenses 1,886
Income tax expense (benefit) (5,534)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($9,161)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended August 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($9,161)
Restructuring -
Equity adjustments 5,793
Depreciation and amortization expense 4,131
Gain on sale of assets -
Working Capital Changes
Decrease/(increase) - accounts receivable (25,616)
Decrease/(increase) - inventories 15,644
Decrease/(increase) - other current assets 1,168
Decrease/(increase) - other non-current
assets & debts 1,313
Increase/(decrease) - accounts payable (trade) 2,659
Increase/(decrease) - a/p (intercompany) 9,647
Increase/(decrease) - accrued liabilities 1,217
Increase/(decrease) - accrued interest payable 5,426
Increase/(decrease) - pension and other liabilities 1,463
Increase/(decrease) - deferred federal income tax 175
----------
Total cash flows from operations 13,859
Cash flows from investing activities:
Capital expenditures (1,250)
Transfers -
Net proceeds from sale of assets 50
----------
Total cash flows from investing (1,200)
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement (15,499)
----------
Total cash flows from financing (15,499)
Beginning cash balance 5,419
Change in cash (2,840)
----------
Ending cash balance $2,579
==========
WESTPOINT STEVENS: WP Stevens I August 2004 Monthly Report
----------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At August 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $240
Accounts receivable - intercompany 11,631
Inventories 11,893
Prepaid expenses and other current assets (370)
----------
Total current assets 23,394
Total investments and other assets 124,052
Property, Plant and Equipment, net 12,366
Goodwill -
----------
TOTAL ASSETS $159,812
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $1,207
Accounts payable - intercompany -
Other accrued liabilities 13,402
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 14,609
Liabilities Subject to Compromise
Senior notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,400
Other payables and accrued liabilities -
Pension and other liabilities -
----------
Total Liabilities Subject to Compromise 1,400
----------
Total liabilities 16,009
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 70,559
Retained earnings (deficit) 73,243
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Shareholders' Equity (Deficit) 143,803
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $159,812
==========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended August 31, 2004
(in thousands)
Net sales $8,681
Cost of goods sold 5,693
----------
Gross earnings 2,988
Selling and administrative expenses
Selling expenses 2
Warehousing and shipping 214
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 170
----------
Total selling and administrative expense 386
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) 2,602
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 360
----------
Net interest expense (360)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
----------
Total other expense 190
Other income
Royalties - intercompany 3,771
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 3,771
----------
Net other expense (3,581)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 6,543
Chapter 11 reorganization expenses -
Income tax expense (benefit) 2,294
Extraordinary item - net of taxes -
----------
Net Income (loss) $4,249
==========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended August 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $4,249
Non-cash items
Depreciation and amortization 112
Working Capital Changes
Decrease/(increase) - a/r (customers) -
Decrease/(increase) - a/r (intercompany) (8,851)
Decrease/(increase) - inventories 1,189
Decrease/(increase) - other current assets 370
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) 187
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 2,833
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 89
Cash flows from investing activities:
Capital expenditures (19)
Transfers -
Net proceeds from sale of assets -
----------
Total cash flows from investing (19)
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 170
Change in cash 70
----------
Ending cash balance $240
==========
WESTPOINT STEVENS: JP Stevens August 2004 Monthly Operating Report
------------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At August 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Accounts receivable - intercompany $110,749
Prepaid expenses and other current assets -
----------
Total current assets 110,749
Total investments & other assets 2,697
Goodwill -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - intercompany -
Other accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise -
Liabilities Subject to Compromise -
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 and cash flow for
August 2004.
WESTPOINT STEVENS: JP Stevens Enterprises' August Monthly Report
----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At August 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $26
Accounts receivable - intercompany 16,581
Prepaid expenses and other current assets -
----------
Total current assets 16,607
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $16,607
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Accounts payable - intercompany -
Other accrued liabilities $358
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 358
Liabilities Subject to Compromise -
----------
Total liabilities 358
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 16,247
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 16,249
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $16,607
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended August 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 64
----------
Net interest expense (64)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 200
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 200
----------
Net other expense (200)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 264
Chapter 11 reorganization expenses -
Income tax expense (benefit) 92
Extraordinary item - net of taxes -
----------
Net Income (loss) $172
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended August 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $172
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (255)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 92
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (9)
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 17
Change in cash 9
----------
Ending cash balance $26
==========
WESTPOINT STEVENS: WP Stevens Stores' August 2004 Monthly Report
----------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At August 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,601
Accounts receivable - customers 201
Accounts receivable - intercompany 5,909
Total Inventories 20,042
Prepaid expenses and other current assets 855
----------
Total current assets 28,608
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,427
----------
TOTAL ASSETS $31,035
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - trade $402
Accounts payable -intercompany -
Other accrued liabilities 5,019
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 5,421
----------
Liabilities Subject to Compromise
Accounts payable 1,674
----------
Total liabilities 7,095
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 7,984
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 23,940
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $31,035
==========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended August 31, 2004
(in thousands)
Net sales $6,912
Cost of goods sold 4,139
----------
Gross earnings 2,773
Selling and administrative expenses
Selling expenses 2,077
Warehousing and shipping 193
Advertising 234
Division administrative expense 304
MIS expense 55
Corporate administrative expense 83
----------
Total selling and administrative expense 2,946
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (173)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 154
Interest income -
Interest income - intercompany -
----------
Net interest expense 154
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 (327)
Chapter 11 reorganization expenses -
Income tax expense (benefit) (113)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($214)
==========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended August 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($214)
Non-cash items
Depreciation and amortization 54
Gain on sale of assets -
Working Capital Changes
Decrease/(increase) - a/r (customers) (7)
Decrease/(increase) - a/r (intercompany) (695)
Decrease/(increase) - inventories 370
Decrease/(increase) - other current assets (75)
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) (72)
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 303
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (336)
Cash flows from investing activities
Capital expenditures (36)
Transfers -
Net proceeds from sale of assets -
----------
Total cash flows from investing (36)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 1,973
Change in cash (372)
----------
Ending cash balance $1,601
==========
*********
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
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Each Tuesday edition of the TCR contains a list of companies with
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*********
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