/raid1/www/Hosts/bankrupt/TCR_Public/041016.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 16, 2004, Vol. 8, No. 225
Headlines
ANC RENTAL: Reports $231,069 Net Loss in August 2004
DAN RIVER: Posts $5.7 Million Net Loss in August 2004
FEDERAL-MOGUL: Reports $4.7 Million Net Loss in August 2004
GLOBAL CROSSING: Files Restated 1st Quarter 2003 Operating Report
GLOBAL CROSSING: Files Restated 2nd Quarter 2003 Operating Report
GLOBAL CROSSING: Files Restated 3rd Quarter 2003 Operating Report
GLOBAL CROSSING: Restated Annual 2003 Operating Report
GLOBAL CROSSING: Files First Quarter 2004 Operating Report
GLOBAL CROSSING: Files Second Quarter 2004 Operating Report
KAISER ALUMINUM: Reports $4.7 Million Net Loss for August 2004
KEYSTONE CONSOLDIATED: Posts $591,269 Net Loss in September 2004
MED DIVERSIFIED: Aug. 31 Balance Sheet Upside Down by $43 Million
PG&E NATIONAL: ET Power's July 2004 Monthly Operating Report
PG&E NATIONAL: USGen's July 2004 Monthly Operating Report
PG&E NATIONAL: USGen's August 2004 Monthly Operating Report
SONICBLUE INC: Releases August 2004 Monthly Operating Report
TOUCH AMERICA: Files August 2004 Monthly Operating Report
USG CORP: Posts $29.4 Million Net Earnings in August 2004
*********
ANC RENTAL: Reports $231,069 Net Loss in August 2004
----------------------------------------------------
ANC Rental Corporation, et al.
Combined Balance Sheet
As of August 31, 2004
ASSETS
Current Assets
Cash -- Investments and Other Cash $1,135,325
Cash -- ANC Primary Disbursement 1,554
---------------
Total Unrestricted Cash 1,136,879
Restricted Cash -- Professional Fee Escrow 0
Restricted Cash -- Tax Escrow 5,658,732
---------------
Total Restricted Cash 5,658,732
Accounts Receivable Other 20,053,795
Corporate Accounts 3,639,854
Collision Damage Recovery A/R 2,873,499
Collision Damage Recovery Reserve (2,873,499)
Provision -- Trade A/R (3,640,625)
---------------
Total Receivables, net 20,053,024
---------------
Total Current Assets 26,848,635
Other Assets Deposits 93,998
---------------
Total Assets $26,942,633
===============
LIABILITIES & CAPITAL
Administrative Liabilities
Accounts Payable $650,726
Accrued Interest on 3rd Party Debt 6,500,000
Reserve for Other Administrative Claims 1,025,000
---------------
Estimated Administrative and
Professional Fee Reserves 8,175,726
Secured Liabilities
Accrued Ad-Valorem Tax Reserve 6,351,709
Priority Liabilities
Accrued Prepetition Personal Property Taxes 2,264,409
Other Priority Creditor Accruals 444,127
General Unsecured Liabilities
Reserves for General Unsecured Claims 457,463,363
---------------
Total Liabilities 474,699,335
Total Capital (447,756,702)
---------------
Total Liabilities & Capital $26,942,633
===============
ANC Rental Corporation, et al.
Statement of Operations
For the month ending August 31, 2004
Total Revenues $37,366
Expenses
Citations (548)
Turnback Expense Charges 0
Damage Repair -- Collection (1,092)
Unemployment Taxes -- State 0
Payroll Taxes -- Other (20,938)
Bank Service Charges 1,000
Consulting Fees 240,928
Accounting -- Auditing Fees 908
Legal Fees 83,918
Data Processing Services 6,721
Printed Forms/Stationery 5,522
Courier/Overnight Delivery 177
Rent Expense 0
Utilities (1,063)
Telephone/Communications 0
Personal Property Taxes (32,203)
Non-Property Taxes 792
Business Licenses & Bonds 550
Environmental Costs 0
Corporate Provision For Bad De (4,849)
Miscellaneous Other Expense (Operating) (11,390)
Interest Exp -- Other Notes 0
---------------
Total Expenses 268,434
---------------
Net Income ($231,069)
===============
ANC Rental Corporation, et al.
Cash Receipts and Disbursements
For the month ending August 31, 2004
Cash at Beginning of Period $7,231,258
Receipts:
Credit Card and Local Deposits $0
Collections of Accounts Receivable 38,872
Other Receipts 515,905
---------------
Total Receipts 554,777
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 81,400
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 571,788
Professional Fees Paid - Ordinary Course 0
Professional Fees Paid - Bankruptcy Professional 327,481
Other Miscellaneous Operating Expenses Paid 9,754
Capital Expenditures 0
Interest and Financing Fees Paid 0
Vehicle Holding Costs Paid 0
Working Capital Fundings to Subsidiaries 0
---------------
Total Disbursements 990,424
Net Cash Flow (435,647)
---------------
Cash at End of Period $6,795,611
===============
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. 61; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
DAN RIVER: Posts $5.7 Million Net Loss in August 2004
-----------------------------------------------------
On Oct. 4, 2004, Dan River Inc. filed its monthly operating
report for August of fiscal 2004, which includes the period from
Aug. 8, 2004 to Sept. 4, 2004, with the United States Bankruptcy
Court for the Northern District of Georgia. The Company reports
a $5.7 million net loss in $31.2 million of net sales.
A full-text copy of Dan River Inc.'s Monthly Financial Report for
the period from Aug. 8, 2004 to Sept. 4, 2004, is available at no
charge at:
http://www.sec.gov/Archives/edgar/data/914384/000091438404000026/e9910704.txt
Headquartered in Danville, Virginia, Dan River Inc.
-- http://www.danriver.com/-- designs, manufactures and markets
textile products for the home fashions, apparel fabrics and
industrial markets. The Company and its debtor-affiliates filed
for chapter 11 protection on March 31, 2004 (Bankr. N.D. Ga. Case
No. 04-10990). James A. Pardo, Jr., Esq., at King & Spalding
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$441,800,000 in total assets and $371,800,000 in total debts.
FEDERAL-MOGUL: Reports $4.7 Million Net Loss in August 2004
-----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of August 31, 2004
(In millions)
Assets
Cash and equivalents $305.1
Accounts receivable 578.5
Inventories 494.8
Deferred taxes 199.5
Prepaid expenses and other current assets 110.5
----------
Total current assets 1,688.4
Summary of Unpaid Postpetition Debits (72.5)
Intercompany Loans Receivable (Payable) 2,454.6
----------
Intercompany Balances 2,382.1
Property, plant and equipment 1,072.5
Goodwill 1,175.5
Other intangible assets 449.6
Insurance recoverable 807.6
Other non-current assets 1,077.7
----------
Total Assets $8,653.3
==========
Liabilities and Shareholders' Equity
Short-term debt $278.5
Accounts Payable 204.0
Accrued Compensation 64.5
Restructuring and rationalization reserves 15.3
Current portion of asbestos liability (0.0)
Interest Payable 0.2
Other accrued liabilities 304.8
----------
Total current liabilities 867.3
Long-term debt 35.0
Post-employment benefits 1,464.6
Other accrued liabilities 961.3
Liabilities subject to compromise 6,090.1
Shareholders' equity:
Preferred stock 1,050.6
Common stock 555.3
Additional paid-in capital 7,936.5
Accumulated deficit (9,626.0)
Accumulated other comprehensive income (681.5)
Other -
----------
Total Shareholders' Equity (764.9)
----------
Total Liabilities and Shareholders' Equity $8,653.4
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended August 31, 2004
(In millions)
Net sales $282.3
Cost of products sold 230.3
----------
Gross margin 52.0
Selling, general & administrative expenses (51.7)
Amortization (1.2)
Reorganization items (10.6)
Interest income (expense), net (7.7)
Other income (expense), net 16.4
----------
Earnings before Income Taxes (2.7)
Income Tax (Expense) Benefit (2.1)
----------
Earnings before effect of change in acctg principle (4.7)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($4.7)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended August 31, 2004
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($4.7)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 14.4
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits 0.1
Decrease/(increase) in accounts receivable (0.9)
Decrease/(increase) in inventories (11.4)
Increase/(decrease) in accounts payable 9.5
Change in other assets and other liabilities (9.3)
Change in restructuring charge (0.9)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities (3.1)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (10.0)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (10.0)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 11.4
Sale of accounts receivable under securitization -
Dividends -
Other (4.3)
----------
Net Cash Provided From Financing Activities 7.1
Increase (Decrease) in Cash and Equivalents (6.0)
Cash and equivalents at beginning of period 311.1
----------
Cash and equivalents at end of period $305.1
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some
$6 billion. The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan, Esq.,
James F. Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin
Brown & Wood and Laura Davis Jones, Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
its creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities. (Federal-Mogul Bankruptcy News,
Issue No. 65; Bankruptcy Creditors' Service, Inc., 215/945-7000)
GLOBAL CROSSING: Files Restated 1st Quarter 2003 Operating Report
-----------------------------------------------------------------
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Balance Sheet
as of March 31, 2003
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents $332
Restricted cash and cash equivalents 328
Accounts receivable, net of allowances
of $137 and $134, respectively 480
Other current assets and prepaid costs 218
-------
Total current assets 1,358
Property and equipment, net 1,049
Other assets 126
-------
Total assets $2,533
=======
LIABILITIES:
Current liabilities not subject to compromise:
Accounts payable $148
Accrued cost of access 249
Accrued restructuring costs 160
Deferred revenue - current portion 281
Other current liabilities 503
-------
Total current liabilities 1,341
-------
Deferred revenue 1,261
Other deferred liabilities 245
-------
Total liabilities not subject to compromise 2,847
Liabilities subject to compromise 8,273
-------
Total Liabilities 11,120
-------
Mandatorily redeemable preferred stock 526
-------
Cumulative convertible preferred stock 1,904
-------
Commitments and Contingencies
Shareholders' Deficit:
Common stock, 3,000,000,000 shares authorized,
par value $.01 per share, 909,388,595 shares issued
outstanding as of 03/31/2003. 9
Treasury stock, 22,033,758 (209)
Additional paid-in capital 14,364
Accumulated other comprehensive loss (344)
Accumulated deficit (24,837)
-------
(11,017)
-------
Total liabilities and shareholders' deficit $2,533
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Statements of Operations
Three Months Ended March 31, 2003
(in millions)
Revenues $735
Operating expenses:
Cost of access and maintenance 533
Other operating expenses 240
Depreciation and amortization 35
-------
808
-------
Operating loss (73)
Other income (Expense):
Interest expense, net (7)
Other income, net (11)
-------
Loss before reorganization items, net & income taxes (91)
Reorganization items, net (5)
-------
Loss from continuing operations before
provision for income taxes (96)
Provision for income taxes (1)
-------
Net loss (97)
Preferred stock dividends -
-------
Loss applicable to common shareholders ($97)
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Statements of Cash Flows
Three Months Ended March 31, 2003
(in millions)
Cash flows provided by (used in) operating activities:
Net loss ($97)
Adjustments to reconcile net loss to net cash
used in continuing operations:
Depreciation and amortization 35
Reorganization items, net 5
Deferred reorganization costs -
Provision for doubtful accounts 13
Stock-related expenses -
Non-cash income tax provision -
Amortization of prior period IRUs (20)
Other 2
Changes in operating assets and liabilities 58
-------
Net cash used in operations (4)
Net cash used in reorganization items (44)
-------
Net cash used in operating activities (48)
-------
Cash flows provided by (used in) investing activities:
Purchases of property and equipment (44)
Proceeds from sale of property and equipment 6
Change in restricted cash and cash equivalents (1)
Proceeds from sale of marketable securities 2
Proceeds from sale of equity interest
in holding companies -
-------
Net cash used in investing activities (37)
-------
Cash flows used in financing activities:
Repayment of capital lease obligations (5)
-------
Net cash used in financing activities (5)
-------
Effect of exchange rate changes
on cash & cash equivalents (1)
Net decrease in cash and cash equivalents (91)
Cash and cash equivalents, beginning of period 423
-------
Cash and cash equivalents, end of period $332
=======
GLOBAL CROSSING: Files Restated 2nd Quarter 2003 Operating Report
-----------------------------------------------------------------
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Balance Sheet
as of June 30, 2003
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents $226
Restricted cash and cash equivalents 331
Accounts receivable, net of allowances
of $124 and $134, respectively 452
Other current assets and prepaid costs 227
-------
Total current assets 1,236
Property and equipment, net 1,051
Other assets 130
-------
Total assets $2,417
=======
LIABILITIES:
Current liabilities not subject to compromise:
Accounts payable $178
Accrued cost of access 250
Accrued restructuring costs 165
Deferred revenue - current portion 280
Other current liabilities 446
-------
Total current liabilities 1,319
-------
Deferred revenue 1,273
Other deferred liabilities 248
-------
Total liabilities not subject to compromise 2,840
Liabilities subject to compromise 8,252
-------
Total liabilities 11,092
-------
Mandatorily redeemable preferred stock 526
Cumulative convertible preferred stock 1,903
-------
Commitments and Contingencies
Shareholders' Deficit:
Common stock 9
Treasury stock (209)
Additional paid-in capital 14,365
Accumulated other comprehensive loss (406)
Accumulated deficit (24,863)
-------
(11,104)
-------
Total liabilities and shareholders' deficit $2,417
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Statements of Operations
Three Months Ended June 30, 2003
(in millions)
Revenues $744
Operating Expenses:
Cost of access and maintenance 527
Other operating expenses 230
Depreciation and amortization 35
-------
792
-------
Operating Loss (48)
Other Income (Expense):
Interest expense, net (8)
Other income, net 36
-------
Loss before reorganization items, net & income taxes (20)
Reorganization items, net (5)
-------
Loss from continuing operations before
provision for income taxes (25)
Provision for income taxes (2)
-------
Net loss (27)
Preferred stock dividends -
-------
Loss applicable to common shareholders ($27)
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Statements of Cash Flows
Six Months Ended June 30, 2003
(in millions)
Cash flows provided by (used in) operating activities:
Net loss ($124)
Adjustments to reconcile net loss to net cash
used in continuing operations:
Non cash other income (9)
Gain on sale of marketable securities (1)
Depreciation and amortization 70
Amortization of prior period IRUs (42)
Reorganization items, net 10
Provision for doubtful accounts 26
Other 6
Changes in operating assets and liabilities 32
-------
Net cash used in operations (32)
Net cash used in reorganization items (75)
-------
Net cash used in operating activities (107)
-------
Cash flows provided by (used in) investing activities:
Purchases of property and equipment (83)
Proceeds from sale of property and equipment 7
Change in restricted cash and cash equivalents (4)
Proceeds from sale of marketable securities 2
Proceeds from sale of equity interest
in holding companies -
-------
Net cash used in investing activities (78)
-------
Cash flows provided by (used in) financing activities:
Proceeds from short-term borrowings with
controlling shareholder -
Repayment of capital lease obligations (12)
-------
Net cash provided by (used in) financing activities (12)
-------
Effect of exchange rate changes
on cash & cash equivalents -
Net decrease in cash and cash equivalents (197)
Cash and cash equivalents, beginning of period 423
-------
Cash and cash equivalents, end of period $226
=======
GLOBAL CROSSING: Files Restated 3rd Quarter 2003 Operating Report
-----------------------------------------------------------------
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Balance Sheet
as of September 30, 2003
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents $208
Restricted cash and cash equivalents 332
Accounts receivable, net of allowances
of $138 and $134, respectively 425
Other current assets and prepaid costs 174
-------
Total current assets 1,139
Property and equipment, net 1,039
Other assets 133
-------
Total assets $2,311
=======
LIABILITIES:
Current liabilities not subject to compromise:
Accounts payable $140
Accrued cost of access 267
Accrued restructuring costs 157
Deferred revenue - current portion 279
Other current liabilities 438
-------
Total current liabilities 1,281
-------
Deferred revenue 1,314
Other deferred liabilities 247
-------
Total liabilities not subject to compromise 2,842
Liabilities subject to compromise 8,763
-------
Total liabilities 11,605
-------
Cumulative convertible preferred stock 1,900
-------
Commitments and Contingencies
Shareholders' Deficit:
Common stock, 3,000,000,000 shares authorized,
par value $.01 per share, 909,463,931 shares issued
and outstanding as of 09/30/2003 9
Treasury stock, 22,033,758 (209)
Additional paid-in capital 14,368
Accumulated other comprehensive loss (419)
Accumulated deficit (24,943)
-------
(11,194)
-------
Total liabilities and shareholders' deficit $2,311
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Statements of Operations
Three Months Ended September 30, 2003
(in millions)
Revenues $734
Operating Expenses:
Cost of access and maintenance 524
Other operating expenses 230
Termination of ship charter (15)
Depreciation and amortization 36
-------
775
-------
Operating loss (41)
Other expense:
Interest expense, net (7)
Other expense, net (1)
-------
Loss before reorganization items, net & income taxes (49)
Reorganization items, net (30)
-------
Loss from continuing operations before income taxes (79)
Provision for income taxes (1)
-------
Loss applicable to common shareholders ($80)
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Restated Statements of Cash Flows
Nine Months Ended September 30, 2003
(in millions)
Cash flows provided by (used in) operating activities:
Net loss ($204)
Adjustments to reconcile net loss to net cash
used in continuing operations:
Non-cash other income (12)
Depreciation and amortization 107
Reorganization items 40
Provision for doubtful accounts 38
Other 7
Changes in operating assets and liabilities 48
-------
Net cash provided by operations 24
Net cash used in reorganization items (112)
-------
Net cash used in operations (88)
-------
Cash flows provided by (used in) investing activities:
Purchases of property and equipment (119)
Proceeds from sale of property and equipment 9
Proceeds from sale of marketable securities 2
Change in restricted cash and cash equivalents (5)
-------
Net cash used in investing activities (113)
-------
Cash flows used in financing activities:
Repayment of capital lease obligations (14)
-------
Net cash used in financing activities (14)
-------
Net decrease in cash and cash equivalents (215)
Cash and cash equivalents, beginning of period 423
-------
Cash and cash equivalents, end of period $208
=======
GLOBAL CROSSING: Restated Annual 2003 Operating Report
------------------------------------------------------
Global Crossing Ltd. & Subsidiaries
Consolidated Restated Balance Sheet
As of December 31, 2003
(in millions)
ASSETS
Current assets:
Cash and cash equivalents $290
Restricted cash and cash equivalents 15
Accounts receivable, net of allowances 421
Other current assets and prepaid costs 166
-------
Total current assets 892
Property and equipment, net 1,186
Intangible assets, net 113
Other assets 57
-------
Total assets $2,248
=======
LIABILITIES
Current liabilities:
Accounts payable $143
Accrued cost of access 229
Accrued restructuring costs - current portion 32
Deferred revenue - current portion 87
Deferred reorganization costs - current portion 128
Other current liabilities 421
-------
Total current liabilities 1,040
-------
Debt with controlling shareholder 200
Obligations under capital leases 200
Deferred revenue 148
Deferred reorganization costs 42
Other deferred liabilities 225
Liabilities subject to compromise -
-------
1,855
-------
Shareholder's Deficit:
Preferred Stock with controlling shareholder,
45,000,000 shares authorized, par value $.10
per share, 18,000,000 shares issued and
outstanding as of 12/31/2003 2
Common stock, 55,000,000,000 shares authorized,
par value $.01 per share, 22,000,000 (6,600,000
with the controlling shareholder) shares issued
and outstanding as of 12/31/2003 -
Additional paid-in capital 406
Accumulated other comprehensive loss (4)
Accumulated deficit (11)
-------
393
-------
Total liabilities and shareholder's deficit $2,248
=======
Global Crossing Ltd. & Subsidiaries
Consolidated Restated Statements of Operations
For the Period January 1 to December 9, 2003
(in millions)
Revenues $2,754
Operating expenses:
Cost of access and maintenance 1,969
Other operating expenses 854
Termination of ship center (15)
Depreciation and amortization 144
-------
2,952
-------
Operating loss (198)
Other income (expense):
Interest expense (24)
Other income, net 59
--------
Loss from operations before reorganization items (163)
Reorganization items, net (127)
Gain on settlement of liabilities subject to
compromise and recapitalization 23,934
Gain from fresh start adjustments 1,100
-------
Income (Loss) from operations before income taxes 24,744
Provision for income taxes (5)
-------
Income (Loss) applicable to common shareholders $24,739
=======
Global Crossing Ltd. & Subsidiaries
Consolidated Restated Statements of Operations
For the Period December 10 to December 31, 2003
(in millions)
Revenues $178
Operating expenses:
Cost of access and maintenance 125
Other operating expenses 54
Depreciation and amortization 9
-------
188
-------
Operating loss (10)
Other income (expense):
Interest expense (3)
Interest income 1
Other income, net 2
-------
Loss from operations before income taxes (10)
-------
Provision for income taxes (1)
-------
Loss applicable to common shareholders ($11)
=======
Global Crossing Ltd. & Subsidiaries
Consolidated Restated Statements of Cash Flows
For the Period January 1 to December 9, 2003
(in millions)
Cash flows used in operating activities:
Net income $24,739
Adjustments to reconcile net loss to net cash
used in continuing operations:
Gain on sale of fixed assets (1)
Amortization of prior period IRUs (78)
Non-cash fresh start adjustments (1,100)
Gain on settlement of liabilities subject
to compromise and recapitalization (23,934)
Depreciation and amortization 144
Reorganization items, net 127
Provision for doubtful accounts 45
Deferred reorganization costs (13)
Other (12)
Changes in operating assets and liabilities 132
-------
Net cash provided by operations 49
Net cash used in reorganization items (391)
-------
Net cash used in operating activities (342)
-------
Cash flows provided by (used in) investing activities:
Purchases of property and equipment (141)
Proceeds from sale of fixed assets 10
Proceeds from sale of marketable securities 2
Change in restricted cash and cash equivalents (15)
-------
Net cash used in investing activities (144)
-------
Cash flows provided by (used in) financing activities:
Capital infusion by controlling shareholder 250
Proceeds from debt issued to controlling shareholder 200
Repayment of capital leases (17)
Other (3)
-------
Net cash provided by financing activities 430
-------
Net decrease in cash and cash equivalents (56)
Cash and cash equivalents, beginning of period 423
-------
Cash and cash equivalents, end of period $367
=======
Global Crossing and Subsidiaries
Consolidated Statements of Cash Flows
For the Period December 10 to December 31, 2003
(in millions)
Cash flows used in operating activities:
Net loss ($11)
Adjustments to reconcile net loss to net cash
provided by (used in) operations:
Depreciation and amortization 9
Stock-related expenses 1
Provision for doubtful accounts 3
Deferred reorganization costs (51)
Other (1)
Changes in operating assets and liabilities (16)
-------
Net cash provided by (used in) operations (66)
Net cash used in reorganization items (12)
-------
Net cash used in operating activities (78)
-------
Cash flows provided by (used in) investing activities:
Purchases of property and equipment (11)
Proceeds from sale of fixed assets 9
Change in restricted cash and cash equivalents 5
-------
Net cash provided by investing activities 3
-------
Cash flows provided by (used in) financing activities:
Repayment of capital leases (1)
Other (1)
-------
Net cash used in financing activities (2)
-------
Net decrease in cash and cash equivalents (77)
Cash and cash equivalents, beginning of period 367
-------
Cash and cash equivalents, end of period $290
=======
GLOBAL CROSSING: Files First Quarter 2004 Operating Report
----------------------------------------------------------
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Unaudited Balance Sheet
as of March 31, 2004
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents $214
Restricted cash and cash equivalents 15
Accounts receivable, net of allowances
of $119 and $124, respectively 366
Other current assets and prepaid costs 162
-------
Total current assets 757
Property and equipment, net 1,186
Intangible assets, net 87
Other assets 63
-------
Total assets $2,093
=======
LIABILITIES:
Current liabilities:
Accounts payable $148
Accrued cost of access 214
Accrued restructuring costs - current portion 39
Deferred revenue - current portion 90
Deferred reorganization costs - current portion 102
Other current liabilities 444
-------
Total current liabilities 1,037
-------
Debt with controlling shareholder 200
Obligations under capital leases 178
Deferred revenue 142
Deferred reorganization costs 37
Other deferred liabilities 204
-------
Total liabilities 1,798
-------
Commitments and Contingencies
Shareholders' Equity:
Preferred stock with controlling shareholder,
45,000,000 shares authorized, par value $0.10
per share, 18,000,000 shares issued and
outstanding as of 03/31/2004 2
Additional paid-in capital 410
Accumulated other comprehensive income (loss) 6
Accumulated deficit (123)
-------
295
-------
Total liabilities and shareholders' equity $2,093
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Unaudited Statements of Operations
Three Months Ended March 31, 2004
(in millions)
Revenues $690
Operating expenses:
Cost of access and maintenance 506
Other operating expenses 236
Depreciation and amortization 44
-------
786
-------
Operating loss (96)
Other income (Expense):
Interest expense, net (9)
Other income (expense), net 7
-------
Loss before reorganization items, net & income taxes (98)
Reorganization items, net -
-------
Loss from continuing operations before
provision for income taxes (98)
Provision for income taxes (14)
-------
Net loss ($112)
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows
Three Months Ended March 31, 2004
(in millions)
Cash flows provided by (used in) operating activities:
Net loss ($112)
Adjustments to reconcile net loss to net cash
used in continuing operations:
Depreciation and amortization 44
Reorganization items, net -
Provision for doubtful accounts 1
Deferred reorganization costs (31)
Stock-related expenses 5
Non-cash income tax provision 11
Amortization of prior period IRUs (1)
Other (3)
Changes in operating assets and liabilities 35
-------
Net cash used in operations (51)
Net cash used in reorganization items -
-------
Net cash used in operating activities (51)
-------
Cash flows provided by (used in) investing activities:
Purchases of property and equipment (29)
Proceeds from sale of property and equipment -
Proceeds from sale of equity interest
in holding companies 4
Proceeds from sale of marketable securities -
Change in restricted cash and cash equivalents -
-------
Net cash used in investing activities (25)
-------
Cash flows provided by (used in) financing activities:
Repayment of capital lease obligations (4)
-------
Net cash used in financing activities (4)
-------
Effect of exchange rate changes
on cash & cash equivalents 4
Net decrease in cash and cash equivalents (76)
Cash and cash equivalents, beginning of period 290
-------
Cash and cash equivalents, end of period $214
=======
GLOBAL CROSSING: Files Second Quarter 2004 Operating Report
-----------------------------------------------------------
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Unaudited Balance Sheet
as of June 30, 2004
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents $139
Restricted cash and cash equivalents 14
Accounts receivable, net of allowances
of $111 and $134, respectively 332
Other current assets and prepaid costs 139
-------
Total current assets 624
Property and equipment, net 1,172
Intangible assets, net 71
Other assets 77
-------
Total assets $1,944
=======
LIABILITIES:
Current liabilities not subject to compromise:
Short-term borrowings with controlling shareholder $40
Accounts payable 120
Accrued cost of access 214
Accrued restructuring costs 43
Deferred revenue - current portion 90
Deferred reorganization costs - current portion 81
Other current liabilities 433
-------
Total current liabilities 1,021
-------
Debt with controlling shareholder 200
Obligations under capital leases 171
Deferred revenue 137
Deferred reorganization costs 31
Other deferred liabilities 194
-------
Total liabilities 1,754
-------
Commitments and Contingencies
Shareholders' Equity:
Preferred stock with controlling shareholder,
45,000,000 shares authorized, par value $0.10
per share, 18,000,000 shares issued and
outstanding as of 06/30/2004 and 12/31/2003 2
Common stock, 55,000,000 shares authorized,
par value $0.01 per share, 22,000,000
(6,600,000 with the controlling shareholder)
shares issued and outstanding as of 06/30/2004
and 12/31/2003 -
Additional paid-in capital 417
Accumulated other comprehensive income (loss) 5
Accumulated deficit (234)
-------
190
-------
Total liabilities and shareholders' equity $1,944
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Unaudited Statements of Operations
Three Months Ended June 30, 2004
(in millions)
Revenues $648
Operating expenses:
Cost of access and maintenance 474
Other operating expenses 225
Depreciation and amortization 41
-------
740
-------
Operating loss (92)
Other income (expense):
Interest expense, net (11)
Other income, net 5
-------
Loss before reorganization items, net & income taxes (98)
Reorganization items, net -
-------
Loss from continuing operations before
provision for income taxes (98)
provision for income taxes (13)
-------
Net loss ($111)
=======
Global Crossing Ltd. & Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows
Six Months Ended June 30, 2004
(in millions)
Cash flows provided by (used in) operating activities:
Net loss ($223)
Adjustments to reconcile net loss to net cash
used in continuing operations:
Depreciation and amortization 85
Amortization of prior period IRUs (2)
Stock related expenses 13
Non cash income tax provision 21
Reorganization items, net -
Deferred reorganization costs (58)
Provision for doubtful accounts 7
Non cash other income -
Other (3)
Changes in operating assets and liabilities 20
-------
Net cash used in operations (140)
Net cash used in reorganization items -
-------
Net cash used in operating activities (140)
-------
Cash flows provided by (used in) investing activities:
Purchases of property and equipment (53)
Proceeds from sale of property and equipment 1
Change in restricted cash and cash equivalents (10)
Proceeds from sale of marketable securities 12
Proceeds from sale of equity interest
in holding companies 4
-------
Net cash used in investing activities (46)
-------
Cash flows provided by (used in) financing activities:
Proceeds from short-term borrowings with
controlling shareholder 40
Repayment of capital lease obligations (8)
-------
Net cash provided by (used in) financing activities 32
-------
Effect of exchange rate changes
on cash & cash equivalents 3
Net decrease in cash and cash equivalents (151)
Cash and cash equivalents, beginning of period 290
-------
Cash and cash equivalents, end of period $139
=======
KAISER ALUMINUM: Reports $4.7 Million Net Loss for August 2004
--------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of August 31, 2004
(In Thousands)
ASSETS
Cash $42,672
Receivables:
Trade 128,681
Other 6,512
---------
Total Receivables 135,193
Inventories 156,061
Prepaid expenses and other current assets 23,823
---------
Total current assets 357,749
Investments in and advances to subsidiaries 174,803
Intercompany receivables/payables, net (104,971)
Property, plant, and equipment - net 225,934
Deferred income taxes -
Other assets 819,961
---------
Total Assets $1,473,476
=========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $78,197
Accrued interest 921
Accrued salaries, wages and related expenses 34,192
Accrued post retirement benefit -- current 2,083
Other accrued liabilities 89,505
Payable to affiliates 54,122
Long term debt - current portion 1,237
---------
Total current liabilities 260,257
Long-term liabilities 44,227
Accrued postretirement benefit obligation -
Long-term debt 2,212
Liabilities subject to compromise 2,847,454
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 792
Additional capital 539,088
Accumulated deficit - As of filing date (946,923)
Accumulated deficit - Post filing date (1,190,526)
Accumulated other comprehensive income (loss) (83,760)
Note receivable from parent -
---------
Total Liabilities & Stockholders' Equity $1,473,476
=========
Kaiser Aluminum Corporation -- All Debtors
Statements of Operations
For the Month Ending August 31, 2004
(In Thousands)
Net Sales $120,313
Costs and expenses:
Cost of products sold 107,640
Depreciation & amortization 1,866
Selling, administrative, R&D and general 8,986
Other operating charges (benefits), net 806
---------
Total costs and expenses 119,298
---------
Operating income (loss) 1,015
Other income (expense):
Interest expenses, net (866)
Reorganization items (2,922)
Other-net 1,905
---------
Income (loss) before
income taxes and minority interest (868)
(Provision) benefit for income taxes (2,790)
Minority interests -
Equity in income (loss) of subsidiaries (1,018)
---------
Net income (loss) ($4,676)
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending August 31, 2004
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $91,666
KAII Receivables 36,728
---------
Total Trade Receivables 128,394
Reimbursement from Alpart sales
for CARIFA funding 849
Proceeds from Asset Sales 1,904
---------
Total Receipts 131,147
Disbursements:
Inventory/Raw Materials 39,628
Capital Expenditures 836
Maintenance, Materials, etc. 5,817
Freight 4,679
Utilities/Energy 12,414
Hourly Payroll 7,309
Salaried Payroll 6,314
Hedging Activities 315
VEBA Advances 1,900
Medical - Current and Former Employees 4,389
Annual Insurance Premiums 176
Workmen's Compensation 845
Corporate General and Administrative 2,613
JV Fundings - Alumina 20,526
JV Fundings - Primary, Net of Minority Interest 10,248
Other Disbursements 13,146
---------
Total Operating and G&A Disbursements 131,155
Reorganization Items 1,969
---------
Total Disbursements 133,124
---------
Net Cash Flow (1,977)
Beginning Bank Cash Balances 45,256
---------
Ending Bank Cash Balances 43,279
Reconciling Items (607)
---------
Ending Book Cash Balances $42,672
=========
Headquartered in Houston, Texas, Kaiser Aluminum Corporation --
http://www.kaiseral.com/-- operates in all principal aspects of
the aluminum industry, including mining bauxite; refining bauxite
into alumina; production of primary aluminum from alumina; and
manufacturing fabricated and semi-fabricated aluminum products.
The Company filed for chapter 11 protection on February 12, 2002
(Bankr. Del. Case No. 02-10429). Corinne Ball, Esq., at Jones
Day, represent the Debtors in their restructuring efforts. On
June 30, 2004, the Debtors listed $1.619 billion in assets and
$3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
KEYSTONE CONSOLDIATED: Posts $591,269 Net Loss in September 2004
----------------------------------------------------------------
For the month ending Sept. 30, 2004, Keystone Consolidated
Industries reports a $591,269 net loss in $27,551,160 of net
sales. At Sept. 30, 2004, Keystone Consolidated's balance sheet
shows:
Current Assets $ 83,161,055
Total Assets 314,949,064
Current Liabilities 158,728,454
Stockholders' Deficit $ 18,731,957
A full-text copy of Keystone Consolidated Industries' September
2004 Monthly Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/55604/000005560404000037/exhibit991sep.txt
Headquartered in Dallas, Texas, Keystone Consolidated Industries,
Inc., makes carbon steel rod, fabricated wire products, including
fencing, barbed wire, welded wire and woven wire mesh for the
agricultural, construction and do-it-yourself markets. The Company
filed for chapter 11 protection on Feb. 26, 2004 (Bankr. E.D.
Wisc. Case No. 04-22422). Daryl L. Diesing, Esq., at Whyte
Hirschboeck Dudek S.C., and David L. Eaton, Esq., at Kirkland &
Ellis LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $196,953,000 in total assets and $365,312,000 in total
debts.
MED DIVERSIFIED: Aug. 31 Balance Sheet Upside Down by $43 Million
-----------------------------------------------------------------
Med Diversified, Inc., and its subsidiaries, Chartwell Diversified
Services, Inc., Chartwell Community Services, Inc., Chartwell Care
Givers, Inc., Resource Pharmacy, Inc., Trestle Corporation, and
Tender Loving Care Health Care Services, Inc., recently filed with
the United States Bankruptcy Court for the Eastern District of New
York their August 2004 Monthly Operating Reports. Med Diversified
Inc.'s balance sheet shows:
August 31, 2004
---------------
Total Assets $ 90,395,882
Post-petition Liabilities 4,857,930
Pre-petition Liabilities 128,849,944
Total Liabilities 133,707,874
Stockholders' Deficit $ 43,311,992
Full-text copies of Med Diversified, et al.'s August 2004 Monthly
Operating Reports are available at no charge at:
http://www.sec.gov/Archives/edgar/data/800181/000110465904030193/0001104659-04-030193-index.htm
Headquartered in Handover, Massachusetts, Med Diversified, Inc., -
- http://www.meddiversified.com/-- operates companies in various
segments within health care industry, including pharmacy, home
infusion, multi- media, management, clinical respiratory services,
home medical equipment, home health services and other functions.
The Debtors filed for bankruptcy protection on November 27, 2002
(Bankr. E.D.N.Y. Case No. 02-88564). Toni Marie McPhillips, Esq.,
at Duane Morris LLP, represent Med Diversified. The Court
confirmed Second Amended Plan of Liquidation of Med Diversified,
Inc., by order dated September 10, 2004. The Plan will become
effective on September 17, 2004.
PG&E NATIONAL: ET Power's July 2004 Monthly Operating Report
------------------------------------------------------------
NEGT Energy Trading-Power L.P.
Unaudited Balance Sheet
As of July 31, 2004
ASSETS
Current Assets
Cash $27,108,176
Accounts Receivable 191,506,417
Valuation from Unrealized Commodity Contracts Undetermined
Receivables from Officers/Employees/Affiliates Undetermined
Notes Receivable Stocks 0
Inventory 0
Other Current Assets
Deposits 71,100,770
Prepaids 1,015,000
Other Current Assets 0
--------------
Total Current Assets Undetermined
Fixed Assets
Land -
Building -
Equipment, Furniture & Fixtures 2,847,776
Less Accumulated Depreciation (2,539,166)
Other Fixed Assets -
--------------
Total Fixed Assets 308,610
Other Assets -
--------------
Total Other Assets $0
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Postpetition Liabilities
Accounts Payable $0
Accrued Quarterly Fees 250
Notes Payable 0
Rent and Leases Payable 0
Taxes Payable 0
Accrued Interest 0
Other -
--------------
Total Postpetition Liabilities $250
Prepetition Liabilities
Priority Claims Undetermined
Secured Debts Undetermined
Unsecured Debts Undetermined
--------------
Total Prepetition Liabilities Undetermined
Owner's Equity (Deficit)
Capital Stock/ Owner's Investments Undetermined
Paid-In Capital Surplus Undetermined
Retained Earnings (deficit)
Prepetition Undetermined
Postpetition Undetermined
--------------
Total Owner's Equity Undetermined
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
NEGT Energy Trading-Power L.P.
Unaudited Income Statement
For the Period July 1 to July 31, 2004
Total Sales/Income ($3,306,801)
COST OF SALES:
Purchases of Inventory 0
Purchased Services 0
Other: (Identify) 0
Cost of Commodities (53,126)
--------------
Total Cost of Sales (53,126)
--------------
Gross Profit (3,253,676)
OPERATING EXPENSES:
Bank Fee Charges 133
Bad Debt Expense 0
Communications 0
Entertainment 0
Fixed Assets Depreciation 61,722
Indirect Allocations 339,125
Legal Fees 0
Realized(Gain)/Loss on Foreign Exchange (1,245)
Unrealized(Gain)/Loss on Foreign Exchange 969
Other 400
Training 0
Travel 0
--------------
Total Operating Expenses 401,104
--------------
Profit/Loss from Operation (3,654,779)
Other Income (Expenses):
Interest Income 337,931
Interest Expense 0
Other Income(Expenses) 0
--------------
Total Other Income (Expenses) 337,931
--------------
Income Before Taxes ($3,316,849)
Income Taxes Expense (Benefit) Undetermined
--------------
Net Income Undetermined
==============
NEGT Energy Trading-Power L.P.
Cash Reconciliation Report
For the Period July 1 to July 31, 2004
Cash balance from prior balance sheet $27,090,489
Pre-tax Net income for month (3,316,849)
Expense Not Requiring Cash:
Depreciation 61,722
(Gain) Loss on sale of fixed assets 0
Unrealized (Gain) loss on foreign exchange 969
Relief of Allowance for Doubtful Accounts 0
--------------
Total Expenses Not Requiring Cash 62,691
--------------
Total Cash from Operations 23,836,330
Other sources/uses of cash:
Decrease (Incr):
Accounts Receivable Non-Affiliate (124,524)
Accounts Receivable Affiliate 5,590,884
Inventory 0
Equipment 0
Furniture & Fixtures 0
Prepaids 0
Deposits 0
Other Current Assets 0
Increase (Decr):
Accounts Payable Non-Affiliates 69,902
Accounts Payable Affiliates (2,264,417)
Current Deferred Liabilities 0
Accrued Liabilities 0
Accrued Interest 0
Accrued P/R Taxes 0
Accrued Professional Fees 0
Accrued Salaries 0
Accrued Sales Tax 0
Note Payable Taxes 0
--------------
Total Other Sources & Uses of Cash 3,271,846
Total Cash from Investing - Sale of Fixed Assets 0
--------------
Ending Cash Balance $27,108,176
==============
Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- develops, builds, owns and operates
electric generating and natural gas pipeline facilities and
provides energy trading, marketing and risk-management services.
The Company filed for Chapter 11 protection on July 8, 2003
(Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $7,613,000,000 in assets and
$9,062,000,000 in debts. (PG&E National Bankruptcy News, Issue No.
29; Bankruptcy Creditors' Service, Inc., 215/945-7000)
PG&E NATIONAL: USGen's July 2004 Monthly Operating Report
---------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of July 31, 2004
ASSETS
Cash and Cash Equivalents $210,957,312
Accounts Receivable 136,978,906
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 50,464,168
Prepaid Expenses 22,877,849
Risk Management Asset - Current -
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 1,456,297,636
Construction Work in Progress 39,794,794
Intangible Asset $5,283,078
Support Payment Receivable - Non-current Undetermined
Risk Management Asset - Non-current -
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $20,383,543
Accrued Liabilities 94,912,159
Risk Management Liability - Current -
--------------
Total Current Liabilities 115,295,702
Deferred Income Taxes 75,982,772
Risk Management Liability - Non-current -
Other Liabilities 9,578,849
--------------
Total Postpetition Liabilities 200,857,323
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Current Debt 84,770,293
Out of Market Liabilities - Current 28,418,493
Out of Market Liabilities - Non-current 213,514,099
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income (4,832,896)
Retained Earnings (264,306,572)
--------------
Total Shareholder's Equity $1,072,597,461
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period July 1 to July 31, 2004
REVENUE:
Contract Revenue $53,997,093
Market Energy 13,041,518
Ancillary Products 597,318
Market Capacity 252,500
Power Hedges -
Other Revenue (3,310,965)
--------------
Total Revenue 64,577,465
FUEL COSTS:
Contract Expense 8,269,805
Fuel Expense 25,309,788
Fuel Hedges (320,369)
--------------
Total Fuel Costs 33,259,224
--------------
Gross Profit 31,318,240
OPERATING EXPENSES:
Direct Labor 4,680,439
Direct Materials 1,079,249
Direct Subcontractor Services 2,328,411
Other Operating 2,139,902
Bonus Accrual, Union and non-union 405,808
Ash Disposal 1,103,368
--------------
Total Station Operating Expenses 11,737,178
Corporate Expense:
Corporate Labor 543,555
Bonus 111,891
Travel and Entertainment 17,551
Insurance 489,384
Professional Services 3,563,242
Other General Administrative 401,595
--------------
Total Corporate Expenses 5,127,217
General Expenses:
Property Taxes 3,266,040
Interconnect Cost 110,677
Depreciation 5,589,553
--------------
Total General Expenses 8,966,271
--------------
Total Operating Expenses 25,830,665
--------------
Total Operating Income 5,487,575
Other Income (Expenses):
Lease Expense (400,000)
Interest Income - NEES Receivable 1,844,315
Income - Other 217,039
Expense - Other -
Gain -
Bank and LC Fees (56,725)
--------------
Total Other Income (Expenses) 1,604,629
--------------
Income Before Tax 7,092,204
Income Taxes 2,975,063
--------------
Net Income $4,117,141
==============
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period July 1 to July 31, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $4,117,141
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 5,589,553
Amortization 548,167
Loss on disposal of fixed assets -
Change in assets and liabilities:
Accounts receivable (Increase) (10,913,562)
Inventory (Increase) 3,623,065
Prepaid, Deposits & Other (Increase) 4,975,912
Deferred Income Taxes (Decrease) (1,531,415)
Accounts Payable (Decrease) (3,493,864)
Accrued Liabilities (Decrease) 1,374,275
Liabilities - Other (Decrease) (1,960,608)
Prepetition Assets (Increase) -
Prepetition Liabilities (Decrease) -
Equity - Other (Increase) 1,523,703
--------------
Net cash (used in) provided by
operating activities 3,852,366
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment (3,945,276)
Change in Investment in Subsidiary (82)
Support payments received - principle 5,759,035
--------------
Net cash (used in) provided by investing
activities 1,813,677
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 5,666,043
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 205,291,269
--------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $210,957,312
==============
Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- develops, builds, owns and operates
electric generating and natural gas pipeline facilities and
provides energy trading, marketing and risk-management services.
The Company filed for Chapter 11 protection on July 8, 2003
(Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $7,613,000,000 in assets and
$9,062,000,000 in debts. (PG&E National Bankruptcy News, Issue No.
29; Bankruptcy Creditors' Service, Inc., 215/945-7000)
PG&E NATIONAL: USGen's August 2004 Monthly Operating Report
-----------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of August 31, 2004
ASSETS
Cash and Cash Equivalents $232,421,608
Accounts Receivable 141,803,947
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 42,781,749
Prepaid Expenses 23,707,943
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 1,450,893,852
Construction Work in Progress 43,572,773
Intangible Asset $4,735,001
Support Payment Receivable - Non-current Undetermined
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $25,381,271
Accrued Liabilities 99,801,337
Risk Management Liability - Current -
--------------
Total Current Liabilities 125,182,608
Deferred Income Taxes 74,427,616
Risk Management Liability - Non-current -
Other Liabilities 8,767,933
--------------
Total Postpetition Liabilities 208,378,157
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Current Debt 84,770,293
Out of Market Liabilities - Current 27,888,665
Out of Market Liabilities - Non-current 211,256,932
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income (3,565,791)
Retained Earnings (259,622,930)
--------------
Total Shareholder's Equity $1,084,548,208
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period August 1 to August 31, 2004
REVENUE:
Contract Revenue $53,211,928
Market Energy 10,668,372
Ancillary Products 1,580,724
Market Capacity 477,500
Power Hedges -
Other Revenue (1,736,267)
--------------
Total Revenue 64,202,257
FUEL COSTS:
Contract Expense 8,709,958
Fuel Expense 24,669,944
Fuel Hedges (314,133)
--------------
Total Fuel Costs 33,065,769
--------------
Gross Profit 31,136,488
OPERATING EXPENSES:
Direct Labor 4,362,562
Direct Materials 1,510,094
Direct Subcontractor Services 1,389,254
Other Operating 1,521,813
Bonus Accrual, Union and non-union 419,661
Ash Disposal 988,806
--------------
Total Station Operating Expenses 10,192,189
Corporate Expense:
Corporate Labor 556,389
Bonus 881,891
Travel and Entertainment 20,802
Insurance 553,210
Professional Services 3,449,548
Other General Administrative 206,112
--------------
Total Corporate Expenses 5,667,953
General Expenses:
Property Taxes 3,266,040
Interconnect Cost 111,279
Depreciation 5,584,283
--------------
Total General Expenses 8,961,601
--------------
Total Operating Expenses 24,821,744
--------------
Total Operating Income 6,314,744
Other Income (Expenses):
Lease Expense (400,000)
Interest Income - NEES Receivable 1,807,136
Income - Other 280,839
Expense - Other -
Gain -
Bank and LC Fees (56,725)
--------------
Total Other Income (Expenses) 1,631,250
--------------
Income Before Tax 7,945,994
Income Taxes 3,262,352
--------------
Net Income $4,683,642
==============
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period August 1 to August 31, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $4,683,642
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 5,584,283
Amortization 548,167
Loss on disposal of fixed assets -
Change in assets and liabilities:
Accounts receivable (Increase) (4,392,219)
Inventory (Increase) 7,682,419
Prepaid, Deposits & Other (Increase) (830,094)
Deferred Income Taxes (Decrease) (1,555,156)
Accounts Payable (Decrease) 4,997,728
Accrued Liabilities (Decrease) 4,889,178
Liabilities - Other (Decrease) (3,597,911)
Prepetition Assets (Increase) 2,877,307
Prepetition Liabilities (Decrease) (2,527,799)
Equity - Other (Increase) 1,267,105
--------------
Net cash (used in) provided by
operating activities 19,626,650
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment (3,958,478)
Change in Investment in Subsidiary (89)
Support payments received - principle 5,796,214
--------------
Net cash (used in) provided by investing
activities 1,837,647
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 21,464,297
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 210,957,312
--------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $232,421,609
==============
Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- develops, builds, owns and operates
electric generating and natural gas pipeline facilities and
provides energy trading, marketing and risk-management services.
The Company filed for Chapter 11 protection on July 8, 2003
(Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $7,613,000,000 in assets and
$9,062,000,000 in debts. (PG&E National Bankruptcy News, Issue No.
29; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SONICBLUE INC: Releases August 2004 Monthly Operating Report
------------------------------------------------------------
At Aug. 31, 2004, SONICblue Incorporated reports that it is
sitting on $79,563,499 of cash, has accrued $444,427 in
postpetition liabilities and faces a $236,904,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s August 2004 Operating Report
is available at no charge at:
http://www.sec.gov/Archives/edgar/data/850519/000095013404014878/f02323exv99w1.txt
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed voluntary petitions for bankruptcy under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Northern District of California,
San Jose Division (Case No. 03-51775).
TOUCH AMERICA: Files August 2004 Monthly Operating Report
---------------------------------------------------------
On June 19, 2003, Touch America Holdings, Inc., and subsidiaries
Touch America, Inc., Touch America Intangible Holding Company,
LLC, Touch America Purchasing Company, LLC, Entech, LLC, American
Fiber Touch, LLC, and Sierra Touch America, LLC, filed for Chapter
11 bankruptcy protection in the United States Bankruptcy Court for
the District of Delaware. These cases are jointly administered
under Touch America Holdings, Inc., case number 03-11915.
Touch America Holdings, Inc.'s balance sheet shows:
August 31, 2004
---------------
Current Assets $687,150,467.97
Total Assets 612,376,884.51
Postpetition Debts 36,649,673.36
Pre-petition Debts 252,752,914.51
Total Liabilities 289,402,587.87
Net Owner's Equity $322,974,296.64
A full-text copy of the Debtors' August 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1144835/000110465904030255/a04-11092_1ex99df.htm
Headquartered in Butte, Montana, Touch America Holdings, Inc.,
through its principal operating subsidiary, Touch America, Inc.,
develops, owns, and operates data transport and Internet services
to commercial customers. The Company filed for chapter 11
protection on June 19, 2003 (Bankr. D. Del. Case No. 03-11915).
Maureen D. Luke, Esq. and Robert S. Brady, Esq. at Young Conaway
Stargatt & Taylor, LLP represent the Debtor. When the Company
filed for bankruptcy protection, it listed $631,408,000 in total
assets and $554,200,000 in total debts.
On Dec. 23, 2003, Touch America sold substantially all of its
Internet services, private line, and dark fiber assets to
360networks, a Vancouver, Canada based corporation for
$28,000,000. On Dec. 23, 2003, Touch America also sold certain
dark fiber assets to Qwest Communications, Inc., for $8,000,000.
With the exception of certain wireless services, Touch America
ceased operations as of Feb. 29, 2004.
On July 12, 2004, Touch America filed its Joint Disclosure
Statement and Chapter 11 Liquidating Plan. On Oct. 4, 2004, the
U.S. Bankruptcy Court, District of Delaware confirmed the Touch
America Holding, Inc. et. al. Amended Joint Liquidating Plan.
It is contemplated that funds will be available for distribution
to unsecured creditors. At the confirmation hearing, the
financial advisors to Touch America estimated that the minimum
distribution to unsecured creditors of approximately 65%. The
actual distribution could however vary significantly.
USG CORP: Posts $29.4 Million Net Earnings in August 2004
---------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-August-2004
_____________________________ ______________
Assets:
Cash and cash equivalents $437,075,000
Marketable Securities 97,305,000
Restricted Cash 18,773,000
Receivables 421,382,000
Inventories 310,110,000
Income taxes receivable 19,600,000
Deferred income taxes 48,199,000
Other current assets 43,747,000
-------------
Total current assets 1,396,191,000
Property, plant and equipment, net 1,571,861,000
Marketable Securities 253,166,000
Deferred income taxes 140,333,000
Goodwill 41,201,000
Other assets 351,502,000
-------------
Total Assets $3,754,254,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $222,469,000
Accrued expenses 172,873,000
Taxes on income 56,621,000
-------------
Total current liabilities 451,963,000
Other liabilities 417,157,000
Liabilities subject to compromise 2,238,294,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (258,024,000)
Capital received in excess of par value 101,603,000
Accumulated other comprehensive income/(loss) 7,013,000
Retained earnings 791,250,000
-------------
Total stockholders' equity 646,840,000
-------------
Total Liabilities and Stockholders' Equity $3,754,254,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-August-2004
_____________________________ ______________
Net sales $366,263,000
Cost of products sold 294,275,000
Selling and administrative expenses 23,608,000
Chapter 11 reorganization expenses (793,000)
Interest expense 272,000
Interest income (138,000)
Other (income)/expense, net (186,000)
-------------
Earnings/(loss) before income taxes 49,225,000
Income taxes (benefit) 19,873,000
-------------
Net Earnings/(loss) $29,352,000
=============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 73; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo and Peter A. Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***