/raid1/www/Hosts/bankrupt/TCR

/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 http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $675 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***