/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/041204.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, December 4, 2004, Vol. 8, No. 267 Headlines AVADO BRANDS: Posts $3.7 Million Net Loss in October 2004 COVANTA WTE: Posts $944,818 Net Loss in September 2004 DII/KBR: Posts $355 Million Net Loss for Third Quarter 2004 FINOVA GROUP: Posts $46.6 Million Net Loss in September 2004 FINOVA CAPITAL: Earns $16 Million of Net Income in September 2004 FINOVA CAPITAL plc: Earns $99.3 Million of Net Income in September FINOVA: Loan Administration's Third Quarter 2004 Results FINOVA: Mezzanine's Sept. 2004 Net Income Nears $12 Million HAWAIIAN AIRLINES: Posts $1.3 Million Net Loss in October 2004 INTERSTATE BAKERIES: Schedules of Assets & Liabilities INTERSTATE BAKERIES: Armour & Main's Schedules of Assets & Debts INTERSTATE BAKERIES: Baker's Inn Schedules of Assets & Liabilities INTERSTATE BAKERIES: Interstate Brands Schedules of Assets & Debts INTERSTATE BAKERIES: N.E. Bakery's Schedules of Assets & Debts INTERSTATE BAKERIES: IBC Sales' Schedules of Assets & Liabilities INTERSTATE BAKERIES: IBC Services' Schedules of Assets & Debts INTERSTATE BAKERIES: IBC Trucking's Schedules of Assets & Debts MIRANT CORP: Earns $17.8 Million of Net Income in August 2004 MIRANT CORP: Posts $83.9 Million Net Loss in September 2004 MIRANT: MAGi Earns $56.6 Million of Net Income in August 2004 MIRANT: MAGi Posts $106 Million Net Loss in September 2004 PARMALAT USA: Releases Monthly Operating Report Ended Oct. 23 PARMALAT: Milk Products' October 2004 Monthly Operating Report PARMALAT: Farmland Dairies' October 2004 Monthly Operating Report RELIANCE GROUP: Posts $84.5 Million Net Loss in October 2004 RELIANCE GROUP: RIC Liquidator's Third Quarter Status Report TRUMP HOTELS: Trump Casino Funding's Schedules of Assets & Debts TRUMP HOTELS: Trump Casino Holdings' Schedules of Assets & Debts TRUMP HOTELS: Trump Indiana Casino's Schedules of Assets & Debts TRUMP HOTELS: Trump Indiana Realty's Schedules of Assets & Debts TRUMP HOTELS: Trump Internet Casino's Schedules of Assets & Debts TRUMP HOTELS: Trump Marina Associates' Schedules of Assets & Debts TRUMP HOTELS: Trump Plaza Associates' Schedules of Assets & Debts TRUMP HOTELS: Plaza Funding Inc.'s Schedules of Assets & Debts TRUMP HOTELS: TAC Associates' Schedules of Assets & Liabilities TRUMP HOTELS: TAC Funding Inc.'s Schedules of Assets & Debts TRUMP HOTELS: TAC Funding II's Schedules of Assets & Debts TRUMP HOTELS: TAC Funding III's Schedules of Assets & Debts TRUMP HOTELS: TAC Holding Inc.'s Schedules of Assets & Debts TRUMP HOTELS: Taj Mahal Associates' Schedules of Assets & Debts TRUMP HOTELS: THCR Development Co.'s Schedules of Assets & Debts TRUMP HOTELS: THCR Enterprises Inc.'s Schedules of Assets & Debts TRUMP HOTELS: THCR Enterprises LLC's Schedules of Assets & Debts TRUMP HOTELS: THCR Funding Inc.'s Schedules of Assets & Debts TRUMP HOTELS: THCR Holding Corp.'s Schedules of Assets & Debts TRUMP HOTELS: THCR Holdings LP's Schedules of Assets & Debts TRUMP HOTELS: THCR Inc.'s Schedules of Assets & Debts TRUMP HOTELS: THCR LP Corp.'s Schedules Of Assets & Debts TRUMP HOTELS: THCR Mgt. Holding's Schedules of Assets & Debts TRUMP HOTELS: THCR Ventures, Inc.'s Schedules of Assets & Debts TRUMP HOTELS: Trump Atlantic City's Schedules of Assets & Debts UAL CORPORATION: Posts $114 Million Net Loss in October 2004 WESTPOINT STEVENS: Posts $20.2 Million Net Loss in October 2004 ********* AVADO BRANDS: Posts $3.7 Million Net Loss in October 2004 --------------------------------------------------------- Avado Brands, Inc., the owner and operator of the Don Pablo's and Hops restaurant chains, delivered its October 2004 monthly operating report to the U.S. Bankruptcy Court for the Northern District of Texas. For the period ended Oct. 24, 2004, Don Pablo's reported $794,000 of net income, Hops reported a net loss of $930,000 and $3,584,000 of net losses at the corporate level resulted in a consolidated net loss of $3,720,000. A full-text copy of Avado Brands, Inc.'s October Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/849101/000084910104000034/moroct.txt Headquartered in Madison, Georgia, Avado Brands, Inc. -- http://www.avado.com/-- owns and operates two proprietary brands comprised of 102 Don Pablo's Mexican Kitchens and 37 Hops Grillhouse & Breweries. The company recently introduced a new Hops City Grille concept that is currently in test in Florida. The Company and its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 4, 2004 (Bankr. N.D. Tex. Case No. 04-31555). Deborah D. Williamson, Esq., and Thomas Rice, Esq., at Cox & Smith Incorporated, represent the Debtors in their restructuring efforts. Miller Buckfire Lewis Ying & Co., LLC, is providing financial advisory services. When the Debtors filed for protection from its creditors, they listed $228,032,000 in total assets and $263,497,000 in total debts. COVANTA WTE: Posts $944,818 Net Loss in September 2004 ------------------------------------------------------ The WTE Debtors are: -- Covanta Warren Energy Resource Co., L.P., -- Covanta Warren Holdings I, Inc., -- Covanta Warren Holdings II, Inc., and -- Covanta Lake II, Inc. WTE Debtors Consolidated Balance Sheet As of September 30, 2004 ASSETS Cash $3,668,980 Inventory - Accounts receivable 36,443,354 Land - Machinery, fixtures and equipment 97,070,938 Restricted funds 14,223,743 Other current assets 29,939 Other assets 3,415,319 ------------ Total assets $154,852,273 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Postpetition Liabilities: Subject to postpetition collateral or financing order - Advances from parent and affiliates $17,333,915 Accounts payable and other liabilities 7,758,036 ------------ Total postpetition liabilities 25,091,951 Prepetition Liabilities: Project Debt 84,259,526 Advances from parent and affiliates 37,185,761 Liabilities Subject to Compromise 3,525,224 Taxes/Others - ------------ Total Prepetition Liabilities 124,970,511 ------------ Shareholders' Equity: Capital stock - Capital surplus 5,820 Retained earnings - prepetition 15,866,416 Retained earnings - postpetition (11,082,425) ------------ Total Shareholders' Equity 4,789,811 ------------ Total Liabilities and Shareholders' Equity $154,852,273 ============ WTE Debtors Consolidated Statements of Operations From September 1 to September 30, 2004 INCOME: Service, electric and construction revenue $1,221,101 Waste-to-Energy project debt revenue 982,604 ------------ Total Income 2,203,705 EXPENSES: Operating and construction costs 2,241,287 Waste-to-Energy project debt expense 407,109 Depreciation and amortization expense 337,924 Other - Net - Cost allocations from parent & affiliates 160,000 Gain on sale of businesses - ------------ Total Expenses 3,146,320 ------------ NET OPERATING PROFIT/(LOSS) (942,615) Non-Operating Income/(Expense) Reorganization costs - Interest expense (2,203) ------------ Total Non-Operating Income (Expense) (2,203) Income Taxes - Income before cumulative effect of accounting Change (944,818) ------------ NET INCOME ($944,818) ============ WTE Debtors Consolidated Cash Flow Statements From September 1 to September 30, 2004 Net income ($944,818) Depreciation and amortization 316,161 Receivables 1,124,869 Other assets (2,305) Payables and accrued expenses 701,683 Other liabilities - Property, plant and equipment expenditures (75,520) Restricted funds, net (1,398,863) (Repayments) issuance of debt, net - Advances from parents & affiliates 162,870 ------------ (115,923) Cash, beginning balance 3,784,903 ------------ Cash, ending balance $3,668,980 ============ Headquartered in Fairfield, New Jersey, Covanta Energy Corporation -- http://www.covantaenergy.com/-- is a publicly traded holding company whose subsidiaries develop, own or operate power generation facilities and water and wastewater facilities in the United States and abroad. The Company filed for Chapter 11 protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826). Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary, Gottlieb, Steen & Hamilton, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $3,280,378,000 in assets and $3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy Corporation and its core subsidiaries emerged from chapter 11 as a wholly owned subsidiary of Danielson Holding Corporation. Some of Covanta's non-core subsidiaries have liquidated under separate chapter 11 plans. (Covanta Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service, Inc., 215/945-7000) DII/KBR: Posts $355 Million Net Loss for Third Quarter 2004 ----------------------------------------------------------- DII Industries, LLC Debtors-in-Possession Unaudited Condensed Combined Balance Sheets As of September 30, 2004 (dollars in millions) Assets Current assets: Cash and equivalents $67 Receivables: Trade, net 142 Unbilled insurance for asbestos & silica-related liabilities 873 Intercompany, net 52 Unbilled work on uncompleted contracts 151 Other, net 56 ---------- Total receivables, net 1,274 Inventories 20 Right to Halliburton shares 1,547 Restricted cash - prepetition liability payments 144 Other current assets 54 ---------- Total current assets 3,106 Property, plant, and equipment, net 94 Goodwill, net 188 Investments in majority-owned subsidiaries 1,223 Insurance for asbestos & silica-related liabilities 488 Non-current deferred income taxes 600 Other assets 326 ---------- Total assets $6,025 ========== Liabilities and Shareholders' Equity Current liabilities: Accounts payable $270 Accrued employee compensation and benefits 6 Advance billings on uncompleted contracts 67 Prepetition liabilities not subject to compromise 375 Current prepetition asbestos & silica-related liabilities subject to compromise 2,415 Other current liabilities - ---------- Total current liabilities 3,133 Prepetition liabilities not subject to compromise 128 Non-current prepetition asbestos & silica-related liabilities subject to compromise 2,029 Other liabilities 26 ---------- Total liabilities 5,316 ---------- Shareholders' equity 709 ---------- Total liabilities and shareholders' equity $6,025 ========== DII Industries, LLC Debtors-in-Possession Unaudited Condensed Combined Statement of Operations Three Months Ended September 30, 2004 (dollars in millions) Revenues $384 Equity in earnings (losses) of majority-owned subsidiaries (199) ---------- Total revenues 185 Operating costs and expenses 289 ---------- Operating loss (104) Non-operating income 17 ---------- Loss from continuing operations before income taxes (87) Income tax (provision) benefit (39) ---------- Loss from continuing operations (126) Loss from discontinued operations, net of tax benefit of $73 and $219 (229) ---------- Net loss ($355) ========== Debtors-in-Possession Unaudited Condensed Combined Statement of Cash Flows Nine Months Ended September 30, 2004 (dollars in millions) Total cash flows from operating activities ($495) ---------- Total cash flows from investing activities (10) ---------- Total cash flows from activities with Halliburton 457 ---------- Effect of exchange rate changes on cash 7 Decrease in cash and equivalents (41) Cash and equivalents at beginning of period 108 ---------- Cash and equivalents at end of period $67 ========== A full-text copy of DII Industries, LLC' Third Quarter 2004 Financial Report is available for free at: http://sec.gov/Archives/edgar/data/45012/000004501204000313/edsept04_final.htm Headquartered in Houston, Texas, DII Industries, LLC, is the direct or indirect parent of BPM Minerals, LLC, Kellogg Brown & Root, Inc., Mid-Valley, Inc., KBR Technical Services, Inc., Kellogg Brown & Root Engineering Corporation, Kellogg Brown & Root International, Inc., (Delaware), and Kellogg Brown & Root International, Inc., (Panama). KBR and its subsidiaries provide a wide range of services to energy and industrial customers and government entities in over 100 countries. DII has no business operations. DII and its debtor-affiliates filed a prepackaged chapter 11 petition on December 16, 2003 (Bankr. W.D. Pa. Case No. 02-12152). Jeffrey N. Rich, Esq., Michael G. Zanic, Esq., and Eric T. Moser, Esq., at Kirkpatrick & Lockhart LLP, represent the Debtors in their restructuring efforts. On June 30, 2004, the Debtors listed $6.255 billion in total assets and $5.295 billion in total liabilities. (DII & KBR Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., 215/945-7000) FINOVA GROUP: Posts $46.6 Million Net Loss in September 2004 ------------------------------------------------------------ The FINOVA Group, Inc. Unaudited Condensed Balance Sheet As of September 30, 2004 (In Thousands) Assets Current Assets: Cash and cash equivalents $0 Financing Assets: Loans and other financing contracts, net - Direct Financing leases - Leverage leases - --------- Total financing assets - Reserve for credit losses - --------- Net Financing assets - Other Financial Assets: Operating leases - Assets held for sale - Assets held for the production income - Investments 21,239 Net assets of discontinued operations - --------- Total other financial assets 21,239 --------- Total Financial Assets 21,239 Other assets 15,235 Due from subsidiaries 24,185 Investment in subsidiaries (793,242) Intercompany note 2,730,449 --------- Total Assets $1,997,866 ========= Liabilities and Stockholders' Equity Liabilities: Berkadia loan - Intercompany note - Senior Notes, net - Reorganized Company $1,810,398 Senior debt - Predecessor Company - --------- Total debt 1,810,398 Accounts payable and accrued expenses 69,927 Deferred income taxes, net - --------- Total Liabilities 1,880,325 Stockholders' Equity: Common Stock 1,259 Additional capital 108,256 Accumulated earnings 8,562 Common stock in treasury (536) --------- Total Stockholders' Equity 117,541 --------- Total Liabilities and Stockholders' Equity $1,997,866 ========= The FINOVA Group, Inc. Unaudited Condensed Statements of Operations Nine Months Ended September 30, 2004 (In Thousands) Revenues: Interest, fees and other income $118 Intercompany interest income 159,643 Rental income - Operating leases income - --------- Total Revenues 159,643 Interest expense (194,486) Intercompany interest expense - Operating lease and other depreciation - --------- Interest Margin (34,843) Other Revenues and (Expenses): Reversal of provision for credit losses - Net (loss) gain on financial assets - Operating expenses (11,972) Gain from extinguishments of debt, net - Net reorganization expense - --------- Total Other Revenues and (Expenses) (11,972) --------- Loss from continuing operations before income taxes (46,615) Income tax expense - --------- Loss from continuing operations (46,615) Discontinued operations, net of tax - Net loss on disposal of operations, net of tax - --------- Net Loss ($46,615) ========= Headquartered in Scottsdale, Arizona, The Finova Group, Inc., provides commercial financing to small and mid-sized businesses; other services include factoring, accounts receivable management, and equipment leasing. The firm has three segments: Commercial Finance, Specialty Finance, and Capital Markets. FINOVA targets such markets as transportation, wholesaling, communication, health care, and manufacturing. Loan write-offs had put the firm on shaky ground. The Company and its debtor-affiliates and subsidiaries filed for Chapter 11 protection on March 7, 2001 (U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, P.A., represents the Debtors. FINOVA has since emerged from Chapter 11 bankruptcy. Financial giants Berkshire Hathaway and Leucadia National Corporation (together doing business as Berkadia) own FINOVA through the almost $6 billion lent to the commercial finance company. FINOVA CAPITAL: Earns $16 Million of Net Income in September 2004 ----------------------------------------------------------------- FINOVA Capital Corporation Unaudited Condensed Balance Sheet As of September 30, 2004 (In Thousands) Current Assets: Cash and cash equivalents $493,463 Restricted cash 29,679 Financing Assets: Loans and other financing contracts, net 509,657 Direct Financing Leases 119,516 Leveraged leases - --------- Total financing assets 629,173 Reserve for credit losses (121,333) --------- Net Financing assets 507,840 Other Financial assets: Operating Leases 58,303 Assets held for sale 86,923 Assets held for the production of income 25,155 Investments 4,194 Net assets of discontinued operations - --------- Total other financial assets 174,575 --------- Total Financial Assets 682,415 Other Assets 3,889 Due from subsidiaries - Investment in subsidiaries 1,914 Intercompany loans 156,494 --------- Total Assets $1,367,854 ========= Liabilities and Stockholders' Equity Liabilities: Berkadia Loan - Intercompany note $2,818,065 Senior Notes, net -- Reorganized Company - Senior debt - Predecessor Company - --------- Total debt 2,818,065 Accounts payable and accrued expenses 41,201 Deferred income taxes, net 4,964 --------- Total liabilities 2,864,230 Stockholders' equity: Common Stock 25 Additional capital (793,267) Accumulated deficit (728,036) Accumulated other comprehensive (loss) income 717 Related party transactions 24,185 --------- Total Stockholders' equity (1,496,376) --------- Total Liabilities and Stockholders' Equity $1,367,854 ========= FINOVA Capital Corporation Unaudited Condensed Statements of Operations Nine Months Ended September 30, 2004 (In Thousands) Revenues: Interest, fees and other income $96,173 Intercompany interest income - Rental income 10,897 Operating lease income 34,054 --------- Total revenues 141,124 Interest Expense (1,530) Intercompany interest expense (163,493) Operating lease and other depreciation (10,095) --------- Interest Margin (33,994) Other Revenues and (Expenses): Reversal of provision for credit losses 44,383 Net gain on financial assets 41,135 Operating expenses (35,508) Gain from extinguishments of debt, net - Net reorganization expense - --------- Total other Revenues and (expenses) 50,010 --------- (Loss) income from operations before income taxes 16,016 Income tax expense - --------- (Loss) income from continuing operations 16,016 Discontinued operations, net of tax - Net loss on disposal of operations, net of tax - --------- Net (Loss) income $16,016 ========= Headquartered in Scottsdale, Arizona, The Finova Group, Inc., provides commercial financing to small and mid-sized businesses; other services include factoring, accounts receivable management, and equipment leasing. The firm has three segments: Commercial Finance, Specialty Finance, and Capital Markets. FINOVA targets such markets as transportation, wholesaling, communication, health care, and manufacturing. Loan write-offs had put the firm on shaky ground. The Company and its debtor-affiliates and subsidiaries filed for Chapter 11 protection on March 7, 2001 (U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, P.A., represents the Debtors. FINOVA has since emerged from Chapter 11 bankruptcy. Financial giants Berkshire Hathaway and Leucadia National Corporation (together doing business as Berkadia) own FINOVA through the almost $6 billion lent to the commercial finance company. FINOVA CAPITAL plc: Earns $99.3 Million of Net Income in September ------------------------------------------------------------------ FINOVA Capital plc Unaudited Condensed Balance Sheet As of September 30, 2004 (In Thousands) Assets: Cash and cash equivalents $15,858 Financing Assets: Loans and other financing contracts, net 28,669 Direct financing leases 45,025 Leverage leases - --------- Total financing assets 73,694 Reserve for credit losses (25,496) --------- Net financing assets (48,198) Other Financial Assets: Assets held for sale - Operating leases 2,606 Assets held for the production of income 5,635 Investments - Net assets of discontinued operations - --------- Total other financial assets 8,241 --------- Total Financial Assets 56,439 Other assets 965 Intercompany loans - Investment in subsidiaries - Due from subsidiaries - --------- Total Assets $73,262 ========= Liabilities and Stockholders' Equity Liabilities: Berkadia Loan - Intercompany note $153,000 Senior Notes, net - Reorganized Company - Senior debt - Predecessor Company - --------- Total debt 153,000 Accounts payable and accrued expenses 14,337 Deferred income taxes, net - --------- Total Liabilities 167,337 Stockholders' Equity: Common Stock - Additional capital (18,383) Accumulated earnings (deficit) (75,555) Accumulated other comprehensive income (loss) (137) Related party transactions - --------- Total Stockholders' Equity (94,075) --------- Total Liabilities and Stockholders' Equity $73,262 ========= FINOVA Capital plc Unaudited Condensed Statements of Operations Nine Months Ended September 30, 2004 (In Thousands) Revenues: Interest, fees and other income $16,190 Intercompany interest income - Rental income 8,782 Operating lease income 2,525 --------- Total Revenues 27,497 Interest Expense (70) Intercompany interest expense (3,119) Operating lease and other depreciation (1,032) --------- Interest Margin 23,276 Other Revenues and (Expenses): Reversal of provision for credit losses 62,128 Net gain on financial assets 16,846 Operating expenses (2,961) Gain from extinguishments of debt, net - --------- Total Other Revenues and (Expenses) 76,013 --------- Income from continuing operations before income taxes 99,289 Income tax expense - --------- Income from continuing operations 99,289 Discontinued operations, net of tax - Net loss on disposal of operations, net of tax - --------- Income (loss) before extraordinary item - --------- Net Income $99,289 ========= Headquartered in Scottsdale, Arizona, The Finova Group, Inc., provides commercial financing to small and mid-sized businesses; other services include factoring, accounts receivable management, and equipment leasing. The firm has three segments: Commercial Finance, Specialty Finance, and Capital Markets. FINOVA targets such markets as transportation, wholesaling, communication, health care, and manufacturing. Loan write-offs had put the firm on shaky ground. The Company and its debtor-affiliates and subsidiaries filed for Chapter 11 protection on March 7, 2001 (U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, P.A., represents the Debtors. FINOVA has since emerged from Chapter 11 bankruptcy. Financial giants Berkshire Hathaway and Leucadia National Corporation (together doing business as Berkadia) own FINOVA through the almost $6 billion lent to the commercial finance company. FINOVA: Loan Administration's Third Quarter 2004 Results -------------------------------------------------------- FINOVA Loan Administration, Inc., reports no asset and liability at September 30, 2004. FINOVA Loan Administration, Inc. Unaudited Condensed Statements of Operations Nine Months Ended September 30, 2004 (In Thousands) Revenues: Interest, fees and other income - Intercompany interest income - Rental income - Operating lease income - --------- Total revenues - Interest expense - Intercompany interest expense ($27) Operating lease and other depreciation - --------- Interest Margin (27) Other Revenues and (Expenses): Reversal of provision for credit losses - Net gain (loss) on financial assets - Operating expenses - Gain from extinguishments of debt, net - Net reorganization expense - --------- Total other Revenues and (expenses) - --------- Income (loss) from operations before income taxes (27) Income tax expense - --------- Loss from continuing operations (27) Discontinued operations, net of tax - Net loss on disposal of operations, net of tax - --------- Net Income (Loss) ($27) ========= Headquartered in Scottsdale, Arizona, The Finova Group, Inc., provides commercial financing to small and mid-sized businesses; other services include factoring, accounts receivable management, and equipment leasing. The firm has three segments: Commercial Finance, Specialty Finance, and Capital Markets. FINOVA targets such markets as transportation, wholesaling, communication, health care, and manufacturing. Loan write-offs had put the firm on shaky ground. The Company and its debtor-affiliates and subsidiaries filed for Chapter 11 protection on March 7, 2001 (U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, P.A., represents the Debtors. FINOVA has since emerged from Chapter 11 bankruptcy. Financial giants Berkshire Hathaway and Leucadia National Corporation (together doing business as Berkadia) own FINOVA through the almost $6 billion lent to the commercial finance company. FINOVA: Mezzanine's Sept. 2004 Net Income Nears $12 Million ----------------------------------------------------------- FINOVA Mezzanine Capital, Inc. Unaudited Condensed Balance Sheet As of September 30, 2004 (In Thousands) Current Assets: Cash and cash equivalents - Financing Assets: Loans and other financing contracts, net $10,869 Direct Financing Leases - Leveraged leases - --------- Total financing assets 10,869 Reserve for credit losses 1,477 --------- Net Financing assets 12,346 Other Financial assets: Operating Leases - Assets held for sale - Assets held for the production of income - Investments 1,120 Net assets of discontinued operations - --------- Total other financial assets 1,120 --------- Total Financial Assets 13,466 Other Assets - Due from subsidiaries - Investment in subsidiaries - Intercompany loans - Investment in subsidiaries - --------- Total Assets $13,466 ========= Liabilities and Stockholders' Equity Liabilities: Berkadia Loan - Intercompany note - Senior Notes, net - Reorganized Company - Senior debt - Predecessor Company - --------- Total debt - Accounts payable and accrued expenses - Deferred income taxes, net - --------- Total liabilities - Stockholders' equity: Common Stock $1 Additional capital 18,527 Accumulated (deficit) earnings 78,444 Accumulated other comprehensive income (loss) (584) Related party transactions - intercompany note (82,922) --------- Total Stockholders' equity 13,466 --------- Total Liabilities and Stockholders' Equity $13,466 ========= FINOVA Mezzanine Capital, Inc. Unaudited Condensed Statements of Operations Nine Months Ended September 30, 2004 (In Thousands) Revenues: Interest, fees and other income $4,863 Intercompany interest income 4,203 Rental income - Operating lease income - --------- Total revenues 9,066 Interest Expense - Intercompany interest expense - Operating lease and other depreciation - --------- Interest Margin 9,066 Other Revenues and (Expenses): Reversal of provision for credit losses - Net gain on financial assets 2,873 Operating expenses 11 Gain from extinguishments of debt, net - --------- Total other Revenues and (expenses) 2,884 --------- Income from continuing operations before income taxes 11,950 Income tax expense - --------- Income from continuing operations 11,950 Discontinued operations, net of tax - Net loss on disposal of operations, net of tax - --------- Net Income (Loss) $11,950 ========= Headquartered in Scottsdale, Arizona, The Finova Group, Inc., provides commercial financing to small and mid-sized businesses; other services include factoring, accounts receivable management, and equipment leasing. The firm has three segments: Commercial Finance, Specialty Finance, and Capital Markets. FINOVA targets such markets as transportation, wholesaling, communication, health care, and manufacturing. Loan write-offs had put the firm on shaky ground. The Company and its debtor-affiliates and subsidiaries filed for Chapter 11 protection on March 7, 2001 (U.S. Bankr. Del. 01-00697). Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, P.A., represents the Debtors. FINOVA has since emerged from Chapter 11 bankruptcy. Financial giants Berkshire Hathaway and Leucadia National Corporation (together doing business as Berkadia) own FINOVA through the almost $6 billion lent to the commercial finance company. HAWAIIAN AIRLINES: Posts $1.3 Million Net Loss in October 2004 -------------------------------------------------------------- On Nov. 19, 2004, Hawaiian Airlines, the sole operating subsidiary of Hawaiian Holdings, Inc., filed its unaudited October 2004 Monthly Operating Report with the United States Bankruptcy Court for the District of Hawaii. The carrier reports a $1,254,000 net loss on $58,717,000 of revenues in October. At Oct. 31, 2004, Hawaiian Airlines' balance sheet showed: Total Current Assets $246,156,000 Total Assets 359,686,000 Total Current Liabilities 240,441,000 Total Liabilities 429,929,000 Liabilities Subject to Compromise 216,935,000 Shareholder's Deficit $287,178,000 A full-text copy of Hawaiian Airlines' October 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1172222/000095013604004226/file002.htm Headquartered in Honolulu, Hawaii, Hawaiian Airlines, Inc., -- http://hawaiianair.com/-- is a subsidiary of Hawaiian Holdings, Inc. (Amex and PCX: HA). The Company provides primarily scheduled transportation of passengers, cargo and mail. Flights operate within the South Pacific and to points on the west coast as well as Las Vegas. Since the appointment of a bankruptcy trustee in May 2003, Hawaiian Holdings has had no involvement in the management of Hawaiian Airlines and has had limited access to information concerning the airline. The Company filed for chapter 11 protection on March 21, 2003 (Bankr. D. Hawaii Case No. 03-00817). Joshua Gotbaum serves as the chapter 11 trustee for Hawaiian Airlines, Inc. Mr. Gotbaum is represented by Tom E. Roesser, Esq., and Katherine G. Leonard at Carlsmith Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua D. Morse, Esq., and John L. Jones, II, Esq., at Hennigan, Bennett & Dorman LLP. INTERSTATE BAKERIES: Schedules of Assets & Liabilities ------------------------------------------------------ A. Real Property Alaska -- bakery $1,144,364 California -- depot, store, bakery 58,988,829 Colorado -- depot, bakery 4,656,678 Idaho -- depot, store 2,173,536 Missouri -- corp. office 5,390,363 Montana -- bakery, store 1,622,567 North Dakota -- depot, store 143,379 Nevada -- depot, store, bakery 16,602,299 Oregon -- depot, store 1,024,460 Utah -- depot, store, bakery 5,516,419 Washington -- depot, store, bakery 12,069,431 B. Personal Property B.1 Cash on Hand 281,243 B.2 Bank Accounts UMB Concentration 18,307,933 Bank One, NA 3,017,440 People's Bank 1 2,459,629 Bank of America Concentration 2,451,907 Wachovia 1,658,784 First Tennessee 1,605,016 Bank One, NA 1,597,571 Bank of America 1,578,709 Ban One, NA 1,540,075 Sun Trust 1,503,838 Bank of America 1,499,648 Hibernia 1,373,282 Wells Fargo 1,370,403 Bank of America 1,301,919 Bank of America 1,169,370 RBC Centura 929,266 Bank of Oklahoma 884,821 National City Bank of Kentucky 878,751 Bank One, NA 812,248 HSBC 731,004 Bank of America 707,587 AmSouth Bank 617,240 Provident Bank Mail Stop 557,069 Wachovia 552,098 Wells Fargo, NA 543,587 Sun Trust 523,228 Others 5,587,383 B.3 Security Landlord deposits 294,472 Other deposits 92,403 Petrocard 500,000 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies undetermined B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests undetermined B.13 Interests in Partnerships 0 B.14 Bonds 0 B.15 Accounts receivable Trade receivable 191,596,450 Notes receivable 809,721 Other corporate receivables 4,007,357 B.16 Alimony 0 B.17 Other liquidated debts owed 29,374,541 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims undetermined B.21 Patents, copyrights & trademarks 175,793,339 B.22 Other intangibles 4,890,5910 B.23 Automobiles 35,571,204 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 12,821,967 B.27 Machinery, furniture and fixtures 387,736,223 B.28 Inventory Ingredients & packaging materials 50,640,596 Finished goods 18,836,025 Inv-FG-scan-meijers 21,963 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property Memberships 70,500 Miscellaneous investments 203,529 Deferred charges 4,412,764 Deferred charges-debt financing 13,032,645 SAP/Kronos software 25,305,110 Distributors 4,868,443 Goodwill 215,346,289 Unrecog PSC cost-benefits 13,858,794 Lease guaranty asset 31,111 Rabbi trust SERP 5,611,247 Investment - Mrs. Cubbisons 6,661,880 TOTAL SCHEDULED ASSETS $1,368,592,766 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims $652,600,881 E. Unsecured Priority Claims 34,643,953 F. Unsecured Non-Priority Claims ADM Milling Co. 1,753,807 ADM Specialty 1,778,923 AE Staley Manufacturing Co. 1,060,039 AG Domestic Convertibles Ltd. 4,530,000 AG Offshore Convertibles Ltd. 10,570,000 Bartlett Milling 2,201,128 Bay State Milling Co. 1,002,358 Campbell Mithun Esty Inc. 5,296,536 Cargill, Inc. 2,607,600 Cereal Food Processors 9,911,503 Chicago Display 1,931,911 Ed Miniat, Inc. 1,497,874 Estimate of SERP Accumulated Benefit Obligation 21,970,221 Fleischmanns Yeast 1,482,889 General Mills Finance Inc. 1,677,177 Highbridge International LLC 35,233,333 Pliant Corp. 1,663,853 Shepherd Investments Int. Ltd. 10,066,667 Agreed disbursements 3,016,958 Outstanding Checks Payable 10,746,928 Others 137,192,030 TOTAL SCHEDULED LIABILITIES $954,436,569 ======================================================== The Scheduled Liabilities do not include about $443,000,000 in accrued liabilities, which include medical and life insurance benefits plans and programs, workers' compensation plans, environmental programs and federal, state and local taxes. Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: Armour & Main's Schedules of Assets & Debts ---------------------------------------------------------------- Armour and Main Redevelopment Corporation reports no asset and liability. Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: Baker's Inn Schedules of Assets & Liabilities ------------------------------------------------------------------ Baker's Inn Quality Baked Goods, LLC, reports no asset. C. Property Claimed as Exempt Not Applicable D. Secured Claims $652,600,881 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims AG Domestic Convertibles, Ltd. 4,530,000 AG Offshore Convertibles, Ltd. 10,570,000 Highbridge International, LLC 35,233,333 Isotope Limited 35,233,333 Sheperd Investments Int. Ltd. 10,066,667 Stark Trading 5,033,333 TOTAL SCHEDULED LIABILITIES $753,267,547 ======================================================== Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: Interstate Brands Schedules of Assets & Debts ------------------------------------------------------------------ A. Real Property Alabama -- Depot & Bakery $4,814,775 Arkansas -- Depot & Store 229,952 Colorado -- Depot & Store 76,810 Connecticut -- Depot & Store 431,094 Florida -- Depot, Store, Bakery, Other 18,695,321 Georgia -- Bakery 3,522,477 Iowa -- Depot, Store, Bakery 3,097,311 Illinois -- Depot, Store, Bakery, Other 16,736,778 Indiana -- Depot, Store, Bakery 9,374,761 Kansas -- Depot, Store, Bakery 15,542,104 Kentucky -- Depot & Store 78,539 Louisiana -- Depot, Store, Bakery 4,625,445 Massachusetts -- Depot, Store, Bakery 8,070,856 Maryland -- Depot & Store 2,224,708 Maine -- Depot, Store, Bakery 29,434,605 Michigan -- Depot, Store, Bakery 5,676,049 Minnesota -- Depot & Store 1,399,712 Missouri -- Depot, Store, Bakery, Other 14,604,509 Mississippi -- Depot & Store 388,012 North Carolina -- Depot, Store, Bakery 14,140,965 New Jersey -- Depot, Store, Bakery 16,761,340 New York -- Depot, Store, Bakery 11,010,167 Ohio -- Depot, Store, Bakery 20,059,449 Oklahoma -- Depot, Store, Bakery 3,857,014 Pennsylvania -- Depot, Store, Bakery 6,335,791 Rhode Island -- Depot & Store 932,824 South Carolina -- Depot, Store, Bakery 1,749,716 Tennessee -- Depot, Store, Bakery 9,748,558 Texas -- Depot & Store 1,108,062 Utah -- Depot 183,618 Virginia -- Depot & Store 2,444,040 Vermont -- Depot & Store 560,119 Wisconsin -- Depot, Store, Bakery 948,112 West Virginia -- Depot 141,980 B. Personal Property B.1 Cash on Hand 281,243 B.2 Bank Accounts 55,759,806 B.3 Security Deposits 886,875 B.9 Interests in insurance policies undetermined B.12 Stock interests undetermined B.15 Accounts receivable 196,413,528 B.17 Other liquidated debts owed 29,374,541 B.20 Other contingent & unliquidated claims undetermined B.21 Patents, copyrights & trademarks 175,793,339 B.22 Other intangibles 4,890,590 B.23 Automobiles 35,571,204 B.26 Office equipment and supplies 12,821,967 B.27 Machinery, furniture and fixtures 387,736,223 B.28 Inventory 69,498,584 B.33 Other personal property 289,402,312 TOTAL SCHEDULED ASSETS $1,487,680,169 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims $652,600,881 E. Unsecured Priority Claims 34,643,953 F. Unsecured Non-Priority Claims 267,191,735 TOTAL SCHEDULED LIABILITIES $954,436,569 ======================================================== Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: N.E. Bakery's Schedules of Assets & Debts -------------------------------------------------------------- New England Bakery Distributors, LLC, reports no asset and liability. Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: IBC Sales' Schedules of Assets & Liabilities ----------------------------------------------------------------- A. Real Property None B. Personal Property B.1 Cash on Hand $281,243 B.2 Bank Accounts 55,759,806 B.3 Security Deposits 886,875 B.9 Interests in insurance policies undetermined B.12 Stock interests undetermined B.15 Accounts receivable 196,413,528 B.17 Other liquidated debts owed 29,374,541 B.19 Contingent interests undetermined B.20 Other contingent & unliquidated claims undetermined B.21 Patents, copyrights & trademarks 175,793,339 B.22 Other intangibles 4,890,590 B.23 Automobiles 35,571,204 B.26 Office equipment and supplies 12,821,967 B.27 Machinery, furniture and fixtures 387,736,223 B.28 Inventory 69,498,584 B.33 Other personal property 289,402,312 TOTAL SCHEDULED ASSETS $1,258,430,212 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims $652,600,881 E. Unsecured Priority Claims 34,643,953 F. Unsecured Non-Priority Claims 267,191,735 TOTAL SCHEDULED LIABILITIES $954,436,569 ======================================================== Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: IBC Services' Schedules of Assets & Debts -------------------------------------------------------------- A. Real Property None B. Personal Property B.1 Cash on Hand $281,243 B.2 Bank Accounts 55,759,806 B.3 Security Deposits 886,875 B.9 Interests in insurance policies undetermined B.12 Stock interests undetermined B.15 Accounts receivable 196,413,528 B.17 Other liquidated debts owed 29,374,541 B.20 Other contingent & unliquidated claims undetermined B.21 Patents, copyrights & trademarks 175,793,339 B.22 Other intangibles 4,890,590 B.23 Automobiles 35,571,204 B.26 Office equipment and supplies 12,821,967 B.27 Machinery, furniture and fixtures 387,736,223 B.28 Inventory 69,498,584 B.33 Other personal property 289,402,312 TOTAL SCHEDULED ASSETS $1,258,430,212 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims $652,600,881 E. Unsecured Priority Claims 34,643,953 F. Unsecured Non-Priority Claims 267,191,735 TOTAL SCHEDULED LIABILITIES $954,436,569 ======================================================== Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: IBC Trucking's Schedules of Assets & Debts --------------------------------------------------------------- A. Real Property None B. Personal Property B.1 Cash on Hand $281,243 B.2 Bank Accounts 55,759,806 B.3 Security Deposits 886,875 B.9 Interests in insurance policies undetermined B.12 Stock interests undetermined B.15 Accounts receivable 196,413,528 B.17 Other liquidated debts owed 29,374,541 B.20 Other contingent & unliquidated claims undetermined B.21 Patents, copyrights & trademarks 175,793,339 B.22 Other intangibles 4,890,590 B.23 Automobiles 35,571,204 B.26 Office equipment and supplies 12,821,967 B.27 Machinery, furniture and fixtures 387,736,223 B.28 Inventory 69,498,584 B.33 Other personal property 289,402,312 TOTAL SCHEDULED ASSETS $1,258,430,212 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims $652,600,881 E. Unsecured Priority Claims 34,643,953 F. Unsecured Non-Priority Claims 267,191,735 TOTAL SCHEDULED LIABILITIES $954,436,569 ======================================================== Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) MIRANT CORP: Earns $17.8 Million of Net Income in August 2004 ------------------------------------------------------------- Mirant Corporation and Subsidiaries Consolidated Balance Sheet As of August 31, 2004 ASSETS Cash and cash equivalents $1,477,959,678 Accounts receivable - net 1,002,538,538 Assets from risk management activities 252,444,627 Derivative hedging instruments - Inventories 327,136,551 Other 503,944,078 --------------- Total Current Assets 3,564,023,472 Property, plant and equipment 5,316,975,902 Less: accumulated depreciation/depletion 749,569,574 Leasehold interests - net 1,519,348,884 Construction work in progress 84,661,632 Investment in suspended construction 356,803,097 --------------- Total net property, plant and equipment 6,528,219,941 Investments 245,491,844 Long-term accounts receivable - net 33,964,683 Notes receivable - net - Assets from risk management activities 187,014,546 Goodwill - net 587,304,353 Other intangibles - net 272,953,373 Derivative hedging instruments - Restricted cash, non-current 129,933,882 Other long-term assets 1 Miscellaneous deferred charges 378,280,660 --------------- Total Non-current Assets 1,834,943,342 --------------- TOTAL ASSETS $11,927,186,755 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $1,395,216,672 Accounts Payable 577,949,144 Liabilities from risk management activities 454,415,945 Obligations under energy deliveries 97,158,266 Derivative hedging instruments - Other 393,598,413 Miscellaneous deferred credits 538,503,605 --------------- Total postpetition liabilities 3,456,842,045 Prepetition Liabilities 8,935,985,016 --------------- TOTAL LIABILITIES 12,392,827,061 EQUITY: Minority interest in subsidiaries 170,981,368 Mandatory redeemable securities - Common stock 4,056,621 Additional paid-in capital 4,917,963,428 Retained earnings (5,500,091,232) Treasury stock, at cost (2,260,000) Accumulated other comprehensive income (56,290,491) --------------- Total Equity (465,640,306) --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $11,927,186,755 =============== Mirant Corporation and Subsidiaries Consolidated Statements of Income For the month ending August 31, 2004 REVENUES: Generation $342,820,582 Net trading revenue (186,919) Distribution 51,867,613 Other 388,353 --------------- Net Revenue 394,889,629 OPERATING EXPENSES: Energy cost 209,788,274 Operations and maintenance 70,494,884 Depreciation and amortization 25,640,297 Gain on sale of property and investment 86,168 Impairment loss 13,024 Restructuring costs 21,764 --------------- Total Operating Expenses 306,044,411 --------------- Income before non-operating income and expense 88,845,218 OTHER INCOME AND EXPENSES: Interest income 987,510 Interest expense (10,820,433) Equity in income of affiliates 1,950,426 Other 5,777,243 Reorganization items (55,523,988) Minority interest (2,783,724) Net income from discontinued operations (949,570) --------------- Total Other Income (61,362,536) Provision for income tax (9,696,839) --------------- NET PROFIT (LOSS) $17,785,843 =============== Mirant Corporation Unconsolidated Cash Receipts and Disbursements For the month ending August 31, 2004 Cash, beginning of month $320,157,775 Non-Operating Receipts: Loans & Advances 3,117,644 --------------- Total non-operating receipts 3,117,644 --------------- Total receipts 3,117,644 --------------- Total Cash Available 323,275,419 Operating Disbursements 0 Reorganization Expenses 471,966 --------------- Total disbursements 471,966 --------------- Net Cash Flow 2,645,678 --------------- Cash, end of month $322,803,453 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- together with its direct and indirect subsidiaries, generate, sell and deliver electricity in North America, the Philippines and the Caribbean. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service, Inc., 215/945-7000) MIRANT CORP: Posts $83.9 Million Net Loss in September 2004 ----------------------------------------------------------- Mirant Corporation and Subsidiaries Consolidated Balance Sheet As of September 30, 2004 ASSETS Cash and cash equivalents $1,541,488,478 Accounts receivable - net 987,645,466 Assets from risk management activities 201,265,708 Derivative hedging instruments - Inventories 284,261,413 Other 686,917,480 --------------- Total Current Assets 3,701,578,545 Property, plant and equipment 5,145,210,673 Less: accumulated depreciation/depletion 754,346,759 Leasehold interests - net 1,517,381,893 Construction work in progress 95,412,652 Investment in suspended construction 249,730,603 --------------- Total net property, plant and equipment 6,253,389,062 Investments 247,221,157 Long-term accounts receivable - net 37,105,412 Notes receivable - net - Assets from risk management activities 141,982,270 Goodwill - net 587,304,353 Other intangibles - net 272,138,752 Derivative hedging instruments - Restricted cash, non-current 134,986,836 Other long-term assets 1 Miscellaneous deferred charges 429,664,170 --------------- Total Non-current Assets 1,850,402,951 --------------- TOTAL ASSETS $11,805,370,558 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $1,390,465,427 Accounts Payable 597,946,466 Liabilities from risk management activities 409,619,028 Obligations under energy deliveries 80,213,617 Derivative hedging instruments - Other 407,013,375 Miscellaneous deferred credits 543,994,671 --------------- Total postpetition liabilities 3,429,252,584 Prepetition Liabilities 8,933,222,027 --------------- TOTAL LIABILITIES 12,362,474,611 EQUITY: Minority interest in subsidiaries 168,868,308 Mandatory redeemable securities - Common stock 4,056,621 Additional paid-in capital 4,917,963,428 Retained earnings (5,583,902,783) Treasury stock, at cost (2,260,000) Accumulated other comprehensive income (61,829,627) --------------- Total Equity (557,104,053) --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $11,805,370,558 =============== Mirant Corporation and Subsidiaries Consolidated Statements of Income For the month ending September 30, 2004 REVENUES: Generation $242,687,505 Net trading revenue 3,676,972 Distribution 41,088,600 Other 484,231 --------------- Net Revenue 287,937,308 OPERATING EXPENSES: Energy cost 157,453,789 Operations and maintenance 88,030,456 Depreciation and amortization 25,473,550 Gain on sale of property and investment 64,744,313 Impairment loss 6,731,606 Restructuring costs 2,150,310 --------------- Total Operating Expenses 344,584,024 --------------- Income before non-operating income and expense (56,646,716) OTHER INCOME AND EXPENSES: Interest income 1,214,121 Interest expense (9,748,929) Equity in income of affiliates 1,888,939 Other (364,925) Reorganization items (16,999,143) Minority interest 894,996 Net income from discontinued operations (3,389,041) --------------- Total Other Income (26,503,982) Provision for income tax (732,484) --------------- NET PROFIT (LOSS) ($83,883,182) =============== Mirant Corporation Unconsolidated Cash Receipts and Disbursements For the month ending September 30, 2004 Cash, beginning of month $322,803,453 Non-Operating Receipts: Loans & Advances (10,740,306) --------------- Total non-operating receipts (10,740,306) --------------- Total receipts (10,740,306) --------------- Total Cash Available 312,063,147 Operating Disbursements 0 Reorganization Expenses 454,318 --------------- Total disbursements 454,318 --------------- Net Cash Flow (11,194,624) --------------- Cash, end of month $311,608,829 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- together with its direct and indirect subsidiaries, generate, sell and deliver electricity in North America, the Philippines and the Caribbean. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service, Inc., 215/945-7000) MIRANT: MAGi Earns $56.6 Million of Net Income in August 2004 ------------------------------------------------------------- Mirant Americas Generation, LLC, and Subsidiaries Consolidated Balance Sheets As of August 31, 2004 ASSETS Cash and cash equivalents $467,880,014 Accounts receivable - net 596,549,410 Assets from risk management activities 65,729,109 Derivative hedging instruments - Inventories 97,381,697 Other 112,282,744 --------------- Total Current Assets 1,339,822,974 Property, plant and equipment 2,195,545,885 Less: accumulated depreciation/depletion 304,847,430 Construction work in progress 31,861,120 Investment in suspended construction 281,336,823 --------------- Total net property, plant and equipment 2,203,896,398 Investments 25,000 Long-term accounts receivable - net 93,900,777 Notes receivable - net 223,275,000 Assets from risk management activities 24,316,153 Goodwill - net - Other intangibles - net 209,474,924 Derivative hedging instruments - Restricted cash, non-current - Other long-term assets - Miscellaneous deferred charges 189,883,775 --------------- Total Non-current Assets 740,875,630 --------------- TOTAL ASSETS $4,284,595,001 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $0 Accounts Payable 315,871,480 Liabilities from risk management activities 108,865,148 Obligations under energy deliveries - Derivative hedging instruments - Other 141,542,233 Miscellaneous deferred credits 15,272,787 --------------- Total postpetition liabilities 581,551,647 Prepetition Liabilities 3,433,279,154 --------------- TOTAL LIABILITIES 4,014,830,801 EQUITY: Minority interest in subsidiaries 35,002 Mandatory redeemable securities - Common stock 1,000 Additional paid-in capital 3,858,859,716 Retained earnings (3,589,131,519) Accumulated other comprehensive income - --------------- Total Equity 269,764,200 --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $4,284,595,001 =============== Mirant Americas Generation, LLC, and Subsidiaries Consolidated Statements of Income For the month ending August 31, 2004 REVENUES: Generation $248,964,553 Net trading revenue - Other (43,131) --------------- Net Revenue 248,921,422 OPERATING EXPENSES: Energy cost 139,111,586 Operations and Maintenance 36,692,386 Depreciation and amortization 7,459,207 Gain on sale of property and investments - Impairment Loss 13,024 Restructuring costs 10,571 --------------- Total Operating Expenses 183,286,775 --------------- Income before non-operating income and expense 65,634,647 OTHER INCOME AND EXPENSES: Interest income - Interest expense (520,243) Other 24,871 Reorganization items (2,873,978) Loss from discontinued operations - Minority interest - --------------- Total Other Income (expense) (3,369,349) Provision for income tax (5,695,833) --------------- NET PROFIT (LOSS) $56,569,465 =============== Mirant Americas Generation, LLC Unconsolidated Cash Receipts and Disbursements For the month ending August 31, 2004 Cash, beginning of month $113,589,035 Non-Operating Receipts: Loans and advances 16,248,782 Other - --------------- Total non-operating receipts 16,248,782 --------------- Total receipts 16,248,782 --------------- Total Cash Available 129,837,817 REORGANIZATION EXPENSES: Professional fees 0 --------------- Total reorganization expenses 0 --------------- Total disbursements 0 --------------- Net Cash Flow 16,248,782 --------------- Cash, end of month $129,837,817 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- together with its direct and indirect subsidiaries, generate, sell and deliver electricity in North America, the Philippines and the Caribbean. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service, Inc., 215/945-7000) MIRANT: MAGi Posts $106 Million Net Loss in September 2004 ---------------------------------------------------------- Mirant Americas Generation, LLC, and Subsidiaries Consolidated Balance Sheets As of September 30, 2004 ASSETS Cash and cash equivalents $524,601,900 Accounts receivable - net 579,283,273 Assets from risk management activities 92,456,356 Derivative hedging instruments - Inventories 95,171,711 Other 169,946,087 --------------- Total Current Assets 1,461,459,327 Property, plant and equipment 2,197,256,916 Less: accumulated depreciation/depletion 311,421,598 Construction work in progress 32,505,805 Investment in suspended construction 174,264,331 --------------- Total net property, plant and equipment 2,092,605,454 Investments 25,000 Long-term accounts receivable - net 93,032,632 Notes receivable - net 223,275,000 Assets from risk management activities 38,574,203 Other intangibles - net 208,846,184 Derivative hedging instruments - Restricted cash, non-current 5,052,983 Other long-term assets - Miscellaneous deferred charges 182,167,250 --------------- Total Non-current Assets 750,973,252 --------------- TOTAL ASSETS $4,305,038,033 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $0 Accounts Payable 350,017,662 Liabilities from risk management activities 195,129,225 Obligations under energy deliveries - Derivative hedging instruments - Other 144,308,403 Miscellaneous deferred credits 15,543,356 --------------- Total postpetition liabilities 704,998,646 Prepetition Liabilities 3,436,361,398 --------------- TOTAL LIABILITIES 4,141,360,044 EQUITY: Minority interest in subsidiaries 35,002 Mandatory redeemable securities - Common stock 1,000 Additional paid-in capital 3,858,859,717 Retained earnings (3,695,217,730) Accumulated other comprehensive income - --------------- Total Equity 163,677,989 --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $4,305,038,033 =============== Mirant Americas Generation, LLC, and Subsidiaries Consolidated Statements of Income For the month ending September 30, 2004 REVENUES: Generation $106,346,280 Net trading revenue - Other 60,370 --------------- Net Revenue 106,406,650 OPERATING EXPENSES: Energy cost 85,675,207 Operations and Maintenance 50,014,113 Depreciation and amortization 7,462,682 Gain on sale of property and investments 64,999,308 Impairment Loss - Restructuring costs 1,653,721 --------------- Total Operating Expenses 209,805,031 --------------- Income before non-operating income and expense (103,398,381) OTHER INCOME AND EXPENSES: Interest income - Interest expense (545,030) Other 200,840 Reorganization items (4,690,556) Loss from discontinued operations - Minority interest - --------------- Total Other Income (expense) (5,034,746) Provision for income tax 2,346,915 --------------- NET PROFIT (LOSS) ($106,086,212) =============== Mirant Americas Generation, LLC Unconsolidated Cash Receipts and Disbursements For the month ending September 30, 2004 Cash, beginning of month $129,837,817 Non-Operating Receipts: Loans and advances 15,766,184 Other - --------------- Total non-operating receipts 15,766,184 --------------- Total receipts 15,766,184 --------------- Total Cash Available 145,604,001 REORGANIZATION EXPENSES: Professional fees 0 --------------- Total reorganization expenses 0 --------------- Total disbursements 0 --------------- Net Cash Flow 15,766,184 --------------- Cash, end of month $145,604,001 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- together with its direct and indirect subsidiaries, generate, sell and deliver electricity in North America, the Philippines and the Caribbean. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT USA: Releases Monthly Operating Report Ended Oct. 23 ------------------------------------------------------------- Parmalat USA Corporation Balance Sheet As of October 23, 2004 Assets Cash & Cash Equivalents $0 Accounts Receivable-Net 0 Notes Receivable -Current 0 Inventory 0 Prepaid Expenses 0 Other Current Assets 0 -------------- Total Current Assets 0 Fixed Assets 0 Accumulated Depreciation 0 -------------- Net Fixed Assets 0 Other Assets 326,253,113 Intercompany Receivables 24,965,537 -------------- Total Assets $351,218,650 ============== Liabilities Subject to Compromise Long Term Debt & Interest $19,836,909 Intercompany payables 212,783,632 -------------- Total Liabilities Subject to Compromise 232,620,541 Liabilities Accounts Payable 0 Notes & Loans Payable 0 Accrued Expenses 876,709 Intercompany Payables 0 -------------- Total Liabilities 233,497,250 Equity Common Stock 1,388,356 Paid In Capital 227,962,103 Retained Earnings (110,643,290) YTD Net Income/(Loss) (985,771) -------------- Total Equity 117,721,398 -------------- Total Liabilities & Owners' Equity $351,218,648 ============== Parmalat USA Corporation Income Statement From September 19, 2004 to October 23, 2004 Revenues Gross sales - Less: Returns & discounts - -------------- Net sales $0 Expenses Raw Materials & Ingredients - Packaging - Direct Labor - Power - Freight - Distribution - Industrial Depreciation - Production Overhead - Warehouse (Cooler) - Marketing Costs - Sales Admin Expenses - General Expenses - Financial Costs 126,933 Goodwill/trademarks 18,226 Extraordinary - Corporate Allocation - Depreciation - Amortization - Income Taxes - -------------- Total Expenses 145,159 Reorganization Expenses Professional Fees - U.S. Trustee Fees 250 Other - -------------- Total Reorganization Expenses 250 -------------- Net Profit (Loss) ($145,409) ============== Parmalat USA Corporation received no cash nor made disbursements from September 19, 2004, to October 23, 2004. Headquartered in Wallington, New Jersey, Parmalat USA Corporation -- http://www.parmalatusa.com/ -- generates more than 7 billion euros in annual revenue. The Parmalat Group's 40-some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices and employs over 36,000 workers in 139 plants located in 31 countries on six continents. The Company filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT: Milk Products' October 2004 Monthly Operating Report -------------------------------------------------------------- Milk Products of Alabama, LLC Balance Sheet As of October 23, 2004 Assets Cash & Cash Equivalents $7,633,384 Accounts Receivable-Net 2,100,489 Inventory 0 Prepaid Expenses 0 Other Current Assets 2,164,521 ------------ Total Current Assets 11,898,394 Fixed Assets 0 Accumulated Depreciation 0 ------------ Net Fixed Assets 0 Other Assets 0 Intercompany Receivables 0 ------------ Total Assets $11,898,394 ============ Liabilities Subject to Compromise Accrued Expenses $45,227 Intercompany payables 8,338,493 ------------ Total Liabilities Subject to Compromise 8,383,720 Liabilities Accounts Payable 48,612 Accrued Expenses 199,526 ------------ Total Current Liabilities 248,138 Long Term Notes Payable -- Intercompany - Other 2,847,993 ------------ Total Long Term Liabilities 2,847,993 Intercompany Payables (9,524,361) ------------ Total Liabilities 1,955,490 Equity Retained Earnings 18,414 YTD Net Income/(Loss) 9,924,490 ------------ Total Equity 9,942,904 ------------ Total Liabilities & Owners' Equity $11,898,394 ============ Milk Products of Alabama, LLC Income Statement From September 19, 2004 to October 23, 2004 Revenues Gross sales $3,014,095 Less: Returns & discounts 2,028 ------------ Net sales 3,012,067 Expenses Raw Materials & Ingredients 2,232,700 Packaging 259,798 Direct Labor 63,179 Power 19,434 Freight 93,221 Industrial Depreciation 13 Production Overhead 14,561 Warehouse (Cooler) 138,814 Marketing Costs 7,290 Sales Admin Expenses 20,961 General Expenses 159,991 Financial Costs 769 Other (Income) Expense (259) Extraordinary 2,579,466 Corporate Allocation 0 Income Taxes 0 ------------ Total Expenses 5,589,938 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other (12,895,738) ------------ Total Reorganization Expenses (12,895,738) ------------ Net Profit (Loss) $10,317,867 ============ Milk Products of Alabama, LLC Cash Receipts and Disbursements From September 19, 2004 to October 23, 2004 Cash - Beginning of Month $278,837 Receipts From Operations Cash Sales - Collection of Accounts Receivable Prepetition 0 Postpetition 3,697,934 ------------ Total Operating Receipts 3,697,934 Non - Operating Receipts Transfers (3,960,564) Other 9,440,339 ------------ Total Non-Operating Receipts 5,479,775 ------------ Total Receipts 9,177,709 ------------ Total Cash Available 9,456,546 Operating Disbursements Bank Charges - Consulting Fees 1,791,555 Ingredients - Licenses & Taxes - Packaging - Raw Milk - R & M, Parts, Supplies - Other 17,704 Warehouse (Cooler) - Marketing Costs - Sales Admin Expenses - General Expenses 4,771 Title Fees 10,785 Goodwill/trademarks - Extraordinary - Corporate Allocation - Income Taxes - ------------ Total expenses 1,824,815 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other - ------------ Total Reorganization Expenses - ------------ Total Disbursements 1,824,815 ------------ Net Cash Flow 7,352,894 ------------ Cash - End of Month $7,631,730 ============ Headquartered in Wallington, New Jersey, Parmalat USA Corporation -- http://www.parmalatusa.com/ -- generates more than 7 billion euros in annual revenue. The Parmalat Group's 40-some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices and employs over 36,000 workers in 139 plants located in 31 countries on six continents. The Company filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT: Farmland Dairies' October 2004 Monthly Operating Report ----------------------------------------------------------------- Farmland Dairies, LLC Balance Sheet As of October 23, 2004 Assets Cash & Cash Equivalents $6,234,862 Accounts Receivable-Trade 38,847,473 Accounts Rec.-Securitization (36,267,087) Notes Receivable 261,392 Inventory 15,708,697 Prepaid Expenses 12,239,241 Other Current Assets 6,261,735 ------------ Total Current Assets 43,286,313 Fixed Assets 210,390,545 Accumulated Depreciation 116,349,205 ------------ Net Fixed Assets 94,041,340 Other Assets 43,808,224 Intercompany Receivables 69,311,953 ------------ Total Assets $250,447,830 ============ Liabilities Subject to Compromise: Accounts Payable 14,594,549 Accrued Expenses 3,167,370 Intercompany Payables 25,318,781 Capital Lease 95,000,000 ------------ Total Liabilities Subject to Compromise 138,080,700 Liabilities: Notes & Loans Payable 0 Capital Leases - Short Term 0 Accounts Payable 12,003,350 Accrued Expenses 25,892,926 ------------ Total Current Liabilities 37,896,276 Notes & Loans Payable 25,265,341 Capital Leases - Long Term 41,491 Other 8,389,235 ------------ Total Long Term Liabilities 33,696,067 Intercompany Payables (82,068,989) ------------ Total Liabilities 127,604,054 Equity Paid In Capital 161,506,590 Accum Comprehensive Income (7,013,988) Retained Earnings 11,323,693 YTD Net Income/(Loss) (42,972,519) ------------ Total Equity 122,843,776 ------------ Total Liabilities & Owners' Equity $250,447,830 ============ Farmland Dairies, LLC Income Statement From September 19, 2004 to October 23, 2004 Revenues Gross sales $42,731,493 Less: Returns & discounts 1,015,421 ------------ Net sales 41,716,072 Expenses Raw Materials & Ingredients 27,482,798 Packaging 2,811,594 Direct Labor 976,650 Power 545,173 Freight 487,605 Distribution 3,135,816 Industrial Depreciation 480,567 Production Overhead 2,885,647 Warehouse (Cooler) 2,009,605 Marketing Costs 786,533 Sales Admin Expenses 493,142 General Expenses 1,286,993 Financial Costs 1,379,963 Goodwill/trademarks 8,445 Extraordinary 85,787 Corporate Allocation 0 Provision for Income Taxes 8,376 ------------ Total Expenses 44,864,694 Reorganization Expenses 154,120 ------------ Net Profit (Loss) ($3,302,742) ============ Farmland Dairies, LLC Cash Receipts and Disbursements From September 19, 2004 to October 23, 2004 Cash - Beginning of Month $7,216,818 Receipts From Operations Cash Sales 0 Collection of Accounts Receivable Prepetition 238,168 Postpetition 41,006,727 ------------ Total Operating Receipts 41,244,895 Non - Operating Receipts Payments from/(to) GE Capital 3,400,000 Voided Checks (Prepetition) - Adjustments (82,851) Deposits -- Other 335,370 Transfers 3,960,564 ------------ Total Non-Operating Receipts 7,613,083 ------------ Total Receipts 48,857,978 ------------ Total Cash Available 56,074,796 Operating Disbursements Chemicals 670,191 Commissions 176,536 Consulting/Legal 94,780 Co-packing 750,960 Employee & Employee-related expenses 1,205,969 Equipment Leases 477,785 Freight & Postage 287,292 Fuel 234,446 Transportation 641,587 Ingredients 1,629,158 Insurance 1,118,194 Lab Fees 87,406 Licenses & Taxes 62,029 Marketing 24,553 Other 617,107 Packaging 2,791,413 Pallets/Cases/Bossies 319,017 Milk Producers 24,738,276 Marketing Administrator 706,012 Purchased Products 705,995 R & M, Parts, Supplies 1,214,422 Raw Milk 1,314,997 Rebates 170,188 Rent 199,110 Security 146,561 Temporary Labor 90,736 Travel & Entertainment 43,495 Utilities 1,044,552 Securitization Payments 1,211,516 Payroll 4,137,542 Payroll Taxes 707,729 Voided Checks (Postpetition) 0 ------------ Total expenses 47,619,554 Reorganization Expenses Professional Fees 2,054,715 U.S. Trustee Fees 0 DIP Interest & Fees 195,572 ------------ Total Reorganization Expenses 2,250,287 ------------ Total Disbursements 49,869,841 ------------ Net Cash Flow (1,011,863) ------------ Cash - End of Month $6,204,955 ============ Headquartered in Wallington, New Jersey, Parmalat USA Corporation -- http://www.parmalatusa.com/ -- generates more than 7 billion euros in annual revenue. The Parmalat Group's 40-some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices and employs over 36,000 workers in 139 plants located in 31 countries on six continents. The Company filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000) RELIANCE GROUP: Posts $84.5 Million Net Loss in October 2004 ------------------------------------------------------------ RELIANCE GROUP HOLDINGS, INC., et al. Unaudited Consolidated Balance Sheet, excluding subsidiaries which are not Debtors-in-Possession 31-Oct-2004 _____________________________________ ___________ ASSETS Cash $55,823,000 Accounts and Notes Receivable 13,090,000 Prepaid expenses and deposits 353,000 Due from Reliance Development Group, less allowance of $59,334,000 0 Plant, property & equipment - ---------------- Total Assets $69,266,000 ================ LIABILITIES & SHAREHOLDERS' DEFICIT Liabilities not subject to compromise Postpetition accounts payable $1,788,000 Professional fee holdback payable 2,105,000 PBGC administrative claim 3,000,000 Liabilities subject to compromise 1,106,116,000 ---------------- Total liabilities 1,113,009,000 ---------------- Shareholders' deficit: Common stock 11,616,000 Additional paid in capital 558,541,000 Accumulated deficit (1,613,900,000) ---------------- Total shareholders' deficit (1,043,743,000) ---------------- Total liabilities & deficit $69,266,000 ================ RELIANCE GROUP HOLDINGS, INC., et al. Unaudited Consolidated Statement of 1-Oct-2004 Operations, excluding subsidiaries to which are not Debtors-in-Possession 31-Oct-2004 _____________________________________ ___________ Revenues $0 ---------------- Costs and expenses: Operating and administrative 95,000 Pension Plan Actuarial Adjustments and Expenses 0 Depreciation 0 ---------------- Total costs and expenses 95,000 ---------------- Loss before reorganization items (95,000) ---------------- Reorganization items: Professional fees 717,000 PBGC settlement 83,798,000 Interest earned on accumulated cash resulting from Chapter 11 proceeding (81,000) ---------------- Total reorganization items 84,434,000 ---------------- Income Tax benefits 0 ---------------- Net Income ($84,529,000) ================ RELIANCE GROUP HOLDINGS, INC., et al. Unaudited Consolidated Statement of 1-Oct-2004 Cash Flows, excluding subsidiaries to which are not Debtors-in-Possession 31-Oct-2004 _____________________________________ ___________ Cash flows from operating activities: Loss from operations before reorganization items ($95,000) Adjustments to reconcile loss to net cash provided by operating activities: Income Tax Recovery 0 Depreciation 0 Changes in: Prepaid expenses 0 Postpetition payables (7,000) Increase in Liabilities subject to compromise 0 ---------------- Net cash (used) provided by operating activities before reorganization items (102,000) ---------------- Operating cash flows from reorganization items: Interest earned 81,000 Application of retainer towards reorganization professional fees 0 Payment of reorganization items (1,011,000) ---------------- Net cash used by reorganization items (930,000) ---------------- Net cash used by operating activities (1,032,000) ---------------- Cash flows from investing activities: Receipt from Reliance Development Group 0 ---------------- Net cash provided by investing activities 0 ---------------- Cash flow from financing activities: Proceeds of split dollar policies 0 ---------------- Net cash provided by financing activities 0 ---------------- Net increase in cash (1,032,000) Cash at beginning of period 56,855,000 ---------------- Cash at end of period $55,823,000 ================ Headquartered in New York, New York, Reliance Group Holdings, Inc. -- http://www.rgh.com/-- is a holding company that owns 100% of Reliance Financial Services Corporation. Reliance Financial, in turn, owns 100% of Reliance Insurance Company. The holding and intermediate finance companies filed for chapter 11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing $12,598,054,000 in assets and $12,877,472,000 in debts. The insurance unit is being liquidated by the Insurance Commissioner of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News, Issue No. 64; Bankruptcy Creditors' Service, Inc., 215/945-7000) RELIANCE GROUP: RIC Liquidator's Third Quarter Status Report ------------------------------------------------------------ M. Diane Koken, Insurance Commissioner of the Commonwealth of Pennsylvania, issues a Status Report on the Liquidation of Reliance Insurance Company for the Third Quarter 2004. In her capacity as RIC Liquidator, Ms. Koken reports that, at the end of the third quarter 2004, the estate held $5,718,800,000 in assets. The most significant balance was $3,448,700,000, relating to reinsurance receivables and future reinsurance recoverables. This figure was reduced from a $3,600,000,000 estimate in the Second Quarter Report. Total liabilities are estimated at $8,775,700,000, with the most significant balance, $5,219,200,000, attributable to loss and loss adjustment expenses on direct business. The Statement reflects $1,440,100,000 in losses and loss adjustment expenses paid by Guaranty Associations. These figures include data reported to the estate through an automated interface on a time lag basis. Since not all states were reporting through this system at the end of the quarter, actual payments by GAs are higher. This value includes $1,285,000,000 in losses and loss adjustment expenses on assumed reinsurance business, which are Class C general creditor claims. The net deficit produced is $3,036,900,000. Short and intermediate duration marketable investments increased from $464,300,000 to $692,300,000 at the end of the period. Reinsurance collections, the primary source of funds, totaled $242,900,000. The estate paid $38,400,000 in early access payments to the GAs. Loss adjustment expenses were $2,600,000. Operating expenses were $88,900,000, including $28,400,000 in GA reimbursed expenses. At June 30, 2004, RIC held Symbol Technologies common stock worth $137,900,000. At November 12, 2004, the market value of the stock was $15.24 per share. RIC will continue to sell shares as appropriate, depending on market conditions. RIC estimates current and future premium receivables at $123,400,000. This includes receivables arising from large deductible policies billed in 2003 whose ownership is disputed. At June 30, 2004, reinsurance receivables and recoverables totaled $3,448,700,000, down by $200,000,000. RIC holds about $1,100,000,000 in collateral as security. Total reinsurance collections in the first six months of 2004 amounted to $242,900,000. Collections since the date of liquidation total $829,100,000. The inventory of billed reinsurance receivables is $793,200,000 as of June 30, 2004. Of this amount, approximately $236,000,000 relates to pre-liquidation balances. This balance consists of amounts in both formal and informal dispute, amounts available to reinsurers as legitimate offsets and balances due from insolvent and financially distressed companies. Data feeds from the Guaranty Associations providing paid and outstanding claim information were loaded into RIC's systems in April 2003. The GA data plus the Notices of Determination generated about $875,000,000 of post-liquidation billings, of which $557,000,000 was unpaid at June 30, 2004. The amount collected will ultimately be much lower due to disputes, offsets and insolvencies. RIC is aggressively attempting to collect reinsurance billings and is in constant contact with its major reinsurers. Formal dispute resolution actions continue against several of the reinsurers with substantial overdue balances, including various Underwriters at Lloyd's and Houston Casualty Company. RIC expects these disputes to be resolved within the next six to 12 months. The current arbitration with John Hancock Life Insurance Company was resolved through a commutation now pending approval by the Commonwealth Court of Pennsylvania. Thus far in 2004, RIC completed 26 on-site reinsurance audits at various GAs. Ms. Koken advises that reinsurer financial strength is a problem and will continue to be a major concern for the duration of the RIC liquidation proceedings. RIC is monitoring the financial condition of its major reinsurers and will attempt to settle its overall exposure with distressed companies through commutation. However, significant write-offs for uncollectible reinsurance are expected, Ms. Koken says. At September 30, 2004, RIC had a total of 373 employees in both the Philadelphia and New York City offices. Since January 2004, staff has been reduced in most areas with a net decrease of 59 employees. The Liquidator has devoted considerable resources to general asset recovery through numerous plaintiff actions to recover assets owed to the estate. These include litigation and arbitration for: (1) collections from agencies, TPAs, brokers or program managers -- approximately $27,000,000 sought; (2) claims in bankruptcy against financially distressed insureds -- approximately $120,000,000 sought; (3) subrogation matters -- approximately $30,000,000 sought; (4) premium and large deductible collections -- approximately $27,000,000 sought; (5) reinsurance recoveries -- approximately $175,000,000 sought; and (6) other litigation -- approximately $9,000,000 sought. Thus far in 2004, the Liquidator recovered more than $46,200,000 through legal actions. Through September 30, 2004, RIC received 156,510 proofs of claim, of which 3,088 were filed after the deadline. The number of claims declined slightly from the second quarter because duplicate claims were identified and inactivated. RIC mailed 167,410 status letters and issued 41,618 Notices of Determination. Some claims have received more than one status letter as the evaluation of their claim progressed. Through September 30, 2004, the Liquidator has allowed $217,800,000 for all NODs issued. The Liquidator has received 372 objections to the NODs. Of those objections, over 100 have been resolved and 269 are in the objection resolution process. Referees have been assigned to 229 objections. The Liquidator has established a process to review requests for the release of collateral held to secure obligations for direct insureds, reinsurers and premium receivables. As of June 30, 2004, RIC held collateral of approximately $2,000,000,000 to secure current and future obligations. For the nine months ended June 30, 2004, 160 accounts were reviewed, resulting in the release of $106,900,000 in collateral for 110 accounts, denials issued for 18 accounts, and other resolutions for 32 accounts. A committee was established to review and recommend action for cut-through requests. Since implementation of the guidelines, 26 cut-through requests have been submitted to the Liquidator. Of these, 15 have been approved, 8 were disapproved, 2 were withdrawn and 1 is pending. Reliance Insurance Company (In Liquidation) Special Purpose Balance Sheet At June 30, 2004 Assets Short-term Investments $692,300,000 Symbol Technologies Common Stock 137,900,000 Non-liquid Investments 19,100,000 Investments in Trust - Secured Creditors 308,200,000 Real Estate Investments 27,300,000 --------------- Invested Assets 1,184,800,000 Investments in Affiliates 83,000,000 --------------- Total Invested Assets 1,267,800,000 Premium Balances 123,400,000 Reinsurance Receivable 793,200,000 Reinsurance Recoverable 2,655,500,000 Early Access to Guaranty Associations 831,300,000 Other Assets 47,600,000 --------------- Total Assets $5,718,800,000 =============== Liabilities Loss & Loss Adjustment Expenses - GAs 1,440,100,000 Loss & Loss Adjustment Expenses - Direct 5,219,200,000 Loss & Loss Adjustment Expenses - Assumed 1,285,000,000 Funds Held 430,200,000 Other Liabilities 381,200,000 --------------- Total Liabilities 8,755,700,000 --------------- Net Deficit ($3,036,900,000) =============== Reliance Insurance Company (In Liquidation) Statement of Cash Flow January 1, 2004 to June 30, 2004 Beginning Balance $464,300,000 Sources: Reinsurance Collections 242,900,000 Premium Collections 12,600,000 Subrogation Recoveries 9,200,000 Sale Proceeds from RCG Moody Int'l 48,000,000 RGH Settlement 45,300,000 Released From Trust 12,500,000 Symbol Technologies Stock Sales 18,200,000 Investment Appreciation 2,400,000 Other 1,900,000 --------------- Total Sources 393,000,000 --------------- Uses: Early Access to GAs (38,400,000) Loss & Loss Adjustment Expenses (2,600,000) Operating Expenses (88,900,000) Net Checks Cashed But Issued (35,100,000) --------------- Total Uses (165,000,000) --------------- Net Increase in Funds 228,000,000 Ending Balance $692,300,000 =============== Headquartered in New York, New York, Reliance Group Holdings, Inc. -- http://www.rgh.com/-- is a holding company that owns 100% of Reliance Financial Services Corporation. Reliance Financial, in turn, owns 100% of Reliance Insurance Company. The holding and intermediate finance companies filed for chapter 11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing $12,598,054,000 in assets and $12,877,472,000 in debts. The insurance unit is being liquidated by the Insurance Commissioner of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News, Issue No. 64; Bankruptcy Creditors' Service, Inc., 215/945-7000) TRUMP HOTELS: Trump Casino Funding's Schedules of Assets & Debts ---------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Account 822 TOTAL SCHEDULED ASSETS $822 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims U.S. Bank, N.A. Trump Casino Holdings $425 million 425,000,000 11-5/8% First Priority Notes Due 2010 Trump Casino Holdings $65 million 68,800,000 17-5/8% Second Priority Mortgage Notes Due 2010 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Unknown TOTAL SCHEDULED LIABILITIES $495,922,307 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Trump Casino Holdings' Schedules of Assets & Debts ---------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Account Credit Suisse First Boston -- Investment 3,142,130 Other 58,790 B.12 Stock interests Unknown B.13 Interests in partnerships or joint venture Unknown B.15 Accounts receivable Intercompany Receivables Trump Indiana, Inc. 50,557,550 Trump Marina Associates, L.P. 340,469,746 Other 53,808 B.33 Other personal property 913 TOTAL SCHEDULED ASSETS $343,701,072 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims U.S. Bank, N.A. Trump Casino Holdings $425 million 425,000,000 11-5/8% First Priority Notes Due 2010 Trump Casino Holdings $65 million 70,922,307 17-5/8% Second Priority Mortgage Notes Due 2010 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims 82,062 TOTAL SCHEDULED LIABILITIES $496,004,369 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Trump Indiana Casino's Schedules of Assets & Debts ---------------------------------------------------------------- Trump Indiana Casino Management, LLC, reports no asset and liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Trump Indiana Realty's Schedules of Assets & Debts ---------------------------------------------------------------- A. Real Property $0 B. Personal Property 0 TOTAL SCHEDULED ASSETS $0 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claim U.S. Bank, N.A. Guaranty of Trump Casino Holdings $425,000,000 $425 million 11-5/8% First Priority Notes Due 2010 Guaranty of Trump Casino Holdings $70,922,307 $65 million 17-5/8% Second Priority Mortgage Notes Due 2010 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Unknown TOTAL SCHEDULED LIABILITIES $495,922,307 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Trump Internet Casino's Schedules of Assets & Debts ----------------------------------------------------------------- Trump Internet Casino, LLC, does not own any real or personal property. Trump Internet Casino reports no liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Trump Marina Associates' Schedules of Assets & Debts ------------------------------------------------------------------ A. Real Property Trump Marina Hotel Casino $406,030,000 Trump Marina Hotel Casino Parking Lot 4,687,900 B. Personal Property B.1 Cash on Hand House Funds - Hotel 357,649 House Funds - Casino 11,905,257 House Funds - Other 5,734,198 B.2 Bank Account Bank of America (83,479) Commerce Bank, NA Main Operating Account 6,470,853 Investment Sweep 1,920,216 Casino Deposits 3,440,199 Other (336,649) B.3 Security Deposits Repairs & Dock Maintenance Escrow 1,211,300 per Lease Agreement -- New Jersey Security Deposit, Interest -- PDS Gaming Corporation 1,437,229 Other 443,849 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies Prepaid Insurance Accounts 774,294 Insurance Collateral Accounts 1,552,819 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in partnerships or joint venture 0 B.14 Bonds CRDA Bonds 3,792,759 Deposits with CRDA 6,437,914 Valuation Allowance on Bonds/Deposits (3,726,641) B.15 Accounts receivable Casino Receivables, net 6,027,564 Hotel Receivables, net 1,103,335 Other Receivables 1,254,235 Intercompany Receivables 24,310 B.16 Alimony 0 B.17 Other liquidated debts owed 0 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims 0 B.21 Patents, copyrights & trademarks Unknown B.22 Other intangibles Unknown B.23 Automobiles 29,890 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 29,494,021 B.27 Machinery, furniture and fixtures B.28 Inventory 3,172,076 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property Prepaid expenses 3,955,988 TOTAL SCHEDULED ASSETS $497,111,087 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims IGT, Inc. 1,026,966 PDS Gaming Corporation 12,842,932 U.S. Bank, N.A. Guaranty of Trump Casino Holdings 425,000,000 $425 million 11-5/8% First Priority Notes Due 2010 Guaranty of Trump Casino Holdings 68,800,000 $65 million 17-5/8% Second Priority Mortgage Notes Due 2010 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims IGT, Inc. 1,219,338 Trump Casino Holdings, LLC 340,469,746 Trump Taj Mahal Associates 5,957,643 Other Trade and Unsecured Claims 9,312,543 TOTAL SCHEDULED LIABILITIES $865,102,418 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Trump Plaza Associates' Schedules of Assets & Debts ----------------------------------------------------------------- A. Real Property Properties in New Jersey $98,809,091 Trump Plaza Hotel & Casino Building 264,391,139 B. Personal Property B.1 Cash on hand Cash on Floor-Bill Changers 4,116,921 Window Banks Charge 11,357,643 Other 379,519 B.2 Bank Accounts Fleet Bank (43,238) Commerce Bank Main Operating Account 11,211,421 Payroll (4,092,845) Casino Deposits 2,225,735 Other (189,004) B.3 Security Deposits 1,164,110 B.5 Collectibles 309,356 B.9 Interests in Insurance Policies Various Prepaid Insurance Accounts 1,668,994 Insurance Collateral Account 1,439,150 B.13 Interests in partnerships or joint venture Unknown B.14 Government and Corporate Bonds CRDA Bonds 5,753,178 Deposits with CRDA 12,971,419 Valuation Allowance (8,079,061) B.15 Accounts Receivable Casino Receivables, net 6,846,073 Hotel Receivables 641,454 Credit Card Receivables 224,490 Other Accounts Receivable 1,264,215 Intercompany Receivables 969 B.20 Other Contingent & Unliquidated Claims Real Estate Tax Claim - Atlantic City 8,013,817 B.21 Intellectual Property Unknown B.22 Other Intangibles Unknown B.23 Vehicles 503,454 B.26 Office Equipment 23,907,240 B.28 Inventory Inventory at hotel and casino 1,852,804 Inventory at warehouse 290,213 B.33 Other Personal Property Prepaid Licenses and Taxes 3,381,853 Prepaid Sewerage Costs 256,753 Prepaid Marketing 1,917,494 Other Prepayments 121,245 TOTAL SCHEDULED ASSETS $452,614,633 ======================================================== C. Property Claimed as Exempt Not Applicable D. Creditors Holding Secured Claim IGT, Inc. 1,086,232 PDS Gaming Corporation 18,733,850 U.S. Bank National Association 1,300,000,000 Others 2,053,799 E. Unsecured Priority Claims 529,458 F. Unsecured Non-Priority Claims Thermal Energy Limited 1,528,204 Trump Atlantic City Associates 471,928,445 Trump Plaza Funding, Inc. 3,822,005 Trump Taj Mahal Associates 4,705,407 Other 15,192,370 TOTAL SCHEDULED LIABILITIES $1,819,692,119 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Plaza Funding Inc.'s Schedules of Assets & Debts -------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Account 2,000 B.15 Accounts Receivable -- Trump Taj Mahal 3,822,005 TOTAL SCHEDULED ASSETS $3,824,005 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claim $0 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims 0 TOTAL SCHEDULED LIABILITIES $0 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: TAC Associates' Schedules of Assets & Liabilities --------------------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank Account Credit Suisse First Boston -- Investment 1,458,404 Other 6,720 B.12 Stock interests Unknown B.13 Interests in partnerships or joint venture Unknown B.15 Accounts receivable Intercompany Receivables Trump Plaza Associates 471,928,446 Trump Taj Mahal Associates 847,007,111 B.33 Other personal property 18,254 TOTAL SCHEDULED ASSETS $1,320,418,936 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims U.S. Bank, N.A. TAC Associates $1.2 billion 1,200,000,000 11-1/4% First Mortgage Priority Notes Due 2006 TAC Associates $75 million 75,000,000 11-1/4% First Mortgage Notes Due 2006 TAC Associates $25 million 25,000,000 11-1/4% First Mortgage Notes Due 2006 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Trump Hotels & Casino Resorts, Inc. 7,323,922 Trump Taj Mahal Associates 10,257,112 TOTAL SCHEDULED LIABILITIES $1,317,581,034 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: TAC Funding Inc.'s Schedules of Assets & Debts ------------------------------------------------------------ A. Real Property $0 B. Personal Property B.2 Bank account 1,971 TOTAL SCHEDULED ASSETS $1,971 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claim US Bank NA -- TAC Associates $1,200,000,000 $1.2 billion 11-1/4% First Mtg Priority Notes due 2006 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Unknown TOTAL SCHEDULED LIABILITIES $1,200,000,000 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: TAC Funding II's Schedules of Assets & Debts ---------------------------------------------------------- A. Real Property 0 B. Personal Property B.2 Bank Accounts $177 TOTAL SCHEDULED ASSETS $177 ======================================================== C. Property Claimed as Exempt Not Applicable D. Creditors Holding Secured Claim U.S. Bank, N.A. -- Guaranty of TAC $75,000,000 Associates $75 million 11-1/4% First Mortgage Notes due 2006 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Unknown TOTAL SCHEDULED LIABILITIES $75,000,000 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: TAC Funding III's Schedules of Assets & Debts ----------------------------------------------------------- A. Real Property 0 B. Personal Property B.2 Bank Accounts $49 TOTAL SCHEDULED ASSETS $49 ======================================================== C. Property Claimed as Exempt Not Applicable D. Creditors Holding Secured Claim U.S. Bank, N.A. -- Guaranty of TAC $25,000,000 Associates $25 million 11-1/4% First Mortgage Notes due 2006 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Unknown TOTAL SCHEDULED LIABILITIES $25,000,000 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: TAC Holding Inc.'s Schedules of Assets & Debts ------------------------------------------------------------ Trump Atlantic City Holding, Inc., has no real property. Trump Atlantic City Holding has a $1,194 account at Commerce Bank. TAC Holding has a 1% general partnership interest in Trump Atlantic City Associates. The value of the interest is unknown. TAC Holding reports zero liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Taj Mahal Associates' Schedules of Assets & Debts --------------------------------------------------------------- A. Real Property Trump Taj Mahal Casino Resort $697,296,878 Taj Mahal Warehouse 785,906 B. Personal Property B.1 Cash on hand Hotel Cashiering 390,605 Casino Cage 15,562,275 Master Coin Bank 13,399,251 Slot Hoppers 1,055,150 Bill Changers 5,881,958 B.2 Bank Accounts Commerce National Bank Concentration 2,165,713 Reinvestment 26,817,811 Casino Depository 1,121,361 Cage Disbursements (1,406,250) Concentration Ad 1,335,888 Accounts Payable (21,676,376) Others (510,113) Fleet National Bank (382,359) Sun National Bank 67,511 B.3 Security Deposits Slot Lease Deposits -- PDS Gaming Corp. 2,139,878 Other 1,217,180 B.9 Interests in Insurance Policies Various Prepaid Insurance Accounts 1,476,460 Insurance Collateral Accounts American Insurance Services Group 640,519 CNA Insurance Companies 1,604,373 Chubb Group of Insurance Co. 168,280 Zurich Insurance Co. 468,185 B.14 Government and Corporate Bonds CRDA Investment Bonds 4,191,847 Deposits with CRDA 22,046,533 Retail Entertainment Project Commitment (5,526,803) Valuation Allowance (7,147,033) B.15 Accounts Receivable Casino Patron Markers 12,489,117 Other Accounts Receivable 2,610,355 Intercompany Receivables Trump Atlantic Associate 10,257,112 Trump Organization 1,974 Trump Plaza Associates 4,705,903 Trump Marina Associates 6,139,096 B.21 Intellectual Property Unknown B.22 Other Intangibles Unknown B.23 Vehicles 105,757 B.26 Office Equipment 50,661,405 B.28 Inventory Inventory at hotel and casino 3,035,186 Inventory at warehouse 1,714,660 B.33 Other Personal Property Prepaid Slot Machine License Fee 1,473,000 Prepaid Real Estate Taxes 3,909,921 New Jersey Horseracing Tax 498,704 Other Prepaid Expenses 2,380,569 TOTAL SCHEDULED ASSETS $863,167,387 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claim Avaya Financial $1,012,314 IGT, Inc. 1,079,514 Par-4, Inc. 2,069,605 PDS Gaming Corporation 27,963,323 U.S. Bank National Association 1,300,000,000 Others 2,520,463 E. Unsecured Priority Claims 1,575,827 F. Unsecured Non-priority Claims Thermal Energy Limited 1,142,888 Trump Atlantic City Associates 826,492,888 Trump Hotels & Casino Resorts 3,741,274 Others 15,101,272 TOTAL SCHEDULED LIABILITIES $2,182,699,368 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Development Co.'s Schedules of Assets & Debts ---------------------------------------------------------------- Trump Hotels & Casino Resorts Development Company, LLC, does not own any real or personal property. THCR Development Company reports no liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Enterprises Inc.'s Schedules of Assets & Debts ----------------------------------------------------------------- THCR Enterprises, Inc. has no real property. THCR Enterprises, Inc., holds a 1% membership interest in THCR Enterprises, LLC. The value of that interest is unknown. THCR Enterprises, Inc., reports no liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Enterprises LLC's Schedules of Assets & Debts ---------------------------------------------------------------- THCR Enterprises, LLC, has no real property. THCR Enterprises, LLC, owns investment accounts, aggregating $3,419, at Credit Suisse First Boston. THCR Enterprises, LLC, also holds 3% treasury stock in Trump Hotels & Casino Resorts, Inc. The value of the Debtor's interest in the stock is unknown. THCR Enterprises, LLC, reports no liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Funding Inc.'s Schedules of Assets & Debts ------------------------------------------------------------- Trump Hotels & Casino Resorts Funding, Inc.'s assets consist of a $100 depository account at Chase Manhattan Bank and a $604 interest-bearing escrow account for Senior Secured Notes due 2005, which it holds jointly with Trump Hotels & Casino Resorts Holdings, L.P. THCR Funding Inc. reports zero liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Holding Corp.'s Schedules of Assets & Debts -------------------------------------------------------------- THCR Holding Corporation's assets consist of a $100 account at Commerce Bank and a 100% ownership interest in THCR/LP Corporation. The current market value of that interest is unknown. THCR Holding Corporation reports no liabilities. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Holdings LP's Schedules of Assets & Debts ------------------------------------------------------------ A. Real Property $0 B. Personal Property B.2 Bank account 3,914 B.12 Stock Interests Unknown B.13 Interests in partnership and joint ventures Unknown B.15 Accounts receivable Trump Casino Services 5,730,235 Trump Atlantic City Associates 7,323,992 Trump Casino Holdings, LLC 82,063 B.21 Intellectual property Unknown TOTAL SCHEDULED ASSETS $13,140,204 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claim $0 E. Unsecured Priority Claims Unknown F. Unsecured Non-priority Claims 25,223 TOTAL SCHEDULED LIABILITIES $25,223 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Inc.'s Schedules of Assets & Debts ----------------------------------------------------- A. Real Property $0 B. Personal Property B.2 Bank account Chase Manhattan Bank, NA 13,923 Commerce Bank 25,250 Credit Suisse First Boston 19,569 US Bank 604 B.9 Interests in insurance policies 29,367 B.12 Stock Interests Unknown B.13 Interests in partnership and joint ventures Unknown B.15 Accounts receivable Trump Taj Mahal Associates 3,741,274 Trump Marina Associates, LP 187,500 Intercompany Receivables 415,964 B.25 Aircraft and accessories 628,672 B.26 Office equipment and supplies 24,032 B.33 Other personal property 149,021 TOTAL SCHEDULED ASSETS $5,235,176 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claim $0 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims 0 TOTAL SCHEDULED LIABILITIES $0 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR LP Corp.'s Schedules Of Assets & Debts --------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on Hand 0 B.2 Bank Account 2 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in partnerships or joint venture unknown B.14 Bonds 0 B.15 Accounts receivable 0 B.16 Alimony 0 B.17 Other liquidated debts owed 0 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims 0 B.21 Patents, copyrights & trademarks 0 B.22 Other intangibles 0 B.23 Automobiles 0 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 0 B.27 Machinery, furniture and fixtures 0 B.28 Inventory 0 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property 0 TOTAL SCHEDULED ASSETS $2 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims 0 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims 0 TOTAL SCHEDULED LIABILITIES $0 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Mgt. Holding's Schedules of Assets & Debts ------------------------------------------------------------- A. Real Property $0 B. Personal Property B.12 Stock Interests Unknown TOTAL SCHEDULED ASSETS $0 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claim U.S. Bank, N.A. Guaranty of Trump Casino $425,000,000 $425 million 11-5/8% First Priority Notes due 2010 Guaranty of Trump Casino 70,922,307 $65 million 17-5/8% Second Priority Mortgage Notes due 2010 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Unknown TOTAL SCHEDULED LIABILITIES $495,922,307 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: THCR Ventures, Inc.'s Schedules of Assets & Debts --------------------------------------------------------------- THCR Ventures, Inc.'s asset consists of a 1% membership interests in Trump Hotels & Casino Resorts Development Company, LLC, and Trump Internet Casino, LLC. The value of those interests is unknown. THCR Ventures reports zero liability. Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. TRUMP HOTELS: Trump Atlantic City's Schedules of Assets & Debts --------------------------------------------------------------- A. Real Property 0 B. Personal Property B.2 Bank Accounts $27,023 B.13 Interests in Partnerships Unknown TOTAL SCHEDULED ASSETS $27,023 ======================================================== C. Property Claimed as Exempt Not Applicable D. Creditors Holding Secured Claim U.S. Bank, N.A. Guaranty of TAC Associates $1,200,000,000 $1.2 billion 11-1/4% First Mortgage Priority Notes due 2006 Guaranty of TAC Associates 75,000,000 $75 million 11-1/4% First Mortgage Notes due 2006 Guaranty of TAC Associates 25,000,000 $25 million 11-1/4% First Mortgage Notes due 2006 E. Unsecured Priority Claims 0 F. Unsecured Non-priority Claims Unknown TOTAL SCHEDULED LIABILITIES $1,300,000,000 ======================================================== Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino Resorts, Inc., through its subsidiaries, owns and operates four properties and manages one property under the Trump brand name. The Company and its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed more than $500 million in total assets and more than $1 billion in total debts. UAL CORPORATION: Posts $114 Million Net Loss in October 2004 ------------------------------------------------------------ UAL Corporation (OTCBB: UALAQ.OB), the holding company whose primary subsidiary is United Airlines, filed its October Monthly Operating Report with the United States Bankruptcy Court for the Northern District of Illinois. The company reported an operating loss of $65 million for October 2004. Mainline passenger unit revenue was flat year-over-year. Unit costs were up 9% over last year. Excluding fuel, unit costs improved 1% year-over-year. The company reported a net loss of $114 million, including $14 million in reorganization expenses. United continued to deliver strong operational results in October, with an on-time: 14 arrival performance rate of 83.2% and a load factor of 77.8%. Employees also exceeded the company's goals for October for customer satisfaction, as measured by definite intent to repurchase. "We are continuing to do the hard work that is necessary to prepare United for a successful exit from bankruptcy and operational performance remains high despite the challenges. However, United's urgent need to further reduce costs is unchanged as we continue to face fares at 12-year lows, oil at record highs and no pricing power," said Jake Brace, executive vice president and chief financial officer. "We are actively reducing costs across the business to ensure that the company continues to maintain adequate liquidity. United has also set in motion the Section 1113 process and we are working with our unions to reach consensual agreements on fair and equitable reductions in labor costs." UAL ended October with a cash balance of about $2.3 billion, which included $837 million in restricted cash (filing entities only). The cash balance decreased approximately $77 million during the month of October, driven by the final quarterly retroactive wage payment to International Association of Machinists members of $63 million and a quarterly Success Sharing reward to employees of $26 million. As anticipated, the company did not meet its October EBITDAR covenant; however, the company received a waiver from its DIP lenders for the monthly EBITDAR covenants during the fourth quarter 2004. A full-text copy of UAL Corporation's October 2004 monthly operating report is available at no charge at: http://www.sec.gov/Archives/edgar/data/100517/000010051704000040/novmor.htm Headquartered in Chicago, Illinois, UAL Corporation -- http://www.united.com/-- through United Air Lines, Inc., is the holding company for United Airlines -- the world's second largest air carrier. The Company filed for chapter 11 protection on December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $24,190,000,000 in assets and $22,787,000,000 in debts. WESTPOINT STEVENS: Posts $20.2 Million Net Loss in October 2004 --------------------------------------------------------------- WESTPOINT STEVENS, INC. Balance Sheet At October 31, 2004 (in thousands) Assets Current Assets Cash and cash equivalents $1,772 Short-term investments - Accounts receivable, net 222,501 Inventories 330,737 Prepaid expenses and other current assets 12,349 ---------- Total current assets 567,359 Total investments and other assets 119,961 Goodwill - Property, Plant and Equipment, net 521,792 ---------- TOTAL ASSETS $1,209,112 ========== Liabilities and Stockholders' Equity (Deficit) Liabilities Not Subject to Compromise: Senior Credit Facility $438,240 DIP Credit Agreement 100,637 Second lien facility 165,000 Accrued interest payable 728 Accounts payable - trade 49,909 Accounts payable - intercompany 179,243 Other accrued liabilities 108,954 Deferred income taxes 474 Pension and other liabilities 137,536 ---------- Total liabilities not subject to compromise 1,180,247 Liabilities Subject to Compromise Senior notes 1,000,000 Deferred financing fees (5,066) Accrued interest payable on Senior Notes 36,130 Accounts payable 26,604 Other payables and accrued liabilities 8,237 Pension and other liabilities 18,807 ---------- Total liabilities not subject to compromise 1,084,712 ---------- Total Liabilities 2,264,959 Shareholders' Equity (Deficit) Equity of subsidiaries (123,757) Common stock 711 Capital surplus/Treasury Stock 51,436 Retained earnings (deficit) (871,030) Minimum pension liability adjustment (101,921) Other adjustments (11,286) Unearned compensation - ---------- Stockholders' Equity (Deficit) (1,055,847) ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $1,209,112 ========== WESTPOINT STEVENS, INC. Statement of Operations Month Ended October 31, 2004 (in thousands) Total sales $147,154 Cost of sales 140,114 ---------- Gross profit 7,040 Selling and administrative expenses Selling expenses 3,431 Warehousing and shipping 6,631 Advertising 512 Division administrative expense 1,175 MIS expense 1,551 Corporate administrative expense 1,763 ---------- Total selling and administrative expense 15,063 Restructuring and impairment charge - Goodwill impairment charge - ---------- Profit (loss) from operations (8,023) Interest expense Interest expense - outside 7,827 Capitalized interest expense - Interest expense - intercompany 396 Interest income 18 Interest income - intercompany - ---------- Net interest expense 8,205 Other expense Miscellaneous 1,132 Royalties - intercompany 3,686 Transaction gain/loss - ---------- Total other expense 4,818 Other income Royalties - intercompany - Dividends - Sale of assets - Miscellaneous 8 ---------- Total other income 8 ---------- Net other expense 4,810 ---------- Income (loss) before Chapter 11 reorganization expenses and income taxes (benefit) and extraordinary items (21,038) Chapter 11 reorganization expenses 2,316 Income tax expense (benefit) (3,122) Extraordinary item - net of taxes - ---------- Net Income (loss) ($20,232) ========== WESTPOINT STEVENS, INC. Statement of Cash Flows Month Ended October 31, 2004 (in thousands) Cash flows from operations: Net income (loss) ($20,232) Restructuring - Equity adjustments 646 Depreciation and amortization expense 14,714 Fixed asset impairment charge - Working Capital Changes Decrease/(increase) - accounts receivable 15,412 Decrease/(increase) - inventories 5,385 Decrease/(increase) - other current assets 2,508 Decrease/(increase) - other non-current assets & debts 1,138 Increase/(decrease) - accounts payable (trade) (3,397) Increase/(decrease) - a/p (intercompany) 10,143 Increase/(decrease) - accrued liabilities (3,976) Increase/(decrease) - accrued interest payable (4,838) Increase/(decrease) - pension and other liabilities (1,798) Increase/(decrease) - deferred federal income tax (474) ---------- Total cash flows from operations 15,231 Cash flows from investing activities: Capital expenditures (653) Transfers - Net proceeds from sale of assets 786 ---------- Total cash flows from investing 133 Cash flows from financing activities: Increase/(decrease)- DIP Credit Agreement (18,320) ---------- Total cash flows from financing (18,320) Beginning cash balance 4,728 Change in cash (2,956) ---------- Ending cash balance $1,772 ========== Headquartered in West Point, Georgia, WestPoint Stevens, Inc., -- http://www.westpointstevens.com/-- is the #1 US maker of bed linens and bath towels and also makes comforters, blankets, pillows, table covers, and window trimmings. It makes the Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux brands, as well as the Martha Stewart bed and bath lines; other licensed brands include Ralph Lauren, Disney, and Joe Boxer. Department stores, mass retailers, and bed and bath stores are its main customers. (Federated, J.C. Penney, Kmart, Sears, and Target account for more than half of sales.) It also has nearly 60 outlet stores. Chairman and CEO Holcombe Green controls 8% of WestPoint Stevens. The Company filed for chapter 11 protection on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in their restructuring efforts. (WestPoint Bankruptcy News, Issue No. 33; 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 ***