/raid1/www/Hosts/bankrupt/TCR_Public/041211.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 11, 2004, Vol. 8, No. 273
Headlines
AIR CANADA: ACE Releases Amended Third Quarter Financial Results
AMES DEPT: Monthly Operating Report for Period Ended Oct. 2, 2004
ANC RENTAL: Posts $469,429 Net Loss in September 2004
CATHOLIC CHURCH: Spokane Diocese's Schedules of Assets & Debts
CENTURY/ML: Earns $3.1 Million of Net Income in October 2004
INTERMET CORP: Posts $8,500,000 Net Loss in October 2004
KAISER ALUMINUM: Posts $142.7 Million Net Loss for Sept. 2004
KAISER ALUMINUM: Earns $1.8 Million of Net Income in Oct. 2004
NEWPOWER HOLDINGS: Files October 2004 Monthly Operating Report
RCN CORPORATION: Posts $18.8 Million Net Loss in October 2004
TRENWICK GROUP: Posts $4,362,168 Net Loss in September 2004
TRENWICK GROUP: Earns $13,241,915 of Net Income in October 2004
WESTPOINT STEVENS: WP Stevens I Posts $5 Mil. Net Loss in October
WESTPOINT STEVENS: JP Stevens & Co.'s October Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' Oct. Operating Report
WESTPOINT STEVENS: WP Stevens Stores' October Operating Report
*********
AIR CANADA: ACE Releases Amended Third Quarter Financial Results
----------------------------------------------------------------
For the purposes of providing a reconciliation to generally
accepted accounting principles in the United States (U.S. GAAP)
and also to provide a separate consolidated statement of cash flow
for ACE Aviation Holdings Inc. (ACE), ACE has amended its third
quarter 2004 unaudited interim consolidated financial statements
and notes, as filed on http://www.sedar.com/on November 12, 2004.
The ending cash balance of ACE on September 30, 2004 and the
consolidated statement of operations for the third quarter are
unchanged.
Amendments to Third Quarter 2004 Report
Consolidated Statement of No Change
Financial Position
Consolidated Statement of No Change
Operations and Retained
Earnings (Deficit)
Consolidated Statement of Amended to reflect
Cash Flow (Predecessor transactions of Predecessor
Company) Company by removing exit
financing transactions of
the Successor Company.
Consolidated Statement of New statement disclosing
Cash Flow (Successor exit financing transactions
Company) of the Successor Company.
Note 17 New note containing
reconciliation to U.S.
GAAP.
The amended consolidated financial statements and notes are
available at:
http://bankrupt.com/misc/amended_third_quarter_financials.pdf
ACE Aviation Holdings Inc.
Predecessor Company - Air Canada
Amended Unaudited Consolidated Statement of Cash Flow
Three months ended September 30, 2004
(dollars in millions)
Cash flows from (used for):
Operating:
Loss for the period (CN$81)
Adjustments to reconcile to net cash provided
by operations:
Reorganization and restructuring items 281
Depreciation, amortization and obsolescence 114
Loss on sale of and provisions on assets 62
Foreign exchange (123)
Future income taxes 1
Employee future benefit funding less than expense 23
Decrease (increase) in accounts receivable (15)
Decrease (increase) in spare parts,
materials and supplies (7)
Increase (decrease) in accounts payable
and accrued liabilities 49
Increase (decrease) in advance ticket sales,
net of restricted cash (138)
Aircraft lease payments (in excess of)
less than rent expense (3)
Other 20
--------
183
Financing:
Drawdown on GE DIP financing -
Aircraft related borrowings 116
Credit facility borrowings -
Reduction of long-term debt and
capital lease obligations (49)
DIP financing fees -
Other (2)
--------
65
Investing:
Additions to property and equipment (142)
Proceeds from sale of assets 1
Investments and advances -
--------
(141)
--------
Increase (decrease) in cash and cash equivalents 107
Cash and cash equivalents, beginning of period 850
Cash and cash equivalents transferred to
the Successor Company (957)
--------
Cash and cash equivalents, end of period CN$0
========
ACE Aviation Holdings Inc.
Successor Company - ACE
Amended Unaudited Consolidated Statement of Cash Flow
Three months ended September 30, 2004
(dollars in millions)
Cash flows from (used for):
Operating:
Settlement of lease obligations (CN$290)
Rebate on lease settlement 33
Take out fee on notes and warrants (45)
Fees conditional on emergence (12)
--------
(314)
Investing
Cash collaterization of lines of credit (21)
--------
Financing
Drawdown of exit financing 527
Repayment of GE DIP financing (300)
Preferred shares issued to Cerberus for cash 238
Shares issued for cash under Rights Offering 852
--------
1,317
--------
Increase in cash and cash equivalents 982
Cash and cash equivalents transferred from
the Predecessor Company 957
--------
Cash and cash equivalents, end of period CN$1,939
========
Air Canada filed for CCAA protection on April 1, 2003 (Ontario
Superior Court of Justice, Case No. 03-4932) and filed a Section
304 petition in the U.S. Bankruptcy Court for the Southern
District of New York (Case No. 03-11971). Mr. Justice Farley
sanctioned Air Canada's CCAA restructuring plan on Aug. 23, 2004.
Sean F. Dunphy, Esq., and Ashley John Taylor, Esq., at Stikeman
Elliott LLP, in Toronto, serve as Canadian Counsel to the carrier.
Matthew A. Feldman, Esq., and Elizabeth Crispino, Esq., at Willkie
Farr & Gallagher serve as the Debtors' U.S. Counsel. When the
Debtors filed for protection from its creditors, they listed
C$7,816,000,000 in assets and C$9,704,000,000 in liabilities.
On September 30, 2004, Air Canada successfully completed its
restructuring process and implemented its Plan of Arrangement.
The airline exited from CCAA protection raising $1.1 billion of
new equity capital and, as of September 30, has approximately
$1.9 billion of cash on hand. (Air Canada Bankruptcy News, Issue
No. 54; Bankruptcy Creditors' Service, Inc., 215/945-7000)
AMES DEPT: Monthly Operating Report for Period Ended Oct. 2, 2004
-----------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At October 2, 2004
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $11,523
Restricted cash 59,381
Receivables 951
----------
Total current assets 71,855
----------
Fixed assets -
----------
Total assets $71,855
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable:
Trade $59,928
Other 14,291
----------
Total accounts payable 74,219
Self-insurance reserves 31,615
Accrued expenses 23,446
Liabilities subject to compromise 848,740
----------
Total liabilities 978,020
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,438,931)
Treasury stock (922)
----------
Total stockholders' deficit (906,165)
----------
Total liabilities and stockholders' deficit $71,855
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For Five Weeks Ended October 2, 2004
(In Thousands)
Total revenue $11,998
Costs and expenses
Wind down expenses and other costs 480
Write off excess reserves -
Gain on sale of fixed assets (7)
Professional fees 150
----------
Income before income taxes 11,375
----------
Net Income $11,375
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For Five Weeks Ended October 2, 2004
(In Thousands)
Cash flows from operating activities:
Net Income $11,375
Expenses not requiring the outlay of cash:
Gain on sale of fixed assets (7)
----------
Cash used by operations 11,368
Changes in working capital:
Increase in receivables (224)
Decrease in accrued expenses & other liabilities (1,114)
Increase in accounts payable 212
Decrease in restricted cash 290
----------
Net cash provided by operating activities 10,532
Cash flows from financing activities:
Proceeds from the sale of fixed assets 7
Borrowings under DIP Credit Agreement -
Change in liabilities subject to compromise 121
----------
Net cash provided by financing activities 128
Decrease in cash and cash equivalents 10,660
Cash and cash equivalents, beginning of period 863
----------
Cash and cash equivalents, end of period $11,523
==========
Ames Department Stores filed for chapter 11 protection on
August 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut,
Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin
J. Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal
& Manges LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 61; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ANC RENTAL: Posts $469,429 Net Loss in September 2004
-----------------------------------------------------
ANC Rental Corporation, et al.
Combined Balance Sheet
As of September 30, 2004
ASSETS
Current Assets
Cash -- Investments and Other Cash $14,351,058
Cash -- ANC Primary Disbursement 17,838
---------------
Total Unrestricted Cash 14,368,896
Restricted Cash -- Professional Fee Escrow -
California DMV Restricted Cash -
Restricted Cash -- Tax Escrow 5,658,732
---------------
Total Restricted Cash 5,658,732
Accounts Receivable Other 65,503
Corporate Accounts 3,639,854
Collision Damage Recovery A/R 2,873,499
Collision Damage Recovery Reserve (2,873,499)
Provision -- Trade A/R (3,640,625)
---------------
Total Receivables, net 64,732
---------------
Total Current Assets 20,092,360
Other Assets Deposits 93,998
---------------
Total Assets $20,186,359
===============
LIABILITIES & CAPITAL
Administrative Liabilities
Accounts Payable $946,220
Admin Claim -- Legal and Professional Fee -
Accrued Interest on 3rd Party Debt 0
Reserve for Other Admin Claims 1,025,000
---------------
Estimated Admin and Prof Fee Reserves 1,968,220
Secured Liabilities
Accrued Ad-Valorem Tax Reserve 6,351,709
Priority Liabilities
Accrued Prepetition Personal Property Taxes 2,264,409
Other Priority Creditor Accruals 444,127
General Unsecured Liabilities
Reserves for General Unsecured Claims 457,177,632
---------------
Total Liabilities 468,206,097
Total Capital (448,019,738)
---------------
Total Liabilities & Capital $20,186,359
===============
ANC Rental Corporation, et al.
Statement of Operations
For the month ending September 30, 2004
Total Revenues $0
Expenses
Citations 0
Turnback Expense Charges 0
Damage Repair -- Collection (1,536)
Unemployment Taxes -- State 0
Payroll Taxes -- Other (19,570)
Bank Service Charges 235
Consulting Fees 342,307
Accounting -- Auditing Fees 0
Legal Fees 129,608
Data Processing Services 2,298
Printed Forms/Stationery 0
Rent Expense 0
Utilities 0
Telephone/Communications 0
Personal Property Taxes 0
Non-Property Taxes 0
Other Office Supplies 1,676
Interest Exp -- Other Notes 0
Personal Property Taxes 14,093
Non-Property Taxes 318
---------------
Total Expenses 469,429
---------------
Net Income ($469,429)
===============
ANC Rental Corporation, et al.
Cash Receipts and Disbursements
For the month ending September 30, 2004
Cash at Beginning of Period $6,795,611
Receipts:
Credit Card and Local Deposits 0
Collections of Accounts Receivable 18,839
Other Receipts 20,023,054
---------------
Total Receipts $20,041,893
Disbursements:
US Trustee Fees Paid 0
Fleet Operating Expenses 0
Personnel - Net Cash Payroll 0
Personnel - Payroll Taxes Paid 0
Personnel - Benefits Payments 0
Personnel - Payments of Garnishments Withheld 0
Travel Expenses Paid 0
Fuel Rental Fleet Payments 0
Airport - Agency - Concession Fees Paid 0
Insurance Payments All 0
Facility & Other Fixed Operating Expenses Paid 0
Travel Agency Tour Operator Commission Payments 0
Advertising Payments 0
IT Consulting Payments 0
IT Other Cash Payments 0
Sales Taxes and Other Taxes Paid 1,785
Professional Fees Paid - Ordinary Course 0
Professional Fees Paid - Bankruptcy Prof. 218,761
Other Miscellaneous Operating Expenses Paid 89,329
Capital Expenditures 0
Interest and Financing Fees Paid 0
Vehicle Holding Costs Paid 0
Working Capital Fundings to Subsidiaries 0
Payoff Lehman Superpriority Admin. Claim 6,500,000
Payment to Lehman Bros
-- Bridge Loan Facility 0
---------------
Total Disbursements 6,809,876
Net Cash Flow 13,232,018
---------------
Cash at End of Period $20,027,629
===============
Headquartered in Fort Lauderdale, Florida, ANC Rental Corporation,
is the world's third-largest publicly traded car rental company.
The Company filed for chapter 11 protection on November 13, 2001
(Bankr. Del. Case No. 01-11200). On April 15, 2004, Judge Walrath
confirmed the Debtors' 3rd amended Chapter 11 Liquidation Plan, in
accordance with Section 1129(a) and (b) of the Bankruptcy Code.
Upon confirmation, Blank Rome, LLP, and Fried, Frank, Harris,
Shriver & Jacobson, LLP, withdrew as the Debtors' counsel. Gazes &
Associates, LLP, and Stevens & Lee, PC, serve as substitute
counsel to represent the debtors' post-confirmation interests.
When the Company filed for protection from their creditors, they
listed $6,497,541,000 in assets and $5,953,612,000 in liabilities.
(ANC Rental Bankruptcy News, Issue No. 62; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane Diocese's Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property
Pastoral Center at 1023 W. Riverside
in Spokane $1,100,000
Other real properties in Spokane 2,288,400
Mattausch Farm in Whitman County, WA Not given
B. Personal Property
B.1 Cash on Hand 1,780
B.2 Bank Account
US Bank 3,979,965
Sterling Pension Account 5,000
Spokane Catholic Investment Trust 76,424
B.3 Security Deposits 0
B.4 Household goods Unknown
B.5 Books, art work & collectibles Unknown
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in insurance policies Unknown
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests
The Catholic Bishop of Spokane is a
member, sole member, shareholder or sole
shareholder of a number of non-profit
corporations associated with the mission
and ministry of the Diocese:
Type of Description Current
Property of Property Market Value
-------- ----------- ------------
Catholic Charities of No shares authorized, 0
the Diocese of Spokane issued or outstanding;
Bishop is President
Catholic Cemeteries 100 shares authorized, 0
of Spokane issued or outstanding;
Bishop is sole shareholder
Catholic Foundation No shares authorized, 0
of Spokane issued or outstanding
The Spokane Catholic 100,000,000 non-voting 76,424
Investment Trust shares authorized;
76,424 shares held
Immaculate Heart No shares authorized, 0
Retreat Foundation of issued or outstanding
Spokane, Washington
Morning Star Boys' No shares authorized, 0
Ranch issued or outstanding
B.13 Interests in partnerships or joint venture 0
B.14 Bonds 0
B.15 Accounts receivable
Account Receivable 101,517
Loan Receivable Deposit & Loan Fund 2,915,996
B.16 Alimony 0
B.17 Other liquidated debts owed 0
B.18 Equitable and future interests
Bequest from the Estates of Chester Unknown
Chastek and Catherine unknown Chastek
pursuant to Last Will and Testament of
Catherine Chastek dated December 15, 1999
to be used for the "retirement payment to
priests and sisters" and "for the expenses
of training seminarians to become priests.
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
1996 Nissan Altima Unknown
VIN 1N4BU31D2SC207609
1998 Ford Taurus Unknown
VIN #1FALP42UZG280255
2000 Nissan Maxima Unknown
VIN #JNICA31D5VT531964
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 484,834
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
Claims have been made by the Diocese with Unknown
respect to policies issued by insurers
and underlying lawsuits, actions and claims
by various plaintiffs for alleged negligent
supervision by the Diocese of certain
priests. The Insurers have either reserved
rights or have denied the claims. There is
a dispute between the Diocese and the
Insurers as to the existence and extent of
insurance coverage. The Diocese reserves
all rights it has against the Insurers.
Prepaid liability insurance 2,659
Prepaid postage on postage meter 6,362
TOTAL SCHEDULED ASSETS $11,162,938
========================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $5,303
E. Unsecured Priority Claims 13,527
F. Unsecured Non-Priority Claims
Civil Tort Claimants 75,790,000
All Saints School 206,296
Catholic Cemeteries - Holy Cross 735,520
Our Lady of the Valley 122,062
Sacred Heart - Brewster 212,270
Sacred Heart - Othello 269,550
Sacred Heart - Wilbur 277,865
Sacred Heart Church 133,280
Safeco Specialty Claims 600,000
Self Insurance Fund 314,078
St. Joseph - Colbert 213,894
St. Mary Presentation 973,337
Others 1,497,073
TOTAL SCHEDULED LIABILITIES $81,364,055
========================================================
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller LLP, represent the Spokane Archdiocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts.
The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day. Susan G. Boswell, Esq., and Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese.
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities.
CENTURY/ML: Earns $3.1 Million of Net Income in October 2004
------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of October 31, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $17,076
Subscriber receivables - net 655
Investment in Century-ML Corporation 131,137
Related party receivables 231
Other current assets 323
--------
Total current assets 149,422
Property, plant and equipment - net 6,025
Intangible assets - net 1,528
--------
Total assets $156,975
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $347
Accrued expenses and other liabilities 1,660
Intercompany payables 2,147
--------
Total current liabilities 4,154
--------
Long-term accrued and other liabilities 80
Deferred income taxes 45
--------
Total non-current liabilities 125
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,375
Intercompany payables 10,919
--------
Total liabilities subject to compromise 12,314
--------
Total liabilities 16,593
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 83,582
--------
Total partners' equity 140,382
--------
Total liabilities and partners' equity $156,975
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended October 31, 2004
(Dollars in thousands)
Revenue $1,159
Cost and expenses:
Direct operating and programming 551
Selling, general and administrative 32
Management fees 44
Non-recurring professional fees -
Depreciation 69
--------
Operating income before reorganization
expenses due to bankruptcy 463
Reorganization expenses due to bankruptcy 82
--------
Operating income 381
Interest income - net 20
Equity in net income of Century-ML Cable
Corporation - net of taxes 2,800
--------
Income before income taxes 3,201
Income tax expense (94)
--------
Net income $3,107
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended October 31, 2004
(Dollars in thousands)
Cash flow from operating activities:
Net income $3,107
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 69
Reorganization expenses due to bankruptcy 82
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corporation - net of taxes (2,800)
Change in assets and liabilities:
Subscriber receivables - net (38)
Prepaid expenses and other assets - net 11
Accounts payable -
Subscriber advance payments and deposits (35)
Accrued expenses and other liabilities 19
Intercompany receivables and payables - net 75
--------
Net cash provided by operating activities 490
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (49)
--------
Net cash used in investing activities (49)
--------
Change in cash and cash equivalents 441
Cash and cash equivalents, beginning of period 16,635
--------
Cash and cash equivalents, end of period $17,076
========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than
200 affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000)
INTERMET CORP: Posts $8,500,000 Net Loss in October 2004
--------------------------------------------------------
Intermet Corporation and its debtor-affiliates delivered its
October 2004 monthly operating report to the U.S. Bankruptcy Court
for the Eastern District of Michigan.
For the month ending Oct. 31, 2004, Intermet Corporation reported
net loss of $8,500,000 against $58,747,000 net sales.
At Oct. 31, 2004, Intermet's balance sheet shows:
Current Assets $183,569,000
Total Assets 695,946,000
Postpetition Debts 13,970,000
Total Liabilities 587,226,000
Total Stockholders' Equity $108,720,000
A full-text copy of Intermet Corporation's October 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/745287/000095012404006060/k90139exv99w1.txt
Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/ -- provides machining and tooling
services for the automotive and industrial markets specializing in
the design and manufacture of highly engineered, cast automotive
components for the global light truck, passenger car, light
vehicle and heavy-duty vehicle markets. Intermet, along with its
debtor-affiliates, filed for chapter 11 protection on Sept. 29,
2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614).
Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represents
the Debtors. When the Debtors filed for protection from their
creditors, they listed $735,821,000 in total assets and
$592,816,000 in total debts.
KAISER ALUMINUM: Posts $142.7 Million Net Loss for Sept. 2004
-------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of September 30, 2004
(In Thousands)
ASSETS
Cash $29,170
Receivables:
Trade 129,152
Other 16,081
---------
Total Receivables 145,233
Inventories 157,410
Prepaid expenses and other current assets 35,161
---------
Total current assets 366,974
Investments in and advances to subsidiaries 176,116
Intercompany receivables/payables, net (104,220)
Property, plant, and equipment - net 218,878
Deferred income taxes -
Other assets 790,741
---------
Total Assets $1,448,489
=========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $75,484
Accrued interest 921
Accrued salaries, wages and related expenses 36,609
Accrued post retirement benefit -- current 1,066
Other accrued liabilities 95,365
Payable to affiliates 56,081
Long term debt - current portion 1,232
---------
Total current liabilities 266,758
Long-term liabilities 45,544
Accrued postretirement benefit obligation -
Long-term debt 2,212
Liabilities subject to compromise 2,881,935
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 791
Additional capital 538,693
Accumulated deficit - As of filing date (946,925)
Accumulated deficit - Post filing date (1,333,230)
Accumulated other comprehensive income (loss) (7,944)
Note receivable from parent -
---------
Total Liabilities & Stockholders' Equity $1,448,489
=========
Kaiser Aluminum Corporation -- All Debtors
Statements of Operations
For the Month Ending September 30, 2004
(In Thousands)
Net Sales $120,602
Costs and expenses:
Cost of products sold 110,065
Depreciation & amortization 2,283
Selling, administrative, R&D and general 9,092
Other operating charges (benefits), net 135,129
---------
Total costs and expenses 256,569
---------
Operating income (loss) (135,967)
Other income (expense):
Interest expenses, net (817)
Reorganization items (3,410)
Other-net (72)
---------
Income (loss) before
income taxes and minority interest (140,266)
(Provision) benefit for income taxes (1,252)
Minority interests -
Equity in income (loss) of subsidiaries (1,186)
---------
Net income (loss) ($142,704)
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending September 30, 2004
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $84,859
KAII Receivables 39,435
---------
Total Trade Receivables 124,294
COBRA receipts 928
---------
Total Receipts 125,222
Disbursements:
Inventory/Raw Materials 36,495
Capital Expenditures 718
QAL-related Transactions Costs 7,680
Payments Related to Gramercy/KJBC Disposition 1,354
Maintenance, Materials, etc. 7,888
Freight 4,047
Utilities/Energy 10,947
Hourly Payroll 8,895
Salaried Payroll 7,670
Hedging Activities 38
VEBA Advances 1,900
Medical - Current and Former Employees 3,953
Annual Insurance Premiums 464
Workmen's Compensation 526
Credit Agreement Fees 750
Corporate General and Administrative 3,435
JV Fundings - Alumina 23,131
JV Fundings - Primary, Net of Minority Interest 10,211
Other Disbursements 3,651
---------
Total Operating and G&A Disbursements 133,753
Reorganization Items 5,761
---------
Total Disbursements 139,514
---------
Net Cash Flow (14,292)
Beginning Bank Cash Balances 43,279
---------
Ending Bank Cash Balances 28,987
Reconciling Items 183
---------
Ending Book Cash Balances $29,170
=========
Headquartered in Houston, Texas, Kaiser Aluminum Corporation --
http://www.kaiseral.com/ -- operates in all principal aspects of
the aluminum industry, including mining bauxite; refining bauxite
into alumina; production of primary aluminum from alumina; and
manufacturing fabricated and semi-fabricated aluminum products.
The Company filed for chapter 11 protection on February 12, 2002
(Bankr. Del. Case No. 02-10429). Corinne Ball, Esq., at Jones
Day, represent the Debtors in their restructuring efforts. On
June 30, 2004, the Debtors listed $1.619 billion in assets and
$3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
KAISER ALUMINUM: Earns $1.8 Million of Net Income in Oct. 2004
--------------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of October 31, 2004
(In Thousands)
ASSETS
Cash $31,375
Receivables:
Trade 112,377
Other 11,078
---------
Total Receivables 123,455
Inventories 130,142
Prepaid expenses and other current assets 36,771
---------
Total current assets 321,743
Investments in and advances to subsidiaries 59,069
Intercompany receivables/payables, net (4,582)
Property, plant, and equipment - net 215,748
Deferred income taxes -
Other assets 796,411
---------
Total Assets $1,388,389
=========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $68,693
Accrued interest 915
Accrued salaries, wages and related expenses 32,993
Accrued post retirement benefit -- current 602
Other accrued liabilities 93,188
Payable to affiliates 45,397
Long term debt - current portion 1,227
---------
Total current liabilities 243,015
Long-term liabilities 21,586
Accrued postretirement benefit obligation -
Long-term debt 2,212
Liabilities subject to compromise 2,868,454
Minority interests 655
Stockholders' equity:
Preference stock -
Common stock 791
Additional capital 538,693
Accumulated deficit - As of filing date (946,927)
Accumulated deficit - Post filing date (1,331,461)
Accumulated other comprehensive income (loss) (8,629)
Note receivable from parent -
---------
Total Liabilities & Stockholders' Equity $1,388,389
=========
Kaiser Aluminum Corporation -- All Debtors
Statements of Operations
For the Month Ending October 31, 2004
(In Thousands)
Net Sales $98,743
Costs and expenses:
Cost of products sold 82,809
Depreciation & amortization 1,811
Selling, administrative, R&D and general 8,425
Other operating charges (benefits), net (841)
---------
Total costs and expenses 92,204
---------
Operating income (loss) 6,539
Other income (expense):
Interest expenses, net (946)
Reorganization items (2,996)
Other-net (227)
---------
Income (loss) before
income taxes and minority interest 2,370
(Provision) benefit for income taxes (1,373)
Minority interests -
Equity in income (loss) of subsidiaries 772
---------
Net income (loss) $1,769
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending October 31, 2004
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $91,116
KAII Receivables 28,373
---------
Total Trade Receivables 119,489
COBRA receipts 622
Proceeds from:
Hedging Settlement 414
Claim Settlement 9,575
Sale of Gramercy/KJBC, net 7,551
Sale of Valco 12,208
---------
Total Receipts 149,859
Disbursements:
Inventory/Raw Materials 35,498
Capital Expenditures 771
Environmental Settlement Payments 27,326
Maintenance, Materials, etc. 4,439
Freight 3,668
Utilities/Energy 11,281
Hourly Payroll 7,093
Salaried Payroll 3,490
Hedging Activities 104
VEBA Advances 1,900
Medical - Current and Former Employees 3,538
Annual Insurance Premiums 750
Workmen's Compensation 623
Credit Agreement Fees 750
Corporate General and Administrative 2,354
JV Fundings - Alumina 10,961
JV Fundings - Primary, Net of Minority Interest 9,687
JV Fundings - Valco End of Service Benefit 9,958
Other Disbursements 9,977
---------
Total Operating and G&A Disbursements 144,168
Reorganization Items 3,427
---------
Total Disbursements 147,595
---------
Net Cash Flow 2,264
Beginning Bank Cash Balances 28,987
---------
Ending Bank Cash Balances 31,251
Reconciling Items 124
---------
Ending Book Cash Balances $31,375
=========
Headquartered in Houston, Texas, Kaiser Aluminum Corporation --
http://www.kaiseral.com/ -- operates in all principal aspects of
the aluminum industry, including mining bauxite; refining bauxite
into alumina; production of primary aluminum from alumina; and
manufacturing fabricated and semi-fabricated aluminum products.
The Company filed for chapter 11 protection on February 12, 2002
(Bankr. Del. Case No. 02-10429). Corinne Ball, Esq., at Jones
Day, represent the Debtors in their restructuring efforts. On
June 30, 2004, the Debtors listed $1.619 billion in assets and
$3.396 billion in debts. (Kaiser Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
NEWPOWER HOLDINGS: Files October 2004 Monthly Operating Report
--------------------------------------------------------------
On Dec. 2, 2004, NewPower Holdings, Inc., filed its October 2004
Monthly Operating Report with the U.S. Bankruptcy Court for
the Northern District of Georgia, Newnan Division. The company
reports an opening cash balance of $92,407,000 and a closing cash
balance of $57,062,000.
A full-text copy of NewPower Holdings' October 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1119307/000090514804005151/efc4-2155_exh991.txt
The Company filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP represent the Debtors. When the Debtors filed for
chapter 11 protection, it reported asset amounting to $231,837,000
and debts at $87,936,000.
On August 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc. and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. On February 28, 2003, the Bankruptcy Court previously
confirmed the Plan, and the Plan has been effective as of
March 11, 2003, with respect to The New Power Company, a wholly
owned subsidiary of the Company. The Plan became effective on
October 9, 2003 with respect to the Company and TNPC.
RCN CORPORATION: Posts $18.8 Million Net Loss in October 2004
-------------------------------------------------------------
RCN Corporation, Hot Spots Production, Inc.,
RCN Finance, LLC, RLH Property Corporation, TEC Air, Inc.,
RCN Cable TV of Chicago, Inc., RCN Entertainment, Inc.,
ON TV, Inc., and 21st Century Telecom Services, Inc.
(Debtors-in-Possession)
Unaudited Condensed Combined Consolidated Balance Sheets
As of October 31, 2004
(In Thousands)
ASSETS
Current Assets:
Cash and temporary cash investments $815
Other current assets 4,329
-----------
Total current assets 5,144
Accounts receivable from non-combined subsidiaries 237,678
Investment in and advances to
non-combined subsidiaries 1,447,632
Deferred charges and other assets 249,854
-----------
Total assets $1,940,308
===========
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Current maturities of long-term debt $438,928
Accounts payable and accrued expenses 6,149
-----------
Total current liabilities 445,077
Accounts payable to non-combined subsidiaries 829,103
Prepetition liabilities subject to compromise
Liabilities subject to compromise 1,205,165
Series A redeemable Preferred stock 350,362
Series B redeemable Preferred stock 1,474,850
Shareholders' deficit:
Common stock 123,588
Additional paid in capital 2,153,942
Cumulative translation adjustment (17,288)
Unearned compensation expense (61)
Treasury stock (10,168)
Unrealized appreciation on investments (103)
Accumulated deficit (4,614,159)
-----------
Total shareholders' deficit (2,364,249)
-----------
Total liabilities and shareholders' deficit $1,940,308
===========
RCN Corporation, Hot Spots Production, Inc.,
RCN Finance, LLC, RLH Property Corporation, TEC Air, Inc.,
RCN Cable TV of Chicago, Inc., RCN Entertainment, Inc.,
ON TV, Inc., and 21st Century Telecom Services, Inc.
(Debtors-in-Possession)
Unaudited Condensed Combined Statement of Operations
For the period October 1, 2004 through October 31, 2004
(In Thousands)
Revenues $146
Costs and expenses 490
Non-cash stock based compensation 356
Depreciation and amortization -
Reorganization items 2,583
-----------
Operating loss (3,283)
Interest expense 3,586
Other expense 340
-----------
Loss before income taxes (7,209)
(Benefit)/provisions for income taxes 68
Equity in the income of non-combined subsidiaries (11,510)
-----------
Net loss ($18,787)
===========
RCN Corporation, Hot Spots Production, Inc.,
RCN Finance, LLC, RLH Property Corporation, TEC Air, Inc.,
RCN Cable TV of Chicago, Inc., RCN Entertainment, Inc.,
ON TV, Inc., and 21st Century Telecom Services, Inc.
(Debtors-in-Possession)
Unaudited Condensed Combined Statement of Cash Flows
For the period October 1, 2004 through October 31, 2004
(In Thousands)
Cash flows from operating activities:
Net loss ($18,787)
Non-cash stock based compensation 356
Depreciation and amortization -
Equity loss of non-combined subsidiaries 11,510
Accretion of discounted debt 349
Amortization of financing costs 537
-----------
Net cash used in operating activities (6,035)
Cash flows from financing activities:
Payment of long-term debt -
Investments from non-combined subsidiaries 6,034
-----------
Net cash provided by financing activities 6,034
-----------
Net increase (decrease) in cash and
temporary cash investments (1)
-----------
Beginning cash & temporary cash investments 816
-----------
Ending cash & temporary cash investments $815
===========
Headquartered in Princeton, New Jersey, RCN Corporation --
http://www.rcn.com/ -- provides bundled Telecommunications
services. The Company, along with its affiliates, filed for
chapter 11 protection (Bankr. S.D.N.Y. Case No. 04-13638) on
May 27, 2004. Frederick D. Morris, Esq., and Jay M. Goffman,
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 $1,486,782,000 in
assets and $1,820,323,000 in liabilities. (RCN Corp. Bankruptcy
News, Issue No. 16; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
TRENWICK GROUP: Posts $4,362,168 Net Loss in September 2004
-----------------------------------------------------------
On Oct. 20, 2004, Trenwick America Corporation, Trenwick
Group Ltd. and LaSalle Re Holdings Limited filed monthly operating
reports for the month ended Sept. 30, 2004, and the period from
Aug. 20, 2003 to Sept. 30, 2004, with the United States Bankruptcy
Court for the District of Delaware.
Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports a
$4,362,168 net loss for the month ended September 2004, and a
cumulative $98,109,747 loss for the period from August 20, 2003 to
September 30, 2004.
A full-text copy of Trenwick Group Ltd.'s September 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1122211/000116923204005969/d61525_ex99-1.txt
Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635)
reports a $5,329,257 net loss in September 2004 and a cumulative
$71,457,466 loss during the course of its chapter 11
restructuring.
A full-text copy of Trenwick America's September 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1127783/000116923204005971/d61526_ex99-1.txt
LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637)
reports a $1,111,069 net profit in September 2004 and a cumulative
$4,923,338 post-petition loss.
A full-text copy of LaSalle's September 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1001384/000116923204005972/d61527_ex99-1.txt
On August 20, 2003, TGL and LaSalle Re Holdings Limited filed
insolvency proceedings in the Supreme Court of Bermuda. On
Aug. 22, 2003, the Bermuda Court granted an order appointing
Michael Morrison and John Wardrop, partners of KPMG in Bermuda and
KPMG LLP in the United Kingdom, respectfully, as Joint Provisional
Liquidators in respect of TGL and LaSalle. The Bermuda Court
granted the JPLs the power to oversee the continuation and
reorganization of these companies' businesses under the control of
their boards of directors and under the supervision of the
Bankruptcy Court and the Bermuda Court. The JPLs have not audited
the contents of this report.
As reported in the Troubled Company Reporter on Nov. 23, 2004, the
Honorable Mary F. Walrath of the United States Bankruptcy
Court for the District of Delaware entered an order dismissing
Trenwick Group Ltd. and LaSalle Re Holdings' chapter 11 case,
jointly administered under Trenwick America Corporation.
The Order will not take effect until the joint provisional
liquidators assume full control of the Debtors' business.
TRENWICK GROUP: Earns $13,241,915 of Net Income in October 2004
---------------------------------------------------------------
On Nov. 22, 2004, Trenwick America Corporation, Trenwick Group
Ltd. and LaSalle Re Holdings Limited filed monthly operating
reports for the month ended Oct. 31, 2004, and the period from
Aug. 20, 2003 to Oct. 31, 2004, with the United States Bankruptcy
Court for the District of Delaware.
Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports a
$13,241,915 net income for the month ended October 2004, and a
cumulative $84,867,832 loss for the period from August 20, 2003 to
October 31, 2004.
A full-text copy of Trenwick Group Ltd.'s October 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1122211/000116923204005984/d61530_ex99-1.txt
Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635)
reports a $12,622,523 net income in October 2004 and a cumulative
$58,834,943 loss during the course of its chapter 11
restructuring.
A full-text copy of Trenwick America's October 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1127783/000116923204005985/d61531_ex99-1.txt
LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637)
reports a $730,916 net profit in October 2004 and a cumulative
$4,192,422 post-petition loss.
A full-text copy of LaSalle's October 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1001384/000116923204005986/d61532_ex99-1.txt
On August 20, 2003, TGL and LaSalle Re Holdings Limited filed
insolvency proceedings in the Supreme Court of Bermuda. On
Aug. 22, 2003, the Bermuda Court granted an order appointing
Michael Morrison and John Wardrop, partners of KPMG in Bermuda and
KPMG LLP in the United Kingdom, respectfully, as Joint Provisional
Liquidators in respect of TGL and LaSalle. The Bermuda Court
granted the JPLs the power to oversee the continuation and
reorganization of these companies' businesses under the control of
their boards of directors and under the supervision of the
Bankruptcy Court and the Bermuda Court. The JPLs have not audited
the contents of this report.
As reported in the Troubled Company Reporter on Nov. 23, 2004, the
Honorable Mary F. Walrath of the United States Bankruptcy
Court for the District of Delaware entered an order dismissing
Trenwick Group Ltd. and LaSalle Re Holdings' chapter 11 case,
jointly administered under Trenwick America Corporation.
The Order will not take effect until the joint provisional
liquidators assume full control of the Debtors' business.
WESTPOINT STEVENS: WP Stevens I Posts $5 Mil. Net Loss in October
-----------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At October 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $326
Accounts receivable - intercompany 25,535
Inventories 7,649
Prepaid expenses and other current assets -
----------
Total current assets 33,510
Total investments and other assets 124,052
Property, Plant and Equipment, net 12,257
Goodwill -
----------
TOTAL ASSETS $169,819
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $717
Accounts payable - intercompany -
Other accrued liabilities 14,683
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 15,400
Liabilities Subject to Compromise
Senior notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,437
Other payables and accrued liabilities -
Pension and other liabilities -
----------
Total Liabilities Subject to Compromise 1,437
----------
Total Liabilities 16,837
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 70,559
Retained earnings (deficit) 82,422
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Shareholders' Equity (Deficit) 152,982
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $169,819
==========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended October 31, 2004
(in thousands)
Net sales $11,544
Cost of goods sold 7,640
----------
Gross earnings 3,904
Selling and administrative expenses
Selling expenses 8
Warehousing and shipping 271
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 170
----------
Total selling and administrative expense 449
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) 3,455
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 472
----------
Net interest expense (472)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
----------
Total other expense 190
Other income
Royalties - intercompany 4,045
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 4,045
----------
Net other expense (3,855)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 7,782
Chapter 11 reorganization expenses -
Income tax expense (benefit) 2,728
Extraordinary item - net of taxes -
----------
Net Income (loss) $5,054
==========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended October 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $5,054
Non-cash items
Depreciation and amortization 93
Working Capital Changes
Decrease/(increase) - a/r (customers) -
Decrease/(increase) - a/r (intercompany) (10,481)
Decrease/(increase) - inventories 2,634
Decrease/(increase) - other current assets
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) (142)
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 3,244
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 402
Cash flows from investing activities:
Capital expenditures (111)
Transfers -
Net proceeds from sale of assets -
----------
Total cash flows from investing (111)
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 35
Change in cash 291
----------
Ending cash balance $326
==========
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. 34; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WESTPOINT STEVENS: JP Stevens & Co.'s October Operating Report
--------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At October 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Accounts receivable - intercompany $110,749
Prepaid expenses and other current assets -
----------
Total current assets 110,749
Total investments & other assets 2,697
Goodwill -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - intercompany -
Other accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise -
Liabilities Subject to Compromise -
Shareholders' Equity (Deficit)
Equity of subsidiaries $10,503
Common stock -
Capital surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 113,446
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $113,446
==========
J.P. Stevens & Co., Inc., reports no income and cash flow for
October 2004.
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. 34; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WESTPOINT STEVENS: JP Stevens Enterprises' Oct. Operating Report
----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At October 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $18
Accounts receivable - intercompany 16,851
Prepaid expenses and other current assets -
----------
Total current assets 16,869
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $16,869
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Accounts payable - intercompany -
Other accrued liabilities $277
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 277
Liabilities Subject to Compromise -
----------
Total Liabilities 277
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 16,590
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 16,592
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $16,869
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended October 31, 2004
(in thousands)
Net sales -
Cost of goods sold -
----------
Gross earnings -
Selling and administrative expenses
Selling expenses $3
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
----------
Total selling and administrative expense 3
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (3)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 87
----------
Net interest expense (87)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 190
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 190
----------
Net other expense (190)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 274
Chapter 11 reorganization expenses -
Income tax expense (benefit) 96
Extraordinary item - net of taxes -
----------
Net Income (loss) $178
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended October 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $178
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (271)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 96
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 3
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 15
Change in cash 3
----------
Ending cash balance $18
==========
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. 34; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
WESTPOINT STEVENS: WP Stevens Stores' October Operating Report
--------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At October 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,550
Accounts receivable - customers 208
Accounts receivable - intercompany 5,014
Total Inventories 21,940
Prepaid expenses and other current assets 894
----------
Total current assets 29,606
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,279
----------
TOTAL ASSETS $31,885
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - trade $631
Accounts payable -intercompany -
Other accrued liabilities 6,183
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 6,814
----------
Liabilities Subject to Compromise
Accounts payable 1,675
----------
Total Liabilities 8,489
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 7,440
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 23,396
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $31,885
==========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended October 31, 2004
(in thousands)
Net sales $7,681
Cost of goods sold 4,542
----------
Gross earnings 3,139
Selling and administrative expenses
Selling expenses 2,268
Warehousing and shipping 238
Advertising 222
Division administrative expense 298
MIS expense 69
Corporate administrative expense 103
----------
Total selling and administrative expense 3,198
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (59)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 193
Interest income -
Interest income - intercompany -
----------
Net interest expense 193
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties Intercompany -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income -
----------
Net other expense -
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (252)
Chapter 11 reorganization expenses -
Income tax expense (benefit) (88)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($164)
==========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended October 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($164)
Non-cash items
Depreciation and amortization 67
Gain on sale of assets -
Working Capital Changes
Decrease/(increase) - a/r (customers) (37)
Decrease/(increase) - a/r (intercompany) 678
Decrease/(increase) - inventories (676)
Decrease/(increase) - other current assets (146)
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) (6)
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 740
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 456
Cash flows from investing activities
Capital expenditures 27
Transfers -
Net proceeds from sale of assets -
----------
Total cash flows from investing 27
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 1,067
Change in cash 483
----------
Ending cash balance $1,550
==========
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. 34; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
*********
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Troubled Company Reporter is a daily newsletter co-published by
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Copyright 2004. All rights reserved. ISSN: 1520-9474.
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