/raid1/www/Hosts/bankrupt/TCR_Public/041218.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 18, 2004, Vol. 8, No. 279
Headlines
ATA HOLDINGS: Schedules of Assets & Liabilities
ATA AIRLINES: Schedules of Assets & Liabilities
ATA AIRLINES: Chicago Express' Schedules of Assets & Liabilities
ATA AIRLINES: Ambassadair Travel's Schedules of Assets & Debts
ATA AIRLINES: ATA Leisure's Schedules of Assets & Liabilities
ATA AIRLINES: Amber Travel's Schedules of Assets & Liabilities
ATA AIRLINES: A.T.A. ExecuJet's Schedules of Assets & Liabilities
ATA AIRLINES: ATA Cargo's Schedules of Assets & Liabilities
INTERSTATE BAKERIES: Operating Report Ended Sept. 18, 2004
INTERSTATE BAKERIES: Operating Report Ended Oct. 16, 2004
PILLOWTEX CORP: October 2004 Cash Receipts & Disbursements Report
SPIEGEL INC: Earns $9.2 Million of Net Income in October 2004
TRINITY ENERGY: Releases July to October 2004 Operating Reports
TWINLAB CORP: Files November 2004 Monthly Operating Report
USG CORP: Earns $28.7 Million of Net Income in October 2004
YUKOS OIL: Consolidated Balance Sheet at Sept. 30, 2003
*********
ATA HOLDINGS: Schedules of Assets & Liabilities
-----------------------------------------------
A. Real Property None
B. Personal Property
B.1 Cash on Hand 0
B.2 Financial Accounts $667,142
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 Unknown
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Interests in Incorporated Businesses Unknown
B.13 Interests in partnerships or joint venture unknown
B.14 Bonds 0
B.15 Accounts Receivables
Receivables 52,978
Intercompany
Chicago Express 1,950,000
ATA Airlines 387,144,417
ATA Cargo 1,729,900
Execujet 642,119
Washington Assurance 100,000
B.16 Alimony 0
B.17 Other Liquidated Debts 59,459
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 $392,346,015
=================================================
C. Property Claims As Exempt Not Applicable
D. Secured Claims --
E. Unsecured Priority Claims --
Marion County Treasurer 8,288
F. Unsecured Non Priority Claims
Citibank, NA 139,900,000
Wells Fargo Bank, NA 183,069,000
Wilmington Trust Company 110,233,000
Others 25,276,217
TOTAL SCHEDULED DEBTS $458,478,217
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: Schedules of Assets & Liabilities
-----------------------------------------------
A. Real Property
Building 4 $7,399,776
Hangar 7,767,115
Midway Concourse A 8,808,014
B. Personal Property
B.1 Cash 59,565
B.2 Bank Accounts 53,320,852
B.3 Security Deposits
Aircraft 10,910,607
Facility 514,761
Fuel 345,192
Other 1,063,412
B.9 Interest in Insurance Policies Unknown
B.13 Interests in Partnerships
50% Ownership of Bata Leasing, LLC 13,024,277
B.15 Accounts Receivables
Due from Washington Assurance 107,113
Accounts Receivable 148,885,398
B.17 Other Liquidated Debts
CFTB - 2003 203,200
CFTB - 1999 amended 63,750
New Jersey Division of Taxation -2003 127,672
New York State Corporation Tax -2003 42,578
Others 132,406
B.20 Other Contingent Claims
Union Planter 2,500,000
CFM International 441,635
Others 79,473
B.21 Patents and Copyrights Unknown
B.22 Licenses and Intangibles Unknown
B.23 Automobiles and Other Vehicles 45,795
B.25 Aircraft and Accessories
Lockheed L1011-500 48,020,958
Engines 40,860,703
Rotatables 56,239,480
Others 8,596,181
B.26 Office Equipment 613,661
B.27 Machinery and Equipments
Computer Hardware and Software 12,475,841
Communication Equipment 222,973
Ramp Equipment 1,952,740
General Equipment 880,478
Maintenance Equipment 3,517,421
B.28 Inventory
Consumables 32,523,563
Repairables 21,497,958
Allowance for Obsolescence (23,310,854)
Fuel Inventory 16,053,571
Others 2,972,739
B.33 Other Personal Property
Restricted Cash 35,140,980
Prepaid 18,583,438
Other Assets 8,790,989
TOTAL SCHEDULED ASSETS $541,475,411
=================================================
D. Secured Claims
Citibank, NA 139,900,000
Union Planters Bank, NA 13,308,428
Dept. of Aviation 6,975,875
Others 18,224,006
E. Unsecured Priority Claims 2,179,746
F. Unsecured Non-priority Claims
AER Rianta Shannon Airport 435,633
Aircraft Service International 539,632
Airport Terminal Services 555,676
ATA Cargo 7,812,285
ATA Holdings Corp. 387,144,417
BAFS, Inc. 241,961
Boeing Commercial Airplane Grp. 835,052
Chicago Express Airlines 16,789,404
Citibank, NA 61,382,379
DFAS-C/FPS/F 626,115
Others 344,898,873
TOTAL SCHEDULED DEBTS $1,001,849,482
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: Chicago Express' Schedules of Assets & Liabilities
----------------------------------------------------------------
A. Real Property None
B. Personal Property
B.2 Bank Accounts
Union Planters 152,953
Bank One 82,087
National City Bank 425
B.3 Security Deposits
Lift-A-Loft 23,593
Arinc 15,000
Comed Security Deposit 6,650
Others 10,668
B.9 Interest in Insurance Policies Unknown
B.15 Accounts Receivable
Intercompany Receivables 16,841,926
Intercompany Accounts Receivable Due 82,436
B.17 Other Liquidated debts
City of Flint 3,084
Iowa Department of Revenue and Finance 5,275
Michigan Department of Treasury 10,000
Ohio Department of Taxation 11,849
Ohio Department of Taxation 7,476
B.23 Automobiles, Trucks, and Vehicles 100,557
B.25 Aircrafts and Accessories 6,605,435
B.26 Office Equipment 32,050
B.27 Machinery Equipment 605,515
B.28 Inventory
Inventory - Expendables 2,693,694
Allowance for Obsolescence (591,832)
B.33 Other Assets
Prepaid Insurance 22,399
Prepaid Other 76,419
Letter of Credit MDW Airport-Chicago 95,000
TOTAL SCHEDULED ASSETS $26,892,659
=================================================
C. Property Claims As Exempt Not Applicable
D. Secured Claims None
E. Unsecured Priority Claims
Illinois Dept. of Revenue 36
State of Wisconsin - Treasurer 79,405
F. Unsecured Nonpriority Claims
ATA Holdings Corp. 1,950,000
Citibank, NA& ATSB 139,900,000
GE Aircraft Engine 1,809,858
Wells Fargo Bank Northwest, NA 163,064,000
Wilmington Trust Company 110,233,000
Others 1,790,673
TOTAL SCHEDULED DEBTS $418,826,973
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: Ambassadair Travel's Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property None
B. Personal Property
B.2 Financial Accounts $1,000
B.9 Interests in Insurance Unknown
B.15 Accounts Receivables
Receivables 2,187,649
Intercompany Accounts Receivable 2,624,880
B.33 Other Personal Property
Prepaid Optional Tours 22,430
Restricted Cash 3,546,989
Prepaid Ground Transportation 2,158,921
Prepaid Charge Card Fees 160,264
Prepaid Advertising 23,822
TOTAL SCHEDULED ASSETS $10,725,955
=================================================
C. Property Claims As Exempt Not Applicable
D. Secured Claims None
E. Unsecured Priority Claims
Taxing Authority 2,661
2004 Property Taxes 145
F. Unsecured Non-Priority Claims
Citibank, N.A. 139,900,000
Wells Fargo Bank 183,069,000
Wilmington Trust Company 110,233,000
Others 381,584
TOTAL SCHEDULED DEBTS $433,586,390
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: ATA Leisure's Schedules of Assets & Liabilities
-------------------------------------------------------------
A. Real Property None
B. Personal Property
B.9 Interests in Insurance Unknown
B.12 Interests in Incorporated Businesses
Ownership in Contrav, Inc. Unknown
B.15 Accounts Receivables
Intercompany Receivables $60,680
TOTAL SCHEDULED ASSETS $60,680
=================================================
C. Property Claims As Exempt Not Applicable
D. Secured Claims None
E. Unsecured Priority Claims None
F. Unsecured Nonpriority Claims
Citibank, NA 139,900,000
Wells Fargo 183,069,000
Wilmington Trust Co. 110,233,000
TOTAL SCHEDULED DEBTS $433,202,000
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: Amber Travel's Schedules of Assets & Liabilities
--------------------------------------------------------------
A. Real Property None
B. Personal Property
B.1 Cash $1,127
B.2 Bank Accounts
NCBI, Account No. 203551 927
B.9 Interest in Insurance Policies Unknown
B.15 Accounts Receivables
Due from ATA Holdings Corp. 934,576
Receivables 61,773
TOTAL SCHEDULED ASSETS $998,403
=================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims None
E. Unsecured Priority Claims
Marion County Treasurer 10
F. Unsecured Nonpriority Claims
Citibank, NA 139,900,000
Wells Fargo 183,069,000
Wilmington Trust Co. 110,233,000
Others 35
TOTAL SCHEDULED DEBTS $433,202,045
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: A.T.A. ExecuJet's Schedules of Assets & Liabilities
-----------------------------------------------------------------
A. Real Property None
B. Personal Property
B.1 Cash $100
B.3 Security Deposits
Channel 6 Long Ranger 22,400
Bell Jet Ranger Helicopter 7,000
Citation II 75,000
Learjet 35 84,000
B.9 Interest in Insurance Policies Unknown
B.15 Accounts Receivables
Receivables 162,587
B.25 Aircraft and Accessories 17,433
B.27 Machinery and Equipments
Computer Hardware and Software 1,040
B.33 Other Personal Property
Prepaid Insurance 233,413
Prepaid Rent 78,367
Prepaid Maintenance 157,449
TOTAL SCHEDULED ASSETS $838,788
=================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims --
E. Unsecured Priority Claims --
Marion County Treasurer 1,161
F. Unsecured Nonpriority Claims
Citibank, NA 139,900,000
Wells Fargo 183,069,000
Wilmington Trust Co. 110,233,000
ATA Holdings Corp. 642,119
Others 40,063
TOTAL SCHEDULED DEBTS $433,884,182
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ATA AIRLINES: ATA Cargo's Schedules of Assets & Liabilities
-----------------------------------------------------------
A. Real Property None
B. Personal Property
B.1 Cash $300
B.2 Bank Accounts
Fifth/Third Bank Acct. No. 1415486 3,796
B.3 Security Deposits
Interstate Oil 250
M&I First National Leasing 1,213
Midway Aircraft Broker 2,800
Midway Aircraft Broker 1,300
Toyota 376
B.9 Interest in Insurance Policies Unknown
B.15 Accounts Receivables
Receivables 2,116,528
Receivable from ATA Airline 7,812,285
B.22 Licenses Unknown
B.26 Office Equipment 362
B.27 Machinery and Equipments
Computer Hardware and Software 157,717
Communication Equipment 485
Ramp Equipment 115,845
Leasehold Improvements 1,331
TOTAL SCHEDULED ASSETS $10,214,585
=================================================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims --
E. Unsecured Priority Claims --
Marion County Treasurer 3,643
F. Unsecured Nonpriority Claims
Citibank, NA 139,900,000
Wells Fargo 183,069,000
Wilmington Trust Co. 110,233,000
ATA Holdings Corp. 1,729,900
Others 204,309
TOTAL SCHEDULED DEBTS $435,136,209
=================================================
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
INTERSTATE BAKERIES: Operating Report Ended Sept. 18, 2004
----------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended and as of September 18, 2004
REVENUE
Gross Income $273,828,445
Less Cost of Goods Sold 133,939,022
Ingredients, Packaging, & Outside Purchasing 69,864,743
Direct & Indirect Labor 51,141,652
Overhead & Production Administration 12,932,627
------------
Gross Profit $139,889,423
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 66,256,506
Advertising and Marketing 4,300,166
Insurance (Property, Casualty, & Medical) 15,597,100
Payroll Taxes 5,645,643
Lease and Rent 5,387,960
Telephone and Utilities 1,316,770
Corporate Expense (Including Salaries) 7,304,317
Other Expenses 29,490,768
------------
Total Operating Expenses $135,299,230
------------
EBITDA 4,590,193
Restructuring Charges 338,543
Reorganization Professional Fees 2,042,807
Depreciation and Amortization 6,931,507
Other Income (2,319)
Interest Expense 3,291,965
Operating Income (Loss) (8,012,310)
Income Tax Expense (Benefit) (2,067,000)
------------
Net Income (Loss) ($5,945,310)
============
CURRENT ASSETS
Accounts Receivable at end of period $188,069,115
Inc (Dec) in Accounts Receivable for period 3,839,606
Inventory at end of period 74,566,780
Inc (Dec) in Inventory for period 1,582,606
Cash at end of period 21,116,900
Increase (Decrease) in Cash for period 25,608,138
LIABILITIES
Inc (Dec) in Liabilities Not Subject to Compromise n/a
Inc (Dec) in Liabilities Subject to Compromise n/a
Taxes payable:
Federal Payroll Taxes 7,434,328
State/Local Payroll Taxes 3,529,530
State Sales Taxes 890,057
Real Estate and Personal Property Taxes 6,412,813
Other 4,100,122
------------
Total Taxes Payable $22,366,850
============
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. 9; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
INTERSTATE BAKERIES: Operating Report Ended Oct. 16, 2004
---------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended and as of October 16, 2004
REVENUE
Gross Income $264,947,940
Less Cost of Goods Sold 131,707,703
Ingredients, Packaging, & Outside Purchasing 68,042,529
Direct & Indirect Labor 50,141,873
Overhead & Production Administration 13,523,301
------------
Gross Profit $133,240,237
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 65,731,080
Advertising and Marketing 4,720,365
Insurance (Property, Casualty, & Medical) 15,685,343
Payroll Taxes 5,365,364
Lease and Rent 3,648,043
Telephone and Utilities 1,278,183
Corporate Expense (Including Salaries) 7,293,414
Other Expenses 31,183,778
------------
Total Operating Expenses $134,905,570
------------
EBITDA (1,665,333)
Restructuring Charges 420,784
Reorganization Professional Fees 3,352,065
Depreciation and Amortization 7,231,507
Other Income (2,223)
Interest Expense 2,939,564
Operating Income (Loss) (15,607,030)
Income Tax Expense (Benefit) (4,349,000)
------------
Net Income (Loss) ($11,258,030)
============
CURRENT ASSETS
Accounts Receivable at end of period $190,068,584
Inc (Dec) in Accounts Receivable for period 1,999,469
Inventory at end of period 75,162,581
Increase (Decrease) in Inventory for period 595,801
Cash at end of period 71,226,311
Increase (decrease) in Cash for period 50,109,412
LIABILITIES
Inc (Dec) in Liabilities Not
Subject to Compromise (187,420,310)
Inc (Dec) in Liabilities Subject to
Compromise 256,046,667
Taxes payable:
Federal Payroll Taxes 12,985,551
State/Local Payroll Taxes 3,937,935
State Sales Taxes 713,704
Real Estate and Personal Property Taxes 8,072,924
Other 4,529,784
------------
Total Taxes Payable $30,239,898
============
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. 9; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
PILLOWTEX CORP: October 2004 Cash Receipts & Disbursements Report
-----------------------------------------------------------------
Pillowtex Corporation and its debtor-affiliates did not file their
Consolidated Balance Sheets and Consolidated Statements of
Operations for the period ended Oct. 31, 2004.
Pillowtex, et al.
Actual Cash Flow
For the Month of October 2004
Accounts Receivable Collections $8,000
Brown & Joseph/Atwell Fees (53,000)
Accounts Receivable Personnel (20,000)
Inventory Bulk Sales 235,000
Property Tax Related to Asset Sale (88,000)
Property (Net) 829,000
Miscellaneous Proceeds (4,000)
----------
Total Proceeds 907,000
Prepetition Cure Cost of Capital Leases -
Balance of 2003 Personal Property Tax -
Alliance Street Production -
Interest Expense (Term and Revolver) -
Idle Facility Cost (4,000)
Electric Demand Charge -
Retail Store Operating Costs -
Warehousing, Shipping & Billing -
Freight & Duty -
Manufacturing -
Inventory Cleanup -
Accrued Employee Expenses -
Critical Vendor Payments -
Continuing Medical (75,000)
Terminated Medical -
Product Liability/D&O/Workers Comp. Insurance 5,000
Corporate 101,000
Severance/Retention 150,000
Warehouse Vacation Pay -
SB Capital Estate Charge Back -
Early Termination Fee -
DIP Fees -
Professional Fees 1,192,000
Miscellaneous Expenses (27,000)
----------
Total Expenses 1,342,000
----------
Net Cash Flow (435,000)
==========
Pillowtex, et al.
Disbursement Report
For the Month of October 2004
Net Payroll & Payroll Taxes Paid $360,408
Sales, Use & Other Taxes Paid -
Inventory Purchases -
Interest on Long Term Debt -
Secured/Rental/Lease 750
Utilities 7,295
Insurance 4,907
Administrative 29,426
Professional Fees 1,058,951
U.S. Trustee's Fees 12,500
Others 91,889
-----------
Total for U.S. Trustee Fees $1,566,126
===========
Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to
virtually every major retailer in the U.S. and Canada. The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339). The second chapter 11 filing triggered
sales of substantially all of the Company's assets. David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors. On
July 30, 2003, the Company listed $548,003,000 in assets and
$475,859,000 in debts. (Pillowtex Bankruptcy News, Issue No. 73;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SPIEGEL INC: Earns $9.2 Million of Net Income in October 2004
-------------------------------------------------------------
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Balance Sheet
As of October 30, 2004
ASSETS
Current assets:
Cash and cash equivalents $176,627,000
Receivables, net 34,913,000
Inventories 214,906,000
Prepaid expenses 35,052,000
Assets of discontinued operations 73,736,000
--------------
Total current assets 535,234,000
--------------
Property and equipment, net 122,636,000
Intangible assets, net 135,608,000
Other assets 23,980,000
--------------
Total assets $817,458,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities $206,046,000
Current portion of long-term debt 48,000,000
Liabilities of discontinued operations 149,340,000
--------------
Total current liabilities 403,386,000
--------------
Deferred lease obligation 10,600,000
Liabilities subject to compromise 1,385,628,000
Total liabilities 1,799,614,000
--------------
Stockholders' deficit:
Class A non-voting common stock,
$1.00 par value; authorized 16,000,000
shares; 14,945,144 shares issued
and outstanding 14,945,000
Class B voting common stock, $1.00
par value; authorized 121,500,000 shares;
117,009,869 shares issued & outstanding 117,010,000
Additional paid-in capital 329,489,000
Accumulated other comprehensive loss (24,064,000)
Accumulated deficit (1,419,536,000)
--------------
Total stockholders' deficit (982,156,000)
--------------
Total liabilities & stockholders' deficit $817,458,000
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Operations
Four Weeks Ended October 30, 2004
Net sales and other revenues:
Net sales $92,733,000
Other revenue 4,715,000
--------------
97,448,000
Cost of sales and operating expenses:
Cost of sales, including buying
and occupancy expenses 52,007,000
Selling, general & administrative expenses 34,399,000
--------------
86,406,000
Estimated loss of non-debtors (480,000)
Operating Income 10,562,000
Interest expense 293,000
--------------
Loss from operations before reorganization items 10,269,000
--------------
Reorganization items, net 724,000
Income Tax -
--------------
Income from operations 9,545,000
--------------
Discontinued operations:
Loss from discontinued operations (353,000)
--------------
Net Income $9,192,000
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended October 30, 2004
Cash flows from operating activities:
Net Income $9,192,000
Adjustments to reconcile net loss to net cash
used in operating activities:
Reorganization items, net 724,000
Depreciation and amortization 2,168,000
Change in assets and liabilities:
(Increase) decrease in receivables, net 109,000
(Increase) decrease in investments/advances 182,000
(Increase) decrease in inventories (19,964,000)
(Increase) decrease in prepaid expenses (2,050,000)
Increase (decrease) in accounts payable
and other accrued liabilities (311,000)
Increase (decrease) in net liabilities of
discontinued operations 927,000
(Increase) decrease in income taxes (560,000)
--------------
Net cash used for operating activities (9,583,000)
--------------
Net cash used for reorganization items (2,428,000)
Cash flows from investing activities:
Net (additions) reductions to property and
equipment (1,603,000)
Net (additions) reductions to other assets 481,000
--------------
Net cash used in investing activities (1,122,000)
--------------
Net cash provided by financing activities -
--------------
Effect of exchange rate changes on cash 519,000
--------------
Net change in cash and cash equivalents (12,614,000)
Cash & cash equivalents, beginning of period 189,241,000
--------------
Cash & cash equivalents, end of period $176,627,000
==============
Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRINITY ENERGY: Releases July to October 2004 Operating Reports
---------------------------------------------------------------
Trinity Energy Resources, Inc., filed its monthly operating
reports for the months ended July 2004, August 2004, September
2004, and October 2004 with the United States Bankruptcy Court for
the Southern District of Texas, Houston Division.
The Debtor's comparative balance sheet showed:
July 2004 Aug. 2004 Sept. 2004 Oct. 2004
--------- --------- ---------- ---------
Total Current
Assets $275,203 $278,176 $302,525 $317,884
Total Assets 1,110,524 1,112,497 1,135,846 1,150,205
Total Debts 1,689,522 1,677,452 1,682,687 1,689,907
Owner's Equity $(578,998) $(564,955) $(546,841) $(539,702)
Full-text copies of Trinity Energy's monthly operating reports are
available at no charge at:
July 2004
http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_1.htm
August 2004
http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_2.htm
September 2004
http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_3.htm
October 2004
http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_4.htm
Headquartered in Houston, Texas, Trinity Energy Resources, Inc.,
develops and operates proven oil and gas reserves in the Rocky
Mountains, Texas, and Louisiana, with international interests in
the African Republic of Chad. The Company filed for chapter 11
protection on Jan. 31, 2003 (Bankr. S.D. Tex. Case No. 03-31453).
John William Mahoney, Esq., at Williams Birnberg & Andersen
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$1,009,626 in total assets and $1,619,031 in total debts as of
Sept. 30, 2002. On April 23, 2003, the Bankruptcy Court appointed
Elizabeth M. Guffy as the Chapter 11 Trustee.
TWINLAB CORP: Files November 2004 Monthly Operating Report
----------------------------------------------------------
On Dec. 15, 2004, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) filed its Monthly Operating Reports for the month ended
November 30, 2004, with the Securities and Exchange Commission.
At Nov. 30, 2004, Twinlab Corporation (n/k/a TL Administration
Corporation) reports that it has no independent means of
generating revenue due to its non-operation. As a holding
company, Twinlab's internal sources of funds to meet its cash
needs, including the payment of expenses, are dividends and other
permitted payments from its direct and indirect subsidiaries.
Full-text copies of the Debtors' November 2004 Monthly Operating
Report are available at no charge at:
http://www.sec.gov/Archives/edgar/data/1015868/000095012304014824/0000950123
-04-014824-index.htm
On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc.
and Twin Laboratories (UK) Ltd. commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 (CB) and are pending before the
Honorable Cornelius Blackshear.
In addition, on Sept. 4, 2003, the Companies entered into
that certain asset purchase agreement with IdeaSphere, Inc. of
Grand Rapids, Michigan, pursuant to which the Companies sold
substantially all of their assets. The sale closed on Dec. 9,
2003, effective as of Dec. 9, 2003. In connection with the
sale, the Debtors obtained an order from the Court authorizing
them to change their names. Twinlab Corporation changed its name
to TL Administration Corporation, Twin Laboratories Inc. changed
its name to TL Administration Inc. and Twin Laboratories (UK)
Ltd. changed its name to TL Administration (UK) Ltd.
The Debtors continue to operate as debtors-in-possession pursuant
to sections 1107(a) and 1108 of the Bankruptcy Code.
USG CORP: Earns $28.7 Million of Net Income in October 2004
-----------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-October-2004
__________________________ _______________
Assets:
Cash and cash equivalents $482,280,000
Marketable Securities 135,482,000
Restricted Cash 11,648,000
Receivables 415,768,000
Inventories 305,930,000
Income taxes receivable 19,600,000
Deferred income taxes 21,215,000
Other current assets 92,784,000
-------------
Total current assets 1,484,707,000
Property, plant and equipment, net 1,587,272,000
Marketable Securities 270,501,000
Deferred income taxes 130,031,000
Goodwill 41,201,000
Other assets 352,457,000
-------------
Total Assets $3,866,169,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $246,573,000
Accrued expenses 193,266,000
Taxes on income 32,452,000
-------------
Total current liabilities 472,291,000
Other liabilities 428,266,000
Liabilities subject to compromise 2,238,418,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (258,024,000)
Capital received in excess of par value 101,603,000
Accumulated other comprehensive income/(loss) 42,111,000
Retained earnings 836,506,000
-------------
Total stockholders' equity 727,194,000
-------------
Total Liabilities and Stockholders' Equity $3,866,169,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-October-2004
__________________________ _______________
Net sales $356,978,000
Cost of products sold 286,589,000
Selling and administrative expenses 22,752,000
Chapter 11 reorganization expenses (1,075,000)
Interest expense -
Interest income 327,000
Other (income)/expense, net (111,000)
-------------
Earnings/(loss) before income taxes 48,778,000
Income taxes (benefit) 20,061,000
-------------
Net Earnings/(loss) $28,717,000
=============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
YUKOS OIL: Consolidated Balance Sheet at Sept. 30, 2003
-------------------------------------------------------
YUKOS Oil Company
Interim Condensed Consolidated Balance Sheet
At September 30, 2003
(UNAUDITED)
(expressed U.S. Dollars)
Assets
Cash and cash equivalents $1,579,000,000
Cash and cash equivalents
deposited with equity investees 714,000,000
Marketable securities and other
short-term investments 917,000,000
Accounts and notes receivable, net 2,844,000,000
Inventories 543,000,000
Current deferred income tax asset
and other current assets 317,000,000
---------------
Total current assets 6,914,000,000
Equity investees and long-term
investments at cost 3,670,000,000
Property, plant and equipment, net 7,329,000,000
Deferred income tax asset 123,000,000
Other long-term assets 478,000,000
Total assets $18,514,000,000
===============
Liabilities and Shareholders' Equity
Short-term debt and current portion
of long-term debt $128,000,000
Trade accounts and notes payable 488,000,000
Other accounts payable & accrued liabilities 3,257,000,000
Taxes payable 572,000,000
Current deferred income tax liability 20,000,000
---------------
Total current liabilities 4,465,000,000
Long-term debt 1,499,000,000
Deferred income tax liability 1,523,000,000
Other long-term liabilities 543,000,000
---------------
Total liabilities 8,030,000,000
Minority interest 350,000,000
Ordinary shares
(2,237,000,000 shares authorized and
issued; nominal value - RR 0.004 per share) 9,000,000
Additional paid in capital 991,000,000
Retained earnings 12,847,000,000
Accumulated other comprehensive income
(net of $7,000,000 income tax expense) 95,000,000
Ordinary shares held in treasury, at cost
(302 million shares) (3,808,000,000)
Commitments and contingent liabilities ---
---------------
Total liabilities and
shareholders' equity $18,514,000,000
===============
Headquartered in Houston, Texas, Yukos Oil Company is an open
joint stock company existing under the laws of the Russian
Federation. Yukos is involved in the energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets. The Company filed for
chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No.
04-47742). Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H.
Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.
Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $12,276,000,000 in total
assets and $30,790,000,000 in total debts. (Yukos Bankruptcy News
Issue No. 1; 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
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo and Peter A. Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
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