/raid1/www/Hosts/bankrupt/TCR_Public/050108.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, January 8, 2005, Vol. 9, No. 6
Headlines
ADELPHIA COMMS: Posts $47.3 Million Net Loss in November 2004
AVADO BRANDS: Posts $2.1 Million Net Loss in November 2004
ROMAN CATHOLIC: Tucson Files October 2004 Monthly Operating Report
CENTURY/ML: Earns $1.6 Million of Net Income in November 2004
COVANTA WTE: Posts $993,890 Net Loss in October 2004
COVANTA: Liquidating Debtors' Post-Confirmation Quarterly Report
DII INDUSTRIES: Posts $122 Million Net Loss in October 2004
DII INDUSTRIES: Posts $287 Million Net Loss in November 2004
DII/KBR: Mid Valley's October 2004 Monthly Operating Report
DII/KBR: Mid-Valley Inc.'s November 2004 Monthly Operating Report
DII/KBR: Kellogg Brown & Root Earns $36.1 Million in Oct. 2004
DII/KBR: Kellogg Brown & Root Earns $17.6 Million in Nov. 2004
DII/KBR: KBR Technical Posts $279,000 Net Loss in October 2004
DII/KBR: KBR Technical Posts $768,000 Net Loss in November 2004
DII/KBR: KBR Engineering's October 2004 Monthly Operating Report
DII/KBR: KBR Engineering's November 2004 Monthly Operating Report
DII/KBR: KBR International Posts $898,000 Net Income in Oct. 2004
DII/KBR: KBR International Posts $450,000 Net Income in Nov. 2004
DII/KBR: KBR (Panama) Posts $1.6 Million Net Income in October
DII/KBR: KBR (Panama) Posts $4.06 Million in November 2004
DII/KBR: BPM Minerals Earns $1.1 Million of Net Income in October
DII/KBR: BPM Minerals Earns $467,000 of Net Income in November
FGI GROUP: Files November 2004 Monthly Operating Report
FOOTSTAR INC: Earns $5.7 Million of Net Income in November
FRESH CHOICE: Posts $407,214 Net Loss for Period Ended Nov. 28
HAWAIIAN AIRLINES: November 2004 Net Loss Widens to $2.9 Million
INTERSTATE BAKERIES: Operating Report Ended November 13, 2004
KAISER: Earns $1.6 Million of Net Income in November 2004
MIRANT CORP: Posts $61.3 Million Net Loss for October 2004
MIRANT: MAGi Posts $84 Million Net Loss for October 2004
RELIANCE GROUP: Posts $285,000 Net Loss in November 2004
TRENWICK AMERICA: Earns $12.6 Million of Net Income in October
TRENWICK AMERICA: Posts $1.3 Million of Net Loss in November
UAL CORP: Posts $87.5 Million Net Loss for November 2004
WINSTAR COMMS: Releases October 2004 Monthly Operating Report
*********
ADELPHIA COMMS: Posts $47.3 Million Net Loss in November 2004
-------------------------------------------------------------
On Dec. 23, 2004, Adelphia Communications Corporation and
certain other debtor-in-possession subsidiaries of the Company
filed their unaudited consolidated Monthly Operating Report for
the month of November 2004 with the United States Bankruptcy Court
for the Southern District of New York.
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of November 30, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $293,151
Restricted cash 5,121
Subscriber receivables - net 130,566
Other current assets 265,828
-----------
Total current assets 694,666
Restricted cash 9,545
Investments 25,240
Intercompany receivables 27,633,084
Related party receivables 1,786,272
Property, plant and equipment - net 6,889,833
Intangible assets - net 15,295,819
Other noncurrent assets - net 196,060
-----------
Total Assets $52,530,519
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $117,191
Subscriber advance payments and deposits 32,567
Accrued and other liabilities 235,838
Current portion of parent and subsidiary debt 674,193
-----------
Total current liabilities 1,059,789
Accrued and other liabilities 170,364
Deferred income taxes 2,004,762
Intercompany payables 590,774
Related party payables 164,619
-----------
Total noncurrent liabilities 2,930,519
Liabilities subject to compromise 46,081,628
-----------
Total liabilities 50,071,936
Minority interests 534,725
Stockholders' equity:
Convertible preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,467,136
Accumulated other comprehensive loss (6,721)
Accumulated deficit (4,543,945)
Treasury stock, at cost (149,401)
-----------
Total 4,770,014
Amounts due from Rigas family entities (2,846,156)
-----------
Total stockholders' equity 1,923,858
-----------
Total liabilities and stockholders' equity $52,530,519
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended November 30, 2004
(Dollars in thousands)
Revenue $331,256
Cost and expenses:
Direct operating and programming 211,786
Selling, general and administrative 23,661
Depreciation and amortization 87,488
Impairment of long-lived and other assets -
Non-recurring professional fees 9,383
-----------
Operating income (loss) before reorg expenses (1,062)
Reorganization expenses due to bankruptcy 6,551
-----------
Operating loss (7,613)
Other income (expense):
Interest expense (40,564)
Equity in losses of affiliates -- net (187)
Minority interest in losses (earnings) of
subsidiaries 787
Other-than-temporary impairment of investments -
Other 265
-----------
Total (39,699)
-----------
Net loss before income taxes (47,312)
Income tax benefit -
-----------
Net loss from continuing operations (47,312)
Discontinued operations -
-----------
Net loss applicable to common stockholders ($47,312)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended November 30, 2004
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($47,312)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 87,488
Amortization of bank financing costs 4,522
Impairment of long-lived and other assets -
Other-than-temporary impairment of investmen -
Minority interest in earnings (losses)
of subsidiaries (787)
Equity in losses of affiliates - net 187
Gain on sale of assets - net -
Depreciation, amortization and other non-cash
items from discontinued operations -
Other non-cash items -
Reorganization expenses due to bankruptcy 6,551
Non-recurring professional fees 6,947
Change in assets and liabilities:
Subscriber receivables - net (2,396)
Other assets - net (8,304)
Accounts payable 16,354
Subscriber advance payments and deposits (3,564)
Accrued interest and other liabilities (28,176)
Liabilities subject to compromise 308
Intercompany receivables and payables - net 6,574
-----------
Net cash provided by (used in) operations before
payment of reorganization expenses 38,392
Reorganization expenses paid during the period (9,221)
-----------
Net cash provided by (used in) operating activities 29,171
Cash flows from investing activities:
Expenditures for property, plant and equipment (41,385)
Cash paid for acquisitions -
Changes in restricted cash (17)
Proceeds on asset sales -
Investment distributions and contributions -
Related party receivables and payables - net (3,428)
-----------
Net cash used in investing activities (44,830)
Cash flows from financing activities:
Proceeds from debt -
Payments of debt (14,475)
Payment of bank financing costs -
-----------
Net cash provided by financing activities (14,475)
Change in cash and cash equivalents cash (30,134)
Cash, beginning of period 323,285
-----------
Cash, end of period $293,151
===========
Full-text copies of Adelphia's November 2004 Monthly Operating
Reports were delivered to the Securities and Exchange Commission
and are available at no charge at:
http://www.sec.gov/Archives/edgar/data/796486/000104746904038315/a2149181zex
-99_1.htm
Adelphia-affiliates Arahova Communications Inc., Frontiervision
Capital Corp., Frontiervision Holdings Capital Corp.,
Frontiervision Holdings Capital II Corp., Frontiervision Holdings
LP, Frontiervision Operating Partners LP, Olympus Capital Corp.,
and Olympus Communications LP, also delivered copies of
Adelphia's consolidated financial statements to the Securities and
Exchange Commission.
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.
AVADO BRANDS: Posts $2.1 Million Net Loss in November 2004
----------------------------------------------------------
Avado Brands, Inc., the owner and operator of the Don Pablo's and
Hops restaurant chains, delivered its November 2004 monthly
operating report to the U.S. Bankruptcy Court for the Northern
District of Texas.
For the period ended Nov. 21, 2004, Don Pablo's reported
$835,000 of net income, Hops reported a net loss of $189,000
and $2,702,000 of net losses at the corporate level resulted in a
consolidated net loss of $2,056,000.
A full-text copy of Avado Brands, Inc.'s November Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/849101/000084910104000036/mornov.txt
Headquartered in Madison, Georgia, Avado Brands, Inc. --
http://www.avado.com/ -- owns and operates two proprietary brands
comprised of 102 Don Pablo's Mexican Kitchens and 37 Hops
Grillhouse & Breweries. The Company and its debtor-affiliates
filed voluntary chapter 11 petitions on Feb. 4, 2004 (Bankr. N.D.
Tex. Case No. 04-31555). Deborah D. Williamson, Esq., and Thomas
Rice, Esq., at Cox & Smith Incorporated, represent the Debtors in
their restructuring efforts. Miller Buckfire Lewis Ying & Co.,
LLC, is providing financial advisory services. When the Debtors
filed for protection from its creditors, they listed $228,032,000
in total assets and $263,497,000 in total debts.
ROMAN CATHOLIC: Tucson Files October 2004 Monthly Operating Report
------------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of October 31, 2004
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 1,902,955 1,902,955
Cash Equivalents 6,465,679 3,737,276
Accounts receivable, net 505,510 505,510
Grants receivable 411,000 411,000
Pledges receivable 7,000 7,000
A/R held in trust for others 882,761 -
Prepaid expenses & other assets 343,469 343,469
Investments in businesses 2,067,039 2,067,039
Corp. & Gov't. bond investments 906,216 556,095
Investment in BPIC 80,850 80,850
Notes receivable, net 1,793,225 331,486
Assets securing 2002 settlement 3,000,000 3,000,000
Construction in progress 48,867 48,867
Land, buildings, and equipment 536,993 536,993
Assets held for sale 60,226 60,226
Land held for future parish sites 817,460 817,460
-------------- --------------
$19,830,750 $14,407,726
============== ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 149,561 149,561
Accounts payable - pre 26,561 26,561
Accrued expenses - post 54,799 53,528
Accrued expenses - pre 157,682 157,682
Accrued insurance claims 395,228 395,228
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured long-term debt - post 100,000 100,000
Unrestricted parish deposits 6,965,992 6,962,867
Restricted parish deposits 3,654,228 -
Secured long-term debt 2,562,130 2,562,130
Custodial funds 1,764,400 -
-------------- --------------
17,892,036 12,469,012
-------------- --------------
Net Assets:
Unrestricted/temporarily
restricted 29,826 29,826
Permanently restricted 1,908,888 1,908,888
-------------- --------------
Total liabilities & net assets $19,830,750 14,407,726
============== ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
October 1, 2004 through October 31, 2004
Revenues
Contributions, grants and bequests $78,297
Chancery assessment 137,998
Priests salary subsidy 18,530
Fees for services 43,850
Advertising revenue 11,047
Retreat fees 28,326
Rental Income 4,397
Insurance 60,256
Investment Income 19,375
Miscellaneous 1,238
--------------
Total Support & Revenue 403,313
Expense
Program Services:
Archives 1,472
Catholic Commitments & Social Services 13,194
Evangelization & Hispanic Ministry 6,037
Catechesis Office 9,839
Formation Office 8,022
Department of Catholic Schools 26,899
Clergy, religious & seminarian advancement 54,193
Parish Assistance 19,486
Catholic Social Mission 4,221
Supporting Services:
Office of Bishop Emeritus 2,852
Offices of the Bishop, et al. 54,913
Office of Women Religious 1,740
General & Administrative 4,482
Fiscal & Employee Services 44,491
Office of Child, Adolescent, et. al Protection 10,211
Communications & Community Relations 22,969
Property Management 37,286
Insurance Administration 23,867
Reorganization 105,029
Imputed interest on settlement 14,095
Provision for doubtful accounts 5,833
Depreciation 3,705
--------------
Total Expenses 474,836
--------------
Excess (deficiency) of revenues over expenses ($71,523)
==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
October 1, 2004 through October 31, 2004
Cash and Bank Balance:
Beginning of Month $1,709,558
Receipts
Cash Sales 100,281
Accounts Receivable -- Prepetition 267,572
Accounts Receivable -- Postpetition 245,276
Loans and Advances 100,000
Sale of Assets 0
Transfers in from other accounts 114,566
Other -- Custodial Funds 421,110
Other -- Credit ADJ 522
Voided Checks -
--------------
Total Receipts 1,249,328
Disbursements:
Business -- Ordinary Operations 542,450
Capital Improvements 1,449
Prepetition Debt 0
Transfers to other DIP Accounts 114,566
Other -- Custodial Funds 397,216
Other -- Check Order 0
Reorganization Expenses:
Attorney Fees 0
Accountant Fees 0
Other Professional Fees 0
U.S. Trustee Quarterly Fee 250
Court Costs 0
--------------
Total Disbursements 1,055,931
--------------
Cash Bank Balance -- End of Month $1,902,955
==============
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., 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. of
Sussman Shank LLP represent the Portland Archdiocese in its
restructuring efforts. Portland's 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. (Catholic Church Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CENTURY/ML: Earns $1.6 Million of Net Income in November 2004
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of November 30, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $18,475
Subscriber receivables - net 322
Investment in Century-ML Corporation 132,703
Related party receivables 231
Other current assets 289
--------
Total current assets 152,020
Property, plant and equipment - net 6,042
Intangible assets - net 1,528
--------
Total assets $159,590
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $68
Accrued expenses and other liabilities 2,122
Intercompany payables 3,007
--------
Total current liabilities 5,197
--------
Long-term accrued and other liabilities 170
Deferred income taxes 45
--------
Total non-current liabilities 215
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,281
Intercompany payables 10,883
--------
Total liabilities subject to compromise 12,184
--------
Total liabilities 17,596
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 85,194
--------
Total partners' equity 141,994
--------
Total liabilities and partners' equity $159,590
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended November 30, 2004
(Dollars in thousands)
Revenue $1,096
Cost and expenses:
Direct operating and programming 509
Selling, general and administrative 44
Management fees 46
Non-recurring professional fees -
Depreciation 68
--------
Operating income before reorganization
expenses due to bankruptcy 429
Reorganization expenses due to bankruptcy 63
--------
Operating income 366
Interest income - net 7
Equity in net income of Century-ML Cable
Corporation - net of taxes 1,566
--------
Income before income taxes 1,939
Income tax expense (326)
--------
Net income $1,613
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended November 30, 2004
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,613
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 68
Reorganization expenses due to bankruptcy 63
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corporation - net of taxes (1,566)
Change in assets and liabilities:
Subscriber receivables - net 63
Prepaid expenses and other assets - net 25
Accounts payable -
Subscriber advance payments and deposits (9)
Accrued expenses and other liabilities 394
Intercompany receivables and payables - net 824
--------
Net cash provided by operating activities 1,475
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (76)
--------
Net cash used in investing activities (76)
--------
Change in cash and cash equivalents 1,399
Cash and cash equivalents, beginning of period 17,076
--------
Cash and cash equivalents, end of period $18,475
========
Adelphia-affiliates Arahova Communications Inc., Frontiervision
Capital Corp., Frontiervision Holdings Capital Corp.,
Frontiervision Holdings Capital II Corp., Frontiervision Holdings
LP, Frontiervision Operating Partners LP, Olympus Capital Corp.,
and Olympus Communications LP, also delivered copies of
Adelphia's consolidated financial statements to the Securities and
Exchange Commission.
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.
COVANTA WTE: Posts $993,890 Net Loss in October 2004
----------------------------------------------------
The WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc.,
-- Covanta Warren Holdings II, Inc., and
-- Covanta Lake II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of October 31, 2004
ASSETS
Cash $2,517,412
Inventory -
Accounts receivable 37,972,707
Land -
Machinery, fixtures and equipment 96,985,164
Restricted funds 8,763,667
Other current assets 6,604
Other assets 3,393,556
------------
Total assets $149,639,110
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $17,764,806
Accounts payable and other liabilities 8,808,632
------------
Total postpetition liabilities 26,573,338
Prepetition Liabilities:
Project Debt 78,557,452
Advances from parent and affiliates 37,185,761
Liabilities Subject to Compromise 3,526,638
Taxes/Others -
------------
Total Prepetition Liabilities 119,269,851
------------
Shareholders' Equity:
Capital stock -
Capital surplus 5,820
Retained earnings - prepetition 15,866,416
Retained earnings - postpetition (12,076,315)
------------
Total Shareholders' Equity 3,795,921
------------
Total Liabilities and Shareholders' Equity $149,639,110
============
WTE Debtors
Consolidated Statements of Operations
From October 1 to October 31, 2004
INCOME:
Service, electric and construction revenue $1,215,076
Waste-to-Energy project debt revenue 982,604
------------
Total Income 2,197,680
EXPENSES:
Operating and construction costs 2,305,161
Waste-to-Energy project debt expense 386,282
Depreciation and amortization expense 337,924
Other - Net -
Cost allocations from parent & affiliates 160,000
Gain on sale of businesses -
------------
Total Expenses 3,189,367
------------
NET OPERATING PROFIT/(LOSS) (991,687)
Non-Operating Income/(Expense)
Reorganization costs -
Interest expense (2,203)
------------
Total Non-Operating Income (Expense) (2,203)
Income Taxes -
Income before cumulative effect of accounting
Change (993,890)
------------
NET INCOME ($993,890)
============
WTE Debtors
Consolidated Cash Flow Statements
From October 1 to October 31, 2004
Net income ($993,890)
Depreciation and amortization 316,161
Receivables (1,529,353)
Other assets 45,098
Payables and accrued expenses 1,459,863
Other liabilities 1,414
Property, plant and equipment expenditures (230,387)
Restricted funds, net 5,460,076
(Repayments) issuance of debt, net (6,111,441)
Advances from parents & affiliates 430,891
------------
(1,151,568)
Cash, beginning balance 3,668,980
------------
Cash, ending balance $2,517,412
============
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation. Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 72;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA: Liquidating Debtors' Post-Confirmation Quarterly Report
----------------------------------------------------------------
Liquidating Debtors
Post-Confirmation Quarterly Report
For Quarter Ending September 2004
Disbursements Disbursements
Debtor Under the Plan to Professionals Total
------ -------------- ---------------- -----
Ogden New York
Services, Inc. $302,760 $81,240 $384,000
Ogden
Constructors,
Inc. 4,077 0 4,077
Covanta Tulsa,
Inc. 916,873 0 916,873
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation. Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 72;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
DII INDUSTRIES: Posts $122 Million Net Loss in October 2004
-----------------------------------------------------------
DII Industries, LLC
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $13,605
Escrow - prepetition payments 148,262
Investment account with Parent 209,000
Trade receivables -
Unbilled work on incomplete contracts -
Other receivables 60
Inventories -
Right to Halliburton Shares 2,143,071
Insurance for asbestos & silica-related PI claims 873,072
Other current assets 412,689
----------
Total current assets 3,799,759
Net property, plant and equipment -
Investments in consolidated subsidiaries 1,896,939
Equity in related companies -
Intercompany with related companies (723,526)
Goodwill, net -
Non-current deferred income taxes 345,000
Insurance for asbestos & silica-related PI claims 487,889
Other assets 11
----------
Total assets $5,806,072
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
DIP Financing -
Current maturities of long-term debt -
Accounts payable $1,318
Accrued employee compensation and benefits (1)
Accrued interest payable 8,393
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 2,418,028
Other current liabilities 11,000
----------
Total current liabilities 2,438,738
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims 2,179,721
Minority interest in consolidated subsidiaries -
Other liabilities 6,088
----------
Total liabilities 4,624,547
Total shareholder's equity 1,181,525
----------
Total liabilities and shareholder's equity $5,806,072
==========
DII Industries, LLC
Unaudited Income Statement
Month ended October 31, 2004
(in thousands)
Revenues -
Operating costs and expenses ($55)
----------
Operating income/(loss) 55
Interest expense -
Interest income 5,576
Foreign currency gains (losses) 324
Other non-operating income - net -
Equity in earnings/(loss) of subsidiaries 25,042
----------
Income/(loss) before taxes & minority interest 30,997
Income tax benefit/(provision) (1,652)
----------
Income/(loss) from continuing operations 29,345
----------
Income/(loss) from discontinued operations (151,484)
----------
Net Income/(loss) ($122,139)
==========
DII INDUSTRIES: Posts $287 Million Net Loss in November 2004
------------------------------------------------------------
DII Industries, LLC
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $19,160
Escrow - prepetition payments 148,431
Investment account with Parent 160,000
Trade receivables -
Unbilled work on incomplete contracts -
Other receivables 55
Inventories -
Right to Halliburton Shares 2,432,479
Insurance for asbestos & silica-related PI claims 860,514
Other current assets 413,195
----------
Total current assets 4,033,834
Net property, plant and equipment -
Investments in consolidated subsidiaries 2,151,302
Equity in related companies -
Intercompany with related companies (662,869)
Goodwill, net -
Non-current deferred income taxes 345,000
Insurance for asbestos & silica-related PI claims 487,889
Other assets 11
----------
Total assets $6,355,167
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
DIP Financing -
Current maturities of long-term debt -
Accounts payable $5,702
Accrued employee compensation and benefits 1
Accrued interest payable 8,601
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 2,418,028
Other current liabilities 11,000
----------
Total current liabilities 2,443,332
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims 2,469,129
Minority interest in consolidated subsidiaries -
Other liabilities 6,364
----------
Total liabilities 4,918,825
Total shareholder's equity 1,436,342
----------
Total liabilities and shareholder's equity $6,355,167
==========
DII Industries, LLC
Unaudited Income Statement
Month ended November 30, 2004
(in thousands)
Revenues -
Operating costs and expenses $201
----------
Operating income/(loss) (201)
Interest expense -
Interest income 5,366
Foreign currency gains (losses) 583
Other non-operating income - net -
Equity in earnings/(loss) of subsidiaries 1,966
----------
Income/(loss) before taxes & minority interest 7,714
Income tax benefit/(provision) (1,599)
----------
Income/(loss) from continuing operations 6,115
----------
Income/(loss) from discontinued operations (293,104)
----------
Net Income/(loss) ($286,989)
==========
DII/KBR: Mid Valley's October 2004 Monthly Operating Report
-----------------------------------------------------------
Mid-Valley, Inc.
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent $40,311
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 558
----------
Total assets $40,869
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts $308
Asbestos and silica-related PI claims -
Other current liabilities 1,565
----------
Total current liabilities 1,873
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 671
----------
Total liabilities 2,544
Total shareholder's equity 38,325
----------
Total liabilities and shareholder's equity $40,869
==========
Mid-Valley, Inc., reports no income for October 2004.
DII/KBR: Mid-Valley Inc.'s November 2004 Monthly Operating Report
-----------------------------------------------------------------
Mid-Valley, Inc.
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent $40,275
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 558
----------
Total assets $40,833
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts $308
Asbestos and silica-related PI claims -
Other current liabilities 1,541
----------
Total current liabilities 1,849
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 671
----------
Total liabilities 2,520
Total shareholder's equity 38,313
----------
Total liabilities and shareholder's equity $40,833
==========
Mid-Valley, Inc.
Unaudited Income Statement
Month ended November 30, 2004
(in thousands)
Revenues -
Operating costs and expenses $11
----------
Operating income (11)
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
----------
Income before taxes & minority interest (11)
Provision for income tax -
----------
Net income/(loss) ($11)
==========
DII/KBR: Kellogg Brown & Root Earns $36.1 Million in Oct. 2004
--------------------------------------------------------------
Kellogg Brown & Root, Inc.
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($35,077)
Escrow - prepetition payments -
Trade receivables 120,469
Unbilled work on uncompleted contracts 123,012
Other receivables 27,407
Inventories 14,495
Other current assets 42,918
----------
Total current assets 293,224
Net property, plant and equipment 42,075
Investments in consolidated subsidiaries 248,679
Equity in related companies 55,786
Intercompany with related companies (27,634)
Intercompany with Parent 530,607
Goodwill, net 171,213
Non-current deferred income taxes 255,000
Insurance for asbestos & silica-related PI claims -
Right to Halliburton shares -
Other assets 48,434
----------
Total assets $1,617,384
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $71,552
Accrued employee compensation and benefits 61,923
Accrued interest payable -
Advanced billings on uncompleted contracts 214,917
Asbestos and silica-related PI claims 74,337
Other current liabilities 248,504
----------
Total current liabilities 671,233
Long-term debt -
Employee compensation and benefits 51,230
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 85,459
----------
Total liabilities 807,922
Total shareholder's equity 809,462
----------
Total liabilities and shareholder's equity $1,617,384
==========
Kellogg Brown & Root, Inc.
Unaudited Income Statement
Month ended October 31, 2004
(in thousands)
Revenues $113,809
Operating costs and expenses 77,171
----------
Operating income 36,638
Interest expense (3,606)
Interest income 193
Foreign currency gains (losses) (398)
Other non-operating income - net -
----------
Income before taxes and minority interest 32,827
Income tax benefit/(provision) 3,322
----------
Income from continuing operations 36,149
Loss from discontinued operations -
----------
Net Income $36,149
==========
DII/KBR: Kellogg Brown & Root Earns $17.6 Million in Nov. 2004
--------------------------------------------------------------
Kellogg Brown & Root, Inc.
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($488,268)
Escrow - prepetition payments -
Trade receivables 122,631
Unbilled work on uncompleted contracts 77,298
Other receivables 30,970
Inventories 13,953
Other current assets 43,320
----------
Total current assets (200,096)
Net property, plant and equipment 33,560
Investments in consolidated subsidiaries 248,679
Equity in related companies 58,890
Intercompany with related companies (19,072)
Intercompany with Parent 980,202
Goodwill, net 171,213
Non-current deferred income taxes 255,000
Insurance for asbestos & silica-related PI claims -
Right to Halliburton shares -
Other assets 57,456
----------
Total assets $1,585,832
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $72,144
Accrued employee compensation and benefits 62,532
Accrued interest payable -
Advanced billings on uncompleted contracts 182,496
Asbestos and silica-related PI claims 74,337
Other current liabilities 229,946
----------
Total current liabilities 621,455
Long-term debt -
Employee compensation and benefits 52,425
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 84,704
----------
Total liabilities 758,584
Total shareholder's equity 827,248
----------
Total liabilities and shareholder's equity $1,585,832
==========
Kellogg Brown & Root, Inc.
Unaudited Income Statement
Month ended November 30, 2004
(in thousands)
Revenues $117,692
Operating costs and expenses 80,958
----------
Operating income 36,734
Interest expense (4,421)
Interest income 267
Foreign currency gains (losses) (2,120)
Other non-operating income - net -
----------
Income before taxes and minority interest 30,460
Income tax benefit/(provision) (12,827)
----------
Income from continuing operations 17,633
Loss from discontinued operations -
----------
Net Income $17,633
==========
DII/KBR: KBR Technical Posts $279,000 Net Loss in October 2004
--------------------------------------------------------------
KBR Technical Services, Inc.
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $312
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables 538
Inventories -
Other current assets 886
----------
Total current assets 1,736
Net property, plant and equipment 23,864
Investments in consolidated subsidiaries 1,555
Equity in related companies -
Intercompany with related companies 10,060
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $37,215
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $118
Accrued employee compensation and benefits 21,942
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities 917
----------
Total current liabilities 22,977
Long-term debt -
Employee compensation and benefits 2,563
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 25,540
Total shareholder's equity 11,675
----------
Total liabilities and shareholder's equity $37,215
==========
KBR Technical Services, Inc.
Unaudited Income Statement
Month ended October 31, 2004
(in thousands)
Revenues -
Operating costs and expenses $393
----------
Operating income/(loss) (393)
Interest expense 115
Interest income -
Foreign currency gains (losses) (1)
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest (279)
Income tax benefit -
----------
Net Income/(loss) ($279)
==========
DII/KBR: KBR Technical Posts $768,000 Net Loss in November 2004
---------------------------------------------------------------
KBR Technical Services, Inc.
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $312
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables 331
Inventories -
Other current assets -
----------
Total current assets 643
Net property, plant and equipment 25,420
Investments in consolidated subsidiaries 45
Equity in related companies -
Intercompany with related companies 12,755
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $38,863
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $791
Accrued employee compensation and benefits 22,416
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities 1,081
----------
Total current liabilities 24,288
Long-term debt -
Employee compensation and benefits 2,558
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 26,846
Total shareholder's equity 12,017
----------
Total liabilities and shareholder's equity $38,863
==========
KBR Technical Services, Inc.
Unaudited Income Statement
Month ended November 30, 2004
(in thousands)
Revenues -
Operating costs and expenses $654
----------
Operating income/(loss) (654)
Interest expense 113
Interest income -
Foreign currency gains (losses) (1)
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest (768)
Income tax benefit -
----------
Net Income/(loss) ($768)
==========
DII/KBR: KBR Engineering's October 2004 Monthly Operating Report
----------------------------------------------------------------
KBR Engineering Corp.
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies $77
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $77
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities -
----------
Total current liabilities -
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities -
Total shareholder's equity 77
----------
Total liabilities and shareholder's equity $77
==========
KBR Engineering Corp. reports no income for October 2004.
DII/KBR: KBR Engineering's November 2004 Monthly Operating Report
-----------------------------------------------------------------
KBR Engineering Corp.
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents -
Escrow - prepetition payments -
Trade receivables -
Unbilled work on uncompleted contracts -
Other receivables -
Inventories -
Other current assets -
----------
Total current assets -
Net property, plant and equipment -
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies $77
Intercompany with Parent -
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $77
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable -
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims -
Other current liabilities -
----------
Total current liabilities -
Long-term debt -
Employee compensation and benefits -
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities -
Total shareholder's equity 77
----------
Total liabilities and shareholder's equity $77
==========
KBR Engineering Corp. reports no income for November 2004.
DII/KBR: KBR International Posts $898,000 Net Income in Oct. 2004
-----------------------------------------------------------------
KBR International, Inc.
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $39,264
Escrow - prepetition payments -
Trade receivables 27,363
Unbilled work on uncompleted contracts 18,826
Other receivables 21,299
Inventories -
Other current assets 6,035
----------
Total current assets 112,787
Net property, plant and equipment 295
Investments in consolidated subsidiaries 28,162
Equity in related companies (325)
Intercompany with related companies -
Intercompany with Parent (52,039)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 679
----------
Total assets $89,559
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $12,024
Accrued employee compensation and benefits 217
Accrued interest payable -
Advanced billings on uncompleted contracts 11,705
Asbestos and silica-related PI claims -
Other current liabilities 13,156
----------
Total current liabilities 37,102
Long-term debt -
Employee compensation and benefits 604
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities 455
----------
Total liabilities 38,161
Total shareholder's equity 51,398
----------
Total liabilities and shareholder's equity $89,559
==========
KBR International, Inc.
Unaudited Income Statement
Month ended October 31, 2004
(in thousands)
Revenues $131,143
Operating costs and expenses 131,112
----------
Operating income/(loss) 31
Interest expense -
Interest income 1,210
Foreign currency gains (losses) 198
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest 1,439
Income tax benefit/(provision) (541)
----------
Net Income/(loss) $898
==========
DII/KBR: KBR International Posts $450,000 Net Income in Nov. 2004
-----------------------------------------------------------------
KBR International, Inc.
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $52,266
Escrow - prepetition payments -
Trade receivables 19,123
Unbilled work on uncompleted contracts 20,066
Other receivables 21,237
Inventories -
Other current assets 2,088
----------
Total current assets 114,780
Net property, plant and equipment 289
Investments in consolidated subsidiaries 28,165
Equity in related companies (188)
Intercompany with related companies -
Intercompany with Parent (58,267)
Goodwill, net -
Non-current deferred income taxes 133
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 491
----------
Total assets $85,403
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $11,000
Accrued employee compensation and benefits 212
Accrued interest payable -
Advanced billings on uncompleted contracts 11,939
Asbestos and silica-related PI claims -
Other current liabilities 9,681
----------
Total current liabilities 32,832
Long-term debt -
Employee compensation and benefits 618
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 33,450
Total shareholder's equity 51,953
----------
Total liabilities and shareholder's equity $85,403
==========
KBR International, Inc.
Unaudited Income Statement
Month ended November 30, 2004
(in thousands)
Revenues $14,616
Operating costs and expenses 13,596
----------
Operating income/(loss) 1,020
Interest expense (487)
Interest income 39
Foreign currency gains (losses) (135)
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest 437
Income tax benefit/(provision) 13
----------
Net Income/(loss) $450
==========
DII/KBR: KBR (Panama) Posts $1.6 Million Net Income in October
--------------------------------------------------------------
KBR International, Inc. (Panama)
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $39,436
Escrow - prepetition payments -
Trade receivables 3,169
Unbilled work on uncompleted contracts 1,750
Other receivables 431
Inventories -
Other current assets 7,062
----------
Total current assets 51,848
Net property, plant and equipment 1,004
Investments in consolidated subsidiaries 23,865
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent (38,094)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 37
----------
Total assets $38,660
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $3,913
Accrued employee compensation and benefits 3,576
Accrued interest payable -
Advanced billings on uncompleted contracts 817
Asbestos and silica-related PI claims -
Other current liabilities 160
----------
Total current liabilities 8,466
Long-term debt -
Employee compensation and benefits 650
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 9,116
Total shareholder's equity 29,544
----------
Total liabilities and shareholder's equity $38,660
==========
KBR International, Inc. (Panama)
Unaudited Income Statement
Month ended October 31, 2004
(in thousands)
Revenues $2,264
Operating costs and expenses 505
----------
Operating income/(loss) 1,759
Interest expense (19)
Interest income 2
Foreign currency gains (losses) (162)
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest 1,580
Income tax benefit/(provision) -
----------
Net Income/(loss) $1,580
==========
DII/KBR: KBR (Panama) Posts $4.06 Million in November 2004
----------------------------------------------------------
KBR International, Inc. (Panama)
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents $41,364
Escrow - prepetition payments -
Trade receivables 2,369
Unbilled work on uncompleted contracts 1,648
Other receivables 623
Inventories -
Other current assets 6,550
----------
Total current assets 52,554
Net property, plant and equipment 980
Investments in consolidated subsidiaries 23,865
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent (36,931)
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets 34
----------
Total assets $40,502
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $2,142
Accrued employee compensation and benefits 3,384
Accrued interest payable -
Advanced billings on uncompleted contracts 576
Asbestos and silica-related PI claims -
Other current liabilities 124
----------
Total current liabilities 6,226
Long-term debt -
Employee compensation and benefits 668
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 6,894
Total shareholder's equity 33,608
----------
Total liabilities and shareholder's equity $40,502
==========
KBR International, Inc. (Panama)
Unaudited Income Statement
Month ended November 30, 2004
(in thousands)
Revenues $1,467
Operating costs and expenses (2,559)
----------
Operating income/(loss) 4,026
Interest expense (42)
Interest income 114
Foreign currency gains (losses) (34)
Other non-operating income - net -
----------
Income/(loss) before taxes & minority interest 4,064
Income tax benefit/(provision) -
----------
Net Income/(loss) $4,064
==========
DII/KBR: BPM Minerals Earns $1.1 Million of Net Income in October
-----------------------------------------------------------------
BPM Minerals, LLC
Unaudited Balance Sheet
As of October 31, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($796)
Escrow - prepetition payments -
Trade receivables 6,961
Unbilled work on uncompleted contracts -
Other receivables 2,134
Inventories 4,417
Other current assets 600
----------
Total current assets 13,316
Net property, plant and equipment 9,040
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent 49,397
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $71,753
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $1,015
Accrued employee compensation and benefits 270
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 42,000
Other current liabilities 120
----------
Total current liabilities 43,135
Long-term debt -
Employee compensation and benefits 327
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 43,462
Total shareholder's equity 28,291
----------
Total liabilities and shareholder's equity $71,753
==========
BPM Minerals, LLC
Unaudited Income Statement
Month ended October 31, 2004
(in thousands)
Revenues $6,857
Operating costs and expenses 5,766
----------
Operating income 1,091
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
----------
Income before taxes and minority interest 1,091
Provision for income tax -
----------
Net Income $1,091
==========
DII/KBR: BPM Minerals Earns $467,000 of Net Income in November
--------------------------------------------------------------
BPM Minerals, LLC
Unaudited Balance Sheet
As of November 30, 2004
(in thousands)
Assets
Current Assets:
Cash and equivalents ($220)
Escrow - prepetition payments -
Trade receivables 6,002
Unbilled work on uncompleted contracts -
Other receivables 1,507
Inventories 5,679
Other current assets 600
----------
Total current assets 13,567
Net property, plant and equipment 9,143
Investments in consolidated subsidiaries -
Equity in related companies -
Intercompany with related companies -
Intercompany with Parent 50,673
Goodwill, net -
Non-current deferred income taxes -
Insurance for asbestos and silica-related PI claims -
Right to Halliburton shares -
Other assets -
----------
Total assets $73,383
==========
Liabilities and Shareholder's Equity
Current Liabilities:
Short-term notes payable -
Current maturities of long-term debt -
Accounts payable $2,118
Accrued employee compensation and benefits -
Accrued interest payable -
Advanced billings on uncompleted contracts -
Asbestos and silica-related PI claims 42,000
Other current liabilities 139
----------
Total current liabilities 44,257
Long-term debt -
Employee compensation and benefits 370
Asbestos and silica-related PI claims -
Minority interest in consolidated subsidiaries -
Other liabilities -
----------
Total liabilities 44,627
Total shareholder's equity 28,757
----------
Total liabilities and shareholder's equity $73,383
==========
BPM Minerals, LLC
Unaudited Income Statement
Month ended November 30, 2004
(in thousands)
Revenues $4,506
Operating costs and expenses 4,040
----------
Operating income 467
Interest expense -
Interest income -
Foreign currency gains (losses) -
Other non-operating income - net -
----------
Income before taxes and minority interest 467
Provision for income tax -
----------
Net Income $467
==========
FGI GROUP: Files November 2004 Monthly Operating Report
-------------------------------------------------------
On Dec. 22, 2004, FGI Group Inc. filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period ended Nov. 30, 2004, with the United States
Bankruptcy Court for the Northern District of Illinois, Eastern
Division.
FGI Group reports a $967,611.65 cash balance at Nov. 30, 2004,
and provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
Full-text copies of FGI Group's November 2004 Monthly Operating
Reports are available at no charge at:
http://www.sec.gov/Archives/edgar/data/928908/000095013704011369/c90705exv99
w1.txt
Florsheim Group, Inc. (OTC BB: FLSC.OB), filed for chapter 11
protection on March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209)
to facilitate a sale of its U.S. wholesale business and 23 retail
stores to its U.S. assets to the Weyco Group, Inc. for $45.6
million in cash, subject to post closing adjustment.
FOOTSTAR INC: Earns $5.7 Million of Net Income in November
----------------------------------------------------------
On Dec. 15, 2004, Footstar, Inc., and its debtor-affiliates filed
with the U.S. Bankruptcy Court for the Southern District of New
York their monthly operating report for the month of November
2004. The Debtors report a $5.7 million net income in
$68.4 million of net sales for November 2004. At Nov. 27, 2004,
Footstar, Inc.'s consolidated balance sheet shows:
Total Current Assets $317,400,000
Total Assets 372,900,000
Current Liabilities 103,300,000
Total Liabilities
Subject to Compromise 178,200,000
Shareholders' Equity $36,000,000
A full-text copy of Footstar, Inc.'s November 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1011308/000090951804000986/jd12-15ex_
99.txt
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts. The Debtors remain in possession of
their assets and properties, and continue to operate their
businesses and manage their properties as debtors-in-possession
pursuant to sections 1107(a) and 1108 of the Bankruptcy Code.
FRESH CHOICE: Posts $407,214 Net Loss for Period Ended Nov. 28
--------------------------------------------------------------
On Dec. 22, 2004, Fresh Choice, Inc., filed with the United States
Bankruptcy Court for the Northern District of California its
monthly operating report for the four-week period ended Nov. 28,
2004.
The Company reports a $407,214 net loss in $1,962,329 of total
revenues for the period from Nov. 1, 2004 through Nov. 28, 2004.
At Nov. 28, 2004, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $6,817,315
Total Assets 22,731,716
Current Liabilities 7,517,242
Total Prepetition Liabilities 12,493,324
Total Liabilities 21,694,656
Total Equity $1,444,273
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Nov. 28, 2004, is available at no charge at:
http://www.sec.gov/Archives/edgar/data/893741/000115752304011692/a4789188ex9
91.txt
Headquartered in Morgan Hill, California, Fresh Choice, Inc. --
http://www.freshchoice.com/ -- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
HAWAIIAN AIRLINES: November 2004 Net Loss Widens to $2.9 Million
----------------------------------------------------------------
On Dec. 20, 2004, Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its unaudited November 2004
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii. The carrier reports a loss of
$2,863,000 on $58,613,000 of revenues, compared to $1,254,000 of
losses on $58,717,000 million of revenues in October 2004.
For the month ending Nov. 30, 2004, Hawaiian Airlines' balance
sheet showed:
Total Current Assets $240,465,000
Total Assets 351,258,000
Total Current Liabilities 234,185,000
Total Liabilities 425,765,000
Liabilities Subject to Compromise 216,141,000
Shareholder's Deficit $290,648,000
A full-text copy of Hawaiian Airlines' November 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1172222/000095013604004504/file002.ht
m
On March 21, 2003, Hawaiian Airlines, Inc., filed a voluntary
petition for reorganization under Chapter 11 of the United States
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Hawaii (Case No. 03-00827). Joshua Gotbaum serves as the chapter
11 trustee for Hawaiian Airlines, Inc. Mr. Gotbaum is represented
by Tom E. Roesser, Esq., and Katherine G. Leonard at Carlsmith
Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua
D. Morse, Esq., and John L. Jones, II, Esq., at Hennigan, Bennett
& Dorman LLP.
INTERSTATE BAKERIES: Operating Report Ended November 13, 2004
-------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended and as of November 13, 2004
REVENUE
Gross Income $259,923,936
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 67,550,470
Direct & Indirect Labor 45,253,362
Overhead & Production Administration 12,290,653
------------
Total Cost of Goods Sold 125,094,485
------------
Gross Profit $134,829,451
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 64,848,215
Advertising and Marketing 121,938
Insurance (Property, Casualty, & Medical) 13,104,109
Payroll Taxes 5,190,776
Lease and Rent 4,603,301
Telephone and Utilities 1,114,321
Corporate Expense (Including Salaries) 4,602,640
Other Expenses 19,645,146
------------
Total Operating Expenses $113,230,446
------------
EBITDA 21,599,005
Restructuring Charges 846,998
Reorganization Professional Fees 12,763,468
Depreciation and Amortization 6,196,656
Other Income 15,005
Interest Expense 2,833,963
------------
Operating Income (Loss) (1,027,075)
Income Tax Expense (Benefit) 728,726
------------
Net Income (Loss) ($1,755,801)
============
CURRENT ASSETS
Accounts Receivable at end of period $184,619,577
Inc (Dec) in Accounts Receivable for period (5,449,007)
Inventory at end of period 74,040,423
Increase (Decrease) in Inventory for period (1,122,158)
Cash at end of period 77,243,579
Increase (decrease) in Cash for period 6,017,267
LIABILITIES
Inc (Dec) in Liabilities Not
Subject to Compromise -
Inc (Dec) in Liabilities Subject to
Compromise -
Taxes payable:
Federal Payroll Taxes 12,915,233
State/Local Payroll Taxes 3,882,303
State Sales Taxes 875,566
Real Estate and Personal Property Taxes 8,799,929
Other 5,474,272
------------
Total Taxes Payable $31,947,303
============
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.
KAISER: Earns $1.6 Million of Net Income in November 2004
---------------------------------------------------------
Kaiser Aluminum Corporation -- All Debtors
Unaudited Balance Sheets
As of November 30, 2004
(In Thousands)
ASSETS
Cash $51,453
Receivables:
Trade 112,677
Other 13,680
---------
Total Receivables 136,357
Inventories 123,750
Prepaid expenses and other current assets 39,626
---------
Total current assets 351,186
Investments in and advances to subsidiaries 60,016
Intercompany receivables/payables, net (4,581)
Property, plant, and equipment - net 214,449
Deferred income taxes -
Other assets 768,965
---------
Total Assets $1,390,035
=========
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities not subject to compromise:
Accounts Payable $69,497
Accrued interest 917
Accrued salaries, wages and related expenses 32,833
Accrued post retirement benefit -- current 369
Other accrued liabilities 89,774
Payable to affiliates 44,492
Long term debt - current portion 1,222
---------
Total current liabilities 239,104
Long-term liabilities 22,620
Accrued postretirement benefit obligation -
Long-term debt 2,212
Liabilities subject to compromise 2,871,910
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 (1,329,873)
Accumulated other comprehensive income (loss) (9,150)
Note receivable from parent -
---------
Total Liabilities & Stockholders' Equity $1,390,035
=========
Kaiser Aluminum Corporation -- All Debtors
Statements of Operations
For the Month Ending November 30, 2004
(In Thousands)
Net Sales $109,848
Costs and expenses:
Cost of products sold 91,389
Depreciation & amortization 1,815
Selling, administrative, R&D and general 9,090
Other operating charges (benefits), net 188
---------
Total costs and expenses 102,482
---------
Operating income (loss) 7,366
Other income (expense):
Interest expenses, net (926)
Reorganization items (3,270)
Other-net 423
---------
Income (loss) before
income taxes and minority interest 3,593
(Provision) benefit for income taxes (1,988)
Minority interests -
Equity in income (loss) of subsidiaries (17)
---------
Net income (loss) $1,588
=========
Kaiser Aluminum Corporation -- All Debtors
Schedule of Consolidated Cash Receipts and Disbursements
For the Month Ending November 30, 2004
(In Thousands)
Receipts:
Trade Receivables
KACC Receivables $72,517
KAII Receivables 35,351
---------
Total Trade Receivables 107,868
Alpart Proceeds Available to KACC 28,130
COBRA receipts 475
Proceeds from:
Hedging Settlement 414
Sale of Valco 849
---------
Total Receipts 137,736
Disbursements:
Inventory/Raw Materials 38,859
Capital Expenditures 629
Commodity Asset Related Transaction Costs 557
Maintenance, Materials, etc. 4,480
Freight 2,819
Utilities/Energy 10,529
Hourly Payroll 5,924
Salaried Payroll 3,547
Hedging Activities 202
VEBA Advances 1,900
Medical - Current and Former Employees 3,639
Annual Insurance Premiums 1,867
Workmen's Compensation 632
Corporate General and Administrative 2,767
JV Fundings - Alumina 13,651
JV Fundings - Primary, Net of Minority Interest 9,043
Other Disbursements 12,252
---------
Total Operating and G&A Disbursements 113,297
Reorganization Items 4,210
---------
Total Disbursements 117,507
---------
Net Cash Flow 20,229
Beginning Bank Cash Balances 31,251
---------
Ending Bank Cash Balances 51,480
Reconciling Items (27)
---------
Ending Book Cash Balances $51,453
=========
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. 56;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
MIRANT CORP: Posts $61.3 Million Net Loss for October 2004
----------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of October 31, 2004
ASSETS
Cash and cash equivalents $1,443,786,918
Accounts receivable - net 1,035,812,321
Assets from risk management activities 317,881,428
Derivative hedging instruments -
Inventories 325,464,082
Other 781,757,732
---------------
Total Current Assets 3,904,702,481
Property, plant and equipment 5,143,349,413
Less: accumulated depreciation/depletion 770,397,779
Leasehold interests - net 1,510,745,389
Construction work in progress 116,405,719
Investment in suspended construction 249,733,536
---------------
Total net property, plant and equipment 6,249,836,278
Investments 246,001,469
Long-term accounts receivable - net 37,007,073
Notes receivable - net -
Assets from risk management activities 132,194,467
Goodwill - net 587,304,353
Other intangibles - net 271,324,131
Derivative hedging instruments -
Restricted cash, non-current 136,778,641
Other long-term assets 1
Miscellaneous deferred charges 422,499,929
---------------
Total Non-current Assets 1,833,110,064
---------------
TOTAL ASSETS $11,987,648,823
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,395,495,683
Accounts Payable 670,087,053
Liabilities from risk management activities 618,864,629
Obligations under energy deliveries 61,618,199
Derivative hedging instruments -
Other 406,437,768
Miscellaneous deferred credits 548,280,468
---------------
Total postpetition liabilities 3,700,783,800
Prepetition Liabilities 8,910,601,859
---------------
TOTAL LIABILITIES 12,611,385,659
EQUITY:
Minority interest in subsidiaries 171,539,005
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,918,220,855
Retained earnings (5,645,506,814)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (69,736,503)
---------------
Total Equity (623,736,836)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,987,648,823
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending October 31, 2004
REVENUES:
Generation $118,370,747
Net trading revenue (4,402,552)
Distribution 55,628,411
Other 470,301
---------------
Net Revenue 170,066,907
OPERATING EXPENSES:
Energy cost 105,259,880
Operations and maintenance 84,937,454
Depreciation and amortization 25,426,403
Gain on sale of property and investment 197
Impairment loss (340,073)
Restructuring costs 407,908
---------------
Total Operating Expenses 215,691,769
---------------
Income before non-operating income
and expense (45,624,862)
OTHER INCOME AND EXPENSES:
Interest income 1,070,965
Interest expense (10,640,837)
Equity in income of affiliates 2,194,851
Other 7,033,102
Reorganization items (10,329,725)
Minority interest (2,670,796)
Net income from discontinued operations (537,787)
---------------
Total Other Income (13,880,227)
Provision for income tax (1,863,838)
---------------
NET PROFIT (LOSS) ($61,368,927)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending October 31, 2004
Cash, beginning of month $311,608,828
Non-Operating Receipts:
Loans & Advances (81,937,453)
---------------
Total non-operating receipts (81,937,453)
---------------
Total receipts (81,937,453)
---------------
Total Cash Available 229,671,374
Operating Disbursements 0
Reorganization Expenses 399,366
---------------
Total disbursements 399,366
---------------
Net Cash Flow (82,336,820)
---------------
Cash, end of month $229,272,008
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT: MAGi Posts $84 Million Net Loss for October 2004
--------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheets
As of October 31, 2004
ASSETS
Cash and cash equivalents $580,803,935
Accounts receivable - net 527,816,650
Assets from risk management activities 134,044,263
Derivative hedging instruments -
Inventories 102,627,518
Other 170,358,707
---------------
Total Current Assets 1,515,651,073
Property, plant and equipment 2,199,082,701
Less: accumulated depreciation/depletion 318,279,713
Construction work in progress 42,109,185
Investment in suspended construction 174,267,263
---------------
Total net property, plant and equipment 2,097,179,436
Investments 25,000
Long-term accounts receivable - net 92,716,832
Notes receivable - net 223,275,000
Assets from risk management activities 21,654,574
Other intangibles - net 208,217,443
Derivative hedging instruments -
Restricted cash, non-current 6,844,759
Other long-term assets -
Miscellaneous deferred charges 174,586,522
---------------
Total Non-current Assets 727,320,130
---------------
TOTAL ASSETS $4,340,150,639
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 359,879,446
Liabilities from risk management activities 306,603,429
Obligations under energy deliveries -
Derivative hedging instruments -
Other 140,076,267
Miscellaneous deferred credits 15,976,565
---------------
Total postpetition liabilities 822,535,707
Prepetition Liabilities 3,437,938,674
---------------
TOTAL LIABILITIES 4,260,474,381
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,858,859,717
Retained earnings (3,779,219,461)
Accumulated other comprehensive income -
---------------
Total Equity 79,676,258
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,340,150,639
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending October 31, 2004
REVENUES:
Generation $17,767,020
Net trading revenue -
Other 48,462
---------------
Net Revenue 17,815,482
OPERATING EXPENSES:
Energy cost 42,507,950
Operations and Maintenance 53,793,070
Depreciation and amortization 7,486,855
Gain on sale of property and investments -
Impairment Loss 72,700
Restructuring costs (269,540)
---------------
Total Operating Expenses 103,591,035
---------------
Income before non-operating income
and expense (85,775,553)
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (672,461)
Other (136,548)
Reorganization items (2,591,417)
Loss from discontinued operations -
Minority interest -
---------------
Total Other Income (expense) (3,400,426)
Provision for income tax 5,174,249
---------------
NET PROFIT (LOSS) ($84,001,730)
===============
Mirant Americas Generation, LLC
Unconsolidated Cash Receipts and Disbursements
For the month ending October 31, 2004
Cash, beginning of month $145,604,000
Non-Operating Receipts:
Loans and advances 10,801,582
Other -
---------------
Total non-operating receipts 10,801,582
---------------
Total receipts 10,801,582
---------------
Total Cash Available 156,405,582
REORGANIZATION EXPENSES:
Professional fees 0
---------------
Total reorganization expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow 10,801,582
---------------
Cash, end of month $156,405,582
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
RELIANCE GROUP: Posts $285,000 Net Loss in November 2004
--------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 30-Nov-2004
_____________________________________ ___________
ASSETS
Cash $55,246,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Plant, property & equipment -
----------------
Total Assets $68,689,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,405,000
Professional fee holdback payable 2,196,000
PBGC administrative claim 3,000,000
Liabilities subject to compromise 1,106,116,000
----------------
Total liabilities 1,112,717,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,614,185,000)
----------------
Total shareholders' deficit (1,044,028,000)
----------------
Total liabilities & deficit $68,689,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Nov-2004
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 30-Nov-2004
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 82,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 82,000
----------------
Loss before reorganization items (82,000)
----------------
Reorganization items:
Professional fees 286,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (83,000)
----------------
Total reorganization items 203,000
----------------
Income Tax benefits 0
----------------
Net Income ($285,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Nov-2004
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 30-Nov-2004
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($82,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables (28,000)
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (110,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 83,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (550,000)
----------------
Net cash used by
reorganization items (467,000)
----------------
Net cash used by
operating activities (577,000)
----------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
----------------
Net cash provided by
investing activities 0
----------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
----------------
Net cash provided by
financing activities 0
----------------
Net increase in cash (577,000)
Cash at beginning of period 55,823,000
----------------
Cash at end of period $55,246,000
================
Headquartered in New York, New York, Reliance Group Holdings, Inc.
-- http://www.rgh.com/-- is a holding company that owns 100% of
Reliance Financial Services Corporation. Reliance Financial, in
turn, owns 100% of Reliance Insurance Company. The holding and
intermediate finance companies filed for chapter 11 protection on
June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing
$12,598,054,000 in assets and $12,877,472,000 in debts. The
insurance unit is being liquidated by the Insurance Commissioner
of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News,
Issue No. 66; Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRENWICK AMERICA: Earns $12.6 Million of Net Income in October
--------------------------------------------------------------
On Nov. 22, 2004, Trenwick America Corporation 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 posts a $12,622,523 net income in October 2004, and a
cumulative $58,834,943 loss for the period from Aug. 20, 2003, to
Oct. 31, 2004.
At Oct. 31, 2004, Trenwick America's balance sheet showed:
Total Current Assets $ 56,813,066
Total Assets 251,177,847
Total Prepetition Debts 288,386,641
Total Liabilities 292,702,616
Net Owner Equity $(41,524,769)
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_ex9
9-1.txt
Headquartered in Stamford, Connecticut, Trenwick America
Corporation is a holding company for operating insurance companies
in the United States. The Company filed for chapter 11 protection
on August 20, 2003 (Bankr. Del. Case No. 03-12635). Christopher S.
Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby & Geddes,
and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D.
Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in
their restructuring efforts. As of June 30, 2003, the Debtor
listed approximate assets of $400,000,000 and debts of
$293,000,000.
On August 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings
Limited also filed insolvency proceedings in the Supreme Court of
Bermuda. On August 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 U.S. Bankruptcy Court and the Bermuda Court.
TRENWICK AMERICA: Posts $1.3 Million of Net Loss in November
------------------------------------------------------------
On November 22, 2004, Trenwick America Corporation filed monthly
operating reports for the month ended Nov. 30, 2004, and the
period from Aug. 20, 2003, to Nov. 30, 2004, with the United
States Bankruptcy Court for the District of Delaware.
Trenwick posts a $1,271,029 net loss in November 2004, and a
cumulative $60,105,972 loss for the period from Aug. 20, 2003, to
Nov. 30, 2004.
At Nov. 30, 2004, Trenwick America's balance sheet showed:
Total Current Assets $ 56,638,092
Total Assets 248,799,043
Total Prepetition Debts 288,386,641
Total Liabilities 293,030,719
Net Owner Equity $(44,231,676)
A full-text copy of Trenwick America's November 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1127783/000116923205000041/d61784_ex9
9-1.txt
Headquartered in Stamford, Connecticut, Trenwick America
Corporation is a holding company for operating insurance companies
in the United States. The Company filed for chapter 11 protection
on August 20, 2003 (Bankr. Del. Case No. 03-12635). Christopher S.
Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby & Geddes,
and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D.
Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in
their restructuring efforts. As of June 30, 2003, the Debtor
listed approximate assets of $400,000,000 and debts of
$293,000,000.
On August 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings
Limited also filed insolvency proceedings in the Supreme Court of
Bermuda. On August 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 U.S. Bankruptcy Court and the Bermuda Court.
UAL CORP: Posts $87.5 Million Net Loss for November 2004
--------------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, filed its November Monthly
Operating Report with the United States Bankruptcy Court.
The company reported an operating loss of $188 million for
November 2004. Mainline passenger unit revenue decreased 1%
year-over-year. Unit costs were up 9% over last year. Excluding
fuel, unit costs were flat year-over-year. The company reported
a net loss of $87 million, including a $158 million gain from the
sale of Orbitz shares and $20 million of reorganization expenses.
United continued to deliver strong operational results in
November, with an on-time :14 arrival performance rate of 83.2%
and a load factor of 76.1%. Employees also exceeded the
company's goals for November for customer satisfaction, as
measured by definite intent to repurchase.
"Due to harsh industry conditions, we must urgently
implement additional cost reduction initiatives so that the
durable, long-lasting savings required are in place by mid-
January," said Jake Brace, executive vice president and chief
financial officer. "We have reached a tentative agreement with
the Air Line Pilots Association (ALPA), and we look forward to
productive negotiations with our other unions. While United
continues to face some very difficult challenges, once these
savings are in place, no other network carrier is better
positioned to be profitable and competitive for the long term."
UAL ended November with a cash balance of about $2.4 billion,
which included $843 million in restricted cash. The cash balance
increased approximately $97 million during the month of November,
driven by $185 million in cash proceeds from the sale of Orbitz
shares. Because of the gain from the sale of Orbitz shares, the
company met its November EBITDAR covenant.
A full-text copy of UAL Corporation's November 2004 Operating
Report is available for free at the Securities and Exchange
Commission at:
http://www.sec.gov/Archives/edgar/data/100517/000010051704000041/novmor.htm
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended November 30, 2004
(In Thousands)
Total operating revenues $1,424,657
Total operating expenses 1,613,075
Earnings (loss) from operations (188,418)
Non-operating income (expenses):
Net interest expense (37,622)
Gain on Sale of Orbitz 157,624
Other income (expenses), net 945
----------
Total non-operating income (expenses) 120,947
Net Earnings (loss) before Reorganization items (67,471)
Reorganization items (20,002)
----------
Net earnings (loss) ($87,473)
==========
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No.71; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINSTAR COMMS: Releases October 2004 Monthly Operating Report
-------------------------------------------------------------
Winstar Communications, Inc.
Balance Sheet
As of October 31, 2004
ASSETS
Unrestricted Cash and Equivalents $25,321,476
Restricted Cash and Cash Equivalents -
Accounts Receivable (Net) -
Notes Receivable -
Inventories -
Prepaid Expenses -
Professional Retainers -
Other Current Assets -
------------
Total Current Assets 25,321,476
------------
Real Property and Improvements
Machinery & Equipment -
Furniture, Fixtures & Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
------------
Total Property & Equipment -
------------
Loans to Insiders
Other Assets -
------------
Total Other Assets -
------------
TOTAL ASSETS $25,321,476
============
LIABILITIES & SHAREHOLDER'S EQUITY
Accounts Payable -
Taxes Payable -
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees -
Amounts Due to Insiders -
Other Post Conversion Liabilities -
------------
Total Post Conversion Liabilities -
------------
Secured Debt -
Priority Debt -
Unsecured Debt -
------------
Total Pre-Conversion Liabilities -
------------
Owners' Equity
Capital Stock -
Additional Paid In Capital -
Partners' Capital Account -
Owners' Equity Account $57,559,619
Retained Earnings - Pre-Conversion -
Retained Earnings - Post-Conversion (32,238,143)
Adjustments to Owner Equity -
Postpetition Contributions (Distributions)(Draws) -
------------
Net Owners' Equity 25,321,476
------------
TOTAL LIABILITIES & OWNERS' EQUITY $25,321,476
============
Winstar Communications, Inc.
Statement of Operations
For the Month Ended October 31, 2004
Gross Revenues -
Less: Returns and Allowances -
------------
Net Revenue -
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs -
Less: Ending Inventory -
Cost of Goods Sold -
------------
Gross Profit -
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs -
Insider Compensation -
Insurance -
Management Fees/Bonuses -
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance -
Rent and Lease Expenses -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel and Entertainment -
Utilities -
Other -
------------
Total Operating Expenses before Depreciation -
Depreciation/Depletion/Amortization -
------------
Net Profit (Loss) before other income and expenses -
Other Income $77,531
Worker's Comp Refund -
Tax Refund 192,021
Leasehold Buyback -
Interest Expense -
Other Expense 2,314
Pmt from Sale of Assets - Tera -
Compensation as Director per Court Order -
Payment Per Stipulation -
Pmt from Sale of Assets - American Communications -
Return of DIP Loan Disbursement -
Pmt from Sale of Del Telecom International Stock -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Turnover of Funds to IDT -
Turnover of Bank Account -
Insurance Expense 2,869
Reimbursement of Expenses 2,368
Payroll 17,306
Sale of Assets -
------------
Net Profit (Loss) before reorganization items 244,694
Professional Fees -
U.S. Trustee Quarterly Fees -
Interest Earned on Accumulated Cash from Chapter 11 -
Gain (Loss) from Sale of Equipment -
Other Reorganization Expenses -
Total Reorganization Expenses -
Income Taxes -
------------
Net Profit (Loss) $244,694
============
Winstar Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended October 31, 2004
Cash Beginning of Month $25,076,782
Receipts:
Cash Sales -
Accounts Receivable -
Return of DIP Loan Disbursement -
Sale of ISP Northwest Nexus -
Holdings Funds -
Insurance Refund Dividend -
Final Settlement -
Liquidation of Well's Fargo Acct -
Liquidation of Fleet Account per stipulation -
Transfer from AON -
Leasehold Buyback -
Closing of Bank Account -
Pmt from Sales of Assets - Tera -
Pmt from Sales of Assets - American Communications -
Pmt from Sale of Del Telecom International Stock -
Transfers -
Claim Settlement -
Refund of Overpayment -
Tax Refund 192,021
Worker's Comp Refund -
Collection on Preferences 61,999
Turnover of Bank Account -
Reimbursement - Moving Expenses -
Interest 15,532
Payment from Sale of Assets -
------------
Total Receipts $269,551
Disbursements:
Employee Benefits -
Net Payroll $17,306
Payroll Taxes -
Sales, Use, & Other Taxes -
Chapter 11 Quarterly Fees -
Chapter 11 Administrative Claims -
Insurance 2,869
Additional Payment of Funds - CTG Revised Accounting -
Pmt per NW Nexus Sale Order -
Pmt per 1/7 Order and APA Agreement -
Advertising Fees -
License Fees -
Legal Fees per Court Order -
Administrative 2,314
Telephone -
Compensation as Director per Court Order -
Distribution Per Orders of 12/12/02 -
Payment per 2/10/03 Court Order -
Pmt PTO Employment Contract -
Owner Draw -
Reimbursement of Check from SF Interactive -
Reimbursement of Expenses 2,368
Reimbursement of Expenses per Order of 5/13/03 -
Turnover of Funds to IDT -
Trustee Bond -
Professional Fees -
Trustee Expense -
Trustee Commission -
Bankruptcy Service Payments -
Rent -
Moving Expenses -
Payment per Stipulation -
Payment of Carve Out per order of 12/11/02 -
Payment per stipulation and order of
4/15/03 - per carve out -
Per Order of 4/15/03 - payment of chapter 11 carve out -
Pmt per order of 4/15/03 - pmt of
carve out chapter 11 fees -
Attorney's Fees for Counsel for Trustee -
Accounting Fees for acct. for Chapter 7 Trustee -
Tax Consultant Fees -
Payment - Summary Judgment -
Payment of Claims -
------------
Total Disbursements 24,857
------------
Net Cash Flow 244,694
------------
Cash - End of Month $25,321,476
============
Headquartered in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers. The Company
and its debtor-affiliates filed for chapter 11 protection on April
18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through 01-01462).
The Debtors obtained the Court's approval converting their case to
a chapter 7 liquidation proceeding in January 2002. Christine C.
Shubert serves as the Debtors' chapter 7 trustee. When the
Debtors filed for bankruptcy, they listed $4,975,437,068 in total
assets and $4,994,467,530 in total debts. (Winstar Bankruptcy
News, Issue No. 62; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Dylan
Carlo L. Gallegos, Jazel P. Laureno, Cherry Soriano-Baaclo,
Marjorie Sabijon, Terence Patrick F. Casquejo and Peter A.
Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
not guaranteed.
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*** End of Transmission ***