/raid1/www/Hosts/bankrupt/TCR_Public/050129.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 29, 2005, Vol. 9, No. 24
Headlines
ADELPHIA COMMS: Earns $69.7 Million of Net Income in December
ADELPHIA: Century/ML's December 2004 Monthly Operating Report
AMERICAN BUSINESS: Balance Sheet at September 30, 2004
BURLINGTON IND: Post-Confirmation Fourth Quarter Summary Report
BURLINGTON: BII Trust's October to December 2004 Financial Reports
COMMERCE ONE: Posts $13,362,870 Net Income in December 2004
HAWAIIAN AIRLINES: Posts $993,000 Net Loss in December 2004
INTERMET CORP: Posts $13,349,000 Net Loss in December 2004
INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
RELIANCE: Files August 2004 Monthly Operating Report
TECO AFFILIATES: Union & Gila River's Balance Sheet at Sept. 30
TRUMP HOTELS: Financial Projections Underpinning the THCR Plan
UAL CORP: Posts $664 Million Net Loss for Fourth Quarter 2004
WINSTAR COMMS: Releases December 2004 Monthly Operating Report
*********
ADELPHIA COMMS: Earns $69.7 Million of Net Income in December
-------------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of December 31, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $338,272
Restricted cash 6,300
Subscriber receivables - net 114,098
Other current assets 172,554
-----------
Total current assets 631,224
Restricted cash 4,656
Investments 230,083
Related party receivables 25,360
Property, plant and equipment, net 4,343,591
Intangible assets, net 7,508,242
Other noncurrent assets, net 107,227
-----------
Total Assets $12,850,383
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $188,259
Subscriber advance payments and deposits 32,638
Accrued and other liabilities 411,076
Deferred revenue 30,913
Current portion of parent and subsidiary debt 667,605
-----------
Total current liabilities 1,330,491
Other liabilities 121,060
Deferred revenue 84,668
Deferred income taxes 619,844
-----------
Total noncurrent liabilities 825,572
Liabilities subject to compromise 18,058,472
-----------
Total liabilities 20,214,535
Minority interests 91,478
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,567,022
Accumulated other comprehensive loss 826
Accumulated deficit (16,212,355)
Treasury stock, at cost (27,937)
-----------
Total (6,669,499)
Amounts due from Rigas family entities (786,131)
-----------
Total stockholders' equity (7,455,630)
-----------
Total liabilities and stockholders' equity $12,850,383
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended December 31, 2004
(Dollars in thousands)
Revenue $337,856
Cost and expenses:
Direct operating and programming 210,629
Selling, general and administrative:
Third party 20,632
Investigation and re-audit related fees 11,799
Depreciation and amortization 90,008
Impairment of long-lived and other assets -
Non-recurring professional fees -
-----------
Operating income (loss) 4,788
Other income (expense):
Interest expense (37,408)
Impairment of cost & available
for sale investments (3,801)
Other income (expense), net 699
-----------
Total other expense, net (40,510)
-----------
Loss from continuing operations before
reorganization expenses (35,722)
Reorganization expenses due to bankruptcy (5,979)
-----------
Loss from continuing operations
before income taxes (41,701)
Income tax (expense) benefit 109,058
Share of earnings (losses) of equity affiliates, net 603
Minority's interest in subsidiary losses, net 1,785
-----------
Net loss applicable to common stockholders $69,745
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended December 31, 2004
(Dollars in thousands)
Cash flows from operating activities:
Net loss $69,745
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 90,008
Amortization of debt financing costs 4,669
Impairment of cost & available
for sale investments 3,801
Reorganization expenses due to bankruptcy 5,979
Deferred tax expense (benefit) (99,663)
Share in losses (earnings) of equity
Affiliates, net (603)
Minority interest in losses of subsidiaries (1,785)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities 8,572
-----------
Net cash provided by operating activities before
payment of reorganization expenses 80,723
Reorganization expenses paid during the period (7,581)
-----------
Net cash provided by (used in) operating activities 73,142
Cash flows from investing activities:
Expenditures for property, plant and equipment (52,673)
Changes in restricted cash 3,695
Other 14,785
-----------
Net cash used in investing activities (34,193)
Cash flows from financing activities:
Proceeds from extended DIP facility
& DIP facility 2,000
Repayments of debt (1,570)
Payment of bank financing costs -
-----------
Net cash provided by financing activities 430
Change in cash and cash equivalents cash 39,379
Cash, beginning of period 298,893
-----------
Cash, end of period $338,272
===========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie
Farr & Gallagher represents the ACOM Debtors. (Adelphia
Bankruptcy News, Issue No. 78; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
ADELPHIA: Century/ML's December 2004 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of December 31, 2004
(Dollars in thousands)
ASSETS
Cash and cash equivalents $17,669
Subscriber receivables, net 256
Investment in Century-ML Corp. 135,088
Related party receivables 231
Other current assets 336
--------
Total current assets 153,580
Property plant and equipment, net 6,009
Intangible assets, net 1,528
--------
Total assets $161,117
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $84
Accrued expenses and other liabilities 1,807
Intercompany payables 2,428
--------
Total current liabilities 4,319
--------
Long-term accrued and other liabilities 15
Deferred revenues 153
Deferred income taxes 45
--------
Total non-current liabilities 213
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,281
Intercompany payables 10,790
--------
Total liabilities subject to compromise 12,091
--------
Total liabilities 16,623
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 87,694
--------
Total partners' equity 144,494
--------
Total liabilities and partners' equity $161,117
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended December 31, 2004
(Dollars in thousands)
Revenue $1,114
Cost and expenses:
Direct operating and programming 592
Selling, general and administrative 50
Management fees 44
Non-recurring professional fees -
Depreciation 67
--------
Operating income before reorganization
expenses due to bankruptcy 361
Reorganization expenses due to bankruptcy 194
--------
Operating income 167
Interest income, net 21
Equity in net income of Century-ML Cable
Corp., net of taxes 2,385
--------
Income before income taxes 2,573
Income tax expense (73)
--------
Net income $2,500
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended December 31, 2004
(Dollars in thousands)
Cash flow from operating activities:
Net income $2,500
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 67
Reorganization expenses due to bankruptcy 194
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (2,385)
Change in assets and liabilities:
Subscriber receivables, net 66
Prepaid expenses and other assets, net (47)
Accounts payable -
Subscriber advance payments and deposits 16
Accrued expenses and other liabilities (513)
Intercompany receivables and payables - net (670)
--------
Net cash provided by operating activities (772)
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (34)
--------
Net cash used in investing activities (34)
--------
Change in cash and cash equivalents (806)
Cash and cash equivalents, beginning of period 18,475
--------
Cash and cash equivalents, end of period $17,669
========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie
Farr & Gallagher represents the ACOM Debtors. (Adelphia
Bankruptcy News, Issue No. 78; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
AMERICAN BUSINESS: Balance Sheet at September 30, 2004
------------------------------------------------------
American Business Financial Services, Inc.
and Subsidiaries
Unaudited Consolidated Balance Sheets
At September 30, 2004
(dollar amounts in thousands)
ASSETS
Cash and cash equivalents $19,673
Restricted cash 10,419
Loan and lease receivables:
Loans available for sale 336,511
Non-accrual loans 3,314
Interest and fees receivable 15,304
Deferment and forbearance advances receivable 5,839
Loans subject to repurchase rights 40,736
Interest-only strips 448,812
Servicing rights 66,712
Deferred income tax asset 66,201
Property and equipment, net 25,182
Prepaid expenses 16,740
Other assets 27,953
----------
TOTAL ASSETS $1,083,396
==========
LIABILITIES
Subordinated debentures $490,026
Senior collateralized subordinated notes 97,454
Warehouse lines and other notes payable 281,472
Accrued interest payable 38,324
Accounts payable and accrued expenses 35,819
Liability for loans subject to repurchase rights 47,925
Deferred income tax liability --
Other liabilities 80,517
----------
Total liabilities 1,071,537
==========
STOCKHOLDERS' EQUITY
Preferred stock 109
Common stock 4
Additional paid-in capital 120,214
Accumulated other comprehensive income 16,706
Unearned compensation (440)
Stock awards outstanding 123
Retained earnings (deficit) (123,561)
Treasury stock, at cost (696)
----------
12,459
Note receivable (600)
----------
Total stockholders' equity 11,859
----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,083,396
==========
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American Business
Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
BURLINGTON IND: Post-Confirmation Fourth Quarter Summary Report
---------------------------------------------------------------
Burlington Industries, Inc.
Quarterly Summary Report
Three months ended December 31, 2004
Beginning Cash Balance $46,439,358
All receipts received by the Debtor:
Cash Sales 0
Collection of Accounts Receivable 121,711
Proceeds from Litigation 0
Sale of Debtor's Assets 3,099,185
Capital Infusion pursuant to the Plan 0
Interest Income 132,012
------------
Total cash received 3,352,908
------------
Total cash available $49,792,265
------------
Disbursements or payments made by the Debtor:
Disbursements made under the plan,
excluding administrative claims of
bankruptcy professionals: $2,476,605
Disbursements made pursuant to administrative
claims of bankruptcy professionals: 0
All other disbursements made in the ordinary
course: 1,469,349
------------
Total Disbursements 3,945,954
------------
Ending cash balance $45,846,311
============
Headquartered in Greensboro, North Carolina, Burlington
Industries, Inc. -- http://www.burlington-ind.com/ -- was one
of the world's largest and most diversified manufacturers of soft
goods for apparel and interior furnishings. The Company filed
for chapter 11 protection in November 15, 2001 (Bankr. Del. Case
No. 01-11282). Daniel J. DeFranceschi, Esq., at Richards, Layton
& Finger, and David G. Heiman, Esq., at Jones Day, represent the
Debtors. WL Ross & Co. LLC purchased Burlington Industries and
then sold the Lees Carpets business to Mohawk Industries, Inc.
Combining Burlington with Cone Mills, WL Ross created
International Textile Group. Burlington's chapter 11 Plan
confirmed on October 30, 2003, was declared effective on Nov. 10,
2003. (Burlington Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
BURLINGTON: BII Trust's October to December 2004 Financial Reports
------------------------------------------------------------------
BII Distribution Trust
Unaudited Cash Balance Sheet
As of December 31, 2004
Assets:
Cash $44,608,744
Letters of Credit - Cash Collateral 1,237,567
------------
$45,846,311
============
Liabilities:
BII Distribution Trust Reserve $27,969,994
BII Distribution Trust - Letters of Credit 1,237,567
BII Liquidation Real Estate LLC 5,727,554
BII Dist. Trust - Class 4 Unsecured Claim Reserve 10,911,196
BII Dist. Trust - Working Capital Escrow -
BII Dist. Trust - Working Capital Escrow Interest -
------------
$45,846,311
============
BII Distribution Trust
Unaudited Cash Receipts and Disbursements
From October 1, 2004 through December 31, 2004
Cash Receipts:
Closing date sale proceeds, net -
Post closing working capital adjustment -
Excluded assets monetized $3,220,896
Assets monetized due to Buyer -
Interest income 132,011
------------
3,352,907
Cash Disbursements:
Distributions to Class 4 Unsecured Claims 2,303,501
Other Allowed Claims 173,104
Estate liabilities and Trust expenses 1,469,349
------------
3,945,954
------------
Net increase (decrease) in cash (593,047)
Cash at beginning of period 46,439,358
------------
Cash at end of period $45,846,311
============
Headquartered in Greensboro, North Carolina, Burlington
Industries, Inc. -- http://www.burlington-ind.com/ -- was one
of the world's largest and most diversified manufacturers of soft
goods for apparel and interior furnishings. The Company filed
for chapter 11 protection in November 15, 2001 (Bankr. Del. Case
No. 01-11282). Daniel J. DeFranceschi, Esq., at Richards, Layton
& Finger, and David G. Heiman, Esq., at Jones Day, represent the
Debtors. WL Ross & Co. LLC purchased Burlington Industries and
then sold the Lees Carpets business to Mohawk Industries, Inc.
Combining Burlington with Cone Mills, WL Ross created
International Textile Group. Burlington's chapter 11 Plan
confirmed on October 30, 2003, was declared effective on Nov. 10,
2003. (Burlington Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
COMMERCE ONE: Posts $13,362,870 Net Income in December 2004
-----------------------------------------------------------
On Jan. 21, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed with the United States Bankruptcy Court for the Northern
District of California its monthly operating report for the period
from Dec. 1, 2004 to Dec. 31, 2004.
The Company posted a $13,362,870 net income on $69,138 of net
sales for one month. At Dec. 31, 2004, Commerce One's balance
sheet showed:
Current Assets $15,854,827
Total Assets 15,854,827
Current Liabilities 1,842,445
Total Liabilities $10,634,178
A full-text copy of Commerce One's December 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1131806/000113180605000002/exh99-1.ht
m
Headquartered in San Francisco, California, Commerce One, Inc.
(n/k/a CO Liquidation, Inc.) -- http://www.commerceone.com/ --
provides software services that enable businesses to conduct
commerce over the Internet. Commerce One, Inc., and its wholly
owned subsidiary, Commerce One Operations, Inc., filed for chapter
11 protection on Oct. 6, 2004 (Bankr. N.D. Calif. Case Nos. 04-
32820 and 04-32821). Doris A. Kaelin, Esq., and Lovee Sarenas,
Esq., at the Murray and Murray, represent the Debtors. When the
Debtors filed for bankruptcy, they listed $14,531,000 in total
assets and $12,442,000 in total debts. As of December 2, 2004,
Commerce One estimates that its liabilities owed to creditors
total approximately $9.7 million, including approximately $5.1
million owed to ComVest. The company expects that total
liabilities will continue to increase over time.
HAWAIIAN AIRLINES: Posts $993,000 Net Loss in December 2004
-----------------------------------------------------------
On Jan. 20, 2005, Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its unaudited December 2004
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii. The carrier reports $993,000 net loss
on $66,519,000 of revenues in December 2004 compared to a
$2,863,000 net loss on $58,613,000 of revenues in November 2004.
For the month ending Dec. 31, 2004, Hawaiian Airlines' balance
sheet showed:
Total Current Assets $227,773,000
Total Assets 338,121,000
Total Current Liabilities 219,714,000
Total Liabilities 415,297,000
Liabilities Subject to Compromise 216,729,000
Shareholder's Deficit $293,905,000
A full-text copy of Hawaiian Airlines' December 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1172222/000095013605000327/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.
INTERMET CORP: Posts $13,349,000 Net Loss in December 2004
----------------------------------------------------------
Intermet Corporation and its debtor-affiliates delivered its
December 2004 monthly operating report to the U.S. Bankruptcy
Court for the Eastern District of Michigan.
For the month ending Dec. 31, 2004, Intermet Corporation reported
net loss of $13,349,000 against $45,596,000 net sales.
At Dec. 31, 2004, Intermet's balance sheet shows:
Current Assets $133,224,000
Total Assets 645,506,000
Postpetition Debts 15,238,000
Total Liabilities 555,905,000
Total Stockholders' Equity $89,601,000
A full-text copy of Intermet Corporation's December 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/745287/000095012405000299/k91272exv99
w1.txt
Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/ -- provides machining and tooling
services for the automotive and industrial markets specializing
in the design and manufacture of highly engineered, cast
automotive components for the global light truck, passenger car,
light vehicle and heavy-duty vehicle markets. Intermet, along
with its debtor-affiliates, filed for chapter 11 protection on
Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614). Salvatore A. Barbatano, Esq., at Foley & Lardner LLP,
represents the Debtors. When the Debtors filed for protection
from their creditors, they listed $735,821,000 in total assets
and $592,816,000 in total debts.
INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
-------------------------------------------------------------
On Jan. 10, 2005, Interstate Bakeries Corporation filed an
amendment to its Schedules of Assets and Liabilities.
Interstate Bakeries restated Schedule F to reflect a $1,401,975
increase of General Unsecured Claims -- from the original
reported amount of $267,191,735. As a result, Unsecured Non-
priority Claims in Interstate Bakeries' case total $268,593,709.
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
RELIANCE: Files August 2004 Monthly Operating Report
----------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-Aug-2004
_____________________________________ ___________
ASSETS
Unrestricted Funds $57,472,000
-------------
Total 57,472,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 553,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Plant, property & equipment -
-------------
Total Assets $71,115,000
=============
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $2,292,000
Professional fee holdback payable 2,133,000
Liabilities subject to compromise 1,025,318,000
-------------
Total liabilities 1,029,743,000
-------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,528,785,000)
-------------
Total shareholders' deficit (958,628,000)
-------------
Total liabilities & deficit $71,115,000
=============
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Aug-2004
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-Aug-2004
___________________________________ ____________
Revenues $0
--------------
Costs and expenses:
Operating and administrative 130,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
--------------
Total costs and expenses 130,000
--------------
Loss before reorganization items (130,000)
--------------
Reorganization items:
Professional fees 630,000
Increase in allowance on balance
due from Reliance Development
Group, Inc. 0
Reduction of balance due Reliance
Insurance Company per settlement -
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (68,000)
--------------
Total reorganization items 562,000
--------------
Income Tax benefits 0
--------------
Net Income ($692,000)
==============
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Aug-2004
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-Aug-2004
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($130,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables 86,000
Increase in Liabilities
subject to compromise 0
--------------
Net cash (used) provided by
operating activities before
reorganization items (44,000)
--------------
Operating cash flows from
reorganization items:
Interest earned 68,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (524,000)
Distribution to Reliance
Insurance Company
(in liquidation) 0
--------------
Net cash used by
reorganization items (456,000)
--------------
Net cash used by
operating activities (500,000)
--------------
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 (500,000)
Cash at beginning of period 57,972,000
--------------
Cash at end of period $57,472,000
==============
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. 67; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
TECO AFFILIATES: Union & Gila River's Balance Sheet at Sept. 30
---------------------------------------------------------------
Union and Gila River Project Companies
Consolidated Balance Sheet
At September 30, 2004
ASSETS
Current assets $144,500,000
Net property, plant and equipment 1,366,300,000
Other investments 663,100,000
Other non-current assets 22,100,000
--------------
Total assets held for sale by TECO $2,196,000,000
==============
LIABILITIES
Current liabilities $198,700,000
Long-term debt, non-recourse:
Secured facility note 1,395,000,000
Financing facility note 663,100,000
Other non-current liabilities 12,000,000
--------------
Total liabilities associated with
assets held for sale by TECO $2,268,800,000
==============
Panda Gila River, L.P., Union Power Partners, L.P., Trans-Union
Pipeline, L.P., and UPP Finance Co., LLC --
http://www.tecoenergy.com/ -- own and operate the two largest
combined-cycle natural gas generation facilities in the United
States. The Debtors filed for bankruptcy protection on Jan. 26,
2005 (Bank. D. Ariz.). The case is jointly administered under
Case No. 05-01143. Craig D. Hansen, Esq., Thomas J. Salerno,
Esq., and Sean T. Cork, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$2,196,000,000 in total assets and $2,268,800,000 in total debts.
TRUMP HOTELS: Financial Projections Underpinning the THCR Plan
--------------------------------------------------------------
Trump Hotels & Casino Resorts, Inc., et. al
Projected Statement of Operations
(In Thousands)
2005 2006 2007
---------- ---------- ----------
Revenues:
Casino $1,242,824 $1,278,972 $1,300,029
Rooms 79,073 80,491 82,126
Food & beverage 129,010 131,577 134,078
Management fee - - -
Other 46,021 54,747 55,555
Promotional allowances (313,805) (331,905) (340,590)
---------- ---------- ----------
Net Revenues 1,183,123 1,213,882 1,231,198
Costs & Expenses:
Gaming 523,624 512,803 520,427
Rooms 116,050 111,666 113,056
Food & beverage 43,249 42,207 42,556
General & admin 240,718 246,154 248,206
---------- ---------- ----------
Total expenses 923,641 912,830 924,245
---------- ---------- ----------
EBITDA 259,482 301,052 306,953
Less:
CRDA 4,587 4,732 4,817
Depreciation & amortization 111,471 111,307 115,917
Corporate expenses 13,248 18,248 8,248
---------- ---------- ----------
Income from operations 130,176 166,765 177,971
Interest income (609) (608) (774)
Interest expense 124,172 127,280 130,977
Other non-operating 4,400 1,400 1,400
---------- ---------- ----------
Total non-operating expenses 127,963 128,072 131,603
---------- ---------- ----------
Income (loss) before loss
in joint venture 2,213 38,693 46,368
Provision for income taxes (247) (3,968) (9,561)
---------- ---------- ----------
Income (loss) before
minority interest 1,966 34,725 36,807
Minority interest - - -
---------- ---------- ----------
Net income $1,966 $34,725 $36,807
========== ========== ==========
Trump Hotels & Casino Resorts, Inc., et. al
Projected Statement of Operations
(In Thousands)
2008 2009
---------- ----------
Revenues:
Casino $1,471,764 $1,507,407
Rooms 114,036 121,062
Food & beverage 149,017 153,729
Management fee - -
Other 56,479 57,429
Promotional allowances (392,490) (401,590)
---------- ----------
Net Revenues 1,398,806 1,438,037
Costs & Expenses:
Gaming 572,053 587,800
Rooms 122,904 125,213
Food & beverage 46,366 47,689
General & admin 267,782 273,987
---------- ----------
Total expenses 1,009,105 1,034,689
---------- ----------
EBITDA 389,701 403,348
Less:
CRDA 5,530 5,675
Depreciation & amortization 125,091 135,011
Corporate expenses 8,248 8,248
---------- ----------
Income from operations 250,832 254,414
Interest income (1,493) (2,574)
Interest expense 132,321 130,020
Other non-operating income - -
---------- ----------
Total non-operating expenses 130,828 127,446
---------- ----------
Income (loss) before joint venture 120,004 126,968
Provision for income taxes (37,470) (40,188)
---------- ----------
Income (loss) before minority interest 82,534 86,780
Minority interest - -
---------- ----------
Net income $82,534 $86,780
========== ==========
Trump Hotels & Casino Resorts, Inc., et. al
Projected Balance Sheet
(In Thousands)
2004 2005 2006
---------- ---------- ----------
ASSETS
Current Assets:
Cash & cash equivalents $102,758 $60,099 $61,703
Receivables 37,000 40,594 41,635
Inventories 11,894 12,935 12,818
Prepaid & other 16,384 12,614 12,931
---------- ---------- ----------
168,036 126,242 129,087
Investments 28,535 28,535 28,535
Net PP&E 1,753,116 1,838,124 1,917,828
Other long-term assets 71,061 67,712 67,712
Capitalized fees & expenses 10,000 9,650 9,300
Goodwill 208,664 208,664 208,664
Projected capitalized CRDA 4,474 13,648 23,112
---------- ---------- ----------
Total Assets $2,243,886 $2,292,575 $2,384,238
========== ========== ==========
LIABILITIES & EQUITY
Current Liabilities:
Accounts payable $43,644 $34,753 $34,462
Accrued payroll 23,108 24,400 25,024
Self-insurance reserves 11,607 12,535 12,856
Accrued interest 30,536 30,536 30,536
Other current liabilities 56,868 61,673 62,613
Due to affiliates 6,655 6,655 6,655
---------- ---------- ----------
Total current liabilities 172,418 170,552 172,146
Credit facility 150,000 219,928 297,000
Second lien notes 1,250,000 1,250,000 1,250,000
LT debt-others, net 65,186 43,457 21,729
Other long term liabilities 24,012 24,402 24,402
---------- ---------- ----------
Total Liabilities 1,661,616 1,708,339 1,765,277
Equity 582,270 584,236 618,961
---------- ---------- ----------
Total Liabilities & Equity $2,243,886 $2,292,575 $2,384,238
========== ========== ==========
Trump Hotels & Casino Resorts, Inc., et. al
Projected Balance Sheet
(In Thousands)
2007 2008 2009
---------- ---------- ----------
ASSETS
Current Assets:
Cash & cash equivalents $60,026 $94,898 $203,830
Receivables 42,224 48,001 49,344
Inventories 12,834 14,105 14,470
Prepaid & other 13,113 14,980 15,403
---------- ---------- ----------
128,197 171,984 283,047
Investments 28,535 28,535 28,535
Net PP&E 1,983,813 1,956,740 1,920,833
Other long-term assets 67,712 67,712 67,712
Capitalized fees & expenses 8,950 8,600 8,600
Goodwill 208,664 208,664 208,664
Projected capitalized CRDA 32,746 43,805 55,156
---------- ---------- ----------
Total Assets $2,458,617 $2,486,040 $2,572,547
========== ========== ==========
LIABILITIES & EQUITY
Current Liabilities:
Accounts payable $34,503 $37,722 $38,651
Accrued payroll 25,383 29,079 29,917
Self-insurance reserves 13,040 14,938 15,369
Accrued interest 30,536 30,536 30,536
Other current liabilities 63,019 63,407 63,936
Due to affiliates 6,655 6,655 6,655
---------- ---------- ----------
Total current liabilities 173,136 182,337 185,064
Credit facility 355,311 291,000 288,000
Second lien notes 1,250,000 1,250,000 1,250,000
LT debt-others, net - - -
Other long term liabilities 24,402 24,402 24,402
---------- ---------- ----------
Total Liabilities 1,802,849 1,747,739 1,747,466
Equity 655,768 738,301 825,081
---------- ---------- ----------
Total liabilities & equity $2,458,617 $2,486,040 $2,572,547
========== ========== ==========
Trump Hotels & Casino Resorts, Inc., et., al
Projected Statement of Cash Flows
(In Thousands)
2005 2006 2007
---------- ---------- ----------
Net income (loss) $1,966 $34,725 $36,807
Depreciation & amortization 111,122 110,958 115,567
Amortization-deferred loan 350 350 350
Valuation allowance of CRDA 4,587 4,732 4,817
(Increase) decrease in:
Receivables (3,594) (1,041) (589)
Inventories (1,041) 117 (16)
Other current assets 3,769 (317) (182)
Due to affiliates - - -
Other assets - - -
Increase (decrease) in:
Accounts payable (8,891) (292) 41
Accrued expenses 1,292 624 359
Self insurance reserves 928 321 184
Other current liabilities 4,805 942 405
Other assets & liabilities 3,739 - -
---------- ---------- ----------
Net cash flows from
operating activities 119,032 151,119 157,743
Cash flows from investing
activities:
PPE acquisition (196,130) (190,662) (181,552)
CRDA investments (13,760) (14,196) (14,451)
---------- ---------- ----------
Net cash flows used by
investing activities (209,890) (204,858) (196,003)
Cash flows from financing
activities:
Increase (decrease)
in long term debt 48,199 55,344 36,583
Proceeds from equity
financing - - -
---------- ---------- ----------
Net cash flows from
financing activities 48,199 55,344 36,583
---------- ---------- ----------
Net increase (decrease) in
cash and cash equivalents (42,659) 1,605 (1,677)
Cash & cash equivalents at
beginning of period 102,758 60,099 61,703
---------- ---------- ----------
Cash & cash equivalents at
end of period $60,099 $61,704 $60,026
========== ========== ==========
Trump Hotels & Casino Resorts, Inc., et., al
Projected Statement of Cash Flows
(In Thousands)
2008 2009
---------- ----------
Net income (loss) $82,534 $86,780
Depreciation & amortization 124,742 135,011
Amortization-deferred loan 350 -
Valuation allowance of CRDA 5,530 5,675
(Increase) decrease in:
Receivables (5,777) (1,343)
Inventories (1,271) (366)
Other current assets (1,866) (424)
Due to affiliates - -
Other assets - -
Increase (decrease) in:
Accounts payable 3,219 929
Accrued expenses 3,697 838
Self insurance reserves 1,898 430
Other current liabilities 387 531
Other assets & liabilities - -
---------- ----------
Net cash flows from operating activities 213,443 228,061
Cash flows from investing activities:
PPE acquisition (97,669) (99,104)
CRDA investments (16,589) (17,026)
---------- ----------
Net cash used by investing activities (114,258) (116,130)
Cash flows from financing activities:
Increase (decrease) in long term debt (64,311) (3,000)
Proceeds from equity financing - -
---------- ----------
Net cash flows from financing activities (64,311) (3,000)
---------- ----------
Net increase (decrease) in cash
and cash equivalents 34,874 108,931
Cash & cash equivalents, beginning 60,026 94,898
---------- ----------
Cash & cash equivalents, ending $94,900 $203,829
========== ==========
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc. -- http://www.thcrrecap.com/-- through its
subsidiaries, owns and operates four properties and manages one
property under the Trump brand name. The Company and its debtor-
affiliates filed for chapter 11 protection on Nov. 21, 2004
(Bankr. D. N.J. Case No. 04-46898 through 04-46925). Robert A.
Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at
Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey
T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia,
Stanziale, Sedita & Campisano, P.A., represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed more than
$500 million in total assets and more than $1 billion in total
debts.
UAL CORP: Posts $664 Million Net Loss for Fourth Quarter 2004
-------------------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, reported its fourth-quarter
2004 financial results, which were impacted by high fuel costs and
a difficult domestic revenue environment.
UAL reported a fourth-quarter operating loss of $493 million,
which compares with a $134 million operating loss in the fourth
quarter of 2003. UAL reported a net loss of $664 million, or a
loss per basic share of $5.73, which includes $111 million in
special items. Excluding the special items, UAL's net loss for
the fourth quarter totaled $553 million, or a loss per basic
share of $4.77.
Special items in this year's fourth quarter included a
$158 million gain from the sale of UAL's remaining shares of
Orbitz, $222 million in reorganization expenses and a $47 million
increase in frequent flyer liability, principally associated with
revised estimates.
For the full year 2004, UAL reported a net loss of $1.6 billion,
or a loss per basic share of $14.57, compared to a net loss of
$2.8 billion in 2003. Excluding special items, UAL reported a net
loss of $1.2 billion, or a loss per basic share of $10.74.
"As expected, the industry environment continues to be extremely
difficult," said Glenn Tilton, chairman, president and chief
executive. "Record fuel prices and pressure on revenue led to
unacceptable results. United has made good progress with more
cost reductions already underway. But as we have said, and as
this quarter shows without question, we have more work to do."
Restructuring Progress Continues
Over the last several months, United continued work on its
restructuring. The company has made meaningful progress toward
the target of an incremental $2 billion in savings from labor,
non labor and pension costs. These savings are in addition to
the $5 billion in average annual savings the company has
previously announced. As part of the recent restructuring
efforts, United:
-- Reached consensual labor agreements with five of its six
unions that are expected to provide the labor cost
savings the company needs to attract exit financing and
complete its restructuring. Pending ratification by the
unions, the bankruptcy court has indicated the agreements
will be approved by the court on Jan. 31. The company
has agreed to temporary savings with the International
Association of Machinists, and will work toward having a
permanent agreement in place prior to April 11.
-- Is in the process of negotiating with its unions over the
next 90 days to attempt to reach a consensual agreement
on the issue of termination and replacement of the
company's pension plans.
-- Is reducing United's fleet to 455 aircraft-68 fewer than
United flew in August 2004 and a reduction of 112
aircraft or nearly 20 percent of the fleet since 2002.
-- Sought competitive bids for a portion of its current
United Express capacity.
"We have made further progress in reducing our costs, and will see
the benefits of this in 2005," said Jake Brace, United's
executive vice president and chief financial officer.
"Nonetheless, there is significant work still ahead. We continue
to believe termination and replacement of all of our pension plans
is necessary for United to successfully exit Chapter 11 as a
competitive, sustainable enterprise."
Revenue Results
UAL's fourth quarter 2004 operating revenues were $4.0 billion, up
5% compared to fourth quarter 2003. Load factor increased 0.3
points to 77.2% as traffic increased 5% on a 4% increase in
capacity. During the fourth quarter, both passenger unit revenue
and yield were essentially flat compared to fourth quarter last
year, despite a very difficult revenue environment.
"While we are clearly not satisfied with United's revenue
performance, we are pleased with our improved passenger unit
revenue performance relative to our peers," said John Tague,
executive vice president-Marketing, Sales and Revenue. "United
is committed to continuous revenue improvement, and we are taking
significant actions to forward this objective."
To meet those objectives, the company is undertaking a number of
initiatives, including rebalancing its capacity, optimizing
revenue execution and developing industry-leading customer
initiatives. Specifically, United is:
-- Reducing domestic capacity by about 12%, while increasing
international capacity by 14%, for an overall systemwide
capacity reduction of 3 percent. The company continues
to see strong international results and growth potential
in international markets.
-- Transforming sales efforts by bringing in new leadership
and a more disciplined approach to corporate discounts
and the company's commercial selling process that
reflects United's value to customers and today's
historically low prices.
-- Improving cargo service and revenue management, resulting
in fourth-quarter cargo revenues improving 30%.
-- Developing industry-leading customer offerings that have
helped United's customer satisfaction reach an all time
high. During 2004, United launched new "p.s.(SM),"
premium transcontinental service between New York and Los
Angeles and New York and San Francisco. United also
launched 12 new leisure destinations in the Caribbean and
Mexico, as well as daily nonstop service between Chicago
and Shanghai, San Francisco and Beijing, Chicago and
Osaka, and Chicago and Buenos Aires. In December, United
launched the first commercial U.S. flights to Vietnam in
30 years.
Operating Expenses
The company continued to implement non labor contract cost
reductions, all of which will deliver savings during 2005.
Specifically, United has:
-- Undergone initiatives to reduce its costs of sales,
including targeting $200 million in improvements through
various distribution initiatives.
-- Completed restructuring of all domestic catering
agreements.
-- Negotiated new agreements for heavy airframe maintenance
covering all narrow-body aircraft.
-- Completed training of all company pilots and dispatchers
in new fuel efficiency procedures.
"Our focus on improving our costs beyond those enabled by our
collective bargaining agreements is a top priority," said Pete
McDonald, executive vice president and chief operating officer.
Total operating expenses for the quarter were $4.5 billion,
up 14% from the year-ago quarter on a 4% increase in capacity.
Mainline operating expenses per available seat mile increased 8%
from the fourth quarter 2003. Excluding fuel, mainline operating
expenses per available seat mile increased less than 1%.
Productivity (available seat miles divided by employee
equivalents) was up 7% for the quarter year-over-year. Fuel
expense was $308 million higher than in the fourth quarter 2003.
Average fuel price for the quarter was $1.45 per gallon
(including taxes), up 52% year-over-year.
The company had an effective tax rate of zero for all periods
presented, which makes UAL's pre-tax loss the same as its net
loss.
Operations Outstanding
While United's focus on revenue improvement and cost reduction
work continues, the company's operations have consistently
delivered excellent performance metrics for customers throughout
2004:
-- Departure :00 performance at 68.7% was better than goal
and the third-best year in our history.
-- Arrival :14 results were among the best in company
history and remain above industry average for United's
peers.
-- Recorded the company's best year ever as measured by the
customers' definite intent to repurchase and results for
exceptional service by flight attendants, check-in
efficiency, reservations and meals.
-- Mishandled baggage rate ranking improved sharply in 2004,
with United being one of only two carriers to improve its
year-over-year performance.
"Our employees continue to do a great job for our customers,
delivering the best service performance in 2004 in the company's
history," McDonald said.
Cash
The company ended the quarter with an unrestricted cash balance of
$1.3 billion, and a restricted cash balance of $877 million, for a
total cash balance of $2.1 billion. During the quarter the
company made the final quarterly retroactive wage payment to
International Association of Machinists members of $63 million and
a quarterly Success Sharing reward to employees of $26 million.
In addition, the company received $185 million in cash proceeds
from the sale of Orbitz shares.
Outlook
United expects first-quarter system mainline capacity to be down
about 2% year-over-year. System mainline capacity for 2005 is
expected to be about 3% lower than 2004. The company projects
fuel price, including taxes and expected hedge benefit, for the
first quarter to average $1.41 per gallon. The company has 30%
of its expected fuel consumption for the first quarter hedged at
an average of $1.38 per gallon, including taxes.
UAL Corporation and Subsidiary Companies
Unaudited Statements of Consolidated Operations
Three Months Ended December 31, 2004
(In Millions)
Operating revenues:
Passenger - United Airlines $2,979
Passenger - Regional Affiliates 487
Cargo 218
Other 304
---------
Total operating revenues 3,988
Operating expenses:
Salaries and related costs 1,271
Aircraft fuel 842
Purchased services 369
Aircraft rent 129
Landing fees and other rent 254
Depreciation and amortization 213
Aircraft maintenance 185
Commissions 65
Regional affiliates 616
Other 537
---------
Total operating expenses 4,481
Earnings (loss) from operations (493)
Other income (expense):
Interest expense (112)
Interest income 6
Equity in earnings (losses) of affiliates 5
Gain on Sale of Investments 158
Miscellaneous, net (6)
---------
Total other income (expenses) 51
---------
Loss before reorganization items
and income taxes (442)
Reorganization items, net (222)
---------
Loss before income taxes (664)
Credit for income taxes 0
---------
Net loss (664)
=========
UAL Corporation and Subsidiary Companies
Unaudited Statements of Consolidated Operations
Twelve Months Ended December 31, 2004
(In Millions)
Operating revenues:
Passenger - United Airlines $12,483
Passenger - Regional Affiliates 1,927
Cargo 704
Other 1,277
---------
Total operating revenues 16,391
Operating expenses:
Salaries and related costs 5,006
Aircraft fuel 2,943
Purchased services 1,462
Aircraft rent 533
Landing fees and other rent 964
Depreciation and amortization 874
Aircraft maintenance 747
Commissions 305
Regional affiliates 2,348
Other 1,986
---------
Total operating expenses 17,168
Earnings (loss) from operations (777)
Other income (expense):
Interest expense (449)
Interest Capitalized 1
Interest income 25
Equity in earnings (losses) of affiliates 5
Non-operating special items 5
Gain on Sale of Investments 158
Miscellaneous, net (1)
---------
Total other income (expenses) (256)
---------
Loss before reorganization items
and income taxes (1,033)
Reorganization items, net (611)
---------
Loss before income taxes (1,644)
Credit for income taxes 0
---------
Net loss ($1,644)
=========
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.
WINSTAR COMMS: Releases December 2004 Monthly Operating Report
--------------------------------------------------------------
Winstar Communications, Inc., delivered illegible copies of the
balance sheet, income statement and statement of cash flows to
the Clerk of the United States Bankruptcy Court for the District
of Delaware.
Winstar posted a net profit of $138,179 for December 2004. Its
balance sheet shows a $25.5 million net owners' equity as of
December 31, 2004.
A copy of Winstar's December 2004 Operating Report is available
at no charge at:
http://bankrupt.com/misc/winstar_mor.pdf
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. 63; 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
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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
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liabilities that may never materialize. The prices at which
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A list of Meetings, Conferences and Seminars appears in each
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conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
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available at your local bookstore or through Amazon.com. Go to
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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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*** End of Transmission ***