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/raid1/www/Hosts/bankrupt/TCR_Public/050219.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, February 19, 2005, Vol. 9, No. 42 Headlines ATA AIRLINES: December 2004 Net Loss Widens to $644 Million CATHOLIC CHURCH: Tucson Files Dec. 2004 Monthly Operating Report EXIDE TECH: Posts $439 Million Combined 3rd Quarter Net Loss HAYES LEMMERZ: Reports Fourth Quarter 2004 Financial Results HUFFY CORP: Files Restated Financial Reports Ended November 6 HUFFY CORP: Files Restated Financial Reports Ended December 4 HUFFY CORP: Posts $200,000 Net Loss in December 2004 ROBOTIC VISION: Posts $648,000 Net Loss in November 2004 SOLUTIA INC: Posts $27 Million Net Loss for December 2004 TECO AFFILIATES: Panda Gila's Schedules of Assets and Liabilities TECO AFFILIATES: Trans-Union's Schedules Of Assets And Liabilities TECO AFFILIATES: Union Power's Schedules Of Assets And Liabilities TECO AFFILIATES: UPP Finance's Schedules of Assets and Liabilities TWINLAB CORP: Files January 2005 Monthly Operating Report YUKOS OIL: Files Schedules of Assets and Liabilities YUKOS OIL: Files Statement Of Financial Affairs ********* ATA AIRLINES: December 2004 Net Loss Widens to $644 Million ----------------------------------------------------------- Holdings Corporation and Subsidiaries Unaudited Balance Sheet As of December 31, 2004 Assets Current assets Cash and cash equivalents $139,652,000 Receivables, net of allowance for doubtful accounts 118,807,000 Inventories, net 43,802,000 Prepaid expenses and other current assets 39,159,000 ------------ TOTAL CURRENT ASSETS 341,420,000 Property and equipment Flight equipment 198,888,000 Facilities and ground equipment 147,420,000 Accumulated depreciation (163,549,000) ------------ TOTAL PROPERTY, PLANT AND EQUIPMENT 182,759,000 Restricted cash 32,355,000 Goodwill 8,488,000 Prepaid aircraft rent 52,031,000 Investment in BATA 6,930,000 Deposits and other assets 27,301,000 ------------ TOTAL ASSETS $651,284,000 ============ Liabilities and Shareholders' Deficit Current liabilities Long-term debt in default - DIP Financing (Note 1) 41,000,000 Accounts payable 7,563,000 Air traffic liabilities 89,887,000 Accrued expenses 122,029,000 ------------ Total current liabilities 260,479,000 Long-term debt - Deferred gains from sale & leaseback of aircraft - Other deferred items 31,464,000 Mandatorily redeemable preferred stock - ------------ TOTAL LIABILITIES 291,943,000 Liabilities subject to compromise 1,238,111,000 Commitments and contingencies Convertible redeemable preferred stock 30,000,000 Shareholders' Equity (deficit) Preferred stock; authorized 9,999,200 shares - Common stock, without par value 66,013,000 Treasury stock (24,778,000) Additional paid-in capital 18,166,000 Accumulated deficit (968,171,000) ------------ TOTAL SHAREHOLDERS' DEFICIT (908,770,000) ------------ TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $651,284,000 ============ Holdings Corporation and Subsidiaries Unaudited Income Statement For the Month Ended December 31, 2004 Operating revenues: Scheduled service $77,008,000 Charter 32,712,000 Ground package 1,063,000 Other 5,076,000 ------------ TOTAL OPERATING REVENUES 115,859,000 Operating expenses: Fuel and oil 34,532,000 Salaries, wages and benefits 33,720,000 Aircraft rentals 20,096,000 Handling, landing and navigation fees 8,278,000 Aircraft maintenance, materials and repairs 5,529,000 Crew and other employee travel 3,620,000 Depreciation and amortization 4,202,000 Other selling expenses 3,798,000 Passenger service 3,302,000 Facilities and other rentals 2,303,000 Commissions 2,131,000 Insurance 3,660,000 Ground package cost 855,000 Advertising 568,000 U.S. Government Funds - Aircraft impairments and retirements 7,667,000 Other 7,213,000 ------------ TOTAL OPERATING EXPENSES 141,474,000 ------------ Operating income (loss) (25,615,000) Other income (expense) Interest income 169,000 Interest expense 98,000 Loss on extinguishment of debt - Reorganization expenses (619,001,000) Other (142,000) ------------ TOTAL OTHER EXPENSE (618,876,000) ------------ Income (loss) before income taxes (644,491,000) Income taxes 301,000 ------------ NET INCOME (LOSS) ($644,190,000) ============ Holdings Corporation and Subsidiaries Cash Flow Report For the Month Ended December 31, 2005 Cash Flows from Operating Activities: Net income ($25,189,000) Reorganization items (619,001,000) Adjustments to reconcile net income: Depreciation and amortization 4,202,000 Aircraft impairments and retirements 7,667,000 Aircraft impairments and retirements, Reported as reorganization item 55,301,000 Other non-cash items 23,516,000 Changes in operating assets and liabilities: Receivables 5,126,000 Inventories 509,000 Prepaid expenses (7,814,000) Accounts payable 684,000 Air traffic liabilities 4,179,000 Liabilities Subject to Compromise 455,197,000 Accrued expenses 17,106,000 ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES (78,517,000) Cash Flows from Investing Activities: Aircraft pre-delivery deposits - Capital expenditures (885,000) Non-current prepaid aircraft rent 79,927,000 Reductions to other assets (1,373,000) Proceeds from sales of property and equipment 34,053,000 ------------ NET CASH USED BY INVESTING ACTIVITIES 111,722,000 Cash Flows from Financing activities: Proceeds from DIP Financing 41,000,000 Payments on short-term debt and long-term debt (15,521,000) Decrease (increase) in restricted cash (4,218,000) ------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 21,261,000 ------------ Net change in cash and cash equivalents 54,466,000 Cash and equivalents at beginning of period 85,186,000 ------------ Cash and cash equivalents at end of period $139,652,000 ============ Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA Holdings Corporation -- http://www.ata.com/-- is the nation's 10th largest passenger carrier (based on revenue passenger miles) and one of the nation's largest low-fare carriers. ATA has one of the youngest, most fuel-efficient fleets among the major carriers, featuring the new Boeing 737-800 and 757-300 aircraft. The airline operates significant scheduled service from Chicago-Midway, Hawaii, Indianapolis, New York and San Francisco to over 40 business and vacation destinations. Stock of parent company, ATA Holdings Corporation, is traded on the Nasdaq Stock Exchange. The Company and its debtor-affiliates filed for chapter 11 protection on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868 through 04- 19874). Terry E. Hall, Esq., at Baker & Daniels, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $745,159,000 in total assets and $940,521,000 in total debts. CATHOLIC CHURCH: Tucson Files Dec. 2004 Monthly Operating Report ---------------------------------------------------------------- The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole (Unaudited) Statement of Financial Condition As of December 31, 2004 ASSETS Total Diocese-Owned ----- ------------- Cash on hand $1,500 $1,500 Cash in Banks 751,185 444,035 Cash Equivalents 6,262,069 4,409,390 Accounts receivable, net 1,605,621 1,605,621 Allowance for doubtful accounts (1,177,406) (1,177,406) Grants receivable 380,500 380,500 Pledges receivable 6,000 6,000 A/R held in trust for others 73,814 0 Due from administered funds 161,083 0 Prepaid expenses & other assets 392,415 392,415 Investments in businesses 2,618,769 2,218,655 Corp. & Gov't. bond investments 2,152,340 1,532,355 Investment in BPIC 80,850 80,850 Notes receivable, net 2,112,122 330,075 Allowance for doubtful notes receivable (329,288) (5,411) Assets securing 2002 settlement 3,000,000 3,000,000 Construction in progress 48,867 48,867 Land, buildings, and equipment 529,511 529,511 Assets held for sale 60,226 60,226 Land held for future parish sites 817,460 817,460 -------------- -------------- $19,547,638 $14,674,643 ============== ============== LIABILITIES AND NET ASSETS Liabilities: Accounts payable - post 529,950 529,950 Accounts payable - pre 40,743 40,743 Accrued expenses - post 30,472 30,472 Accrued expenses - pre 157,682 157,682 Due to Diocese 161,083 161,083 Accrued insurance claims 378,503 378,503 Unsecured long-term debt - pre 2,061,455 2,061,455 Unsecured long-term debt - post 100,000 100,000 Unrestricted parish deposits 6,969,294 6,962,867 Restricted parish deposits 3,622,619 0 Secured long-term debt 2,590,319 2,590,319 Custodial funds 1,243,949 0 -------------- -------------- Total Liabilities 17,886,069 13,013,074 -------------- -------------- Net Assets: Unrestricted/temporarily restricted (247,319) (247,319) Permanently restricted 1,908,888 1,908,888 -------------- -------------- Total liabilities & net assets $19,547,638 $14,674,643 ============== ============== The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole Statement of Operations and Charges in Net Assets December 1, 2004 through December 31, 2004 Revenues Contributions, grants and bequests $20,029 Chancery assessment 137,998 Priests salary subsidy 18,530 Fees for services 15,831 Advertising revenue 6,692 Retreat fees 0 Rental Income 4,397 Insurance 60,248 Investment Income 24,721 Miscellaneous 1,263 -------------- Total Support & Revenue 289,709 Expense Program Services: Archives 1,722 Catholic Commitments & Social Services 1,139 Evangelization & Hispanic Ministry 6,056 Catechesis Office 7,104 Formation Office 5,713 Department of Catholic Schools 15,565 Clergy, religious & seminarian advancement 22,701 Parish Assistance 16,545 Catholic Social Mission 4,904 Supporting Services: Office of Bishop Emeritus 4,962 Offices of the Bishop, et al. 31,650 Office of Women Religious 1,263 General & Administrative 3,713 Fiscal & Employee Services 49,551 Office of Child, Adolescent, et al. Protection 8,082 Communications & Community Relations 11,300 Property Management 27,400 Insurance Administration 39,502 Reorganization 245,738 Imputed interest on settlement 14,095 Provision for doubtful accounts 5,833 Depreciation 3,729 -------------- Total Expenses 528,267 -------------- Excess (deficiency) of revenues over expenses ($238,559) ============== The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole Current Month's Receipts and Disbursements December 1, 2004 through December 31, 2004 Cash and Bank Balance: Beginning of Month $1,654,774 Receipts Cash Sales 13,754 Accounts Receivable -- Prepetition 26,006 Accounts Receivable -- Postpetition 315,271 Loans and Advances 0 Sale of Assets 300 Transfers in from other accounts 194,003 Other -- Custodial Funds 208,372 Other -- Credit ADJ 22,995 Voided Checks 200 -------------- Total Receipts 859,901 Disbursements: Business -- Ordinary Operations 353,480 Capital Improvements 0 Prepetition Debt 0 Transfers to other DIP Accounts 194,003 Other -- Custodial Funds 273,612 Other -- TRF to Wells Fargo Investment 1,220,262 Other -- Payroll Reimbursement 22,283 Reorganization Expenses: Attorney Fees 0 Accountant Fees 0 Other Professional Fees 0 Other (Advertising) 0 U.S. Trustee Quarterly Fee 0 Court Costs 0 -------------- Total Disbursements 2,063,640 -------------- Cash & Bank Balance -- End of Month $444,035 ============== 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. 18; Bankruptcy Creditors' Service, Inc., 215/945-7000) EXIDE TECH: Posts $439 Million Combined 3rd Quarter Net Loss ------------------------------------------------------------ Exide Technologies (NASDAQ: XIDE), a global leader in stored electrical energy solutions, reported financial results for the third quarter of fiscal 2005 ended Dec. 31, 2004. Consolidated net sales for the third quarter of fiscal 2005 rose 11.5% to $727.9 million from $653.0 million in the third quarter of fiscal 2004. Quarterly net sales results benefited from higher average selling prices as a result of lead-related pricing actions across the business, as well as strong Motive Power demand worldwide. Favorable currency exchange rates also benefited net sales Company-wide. Consolidated net loss for the third quarter of fiscal 2005 was $439.0 million, or $17.56 per share, compared to a net loss of $9.3 million, or $0.34 per share, in the third quarter of fiscal 2004. The third quarter of fiscal 2005 results include a non-cash goodwill impairment charge of $399.4 million, restructuring costs and reorganization items of approximately $8.0 million and a non-cash income tax charge of $34.5 million to adjust valuation allowances against previously recognized deferred tax assets. The results were favorably offset by a gain on revaluation of Warrants of $5.8 million. The Company uses adjusted EBITDA as a key measure of the Company's operational and financial performance because the Company believes it provides useful information for investors. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and restructuring charges. The Company's adjusted EBITDA definition also adjusts reported earnings for losses from discounts on sale of accounts receivable, the effect of non-cash currency re-measurement gains or losses, the non-cash gain or loss from revaluation of the Company's warrants liability, impairment charges and non-cash gains or losses on asset sales. Adjusted EBITDA for the third quarter was $52.0 million compared to $59.0 million in the prior year period. As a result of stronger currency rates relative to the dollar, adjusted EBITDA results were favorably impacted by $2.7 million in the third quarter. The unrecovered portion of lead was limited to approximately $10 million in the quarter. Without lead and currency, Exide's adjusted EBITDA for the third quarter would have been slightly ahead of last year. "Exide continued its efforts in the third quarter to mitigate the escalation in commodity and energy prices, especially the price of lead," said Craig H. Muhlhauser, President and Chief Executive Officer of Exide Technologies. Lead, which is Exide's number-one commodity and comprises approximately one-third of the Company's cost of goods sold, rose to an average of EUR737 ($959) per metric tonne for the third quarter of fiscal year 2005, versus the prior year's average of EUR531 ($634) per metric tonne -- approximately a 40% increase in euro terms. "This quarter, we successfully recovered 65-70% of the increased lead costs in the quarter due to pricing actions, lead price escalators, lead hedging and improved spent battery collection rates," Mr. Muhlhauser said. "This is a significant improvement over the second quarter, when we were only able to offset 30-40% of the adverse impact from lead price increases. "The Company will continue its efforts to implement plans and make investments to accelerate cost reductions and increase cash flow from operations," Mr. Muhlhauser said. "We remain committed to making our customers successful and creating long- term value for our shareholders." Bank Covenant Due to the fact that the Company failed to satisfy its leverage ratio covenant as of December 31, 2004, under its Senior Secured Credit Facility, Exide has requested and expects to receive a waiver of the leverage ratio covenant from its lenders, as well as amendments relating to the Company's proposed senior note offering. Further information about Exide, including its financial results, are available at http://www.exide.com/ Media Contacts Alan Chapple Exide Technologies 678-566-9514 alan.chapple@exide.com Investor Contact Chuck Burgess/Gillian Angstadt The Abernathy MacGregor Group 212-371-5999 exideweb@abmac.com A full-text copy of Exide Technologies' financial results for the period ending December 31, 2004, is available for free at: http://www.sec.gov/Archives/edgar/data/813781/000119312505029214/d10q.htm Exide Technologies and Subsidiaries Unaudited Condensed Consolidated Balance Sheets As of December 31, 2004 (in thousands) Assets Current Assets: Cash and cash equivalents $26,081 Restricted cash 2,005 Receivables, net of allowance for doubtful accounts 715,839 Inventories 460,239 Prepaid expenses and other 24,832 Deferred financing costs, net - Deferred income taxes 36,917 ---------- Total current assets 1,265,913 ---------- Property, Plant And Equipment, Net 839,606 ---------- Other Assets: Goodwill, net - Other intangibles, net 194,501 Investments in affiliates 6,922 Deferred financing costs, net - Deferred income taxes 43,552 Other 35,963 ---------- 280,938 ---------- TOTAL ASSETS $2,386,457 ========== Liabilities And Stockholders' Equity (Deficit) Current Liabilities: Short-term borrowings $17,308 Current maturities of long-term debt 5,017 Accounts payable 342,334 Accrued expenses 378,223 Warrants liability 12,813 ---------- Total current liabilities 755,695 Long-Term Debt 560,417 Noncurrent Retirement Obligations 332,884 Noncurrent Deferred Tax Liability 98,018 Other Noncurrent Liabilities 114,774 Liabilities Subject To Compromise - ---------- Total liabilities $1,861,788 ---------- Commitments and Contingencies Minority Interest 13,159 ---------- Stockholders' Equity: Predecessor Company common stock, $0.01 par value, 100,000 shares authorized, 27,383 shares issued and outstanding at March 31, 2004 - Successor Company common stock, $0.01 par value, 25,000 shares authorized, 24,162 shares issued and outstanding at December 31, 2004 234 Additional paid-in capital 888,157 Retained earnings (Accumulated deficit) (422,514) Notes receivable--stock award plan - Accumulated other comprehensive income 45,633 ---------- Total stockholders' equity (deficit) $511,510 ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,386,457 ========== Exide Technologies and Subsidiaries Unaudited Condensed Consolidated Statements of Operations Three Months Ended December 31, 2004 (in thousands) Net Sales $727,902 Cost of Sales 602,151 ---------- Gross profit 125,751 ---------- Expenses: Selling, marketing and advertising 69,003 General and administrative 47,365 Restructuring and impairment 5,713 Goodwill Impairment 399,388 Other (income) expense, net (5,005) Interest expense, net 11,728 ---------- Total Expenses 528,192 ---------- Income (loss) before reorganization items, income taxes and minority interest (402,441) ---------- Reorganization items, net 2,236 Income tax provision 34,484 Minority interest (121) ---------- NET LOSS ($439,040) ========== Exide Technologies And Subsidiaries Unaudited Condensed Consolidated Statements Of Operations May 6, 2004 to December 31, 2004 Net Sales $1,763,429 Cost of Sales 1,477,867 ---------- Gross profit 285,562 ---------- Expenses: Selling, marketing and advertising 178,617 General and administrative 108,601 Restructuring and impairment 12,986 Goodwill Impairment 399,388 Other (income) expense, net (57,042) Interest expense, net 29,165 ---------- Total Expenses 671,715 ---------- Income (loss) before reorganization items, income taxes and minority interest (386,153) ---------- Reorganization items, net 5,654 Income tax provision 30,782 Minority interest (75) ---------- NET LOSS ($422,514) ========== Exide Technologies And Subsidiaries Unaudited Condensed Consolidated Statements Of Cash Flows May 6, 2004 to December 31, 2004 (In Thousands) Cash Flows From Operating Activities: Net Income (Loss) ($422,514) Adjustments to Reconcile Net Loss to Net Cash Provided By (Used In) Operating Activities Depreciation and Amortization 84,194 Impairment of Goodwill 399,388 Effect of Change in Accounting Principle - Gain on Discharge of Liabilities Subject to Compromise - Fresh Start Accounting Adjustments, Net - Unrealized Gain on Warrants (61,488) Net Loss (Gain) on Asset Sales 1,227 Provision For Doubtful Accounts 2,167 Deferred Income Taxes 680 Non-Cash Provision for Restructuring 108 Reorganization Items, Net 5,654 Minority Interest (75) Amortization of Deferred Financing Costs - Changes in Assets and Liabilities, Excluding Effects of Fresh Start Accounting, Acquisitions and Divestitures Receivables (41,745) Inventories (12,408) Prepaid Expenses and Other (2,378) Payables 32,464 Accrued Expenses (28,982) Noncurrent Liabilities (3,443) Other, Net 33,503 ---------- Net Cash Provided by (Used in) Operating Activities (13,648) ---------- Cash Flows from Investing Activities: Capital Expenditures (44,577) Proceeds From Sales Of Assets 20,962 ---------- Net Cash Used in Investing Activities (23,615) ---------- Cash Flows From Financing Activities: Increase in Short-Term Borrowings 4,174 Repayments under 9.125% Senior Notes - Borrowings under DIP Credit Facility - Repayments under DIP Credit Facility - Borrowings under Replacement DIP Credit Facility - Repayments under Replacement DIP Credit Facility - Borrowings under Senior Secured Credit Facility 168,593 Repayments Under Senior Secured Credit Facility (169,332) European Asset Securitization - Increase (Decrease) in Other Debt (2,036) Financing Costs and Other (682) ---------- Net Cash Provided by Financing Activities 717 ---------- Effect of Exchange Rate Changes on Cash and Cash Equivalents 3,031 ---------- Net Increase (Decrease) In Cash And Cash Equivalents (33,515) Cash And Cash Equivalents, Beginning Of Period 59,596 ---------- Cash And Cash Equivalents, End Of Period $26,081 ========== Headquartered in Princeton, New Jersey, Exide Technologies is the worldwide leading manufacturer and distributor of lead acid batteries and other related electrical energy storage products. The Company filed for chapter 11 protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, represent the Debtors in their restructuring efforts. Exide's confirmed chapter 11 Plan took effect on May 5, 2004. On April 14, 2002, the Debtors listed $2,073,238,000 in assets and $2,524,448,000 in debts. (Exide Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service, Inc., 215/945-7000) HAYES LEMMERZ: Reports Fourth Quarter 2004 Financial Results ------------------------------------------------------------ HLI Creditor Trust Unaudited Cash Balance Sheet As of December 31, 2004 Assets: Cash $11,699,308 Liabilities: Trust Expenses Reserve, net 11,699,308 Claimholder distribution reserve - ---------- $11,699,308 ========== HLI Creditor Trust Unaudited Statement of Cash Receipts and Disbursements Period from October 1 through December 31, 2004 Cash Receipts: Trust Recoveries $2,855,643 Interest Income 27,627 ---------- $2,883,270 ---------- Cash Disbursements: Fee Reimbursement to Reorganized Debtors (625,000) Distributions to Beneficiaries - Trust Expenses (1,380,657) ---------- (2,005,657) ---------- Net increase (decrease) in cash 877,613 Cash at beginning of period 10,821,695 ---------- Cash at end of period $11,699,308 ========== Hayes Lemmerz International, Inc., is a world leading global supplier of automotive and commercial highway wheels, brakes, powertrain, suspension, structural and other lightweight components. The Company filed for chapter 11 protection on December 5, 2001 (Bankr. D. Del. Case No. 01-11490). The Debtors' confirmed chapter 11 Plan took effect on June 3, 2003. Eric Ivester, Esq., and Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meager & Flom, represented the Debtors in their restructuring efforts. (Hayes Lemmerz Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service, Inc., 215/945-7000) HUFFY CORP: Files Restated Financial Reports Ended November 6 ------------------------------------------------------------- On Feb. 16, 2005, Huffy Corporation and its debtor-affiliates filed their restated monthly operating report for the period ended Nov. 6, 2004, with the U.S. Bankruptcy Court for the Southern District of Ohio. Huffy has subsequently determined that the unaudited balance sheet contained in such report, dated Nov. 6, 2004, should be revised to reflect certain adjustments to Huffy's pre-petition retained earnings which were over-stated by $9.445 million and its long- term liabilities which were understated also by $9.445 million, as well as other adjustments related to allocations between the pre- petition and post-petition periods. The Debtors reported a $2,004,000 net loss on $12,560,000 of net sales for the period ended Nov. 6, 2004. At Nov. 6, 2004, Huffy Corporation's consolidated balance sheet shows: Total Assets $131,439,000 Total Post Petition Liabilities 17,817,000 Total Liabilities Subject to Compromise 139,813,000 Total Liabilities 183,580,000 Shareholders' Equity Deficit $52,141,000 A full-text copy of Huffy Corporation's Monthly Operating Report ended Nov. 6, 2004, is available at no charge at: http://www.sec.gov/Archives/edgar/data/225463/000090631805000033/ex991.htm Headquartered in Miamisburg, Ohio, Huffy Corporation -- http://www.huffy.com/-- designs and supplies wheeled and related products, including bicycles, scooters and tricycles. The Company and its debtor-affiliates filed for chapter 11 protection on Oct. 20, 2004 (Bankr. S.D. Ohio Case No. 04-39148). Kim Martin Lewis, Esq., and Donald W. Mallory, Esq., at Dinsmore & Shohl LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $138,700,000 in total assets and $161,200,000 in total debts. HUFFY CORP: Files Restated Financial Reports Ended December 4 ------------------------------------------------------------- On Feb. 16, 2005, Huffy Corporation and its debtor-affiliates filed their restated monthly operating report for the period ended Dec. 4, 2004, with the U.S. Bankruptcy Court for the Southern District of Ohio. Huffy has subsequently determined that the unaudited balance sheet contained in such report, dated Dec. 6, 2004, should be revised to reflect certain adjustments to Huffy's pre-petition retained earnings which were over-stated by $9.445 million and its long- term liabilities which were understated also by $9.445 million, as well as other adjustments related to allocations between the pre- petition and post-petition periods. The Debtors reported a $5,616,000 net loss on $20,138,000 of net sales for the period ended Dec. 4, 2004. At Dec. 4, 2004, Huffy Corporation's consolidated balance sheet shows: Total Assets $129,168,000 Total Post Petition Liabilities 23,075,000 Total Liabilities Subject to Compromise 140,627,000 Total Liabilities 186,914,000 Shareholders' Equity Deficit $57,746,000 A full-text copy of Huffy Corporation's Monthly Operating Report ended Dec. 4, 2004, is available at no charge at: http://www.sec.gov/Archives/edgar/data/225463/000090631805000034/ex991.htm Headquartered in Miamisburg, Ohio, Huffy Corporation -- http://www.huffy.com/-- designs and supplies wheeled and related products, including bicycles, scooters and tricycles. The Company and its debtor-affiliates filed for chapter 11 protection on Oct. 20, 2004 (Bankr. S.D. Ohio Case No. 04-39148). Kim Martin Lewis, Esq., and Donald W. Mallory, Esq., at Dinsmore & Shohl LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $138,700,000 in total assets and $161,200,000 in total debts. HUFFY CORP: Posts $200,000 Net Loss in December 2004 ---------------------------------------------------- On Feb. 11, 2005, Huffy Corporation and its debtor-affiliates filed their monthly operating report for the period ended Dec. 31, 2004, with the U.S. Bankruptcy Court for the Southern District of Ohio. The Debtors reported a $200,000 net loss on $8,699,000 of net sales for the period ended Dec. 31, 2004. At Dec. 31, 2004, Huffy Corporation's consolidated balance sheet shows: Total Assets $111,758,000 Total Post Petition Liabilities 20,072,000 Total Liabilities Subject to Compromise 133,915,000 Total Liabilities 169,704,000 Shareholders' Equity Deficit $57,946,000 A full-text copy of Huffy Corporation's December 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/225463/000090631805000031/ex991.htm Headquartered in Miamisburg, Ohio, Huffy Corporation -- http://www.huffy.com/-- designs and supplies wheeled and related products, including bicycles, scooters and tricycles. The Company and its debtor-affiliates filed for chapter 11 protection on Oct. 20, 2004 (Bankr. S.D. Ohio Case No. 04-39148). Kim Martin Lewis, Esq., and Donald W. Mallory, Esq., at Dinsmore & Shohl LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $138,700,000 in total assets and $161,200,000 in total debts. ROBOTIC VISION: Posts $648,000 Net Loss in November 2004 -------------------------------------------------------- Robotic Vision Systems, Inc., delivered a copy of its monthly operating report for November 2004 to the U.S. Securities and Exchange Commission on Feb. 14, 2005. Robotic Vision reports a $648,000 net loss on $405,000 of gross revenues for the month ending Nov. 30, 2004. At Nov. 30, 2004, Robotic Vision's balance sheet shows: Total Current Assets $22,090,000 Total Assets 50,947,000 Total Liabilities Subject to Compromise 54,071,000 Total Liabilities 54,354,000 Shareholders' Equity Deficit $3,407,000 A full-text copy of Robotic Vision Systems, Inc.'s November 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/225868/000119312505031007/dex991.htm Headquartered in Nashua, New Hampshire, Robotic Vision Systems, Inc. -- http://www.rvsi.com/-- designs, manufactures and markets machine vision, automatic identification and related products for the semiconductor capital equipment, electronics, automotive, aerospace, pharmaceutical and other industries. The Company, together with its debtor-affiliate, filed for chapter 11 protection on Nov. 19, 2004 (Bankr. D. N.H. Case No. 04-14151). Bruce A. Harwood, Esq., at Sheehan, Phinney, Bass + Green represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $43,046,000 in total assets and $51,338,000 in total debts. SOLUTIA INC: Posts $27 Million Net Loss for December 2004 --------------------------------------------------------- Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of December 31, 2004 ASSETS Current Assets: Cash $50,000,000 Trade Receivables, net 138,000,000 Account Receivables-Unconsolidated subsidiaries 52,000,000 Inventories 140,000,000 Other Current Assets 96,000,000 -------------- Total Current Assets 476,000,000 Property, Plant and Equipment, net 701,000,000 Investments in Affiliates 500,000,000 Intangible Assets, net 101,000,000 Other Assets 110,000,000 -------------- TOTAL ASSETS $1,888,000,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts Payable $157,000,000 Short Term Debt 300,000,000 Other Current Liabilities 187,000,000 -------------- Total Current Liabilities 644,000,000 Other Long-Term Liabilities 212,000,000 -------------- Total Liabilities Not Subject to Compromise 856,000,000 Liabilities Subject to Compromise 2,301,000,000 Shareholders' Deficit (1,269,000,000) -------------- TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,888,000,000 ============== Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended December 31, 2004 Total Net Sales $180,000,000 Total Cost Of Goods Sold 194,000,000 -------------- Gross Profit (14,000,000) Total MAT Expense 19,000,000 -------------- Operating Income (33,000,000) Equity Loss from Affiliates 7,000,000 Interest Expense, net (3,000,000) Other Income, net 1,000,000 Reorganization Items: Professional fees (3,000,000) Employee severance and retention costs (1,000,000) -------------- Total Reorganization Items (4,000,000) -------------- Loss Before Taxes (32,000,000) Income Tax Benefit (5,000,000) -------------- NET LOSS ($27,000,000) ============== Headquartered in St. Louis, Missouri, Solutia, Inc. -- http://www.solutia.com/-- with its subsidiaries, make and sell a variety of high-performance chemical-based materials used in a broad range of consumer and industrial applications. The Company filed for chapter 11 protection on December 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed $2,854,000,000 in assets and $3,223,000,000 in debts. (Solutia Bankruptcy News, Issue No. 32; Bankruptcy Creditors' Service, Inc., 215/945-7000) TECO AFFILIATES: Panda Gila's Schedules of Assets and Liabilities ----------------------------------------------------------------- A. Real Property $507,520 B. Personal Property B.1 Cash on Hand Comerica Dallas, TX 116,853 Fidelity Investments New York, NY 11,669,925 B.2 Bank Account 0 B.3 Security Deposits 38,750 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in partnerships or joint venture 0 B.14 Bonds 0 B.15 Accounts receivable Arizona Operations Company 710,270 Arizona Public Service Company 2,909,619 Constellation Energy Commodities Group 4,564,282 Coral Energy Management, LLC 2,123,132 L.A. Dept. of Water & Electric 175,668 Morgan Stanley Capital Group 2,697,601 Powerex 165,214 Public Service Company of Colorado 108,923 Public Service Company of New Mexico 132,800 Salt River Project 671,093 TECO Energy 220,000 Teneska Marketing Ventures 120,200 Other Accounts Receivable 400,106 B.16 Alimony 0 B.17 Other liquidated debts owed AON Risk Services - Property Insurance 1,337,115 Holloman Corporation 152,822 Others 190,159 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims 0 B.21 Patents, copyrights & trademarks 84,733 B.22 Other intangibles 0 B.23 Automobiles 180,431 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies Computer Software Gila River location 123,957 Small Equipment Gila River location 236,220 Others 120,271 B.27 Machinery, furniture and fixtures Gila River Power Plant & Equipment 1,229,023,873 Structures and Improvements 21,172,780 B.28 Inventory Transition Piece, Gila River 1,032,139 Transition Piece, Gila River 1,002,118 Liner Assembly, Gila River 541,247 Liner Assembly, Gila River 525,601 Fuel Nozzle Assembly, Gila River 940,474 Fuel Nozzle Assembly, Gila River 913,133 Dry Low Nox Cap, Gila River 415,509 Dry Low Nox Cap, Gila River 403,454 Consumables, Gila River 161,227 Spare parts, Gila River 2,037,077 Others 9,508 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property Arizona Public Service - FV Spread Option 194,487 Arizona Public Service - Prepaid 3,874,800 BP - FV Gas hedge derivative 140,865 Constellation - FV Spread Option 507,938 Dewey Ballantine, LLP - Legal Retainer 150,000 El Paso - Fuel Imbalance 1,234,783 Kroll Zolfo Cooper - Retainer 1,027,500 Latham & Watkins - Legal Retainer 1,320,000 Morgan Stanley - FV Spread Option 1,343,905 PA Consulting - Retainer 292,500 Squires Sanders & Dempsey - Retainer 325,000 UBS - FV Gas hedge derivative 455,745 Others 147,662 TOTAL SCHEDULED ASSETS $1,298,950,988 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims Aretex $39,092,281 Bank of Montreal 20,258,974 Barclays Bank PLC 30,030,949 Bayerische Hypo-Und Vereinsbank AG 30,030,949 Bear Stearns 13,891,065 BNP Paribas 30,030,949 Cargill, Incorporated 36,352,778 CDC Finance - CDC Ixis 20,258,974 Citibank GRB 41,288,111 Citigroup Financial Products Inc 5,720,181 Cobank, ACB 28,600,904 Credit Lyonnais (Calyon) 16,683,861 Credit Suisse/First Boston 17,189,547 Dexia Bank 30,030,949 DZ Bank Deutsche Genossenschaftsbank AG 20,258,974 Franklin Mutual 51,009,110 Hsh Nordbank AG 16,683,861 ING (US) Capital LLC 9,533,635 JPMorgan Chase Bank 4,511,195 KBC Bank N.V. 20,258,974 Landesbank Rheinland-Pfalz Girozentrale 9,533,635 Lehman 5,050,556 Merrill Lynch, Pierce,Fenner & Smith Inc. 28,234,289 Natexis Banque Populaires 16,683,861 Norddeutsche Landesbank Girozentrale 33,632,121 Quadrangle Master Funding Ltd 44,539,591 Royal Bank of Canada 33,462,375 Royal Bank of Scotland 32,036,798 Satellite Senior Income Fund, LLC 24,588,834 Scotiabanc Inc. 30,030,949 Societe Generale 40,997,026 Stonehill 26,913,904 Toronto Dominion (Texas) Inc. 30,030,949 UBS Unknown * UBS only has participation in the LC Facility, which is contingent. E. Unsecured Priority Claims Unliquidated F. Unsecured Non-Priority Claims Contingent Claims Citibank (Credit Facility Fee) $2,550,000 Unliquidated Claims APS 600,000 Arizona Public Service 735,667 BP Energy Company 1,848,190 ConocoPhillips Company 519,748 TECO Energy Inc 75,658,451 Think Energy Group 125,000 TransAlta Marketing (US) Inc 101,895 Contingent, Unliquidated, & Disputed Claims Aquila Energy Marketing Corp 950,000 General Electric International, Inc. 24,000,000 Contingent and unliquidated PNM - FV Power hedge derivative 1,390,800 Tucson - FV Power hedge derivative 449,160 Others 1,354,965 TOTAL SCHEDULED LIABILITIES $947,734,985 ====================================================== 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. Case No. 05-01143, and 05-01149 through 05-01151). 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. (TECO Affiliates Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., 215/945-7000) TECO AFFILIATES: Trans-Union's Schedules Of Assets And Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.1 Cash on Hand 0 B.2 Bank Account 0 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in partnerships or joint venture 0 B.14 Bonds 0 B.15 Accounts receivable 0 B.16 Alimony 0 B.17 Other liquidated debts owed 0 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims 0 B.21 Patents, copyrights & trademarks 0 B.22 Other intangibles 0 B.23 Automobiles 0 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 0 B.27 Machinery, furniture and fixtures Pipeline and related equipment El Dorado, Arkansas and Bienville, Louisiana 38,946,146 * The Debtors believe the actual value to be substantially less. B.28 Inventory 0 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property TOTAL SCHEDULED ASSETS $38,946,146 ======================================================= C. Property Claimed as Exempt Not Applicable D. Secured Claims Aretex $34,433,166 Bank of Montreal 17,844,459 Barclays Bank PLC 26,451,787 Bayerische Hypo-Und Vereinsbank AG 26,451,787 Bear Stearns 12,235,494 BNP Paribas 26,451,787 Cargill, Incorporated 32,020,164 CDC Finance - CDC Ixis 17,844,459 Citibank GRB 36,367,292 Citigroup Financial Products Inc 5,038,436 Cobank, ACB 25,192,178 Credit Lyonnais (Calyon) 14,695,437 Credit Suisse/First Boston 15,140,854 Dexia Bank 26,451,787 DZ Bank Deutsche Genossenschaftsbank AG 17,844,459 Franklin Mutual 44,929,719 HSH Nordbank AG 14,695,437 ING (US) Capital LLC 8,397,393 JPMorgan Chase Bank 3,973,540 KBC Bank N.V. 17,844,459 Landesbank Rheinland-Pfalz Girozentrale 8,397,393 Lehman 4,448,619 Merrill Lynch, Pierce,Fenner & Smith Inc. 24,869,257 Natexis Banque Populaires 14,695,437 Norddeutsche Landesbank Girozentrale 29,623,762 Quadrangle Master Funding Ltd 39,231,253 Royal Bank of Canada 29,474,246 Royal Bank of Scotland 28,218,573 Satellite Senior Income Fund, LLC 21,658,276 Scotiabanc Inc. 26,451,787 Societe Generale 36,110,899 Stonehill 23,706,239 Toronto Dominion (Texas) Inc. 26,451,787 UBS Unknown * UBS only has participation in the LC Facility, which is contingent. E. Unsecured Priority Claims Unliquidated F. Unsecured Non-Priority Claims Union Power Partners 35,596,831 TOTAL SCHEDULED LIABILITIES $773,238,453 ======================================================= 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. Case No. 05-01143, and 05-01149 through 05-01151). 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. (TECO Affiliates Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., 215/945-7000) TECO AFFILIATES: Union Power's Schedules Of Assets And Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.1 Cash on Hand Comerica Dallas, TX 131,666 Fidelity Investments New York, NY 6,082,304 B.2 Bank Account 0 B.3 Security Deposits 6,120 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in partnerships or joint venture 0 B.14 Bonds 0 B.15 Accounts receivable Entergy 853,968 Gila River Transition Company 1,779,688 Regency Interstate Gas 192,923 TECO 167,031 Tennessee Valley Authority 194,825 TPS Arkansas 464,652 Trans Union Interstate Pipeline 35,596,831 UPP Finance Company 676,130,000 Others 88,771 B.16 Alimony 0 B.17 Other liquidated debts owed AON Risk Services - Property Insurance 1,144,026 Others 132,236 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims 0 B.21 Patents, copyrights & trademarks 95,026 B.22 Other intangibles 0 B.23 Automobiles 110,312 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies Small tools 108,476 Software 147,233 Others 86,743 B.27 Machinery, furniture and fixtures Plant equipment 510,217,432 Structures & improvements 583,058,178 * The Debtors believe the actual value to be substantially less. B.28 Inventory Balance of plant spare parts Union Power Station 1,355,076 LTSA spare parts, Union Power Station 6,025,687 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property Dewey Ballantine 150,000 Kroll Zolfo Cooper, LLC 622,500 Latham & Watkins 780,000 PA Consulting 157,500 Squires, Sanders & Dempsey 175,000 Others 67,181 TOTAL SCHEDULED ASSETS $1,826,121,385 ======================================================= C. Property Claimed as Exempt Not Applicable D. Secured Claims Aretex $34,433,166 Bank of Montreal 17,844,459 Barclays Bank PLC 26,451,787 Bayerische Hypo-Und Vereinsbank AG 26,451,787 Bear Stearns 12,235,494 BNP Paribas 26,451,787 Cargill, Incorporated 32,020,164 CDC Finance - CDC Ixis 17,844,459 Citibank GRB 36,367,292 Citigroup Financial Products Inc 5,038,436 Cobank, ACB 25,192,178 Credit Lyonnais (Calyon) 14,695,437 Credit Suisse/First Boston 15,140,854 Dexia Bank 26,451,787 DZ Bank Deutsche Genossenschaftsbank AG 17,844,459 Franklin Mutual 44,929,719 HSH Nordbank AG 14,695,437 ING (US) Capital LLC 8,397,393 JPMorgan Chase Bank 3,973,540 KBC Bank N.V. 17,844,459 Landesbank Rheinland-Pfalz Girozentrale 8,397,393 Lehman 4,448,619 Merrill Lynch, Pierce,Fenner & Smith Inc. 24,869,257 Natexis Banque Populaires 14,695,437 Norddeutsche Landesbank Girozentrale 29,623,762 Quadrangle Master Funding Ltd 39,231,253 Royal Bank of Canada 29,474,246 Royal Bank of Scotland 28,218,573 Satellite Senior Income Fund, LLC 21,658,276 Scotiabanc Inc. 26,451,787 Societe Generale 36,110,899 Stonehill 23,706,239 Toronto Dominion (Texas) Inc. 26,451,787 UBS Unknown * UBS only has participation in the LC Facility, which is contingent. E. Unsecured Priority Claims Unliquidated F. Unsecured Non-Priority Claims Unliquidated Claims Quinn Water Association $140,000 Southern Arkansas University 100,000 TECO Energy Inc 111,594,443 Contingent, Unliquidated & Disputed claims Aquila Energy Marketing Corp 1,063,000 Clearvalue, Inc. Unknown General Electric International Inc 24,000,000 Union County Lease Payable 676,130,000 Other Unliquidated Claims 274,460 TOTAL SCHEDULED LIABILITIES $1,550,943,525 ====================================================== 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. Case No. 05-01143, and 05-01149 through 05-01151). 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. (TECO Affiliates Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., 215/945-7000) TECO AFFILIATES: UPP Finance's Schedules of Assets and Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.1 Cash on Hand 0 B.2 Bank Account 0 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in partnerships or joint venture 0 B.14 Bonds 676,130,000 B.15 Accounts receivable 0 B.16 Alimony 0 B.17 Other liquidated debts owed 0 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims 0 B.21 Patents, copyrights & trademarks 0 B.22 Other intangibles 0 B.23 Automobiles 0 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 0 B.27 Machinery, furniture and fixtures 0 B.28 Inventory 0 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property 0 TOTAL SCHEDULED ASSETS $676,130,000 ======================================================= C. Property Claimed as Exempt Not Applicable D. Secured Claims Aretex $34,433,166 Bank of Montreal 17,844,459 Barclays Bank PLC 26,451,787 Bayerische Hypo-Und Vereinsbank AG 26,451,787 Bear Stearns 12,235,494 BNP Paribas 26,451,787 Cargill, Incorporated 32,020,164 CDC Finance - CDC Ixis 17,844,459 Citibank GRB 36,367,292 Citigroup Financial Products Inc 5,038,436 Cobank, ACB 25,192,178 Credit Lyonnais (Calyon) 14,695,437 Credit Suisse/First Boston 15,140,854 Dexia Bank 26,451,787 DZ Bank Deutsche Genossenschaftsbank AG 17,844,459 Franklin Mutual 44,929,719 HSH Nordbank AG 14,695,437 ING (US) Capital LLC 8,397,393 JPMorgan Chase Bank 3,973,540 KBC Bank N.V. 17,844,459 Landesbank Rheinland-Pfalz Girozentrale 8,397,393 Lehman 4,448,619 Merrill Lynch, Pierce,Fenner & Smith Inc. 24,869,257 Natexis Banque Populaires 14,695,437 Norddeutsche Landesbank Girozentrale 29,623,762 Quadrangle Master Funding Ltd 39,231,253 Royal Bank of Canada 29,474,246 Royal Bank of Scotland 28,218,573 Satellite Senior Income Fund, LLC 21,658,276 Scotiabanc Inc. 26,451,787 Societe Generale 36,110,899 Stonehill 23,706,239 Toronto Dominion (Texas) Inc. 26,451,787 UBS Unknown * UBS only has participation in the LC Facility, which is contingent. E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Union Power Partners 676,130,000 TOTAL SCHEDULED LIABILITIES $1,413,771,622 ====================================================== 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. Case No. 05-01143, and 05-01149 through 05-01151). 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. (TECO Affiliates Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service, Inc., 215/945-7000) TWINLAB CORP: Files January 2005 Monthly Operating Report --------------------------------------------------------- On Feb. 15, 2005, Twinlab Corporation (n/k/a TL Administration Corporation ), Twin Laboratories Inc. (n/k/a TL Administration Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration (UK) Ltd.) filed their monthly operating reports for the month ended Jan. 31, 2005, with the Securities and Exchange Commission. At Jan. 31, 2005, Twinlab Corporation (n/k/a TL Administration Corporation) reports that it has no independent means of generating revenue due to its non-operation. As a holding company, Twinlab's internal sources of funds to meet its cash needs, including the payment of expenses, are dividends and other permitted payments from its direct and indirect subsidiaries. Full-text copies of the Debtors' January 2005 Monthly Operating Reports are available at no charge at: http://www.sec.gov/Archives/edgar/data/1015868/000095012305001877/0000950123 -05-001877-index.htm On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc. and Twin Laboratories (UK) Ltd., commenced voluntary cases under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. These chapter 11 cases are being jointly administered under chapter 11 case number 03-15564 (CB) and are pending before the Honorable Cornelius Blackshear. Also, on Sept. 4, 2003, the Companies entered into that certain asset purchase agreement with IdeaSphere, Inc. of Grand Rapids, Michigan, pursuant to which the Companies sold substantially all of their assets. The sale closed on Dec. 9, 2003, effective as of Dec. 9, 2003. In connection with the sale, the Debtors obtained an order from the Court authorizing them to change their names. Twinlab Corporation changed its name to TL Administration Corporation, Twin Laboratories Inc., changed its name to TL Administration Inc., and Twin Laboratories (UK) Ltd., changed its name to TL Administration (UK) Ltd. The Debtors continue to operate as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. YUKOS OIL: Files Schedules of Assets and Liabilities ---------------------------------------------------- A. Real Property None B. Personal Property B.2 Bank Accounts JSC Banque Societe General Vostok Moscow $10,272,838 Southwest Bank of Texas 1,980,439 Bank "Menatep St. Petersburg" (OJSC) Krasnoyarsk Branch 498 Trust Investment Bank 330 B.12 Stocks and interests in businesses $16,437,571,767 A free copy of the list of stocks & interests is available at: http://bankrupt.com/misc/yukosstocks&interests.pdf B.14 Government and corporate bonds Short term loans $52,777,704 Various bills of exchange 216,788,513 Other short term investments 22,461,968 General Reserve (1,493,968) B.15 Accounts Receivable Third Party Irkutsk custom 7,893,194 OOO BaltTrans Service 5,485,662 China International United Petroleum 4,747,839 OAO YatutskGazprom 3,603,772 Legal bureau Reznik, Gagarin, Abushakhmin and partners 2,814,730 Energy Custom of Russian Federation 2,808,138 FONTANA GROUP S.A. 1,982,400 State Customs Committee of Russia 1,928,505 REID Minty Office Account 1,850,625 OOO PRO VISION Group 1,436,487 OOO Dinamo Moskva 1,285,376 AKB Investment Bank Trust 1,113,100 Fond analiticheskikh program Expertiza 997,344 Legal Bureau Padva and Partners 930,987 OOO NAFAPAL 803,808 GUP Vostochno-Sibirskaya Railroad 634,676 ZAO Gotodskoy Center bronirovaniya I Turizma 620,114 OAO Izvestiya editorial 562,764 Novokuybyshevsky Neftekhimichesky kombinat 537,091 Ministry of Defense of Russian Federation 516,443 Others 15,334,464 Intercompany OOO YUKOS Import 921,553,470 Routhenhold Holdings LTD 558,071,890 OOO YUKOS Vostok Trade 263,549,668 ZAO YUKOS Mamontovo 140,635,156 OOO Energotrade 104,992,962 OAO Tomskneft VNK 64,951,340 OOO Yukos Export Trade 57,961,044 OAO Samaraneftegaz 56,378,727 OAO Yuganskneftegas 52,141,363 OOO SIBINTEK-Leasing 11,742,780 OOO Torgovyi Dom YUKOS-M 4,780,870 A.B. Mazeikiu Nafta 3,906,541 OAO Novokuybyshevsky NPZ 3,058,838 OAO Kuybyshevsky NPZ 2,967,633 ZAO YUKOSTransService (Angarsk Branch) 2,836,745 ZAO YUKOS Refining and Marketing 1,517,776 OOO Strejevskoy NPZ 994,635 OOO Yukos Moskva 745,143 NGO Mejotraslevoy Tekhnologischeskyi Inst. 617,978 OOO Zapadno-Malobalykskoe 550,223 Others 2,225,861 B.17 Liquidated Claims Long Term Loans 19,501,010 B.22 Licenses, franchises and other intangibles Various oil and gas licenses 19,888,349 Various software licenses 9,018,373 Other intangibles 265,316 B.23 Transportation 361,332 B.27 Machinery, fixtures, equipment and supplies Various materials and equipment 4,837,966 Various pipelines and gathering systems 22,739,605 B.28 Inventory Raw materials 12,903,033 Finished Products 1,918,728 B.33 Other Assets Costs associated with drilling oil and gas wells 34,317,834 Various temporary buildings 3,921,526 Infrastructure and auxiliary facilities 55,756,905 Various other fixed assets 2,905,168 Various prepaid expenses 15,489,178 Infrastructure and auxiliary facilities in process 126,594,692 TOTAL SCHEDULED ASSETS $19,384,847,493 ================================================ C. Property Claims As Exempt Not Applicable D. Secured Claims 0 E. Unsecured Priority Claims Russian Federation Ministry for Taxes and Levies $23,007,556,307 Energy Custom of Russian Federation 15,653,120 Finance Dept. of Pyt-yakh City Admin. 1,218,128 State Property Committee (Xanty-mansyisk) 617,388 OAO Obneftegazgeologiya 524,790 OOO Service-Nafta 355,509 Achinsk City Administration 109,969 Krasnoyarsk Custom 87,947 Tomsk Taxes 12,610 Bailiff's Office (Novokuybyshevsk) 72 F. Unsecured Nonpriority Claims Bank Debt Societe Generale - Bank group Agent 525,806,280 Societe Generale - Shareholders' agent 804,875,408 Non-affiliate Debt OAO AK Transneft 106,816,721 OOO Macro-Trade 22,237,484 OAO Bank MENATEP SPb (Moscow Branch) 2,928,271 OOO Yupiter XXIV 2,896,773 BCEN Eurobank 2,167,975 OOO Kargill Yug 1,520,462 OOO Sovgeolnfo 1,037,886 OOO Prikasplyskburnegt-Povolgie 1,012,795 OOO NPO Intekh 910,493 ZAO Investpribor 863,655 ZAO Tyumenskaya complexnaya 812,371 geologorazvedochnaya expeditzia OOO Venera XXI 745,241 ZAO PriceWaterhouseCoopers Audit 568,930 Others 4,163,931 Intercompany Debt Loans Brittnay Assets Limited 5,000,000 Yukos USA 21,500,000 Y-Mordoviya 3,454,191,716 YUKOS Capital S.A.R.L. 3,348,902,281 Yukos Hydrocarbons Investment 1,000,000 Accounts Payable 3,828,989,268 Energotrade OOO 2,576,779,092 OAO Tomsneft VNK 466,295,056 OOO YUKOS Vostok Trade 413,489,681 OAO Samaraneftegaz 87,553,795 OOO Fargoil 76,269,941 ZAO YUKOS-M 70,453,568 OOO YUKOS-Moskva 45,496,055 OOO YUKOS Expert Trade 28,978,915 OOO Zapadno-Malobalyskoe 28,869,186 Evoil OOO 5,640,903 ZAO YUKOS Exploration & production 3,698,335 OAO VSNK 3,697,825 OAO Voronezhnefteprodukt 3,369,527 JSC Mazeikiu Nafta 2,172,284 ZAO Orelnefteprodukt 2,082,980 ZAO Lipetzknefteproduckt 1,876,618 OAO Belgorodnefteprodukt 1,785,645 OAO Tomsknefteprodukt VNK 1,499,169 OOO Y-Mordovia 1,329,382 ZAO Ulyanovsknefteprodukt 1,143,475 ZAO Bryansknefteprodukt 1,111,584 ZAO Sibirskaya Servisnaya Kompaniya 1,105,468 ZAO YUKOS - Transservice (Angarsk) 781,435 ZAO YUKOS Refining and Marketing 691,924 ZAO Penzanefteprodukt 673,725 OOO Sibintek 599,263 Others 1,544,438 Previously Affiliated Companies OAO Yuganskneftegas 2,349,980,377 TOTAL SCHEDULED DEBTS $37,515,064,157 ================================================ Headquartered in Houston, Texas, Yukos Oil Company -- http://www.yukos.com/ -- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debts. (Yukos Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000) YUKOS OIL: Files Statement Of Financial Affairs ----------------------------------------------- Bruce K. Misamore, Chief Financial Officer of Yukos Oil Company, discloses that for the past three years, Yukos' business operations generated income totaling: Period Amount ------ ------ 01/01/04 - 09/30/04 $178,258,977 01/01/03 - 12/31/03 237,607,160 01/01/02 - 12/31/02 774,131,531 From other sources, Yukos earned these amounts: Period Amount ------ ------ 01/01/04 - 09/30/04 $8,213,530 01/01/03 - 12/31/03 51,721,860 01/01/02 - 12/31/02 11,118,770 Fiscal Year 2003 is primarily comprised of a gain from securities transactions. Fiscal Year 2002 is primarily comprised of gains from securities transactions, account payable write-offs resulting in forgiveness of debt, and miscellaneous income. The amounts listed in Yukos' generated income were converted from Russian Rubles to US Dollars utilizing the average exchange rates for the specific period: Period Rates ------ ----- 01/01/04 - 09/30/04 $28.90 01/01/03 - 12/31/03 30.66 01/01/02 - 12/31/02 31.37 Within the 90-day period immediately preceding the Petition Date, Yukos paid $1,396,556,920 to its creditors, including: Creditor Date Amount -------- ---- ------ KhMAO Region Treasury Dept. of Ministry of Finance 9/15/04 $23,733,495 KhMAO Region Treasury Dept. of Ministry of Finance 9/17/04 106,104,191 KhMAO Region Treasury Dept. of Ministry of Finance 10/01/04 31,942,117 Moscow Dept. of Ministry of Justice 10/12/04 21,420,989 Moscow Dept. of Ministry of Justice 10/18/04 42,725,073 Moscow Dept. of Ministry of Justice 10/18/04 105,726,700 Moscow Dept. of Ministry of Justice 10/19/04 53,240,988 Moscow Dept. of Ministry of Justice 10/20/04 131,551,303 Moscow Dept. of Ministry of Justice 10/26/04 92,467,712 Moscow Dept. of Ministry of Justice 10/26/04 118,196,780 Moscow Dept. of Ministry of Justice 10/27/04 48,614,518 Moscow Dept. of Ministry of Justice 11/03/04 32,725,887 Moscow Dept. of Ministry of Justice 11/10/04 23,142,719 Moscow Dept. of Ministry of Justice 11/24/04 52,006,649 Moscow Dept. of Ministry of Justice 12/03/04 35,200,280 KhMAO Region Treasury Dept. of Ministry of Finance 12/14/04 43,549,102 Others 434,208,417 The amounts paid to Yukos' creditors were converted from Russian Rubles to US Dollars using the average exchange rate for the 90- day period from September 15, 2003, to December 14, 2004, which was of $28.76s. Due to time constraint and difficulty searching Yukos' database, Mr. Misamore relates that the list of payments to insiders has not yet been refined as of February 9, 2005. However, Yukos provided the Court with a 697-page list of payments, inclusive of all payments made to any insider. Mr. Misamore further discloses that Yukos is a party to 73 lawsuits that are now pending or stayed in the courts where they were filed. Mr. Misamore also notes that on April 16, 2004, the Russian Government arrested Yukos' stock holdings of all first tier subsidiaries, including oil and gas exploration and production and refining and marketing subsidiaries, for the Russian Federation Ministry for Taxes and Levies' benefit. Within one year preceding the Petition Date, Yukos gave gifts and made charitable contributions totaling $61,293,000. In the same period, Yukos paid Fulbright & Jaworski, LLP, $5,519,561 in legal fees: Payor Description Net Payment ----- ----------- ----------- Yukos Oil from Proceeds of Legal Loans from Yukos Hydrocarbons Prepetition Fees $519,561 Yukos Oil from Proceeds of Loan from Brittany Assets Limited, a B.V.I. Company Retainer 5,000,000 Yukos made several set-offs to various entities totaling $1,396,549,398, within the 90-day period preceding the Petition Date. Mr. Misamore points out that during the 90 days prior to the Petition Date, various Russian taxing authorities seized $1,390,549,398 from Yukos' bank accounts. Yukos believes that these amounts have been applied as a setoff against the asserted tax claims and penalties. Pursuant to a comprehensive agreement, YUKOS-Finansovo Buhgaltersky Center keeps and maintains all of Yukos' financial books and records since January 2001. PricewaterhouseCoopers Moscow was retained by Yukos on December 31, 2003, to perform auditing services. Through September 30, 2003, Yukos submitted their consolidated financial statements to the Securities and Exchange Commission using the U.S. GAAP. As a result, the company's consolidated financial statements are publicly available. In addition, Yukos generally provided their consolidated and consolidating financial statements directly to their primary lenders, and in certain circumstances, to other parties in the ordinary course of business, including in support of requests for extensions of trade credit and in connection with investor relations correspondence. Quarterly, Yukos submitted its Russian GAAP financial statement in accordance with local requirements to the Russian Tax Authorities. According to Mr. Misamore, as of February 9, 2005, Yukos' insiders are: Current Directors Title ----------------- ----- Viktor Gerashchenko Chairman of the Board Alexei Kontorovich Director Bernard Loze Director Francois Buclez Director Yurii Golubev Director Yurii Pokholkov Director Current Officers Title ----------------- ----- Yukos Moscow (Members of Managing Board) Chief Executive Officer Bruce Misamore Chief Financial Officer Irina Golub Chief Accounting Officer Current Managing Board Members of Yukos Moscow Title ----------------- ----- Yukos Moscow (Members of Managing Board) Chief Executive Officer Steven Theede Managing Board Chairman Bruce Misamore Active Alexander Temerko Active Mikhail Elfimov Active Yurii Beilin Active Known stockholders who directly or indirectly own, control, or hold 5% or more of the voting or equity securities of Yukos are: Name of Shareholder Percentage of Stock Ownership ------------------- ----------------------------- Hully Enterprises 48.70% Millhouse Capital (SPV) 10.00% - 26.00% Veterans Petroleum Trust 10.09% Seven individuals have resigned from Yukos' Board of Directors: Name Title Reason ---- ----- ------ Simon Kukes Board Chairman Replaced by Vote Mikhail Khodorkovsky Director Replaced by Vote Edgar Ortiz Director Resigned Jacques Kosciusko-Morizet Director Resigned Michel Soublin Director Resigned Raj Gupta Director Resigned Sarah Carey Director Resigned Mr. Misamore notes that although these individuals have resigned as members of the Board of Directors, Russian law does not permit formal dismissal of duties until approved by a shareholders' meeting. Therefore, their formal resignations have not been completed. Headquartered in Houston, Texas, Yukos Oil Company -- http://www.yukos.com/ -- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debts. (Yukos Bankruptcy News, Issue No. 10; 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. 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All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L. Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P. Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick F. Casquejo and Peter A. Chapman, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9474. 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