/raid1/www/Hosts/bankrupt/TCR_Public/050305.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, March 5, 2005, Vol. 9, No. 54
Headlines
ACCEPTANCE INSURANCE: Posts $1,879 Net Loss in January 2005
ADELPHIA COMMS: Reports $44.1 Million Net Loss in January 2005
ADELPHIA: Century/ML's January 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson Files Jan. 2005 Monthly Operating Report
COMMERCE ONE: Posts $45,006 Net Loss in January 2005
FRESH CHOICE: Posts $937,262 Net Loss for Period Ended Jan. 23
HAWAIIAN AIRLINES: Posts $588,000 Net Income for January 2005
INTERMET CORP: Posts $3,149,000 Net Loss in January 2005
INTERSTATE BAKERIES: Files Financial Statements Ending Jan. 8
PARMALAT: Finanziaria Reports January 2005 Financial Results
PARMALAT: Releases Monthly Operating Report Ended Dec. 25, 2004
PARMALAT: Milk Products' December 2004 Monthly Operating Report
PARMALAT: Farmland Dairies' December 2004 Monthly Operating Report
SOLUTIA INC: Posts $3 Million Net Loss for January 2005
SPIEGEL INC: Earns $144 Million of Net Income in January 2005
UAL CORP: Posts $326 Million Net Loss for January 2005
WESTPOINT STEVENS: Posts $42 Million Net Loss in December 2004
WESTPOINT STEVENS: WP Stevens I Posts $4MM Net Income in December
WESTPOINT STEVENS: JP Stevens & Co.'s December Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' Dec. Operating Report
WESTPOINT STEVENS: WP Stevens Stores' December Operating Report
YUKOS OIL: Files Monthly Operating Report for December 2004
YUKOS OIL: Files Monthly Operating Report for January 2005
*********
ACCEPTANCE INSURANCE: Posts $1,879 Net Loss in January 2005
-----------------------------------------------------------
On Feb. 15, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for January 2005, with the U.S.
Bankruptcy Court for the District of Nebraska.
The Debtor reports a $1,879 net loss for January 2005.
At Jan. 31, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,860,639
Total Assets 33,113,639
Total Liabilities 138,156,314
Total Shareholders' Equity $(105,042,675)
A full-text copy Acceptance Insurance Companies Inc.'s January
2005 Monthly Operating Report is available at no charge at:
http://sec.gov/Archives/edgar/data/74783/000119312505038259/dex991.htm
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/ -- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed chapter 7
petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-80058). John
J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its
restructuring efforts. When the Debtor filed for protection from
its creditors, it listed $33,069,446 in total assets and
$137,120,541 in total debts.
ADELPHIA COMMS: Reports $44.1 Million Net Loss in January 2005
--------------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of January 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $382,990
Restricted cash 5,176
Accounts receivables - net 107,924
Other current assets 175,123
-----------
Total current assets 671,213
Restricted cash 4,641
Investments in equity affiliates 229,953
Related party receivables 21,940
Property, plant and equipment - net 4,321,004
Intangible assets - net 7,495,155
Other noncurrent assets - net 107,430
-----------
Total Assets $12,851,336
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $156,223
Subscriber advance payments and deposits 33,996
Accrued and other liabilities 449,914
Deferred revenue 30,913
Current portion of parent and subsidiary debt 707,633
-----------
Total current liabilities 1,378,679
Other liabilities 120,640
Deferred revenue 83,183
Deferred income taxes 619,844
-----------
Total noncurrent liabilities 823,667
Liabilities subject to compromise 18,058,472
-----------
Total liabilities 20,260,818
Minority interests 90,263
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 (16,256,470)
Treasury stock, at cost (27,937)
-----------
Total (6,713,614)
Amounts due from Rigas family entities (786,131)
-----------
Total stockholders' equity (7,499,745)
-----------
Total liabilities and stockholders' equity $12,851,336
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended January 31, 2005
(Dollars in thousands)
Revenue $333,138
Cost and expenses:
Direct operating and programming 207,080
Selling, general and administrative:
Third party 28,069
Investigation and re-audit related fees 5,932
Depreciation and amortization 86,503
Impairment of long-lived and other assets -
Non-recurring professional fees -
-----------
Operating income (loss) 5,554
Other income (expense):
Interest expense (44,029)
Impairment of cost & available for sale investments -
Other income (expense) - net 49
-----------
Total other expense - net (43,980)
-----------
Loss from continuing operations before
Reorganization expenses (38,426)
Reorganization expenses due to bankruptcy (6,774)
-----------
Loss from continuing operations before income taxes (45,200)
Income tax (expense) benefit -
Share of losses of equity affiliates - net (130)
Minority's interest in subsidiary losses - net 1,215
-----------
Net loss (44,115)
Beneficial conversion feature (583)
-----------
Net loss applicable to common stockholders $(44,698)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended January 31, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss $(44,115)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 86,503
Amortization of debt financing costs 4,670
Impairment of cost & available for sale investments -
Reorganization expenses due to bankruptcy 6,774
Deferred tax expense (benefit) -
Share in losses (earnings) of equity affiliates 130
Minority interest in losses of subsidiaries (1,215)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities 3,882
-----------
Net cash provided by operating activities before
payment of reorganization expenses 56,629
Reorganization expenses paid during the period (5,093)
-----------
Net cash provided by (used in) operating activities 51,536
Cash flows from investing activities:
Expenditures for property, plant and equipment (51,174)
Changes in restricted cash 1,139
Other 3,189
-----------
Net cash used in investing activities (46,846)
Cash flows from financing activities:
Proceeds from extended DIP facility & DIP facility 45,000
Repayments of debt (4,972)
Payment of bank financing costs -
-----------
Net cash provided by financing activities 40,028
Change in cash and cash equivalents cash 44,718
Cash, beginning of period 338,272
-----------
Cash, end of period $382,990
===========
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.
81; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA: Century/ML's January 2005 Monthly Operating Report
------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of January 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $17,953
Subscriber receivables, net 262
Investment in Century-ML Corporation 136,348
Related party receivables 231
Other current assets 388
--------
Total current assets 155,182
Property, plant and equipment, net 6,003
Intangible assets, net 1,528
--------
Total assets $162,713
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $12
Subscriber advance payments and deposits 89
Accrued expenses and other liabilities 1,912
Intercompany payables 2,423
--------
Total current liabilities 4,436
--------
Long-term accrued and other liabilities 15
Deferred revenues 149
Deferred income taxes 45
--------
Total non-current liabilities 209
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,281
Intercompany payables 10,872
--------
Total liabilities subject to compromise 12,173
--------
Total liabilities 16,818
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 89,095
--------
Total partners' equity 145,895
--------
Total liabilities and partners' equity $162,713
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended December 31, 2004
(Dollars in thousands)
Revenue $1,023
Cost and expenses:
Direct operating and programming 522
Selling, general and administrative 21
Management fees 43
Non-recurring professional fees -
Depreciation 71
--------
Operating income before reorganization
expenses due to bankruptcy 366
Reorganization expenses due to bankruptcy 71
--------
Operating income 295
Interest income, net 20
Equity in net income of Century-ML Cable
Corporation, net of taxes 1,260
--------
Income before income taxes 1,575
Income tax expense (174)
--------
Net income $1,401
========
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 $1,401
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 71
Reorganization expenses due to bankruptcy 71
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (1,260)
Change in assets and liabilities:
Subscriber receivables, net (5)
Prepaid expenses and other assets, net (52)
Accounts payable 12
Subscriber advance payments and deposits 5
Accrued expenses and other liabilities 29
Intercompany receivables and payables - net 77
--------
Net cash provided by operating activities 349
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (65)
--------
Net cash used in investing activities (65)
--------
Change in cash and cash equivalents 284
Cash and cash equivalents, beginning of period 17,669
--------
Cash and cash equivalents, end of period $17,953
========
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. 81; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
CATHOLIC CHURCH: Tucson Files Jan. 2005 Monthly Operating Report
----------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of January 31, 2005
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 1,198,329 223,540
Cash Equivalents 2,814,340 1,989,472
Accounts receivable, net 1,553,824 1,553,824
Allowance for doubtful accounts (1,183,239) (1,183,239)
Grants receivable 377,750 377,750
Pledges receivable 6,000 6,000
A/R held in trust for others 70,571 0
Due from administered funds 122,519 0
Prepaid expenses & other assets 696,323 696,323
Investments in businesses 5,810,341 4,510,257
Corp. & Gov't. bond investments 2,391,103 1,626,103
Investment in BPIC 80,850 80,850
Notes receivable, net 2,089,942 310,992
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 525,868 525,868
Assets held for sale 60,226 60,226
Land held for future parish sites 817,460 817,460
-------------- --------------
$20,153,286 $14,640,382
============== ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 648,313 648,313
Accounts payable - pre 40,743 40,743
Accrued expenses - post 28,927 28,927
Accrued expenses - pre 157,682 157,682
Due to Diocese 122,519 122,519
Accrued insurance claims 354,225 354,225
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured long-term debt - post 100,000 100,000
Unrestricted parish deposits 6,975,561 6,962,867
Restricted parish deposits 3,579,124 0
Secured long-term debt 2,604,414 2,604,414
Custodial funds 1,921,086 0
-------------- --------------
Total Liabilities 18,594,049 13,081,145
-------------- --------------
Net Assets:
Unrestricted/temporarily
restricted (349,651) (349,651)
Permanently restricted 1,908,888 1,908,888
-------------- --------------
Total liabilities & net assets $20,153,286 $14,640,382
============== ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
January 1, 2005 through January 31, 2005
Revenues
Contributions, grants and bequests $6,700
Chancery assessment 137,998
Priests salary subsidy 18,530
Fees for services 13,010
Advertising revenue 5,649
Retreat fees 500
Rental Income 4,397
Insurance 60,165
Investment Income 1,389
Miscellaneous 1,207
--------------
Total Support & Revenue 249,546
Expense
Program Services:
Archives 2,470
Catholic Commitments & Social Services 12,635
Evangelization & Hispanic Ministry 5,433
Catechesis Office 6,230
Formation Office 5,402
Department of Catholic Schools 19,383
Clergy, religious & seminarian advancement 73,704
Parish Assistance 22,922
Catholic Social Mission 3,778
Supporting Services:
Office of Bishop Emeritus 2,010
Offices of the Bishop, et al. 28,153
Office of Women Religious 1,126
General & Administrative 4,450
Fiscal & Employee Services 41,319
Office of Child, Adolescent, et al. Protection 7,803
Communications & Community Relations 15,398
Property Management 33,308
Insurance Administration (31,872)
Reorganization 78,456
Imputed interest on settlement 14,095
Provision for doubtful accounts 5,833
Depreciation 3,643
--------------
Total Expenses 355,681
--------------
Excess (deficiency) of revenues over expenses ($106,135)
==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
January 1, 2005 through January 31, 2005
Cash and Bank Balance:
Beginning of Month $444,035
Receipts
Cash Sales 15,795
Accounts Receivable -- Prepetition 62,732
Accounts Receivable -- Postpetition 382,802
Loans and Advances 0
Sale of Assets 0
Transfers in from other accounts 125,596
Other -- Custodial Funds 27,808
Other -- Payroll Reimbursements 0
Credit Adjustments 0
--------------
Total Receipts 614,733
Disbursements:
Business -- Ordinary Operations 689,922
Capital Improvements 0
Prepetition Debt 0
Transfers to other DIP Accounts 125,596
Other -- Custodial Funds 4,312
Other -- TRF to Wells Fargo Investment 0
Other -- Payroll Reimbursement 10,399
Reorganization Expenses:
Attorney Fees 0
Accountant Fees 0
Other Professional Fees 0
Other (Advertising) 0
U.S. Trustee Quarterly Fee 5,000
Court Costs 0
--------------
Total Disbursements 835,228
--------------
Cash & Bank Balance -- End of Month $223,540
==============
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. 19;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
COMMERCE ONE: Posts $45,006 Net Loss in January 2005
----------------------------------------------------
On Feb. 22, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed its monthly operating report for the month ending Jan. 31,
2005, with the United States Bankruptcy Court for the Northern
District of California.
The Company posted a $45,006 net loss on $57,962 of net
sales for one month.
At Jan. 31, 2005, Commerce One's balance sheet showed:
Current Assets $14,760,626
Total Assets 14,760,626
Current Liabilities 847,770
Total Liabilities 34,341,557
Total Stockholder's Deficit ($19,580,931)
A full-text copy of Commerce One's January 2005 Monthly Operating
Report is available at no charge at:
http://sec.gov/Archives/edgar/data/1131806/000113180605000005/exh99-1.htm
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.
FRESH CHOICE: Posts $937,262 Net Loss for Period Ended Jan. 23
--------------------------------------------------------------
On Feb. 18, 2005, Fresh Choice, Inc., filed its monthly operating
report for the four-week period ended Jan. 23, 2005, with the
United States Bankruptcy Court for the Northern District of
California.
The Company reported a $937,262 net loss in $4,772,534 of total
revenues for the period from Dec. 27, 2004, through Jan. 23, 2005.
At Jan. 23, 2005, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $6,392,186
Total Assets 21,627,670
Current Liabilities 7,242,452
Total Prepetition Liabilities 13,070,361
Total Liabilities 22,242,042
Total Stockholders' Equity Deficit $ (614,372)
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Jan. 23, 2005, is available at no charge at:
http://sec.gov/Archives/edgar/data/893741/000115752305001769/a4828362ex991.t
xt
Headquartered in Morgan Hill, California, Fresh Choice, Inc. --
http://www.freshchoice.com/ -- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
HAWAIIAN AIRLINES: Posts $588,000 Net Income for January 2005
-------------------------------------------------------------
On Feb. 18, 2005, Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its unaudited January 2005
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii.
The carrier reports earning $588,000 on $62,901,000 of revenues
for the month of January 2005.
For the month ending January 31, 2005, Hawaiian Airlines' balance
sheet showed:
Total Current Assets $235,760,000
Total Assets 347,910,000
Total Current Liabilities 221,819,000
Total Liabilities 418,440,000
Liabilities Subject to Compromise 216,668,000
Shareholder's Deficit ($287,198,000)
A full-text copy of Hawaiian Airlines' January 2005 Monthly
Operating Report is available at no charge at:
http://sec.gov/Archives/edgar/data/1172222/000095013605000965/file002.htm
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 $3,149,000 Net Loss in January 2005
--------------------------------------------------------
On Feb. 28, 2005, Intermet Corporation and its debtor-affiliates
delivered its January 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.
For the month ending Jan. 31, 2005, Intermet Corporation reported
net loss of $3,149,000 against $59,550,000 net sales.
On Jan. 31, 2005, Intermet's balance sheet showed:
Current Assets $150,932,000
Total Assets 464,516,000
Postpetition Debts 19,317,000
Total Liabilities 571,208,000
Total Stockholders' Equity Deficit ($106,692,000)
A full-text copy of Intermet Corporation's January 2005 Monthly
Operating Report is available at no charge at:
http://sec.gov/Archives/edgar/data/745287/000095012405001100/k92469exv99w1.t
xt
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: Files Financial Statements Ending Jan. 8
-------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended January 8, 2005
REVENUE
Gross Income $238,181,434
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 56,897,640
Direct & Indirect Labor 46,092,413
Overhead & Production Administration 12,867,560
------------
Total Cost of Goods Sold 115,857,613
------------
Gross Profit $122,323,821
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $60,402,147
Advertising and Marketing 2,169,984
Insurance (Property, Casualty, & Medical) 14,815,006
Payroll Taxes 5,216,177
Lease and Rent 4,700,160
Telephone and Utilities 1,691,941
Corporate Expense (Including Salaries) 7,499,999
Other Expenses 29,152,952
------------
Total Operating Expenses $125,648,366
------------
EBITDA ($3,324,545)
Restructuring Charges 299,715
Reorganization Professional Fees 3,538,429
Depreciation and Amortization 6,868,669
Other Income (2,000)
Interest Expense 3,236,949
------------
Operating Income (Loss) (17,266,307)
Income Tax Expense (Benefit) (5,281,851)
------------
Net Income (Loss) ($11,984,456)
============
CURRENT ASSETS
Accounts Receivable at end of period $174,905,405
Increase (Decrease) in Accounts Receivable (2,413,674)
Inventory at end of period 72,256,564
Increase (Decrease) in Inventory for period (489,927)
Cash at end of period 90,095,807
Increase (decrease) in Cash for period (9,384,739)
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 507,029
Increase (Decrease) in Liabilities
Subject to Compromise 298,503
Taxes payable:
Federal Payroll Taxes 12,728,346
State/Local Payroll Taxes 5,279,942
State Sales Taxes 675,558
Real Estate and Personal Property Taxes 11,125,999
Other 6,323,787
------------
Total Taxes Payable $36,133,632
------------
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. 14; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
PARMALAT: Finanziaria Reports January 2005 Financial Results
------------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration reports
the operating and financial results for the Parmalat Group as at
January 31, 2005.
Scope of Consolidation
The scope of consolidation has been defined using principles
that are consistent with those adopted in preparing the statement
of income and balance sheet at December 31, 2004. Companies that
are subject to certain restrictions on their management as a
result of local bankruptcy proceedings that have effectively
placed them outside the control of Parmalat Finanziaria SpA in
Extraordinary Administration, and companies in voluntary
liquidation are no longer consolidated on a line-by-line basis.
The current scope of consolidation no longer includes companies in
which the Group held equity investments that were sold after
January 1, 2005. The corresponding 2004 data have been restated
accordingly on a pro forma basis. The operations divested in 2005
include the companies that comprised the USA Bakery Division
(Mother's Cake & Cookies, Archway Cookies and three production
units in Canada), which were sold in January 2005, and Parmalat
Uruguay, which was sold in February 2005.
Financial Highlights
Cumulative Through January
(in EUR millions)
Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 267.5 267.5 287.6
Non Core Activities 48.5 46.0 36.4
-------- ------------- -------
Total 316.0 313.5 324.0
======== ============= =======
EBITDA
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 16.2 16.2 17.6
Non Core Activities (8.9) (8.9) (2.2)
-------- ------------- -------
Subtotal 7.4 7.4 15.4
Proceedings costs (4.9) (4.9) (5.0)
-------- ------------- -------
Total 2.5 2.5 10.4
======== ============= =======
% of Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Activities 6.1 6.1 6.1
Non Core Activities (18.3) (19.3) (6.0)
-------- ------------- -------
Subtotal 2.3 2.4 4.8
Total 0.8 0.8 3.2[sic]
======== ============= =======
* The Core Businesses include beverages (milk and fruit
juices) and functional dairy products, which are sold
under approximately 30 brands primarily in high-potential
countries in which there is sustained demand for wellness
products, consumers are willing to pay a premium price
for Parmalat brands and there is access to leading-edge
technologies.
** The Non-core Businesses are those that are located in
countries or engaged in activities that are not
strategically significant and have been earmarked for
divestiture.
Core Businesses
The Group's Core Businesses had revenues of EUR287.6 million at
January 31, 2005, up 7.5% from the EUR267.5 million booked in
the same period last year. At EUR17.6 million, EBITDA were 8.6%
higher than the EUR16.2 million earned in January 2004.
These data do not reflect the impact of the nonrecurring
charges incurred in connection with the extraordinary
administration proceedings, which amounted to about EUR5.0
million, in line with January 2004.
[Parmalat provides an] analysis of the Group's results in the main
geographic regions in which it operates:
-- Italy
Revenues totaled EUR100.7 million in January 2005, or
8.1% less than the EUR109.6 million booked in the same
month last year.
The shortfall in net revenues was accompanied by a
decrease in EBITDA, which declined both in absolute
terms (from EUR9.4 million in January 2004 to EUR8.1
million in January 2005) and as a percentage of net
revenues (from 8.5% to 8.0%).
A drop in unit sales by the Milk Division (fresh milk in
particular) and the Produce Division is the main reason
for the decline in net revenues. In addition, higher
promotional and advertising expenses contributed to the
EBITDA deterioration as compared with January 2004,
which, however, should be temporary.
-- Spain
At EUR14.1 million, January 2005 revenues were 12.4% less
than the EUR16.1 million reported in the same month last
year. EBITDA totaled EUR0.7 million, a slight improvement
over the EUR0.6 million earned in January 2004. Margins
were also up, with EBITDA rising from 3.7% to 4.8% of
revenues.
An across-the-board decrease in unit sales, which
reflects unfavorable business conditions in the domestic
market, is among the main reasons for the decrease in net
revenues.
-- South Africa
In January 2005, revenues rose to EUR20.2 million, or
13.5% more than the EUR17.8 million booked in the same
month last year.
However, EBITDA decreased both in absolute terms (from
EUR1.9 million in January 2004 to EUR1.3 million this
year) and as a percentage of net revenues (from 10.6% to
6.5% of revenues).
The main reasons for the improvement in revenues include
the appreciation of the South African rand versus the
euro (average exchange rate up 10.7% compared with
January 2004) and an increase in total unit sales
(shipments of pasteurized milk, fruit juices and yogurt
were up, but deliveries of UHT milk and cheese were
down). The result for January 2005 was adversely
affected by inefficiencies in the distribution network
and higher promotional expenses.
-- Venezuela
In January 2005, the Venezuelan operations reported
revenues of EUR12.1 million, a gain of 30.1% compared
with the EUR9.3 million booked in January 2004. EBITDA
also improved, rising both in absolute terms (from a
negative EUR0.5 million at January 31, 2004 to a positive
EUR0.8 million this year) and on a percentage basis (from
a negative 5.2% of revenues to a positive 6.8% of
revenues).
This positive performance was achieved despite the
negative impact of a weak bolivar, which continued to
lose value versus the euro (-24.8% compared with the
average exchange rate for January 2004).
The results reported in January, along with those for the
preceding few months, point to the beginning of a
turnaround for the Venezuelan companies, made possible by
the recent implementation of reorganization and
refocusing programs. In the coming months, additional
changes in the social policies pursued by the
Venezuelan government will require a further revision of
the business model used by the Group's local companies.
-- Canada
Revenues totaled EUR101.5 million in January 2005, up
sharply from the EUR75.0 million reported in the same
month last year.
The revenue gain had a positive impact on EBITDA, which
rose both in absolute terms (from EUR2.8 million in
January 2004 to EUR5.6 million this year) and on a
percentage basis (from 3.8% of revenues to 5.6% of
revenues). Higher unit sales and sales prices for all
Canadian products, and an increase in sales days
compared with January 2004 account for this improvement.
-- Australia
In January 2005, revenues decreased to EUR29.6 million,
or 7.2% less than the EUR31.9 million booked in January
2004, but EBITDA held steady at EUR1.6 million.
The Australian operations were able to hold total unit
sales at about the same level as in January 2004
(lower shipments of yogurt, desserts and tea were offset
by higher sales of pasteurized and UHT milk), but their
performance was adversely affected by a modest
depreciation of the Australian dollar versus the
euro (-4.7% compared with the average rate in January
2004).
Non-core Businesses
In January 2005, the Group's Non-core Businesses reported revenues
of EUR36.4 million, a decrease of 20.9% from pro forma revenues of
EUR46.0 million in January 2004.
However, even though net revenues were down, EBITDA improved
from a negative EUR8.9 million to a negative EUR2.2 million, due
mainly to a sharp reduction in the losses reported by Parma F.C.
NET FINANCIAL POSITION
Highlights (in EUR millions)
Balance Balance Balance
as at as at as at
06/30/04 12/31/04 01/31/05
-------- -------- --------
Short term financial assets (130.5) (368.2) (369.5)
broken down as:
Financial assets not
held as fixed assets (5.4) (0.4) (0.3)
Liquid assets (125.1) (367.7) (369.2)
Financial accrued income
and prepaid expenses
(incl. intra-Group) (55.0) (25.6) (17.1)
-------- -------- --------
Total short-term
financial assets (185.5) (393.8) (386.6)
======== ======== ========
Financial debts 11,408.0 11,386.7 11,273.5
Financial accrued expenses
& deferred income 246.6 231.2 225.9
-------- -------- --------
Total financial liabilities 11,654.6 11,617.9 11,499.4
Indebtedness owed to
lenders outside the Group/
(Financial assets) of
companies consolidated
line-by-line 11,469.1 11,224.1 11,112.8
Indebtedness owed by
companies consolidated
line-by-line to companies
that are parties to local
composition-with-creditors
proceedings 745.8 728.0 728.0
Indebtedness/(Financial
assets) of companies
consolidated line-by-line 12,214.9 11,952.2 11,840.8
Indebtedness/(Financial
assets) of companies not
consolidated line-by-line 4.3 6.9 6.9
-------- -------- --------
Total indebtedness/
(financial assets) 12,219.2 11,959.0 11,847.7
======== ======== ========
At January 31, 2005, the Group's total indebtedness had decreased
to EUR11,847.7 million, or EUR111.4 million less than the
EUR11,959.0 million it owed at December 31, 2004. The
deconsolidation of divested businesses (Parmalat Uruguay) and a
restatement of debt positions booked to reflect changes in the
verified claims included in the lists of unsecured creditors
account for this improvement.
The combined indebtedness owed to lenders outside the Group by
subsidiaries that are parties to local composition-with-
creditors proceedings and, consequently, have been deconsolidated
is not reflected in the net financial position. At December 31,
2004, these borrowings totaled EUR2,484.4 million (EUR2,437.3
million at June 30, 2004). Because some of these borrowings are
secured by guarantees provided by Parmalat SpA and Parmalat
Finanziaria SpA in the amount of EUR1,668.1 million (EUR1,753.4
million at June 30, 2004), a reserve for risks of an amount equal
to the guaranteed indebtedness (EUR1,675.2 million) was
recognized in the consolidated financial statements at June 30,
2004. Based on currently available information, it would seem
reasonable to adjust the reserve amount to EUR1,657.1 million.
The consolidated financial statements also show that indebtedness
owed by the Group to companies in special proceedings who are not
consolidated line by line amounted to EUR728.0 million (EUR745.8
million at June 30, 2004).
As of today, no amount has been drawn from the EUR105.8 million
line of credit provided to Parmalat SpA by a pool of banks on
March 4, 2004.
A breakdown of the net indebtedness owed to lenders outside the
Group by companies consolidated line by line:
(in EUR millions)
Balance Balance Balance
as at as at as at
06/30/04 12/31/04 01/31/05
-------- -------- --------
Companies in EA
subject to proposed
composition with
creditors 10,084.0 9,928.8 9,819.2
Other companies in EA 42.8 106.7 99.6
Other companies 1,342.3 1,188.6 1,194.1
-------- -------- --------
Total indebtedness/
(financial assets) 11,469.1 11,224.1 11,112.8
======== ======== ========
Companies Under Extraordinary Administration
The net indebtedness incurred by companies under extraordinary
administration toward lenders outside the Group prior to their
becoming eligible for extraordinary administration is all short-
term, since all of these companies are in default of the covenants
of the respective loan agreements.
Liquid assets held by the companies included in the Proposal of
Composition with Creditors were relatively unchanged (EUR230.1
million at January 31, 2005, compared with EUR235.3 million at
December 31, 2004).
The decrease in total indebtedness owed to lenders outside the
Group by other companies under extraordinary administration
is due mainly to an increase in liquid assets held by Boschi
Luigi e Figli S.p.A.
Other Companies
The net indebtedness owed to lenders outside the Group by the
remaining operating and financial companies consolidated line
by line that are not included in the extraordinary administration
proceedings totaled EUR1,194.1 million (including EUR685.5
million in long-term debt) at January 31, 2005, little changed
from the EUR1,188.6 million owed at December 31, 2004, following
the deconsolidation of the indebtedness of Parmalat Uruguay and
the sale of the equity investment in that company for EUR22.0
million.
Some Group companies are currently renegotiating their
indebtedness in order to restructure it.
Principal Companies Under Extraordinary Administration
Financial highlights of the principal Italian companies under
extraordinary administration:
Parmalat Finanziaria SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance
as at as at as at
06/30/04 12/31/04 01/31/05
-------- -------- --------
Short-term financial assets (140.0) (17.8) (18.4)
broken down as:
Intra-Group loans
receivable (138.8) (17.1) (17.1)
Financial assets not
held as fixed assets (0.0) - -
Liquid assets (1.1) (0.7) (1.3)
Financial accrued income
and prepaid expenses
(including intra-Group) - (0.1) -
-------- -------- --------
Total short-term
financial assets (140.0) (18.0) (18.4)
======== ======== ========
Financial liabilities
(including intra-Group) 1,272.9 1,278.8 1,281.3
broken down as:
Intra-Group loans payable 1,010.9 1,016.8 1,014.8
Other financial debts 262.0 262.0 266.5
Financial accrued expenses
and deferred income
(including intra-Group) 4.7 4.7 -
-------- -------- --------
Total financial
liabilities 1,277.6 1,283.5 1,281.3
-------- -------- --------
Total indebtedness/
(financial assets) 1,137.6 1,265.6 1,262.9
======== ======== ========
At January 31, 2005, the indebtedness of Parmalat Finanziaria SpA
had declined compared with the previous month thanks to an
increase in liquid assets and a decrease in intra-Group loans
payable, following the repayment of a EUR2.0-million
loan owed to Parmalat SpA.
Parmalat SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance
as at as at as at
06/30/04 12/31/04 01/31/05
-------- -------- --------
Short-term financial assets (61.7) (155.7) (143.5)
broken down as:
Intra-Group
loans receivable (38.6) (36.5) (33.7)
Financial assets not
held as fixed assets - - -
Liquid assets (23.2) (119.2) (109.7)
Financial accrued income
and prepaid expenses
(including intra-Group) - (0.1) -
-------- -------- --------
Total short-term
financial assets (61.7) (155.8) (143.5)
======== ======== ========
Financial liabilities
(including intra-Group) 4,144.1 3,891.6 3,776.6
broken down as:
Intra-Group
loans payable 1,266.2 1,007.0 1,007.0
Other financial debts 2,877.9 2,884.6 2,769.6
Financial accrued expenses
and deferred income
(including intra-Group) - - -
-------- -------- --------
Total financial
liabilities 4,144.1 3,891.6 3,776.6
-------- -------- --------
Total indebtedness/
(financial assets) 4,082.4 3,735.7 3,633.1
======== ======== ========
The decrease in indebtedness at January 31, 2005 compared with the
previous month is due mainly to the January restatement of debt
positions booked to reflect changes in the verified claims
included in the final lists of unsecured creditors approved by the
Court.
In January 2005, the amount of intra-Group loans receivable was
adjusted to reflect the repayment of a EUR2.0 million loan by
Parmalat Finanziaria and the recognition of write-downs totaling
EUR0.7 million.
Eurolat SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance
as at as at as at
06/30/04 12/31/04 01/31/05
-------- -------- --------
Short-term financial assets (23.2) (8.7) (12.3)
broken down as:
Intra-Group
loans receivable - (2.2) (2.2)
Financial assets not
held as fixed assets - - -
Liquid assets (23.2) (6.5) (10.1)
Financial accrued income
and prepaid expenses
(including intra-Group) - (0.1) (0.0)
-------- -------- --------
Total short-term
financial assets (23.2) (8.8) (12.3)
======== ======== ========
Financial liabilities
(including intra-Group) 189.3 188.2 188.2
broken down as:
Intra-Group loans payable 45.8 43.8 43.8
Other financial debts 143.5 144.4 144.4
Financial accrued expenses
and deferred income
(including intra-Group) 0.7 - -
-------- -------- --------
Total financial
liabilities 190.0 188.2 188.2
-------- -------- --------
Total indebtedness/
(financial assets) 166.8 179.4 175.9
======== ======== ========
The liquid assets held by Eurolat SpA increased in January 2005.
Lactis SpA
(Amounts in millions of Euros)
(in EUR millions)
Balance Balance Balance
as at as at as at
06/30/04 12/31/04 01/31/05
-------- -------- --------
Short-term financial assets (3.7) (4.4) (4.4)
broken down as:
Intra-Group
loans receivable - - -
Financial assets not
held as fixed assets - - -
Liquid assets (3.7) (4.4) (4.4)
Financial accrued income
and prepaid expenses
(including intra-Group) (0.0) (0.0) (0.0)
-------- -------- --------
Total short-term
financial assets (3.7) (4.4) (4.4)
======== ======== ========
Financial liabilities
(including intra-Group) 19.1 19.1 19.1
broken down as:
Intra-Group
loans payable 8.6 8.6 8.6
Other financial
liabilities 10.5 10.5 10.5
Financial accrued expenses
and deferred income
(including intra-Group) - 0.0 0.0
-------- -------- --------
Total financial
liabilities 19.1 19.1 19.1
-------- -------- --------
Total indebtedness/
(financial assets) 15.4 14.7 14.7
======== ======== ========
The indebtedness of Lactis SpA at January 31, 2005, was unchanged
compared with the previous month.
Significant Events
January 13 Boschi Luigi e Figli S.p.A. is declared
insolvent.
January 28 The Canadian subsidiary Parmalat Dairy &
Bakery sells its USA Bakery Division
(Mother's Cake & Cookies, Archway Cookies and
three production units in Canada). It also
signs a licensing agreement that will allow
the disposal of its remaining inventory.
This transaction, which was authorized by the
Italian Ministry of Production Activities, in
consultation with the Oversight Committee,
allows full repayment of a loan that Parmalat
SpA in Amministrazione Straordinaria provided
at the beginning of 2004 and will furnish the
Canadian subsidiary with a stream of future
revenues.
January 31 The Italian Antitrust Agency hands down its
decisions in the two investigative
proceedings it launched against Parmalat in
matters involving the Group's status with
respect to Carnini S.p.A. and Newlat S.r.l.
February 1 The Extraordinary Commissioner files an
action to void pursuant to Article 67 of the
Italian Bankruptcy Law against Morgan Stanley
Limited and Morgan Stanley Bank.
February 16 Lacteria SA sells Parmalat Uruguay.
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Releases Monthly Operating Report Ended Dec. 25, 2004
---------------------------------------------------------------
Parmalat USA Corporation
Balance Sheet
As of December 25, 2004
Assets
Cash & Cash Equivalents $0
Accounts Receivable-Net 0
Notes Receivable -Current 0
Inventory 0
Prepaid Expenses 0
Other Current Assets 0
--------------
Total Current Assets 0
Fixed Assets 0
Accumulated Depreciation 0
--------------
Net Fixed Assets 0
Other Assets 191,119,549
Intercompany Receivables 10,392,497
--------------
Total Assets $201,512,046
==============
Liabilities Subject to Compromise
Long Term Debt & Interest $20,110,681
Intercompany payables 216,824,527
--------------
Total Liabilities Subject to Compromise 236,935,208
Liabilities
Accounts Payable 0
Notes & Loans Payable 0
Accrued Expenses 0
Intercompany Payables 0
--------------
Total Liabilities 236,935,208
Equity
Common Stock 1,388,356
Paid In Capital 227,962,103
Retained Earnings (110,643,290)
YTD Net Income/(Loss) (154,130,331)
--------------
Total Equity (35,423,162)
--------------
Total Liabilities & Owners' Equity $201,512,046
==============
Parmalat USA Corporation
Income Statement
From November 21, 2004, to December 25, 2004
Revenues
Gross sales -
Less: Returns & discounts -
--------------
Net sales $0
Expenses
Raw Materials & Ingredients -
Packaging -
Direct Labor -
Power -
Freight -
Distribution -
Industrial Depreciation -
Production Overhead -
Warehouse (Cooler) -
Marketing Costs -
Sales Admin Expenses -
General Expenses -
Financial Costs (703,737)
Goodwill/trademarks 18,226
Extraordinary -
Corporate Allocation -
Depreciation -
Amortization -
Income Taxes -
--------------
Total Expenses (685,511)
Reorganization Expenses 153,711,045
--------------
Net Profit (Loss) ($153,025,534)
==============
Parmalat USA Corporation received no cash nor made disbursements
from November 21, 2004, to December 25, 2004.
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Milk Products' December 2004 Monthly Operating Report
---------------------------------------------------------------
Milk Products of Alabama, LLC
Balance Sheet
As of December 25, 2004
Assets
Cash & Cash Equivalents $8,313,560
Accounts Receivable-Net 47,558
Inventory 0
Prepaid Expenses 0
Other Current Assets 0
--------------
Total Current Assets 8,361,118
Fixed Assets 0
Accumulated Depreciation 0
--------------
Net Fixed Assets 0
Other Assets 0
Intercompany Receivables 2,705,407
--------------
Total Assets $11,066,525
==============
Liabilities Subject to Compromise
Accrued Expenses $3,910,679
Intercompany payables 4,967,846
--------------
Total Liabilities Subject to Compromise 8,878,525
Liabilities
Accounts Payable 0
Accrued Expenses 75,591
--------------
Total Current Liabilities 75,591
Long Term Notes Payable -- Intercompany -
Other 2,441,401
--------------
Total Long Term Liabilities 2,441,401
Intercompany Payables 0
--------------
Total Liabilities 11,395,517
Equity
Retained Earnings 18,414
YTD Net Income/(Loss) (347,406)
--------------
Total Equity (328,992)
--------------
Total Liabilities & Owners' Equity $11,066,525
==============
Milk Products of Alabama, LLC
Income Statement
From November 21, 2004, to December 25, 2004
Revenues
Gross sales $0
Less: Returns & discounts 0
--------------
Net sales 0
Expenses
Raw Materials & Ingredients 0
Packaging 0
Direct Labor 0
Power 0
Freight 0
Industrial Depreciation 0
Production Overhead 0
Warehouse (Cooler) 0
Marketing Costs 0
Sales Admin Expenses 0
General Expenses 0
Financial Costs (1,598)
Other (Income) Expense 0
Extraordinary (44,327)
Corporate Allocation 0
Income Taxes 0
--------------
Total Expenses (45,925)
Reorganization Expenses
Professional Fees 293,542
U.S. Trustee Fees -
Other 9,565,335
--------------
Total Reorganization Expenses 9,858,877
--------------
Net Profit (Loss) ($9,812,952)
==============
Milk Products of Alabama, LLC
Cash Receipts and Disbursements
From November 21, 2004, to December 25, 2004
Cash - Beginning of Month $10,982,076
Receipts From Operations
Cash Sales -
Collection of Accounts Receivable
Prepetition 0
Postpetition 179,604
--------------
Total Operating Receipts 179,604
Non - Operating Receipts
Transfers 0
Other 50,669
--------------
Total Non-Operating Receipts 50,669
--------------
Total Receipts 230,273
--------------
Total Cash Available 11,212,349
Operating Disbursements
Purchased Products -
Consulting Fees -
Ingredients 417
Licenses & Taxes -
Packaging -
R & M, Parts, Supplies -
Other 25
Utilities -
Marketing Costs -
Securitization Payment 2,631,650
Sales Admin Expenses -
General Expenses -
Title Fees -
Employee-related -
Freight/Transportation 1,385
Corporate Allocation -
Income Taxes -
--------------
Total expenses 2,633,476
Reorganization Expenses
Professional Fees 265,312
U.S. Trustee Fees -
DIP Interest & Fees -
--------------
Total Reorganization Expenses 265,312
--------------
Total Disbursements 2,898,788
--------------
Net Cash Flow (2,668,515)
--------------
Cash - End of Month $8,313,560
==============
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Farmland Dairies' December 2004 Monthly Operating Report
------------------------------------------------------------------
Farmland Dairies, LLC
Balance Sheet
As of December 25, 2004
Assets
Cash & Cash Equivalents $11,973,550
Accounts Receivable-Trade 36,169,505
Accounts Rec.-Securitization (29,393,350)
Notes Receivable 161,968
Inventory 11,377,301
Prepaid Expenses 8,196,035
Other Current Assets 5,817,304
--------------
Total Current Assets 44,302,313
Fixed Assets 176,712,690
Accumulated Depreciation 98,188,458
--------------
Net Fixed Assets 78,524,232
Other Assets 8,462,659
Intercompany Receivables 14,347,591
--------------
Total Assets $145,636,795
==============
Liabilities Subject to Compromise:
Accounts Payable 21,125,765
Accrued Expenses 0
Intercompany Payables 21,627,999
Capital Lease 96,226,490
--------------
Total Liabilities Subject to Compromise 138,980,254
Liabilities:
Notes & Loans Payable 0
Capital Leases - Short Term 0
Accounts Payable 13,943,701
Accrued Expenses 25,089,512
--------------
Total Current Liabilities 39,033,213
Notes & Loans Payable 32,240,852
Capital Leases - Long Term 37,646
Other 5,143,375
--------------
Total Long Term Liabilities 37,421,873
Intercompany Payables 0
--------------
Total Liabilities 215,435,340
Equity
Paid In Capital 161,506,590
Accum Comprehensive Income (4,009,205)
Retained Earnings 11,323,693
YTD Net Income/(Loss) (238,619,623)
--------------
Total Equity (69,798,545)
--------------
Total Liabilities & Owners' Equity $145,636,795
==============
Farmland Dairies, LLC
Income Statement
From November 21, 2004, to December 25, 2004
Revenues
Gross sales $38,044,547
Less: Returns & discounts 888,406
--------------
Net sales 37,156,141
Expenses
Raw Materials & Ingredients 24,106,242
Packaging 2,908,807
Direct Labor 997,145
Power 528,286
Freight 353,336
Distribution 2,978,163
Industrial Depreciation 432,823
Production Overhead 2,785,380
Warehouse (Cooler) 3,703,976
Marketing Costs 664,787
Sales Admin Expenses 419,657
General Expenses 7,880,886
Financial Costs (3,749,421)
Goodwill/trademarks 8,446
Extraordinary 114,409
Corporate Allocation 0
Provision for Income Taxes (885)
--------------
Total Expenses 44,132,037
Reorganization Expenses 185,479,563
--------------
Net Profit (Loss) ($192,455,459)
==============
Farmland Dairies, LLC
Cash Receipts and Disbursements
From November 21, 2004, to December 25, 2004
Cash - Beginning of Month $9,738,595
Receipts From Operations
Cash Sales 0
Collection of Accounts Receivable
Prepetition 184,645
Postpetition 38,775,827
--------------
Total Operating Receipts 38,960,472
Non - Operating Receipts
Payments from/(to) GE Capital 1,000,000
Voided Checks (Prepetition) -
Adjustments 2,422
Deposits -- Other 140,279
Transfers 0
--------------
Total Non-Operating Receipts 1,142,702
--------------
Total Receipts 40,103,173
--------------
Total Cash Available 49,841,768
Operating Disbursements
Chemicals 603,187
Commissions 100,227
Consulting/Legal 143,147
Co-packing 802,085
Employee & Employee-related expenses 1,133,468
Equipment Leases 415,044
Freight & Postage 252,851
Fuel 176,021
Transportation 739,233
Ingredients 1,099,927
Insurance 122,184
Lab Fees 45,326
Licenses & Taxes 102,316
Marketing 69,458
Other 592,707
Packaging 2,696,483
Pallets/Cases/Bossies 265,502
Milk Producers 15,469,600
Marketing Administrator 604,358
Purchased Products 1,069,249
R & M, Parts, Supplies 1,314,754
Raw Milk 1,527,021
Rebates 191,148
Rent 394,929
Security 181,752
Temporary Labor 129,066
Travel & Entertainment 50,664
Utilities 852,106
Securitization Payments 2,326,148
Payroll 3,849,236
Payroll Taxes 524,738
Voided Checks (Postpetition) (1,747,907)
--------------
Total expenses 36,187,164
Reorganization Expenses
Professional Fees 1,485,132
U.S. Trustee Fees 0
DIP Interest & Fees 195,923
--------------
Total Reorganization Expenses 1,681,055
--------------
Total Disbursements 37,868,219
--------------
Net Cash Flow 2,234,955
--------------
Cash - End of Month $11,973,550
==============
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
SOLUTIA INC: Posts $3 Million Net Loss for January 2005
-------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of January 31, 2005
ASSETS
Current Assets:
Cash $42,000,000
Trade Receivables, net 154,000,000
Account Receivables-Unconsolidated subsidiaries 53,000,000
Inventories 158,000,000
Other Current Assets 82,000,000
-------------
Total Current Assets 489,000,000
Property, Plant and Equipment, net 697,000,000
Investments in Affiliates 502,000,000
Intangible Assets, net 101,000,000
Other Assets 99,000,000
-------------
TOTAL ASSETS $1,888,000,000
=============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $172,000,000
Short Term Debt 305,000,000
Other Current Liabilities 172,000,000
-------------
Total Current Liabilities 649,000,000
Other Long-Term Liabilities 210,000,000
-------------
Total Liabilities Not Subject to Compromise 859,000,000
Liabilities Subject to Compromise 2,298,000,000
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 January 31, 2005
Total Net Sales $197,000,000
Total Cost Of Goods Sold 175,000,000
-------------
Gross Profit 22,000,000
Total MAT Expense 16,000,000
-------------
Operating Income 6,000,000
Equity Income from Affiliates 3,000,000
Interest Expense, net (5,000,000)
Reorganization Items:
Professional fees (3,000,000)
Adjustments to allowed claim amounts (4,000,000)
-------------
Total Reorganization Items (7,000,000)
-------------
Loss Before Taxes (3,000,000)
Income Tax -
-------------
NET LOSS ($3,000,000)
=============
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. 34; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SPIEGEL INC: Earns $144 Million of Net Income in January 2005
-------------------------------------------------------------
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Balance Sheet
As of January 1, 2005
ASSETS
Current assets:
Cash and cash equivalents $348,478,000
Receivables, net 42,004,000
Inventories 152,296,000
Prepaid expenses 29,081,000
Assets of discontinued operations 54,355,000
--------------
Total current assets 626,214,000
--------------
Property and equipment, net 120,775,000
Intangible assets, net 135,608,000
Other assets 24,355,000
--------------
Total assets $906,952,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities $201,602,000
Current portion of long-term debt 48,000,000
Liabilities of discontinued operations 78,326,000
--------------
Total current liabilities 327,928,000
--------------
Deferred lease obligation 12,253,000
Liabilities subject to compromise 1,397,203,000
Total liabilities 1,737,384,000
--------------
Stockholders' deficit:
Class A non-voting common stock,
$1.00 par value; authorized 16,000,000
shares; 14,945,144 shares issued
and outstanding 14,945,000
Class B voting common stock, $1.00
par value; authorized 121,500,000 shares;
117,009,869 shares issued & outstanding 117,010,000
Additional paid-in capital 329,489,000
Accumulated other comprehensive loss (27,672,000)
Accumulated deficit (1,264,204,000)
--------------
Total stockholders' deficit (830,432,000)
--------------
Total liabilities & stockholders' deficit $906,952,000
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Operations
Five Weeks Ended January 1, 2005
Net sales and other revenues:
Net sales $209,642,000
Other revenue 10,772,000
--------------
220,414,000
Cost of sales and operating expenses:
Cost of sales, including buying
and occupancy expenses 103,410,000
Selling, general & administrative expenses 50,733,000
--------------
154,143,000
Estimated income of non-debtors 35,854,000
Operating Income 102,125,000
Interest expense 981,000
--------------
Income from operations before reorganization 101,144,000
items
--------------
Reorganization items, net (7,147,000)
Income Tax (18,959,000)
--------------
Income from operations 127,250,000
--------------
Discontinued operations:
Income from discontinued operations 17,020,000
--------------
Net Income $144,270,000
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Cash Flows
Five Weeks Ended January 1, 2005
Cash flows from operating activities:
Net Income $144,270,000
Adjustments to reconcile net loss to net cash
used in operating activities:
Reorganization items, net (7,147,000)
Depreciation and amortization 4,345,000
Change in assets and liabilities:
(Increase) decrease in receivables, net 2,156,000
(Increase) decrease in investments/advances (16,151,000)
(Increase) decrease in inventories 49,509,000
(Increase) decrease in prepaid expenses 7,584,000
Increase (decrease) in accounts payable
and other accrued liabilities 8,164,000
Increase (decrease) in net liabilities of
discontinued operations (39,270,000)
(Increase) decrease in income taxes (2,786,000)
--------------
Net cash used for operating activities 150,674,000
--------------
Net cash used for reorganization items (702,000)
Cash flows from investing activities:
Net (additions) reductions to property and
equipment (1,533,000)
Net (additions) reductions to other assets (1,643,000
--------------
Net cash used in investing activities (3,176,000)
--------------
Net cash provided by financing activities -
--------------
Effect of exchange rate changes on cash (4,177,000)
--------------
Net change in cash and cash equivalents 142,619,000
Cash & cash equivalents, beginning of period 205,859,000
--------------
Cash & cash equivalents, end of period $348,478,000
==============
Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/ -- is a leading international general
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts. When the Company filed for protection
from its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts.
UAL CORP: Posts $326 Million Net Loss for January 2005
------------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, Thursday filed its January
Monthly Operating Report with the U.S. Bankruptcy Court.
The company reported an operating loss of $151 million for
January 2005. Mainline passenger unit revenue in January
increased 3% over the same period a year ago, outperforming the
industry. Unit costs (CASM) in January increased 1% over the
same month last year on flat capacity. Excluding fuel, unit
costs in January decreased 6% year-over-year. The company
reported a net loss of $326 million, including $138 million of
reorganization expenses.
"While we made progress in our restructuring during the month by
getting in place a portion of the long-term cost savings we need,
we still have work to do, including further lowering our costs,
concluding our labor negotiations, and the difficult but
necessary work of resolving our pension issues," said Jake Brace,
executive vice president and chief financial officer.
January is historically a seasonally weak month, and this year has
been additionally impacted by the weak domestic revenue
environment and very high fuel prices. Fuel expense for the
month was $63 million higher than January 2004 on flat capacity.
UAL ended January with a cash balance of $2.0 billion, which
included $855 million in restricted cash (filing entities only).
The cash balance decreased approximately $108 million during the
month of January, driven by a quarterly Success Sharing reward to
employees of $22 million and seasonally weak cash flow. The
company received a waiver from its DIP lenders for the January
monthly EBITDAR covenant, as well as an extension of the maturity
date of its DIP loan from June 30, 2005, through September 30,
2005, a reduction in the interest rates United must pay under the
loan, and a potential reduction in the minimum cash balance
requirement from $750 million to $600 million if United meets a
certain EBITDAR milestone.
A full-text copy of UAL Corporation's January 2005 Operating
Report is available for free at the Securities and Exchange
Commission at:
http://www.sec.gov/Archives/edgar/data/100517/000010051705000002/janmor.htm
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended January 31, 2005
(In Thousands)
Total operating revenues $1,387,883
Total operating expenses 1,538,821
Earnings (loss) from operations (150,968)
Non-operating income (expenses):
Net interest expense (35,152)
Other income (expenses), net (2,430)
----------
Total non-operating income (expenses) (37,582)
Net Earnings (loss) before Reorganization items (188,550)
Reorganization items (137,601)
----------
Net earnings (loss) ($326,151)
==========
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WESTPOINT STEVENS: Posts $42 Million Net Loss in December 2004
--------------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At December 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $4,008
Short-term investments -
Accounts receivable, net 202,286
Inventories 289,515
Prepaid expenses and other current assets 21,234
---------
Total current assets 517,043
Total investments and other assets 118,834
Goodwill -
Property, Plant and Equipment, net 504,158
---------
TOTAL ASSETS $1,140,035
=========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility $438,208
DIP Credit Agreement 58,149
Second lien facility 165,000
Accrued interest payable 507
Accounts payable - trade 48,825
Accounts payable - intercompany 183,553
Other accrued liabilities 120,345
Deferred income taxes 5,190
Pension and other liabilities 144,739
---------
Total liabilities not subject to compromise 1,164,516
Liabilities Subject to Compromise
Senior notes 1,000,000
Deferred financing fees (4,647)
Accrued interest payable on Senior Notes 36,313
Accounts payable 27,554
Other payables and accrued liabilities 8,233
Pension and other liabilities 18,923
---------
Total liabilities not subject to compromise 1,086,376
---------
Total Liabilities 2,250,892
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital surplus/Treasury Stock 51,436
Retained earnings (deficit) (925,772)
Minimum pension liability adjustment (109,403)
Other adjustments (4,072)
Unearned compensation -
---------
Stockholders' Equity (Deficit) (1,110,857)
---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $1,140,035
=========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended December 31, 2004
(in thousands)
Total sales $134,650
Cost of sales 117,167
---------
Gross profit 17,483
Selling and administrative expenses
Selling expenses (1,459)
Warehousing and shipping 5,024
Advertising 42
Division administrative expense 475
MIS expense (344)
Corporate administrative expense 1,621
---------
Total selling and administrative expense 5,359
Restructuring and impairment charge 33,859
Fixed asset impairment charge -
Goodwill impairment charge -
---------
Profit (loss) from operations (21,735)
Interest expense
Interest expense - outside 7,910
Capitalized interest expense (476)
Interest expense - intercompany 503
Interest income 25
Interest income - intercompany -
---------
Net interest expense 7,912
Other expense
Miscellaneous 2,359
Royalties - intercompany 3,700
Transaction gain/loss -
---------
Total other expense 6,059
Other income
Royalties - intercompany -
Dividends -
Sale of assets (221)
Miscellaneous 4
---------
Total other income (217)
---------
Net other expense 6,276
---------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (35,923)
Chapter 11 reorganization expenses 7,835
Income tax expense (benefit) (1,610)
Extraordinary item - net of taxes -
---------
Net Income (loss) ($42,148)
=========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended December 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($42,148)
Restructuring -
Equity adjustments (1,865)
Non-cash items
Depreciation and amortization expense 8,949
Fixed asset impairment charge -
Gain/(loss) on sale of assets 221
Working Capital Changes
Decrease/(increase) - accounts receivable 14,045
Decrease/(increase) - inventories 33,658
Decrease/(increase) - other current assets (8,643)
Decrease/(increase) - other non-current
assets & debts 987
Increase/(decrease) - accounts payable (trade) 1,085
Increase/(decrease) - a/p (intercompany) (7,332)
Increase/(decrease) - accrued liabilities 22,524
Increase/(decrease) - accrued interest payable (5,901)
Increase/(decrease) - pension and other liabilities 5,903
Increase/(decrease) - deferred federal income tax 5,190
---------
Total cash flows from operations 26,673
Cash flows from investing activities:
Decrease/(increase) - short-term investments -
Capital expenditures (1,797)
Transfers 16
Net proceeds from sale of assets 10
---------
Total cash flows from investing (1,771)
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement (22,000)
---------
Total cash flows from financing (22,000)
Beginning cash balance 1,106
Change in cash 2,902
---------
Ending cash balance $4,008
=========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60
outlet stores. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.
WESTPOINT STEVENS: WP Stevens I Posts $4MM Net Income in December
-----------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At December 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $37
Short-term investments -
Accounts receivable - intercompany 28,992
Accounts receivable - customers -
Total Inventories 3,676
Prepaid expenses and other current assets -
---------
Total current assets 32,705
Total investments and other assets 124,052
Property, Plant and Equipment, net 12,093
Goodwill -
---------
TOTAL ASSETS $168,850
=========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $2,197
Accounts payable - intercompany -
Other accrued liabilities 5,111
Deferred income taxes -
Pension and other liabilities -
---------
Total Liabilities Not Subject to Compromise 7,308
Liabilities Subject to Compromise
Senior notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable -
Other payables and accrued liabilities -
Pension and other liabilities -
---------
Total Liabilities Subject to Compromise -
---------
Total Liabilities 7,308
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 70,559
Retained earnings (deficit) 90,982
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Shareholders' Equity (Deficit) 161,542
---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $168,850
=========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended December 31, 2004
(in thousands)
Net sales $7,476
Cost of goods sold 4,996
---------
Gross earnings 2,480
Selling and administrative expenses
Selling expenses 2
Warehousing and shipping 67
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 170
---------
Total selling and administrative expense 239
Restructuring and impairment charge -
Goodwill impairment charge -
---------
Operating earnings (loss) 2,241
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 567
---------
Net interest expense (567)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
---------
Total other expense 190
Other income
Royalties - intercompany 3,811
Dividends -
Sale of assets -
Miscellaneous -
---------
Total other income 3,811
---------
Net other expense (3,621)
---------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 6,429
Chapter 11 reorganization expenses -
Income tax expense (benefit) 2,253
Extraordinary item - net of taxes -
---------
Net Income (loss) $4,176
=========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended December 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $4,176
Non-cash items
Depreciation and amortization 65
Working Capital Changes
Decrease/(increase) - a/r (customers) -
Decrease/(increase) - a/r (intercompany) 6,128
Decrease/(increase) - inventories 2,252
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) (223)
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities (12,686)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
---------
Total cash flows from operations (288)
Cash flows from investing activities:
Decrease/(increase) short term investments -
Capital expenditures 2
Transfers (16)
Net proceeds from sale of assets -
---------
Total cash flows from investing (14)
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement -
---------
Total cash flows from financing -
Beginning cash balance 339
Change in cash (302)
---------
Ending cash balance $37
=========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60
outlet stores. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.
WESTPOINT STEVENS: JP Stevens & Co.'s December Operating Report
---------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At December 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Short-term investments -
Accounts receivable - customers -
Accounts receivable - intercompany $110,749
Prepaid expenses and other current assets -
---------
Total current assets 110,749
Total investments & other assets 2,697
Goodwill -
---------
TOTAL ASSETS $113,446
=========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - intercompany -
Other accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
---------
Total Liabilities Not Subject to Compromise -
Liabilities Subject to Compromise -
Shareholders' Equity (Deficit)
Equity of subsidiaries $10,503
Common stock -
Capital surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Stockholders' Equity (Deficit) 113,446
---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $113,446
=========
J.P. Stevens & Co., Inc., reports no income and cash flow for
December 2004.
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60
outlet stores. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.
WESTPOINT STEVENS: JP Stevens Enterprises' Dec. Operating Report
----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At December 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $12
Short-term investments -
Accounts receivable - customers, net -
Accounts receivable - intercompany 17,125
Prepaid expenses and other current assets -
---------
Total current assets 17,137
Total investments & other assets -
Goodwill -
---------
TOTAL ASSETS $17,137
=========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Accounts payable - intercompany -
Other accrued liabilities $191
Deferred income taxes -
Pension and other liabilities -
---------
Total Liabilities Not Subject to Compromise 191
Liabilities Subject to Compromise -
---------
Total Liabilities 191
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 16,944
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Stockholders' Equity (Deficit) 16,946
---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $17,137
=========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended December 31, 2004
(in thousands)
Net sales -
Cost of goods sold -
---------
Gross earnings -
Selling and administrative expenses
Selling expenses $1
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
---------
Total selling and administrative expense 1
Restructuring and impairment charge -
Goodwill impairment charge -
---------
Operating earnings (loss) (1)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 92
---------
Net interest expense (92)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
---------
Total other expense -
Other income
Royalties - intercompany 190
Dividends -
Sale of assets -
Miscellaneous -
---------
Total other income 190
---------
Net other expense (190)
---------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 281
Chapter 11 reorganization expenses -
Income tax expense (benefit) 99
Extraordinary item - net of taxes -
---------
Net Income (loss) $182
=========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended December 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $182
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (8)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities (179)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
---------
Total cash flows from operations (5)
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
---------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
---------
Total cash flows from financing -
Beginning cash balance 17
Change in cash (5)
---------
Ending cash balance $12
=========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60
outlet stores. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.
WESTPOINT STEVENS: WP Stevens Stores' December Operating Report
---------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At December 31, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,284
Short-term investments -
Accounts receivable - customers 41
Accounts receivable - intercompany 4,960
Total Inventories 17,904
Prepaid expenses and other current assets 923
---------
Total current assets 25,112
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,319
---------
TOTAL ASSETS $27,431
=========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - trade $635
Accounts payable -intercompany -
Other accrued liabilities 1,249
Deferred income taxes -
Pension and other liabilities -
---------
Total Liabilities Not Subject to Compromise 1,884
---------
Liabilities Subject to Compromise
Accounts payable 1,677
---------
Total Liabilities 3,561
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 7,914
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Stockholders' Equity (Deficit) 23,870
---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $27,431
=========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended December 31, 2004
(in thousands)
Net sales $9,071
Cost of goods sold 5,350
---------
Gross earnings 3,721
Selling and administrative expenses
Selling expenses 2,083
Warehousing and shipping 143
Advertising 323
Division administrative expense 227
MIS expense 29
Corporate administrative expense 142
---------
Total selling and administrative expense 2,947
Restructuring and impairment charge -
Goodwill impairment charge -
---------
Operating earnings (loss) 774
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 187
Interest income -
Interest income - intercompany -
---------
Net interest expense 187
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
---------
Total other expense -
Other income
Royalties Intercompany -
Dividends -
Sale of assets -
Miscellaneous -
---------
Total other income -
---------
Net other expense -
---------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 587
Chapter 11 reorganization expenses -
Income tax expense (benefit) 210
Extraordinary item - net of taxes -
---------
Net Income (loss) $377
=========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended December 31, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $377
Non-cash items
Depreciation and amortization 8
Gain on sale of assets -
Working Capital Changes
Decrease/(increase) - a/r (customers) 178
Decrease/(increase) - a/r (intercompany) 1,658
Decrease/(increase) - inventories 2,081
Decrease/(increase) - other current assets (4)
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) 94
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities (5,453)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
---------
Total cash flows from operations (1,061)
Cash flows from investing activities
Capital expenditures (103)
Transfers -
Net proceeds from sale of assets -
---------
Total cash flows from investing (103)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
---------
Total cash flows from financing -
Beginning cash balance 2,448
Change in cash (1,164)
---------
Ending cash balance $1,284
=========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/ -- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60
outlet stores. The Company filed for chapter 11 protection on
June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts.
YUKOS OIL: Posts $16.5 Billion Net Loss in December 2004
--------------------------------------------------------
Yukos Oil Company
Balance Sheet
As of December 31, 2004
Assets
Non-current assets
Intangible assets $286,079
Fixed assets 256,526,153
Long-term financial investments 7,978,613,411
Deferred tax assets 68,618,948
Other non-current assets -
---------------
Total non-current assets 8,306,744,591
Current Assets
Cash 84,119,054
Cash in the United States 26,986,223
Inventory 14,387,870
Prepaid expenses 42,576,738
VAT taxes 41,283,549
Accounts receivable 2,377,809,977
Short term financial investments 306,074,370
---------------
Total Current Assets 2,893,237,782
---------------
TOTAL ASSETS $11,199,982,373
===============
Liabilities & Owner's Equity
Liabilities
Prepetition payables
Bank Debt $1,325,787,069
Non-affiliated companies 945,694,420
Affiliated companies 10,635,031,761
Previously affiliated companies 2,359,738,173
---------------
Total prepetition debt 15,266,251,422
Postpetition debt
Bank Debt -
Non-affiliated companies 73,594,823
Affiliated companies -
Previously affiliated companies -
---------------
Total prepetition debt 73,594,823
Other 102,877,079
Taxes 18,383,813,054
---------------
TOTAL LIABILITIES $33,826,536,379
Owner's Equity
Charter capital $387,672
Treasury stocks (1,579,255)
Additional Paid-in Capital 19,794,768
Legal reserves 58,140
Retained earnings (22,645,215,331)
---------------
TOTAL OWNER'S EQUITY (22,626,554,006)
---------------
TOTAL LIABILITIES & OWNER'S EQUITY $11,199,982,373
===============
Yukos Oil Company
Income Statement
Period Ended December 31, 2004
Revenue $43,223,081
Cost of goods sold 11,969,609
Gross profit 31,253,472
Commercial expenses 861,586
Administrative expenses 18,308,959
Operating income 12,082,927
Other income (expenses) (4,671,924,685)
Income before taxes (4,659,841,757)
Taxes (11,869,219,284)
---------------
NET INCOME ($16,529,061,041)
===============
Yukos Oil Company
Cash Receipts and Disbursements
Period Ended December 31, 2004
Cash -- Beginning of the Month $15,760,225
Receipts
Cash Sales -
Collection of Accounts Receivable -
Other $267,253,769
---------------
Total Receipts 267,253,769
Disbursements
Sales, use & other taxes paid 165,825,900
Other 766,607
---------------
Total Disbursements 166,592,507
Net Cash Flow 100,661,262
---------------
Cash -- End of the Month $116,421,487
===============
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.
On Feb. 24, 2005, U.S. Bankruptcy Judge Leticia Clark dismissed
the case on the grounds that there is doubt on Yukos' ability to
effectuate a reorganization. Deutsche Bank has asked Judge Clark
to reconsider her ruling.
YUKOS OIL: Files Monthly Operating Report for January 2005
----------------------------------------------------------
Yukos Oil Company closes its books quarterly. Yukos has reached
an agreement with the U.S. Trustee to provide full data on
company income and balance sheet on a quarterly basis. Cash
receipts and disbursements will be provided on a monthly basis.
Yukos Oil Company
Balance Sheet
As of January 31, 2005
Assets
Non-current assets
Intangible assets -
Fixed assets -
Long-term financial investments -
Deferred tax assets -
Other non-current assets -
---------------
Total non-current assets -
Current Assets
Cash $72,974,077
Cash in the United States 27,008,043
Inventory -
Prepaid expenses -
VAT taxes -
Accounts receivable -
Short term financial investments -
---------------
Total Current Assets -
---------------
TOTAL ASSETS -
===============
Liabilities & Owner's Equity
Liabilities
Prepetition payables
Bank Debt -
Non-affiliated companies -
Affiliated companies -
Previously affiliated companies -
---------------
Total prepetition debt -
Postpetition debt
Bank Debt -
Non-affiliated companies -
Affiliated companies -
Previously affiliated companies -
---------------
Total prepetition debt -
Other -
Taxes -
---------------
TOTAL LIABILITIES -
Owner's Equity
Charter capital -
Treasury stocks -
Additional Paid-in Capital -
Legal reserves -
Retained earnings -
---------------
TOTAL OWNER'S EQUITY -
---------------
TOTAL LIABILITIES & OWNER'S EQUITY -
===============
Yukos Oil Company
Income Statement
Period Ended January 31, 2005
Revenue $170,471,492
Cost of goods sold -
Gross profit -
Commercial expenses -
Administrative expenses -
Operating income -
Other income (expenses) -
Income before taxes -
Taxes -
---------------
NET INCOME -
===============
Yukos Oil Company
Cash Receipts and Disbursements
Period Ended January 31, 2005
Cash -- Beginning of the Month $116,421,487
Receipts
Cash Sales -
Collection of Accounts Receivable -
Other 170,471,492
---------------
Total Receipts 170,471,492
Disbursements
Sales, use & other taxes paid 186,595,092
Other 337,497
---------------
Total Disbursements 186,932,589
Net Cash Flow (16,461,097)
---------------
Cash -- End of the Month $99,960,390
===============
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.
On Feb. 24, 2005, U.S. Bankruptcy Judge Leticia Clark dismissed
the case on the grounds that there is doubt on Yukos' ability to
effectuate a reorganization. Deutsche Bank has asked Judge Clark
to reconsider her ruling.
*********
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*********
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