/raid1/www/Hosts/bankrupt/TCR_Public/050326.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 26, 2005, Vol. 9, No. 71
Headlines
FOOTSTAR INC: Posts $200,000 Net Loss in February 2005
KEYSTONE CONSOLIDATED: Posts $2 Million Net Loss in January 2005
MIRANT CORP: Posts $581.9 Million Net Loss in December 2004
MIRANT: MAGi Earns $64.4 Million of Net Income in December
OWENS CORNING: Posts $45.7 Million Net Loss in December 2004
SPIEGEL INC: Posts $7.3 Million Net Loss for Period Ended Jan. 29
VLASIC FOODS: VFB LLC Balance Sheet as of Dec. 31, 2004
*********
FOOTSTAR INC: Posts $200,000 Net Loss in February 2005
------------------------------------------------------
On March 17, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the month of February 2005 with
the U.S. Bankruptcy Court for the Southern District of New York.
The Debtors report a $200,000 net loss on $45 million of net
sales for February 2005, and a $54.4 million net loss on
$803.7 million of net sales from March 3, 2004, through Feb. 26,
2005.
At Feb. 26, 2005, Footstar, Inc.'s consolidated balance sheet
showed:
Total Current Assets $373,100,000
Total Assets 419,700,000
Current Liabilities 131,500,000
Total Liabilities Subject to Compromise 175,800,000
Total Liabilities 357,900,000
Shareholders' Equity $61,800,000
A full-text copy of Footstar, Inc.'s February 2005 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1011308/000090951805000182/jd3-17ex_99.txt
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.
KEYSTONE CONSOLIDATED: Posts $2 Million Net Loss in January 2005
---------------------------------------------------------------
On March 14, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating report for the
month of February 2005, with the U.S. Bankruptcy Court for the
Eastern District of Wisconsin.
Keystone Consolidated reports a $1,614,676 net loss on $28,890,234
of net sales.
At Feb. 28, 2004, Keystone Consolidated's balance sheet shows:
Current Assets $ 86,234,702
Total Assets 317,425,425
Current Liabilities 161,287,250
Stockholders' Deficit $(22,126,669)
A full-text copy of Keystone Consolidated Industries' February
2005 Monthly Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/55604/000005560405000007/exhibit991mar.txt
Headquartered in Dallas, Texas, Keystone Consolidated Industries,
Inc., makes carbon steel rod, fabricated wire products, including
fencing, barbed wire, welded wire and woven wire mesh for the
agricultural, construction and do-it-yourself markets. The
Company filed for chapter 11 protection on February 26, 2004
(Bankr. E.D. Wisc. Case No. 04-22422). Daryl L. Diesing, Esq., at
Whyte Hirschboeck Dudek S.C., and David L. Eaton, Esq., at
Kirkland & Ellis LLP, represent the Debtors in their restructuring
efforts. When the Company filed for protection from their
creditors, it listed $196,953,000 in total assets and $365,312,000
in total debts.
MIRANT CORP: Posts $581.9 Million Net Loss in December 2004
-----------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of December 31, 2004
ASSETS
Cash and cash equivalents $1,484,503,244
Accounts receivable - net 985,761,876
Assets from risk management activities 209,387,145
Derivative hedging instruments -
Inventories 350,702,611
Other 822,580,437
---------------
Total Current Assets 3,852,935,313
Property, plant and equipment 5,176,574,546
Less: accumulated depreciation/depletion 806,853,774
Leasehold interests - net 1,498,872,762
Construction work in progress 126,715,937
Investment in suspended construction 249,741,048
---------------
Total net property, plant and equipment 6,245,050,519
Investments 247,565,934
Long-term accounts receivable - net 31,829,097
Notes receivable - net -
Assets from risk management activities 111,660,725
Goodwill - net 5,767,352
Other intangibles - net 270,418,235
Derivative hedging instruments -
Restricted cash, non-current 210,052,972
Other long-term assets 1
Miscellaneous deferred charges 448,419,371
---------------
Total Non-current Assets 1,325,713,687
---------------
TOTAL ASSETS $11,423,699,519
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,389,889,861
Accounts Payable 725,349,924
Liabilities from risk management activities 347,985,416
Obligations under energy deliveries 19,302,888
Derivative hedging instruments -
Other 183,995,475
Miscellaneous deferred credits 700,142,519
---------------
Total postpetition liabilities 3,366,666,083
Prepetition Liabilities 9,211,007,398
---------------
TOTAL LIABILITIES 12,577,673,481
EQUITY:
Minority interest in subsidiaries 164,666,948
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,963,428
Retained earnings (6,154,918,186)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (83,482,773)
---------------
Total Equity (1,153,973,962)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,423,699,519
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending December 31, 2004
REVENUES:
Generation $347,188,582
Net trading revenue 11,391,462
Distribution 48,743,625
Other 320,694
---------------
Net Revenue 407,644,363
OPERATING EXPENSES:
Energy cost 217,662,748
Operations and maintenance 97,122,165
Depreciation and amortization 26,498,008
Gain on sale of property and investment 2,840,221
Impairment loss 581,649,873
Restructuring costs 4,981,946
---------------
Total Operating Expenses 930,754,961
---------------
Income before non-operating income
and expense (523,110,598)
OTHER INCOME AND EXPENSES:
Interest income 566,770
Interest expense (10,825,293)
Equity in income of affiliates 1,152,836
Other 20,073,954
Reorganization items (47,719,943)
Minority interest (761,962)
Net income from discontinued operations (625,378)
---------------
Total Other Income (38,139,016)
Provision for income tax (20,684,757)
---------------
NET PROFIT (LOSS) ($581,934,371)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending December 31, 2004
Cash, beginning of month $240,450,595
Non-Operating Receipts:
Loans & Advances 27,896,722
---------------
Total non-operating receipts 27,896,722
---------------
Total receipts 27,896,722
---------------
Total Cash Available 268,347,318
Operating Disbursements 0
Reorganization Expenses 20,493
---------------
Total disbursements 20,493
---------------
Net Cash Flow 27,876,229
---------------
Cash, end of month $268,326,825
===============
A full-text copy of Mirant Corporation and its affiliate-debtors'
10-K report is available at the Securities and Exchange
Commission at no charge at:
http://sec.gov/Archives/edgar/data/1010775/000110465905010927/a05-4369_110k.htm
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
MIRANT: MAGi Earns $64.4 Million of Net Income in December
----------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of December 31, 2004
ASSETS
Cash and cash equivalents $414,320,573
Accounts receivable - net 572,761,502
Assets from risk management activities 47,769,682
Derivative hedging instruments -
Inventories 161,686,312
Other 133,315,104
---------------
Total Current Assets 1,329,853,173
Property, plant and equipment 2,202,547,739
Less: accumulated depreciation/depletion 331,865,712
Leasehold interests - net -
Construction work in progress 63,727,991
Investment in suspended construction 174,274,775
---------------
Total net property, plant and equipment 2,108,684,793
Investments 25,000
Long-term accounts receivable - net 94,059,184
Notes receivable - net 223,275,000
Assets from risk management activities 552,339
Other intangibles - net 206,959,963
Derivative hedging instruments -
Restricted cash, non-current 5,052,983
Other long-term assets -
Miscellaneous deferred charges 222,290,767
---------------
Total Non-current Assets 752,215,236
---------------
TOTAL ASSETS $4,190,753,202
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 272,551,362
Liabilities from risk management activities 106,080,071
Obligations under energy deliveries -
Derivative hedging instruments -
Other 146,715,921
Miscellaneous deferred credits 24,091,861
---------------
Total postpetition liabilities 549,439,215
Prepetition Liabilities 3,438,289,397
---------------
TOTAL LIABILITIES 3,987,728,612
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,361
Retained earnings (3,650,870,773)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity 203,024,590
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,190,753,202
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending December 31, 2004
REVENUES:
Generation $234,044,736
Net trading revenue -
Distribution -
Other 33,811
---------------
Net Revenue 234,078,547
OPERATING EXPENSES:
Energy cost 132,797,694
Operations and maintenance 40,745,865
Depreciation and amortization 7,524,376
Gain on sale of property and investment -
Impairment loss 112,873
Restructuring costs 178,107
---------------
Total Operating Expenses 181,358,915
---------------
Income before non-operating income
and expense 52,719,632
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (792,477)
Equity in income of affiliates -
Other 7,536,087
Reorganization items (14,261,716)
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income (7,518,106)
Provision for income tax 19,220,555
---------------
NET PROFIT (LOSS) $64,422,081
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending December 31, 2004
Cash, beginning of month $150,045,402
Non-Operating Receipts:
Loans & Advances 16,992,115
---------------
Total non-operating receipts 16,992,115
---------------
Total receipts 16,992,115
---------------
Total Cash Available 167,037,518
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow 16,992,115
---------------
Cash, end of month $167,037,518
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean. Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590). Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
OWENS CORNING: Posts $45.7 Million Net Loss in December 2004
------------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents $705,387
Receivables 299,355
Receivables-Inter-company 984,221
Inventories 182,765
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 3,325
Other Current Assets 22,977
-----------
Total Current Assets $2,198,514
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 188,392
Restricted cash and securities 0
Deferred Income Taxes 955,427
Goodwill 48,568
Investment in Affiliates 29,506
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 485,083
-----------
Total Other Assets 3,738,516
Plant & Equipment:
Land 35,665
Buildings & Leasehold Improvements 553,867
Machinery & Equipment 2,160,784
Construction in Progress 88,640
Less: Accumulated Depreciation 1,548,421
-----------
Net Plant and Equipment 1,290,535
-----------
TOTAL ASSETS $7,227,565
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 527,763
Inter-company Liabilities 893,011
Short-term debt 0
Long-term debt - current portion 913
-----------
Total Current Liabilities 1,421,687
Long-Term Debt 7,171
Other Employee Benefits Liability 204,721
Pension Plan Liability 617,117
Other Liability 146,999
-----------
Total Non-Current Liabilities 968,837
-----------
Total Postpetition Liabilities 2,397,695
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 262,155
Other Employee Benefits Liability 208,670
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,507,294
Asbestos-Related Liability 2,731,188
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 8,612,959
Total Liabilities 11,010,654
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (4,120,672)
Accumulated Comprehensive Income (Loss) (4,763)
Other (354,952)
-----------
Net Stockholder's Equity (3,783,089)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,227,565
===========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended December 31, 2004
(In Thousands)
Net sales $304,769
Cost of Sales 257,856
-----------
Gross Margin 46,913
Operating Expenses:
Marketing and Administrative Expenses 39,552
Science and Technology Expenses 639
Provision for Asbestos Litigation Claims 0
Insider Compensation 940
Restructure Costs 0
Other Expenses 14,091
-----------
Income (Loss) from Operations (8,309)
Other Expenses:
Cost of Borrowed Funds 110
Other 0
-----------
Income (Loss) Before Reorganization Items (8,419)
Reorganization Items:
Professional Fees 6,856
U.S. Trustee Quarterly Fees 13
Interest Earned on Accumulated Cash from Chapter 11 (1,039)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 1,633
-----------
Total Reorganization Expenses 7,463
-----------
Income (Loss) Before Income Taxes (15,882)
Provision (credit) for Income Tax 29,849
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (45,731)
Minority interest 0
Equity in net income (loss) of affiliates (17)
-----------
Net Income (Loss) ($45,748)
===========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended December 31, 2004
(In Thousands)
Cash, Beginning of Month $625,522
Receipts:
Customer Receipts 374,601
Inter-company Sales 4,824
Loans and Advances 0
Sale of Assets 0
Other Receipts 3,559
Inter-company Transfers 107,625
Transfers from DIP 207,220
-----------
Total Receipts $697,830
Disbursements:
Net Payroll 31,991
Payroll Taxes 0
Sales Use & Other Taxes 6,811
Inventory Purchases 115,137
Insurance 1,995
Administrative & Selling 61,287
Other 103,454
Inter-company Transfers 76,632
Transfers to DIP 207,220
Professional Fees 13,438
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
-----------
Total Disbursements 617,965
Net Cash Flow 79,865
-----------
Cash -- End of Month $705,387
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At
Sept. 30, 2004, the Company's balance sheet shows $7.5 billion in
assets and a $4.2 billion stockholders' deficit. The company
reported $132 million of net income in the nine-month period
ending Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No.
102; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SPIEGEL INC: Posts $7.3 Million Net Loss for Period Ended Jan. 29
-----------------------------------------------------------------
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Balance Sheet
As of January 29, 2005
ASSETS
Current assets:
Cash and cash equivalents $332,186,000
Receivables, net 39,708,000
Inventories 144,317,000
Prepaid expenses 30,693,000
Assets of discontinued operations 50,483,000
--------------
Total current assets 597,387,000
--------------
Property and equipment, net 119,476,000
Intangible assets, net 135,608,000
Other assets 22,997,000
--------------
Total assets $875,468,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities $180,449,000
Current portion of long-term debt 48,000,000
Liabilities of discontinued operations 75,738,000
--------------
Total current liabilities 304,187,000
--------------
Deferred lease obligation 12,036,000
Liabilities subject to compromise 1,397,236,000
Total liabilities 1,713,459,000
--------------
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 (27,974,000)
Accumulated deficit (1,271,461,000)
--------------
Total stockholders' deficit (837,991,000)
--------------
Total liabilities & stockholders' deficit $875,468,000
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Operations
Four Weeks Ended January 29, 2005
Net sales and other revenues:
Net sales $70,739,000
Other revenue 4,578,000
--------------
75,317,000
Cost of sales and operating expenses:
Cost of sales, including buying
and occupancy expenses 47,003,000
Selling, general & administrative expenses 31,998,000
--------------
79,001,000
Estimated loss of non-debtors (170,000)
Operating Loss (3,854,000)
Interest expense 407,000
--------------
Loss from operations before reorganization (4,261,000)
items
--------------
Reorganization items, net (2,905,000)
Income Tax -
--------------
Loss from operations (7,166,000)
--------------
Discontinued operations:
Loss from discontinued operations (91,000)
--------------
Net Loss ($7,257,000)
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended January 29, 2005
Cash flows from operating activities:
Net Loss ($7,257,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Reorganization items, net 2,905,000
Depreciation and amortization 2,118,000
Change in assets and liabilities:
(Increase) decrease in receivables, net 2,295,000
(Increase) decrease in investments/advances 120,000
(Increase) decrease in inventories 7,979,000
(Increase) decrease in prepaid expenses (681,000)
Increase (decrease) in accounts payable
and other accrued liabilities (21,834,000)
Increase (decrease) in net liabilities of
discontinued operations 1,165,000
(Increase) decrease in income taxes (959,000)
--------------
Net cash used for operating activities (14,149,000)
--------------
Net cash used for reorganization items (2,380,000)
Cash flows from investing activities:
Net (additions) reductions to property and
equipment (638,000)
Net (additions) reductions to other assets 1,178,000
--------------
Net cash used in investing activities 540,000
--------------
Net cash provided by financing activities -
--------------
Effect of exchange rate changes on cash (303,000)
--------------
Net change in cash and cash equivalents (16,292,000)
Cash & cash equivalents, beginning of period 348,478,000
--------------
Cash & cash equivalents, end of period $332,186,000
==============
Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
VLASIC FOODS: VFB LLC Balance Sheet as of Dec. 31, 2004
-------------------------------------------------------
VFB LLC
Balance Sheet
As of December 31, 2004
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $9,475,129
Receivables, net 1,500,000
Prepaid expenses and other assets 19,200
------------
Total current assets 10,994,329
------------
Total Assets $10,994,329
============
LIABILITIES & EQUITIES
Current liabilities:
Accounts payable $982,260
Accrued liabilities 19,174
------------
Total current liabilities 1,001,434
------------
Total Liabilities 1,001,434
------------
Equities:
Membership interests 9,992,895
------------
Total Equities 9,992,895
------------
Total Liabilities and Equities $10,994,329
============
In its February 2005 Status Report, VFB LLC noted that:
-- A portion of cash and cash equivalents is held in a
distribution reserve for unresolved administrative,
secured, priority and convenience class claims.
-- Receivables, net consists of amounts VFB expects to collect
from the excess funds held by an insurance company for the
payment of workers' compensation claims, as well as any
additional tax recoveries. The receivable recorded is
greater than the current best offer to settle this matter,
as VFB believes that funds held are well in excess of the
aggregate cost that will be required to settle all those
claims.
-- Prepaid expenses and other assets consist primarily of
prepaid insurance and deposits on leased office space.
-- Accounts payable and accrued liabilities are presently due
and payable obligations of VFB and are expected to be paid
in early 2005.
(Vlasic Foods Bankruptcy News, Issue No. 53; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Christian Q. Salta and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***