/raid1/www/Hosts/bankrupt/TCR_Public/050423.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, April 23, 2005, Vol. 9, No. 95
Headlines
ATX COMMS: Posts $619,000 Net Loss in February 2005
CATHOLIC CHURCH: Portland's February 2005 Monthly Operating Report
CATHOLIC CHURCH: Spokane's February 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson's February 2005 Monthly Operating Report
FGI GROUP: Files March 2005 Monthly Operating Report
INTERMET CORP: Posts $3.5 Million Net Loss in March 2005
INTERSTATE BAKERIES: Files Financial Statements Ending Mar. 5
RELIANCE GROUP: Posts $324,000 Net Loss in March 2005
TWINLAB CORP: Files March 2005 Monthly Operating Report
UNIVERSAL ACCESS: Files March 2005 Monthly Operating Report
*********
ATX COMMS: Posts $619,000 Net Loss in February 2005
---------------------------------------------------
On April 20, 2005, ATX Communications, Inc., and its debtor-
affiliates filed their Monthly Operating Report for February 2005
with the U.S. Bankruptcy Court for the Southern District of New
York.
The Debtors reported a $619,000 net loss in $16,075,000 of total
revenues for the period from February 1, 2005, through
February 28, 2005.
At February 28, 2005, ATX Communications, Inc.'s balance sheet
showed:
Current Assets $52,626,000
Total Assets 158,045,000
Current Liabilities 45,872,000
Total Liabilities Subject to Compromise 309,966,000
Total Stockholders' Equity Deficit ($197,793,000)
A full-text copy of ATX Communications, Inc.'s February 2005
Monthly Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1165532/000095012305004730/y07987exv99w1.txt
Headquartered in Bala Cynwyd, Pennsylvania, ATX Communications,
Inc. -- http://www.atx.com/-- is a local exchange and
interexchange carrier providing integrated voice and data
services, and operates a nationwide asynchronous transfer mode
network. ATX, CoreComm New York, Inc., and their affiliates filed
for chapter 11 protection on January 15, 2004 (Bankr. S.D.N.Y.
Case Nos. 04-10214 through 04-10245). Paul V. Shalhoub, Esq., and
Marc Abrams, Esq., at Willkie, Farr, & Gallagher LLP, represent
the Debtors in their restructuring efforts. When the Debtors
filed for protection from their creditors, they listed
$664 million in total assets and $596.7 million in total debts.
On April 13, 2005, the Court confirmed the Debtors' Modified
Second Amended Joint Plan of Reorganization.
CATHOLIC CHURCH: Portland's February 2005 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of February 28, 2005
ASSETS
Cash and cash equivalents $14,830,567
Accounts receivable, net 2,229,373
Notes, estates and other receivables 11,715,298
Loans receivable from Archdiocesan entities, net 11,315,023
Loans receivable from Archdiocesan housing entities 545,292
Interest receivable and other assets 185,394
Inventories 1,423,330
Real Property 226,689
Deposits and prepaid expenses 360,886
Investments 88,700,990
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,214,143
-------------
Total Assets $141,386,985
=============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 2,266,180
Funds held for others
Second Collections 13,661
Short-term investments payable 20,353,131
Long-term pool investments payable 18,781,179
Reserve for insurance claims 2,343,946
Notes payable 11,250,400
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
-------------
Total Prepetition Liabilities 63,849,214
-------------
Postpetition
Accounts payable 325,552
Accrued liabilities 2,841,320
Funds held for others
Second Collections 404,581
Short-term investments payable 1,553,017
Long-term pool investments 1,982,393
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 14,901
Accrued port-retirement liability -
-------------
Total Postpetition Liabilities 7,121,764
-------------
Total Liabilities 70,970,978
-------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,702,843
Other Assets (3,268,409)
-------------
Total Prepetition Net Assets 66,434,434
-------------
Postpetition Net Assets:
Charitable Trust Assets 1,083,983
Other Assets 2,897,590
-------------
Total Postpetition Net Assets 3,981,573
-------------
Total Net Assets 70,416,007
-------------
Total liabilities & net assets $141,386,985
=============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending February 28, 2005
Revenues, gains and other support
Annual Catholic Appeal income $1,380
Gross profit on cemetery sales 51,761
Contributions, gifts, annuities and bequests 14,038
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 433,972
Change in unrealized losses 1,127,792
Insurance premiums, net -
Interest income from loans 36,208
Parish assessments 241,023
Other income 39,486
Departmental revenues 27,632
Net assets released from restrictions -
-------------
Total revenues, gains, and other support 1,973,292
-------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 462,124
Clergy Services 121,634
Catholic Schools 40,068
Pastoral Services 48,290
Evangelization Services 69,442
Public Services 9,679
Tribunal Services 18,175
Deposit and loan interest 119,622
Insurance program 258,361
Cemetery operating expenses 92,669
High School grants/charitable annuities (23,984)
Other program expenses 61,315
-------------
Total program services 1,277,395
-------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 54,943
Finance & Administration:
Resource Development 13,052
Business Affairs 9,685
Financial Services 53,745
Human Resources 25,349
Shared Services 25,324
Occupancy and physical plant expenses 8,174
Designated funds expense (240)
Bankruptcy expense 432,717
Depreciation expense -
-------------
Total supporting services 622,749
-------------
Total expenses and program support 1,900,144
-------------
Increase (decrease) in net assets before
transfers and designations of net assets 73,148
Fund transfers - in (out) -
Designation of net assets -
-------------
Increase (decrease) in net assets 73,148
Net assets at beginning of year 70,342,859
-------------
Net assets at end of year $70,416,007
=============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending February 28, 2005
Beginning Cash Balance: $14,770,962
Add:
Transfers in 330,533
Receipts Deposited 2,263,060
Other (Return of Direct Deposits) -
Other (Interest Income) 25,955
-------------
Total Cash Receipts 2,619,547
Subtract:
Transfers out (330,533)
Disbursements by check or debit (2,228,634)
Cash withdrawn -
Other (Service Charges) (501)
Other (NSF Checks) (275)
Other (Clear Interfund Rec/Pay) -
-------------
Total Cash Disbursements (2,559,943)
-------------
Ending Cash Balance $14,830,566
=============
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., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its 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. 23; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane's February 2005 Monthly Operating Report
-----------------------------------------------------------------
A full-text copy of the Diocese of Spokane's February monthly
operating report is available for free at:
http://bankrupt.com/misc/spokane_mor_feb.pdf
Catholic Diocese of Spokane
Balance Sheet
As of February 28, 2005
ASSETS
Total Cash Accounts $3,657,066
Total Investments 3,910,809
Total Property 495,004
Total Loans Receivable 3,264,711
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 71,941
Total Land and Buildings & Equip 2,272,137
Total Prepaid Expenses 6,527
-------------
Total Assets $14,075,082
=============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 5,266,926
Total Interest Payable 0
Total Accounts Payable 3,150
Net Assets
Total Unrestricted - Fund Balance (3,345,390)
Total Unrestricted Net Assets (3,345,390)
T.R. - Guse Grant Funds 175,676
T.R. - Bishop's School Grants Funds (88,980)
Total Replacement Fund 9,207,824
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 618,690
Temporarily Restricted 147,767
-------------
Total liabilities & net assets $14,075,082
=============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending February 28, 2005
Total Income $185,776
Total Expenses 345,596
-------------
Net Excess or Deficit $159,820
=============
Catholic Diocese of Spokane
Statement of Cash Receipts and Disbursements
February 1, 2005 to February 28, 2005
Total Cash Receipts 321,453
Total Cash Disbursements (425,210)
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 23; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Tucson's February 2005 Monthly Operating Report
----------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of February 28, 2005
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 891,368 451,426
Cash Equivalents 3,223,150 1,871,123
Accounts receivable, net 1,553,250 1,535,250
Allowance for doubtful accounts (1,189,072) (1,189,072)
Grants receivable 323,182 323,182
Pledges receivable 6,000 6,000
A/R held in trust for others 68,444 0
Due from administered funds 99,388 0
Prepaid expenses & other assets 619,854 619,854
Investments in businesses 5,828,346 4,528,281
Corp. & Gov't. bond investments 1,999,477 1,527,309
Investment in BPIC 80,850 80,850
Notes receivable, net 2,084,353 307,565
Allowance for doubtful
notes receivable (329,289) (5,411)
Assets securing 2002 settlement 3,000,000 3,000,000
Construction in progress 48,867 48,867
Land, buildings, and equipment 522,263 522,263
Assets held for sale 60,226 60,226
Land held for future parish sites 817,460 817,460
------------- --------------
$19,691,617 $14,606,061
============= ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 716,072 716,072
Accounts payable - pre 43,255 43,255
Accrued expenses - post 31,736 31,736
Accrued expenses - pre 157,682 157,682
Due to Diocese 99,388 0
Accrued insurance claims 369,398 369,398
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured long-term debt - post 100,000 100,000
Unrestricted parish deposits 6,978,685 6,962,867
Restricted parish deposits 3,585,432 0
Secured long-term debt 2,618,509 2,618,509
Custodial funds 1,384,918 0
------------- --------------
Total Liabilities 18,146,530 13,060,974
------------- --------------
Net Assets:
Unrestricted/temporarily
restricted (363,801) (363,801)
Permanently restricted 1,908,888 1,908,888
------------- --------------
Total liabilities & net assets $19,691,617 $14,606,061
============= ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
February 1, 2005 through February 28, 2005
Revenues
Contributions, grants and bequests $47,707
Chancery assessment 137,998
Priests salary subsidy 18,530
Fees for services 15,541
Advertising revenue 5,705
Retreat fees 9,295
Rental Income 4,397
Insurance 60,161
Investment Income 39,848
Miscellaneous 1,504
--------------
Total Support & Revenue 340,687
Expense
Program Services:
Archives 3,233
Catholic Commitments & Social Services 352
Evangelization & Hispanic Ministry 6,078
Catechesis Office 8,849
Formation Office 5,288
Department of Catholic Schools 20,212
Clergy, religious & seminarian advancement 19,055
Parish Assistance 23,638
Catholic Social Mission 4,895
Supporting Services:
Office of Bishop Emeritus 1,245
Offices of the Bishop, et al. 26,332
Office of Women Religious 1,133
General & Administrative 3,611
Fiscal & Employee Services 39,878
Office of Child, Adolescent, et al. Protection 6,283
Communications & Community Relations 13,915
Property Management 29,199
Insurance Administration 38,340
Reorganization 79,765
Imputed interest on settlement 14,095
Provision for doubtful accounts 5,833
Depreciation 3,606
-------------
Total Expenses 354,836
-------------
Excess (deficiency) of revenues over expenses ($14,149)
=============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
February 1, 2005 through February 28, 2005
Cash and Bank Balance:
Beginning of Month $223,540
Receipts
Cash Sales 47,422
Accounts Receivable -- Prepetition 73,861
Accounts Receivable -- Postpetition 335,558
Loans and Advances 0
Sale of Assets 0
Transfers in from other accounts 99,191
Other -- Custodial Funds 110,479
Other -- Payroll Reimbursements 4,018
Credit Adjustments 242
-------------
Total Receipts 670,770
Disbursements:
Business -- Ordinary Operations 314,307
Capital Improvements 0
Prepetition Debt 0
Transfers to other DIP Accounts 99,191
Other -- Custodial Funds 2,010
Other -- TRF to Wells Fargo Investment 0
Other -- Payroll Reimbursement 3,859
Reorganization Expenses:
Attorney Fees 0
Accountant Fees 0
Other Professional Fees 0
Other (Advertising) 0
U.S. Trustee Quarterly Fee 23,517
Court Costs 0
-------------
Total Disbursements 442,885
-------------
Cash & Bank Balance -- End of Month $451,426
=============
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., and Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese. (Catholic Church Bankruptcy News, Issue No. 23;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FGI GROUP: Files March 2005 Monthly Operating Report
----------------------------------------------------
On April 14, 2005, FGI Group Inc., filed a monthly operating
report for Florsheim Group, Inc., et al., and its debtor-
affiliates covering the period ended Mar. 31, 2005, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.
FGI Group reports a $1,209,761 cash balance at Mar. 31, 2005,
and provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
A full-text copy of FGI Group's March 2005 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/928908/000095013705004446/c94202exv99w1.txt
Florsheim Group, Inc., filed for chapter 11 protection on
March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209) to facilitate
a sale of its U.S. wholesale business and 23 retail stores to its
U.S. assets to the Weyco Group, Inc. for $45.6 million in cash,
subject to post closing adjustment.
INTERMET CORP: Posts $3.5 Million Net Loss in March 2005
--------------------------------------------------------
On April 20, 2005, Intermet Corporation and its debtor-affiliates
delivered its March 2005 monthly operating report with the U.S.
Bankruptcy Court for the Eastern District of Michigan.
For the month ending March 31, 2005, Intermet Corporation reported
a $3,481,000 net loss against $62,094,000 of net sales.
At March 31, 2005, Intermet's balance sheet showed:
Current Assets $147,594,000
Total Assets 456,431,000
Postpetition Debts 19,635,000
Total Liabilities 572,867,000
Total Stockholders' Equity Deficit ($116,436,000)
A full-text copy of Intermet Corporation's March 2005 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/745287/000095012405002554/k94296exv99w1.txt
Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/-- provides machining and tooling
services for the automotive and industrial markets specializing
in the design and manufacture of highly engineered, cast
automotive components for the global light truck, passenger car,
light vehicle and heavy-duty vehicle markets. Intermet, along
with its debtor-affiliates, filed for chapter 11 protection on
Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614). Salvatore A. Barbatano, Esq., at Foley & Lardner LLP
represents the Debtors. When the Debtors filed for protection
from their creditors, they listed $735,821,000 in total assets
and $592,816,000 in total debts.
INTERSTATE BAKERIES: Files Financial Statements Ending Mar. 5
-------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended March 5, 2005
REVENUE
Gross Income $253,048,050
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 62,443,144
Direct & Indirect Labor 44,615,522
Overhead & Production Administration 13,756,122
------------
Total Cost of Goods Sold 120,814,788
------------
Gross Profit $132,233,262
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $63,651,348
Advertising and Marketing (1,910,103)
Insurance (Property, Casualty, & Medical) 8,885,899
Payroll Taxes 5,860,466
Lease and Rent 5,101,214
Telephone and Utilities 1,909,203
Corporate Expense (Including Salaries) 1,689,100
Other Expenses 37,672,744
------------
Total Operating Expenses $122,859,871
------------
EBITDA $9,373,391
Restructuring & Reorganization Charges 5,269,417
Depreciation and Amortization 15,333,711
Other Income (26,217)
Gain/Loss Sale of Property (1,414,925)
Interest Expense 3,227,613
------------
Operating Income (Loss) (13,016,208)
Income Tax Expense (Benefit) (4,759,651)
------------
Net Income (Loss) ($8,256,557)
============
CURRENT ASSETS
Accounts Receivable at end of period $170,579,567
Increase (Decrease) in Accounts Receivable (6,668,213)
Inventory at end of period 71,244,964
Increase (Decrease) in Inventory for period 1,965,790
Cash at end of period 95,444,172
Increase (Decrease) in Cash for period (833,820)
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (11,225,838)
Increase (Decrease) in Liabilities
Subject to Compromise (684,082)
Taxes payable:
Federal Payroll Taxes 13,612,048
State/Local Payroll Taxes 6,264,125
State Sales Taxes 697,072
Real Estate and Personal Property Taxes 12,671,531
Other 5,709,643
------------
Total Taxes Payable $38,954,419
------------
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. 17; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
RELIANCE GROUP: Posts $324,000 Net Loss in March 2005
-----------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-Mar-2005
_____________________________________ ___________
ASSETS
Cash $54,434,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Plant, property & equipment -
----------------
Total Assets $67,877,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,776,000
Professional fee holdback payable 2,272,000
PBGC administrative claim 3,000,000
Liabilities subject to compromise 1,106,116,000
----------------
Total liabilities 1,113,164,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,615,444,000)
----------------
Total shareholders' deficit (1,045,287,000)
----------------
Total liabilities & deficit $67,877,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Mar-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-Mar-2005
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 39,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 39,000
----------------
Loss before reorganization items (39,000)
----------------
Reorganization items:
Professional fees 398,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (113,000)
----------------
Total reorganization items 285,000
----------------
Income Tax benefits 0
----------------
Net Income (loss) ($324,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Mar-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-Mar-2005
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($39,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables (89,000)
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (128,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 113,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (398,000)
----------------
Net cash used by
reorganization items (285,000)
----------------
Net cash used by
operating activities (413,000)
----------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
----------------
Net cash provided by
investing activities 0
----------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
----------------
Net cash provided by
financing activities 0
----------------
Net increase in cash (413,000)
Cash at beginning of period 54,847,000
----------------
Cash at end of period $54,434,000
================
Headquartered in New York, New York, Reliance Group Holdings,
Inc. -- http://www.rgh.com/-- is a holding company that owns
100% of Reliance Financial Services Corporation. Reliance
Financial, in turn, owns 100% of Reliance Insurance Company.
The holding and intermediate finance companies filed for chapter
11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403)
listing $12,598,054,000 in assets and $12,877,472,000 in debts.
The insurance unit is being liquidated by the Insurance
Commissioner of the Commonwealth of Pennsylvania. (Reliance
Bankruptcy News, Issue No. 73; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
TWINLAB CORP: Files March 2005 Monthly Operating Report
-------------------------------------------------------
On April 15, 2005, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) delivered their monthly operating reports for the month
ended March 31, 2005, with the Securities and Exchange Commission.
Full-text copies of the Debtors' March 2005 Monthly Operating
Reports are available at no charge at:
http://www.sec.gov/Archives/edgar/data/1015868/000095012305004565/0000950123-05-004565-index.htm
On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc. and
Twin Laboratories (UK) Ltd., commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 (CB) and are pending before the
Honorable Cornelius Blackshear.
Also, on Sept. 4, 2003, the Companies entered into certain asset
purchase agreement with IdeaSphere, Inc. of Grand Rapids,
Michigan, pursuant to which the Companies sold substantially all
of their assets. The sale closed on Dec. 9, 2003. In connection
with the sale, the Debtors obtained an order from the Court
authorizing them to change their names. Twinlab Corporation
changed its name to TL Administration Corporation, Twin
Laboratories Inc., changed its name to TL Administration Inc., and
Twin Laboratories (UK) Ltd., changed its name to TL Administration
(UK) Ltd.
The Debtors continue to operate as debtors-in-possession pursuant
to sections 1107(a) and 1108 of the Bankruptcy Code.
UNIVERSAL ACCESS: Files March 2005 Monthly Operating Report
-----------------------------------------------------------
Universal Access Global Holdings, Inc., and its debtor-affiliates
delivered its March 2005 monthly operating report with the United
States Bankruptcy Court for the Northern District of Illinois,
Eastern Division. The Debtors' summary of cash receipts and
disbursements shows:
Beginning Cash Balance $6,213,128
Total Receipts 4,654,217
Total Disbursements 4,656,569
Ending Cash Balance $6,210,776
A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' March 2005 Monthly Operating Report is
available at no charge at:
http://www.sec.gov/Archives/edgar/data/1070699/000110465905016992/a05-6893_1ex99d2.htm
In addition, the U.S. Bankruptcy Court for the Northern District
of Illinois, Eastern Division approved on April 15, 2005, the
bidding guidelines and procedures for the sale of the Company's
assets. The auction is set to commence on May 13, 2005, while the
sale approval will take place on May 17, 2005.
A copy of the Bidding Procedures Order is available at no charge
at:
http://www.sec.gov/Archives/edgar/data/1070699/000110465905016992/a05-6893_1ex99d1.htm
Headquartered in Chicago, Illinois, Universal Access Global
Holdings, Inc. -- http://www.universalaccess.com/-- provides
network infrastructure services and facilitates the buying and
selling of capacity on communications networks. The company, and
its debtor-affiliates, filed for a chapter 11 protection on August
4, 2004 (Bankr. N.D. Ill. Case No. 04-28747). John Collen, Esq.,
and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent the
Company. David W. Wirt, Esq., and David Neier, Esq., at Winston &
Strawn, represent an Official Committee of Unsecured Creditors.
When the Debtor filed for protection from its creditors, it listed
$22,047,000 in total assets and $24,054,000 in total debts.
*********
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, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili 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.
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