/raid1/www/Hosts/bankrupt/TCR_Public/050430.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 30, 2005, Vol. 9, No. 101
Headlines
ADELPHIA COMMS: Posts $23.9 Million Net Loss in March 2005
ADELPHIA: Century/ML's March 2005 Monthly Operating Report
COVANTA WTE: Earns $672,010 of Net Income in February 2005
HAWAIIAN AIRLINES: Reports $1.9 Million Net Loss in March 2005
OWENS CORNING: Posts $7.8 Million Net Loss in February 2005
TORCH OFFSHORE: Posts $4.6 Million Net Loss in March 2005
WINN-DIXIE: Crackin' Good Inc. Files Schedules of Assets & Debts
WINN-DIXIE: Deep South Products' Schedules of Assets & Debts
WINN-DIXIE: Dixie Packers Inc.'s Schedules Of Assets & Liabilities
WINN DIXIE: Dixie Spirits Inc.'s Schedules of Assets & Liabilities
WINN-DIXIE: Logistics Inc.'s Schedules of Assets & Liabilities
WINN-DIXIE: Procurement Inc.'s Schedules of Assets & Liabilities
WINN-DIXIE: Table Supply Food's Schedules of Assets & Liabilities
WINN-DIXIE: Other Debtors' Schedules of Assets & Liabilities
*********
ADELPHIA COMMS: Posts $23.9 Million Net Loss in March 2005
----------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of March 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $315,288
Restricted cash 28,656
Accounts receivables - net 88,812
Other current assets 175,066
-----------
Total current assets 607,822
Restricted cash 3,087
Investments in equity affiliates 226,506
Related party receivables 29,986
Property, plant and equipment - net 4,251,285
Intangible assets - net 7,437,778
Other noncurrent assets - net 119,320
-----------
Total Assets $12,675,784
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $112,518
Subscriber advance payments and deposits 29,295
Accrued and other liabilities 442,210
Deferred revenue 28,027
Current portion of parent and subsidiary debt 636,426
-----------
Total current liabilities 1,248,476
Other liabilities 118,534
Deferred revenue 80,307
Deferred income taxes 697,626
-----------
Total noncurrent liabilities 896,467
Liabilities subject to compromise 18,352,744
-----------
Total liabilities 20,497,687
Minority interests 88,917
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,567,026
Accumulated other comprehensive loss 801
Accumulated deficit (16,678,198)
Treasury stock, at cost (27,937)
-----------
Total (7,135,363)
Amounts due from Rigas family entities (775,457)
-----------
Total stockholders' equity (7,910,820)
-----------
Total liabilities and stockholders' equity $12,675,784
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended March 31, 2005
(Dollars in thousands)
Revenue $344,748
Cost and expenses:
Direct operating and programming 220,734
Selling, general and administrative 16,360
Investigation and re-audit fees 6,422
Depreciation and amortization 78,938
Impairment of long-lived and other assets -
Gains on dispositions of long-lived assets (806)
-----------
Operating income (loss) 23,100
Other income (expense):
Interest expense (41,194)
Impairment of cost & available for sale investment -
Other income (expense) - net 962
-----------
Total other expense - net (40,232)
-----------
Loss from continuing operations before
reorganization (17,132)
Reorganization expenses due to bankruptcy (6,732)
-----------
Loss from continuing operations before income taxes (23,864)
Income tax (expense) benefit -
Share of losses of equity affiliates - net (484)
Minority's interest in subsidiary losses - net 493
-----------
Net loss (23,855)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($23,855)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended March 31, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($23,855)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 78,938
Gains on dispositions of long-lived assets (806)
Amortization of debt financing costs 4,795
Impairment of cost & available for sale investments -
Reorganization expenses due to bankruptcy 6,732
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net 484
Minority interest in losses of subsidiaries (493)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (65,931)
-----------
Net cash provided by operating activities before
payment of reorganization expenses (136)
Reorganization expenses paid during the period (6,887)
-----------
Net cash provided by (used in) operating activities (7,023)
Cash flows from investing activities:
Expenditures for property, plant and equipment (45,081)
Changes in restricted cash (23,474)
Other (484)
-----------
Net cash used in investing activities (69,039)
Cash flows from financing activities:
Proceeds from DIP facilities 25,000
Repayments of debt (1,422)
Payment of bank financing costs (178)
-----------
Net cash provided by financing activities 23,400
Change in cash and cash equivalents cash (52,662)
Cash, beginning of period 367,950
-----------
Cash, end of period $315,288
===========
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. 90; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA: Century/ML's March 2005 Monthly Operating Report
----------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of March 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $18,877
Subscriber receivables, net 216
Investment in Century-ML Corporation 139,151
Related-party receivables 231
Other current assets 289
--------
Total current assets 158,764
Property, plant and equipment, net 6,003
Intangible assets, net 1,528
--------
Total Assets $166,295
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $85
Accrued expenses and other liabilities 2,033
Intercompany payables 2,573
--------
Total current liabilities 4,691
--------
Long-term accrued and other liabilities 13
Deferred revenues 139
Deferred income taxes 45
--------
Total non-current liabilities 197
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 17,061
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 92,434
--------
Total partners' equity 149,234
--------
Total Liabilities and Partners' Equity $166,295
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended March 31, 2005
(Dollars in thousands)
Revenue $1,079
Cost and expenses:
Direct operating and programming 505
Selling, general and administrative 29
Management fees 37
Non-recurring professional fees -
Depreciation 56
--------
Operating income before reorganization
expenses due to bankruptcy 452
Reorganization expenses due to bankruptcy 72
--------
Operating income 380
Interest income, net 21
Equity in net income of Century-ML Cable
Corporation, net of taxes 1,267
--------
Income before income taxes 1,668
Income tax expense (159)
--------
Net income $1,509
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended March 31, 2005
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,509
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 56
Reorganization expenses due to bankruptcy 72
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (1,267)
Change in assets and liabilities:
Subscriber receivables, net (52)
Prepaid expenses and other assets, net (49)
Accounts payable (12)
Subscriber advance payments and deposits (13)
Accrued expenses and other liabilities 171
Intercompany receivables and payables - net 149
--------
Net cash provided by operating activities 564
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (126)
--------
Net cash used in investing activities (126)
--------
Change in cash and cash equivalents 438
Cash and cash equivalents, beginning of period 17,953
--------
Cash and cash equivalents, end of period $18,391
========
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. 90; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COVANTA WTE: Earns $672,010 of Net Income in February 2005
----------------------------------------------------------
The Remaining WTE Debtors are:
-- Covanta Warren Energy Resource Co., L.P.,
-- Covanta Warren Holdings I, Inc., and
-- Covanta Warren Holdings II, Inc.
WTE Debtors
Consolidated Balance Sheet
As of February 28, 2005
ASSETS
Cash $553,472
Inventory -
Accounts receivable 13,740,979
Land -
Machinery, fixtures and equipment 46,912,977
Restricted funds 234,065
Other current assets 168,143
Other assets 109,081
------------
Total assets $61,718,717
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Postpetition Liabilities:
Subject to postpetition collateral
or financing order -
Advances from parent and affiliates $7,382,953
Accounts payable and other liabilities 2,821,887
------------
Total postpetition liabilities 10,204,840
Prepetition Liabilities:
Project Debt 18,993,666
Advances from parent and affiliates 26,235,087
Liabilities Subject to Compromise 1,825,969
Taxes/Others -
------------
Total Prepetition Liabilities 47,054,722
------------
Equity:
Capital stock -
Capital surplus -
Retained earnings - prepetition 8,343,700
Retained earnings - postpetition (3,884,545)
------------
Total Equity 4,459,155
------------
Total Liabilities and Equity $61,718,717
============
WTE Debtors
Consolidated Statements of Operations
From February 1 to February 28, 2005
INCOME:
Service, electric and construction revenue $1,570,487
Waste-to-Energy project debt revenue 400,562
------------
Total Income 1,971,049
EXPENSES:
Operating and construction costs 926,035
Waste-to-Energy project debt expense 103,254
Depreciation and amortization expense 189,750
Other - Net -
Cost allocations from parent & affiliates 80,000
Gain on sale of businesses -
------------
Total Expenses 1,299,039
------------
NET OPERATING PROFIT/(LOSS) 672,010
Non-Operating Income/(Expense)
Reorganization costs -
------------
Total Non-Operating Income (Expense) -
Income Taxes -
Income before cumulative effect of accounting,
Change 672,010
------------
NET INCOME $672,010
============
WTE Debtors
Consolidated Cash Flow Statements
From February 1 to February 28, 2005
Net income $672,010
Depreciation and amortization 189,750
Receivables (1,814,533)
Other assets 21,055
Payables and accrued expenses 722,496
Other liabilities (2,497)
Property, plant and equipment expenditures (123,309)
Restricted funds, net 29,019
(Repayments) issuance of debt, net -
Advances from parents & affiliates (35,106)
------------
(341,115)
Cash, beginning balance 894,587
------------
Cash, ending balance $553,472
============
Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. On March 10, 2004, Covanta Energy
Corporation and its core subsidiaries emerged from chapter 11 as a
wholly owned subsidiary of Danielson Holding Corporation. Some of
Covanta's non-core subsidiaries have liquidated under separate
chapter 11 plans. (Covanta Bankruptcy News, Issue No. 77;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
HAWAIIAN AIRLINES: Reports $1.9 Million Net Loss in March 2005
--------------------------------------------------------------
On April 20, 2005, Hawaiian Airlines, the sole operating
subsidiary of Hawaiian Holdings, Inc., filed its unaudited March
2005 Monthly Operating Report with the United States Bankruptcy
Court for the District of Hawaii.
The carrier reported a net loss for the period of $1,954,000 on
$69,725,000 of revenues, compared to a net loss of $1,905,000 on
$56,777,000 revenues in February 2005.
At March 31, 2005, Hawaiian Airlines' balance sheet showed:
Total Current Assets $262,603,000
Total Assets 382,719,000
Total Current Liabilities 242,277,000
Total Liabilities 450,624,000
Liabilities Subject
to Compromise 214,544,000
Shareholder's Deficit $282,449,000
A full-text copy of Hawaiian Airlines' March 2005 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1172222/000095013605002250/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. The Bankruptcy Court confirmed the Chapter 11
Trustee's Plan of Reorganization on March 10, 2005.
OWENS CORNING: Posts $7.8 Million Net Loss in February 2005
-----------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of February 28, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $676,574
Receivables 355,365
Receivables-Inter-company 977,603
Inventories 212,232
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 3,325
Other Current Assets 21,108
----------
Total Current Assets $2,246,691
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 188,035
Restricted cash and securities 0
Deferred Income Taxes 948,620
Goodwill 48,568
Investment in Affiliates 30,565
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 473,687
----------
Total Other Assets 3,721,015
Plant & Equipment:
Land 35,665
Buildings & Leasehold Improvements 554,783
Machinery & Equipment 2,168,114
Construction in Progress 89,623
Less: Accumulated Depreciation 1,569,554
----------
Net Plant and Equipment 1,278,631
----------
TOTAL ASSETS $7,246,337
==========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 542,965
Inter-company Liabilities 915,722
Short-term debt 0
Long-term debt - current portion 913
----------
Total Current Liabilities 1,459,600
Long-Term Debt 7,155
Other Employee Benefits Liability 210,900
Pension Plan Liability 617,473
Other Liability 144,954
----------
Total Non-Current Liabilities 973,327
----------
Total Postpetition Liabilities 2,440,082
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 261,909
Other Employee Benefits Liability 204,204
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,507,171
Asbestos-Related Liability 2,731,188
Inter-company 2,452,666
Other 0
----------
Total Prepetition Liabilities 8,608,124
Total Liabilities 11,048,206
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (4,139,294)
Accumulated Comprehensive Income (Loss) (4,922)
Other (354,951)
----------
Net Stockholder's Equity (3,801,869)
----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,246,337
==========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended February 28, 2005
(In Thousands)
Net sales $300,679
Cost of Sales 251,334
----------
Gross Margin 49,345
Operating Expenses:
Marketing and Administrative Expenses 27,301
Science and Technology Expenses 1,959
Provision for Asbestos Litigation Claims 0
Insider Compensation 805
Restructure Costs 0
Other Expenses 7,718
----------
Income (Loss) from Operations 11,562
Other Expenses:
Cost of Borrowed Funds 253
Other 0
----------
Income (Loss) Before Reorganization Items 11,309
Reorganization Items:
Professional Fees 11,205
U.S. Trustee Quarterly Fees (14)
Interest Earned on Accumulated Cash from Chapter 11 (605)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 4,150
----------
Total Reorganization Expenses 14,736
----------
Income (Loss) Before Income Taxes (3,427)
Provision (credit) for Income Tax 4,301
----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (7,728)
Minority interest 0
Equity in net income (loss) of affiliates (97)
----------
Net Income (Loss) ($7,825)
==========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended February 28, 2005
(In Thousands)
Cash, Beginning of Month $653,808
Receipts:
Customer Receipts 286,377
Inter-company Sales 5,116
Loans and Advances 0
Sale of Assets 0
Other Receipts 5,189
Inter-company Transfers 79,059
Transfers from DIP 178,044
----------
Total Receipts $553,785
Disbursements:
Net Payroll 30,346
Payroll Taxes 4
Sales Use & Other Taxes 5,765
Inventory Purchases 101,700
Insurance 1,464
Administrative & Selling 52,750
Other 89,346
Inter-company Transfers 67,013
Transfers to DIP 178,044
Professional Fees 4,601
U.S. Trustee Quarterly Fees (14)
Court costs 0
Adjustment 0
----------
Total Disbursements $531,019
Net Cash Flow 22,766
----------
Cash -- End of Month $676,574
==========
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. 105;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
TORCH OFFSHORE: Posts $4.6 Million Net Loss in March 2005
---------------------------------------------------------
On April 27, 2005, Torch Offshore, Inc., and its wholly owned
subsidiaries, Torch Offshore, L.L.C., and Torch Express, L.L.C.,
filed their monthly operating reports for the period March 1,
2005, through March 31, 2005, with the U.S. Bankruptcy Court for
the Eastern District of Louisiana.
Torch Offshore, Inc., reported a $4,568,309 net loss in
$1,126,942 of total revenues for the period from March 1, 2005,
through March 31, 2005.
At March 31, 2005, Torch Offshore, Inc.'s balance sheet showed:
Current Assets $149,768,511.78
Total Assets 172,580,414.21
Total Postpetition Liabilities 10,336,480.41
Total Liabilities 137,767,144.11
Total Stockholders' Equity $34,813,270.10
A full-text copy of their Monthly Operating Reports for the period
ended March 31, 2005, are available at no charge at:
Torch Offshore, Inc.:
http://www.sec.gov/Archives/edgar/data/1129650/000095012905004140/h24677exv99w1.txt
Torch Offshore, L.L.C.:
http://www.sec.gov/Archives/edgar/data/1129650/000095012905004140/h24677exv99w2.txt
Torch Express, L.L.C.:
http://www.sec.gov/Archives/edgar/data/1129650/000095012905004140/h24677exv99w3.txt
Headquartered in Gretna, Louisiana, Torch Offshore, Inc., provides
integrated pipeline installation, sub-sea construction and support
services to the offshore oil and gas industry, primarily in the
Gulf of Mexico. The Company and its debtor-affiliates filed for
chapter 11 protection (Bankr. E.D. La. Case No. 05-10137) on
Jan. 7, 2005. Jan Marie Hayden, Esq., at Heller, Draper, Hayden,
Patrick & Horn, L.L.C., and Lawrence A. Larose, Esq., at King &
Spalding LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $201,692,648 in total assets and
$145,355,898 in total debts.
WINN-DIXIE: Crackin' Good Inc. Files Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.15 Accounts Receivable
Vendor Receivables $133,730
Reserve Allocation (81,556)
Intercompany Receivable 7,950,267
B.33 Others 2,520
TOTAL SCHEDULED ASSETS $8,004,961
========================================================
C. Property Claimed as Exempt -
D. Secured Claims unliquidated
E. Unsecured Priority Claims unliquidated
F. Unsecured Non-Priority Claims
Wilmington Trust Company $310,500,000
Accounts Payable 40,995
TOTAL SCHEDULED LIABILITIES $310,540,995
========================================================
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN-DIXIE: Deep South Products' Schedules of Assets & Debts
------------------------------------------------------------
A. Real Property -
B. Personal Property
B.12 Stock Interests unknown
B.15 Accounts Receivable
Vendor Receivables $855,347
Reserve Allocation (54,791)
B.23 Vehicles and Accessories 2,359
B.27 Machinery 5,453,223
B.28 Inventory 7,681,578
B.33 Others
Construction In Progress 128,458
Leasehold Improvements 110,416
Prepaid Maintenance 2,201
Prepaid Rent 9,442
TOTAL SCHEDULED ASSETS $14,188,235
========================================================
C. Property Claimed as Exempt -
D. Secured Claims unliquidated
E. Unsecured Priority Claims unliquidated
F. Unsecured Non-Priority Claims
Wilmington Trust Company $310,500,000
Accounts Payable 4,306,966
Intercompany Payable 5,138,307
TOTAL SCHEDULED LIABILITIES $319,945,274
========================================================
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN-DIXIE: Dixie Packers Inc.'s Schedules Of Assets & Liabilities
------------------------------------------------------------------
A. Real Property -
B. Personal Property
B.15 Accounts Receivable
Accounts Receivable $90,555
Reserve Allocation (26,932)
Intercompany Receivable 910,049
B.33 Others 1,000,000
TOTAL SCHEDULED ASSETS $1,973,671
========================================================
C. Property Claimed as Exempt -
D. Secured Claims unliquidated
E. Unsecured Priority Claims unliquidated
F. Unsecured Non-Priority Claims
Wilmington Trust Company $310,500,000
Accounts Payable 757
TOTAL SCHEDULED LIABILITIES $310,500,757
========================================================
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN DIXIE: Dixie Spirits Inc.'s Schedules of Assets & Liabilities
------------------------------------------------------------------
A. Real Property -
B. Personal Property
B.1 Cash on Hand $401
B.2 Bank Account 45,827
B.22 Licenses, Franchises and Other Intangibles unknown
B.27 Machinery 24,455
B.28 Inventory 164,286
B.33 Other Assets 20,340
TOTAL SCHEDULED ASSETS $255,308
========================================================
C. Property Claimed as Exempt -
D. Secured Claims unliquidated
E. Unsecured Priority Claims unliquidated
F. Unsecured Non-Priority Claims
Accounts Payable $35
Intercompany Payable 118,387
TOTAL SCHEDULED LIABILITIES $118,422
========================================================
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN-DIXIE: Logistics Inc.'s Schedules of Assets & Liabilities
--------------------------------------------------------------
A. Real Property
Warehouse - Harahan, Louisiana $6,733,724
Warehouse - Louisville, Kentucky 4,180,635
B. Personal Property
B.15 Accounts Receivable
Associate Receivables 9,411
Vendor Receivables 3,989,587
B.23 Vehicles and Accessories
Tractors 1,855,867
Trailers 6,742,162
B.27 Machinery 27,469,389
B.33 Others
Construction In Progress 330,723
Leasehold Improvements 49,858,489
Prepaid Maintenance 218,839
Prepaid Taxes & Licenses 319,943
TOTAL SCHEDULED ASSETS $101,708,767
========================================================
C. Property Claimed as Exempt -
D. Secured Claims unliquidated
E. Unsecured Priority Claims unliquidated
F. Unsecured Non-Priority Claims
Wilmington Trust Company $310,500,000
Accounts Payable 6,275,999
Intercompany Payable 168,986,682
TOTAL SCHEDULED LIABILITIES $485,762,681
========================================================
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN-DIXIE: Procurement Inc.'s Schedules of Assets & Liabilities
----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.15 Accounts Receivable
Associate Receivables $7,280
Vendor Receivables 31,254,522
Reserve Allocation (2,254,682)
Intercompany Receivable 2,001,433
B.21 Intellectual Property unknown
B.23 Vehicles and Accessories 1,864
B.27 Machinery 9,598
B.28 Inventory 297,273,572
B.33 Others
Internal & External Software 26,744
Leasehold Improvements 61,642
Prepaid Franchise Taxes 70,291
Prepaid Gift Cards 1,049,354
Prepaid Rent 95,917
TOTAL SCHEDULED ASSETS $329,597,536
========================================================
C. Property Claimed as Exempt -
D. Secured Claims unliquidated
E. Unsecured Priority Claims unliquidated
F. Unsecured Non-Priority Claims
Wilmington Trust Company $310,500,000
Accounts Payable
American Pride Seafoods 1,013,171
Anderson News LLC 6,059,171
Atlanta Foods International 1,006,935
Baker & Taylor 1,259,039
Bayer Corporation 781,332
Campbell Soup Co. 1,165,962
CH Robinson Worldwide Inc. 2,447,843
Clorox Sales Co.-KPD 1,634,821
Conagra Foods Inc. 1,282,477
Conagra Foods Refrigerated Foods Co. 918,943
Conagra Grocery Products Co. 1,857,805
Consolidated Biscuit Company 916,570
Del Monte Fresh Produce 1,299,531
DLJ Produce Inc. 1,774,506
Dole Fresh Fruit Company 1,472,657
Edy's Grand Ice Cream 1,541,970
Falcon Farms 2,073,677
Flavor PIC Tomato Co. Inc. 1,373,480
Fresh Express Inc. Atlanta 1,394,259
General Electric Company 976,662
General Mills Inc. 3,235,198
Georgia Pacific Corp. 1,997,391
Gerber Products Company 1,113,707
Gillette Company 1,010,834
Good Humor Breyers Ice Cream 1,756,197
Gourmet Award Foods Mid Atlantic 2,611,734
Gwaltney of Smithfield Ltd. 1,244,456
Heinz Frozen Food Co. 802,690
Hobart Corporation 1,090,303
Home of Maxam Products 942,484
JM Smucker Company 1,356,186
JJSLC 1,737,341
Kellogg Sales Company 1,277,223
Kimberly Clark 2,519,872
Kraft General Foods Inc. 4,113,266
Mead Johnson Nutritionals 1,084,791
Morningstar Foods 1,067,205
Nestle Purina Petcare Company 1,625,877
Nestle USA 1,690,547
Ocean Duke Corp. 822,279
PAC Marketing International LLC 1,075,421
Powerhouse Produce LLC 2,316,160
Procter & Gamble Dist. Co. 6,100,623
Quaker Oats Company 2,006,669
Riverdale Farms 1,371,494
Safe Harbor Seafood 1,265,923
Sara Lee Foods 1,942,574
Schering Plough Healthcare 968,287
Schreiber Foods Inc. 2,150,299
Seneca Foods Corporation 968,878
Victory Wholesale Grocers 942,528
Warner Lambert Consumer Group 1,215,717
Wyeth Consumer Healthcare 890,069
Yakima Roche Fruit Sales LLC 1,031,653
Others 100,788,978
Intercompany Payables 20,298,144
TOTAL SCHEDULED LIABILITIES $521,183,809
========================================================
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN-DIXIE: Table Supply Food's Schedules of Assets & Liabilities
-----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.2 Bank Account $100,000
B.15 Accounts Receivable 500
TOTAL SCHEDULED ASSETS $100,500
========================================================
C. Property Claimed as Exempt -
D. Secured Claims -
E. Unsecured Priority Claims -
F. Unsecured Non-Priority Claims -
TOTAL SCHEDULED LIABILITIES $-
========================================================
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN-DIXIE: Other Debtors' Schedules of Assets & Liabilities
------------------------------------------------------------
Debtors Deep South Distributors, Inc., Foodway Stores, Inc.,
Sundown Sales, Inc., WD Brand Prestige Steaks, Inc., and Winn-
Dixie Handyman, Inc., report zero assets and liabilities in their
Schedules.
In addition, these Debtors report zero liabilities and an
intercompany receivable from Winn-Dixie Stores, Inc., as its sole
asset:
Intercompany Receivable
Debtor from Winn-Dixie Stores, Inc.
------ ----------------------------
Dixie Darling Bakeries, Inc. $54,915
Dixie-Home Stores, Inc. 50
Economy Wholesale Distributors 314,334
Kwik Chek Supermarkets, Inc. 1,000
Sunbelt Products, Inc. 1,000
Superior Food Company 500
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food
retailers. The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people. The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063). D.J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and Brian C.
Walsh, Esq., at King & Spalding LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts. (Winn-Dixie
Bankruptcy News, Issue No. 11; 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
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Each Friday's edition of the TCR includes a review about a book of
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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.
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