/raid1/www/Hosts/bankrupt/TCR_Public/050514.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, May 14, 2005, Vol. 9, No. 113
Headlines
MIIX GROUP: Posts $327,842 Cumulative Net Loss in March 2005
MIRANT CORP: Posts $4.6 Million Net Loss in February 2005
MIRANT CORP: MAGi Posts $16 Million Net Loss in February 2005
PARMALAT: Farmland Dairies Amends Schedules of Assets & Debts
PARMALAT: Milk Products Amends Schedules of Assets & Debts
SPIEGEL INC: Posts $16 Million Net Loss for Period Ended Feb. 26
TRENWICK AMERICA: Reports $280,975 Net Profit in March 2005
UAL CORPORATON: Posts $457.8 Million Net Loss in March 2005
USGEN NEW ENGLAND: Posts $3.3 Million Net Loss in October 2004
USGEN NEW ENGLAND: Posts $1.5 Million Loss in November 2004
USGEN NEW ENGLAND: Posts $82 Million Net Loss in December 2004
USGEN NEW ENGLAND: Posts $509 Million Net Loss in January 2005
USGEN NEW ENGLAND: Posts $10.4 Million Net Loss in February 2005
*********
MIIX GROUP: Posts $327,842 Cumulative Net Loss in March 2005
------------------------------------------------------------
On April 25, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from March 1, 2005 to March 31,
2005, with the U.S. Bankruptcy Court for the District of Delaware.
MIIX Group reports a cumulative net loss of $327,842 on $8,285 in
total revenue for the period from Dec. 21, 2004 thru March 31,
2005. New Jersey State Medical Underwriters, Inc., reports a
cumulative net income of $627,182 on $1,997,393 total revenue for
the period from Dec. 21, 2004 thru Mar. 31, 2005.
At March 31, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:
New Jersey
State Medical
The MIIX Group Underwriters, Inc.
-------------- ------------------
Total Assets $9,731,597 $15,750,811
Total Liabilities 8,930,182 6,820,756
Stockholders' Equity $801,415 $8,930,055
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
March 1, 2005 to March 31, 2005, is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1064063/000089322005001041/w08733exv99w1.txt
Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. -
- http://www.miix.com/-- provides management services to medical
malpractice insurance companies. The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588). Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and $50
million and debts between $10 million and $50 million.
MIRANT CORP: Posts $4.6 Million Net Loss in February 2005
---------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of February 28, 2005
ASSETS
Cash and cash equivalents $1,717,415,062
Accounts receivable - net 934,946,736
Assets from risk management activities 264,404,353
Derivative hedging instruments -
Inventories 317,018,331
Other 688,115,253
---------------
Total Current Assets 3,921,899,735
Property, plant and equipment 5,191,912,277
Less: accumulated depreciation/depletion 843,299,839
Leasehold interests - net 1,485,674,180
Construction work in progress 127,560,457
Investment in suspended construction 249,745,059
---------------
Total net property, plant and equipment 6,211,592,134
Investments 248,299,785
Long-term accounts receivable - net 31,658,649
Notes receivable - net -
Assets from risk management activities 116,915,129
Goodwill - net 5,767,352
Other intangibles - net 268,790,398
Derivative hedging instruments -
Restricted cash, non-current 207,199,784
7Other long-term assets 1
Miscellaneous deferred charges 431,956,645
---------------
Total Non-current Assets 1,310,587,743
---------------
TOTAL ASSETS $11,444,079,612
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,306,399,240
Accounts Payable 722,621,781
Liabilities from risk management activities 395,673,862
Obligations under energy deliveries 9,244,154
Derivative hedging instruments -
Other 198,094,792
Miscellaneous deferred credits 699,221,285
---------------
Total postpetition liabilities 3,331,255,114
Prepetition Liabilities 9,202,951,759
---------------
TOTAL LIABILITIES 12,534,206,873
EQUITY:
Minority interest in subsidiaries 167,499,636
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,823,447
Retained earnings (6,095,680,214)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (81,566,751)
---------------
Total Equity (1,090,127,261)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,444,079,612
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending February 28, 2005
REVENUES:
Generation $196,371,454
Net trading revenue 2,552,858
Distribution 44,849,620
Other 1,135,031
---------------
Net Revenue 244,908,963
OPERATING EXPENSES:
Energy cost 126,924,170
Operations and maintenance 74,579,987
Depreciation and amortization 24,883,364
Gain on sale of property and investment (75,000)
Impairment loss 6,654
Restructuring costs 417,290
---------------
Total Operating Expenses 226,736,465
---------------
Income before non-operating income
and expense 18,172,498
OTHER INCOME AND EXPENSES:
Interest income 1,483,963
Interest expense (9,888,605)
Equity in income of affiliates 2,231,032
Other 1,502,247
Reorganization items (24,329,165)
Minority interest (1,726,002)
Net income from discontinued operations (261,730)
---------------
Total Other Income (30,988,260)
Provision for income tax 8,249,747
---------------
NET PROFIT (LOSS) ($4,566,015)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending February 28, 2005
Cash, beginning of month $275,621,834
Non-Operating Receipts:
Loans & Advances (609,613)
Sale of Assets -
---------------
Total non-operating receipts (609,613)
---------------
Total receipts (609,613)
---------------
Total Cash Available 275,012,221
Operating Disbursements 0
Reorganization Expenses (22,654)
---------------
Total disbursements (22,654)
---------------
Net Cash Flow (586,959)
---------------
Cash, end of month $275,034,875
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. 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. 62; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: MAGi Posts $16 Million Net Loss in February 2005
-------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of February 28, 2005
ASSETS
Cash and cash equivalents $484,710,327
Accounts receivable - net 560,582,564
Assets from risk management activities 94,561,855
Derivative hedging instruments -
Inventories 151,095,474
Other 125,702,828
---------------
Total Current Assets 1,416,653,048
Property, plant and equipment 2,203,551,028
Less: accumulated depreciation/depletion 345,570,654
Leasehold interests - net -
Construction work in progress 71,865,798
Investment in suspended construction 174,278,786
---------------
Total net property, plant and equipment 2,104,124,958
Investments 25,000
Long-term accounts receivable - net 94,068,795
Notes receivable - net 223,275,000
Assets from risk management activities 3,011,579
Other intangibles - net 205,703,664
Derivative hedging instruments -
Restricted cash, non-current 5,062,781
Other long-term assets -
Miscellaneous deferred charges 210,002,584
---------------
Total Non-current Assets 741,149,403
---------------
TOTAL ASSETS $4,261,927,409
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 257,103,453
Liabilities from risk management activities 153,709,113
Obligations under energy deliveries -
Derivative hedging instruments -
Other 155,340,324
Miscellaneous deferred credits 27,857,109
---------------
Total postpetition liabilities 594,009,999
Prepetition Liabilities 3,438,221,090
---------------
TOTAL LIABILITIES 4,032,231,089
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,362
Retained earnings (3,624,199,044)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity 229,696,320
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,261,927,409
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending February 28, 2005
REVENUES:
Generation $119,493,867
Net trading revenue -
Distribution -
Other 48,429
---------------
Net Revenue 119,542,296
OPERATING EXPENSES:
Energy cost 79,098,182
Operations and maintenance 47,254,899
Depreciation and amortization 6,825,944
Gain on sale of property and investment -
Impairment loss 7,643
Restructuring costs 256,340
---------------
Total Operating Expenses 133,443,008
---------------
Income before non-operating income
and expense (13,900,712)
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (656,818)
Equity in income of affiliates -
Other 127,356
Reorganization items (3,804,523)
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income (4,333,985)
Provision for income tax 2,219,512
---------------
NET PROFIT (LOSS) ($16,015,185)
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending February 28, 2005
Cash, beginning of month $186,669,575
Non-Operating Receipts:
Loans & Advances 8,046,972
Sale of Assets -
---------------
Total non-operating receipts 8,046,972
---------------
Total receipts 8,046,972
---------------
Total Cash Available 194,716,547
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow 8,046,972
---------------
Cash, end of month $194,716,547
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. 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. 62; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Farmland Dairies Amends Schedules of Assets & Debts
-------------------------------------------------------------
Farmland Dairies LLC amends Schedule F in its Schedules of Assets
and Liabilities to report a reduction in the amount of 16
scheduled claims. Farmland also schedules 24 insurance claims,
each for $0.
Farmland estimates its total liabilities to be $25,995,223,
consisting of:
Type of Claim Amount
------------- ------
Long-Term Debt $142,129
Deposits Payable $1,168,572
Accounts Payable $13,525,300
Intercompany Liabilities $9,512,302
Litigation Claims Undetermined
Other Liabilities $1,646,920
Insurance Claims Undetermined
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue. The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices. The company employs over 36,000 workers in 139
plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts. When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debts. The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005. (Parmalat
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
PARMALAT: Milk Products Amends Schedules of Assets & Debts
----------------------------------------------------------
Milk Products of Alabama LLC estimates that it has a $2,196
accounts payable to Anderson Chemical Company. Milk Products
amends Schedule F in its Schedules of Assets and Liabilities to
reflect the claim.
Milk Products estimates its total scheduled liabilities to be
$7,024,014, consisting of:
Type of Claim Amount
------------- ------
Accounts Payable $1,021,587
Intercompany Liabilities $6,002,427
Litigation Claims Undetermined
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue. The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices. The company employs over 36,000 workers in 139
plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts. When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debts. The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005. (Parmalat
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
SPIEGEL INC: Posts $16 Million Net Loss for Period Ended Feb. 26
----------------------------------------------------------------
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Balance Sheet
As of February 26, 2005
ASSETS
Current assets:
Cash and cash equivalents $320,370,000
Receivables, net 33,270,000
Inventories 144,442,000
Prepaid expenses 31,627,000
Assets of discontinued operations 49,994,000
-------------
Total current assets 579,703,000
-------------
Property and equipment, net 112,888,000
Intangible assets, net 135,608,000
Other assets 22,996,000
-------------
Total assets $851,195,000
=============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities $172,134,000
Current portion of long-term debt 48,000,000
Liabilities of discontinued operations 75,172,000
-------------
Total current liabilities 295,306,000
-------------
Deferred lease obligation 11,891,000
Liabilities subject to compromise 1,398,303,000
Total liabilities 1,705,500,000
-------------
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 (27,962,000)
Accumulated deficit (1,287,787,000)
--------------
Total stockholders' deficit (854,305,000)
--------------
Total liabilities & stockholders' deficit $851,195,000
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Operations
Four Weeks Ended February 26, 2005
Net sales and other revenues:
Net sales $66,230,000
Other revenue 3,422,000
--------------
69,652,000
Cost of sales and operating expenses:
Cost of sales, including buying
and occupancy expenses 44,307,000
Selling, general & administrative expenses 36,606,000
--------------
80,313,000
Estimated loss of non-debtors (223,000)
Operating Loss (10,884,000)
Interest expense 402,000
--------------
Loss from operations before reorganization (11,286,000)
items
--------------
Reorganization items, net 2,296,000
Income Tax 2,689,000
--------------
Loss from operations (16,271,000)
--------------
Discontinued operations:
Loss from discontinued operations (54,000)
--------------
Net Loss ($16,325,000)
==============
Spiegel, Inc., and Subsidiaries
Debtors-in-Possession
Unaudited Consolidated Statement of Cash Flows
Four Weeks Ended February 26, 2005
Cash flows from operating activities:
Net Loss ($16,325,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Reorganization items, net 2,296,000
Depreciation and amortization 7,736,000
Change in assets and liabilities:
(Increase) decrease in receivables, net 6,438,000
(Increase) decrease in investments/advances 182,000
(Increase) decrease in inventories (126,000)
(Increase) decrease in prepaid expenses (582,000)
Increase (decrease) in accounts payable
and other accrued liabilities (9,115,000)
Increase (decrease) in net liabilities of
discontinued operations (259,000)
(Increase) decrease in income taxes (352,000)
-------------
Net cash used for operating activities (10,107,000)
-------------
Net cash used for reorganization items (573,000)
Cash flows from investing activities:
Net (additions) reductions to property and
equipment (968,000)
Net (additions) reductions to other assets (180,000)
-------------
Net cash used in investing activities (1,148,000)
-------------
Net cash provided by financing activities -
-------------
Effect of exchange rate changes on cash 12,000
-------------
Net change in cash and cash equivalents (11,816,000)
Cash & cash equivalents, beginning of period 332,186,000
-------------
Cash & cash equivalents, end of period $320,370,000
=============
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. 44;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRENWICK AMERICA: Earns $280,975 of Net Income in March 2005
------------------------------------------------------------
On April 20, 2005, Trenwick America Corporation filed its monthly
operating report for the month ended March 31, 2005, and the
period from Aug. 20, 2003 to March 31, 2005, with the United
States Bankruptcy Court for the District of Delaware.
Trenwick posts a $280,975 net profit in March 2005, and a
cumulative $120,220,410 loss for the period from Aug. 20, 2003, to
March 31, 2005.
At March 31, 2005, Trenwick America's balance sheet showed:
Total Current Assets $55,904,292
Total Assets 187,144,917
Total Prepetition Debts 288,386,386
Total Liabilities 292,631,981
Net Owner Equity Deficit ($105,487,064)
A full-text copy of Trenwick America's March 2005 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1127783/000116923205002511/d63684_ex99-1.txt
Headquartered in Stamford, Connecticut, Trenwick America
Corporation is a holding company for operating insurance companies
in the United States. The Company filed for chapter 11 protection
on August 20, 2003 (Bankr. Del. Case No. 03-12635). Christopher
S. Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby &
Geddes, and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D.
Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in
their restructuring efforts. As of June 30, 2003, the Debtor
listed approximate assets of $400,000,000 and debts of
$293,000,000.
On August 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings
Limited also filed insolvency proceedings in the Supreme Court of
Bermuda. On August 22, 2003, the Bermuda Court granted an order
appointing Michael Morrison and John Wardrop, partners of KPMG in
Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint
Provisional Liquidators in respect of TGL and LaSalle.
The Bermuda Court granted the JPLs the power to oversee the
continuation and reorganization of these companies' businesses
under the control of their boards of directors and under the
supervision of the U.S. Bankruptcy Court and the Bermuda Court.
UAL CORPORATON: Posts $457.8 Million Net Loss in March 2005
-----------------------------------------------------------
UAL Corporation filed with the United States Bankruptcy Court for
the Northern District of Illinois its Monthly Operating Report for
March 2005. The company posted a $54 million operating profit for
March. "Although we had a modest profit in the seasonally strong
month of March, we need to complete our restructuring to be a
viable company," Jake Brace, United's executive vice president and
chief financial officer, said. UAL met the requirements of its
debtor-in-possession (DIP) financing.
A full-text copy of UAL Corporation's March 2005 Operating Report
is available for free at the Securities and Exchange Commission
at:
http://www.sec.gov/Archives/edgar/data/100517/000010051705000016/aprmor.htm
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended March 31, 2005
(In Thousands)
Total operating revenues $1,642,207
Total operating expenses 1,588,589
Earnings (loss) from operations 53,618
Non-operating income (expenses):
Net interest expense (33,032)
Other income (expenses), net 60,181
----------
Total non-operating income (expenses) 27,149
Net Earnings (loss) before Reorganization items 80,767
Reorganization items (538,588)
----------
Net earnings (loss) ($457,821)
==========
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 86; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
USGEN NEW ENGLAND: Posts $3.3 Million Net Loss in October 2004
--------------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of October 31, 2004
ASSETS
Cash and Cash Equivalents $249,726,657
Accounts Receivable 124,419,658
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 42,931,592
Prepaid Expenses 28,874,910
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 1,442,258,361
Construction Work in Progress 52,601,082
Intangible Asset $3,888,833
Support Payment Receivable - Non-current Undetermined
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $26,615,270
Accrued Liabilities 49,702,102
--------------
Total Current Liabilities 76,317,371
Deferred Income Taxes 72,642,148
Other Liabilities 8,913,969
--------------
Total Postpetition Liabilities 157,873,489
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Debt - Current (in Default) 84,770,293
Out of Market Liabilities - Current 27,220,706
Out of Market Liabilities - Non-current 206,742,598
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income (1,713,124)
Retained Earnings (259,398,532)
--------------
Total Shareholder's Equity $1,086,625,273
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period October 1 to October 31, 2004
REVENUE:
Contract Revenue $48,641,262
Market Energy 4,966,580
Ancillary Products 333,631
Market Capacity 242,500
Power Hedges -
Other Revenue (986,958)
--------------
Total Revenue 53,197,015
FUEL COSTS:
Contract Expense 9,866,463
Fuel Expense 20,297,447
Fuel Hedges (251,688)
--------------
Total Fuel Costs 29,912,221
--------------
Gross Profit 23,284,793
OPERATING EXPENSES:
Direct Labor 6,267,427
Direct Materials 2,168,870
Direct Subcontractor Services 6,359,721
Other Operating 1,642,197
Incentive Plan, Union and non-union 429,479
Ash Disposal, net 934,261
--------------
Total Station Operating Expenses 17,801,955
Corporate Expense:
Corporate Labor 701,381
Bonus 616,461
Travel and Entertainment 14,436
Insurance 1,273,844
Professional Services 3,226,655
Other General Administrative (513,834)
--------------
Total Corporate Expenses 5,318,943
General Expenses:
Property Taxes 2,638,374
Interconnect Cost 125,422
Amortization -
Depreciation 5,589,965
--------------
Total General Expenses 8,353,761
--------------
Total Operating Expenses 31,474,660
--------------
Total Operating Income (8,189,866)
Other Income (Expenses):
Lease Expense (225,000)
Interest Income - NEES Receivable 1,732,055
Income - Other 366,102
Expense - Other -
Gain -
Bank and LC Fees 756,251
--------------
Total Other Income (Expenses) 2,629,408
--------------
Income Before Tax (5,560,458)
Income Taxes (2,249,355)
--------------
Net Income ($3,311,103)
==============
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period October 1 to October 31, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ($3,311,103)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 5,589,965
Amortization of intangible assets 548,167
Loss on disposal of fixed assets -
Change in assets and liabilities:
Accounts receivable (Increase) 11,601,368
Inventory (Increase) (3,487,465)
Prepaid, Deposits & Other (Increase) (6,357,986)
Deferred Income Taxes (Decrease) (1,636,325)
Accounts Payable (Decrease) 3,290,420
Accrued Liabilities (Decrease) 3,948,134
Liabilities - Other (Decrease) (2,452,846)
Prepetition Assets (Increase) 12,441
Prepetition Liabilities (Decrease) (617,687)
Equity - Other (Increase) 817,563
--------------
Net cash (used in) provided by
operating activities 7,944,646
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment (7,269,479)
Change in Investment in Subsidiary (250,083)
Support payments received - principle 5,871,295
--------------
Net cash (used in) provided by investing
activities (1,648,268)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH 6,296,379
CASH, BEGINNING OF PERIOD 243,430,279
--------------
CASH, END OF PERIOD $249,726,657
==============
Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale. The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts. When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731. (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)
USGEN NEW ENGLAND: Posts $1.5 Million Loss in November 2004
-----------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of November 30, 2004
ASSETS
Cash and Cash Equivalents $246,283,721
Accounts Receivable 130,668,273
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 47,031,314
Prepaid Expenses 29,628,339
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 1,436,805,496
Construction Work in Progress 58,684,094
Intangible Asset $3,340,811
Support Payment Receivable - Non-current Undetermined
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $33,093,054
Accrued Liabilities 49,723,615
--------------
Total Current Liabilities 82,816,669
Deferred Income Taxes 70,856,619
Other Liabilities 8,986,987
--------------
Total Postpetition Liabilities 162,660,275
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Debt - Current (in Default) 84,770,293
Out of Market Liabilities - Current 27,082,575
Out of Market Liabilities - Non-current 204,485,431
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income (1,101,659)
Retained Earnings (260,863,261)
--------------
Total Shareholder's Equity $1,085,772,009
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period November 1 to November 30, 2004
REVENUE:
Contract Revenue $50,535,648
Market Energy 4,387,185
Ancillary Products 1,385,972
Market Capacity 242,500
Power Hedges -
Other Revenue (1,177,852)
--------------
Total Revenue 55,373,453
FUEL COSTS:
Contract Expense 8,187,293
Fuel Expense 23,336,355
Fuel Hedges (166,562)
--------------
Total Fuel Costs 31,357,086
--------------
Gross Profit 24,016,367
OPERATING EXPENSES:
Direct Labor 5,945,793
Direct Materials 1,595,388
Direct Subcontractor Services 6,273,962
Other Operating 1,736,819
Incentive Plan, Union and non-union 436,156
Ash Disposal, net 778,079
--------------
Total Station Operating Expenses 16,766,196
Corporate Expense:
Corporate Labor 689,619
Incentive Plan 318,380
Travel and Entertainment 30,358
Insurance 526,826
Professional Services 1,275,991
Other General Administrative 398,561
--------------
Total Corporate Expenses 3,239,734
General Expenses:
Property Taxes 2,638,374
Interconnect Cost 104,873
Amortization -
Depreciation 5,585,210
--------------
Total General Expenses 8,328,457
--------------
Total Operating Expenses 28,334,387
--------------
Total Operating Income (4,318,020)
Other Income (Expenses):
Lease Expense (225,000)
Interest Income - NEES Receivable 1,694,151
Income - Other 393,539
Expense - Other -
Gain -
Bank and LC Fees 3,090
--------------
Total Other Income (Expenses) 1,865,780
--------------
Income Before Tax (2,452,240)
Income Taxes (987,511)
--------------
Net Income ($1,464,729)
==============
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period November 1 to November 30, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ($1,464,729)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 5,585,210
Amortization of intangible assets 548,167
Loss on disposal of fixed assets -
Change in assets and liabilities:
Accounts receivable (Increase) (6,625,328)
Inventory (Increase) (4,099,722)
Prepaid, Deposits & Other (Increase) (753,429)
Deferred Income Taxes (Decrease) (1,785,529)
Accounts Payable (Decrease) 6,477,784
Accrued Liabilities (Decrease) 21,514
Liabilities - Other (Decrease) (2,322,280)
Prepetition Assets (Increase) 433,984
Prepetition Liabilities (Decrease) 236,260
Equity - Other (Increase) 611,465
--------------
Net cash (used in) provided by
operating activities (3,136,633)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment (6,215,357)
Change in Investment in Subsidiary (145)
Support payments received - principle 5,909,199
--------------
Net cash (used in) provided by investing
activities (306,303)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH (3,442,936)
CASH, BEGINNING OF PERIOD 249,726,657
--------------
CASH, END OF PERIOD $246,283,721
==============
Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale. The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts. When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731. (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)
USGEN NEW ENGLAND: Posts $82 Million Net Loss in December 2004
--------------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of December 31, 2004
ASSETS
Cash and Cash Equivalents $304,655,850
Accounts Receivable 115,716,002
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 42,948,228
Prepaid Expenses 18,678,255
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 1,437,385,921
Construction Work in Progress 54,684,437
Intangible Asset $2,793,025
Support Payment Receivable - Non-current Undetermined
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $39,466,022
Accrued Liabilities 58,302,594
--------------
Total Current Liabilities 97,768,616
Deferred Income Taxes 3,231,208
Other Liabilities 8,979,276
--------------
Total Postpetition Liabilities 109,979,100
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Debt - Current (in Default) 84,770,293
Out of Market Liabilities - Current 8,322,509
Out of Market Liabilities - Non-current 1,768,094
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income (805,125)
Retained Earnings (343,099,541)
--------------
Total Shareholder's Equity $1,003,832,264
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period December 1 to December 31, 2004
REVENUE:
Contract Revenue $60,099,670
Market Energy 16,102,444
Ancillary Products 1,822,832
Market Capacity 242,500
Power Hedges -
Other Revenue 12,083,941
--------------
Total Revenue 90,351,387
FUEL COSTS:
Contract Expense 8,369,985
Fuel Expense 23,453,896
Fuel Hedges (176,723)
--------------
Total Fuel Costs 31,647,157
--------------
Gross Profit 58,704,230
OPERATING EXPENSES:
Direct Labor 4,032,888
Direct Materials 1,337,143
Direct Subcontractor Services 3,311,875
Other Operating 1,750,338
Incentive Plan, Union and non-union 4,326,703
Ash Disposal, net 1,301,742
--------------
Total Station Operating Expenses 16,060,689
Corporate Expense:
Corporate Labor 995,459
Incentive Plan 1,685,223
Travel and Entertainment 38,510
Insurance 526,190
Professional Services 3,971,086
Other General Administrative 844,554
--------------
Total Corporate Expenses 8,059,022
General Expenses:
Property Taxes 4,602,583
Interconnect Cost 111,253
Amortization -
Depreciation 5,644,563
--------------
Total General Expenses 10,358,399
--------------
Total Operating Expenses 34,478,110
--------------
Total Operating Income 24,226,120
Other Income (Expenses):
Lease Expense (225,000)
Interest Income - NEES Receivable 1,656,002
Income - Other 455,663
Expense - Other -
Gain (164,306,373)
Bank and LC Fees (800)
--------------
Total Other Income (Expenses) (102,420,508)
--------------
Income Before Tax (138,194,388)
Income Taxes (56,958,108)
--------------
Net Income ($82,236,280)
==============
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period December 1 to December 31, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ($82,236,280)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 5,644,563
Amortization of intangible assets 548,167
Loss on disposal of fixed assets 8,170,268
Change in assets and liabilities:
Accounts receivable (Increase) 17,722,816
Inventory (Increase) 4,083,085
Prepaid, Deposits & Other (Increase) 10,950,084
Deferred Income Taxes (Decrease) (3,609,607)
Accounts Payable (Decrease) 6,372,968
Accrued Liabilities (Decrease) 8,578,979
Liabilities - Other (Decrease) (2,272,444)
Prepetition Assets (Increase) 3,811,258
Prepetition Liabilities (Decrease) 88,120,302
Equity - Other (Increase) 296,534
--------------
Net cash (used in) provided by
operating activities 62,820,760
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment (10,395,599)
Change in Investment in Subsidiary (381)
Support payments received - principle 5,947,348
--------------
Net cash (used in) provided by investing
activities (4,448,632)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH 58,372,128
CASH, BEGINNING OF PERIOD 246,283,722
--------------
CASH, END OF PERIOD $304,655,850
==============
Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale. The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts. When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731. (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)
USGEN NEW ENGLAND: Posts $509 Million Net Loss in January 2005
--------------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of January 31, 2005
ASSETS
Cash and Cash Equivalents $930,024,736
Accounts Receivable 92,801,451
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 1,524,204
Prepaid Expenses 17,713,872
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 375,168,162
Construction Work in Progress 2,061,323
Intangible Asset $166,529
Support Payment Receivable - Non-current Undetermined
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $24,581,971
Accrued Liabilities 52,568,117
--------------
Total Current Liabilities 77,150,088
Deferred Income Taxes (1,098,758)
Other Liabilities (80,730)
--------------
Total Postpetition Liabilities 75,970,600
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Debt - Current (in Default) 84,770,293
Out of Market Liabilities - Current 4,606,069
Out of Market Liabilities - Non-current (18,916)
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income -
Retained Earnings (825,318,129)
--------------
Total Shareholder's Equity $495,418,800
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period January 1 to January 31, 2005
REVENUE:
Contract Revenue $721,529
Market Energy 16,345,965
Ancillary Products 1,146,406
Market Capacity 34,000
Other Revenue (2,193,628)
--------------
Total Revenue 16,054,272
FUEL COSTS:
Contract Expense 5,435,333
Fuel Expense 772,687
Fuel Hedges (1,005,034)
--------------
Total Fuel Costs 5,202,986
--------------
Gross Profit 10,851,285
OPERATING EXPENSES:
Direct Labor 1,173,027
Direct Materials 179,915
Direct Subcontractor Services 857,931
Other Operating 386,479
Incentive Plan, Union and non-union 180,751
Ash Disposal, net (287,110)
--------------
Total Station Operating Expenses 2,490,992
Corporate Expense:
Corporate Labor 1,030,241
Incentive Plan 534,805
Travel and Entertainment 10,779
Insurance 1,533,030
Professional Services 7,360,988
Other General Administrative 157,303
--------------
Total Corporate Expenses 10,627,146
General Expenses:
Property Taxes 1,310,228
Interconnect Cost 50,638
Depreciation 847,198
--------------
Total General Expenses 2,208,064
--------------
Total Operating Expenses 15,326,202
--------------
Total Operating Income (4,474,917)
Other Income (Expenses):
Lease Expense (225,000)
Interest Income - NEES Receivable 1,617,606
Income - Other 1,573,339
Gain (507,708,816)
Bank and LC Fees (800)
--------------
Total Other Income (Expenses) (504,743,671)
--------------
Income Before Tax ($509,218,588)
==============
Joseph J. Bartoletta, Controller for USGen New England, Inc.,
states that due to the complex transaction related to USGen's
sale of two coal/oil-fired electric generating facilities and a
natural gas-fired plant to Dominion Energy New England, Inc., the
income tax calculations were not completed at present and are not
reflected on the Income Statement covering the period from
January 1 to 31, 2005.
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period January 1 to January 31, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ($509,218,588)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 847,198
Amortization of intangible assets 53,000
Loss on disposal of fixed assets 507,708,816
Change in assets and liabilities:
Accounts receivable 20,440,877
Inventory 41,424,024
Prepaid, Deposits & Other 964,383
Deferred Income Taxes 548,025
Accounts Payable (14,884,052)
Accrued Liabilities (10,612,468)
Liabilities - Other (12,563,456)
Prepetition Assets 7,587,834
Prepetition Liabilities (22,593,231)
Equity - Other 805,125
--------------
Net cash (used in) provided by
operating activities 10,507,488
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment 606,284,859
Change in Investment in Subsidiary 2,573,496
Support payments received - principle 6,003,044
--------------
Net cash (used in) provided by investing
activities 614,861,399
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH 625,368,887
CASH, BEGINNING OF PERIOD 304,655,850
--------------
CASH, END OF PERIOD $930,024,736
==============
Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale. The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts. When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731. (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)
USGEN NEW ENGLAND: Posts $10.4 Million Net Loss in February 2005
----------------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of February 28, 2005
ASSETS
Cash and Cash Equivalents $975,966,326
Accounts Receivable 34,593,381
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 1,714,084
Prepaid Expenses 9,696,163
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 374,321,640
Construction Work in Progress 2,079,732
Intangible Asset $166,529
Support Payment Receivable - Non-current Undetermined
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $11,123,566
Accrued Liabilities 52,330,747
--------------
Total Current Liabilities 63,454,314
Deferred Income Taxes (1,098,758)
Other Liabilities (80,730)
--------------
Total Postpetition Liabilities 62,274,826
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Debt - Current (in Default) 84,770,293
Out of Market Liabilities - Current 2,312,492
Out of Market Liabilities - Non-current (18,916)
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income -
Retained Earnings (862,708,058)
--------------
Total Shareholder's Equity $485,028,871
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period February 1 to February 28, 2005
REVENUE:
Contract Revenue $282,942
Market Energy 9,496,520
Ancillary Products 568,323
Market Capacity 34,000
Other Revenue 57,681
--------------
Total Revenue 10,439,467
FUEL COSTS:
Contract Expense 5,793,668
Fuel Expense 958,374
Fuel Hedges -
--------------
Total Fuel Costs 6,752,042
--------------
Gross Profit 3,687,425
OPERATING EXPENSES:
Direct Labor 616,937
Direct Materials 285,061
Direct Subcontractor Services 1,100,957
Other Operating 661,913
Incentive Plan, Union and non-union 82,759
Ash Disposal, net 570,885
--------------
Total Station Operating Expenses 3,318,512
Corporate Expense:
Corporate Labor 310,671
Incentive Plan 120,003
Travel and Entertainment 6,206
Insurance 1,302,005
Professional Services 2,168,487
Other General Administrative 541,974
--------------
Total Corporate Expenses 4,449,346
General Expenses:
Property Taxes 1,310,228
Interconnect Cost 62,619
Depreciation 846,522
--------------
Total General Expenses 2,219,369
--------------
Total Operating Expenses 9,987,227
--------------
Total Operating Income (6,299,802)
Other Income (Expenses):
Lease Expense (225,000)
Interest Income - NEES Receivable 1,578,851
Income - Other 1,704,724
Gain (7,147,871)
Bank and LC Fees (830)
--------------
Total Other Income (Expenses) (4,090,127)
--------------
Income Before Tax ($10,389,929)
==============
USGen New England, Inc. Controller Joseph J. Bartoletta relates
that the due to the complexity of the transaction related to the
Fossil Facilities Sale, the income tax calculations are not
completed and are not reflected on the current Income Statement
covering the period from February 1 to 28, 2005.
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period February 1 to February 28, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ($10,389,929)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 846,522
Amortization of intangible assets -
Loss on disposal of fixed assets 7,147,871
Change in assets and liabilities:
Accounts receivable 57,901,128
Inventory (189,880)
Prepaid, Deposits & Other 8,017,709
Deferred Income Taxes -
Accounts Payable (13,458,404)
Accrued Liabilities (237,370)
Liabilities - Other (2,293,577)
Prepetition Assets -
Prepetition Liabilities (277,999)
Equity - Other -
--------------
Net cash (used in) provided by
operating activities 47,066,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment (7,166,280)
Change in Investment in Subsidiary -
Support payments received - principle 6,041,799
--------------
Net cash (used in) provided by investing
activities (1,124,481)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH 45,941,590
CASH, BEGINNING OF PERIOD 930,024,736
--------------
CASH, END OF PERIOD $975,966,326
==============
Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale. The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts. When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731. (PG&E National Bankruptcy News,
Issue No. 41; 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, 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.
*** End of Transmission ***