/raid1/www/Hosts/bankrupt/TCR_Public/050521.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 21, 2005, Vol. 9, No. 119
Headlines
AMERICAN BUSINESS: Posts $52.3 Million Net Loss in March 2005
AMERICAN BUSINESS: ABC Posts $49.6 Mil. Net Loss in February 2005
AMERICAN BUSINESS: ABC Posts $14 Million Net Loss in March 2005
AMERICAN BUSINESS: ABFS Consolidated's Feb. 2005 Operating Report
AMERICAN BUSINESS: ABFS Consolidated's March 2005 Operating Report
AMERICAN BUSINESS: ABMS Posts $1.4 Million Net Loss in Feb. 2005
AMERICAN BUSINESS: ABMS Posts $2 Million Net Loss in March 2005
AMERICAN BUSINESS: HACI Posts $5.6 Million Net Loss in Feb. 2005
AMERICAN BUSINESS: HACI Posts $8 Million Net Loss in March 2005
AMERICAN BUSINESS: TRC Posts $33,385 Net Loss in February 2005
AMERICAN BUSINESS: TRC Posts $70,022 Net Loss in March 2005
CATHOLIC CHURCH: Portland's March 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson's March 2005 Monthly Operating Report
MIRANT CORP: Posts $48 Million Net Loss in March 2005
MIRANT CORP: MAGi Posts $48 Million Net Loss in February 2005
RELIANCE GROUP: Posts $1.7 Million Net Income in April 2005
TOWER AUTOMOTIVE: Posts $70.6 Million Net Loss in March 2005
US AIRWAYS: Posts $227.5 Million Net Loss in January 2005
US AIRWAYS: Earns $65 Million of Net Income in March 2005
WESTPOINT STEVENS: Posts $21 Million Net Loss in March 2005
WESTPOINT STEVENS: JP Stevens Enterprises' March Operating Report
WESTPOINT STEVENS: JP Stevens' March 2005 Monthly Operating Report
WESTPOINT STEVENS: WP Stevens I Posts $3 Mil. Net Income in March
WESTPOINT STEVENS: WP Stevens Stores' March 2005 Operating Report
WINN-DIXIE: Posts $84 Million Net Loss in April 2005
*********
AMERICAN BUSINESS: Posts $52.3 Million Net Loss in March 2005
-------------------------------------------------------------
American Business Financial Services, Inc.
Balance Sheet
As of March 31, 2005
ASSETS
Current assets:
Unrestricted cash and equivalents $5,853,416
Restricted cash and cash equivalents -
Accounts receivable, net -
Income tax and other receivable -
Due from subsidiaries 419,874,222
Real property held for sale -
Prepaid expenses 1,026
Professional retainers -
Other current assets -
------------
Total current assets 425,728,664
------------
Investments and property & equipment:
Property and equipment, net 97,340
Investment in subsidiaries (90,240,238)
------------
Total investments (90,142,898)
------------
Other assets:
Loans to insiders -- Stock loans 600,032
Other assets 492
------------
Total other assets 600,524
------------
Total assets $336,186,290
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable $150
Accrued expenses 2,262,500
Taxes payable 428,102
Due to subsidiaries -
Notes payable -
Rent/Leases -- Building/Equipment -
Secured debt/adequate protection payments 57,759,036
Professional fees 10,949,217
Amounts due to insiders -
Other postpetition liabilities -
Total postpetition liabilities 71,399,005
Liabilities subject to compromise (prepetition):
Secured debt 100,879,417
Priority debt 3,713,107
Unsecured debt 526,710,405
Total prepetition liabilities 631,302,929
------------
Total liabilities $702,701,934
============
Owner Equity:
Capital stock 113,107
Additional paid-in capital 116,802,887
Partner's capital account -
Owner's equity account -
Retained earnings - prepetition (357,365,603)
Retained earnings - postpetition (126,150,249)
Adjustments to owner equity 84,214
Postpetition contributions -
Net owner equity (366,515,644)
------------
Total liabilities and owner's equity $336,186,290
============
American Business Financial Services, Inc.
Statement of Operations
Month Ended March 31, 2005
REVENUES
Gross revenues -
Less: returns and allowances -
Net revenue -
Cost of goods sold:
Beginning inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Costs of goods sold -
Gross profit -
OPERATING EXPENSES
Advertising $11,409
Auto and track expense -
Bad debts -
Contributions -
Bank charges, loan fees and audit fees 2,782,500
Insider compensation -
Insurance 438
Management fees/bonuses -
Office expense 11,637
Pension & profit-sharing plans -
Repairs and maintenance -
Rent and lease expense 1,907
Salaries and benefits 402,451
Professional fees -- non-reorganization 5,000
Payroll taxes 1,731
Real estate taxes -
Other taxes -
Travel and entertainment -
Utilities -
Other 39,597,368
------------
Total operating expenses before depreciation 42,814,441
Depreciation and amortization 6,321
Net profit (loss) before other income and expenses (42,820,762)
Other income and expenses:
Interest income -
Interest expense 1,307,090
Other expenses -
------------
Net profit (loss) before reorganization items ($44,127,852)
------------
Reorganization items:
Professional fees 6,635,000
U.S. Trustee quarterly fees -
Interest earned on accumulated cash from Chapter 11 -
Gain (loss) from equipment sale -
Other reorganization expenses -
------------
Total reorganization expenses 6,635,000
Income taxes 1,550,787
------------
Net profit (loss) ($52,313,639)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: ABC Posts $49.6 Mil. Net Loss in February 2005
-----------------------------------------------------------------
American Business Credit
Balance Sheet
As of February 28, 2005
ASSETS
Current Assets:
Unrestricted cash and equivalents ($271,133)
Restricted cash and cash equivalents 7,491,035
Accounts receivable, net 17,734,838
Income tax and other receivable -
Due from subsidiaries -
Real property held for sale, net -
Prepaid expenses 4,953,349
Professional retainers -
Other current assets -
------------
Total current assets 29,908,089
------------
Investments and property & equipment:
Property and equipment 21,045,386
Investment in subsidiaries 177,014,912
------------
Total Investments 198,060,298
------------
Other assets:
Loans to insiders -- Stock loans -
Other assets 63,200,997
------------
Total other assets 63,200,997
------------
Total assets $291,169,384
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable (intercompany) 118,796
Accrued expenses 320,408
Taxes payable -
Due to subsidiaries 8,962,431
Notes payable -
Rent/Leases -- Building/Equipment -
Secured debt/adequate protection payments -
Professional fees -
Amounts due to insiders -
Other postpetition liabilities 1,078,555
------------
Total postpetition liabilities 10,480,190
------------
Liabilities subject to compromise (prepetition):
Secured debt -
Priority debt 100,000
Unsecured debt 661,589,571
------------
Total prepetition liabilities 661,689,571
------------
Total liabilities $672,169,761
============
Owner equity:
Capital stock 878,334
Additional paid-in capital 7,836,989
Partner's capital account -
Owner's equity account -
Retained earning -- prepetition (340,088,715)
Retained earnings -- postpetition (49,626,985)
Adjustments to owner equity -
Postpetition contributions -
Net owner equity (381,000,377)
------------
Total liabilities and owner's equity $291,169,384
============
American Business Credit
Statement of Operations
Month Ended February 28, 2005
REVENUES
Gross revenues $218,814
Less: returns and allowances -
Net revenue 218,814
Cost of goods sold:
Beginning inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Costs of goods sold -
Gross profit 218,814
Operating expenses:
Advertising 5,000
Auto and track expense 2,849
Bad debts -
Contributions 1,434
Bank charges, loan fees and audit fees (182,538)
Insider compensation 22,000
Insurance 126,096
Management fees/bonuses -
Office expense 48,439
Pension & profit-sharing plans -
Repairs and maintenance 57,416
Rent and lease expense (154,135)
Salaries and benefits 2,414,339
Professional fees -- non-reorganization 357,411
Payroll taxes 186,466
Real estate taxes 32,501
Other taxes 22,613
Travel and entertainment 17,780
Utilities 57,708
Other 46,335,348
------------
Total operating expenses before depreciation 49,350,727
Depreciation and amortization 477,421
Net profit (loss) before other income and expenses (49,609,334)
Other income and expenses:
Interest income 613
Interest expense 18,264
Other expenses -
------------
Net profit (loss) ($49,626,985)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: ABC Posts $14 Million Net Loss in March 2005
---------------------------------------------------------------
American Business Credit
Balance Sheet
As of March 31, 2005
ASSETS
Current assets:
Unrestricted cash and equivalents ($448,066)
Restricted cash and cash equivalents 7,499,376
Accounts receivable, net 15,763,007
Prepaid expenses 904,787
------------
Total current assets 23,719,104
------------
Investments and property & equipment:
Property and equipment 6,913,583
Investment in subsidiaries 177,014,912
------------
Total Investments 183,928,495
------------
Other assets 66,041,711
------------
Total assets $273,689,310
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable 431,592
Accrued expenses 96,631
Due to subsidiaries 15,202,756
Other postpetition liabilities 1,486,772
------------
Total postpetition liabilities 17,217,751
------------
Liabilities subject to compromise (prepetition):
Priority debt 100,000
Unsecured debt 651,473,952
------------
Total prepetition liabilities 651,573,952
------------
Total liabilities $668,791,703
============
Owner equity:
Capital stock 878,334
Additional paid-in capital 7,836,989
Retained earning -- prepetition (340,088,715)
Retained earnings -- postpetition (63,729,001)
------------
Net owner equity (395,102,393)
------------
Total liabilities and owner's equity $273,689,310
============
American Business Credit
Statement of Operations
Month Ended March 31, 2005
REVENUES
Net revenue $191,111
Gross profit 191,111
Operating expenses:
Advertising 6,169
Auto and track expense 13,028
Contributions (1,220)
Bank charges, loan fees and audit fees 3,837,978
Insider compensation 116,000
Insurance 430,358
Office expense 74,477
Repairs and maintenance 263,455
Rent and lease expense 334,531
Salaries and benefits 2,702,638
Professional fees -- non-reorganization 521,938
Payroll taxes 166,575
Real estate taxes 97,773
Other taxes 424
Travel and entertainment 47,574
Utilities 97,503
Other 5,238,563
------------
Total operating expenses before depreciation 13,947,764
Depreciation and amortization 341,799
------------
Net profit (loss) before other income and expenses (14,098,452)
Other income and expenses:
Interest income 837
Interest expense 4,401
------------
Net profit (loss) ($14,102,016)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: ABFS Consolidated's Feb. 2005 Operating Report
-----------------------------------------------------------------
ABFS Consolidated Holdings, Inc.
Balance Sheet
As of February 28, 2005
ASSETS
Current assets:
Unrestricted cash and equivalents $3,990,269
Restricted cash and cash equivalents -
Accounts receivable, net -
Income tax and other receivable -
Due from subsidiaries 143,003,989
Real property held for sale -
Prepaid expenses -
Professional retainers -
Other current assets -
------------
Total current assets 146,994,258
------------
Investments and Property & Equipment:
Property and equipment -
Investment in subsidiaries -
Total investments -
Other assets:
Loans to insiders -- Stock loans -
Other assets 393,483,944
------------
Total other assets 393,483,944
------------
Total assets $540,478,202
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable $-
Accrued expenses -
Taxes payable -
Due to subsidiaries 5,139,940
Notes payable -
Rent/Leases -- Building/Equipment -
Secured debt/adequate protection payments 0
Professional fees -
Amounts due to insiders -
Other postpetition liabilities -
------------
Total postpetition liabilities 5,139,940
------------
Liabilities subject to compromise (prepetition)
Secured debt 250,835
Priority debt -
Unsecured debt
Deferred income tax 61,578,723
Intercompany 11,309
Accounts payable 20,000
------------
Total prepetition liabilities 61,860,867
------------
Total liabilities $67,000,807
============
Owner Equity:
Capital stock -
Additional paid-in capital 514,700,971
Partner's capital account -
Owner's equity account -
Retained earnings - prepetition (43,871,140)
Retained earnings - postpetition 2,647,564
Adjustments to owner equity -
Postpetition contributions -
Net owner equity 473,477,395
------------
Total liabilities and owner's equity $540,478,202
============
ABFS Consolidated Holdings, Inc.
Statement of Operations
Month Ended February 28, 2005
REVENUES
Gross revenues -
Less: returns and allowances -
Net revenue -
Cost of goods sold:
Beginning inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Costs of goods sold -
Gross profit -
OPERATING EXPENSES
Advertising -
Auto and track expense -
Bad debts -
Contributions -
Bank charges, loan fees and audit fees -
Insider compensation -
Insurance -
Management fees/bonuses -
Office expense -
Pension & profit-sharing plans -
Repairs and maintenance -
Rent and lease expense -- Israel -
Salaries and benefits -
Professional fees -- non-reorganization -
Payroll taxes -
Real estate taxes -
Other taxes -
Travel and entertainment -
Allocation of shared services costs -
Other $143
------------
Total operating expenses before depreciation 143
Depreciation and amortization -
Net profit (loss) before other income and expenses (143)
Other income and expenses:
Interest income 3,326,406
Interest expense 678,699
Other expenses -
------------
Net profit (loss) before reorganization items $2,647,564
------------
Reorganization items:
Professional fees -
U.S. Trustee quarterly fees -
Interest earned on accumulated cash from Chapter 11 -
Gain (loss) from equipment sale -
Other reorganization expenses -
Income taxes -
------------
Net profit (loss) $2,647,564
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: ABFS Consolidated's March 2005 Operating Report
------------------------------------------------------------------
ABFS Consolidated Holdings, Inc.
Balance Sheet
As of March 31, 2005
ASSETS
Current assets:
Unrestricted cash and equivalents $3,327
Due from subsidiaries (intercompany) 148,267,251
------------
Total current assets 148,270,578
------------
Other assets 389,531,809
------------
Total assets $537,802,387
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise $0
------------
Total postpetition liabilities 0
Liabilities subject to compromise (prepetition):
Secured debt 255,191
Unsecured debt 61,598,723
------------
Total prepetition liabilities 61,853,914
------------
Total liabilities $61,853,914
============
Owner Equity:
Additional paid-in capital 514,700,971
Retained earnings - prepetition (43,871,140)
Retained earnings - postpetition 5,118,642
------------
Net owner equity 475,948,473
------------
Total liabilities and owner's equity $537,802,387
============
ABFS Consolidated Holdings, Inc.
Statement of Operations
Month Ended March 31, 2005
REVENUES
Net revenue $0
Gross profit $0
OPERATING EXPENSES
Total operating expenses before depreciation 3,703
------------
Net profit (loss) before other income and expenses (3,703)
Other income and expenses:
Interest income 2,479,138
Interest expense 4,356
------------
Net profit (loss) $2,471,079
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: ABMS Posts $1.4 Million Net Loss in Feb. 2005
----------------------------------------------------------------
American Business Mortgage Services, Inc.
Balance Sheet
As of February 28, 2005
ASSETS
Current Assets:
Unrestricted cash and equivalents $170,309
Restricted cash and cash equivalents
Accounts receivable, net 146,919
Income tax and other receivable -
Due from subsidiaries -
Real property held for sale, net -
Prepaid expenses -
Loans available for sale 25,876,297
Other current assets -
------------
Total current assets 26,193,525
------------
Investments and property & equipment:
Property and equipment 191,750
Investment in subsidiaries 5,000
------------
Total investments 196,750
------------
Other assets:
Loans to insiders -- stock loans -
Other assets 1,302,905
------------
Total other assets 1,302,905
------------
Total assets $27,693,180
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable 7,836
Accrued expenses 130,190
Taxes payable -
Due to subsidiaries 1,469,203
Notes payable -
Rent/Leases -- Building/Equipment -
Secured debt/adequate protection payments 2,536,069
Professional fees -
Amounts due to insiders -
Other postpetition liabilities -
------------
Total postpetition liabilities 4,143,298
------------
Liabilities subject to compromise (prepetition):
Secured debt 22,580,365
Priority debt 393,600
Unsecured debt 1,505,601
Total prepetition liabilities 24,479,566
------------
Total liabilities $28,622,864
============
Owner equity:
Capital stock 5,000
Additional paid-in capital 50,958,565
Partner's capital account -
Owner's equity account -
Retained earning -- prepetition (50,508,565)
Retained earnings -- postpetition (1,384,684)
Adjustments to owner equity -
Postpetition contributions -
Net owner equity (929,684)
------------
Total liabilities and owner's equity $27,693,180
============
American Business Mortgage Services, Inc.
Statement of Operations
Month Ended February 28, 2005
REVENUES
Gross revenues ($512,907)
Less: returns and allowances -
Net revenue (512,907)
Cost of goods sold:
Beginning inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Costs of goods sold -
Gross profit (512,907)
Operating expenses:
Advertising 132
Auto and track expense 622
Bad debts -
Contributions -
Bank charges, loan fees and audit fees -
Insider compensation -
Insurance 10,551
Management fees/bonuses -
Office expense 4,044
Pension & profit-sharing plans -
Repairs and maintenance -
Rent and lease expense 2,137
Salaries and benefits 871,612
Professional fees -- non-reorganization 3,858
Payroll taxes 63,178
Real estate taxes -
Other taxes -
Travel and entertainment 1,912
Utilities 11,831
Other 346
Total operating expenses before depreciation 970,223
Depreciation and amortization 6,426
Net profit (loss) before other income and expenses (1,489,556)
Other income and expenses:
Interest income 261,796
Interest expense 156,924
Other expenses -
------------
Net profit (loss) before reorganization items ($1,384,684)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: ABMS Posts $2 Million Net Loss in March 2005
---------------------------------------------------------------
American Business Mortgage Services, Inc.
Balance Sheet
As of March 31, 2005
ASSETS
Current Assets:
Unrestricted cash and equivalents $47,435
Accounts receivable, net 52,784
Loans available for sale 9,064,408
------------
Total current assets 9,164,627
------------
Investments and property & equipment:
Property and equipment 174,171
Investment in subsidiaries 5,000
------------
Total investments 179,171
------------
Other assets 2,940
------------
Total assets $9,346,738
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable 10,348
Accrued expenses 75,754
Due to subsidiaries 1,664,234
Secured debt/adequate protection payments 5,141,784
------------
Total postpetition liabilities 6,892,120
------------
Liabilities subject to compromise (prepetition):
Secured debt 3,675,017
Priority debt 392,015
Unsecured debt 1,499,205
Total prepetition liabilities 5,566,237
------------
Total liabilities $12,458,357
============
Owner equity:
Capital stock 5,000
Additional paid-in capital 50,958,565
Retained earning -- prepetition (50,508,565)
Retained earnings -- postpetition (3,566,619)
------------
Net owner equity (3,111,619)
------------
Total liabilities and owner's equity $9,346,738
============
American Business Mortgage Services, Inc.
Statement of Operations
Month Ended March 31, 2005
REVENUES
Gross revenues ($1,717,573)
------------
Net revenue (1,717,573)
Gross profit (1,717,573)
Operating expenses:
Advertising 1,576
Auto and track expense 2,768
Bank charges, loan fees and audit fees 6
Insurance 37,667
Office expense 3,489
Repairs and maintenance 600
Rent and lease expense 33,347
Salaries and benefits 333,456
Payroll taxes 27,242
Other taxes 143
Travel and entertainment 2,595
Utilities 13,134
Other 13,591
------------
Total operating expenses before depreciation 469,614
Depreciation and amortization 4,869
------------
Net profit (loss) before other income and expenses (2,192,056)
Other income and expenses:
Interest income 64,570
Interest expense 54,449
------------
Net profit (loss) ($2,181,935)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: HACI Posts $5.6 Million Net Loss in Feb. 2005
----------------------------------------------------------------
Home American Credit, Inc.
Balance Sheet
As of February 28, 2005
ASSETS
Current Assets:
Unrestricted cash and equivalents $8,499
Restricted cash and cash equivalents
Accounts receivable, net 826,474
Income tax and other receivable -
Due from subsidiaries -
Real property held for sale, net -
Prepaid expenses 575,852
Loans available for sale (net) 153,628,668
Other current assets -
------------
Total current assets 155,039,493
------------
Investments and property & equipment:
Property and equipment 1,930,995
Investment in subsidiaries -
------------
Total investments 1,930,995
------------
Other assets:
Loans to insiders -- Stock loans -
Goodwill {net) 1,194,125
Other assets 576,310
------------
Total other assets 1,770,435
------------
Total assets $158,740,923
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable 69,052
Accrued expenses 30,681
Taxes payable -
Due to subsidiaries 5,830,703
Notes payable -
Rent/Leases -- Building/Equipment -
Secured debt/adequate protection payments 17,369,244
Professional fees -
Amounts due to insiders -
Other postpetition liabilities -
------------
Total postpetition liabilities 23,299,680
------------
Liabilities subject to compromise (prepetition):
Secured debt 132,723,161
Priority debt -
Unsecured debt 5,993,002
------------
Total prepetition liabilities 138,716,163
------------
Total liabilities $162,015,843
============
Owner equity:
Capital stock 1,000
Additional paid-in capital 137,626,837
Partner's capital account -
Owner's equity account -
Retained earning -- prepetition (135,327,837)
Retained earnings -- postpetition (5,574,920)
Adjustments to owner equity -
Postpetition contributions -
Net owner equity (3,274,920)
------------
Total liabilities and owner's equity $158,740,923
============
Home American Credit, Inc.
Statement of Operations
Month Ended February 28, 2005
REVENUES
Gross revenues ($1,241,297)
Less: returns and allowances -
Net revenue (1,241,297)
Cost of goods sold:
Beginning inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Costs of goods sold -
Gross profit (1,241,297)
Operating expenses:
Advertising (78)
Auto and track expense 2,194
Bad debts -
Contributions -
Bank charges, loan fees and audit fees 6,114
Insider compensation -
Insurance 57,179
Management fees/bonuses -
Office expense 14,151
Pension & profit-sharing plans -
Repairs and maintenance 5,584
Rent and lease expense 147,686
Salaries and benefits 4,136,444
Professional fees -- non-reorganization 3,610
Payroll taxes 294,815
Real estate taxes -
Other taxes -
Travel and entertainment 36,080
Utilities 89,987
Other (104,517)
Total operating expenses before depreciation 4,689,249
Depreciation and amortization 160,940
Net profit (loss) before other income and expenses (6,091,486)
Other income and expenses:
Interest income 1,372,669
Interest expense 856,103
Other expenses -
------------
Net profit (loss) ($5,574,920)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: HACI Posts $8 Million Net Loss in March 2005
---------------------------------------------------------------
Home American Credit, Inc.
Balance Sheet
As of March 31, 2005
ASSETS
Current Assets:
Unrestricted cash and equivalents ($215,552)
Accounts receivable, net 307,879
Prepaid expenses 12,229
Loans available for sale (net) 65,962,182
------------
Total current assets 66,056,738
------------
Investments and property & equipment:
Property and equipment 1,773,782
------------
Total investments 1,773,782
------------
Other assets 247,943
------------
Total assets $68,088,463
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable 556,715
Accrued expenses 18,508
Due to subsidiaries 10,009,039
Secured debt/adequate protection payments 33,004,581
------------
Total postpetition liabilities 43,588,843
------------
Liabilities subject to compromise (prepetition):
Secured debt 29,801,269
Unsecured debt 6,079,332
------------
Total prepetition liabilities 35,880,601
------------
Total liabilities $79,469,444
============
Owner equity:
Capital stock 1,000
Additional paid-in capital 137,626,837
Retained earning -- prepetition (135,327,837)
Retained earnings -- postpetition (13,680,981)
------------
Net owner equity (11,380,981)
------------
Total liabilities and owner's equity $68,088,463
============
Home American Credit, Inc.
Statement of Operations
Month Ended March 31, 2005
REVENUES
Gross revenues ($2,484,195)
------------
Net revenue (2,484,195)
Gross profit (2,484,195)
Operating expenses:
Advertising 1,825,748
Auto and track expense 1,372
Bank charges, loan fees and audit fees 39
Insurance 177,822
Office expense 14,580
Repairs and maintenance 5,213
Rent and lease expense 72,732
Salaries and benefits 2,214,227
Professional fees -- non-reorganization 6,517
Payroll taxes 262,255
Other taxes 210
Travel and entertainment 6,816
Utilities 55,601
Other 1,016,949
------------
Total operating expenses before depreciation 5,660,081
Depreciation and amortization 127,531
------------
Net profit (loss) before other income and expenses (8,271,807)
Other income and expenses:
Interest income 509,432
Interest expense 343,686
------------
Net profit (loss) ($8,106,061)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: TRC Posts $33,385 Net Loss in February 2005
--------------------------------------------------------------
Tiger Relocation Company
Balance Sheet
As of February 28, 2005
ASSETS
Current assets:
Unrestricted cash and equivalents $59,101
Restricted cash and cash equivalents -
Accounts receivable, net -
Income tax and other receivable -
Due from subsidiaries -
Real property held for sale, net 94,954
Prepaid expenses -
Professional retainers -
Other current assets -
------------
Total current assets 154,055
------------
Investments and property & equipment:
Property and equipment -
Investment in subsidiaries -
Total Investments -
Other assets:
Loans to insiders -- Stock loans -
Other assets -
Total other assets -
------------
Total assets $154,055
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise:
Accounts payable (intercompany) -
Accrued expenses -
Taxes payable -
Due to subsidiaries
Notes payable -
Rent/Leases -- Building/Equipment -
Secured debt/adequate protection payments -
Professional fees -
Amounts due to insiders -
Other postpetition liabilities -
------------
Total postpetition liabilities -
------------
Liabilities subject to compromise (prepetition):
Secured debt -
Priority debt -
Unsecured debt 35,637,033
------------
Total prepetition liabilities 35,637,033
------------
Total liabilities $35,637,034
============
Owner Equity:
Capital stock 1
Additional paid-in capital 1
Partner's capital account -
Owner's equity account -
Retained earning -- prepetition (35,449,595)
Retained earnings -- postpetition (33,385)
Adjustments to owner equity -
Postpetition contributions -
Net owner equity (35,482,978)
------------
Total liabilities and owner's equity $154,055
============
Tiger Relocation Company
Statement of Operations
Month Ended February 28, 2005
REVENUES
Gross revenues: -
Less: returns and allowances -
Net revenue -
Cost of goods sold:
Beginning inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Costs of goods sold -
Gross profit -
OPERATING EXPENSES
Advertising -
Auto and track expense -
Bad debts -
Contributions -
Bank charges, loan fees and audit fees -
Insider compensation -
Insurance -
Management fees/bonuses -
Office expense -
Pension & profit-sharing plans -
Repairs and maintenance -
Rent and lease expense -- Israel -
Salaries and benefits -
Professional fees -- non-reorganization $2,578
Payroll taxes -
Real estate taxes -
Other taxes -
Travel and entertainment -
Utilities 243
REO charge-offs 30,564
------------
Total operating expenses before depreciation 33,385
Depreciation and amortization -
Net profit (loss) before other income and expenses (33,385)
Other income and expenses:
Interest income -
Interest expense -
Other expenses -
------------
Net profit (loss) ($33,385)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMERICAN BUSINESS: TRC Posts $70,022 Net Loss in March 2005
-----------------------------------------------------------
Tiger Relocation Company
Balance Sheet
As of March 31, 2005
ASSETS
Current assets:
Unrestricted cash and equivalents $0
Real property held for sale, net 10,000
------------
Total current assets 10,000
------------
Total assets $10,000
============
LIABILITIES AND OWNER EQUITY
Liabilities not subject to compromise $0
------------
Total postpetition liabilities 0
Liabilities subject to compromise (prepetition):
Unsecured debt 35,563,000
------------
Total prepetition liabilities 35,563,000
------------
Total liabilities $35,563,000
============
Owner Equity:
Capital stock 1
Additional paid-in capital 1
Retained earning -- prepetition (35,449,595)
Retained earnings -- postpetition (103,407)
------------
Net owner equity (35,553,000)
------------
Total liabilities and owner's equity $10,000
============
Tiger Relocation Company
Statement of Operations
Month Ended March 31, 2005
REVENUES
Net revenue $0
Gross profit 0
OPERATING EXPENSES
Professional fees -- non-reorganization 2,909
Real estate taxes 4,042
Utilities 206
Other - REO losses and expenses 62,865
------------
Total operating expenses 70,022
------------
Net profit (loss) ($70,022)
============
Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American
Business Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland's March 2005 Monthly Operating Report
---------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of March 31, 2005
ASSETS
Cash and cash equivalents $13,805,924
Accounts receivable, net 1,777,038
Notes, estates and other receivables 11,680,607
Loans receivable from Archdiocesan entities, net 11,169,061
Loans receivable from Archdiocesan housing entities 547,014
Interest receivable and other assets 189,242
Inventories 1,471,222
Real Property 226,688
Deposits and prepaid expenses 367,989
Investments 88,887,568
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,235,065
--------------
Total Assets $139,997,418
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 2,241,693
Funds held for others
Second Collections 9,025
Short-term investments payable 18,896,748
Long-term pool investments payable 19,868,606
Reserve for insurance claims 2,343,946
Notes payable 11,223,414
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 63,424,149
--------------
Postpetition
Accounts payable 561,992
Accrued liabilities 3,065,972
Funds held for others
Second Collections 220,344
Short-term investments payable 1,705,160
Long-term pool investments 1,863,443
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 13,941
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 7,430,852
--------------
Total Liabilities 70,855,001
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,697,563
Other Assets (3,263,564)
--------------
Total Prepetition Net Assets 66,433,999
--------------
Postpetition Net Assets:
Charitable Trust Assets 63,787
Other Assets 2,644,631
--------------
Total Postpetition Net Assets 2,708,418
--------------
Total Net Assets 69,142,417
--------------
Total liabilities & net assets $139,997,418
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending March 31, 2005
Revenues, gains and other support
Annual Catholic Appeal income ($126)
Gross profit on cemetery sales 64,779
Contributions, gifts, annuities and bequests 81,743
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 634,270
Change in unrealized losses (1,177,223)
Insurance premiums, net (12,318)
Interest income from loans 39,899
Parish assessments 241,023
Other income 97,425
Departmental revenues 27,277
Net assets released from restrictions -
--------------
Total revenues, gains, and other support (3,251)
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 121,780
Clergy Services 38,248
Catholic Schools 39,510
Pastoral Services 65,980
Evangelization Services 59,355
Public Services 10,253
Tribunal Services 17,807
Deposit and loan interest 14,249
Insurance program 185,427
Cemetery operating expenses 68,183
High School grants/charitable annuities 14,524
Other program expenses 93,174
--------------
Total program services 728,490
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 42,503
Finance & Administration:
Resource Development 50,208
Business Affairs 9,871
Financial Services 58,920
Human Resources 24,422
Shared Services 13,315
Occupancy and physical plant expenses 11,157
Designated funds expense 63,518
Bankruptcy expense 267,935
Depreciation expense -
--------------
Total supporting services 541,849
--------------
Total expenses and program support 1,270,339
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (1,273,590)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (1,273,590)
Net assets at beginning of year 70,416,007
--------------
Net assets at end of year $69,142,417
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending March 31, 2005
Beginning Cash Balance: $14,830,566
Add:
Transfers in 357,033
Receipts Deposited 5,135,487
Other (Return of Direct Deposits) -
Other (Interest Income) 29,856
--------------
Total Cash Receipts 5,522,376
Subtract:
Transfers out (357,033)
Disbursements by check or debit (6,187,535)
Cash withdrawn -
Other (Service Charges) (2,049)
Other (NSF Checks) (400)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (6,547,018)
--------------
Ending Cash Balance $13,805,925
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004. Thomas
W. Stilley, Esq. and William N. Stiles, Esq. of Sussman Shank LLP
represent the Portland Archdiocese in its restructuring efforts.
Portland's Schedules of Assets and Liabilities filed with the
Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Tucson's March 2005 Monthly Operating Report
-------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of March 31, 2005
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 895,589 483,020
Cash Equivalents 2,991,854 1,820,100
Accounts receivable, net 1,548,484 1,548,484
Allowance for doubtful accounts (1,194,906) (1,194,906)
Grants receivable 315,250 315,250
Pledges receivable 6,000 6,000
A/R held in trust for others 65,120 0
Due from administered funds 80,952 80,952
Prepaid expenses & other assets 549,018 549,018
Investments in businesses 6,011,735 4,586,686
Corp. & Gov't. bond investments 2,070,442 1,530,442
Investment in BPIC 80,850 80,850
Notes receivable, net 2,080,739 305,430
Allowance for doubtful
notes receivable (329,289) (5,411)
Assets securing 2002 settlement 3,000,000 3,000,000
Construction in progress 48,867 48,867
Land, buildings, and equipment 519,622 519,622
Assets held for sale 60,226 60,226
Land held for future parish sites 817,460 817,460
-------------- --------------
$19,619,513 $14,553,590
============== ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 852,786 852,786
Accounts payable - pre 43,255 43,255
Accrued expenses - post 59,332 59,332
Accrued expenses - pre 157,682 157,682
Due to Diocese 80,952 0
Accrued insurance claims 349,298 349,298
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured long-term debt - post 100,000 100,000
Unrestricted parish deposits 6,963,925 6,962,867
Restricted parish deposits 3,565,589 0
Secured long-term debt 2,632,604 2,632,604
Custodial funds 1,418,323 0
-------------- --------------
Total Liabilities 18,285,202 13,219,279
-------------- --------------
Net Assets:
Unrestricted/temporarily
restricted (574,577) (574,577)
Permanently restricted 1,908,888 1,908,888
-------------- --------------
Total liabilities & net assets $19,619,513 $14,553,590
============== ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
March 1, 2005 through March 31, 2005
Revenues
Contributions, grants and bequests $10,278
Chancery assessment 110,245
Priests salary subsidy 17,747
Fees for services 16,753
Advertising revenue 6,109
Retreat fees 16,590
Rental Income 4,397
Insurance 265,489
Investment Income 21,338
Miscellaneous 1,263
--------------
Total Support & Revenue 470,209
Expense
Program Services:
Archives 1,346
Catholic Commitments & Social Services 2,584
Evangelization & Hispanic Ministry 6,792
Catechesis Office 7,583
Formation Office 5,857
Department of Catholic Schools 17,446
Clergy, religious & seminarian advancement 12,222
Parish Assistance 40,395
Catholic Social Mission 4,722
Supporting Services:
Office of Bishop Emeritus 2,048
Offices of the Bishop, et al. 35,313
Office of Women Religious 1,240
General & Administrative 4,164
Fiscal & Employee Services 93,058
Office of Child, Adolescent, et al. Protection 7,185
Communications & Community Relations 15,134
Property Management 31,414
Insurance Administration 11,631
Reorganization 357,301
Imputed interest on settlement 14,095
Provision for doubtful accounts 5,833
Depreciation 3,622
--------------
Total Expenses 680,986
--------------
Excess (deficiency) of revenues over expenses ($210,777)
==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
March 1, 2005 through March 31, 2005
Cash and Bank Balance:
Beginning of Month $451,426
Receipts
Cash Sales 66,144
Accounts Receivable -- Prepetition 7,523
Accounts Receivable -- Postpetition 513,919
Loans and Advances 0
Sale of Assets 0
Transfers in from other accounts 166,271
Other -- Custodial Funds 0
Other -- Payroll Reimbursements 4,018
Credit Adjustments 990
--------------
Total Receipts 758,866
Disbursements:
Business -- Ordinary Operations 353,757
Capital Improvements 0
Prepetition Debt 0
Transfers to other DIP Accounts 166,271
Other -- Custodial Funds 212
Other -- TRF to Wells Fargo Investment 0
Other -- Payroll Reimbursement 3,849
Reorganization Expenses:
Attorney Fees 175,511
Accountant Fees 27,671
Other Professional Fees 0
Other (Advertising) 0
U.S. Trustee Quarterly Fee 0
Court Costs 0
--------------
Total Disbursements 727,272
--------------
Cash & Bank Balance -- End of Month $483,020
==============
The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day. Susan G. Boswell, Esq., Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese. The Archdiocese of Portland in Oregon filed for chapter
11 protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq. and William N. Stiles, Esq. of Sussman
Shank LLP represent the Portland Archdiocese in its restructuring
efforts. Portland's Schedules of Assets and Liabilities filed
with the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: Posts $48 Million Net Loss in March 2005
-----------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of March 31, 2005
ASSETS
Cash and cash equivalents $1,574,217,437
Accounts receivable - net 963,313,911
Assets from risk management activities 353,464,390
Derivative hedging instruments -
Inventories 343,419,316
Other 761,439,136
--------------
Total Current Assets 3,995,854,190
Property, plant and equipment 5,205,463,052
Less: accumulated depreciation/depletion 861,626,783
Leasehold interests - net 1,479,244,495
Construction work in progress 131,671,556
Investment in suspended construction 249,750,946
--------------
Total net property, plant and equipment 6,204,503,266
Investments 254,306,319
Long-term accounts receivable - net 31,351,252
Notes receivable - net -
Assets from risk management activities 127,184,725
Goodwill - net 5,767,352
Other intangibles - net 267,975,884
Derivative hedging instruments -
Restricted cash, non-current 205,147,414
Other long-term assets 1
Miscellaneous deferred charges 435,630,639
--------------
Total Non-current Assets 1,327,363,586
--------------
TOTAL ASSETS $11,527,721,042
==============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,302,085,671
Accounts Payable 677,597,775
Liabilities from risk management activities 566,650,584
Obligations under energy deliveries 8,845,737
Derivative hedging instruments -
Other 200,194,135
Miscellaneous deferred credits 706,732,211
--------------
Total postpetition liabilities 3,462,106,113
Prepetition Liabilities 9,195,549,906
--------------
TOTAL LIABILITIES 12,657,656,019
EQUITY:
Minority interest in subsidiaries 169,768,390
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,969,474
Retained earnings (6,143,600,482)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (75,868,980)
--------------
Total Equity (1,129,934,977)
--------------
TOTAL LIABILITIES AND OWNERS' EQUITY $11,527,721,042
==============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending March 31, 2005
REVENUES:
Generation $166,316,976
Net trading revenue (6,008,826)
Distribution 57,671,589
Other (463,294)
--------------
Net Revenue 217,516,445
OPERATING EXPENSES:
Energy cost 119,961,665
Operations and maintenance 82,547,803
Depreciation and amortization 25,644,684
Gain on sale of property and investment (2,262,799)
Impairment loss (94)
Restructuring costs 821,083
--------------
Total Operating Expenses 226,712,342
--------------
Income before non-operating income
and expense (9,195,897)
OTHER INCOME AND EXPENSES:
Interest income 1,896,466
Interest expense (10,373,259)
Equity in income of affiliates 2,710,356
Other (2,497,989)
Reorganization items (35,607,526)
Minority interest (2,270,158)
Net income from discontinued operations 4,721,931
Gain on sale assets, minority owned 767,113
--------------
Total Other Income (40,653,066)
Provision for income tax 1,928,697
--------------
NET PROFIT (LOSS) ($47,920,266)
==============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending March 31, 2005
Cash, beginning of month $275,034,875
Non-Operating Receipts:
Loans & Advances (40,127,126)
Sale of Assets -
--------------
Total non-operating receipts (40,127,126)
--------------
Total receipts (40,127,126)
--------------
Total Cash Available 234,907,749
Operating Disbursements 0
Reorganization Expenses 4,463
--------------
Total disbursements 4,463
--------------
Net Cash Flow (40,131,589)
--------------
Cash, end of month $234,903,287
==============
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. 63; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: MAGi Posts $48 Million Net Loss in February 2005
-------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of March 31, 2005
ASSETS
Cash and cash equivalents $499,307,277
Accounts receivable - net 528,157,587
Assets from risk management activities 23,663,473
Derivative hedging instruments -
Inventories 154,835,416
Other 123,813,798
--------------
Total Current Assets 1,329,777,551
Property, plant and equipment 2,206,039,798
Less: accumulated depreciation/depletion 352,514,880
Leasehold interests - net -
Construction work in progress 77,974,099
Investment in suspended construction 174,284,673
--------------
Total net property, plant and equipment 2,105,783,690
Investments 25,000
Long-term accounts receivable - net 92,171,218
Notes receivable - net 223,275,000
Assets from risk management activities 3,455,278
Other intangibles - net 205,074,920
Derivative hedging instruments -
Restricted cash, non-current 5,062,781
Other long-term assets -
Miscellaneous deferred charges 202,159,142
--------------
Total Non-current Assets 731,223,339
--------------
TOTAL ASSETS $4,166,784,580
==============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $0
Accounts Payable 254,683,991
Liabilities from risk management activities 131,222,264
Obligations under energy deliveries -
Derivative hedging instruments -
Other 147,039,275
Miscellaneous deferred credits 28,965,833
--------------
Total postpetition liabilities 561,911,363
Prepetition Liabilities 3,437,165,786
--------------
TOTAL LIABILITIES 3,999,077,149
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,362
Retained earnings (3,686,187,933)
Treasury stock, at cost -
Accumulated other comprehensive income -
--------------
Total Equity 167,707,431
--------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,166,784,580
==============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending March 31, 2005
REVENUES:
Generation $75,009,403
Net trading revenue -
Distribution -
Other 69,399
--------------
Net Revenue 75,078,802
OPERATING EXPENSES:
Energy cost 53,010,062
Operations and maintenance 49,579,326
Depreciation and amortization 7,572,971
Gain on sale of property and investment (853,636)
Impairment loss (94)
Restructuring costs 551,847
--------------
Total Operating Expenses 109,860,476
--------------
Income before non-operating income
and expense (34,781,674)
OTHER INCOME AND EXPENSES:
Interest income -
Interest expense (889,538)
Equity in income of affiliates -
Other 1,401,363
Reorganization items (8,236,048)
Minority interest -
Net income from discontinued operations -
--------------
Total Other Income (7,724,223)
Provision for income tax (5,921,394)
--------------
NET PROFIT (LOSS) ($48,427,291)
==============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending March 31, 2005
Cash, beginning of month $194,716,548
Non-Operating Receipts:
Loans & Advances (24,210)
Sale of Assets -
--------------
Total non-operating receipts (24,210)
--------------
Total receipts (24,210)
--------------
Total Cash Available 194,692,338
Operating Disbursements 0
Reorganization Expenses 0
--------------
Total disbursements 0
--------------
Net Cash Flow (24,210)
--------------
Cash, end of month $194,692,338
==============
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. 63; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
RELIANCE GROUP: Posts $1.7 Million Net Income in April 2005
-----------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 30-Apr-2005
_____________________________________ ___________
ASSETS
Cash $49,019,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Note receivable from Reorganized RFSC 2,537,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Plant, property & equipment -
----------------
Total Assets $64,999,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,659,000
Professional fee holdback payable 2,349,000
PBGC administrative claim 0
Liabilities subject to compromise 851,289,000
----------------
Total liabilities $855,297,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,360,455,000)
----------------
Total shareholders' deficit (790,298,000)
----------------
Total liabilities & deficit $64,999,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Apr-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 30-Apr-2005
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 43,000
Pension Plan Actuarial
Adjustments and Expenses (3,000,000)
Depreciation 0
----------------
Total costs and expenses (2,957,000)
----------------
Income before reorganization items 2,957,000
----------------
Reorganization items:
Professional fees 371,000
PBGC settlement (1,500,000)
RFSC settlement payment 2,537,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (113,000)
----------------
Total reorganization items 1,295,000
----------------
Income Tax benefits 0
Net Income $1,662,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Apr-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 30-Apr-2005
_____________________________________ ___________
Cash flows from operating activities:
Income from operations before
reorganization items $2,957,000
Adjustments to reconcile income to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables (2,719,000)
Increase in Liabilities
subject to compromise (255,000)
----------------
Net cash (used) provided by
operating activities before
reorganization items (17,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 113,000
Application of retainer
towards reorganization
professional fees 0
RFSC settlement payment (2,537,000)
Payment of
reorganization items (437,000)
----------------
Net cash used by
reorganization item (2,861,000)
----------------
Net cash used by
operating activities (2,878,000)
----------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
Loan to Reorganized RFSC (2,537,000)
----------------
Net cash used in
investing activities (2,537,000)
----------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
----------------
Net cash provided by
financing activities 0
----------------
Net increase in cash (5,415,000)
Cash at beginning of period 54,434,000
----------------
Cash at end of period $49,019,000
================
Headquartered in New York, New York, Reliance Group Holdings, Inc.
-- http://www.rgh.com/-- is a holding company that owns 100% of
Reliance Financial Services Corporation. Reliance Financial, in
turn, owns 100% of Reliance Insurance Company. The holding and
intermediate finance companies filed for chapter 11 protection on
June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing
$12,598,054,000 in assets and $12,877,472,000 in debts. The
insurance unit is being liquidated by the Insurance Commissioner
of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News,
Issue No. 74; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
TOWER AUTOMOTIVE: Posts $70.6 Million Net Loss in March 2005
------------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of March 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $2,705
Accounts receivable, net 293,044
Inventories 84,067
Prepaid tooling and other 40,028
----------
TOTAL CURRENT ASSETS 419,844
----------
Property, plant and equipment, net 645,399
Investment in joint ventures 30
Investment in subsidiaries 346,782
Inter-company receivables 409,835
Goodwill 326,309
Other assets, net 108,709
----------
TOTAL ASSETS $2,256,908
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt & capital $5,438
lease obligations
Accounts payable 99,564
Accrued liabilities 214,976
----------
TOTAL CURENT LIABILITIES 319,978
----------
Liabilities subject to comprise 1,141,362
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 567,756
Other non-current liabilities 183,888
----------
TOTAL LIABILITIES 2,212,984
STOCKHOLDERS' EQUITY 43,924
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $2,256,908
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
March 1 to 31, 2005
(In Thousands)
Revenues $206,760
Cost of sales 188,109
----------
Gross profit 18,651
Selling, general and administrative expenses 9,797
Restructuring and asset impairment charges, net 31,316
----------
Operating income (loss) (22,462)
Interest expense 6,760
Interest income (1,983)
Other expense, net -
Chapter 11 and related reorganization items 33,808
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures and
minority interest (61,047)
Provision (benefit) for income taxes 9,532
Income (loss) before equity in earnings of joint
Ventures and minority interest (70,579)
Equity in earnings of joint ventures, net of tax (32)
----------
NET LOSS ($70,611)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
March 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($70,611)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 33,808
Payments of Chapter 11 and related reorganization
expenses (284)
Restructuring and asset impairment charge, net 32,095
Depreciation 8,992
Deferred compensation 81
Equity in earnings of joint ventures, net (32)
Change in working capital and other operating
items (38,372)
----------
Net cash provided by operating activities (34,323)
----------
INVESTING ACTIVITIES:
Capital expenditures (4,468)
Proceeds from sale of fixed assets -
Other -
----------
Net cash used in investing activities (4,468)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 546,000
Repayments of borrowings from DIP credit facility (514,126)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 31,874
----------
Net Change in cash and cash equivalents ($6,917)
----------
Cash and Cash Equivalents, beginning of period 9,622
Cash and Cash Equivalents, end of period $2,705
==========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. --
http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-
10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup
Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq.,
at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service, Inc., 215/945-7000)
US AIRWAYS: Posts $227.5 Million Net Loss in January 2005
---------------------------------------------------------
On May 10, 2005, US Airways Group filed an Amended Monthly
Operating Report for the month of January with the Securities and
Exchange Commission.
In their Form 8-K filing, the Debtors state:
"The purpose of this report is to amend the Consolidated
Statement of Operations and Consolidated Balance Sheet as
included in the Monthly Operating Report for the month ended
January 31, 2005 (January MOR). The January MOR previously
reported a gain of $881 million related to the termination of
US Airways' three defined benefit pension plans, recorded as
Reorganization items, net on the Consolidated Statement of
Operations. $24 million has been recognized as a curtailment
gain, while $857 million of the gain has been reversed pending
resolution of the claim filed against the Company by the
Pension Benefit Guaranty Corporation. In addition, the
Statements of Operations also reflects a non-cash charge of
$91 million related to the elimination of an adjustment for
minimum pension liability which had previously been recognized
as a component of equity prior to the termination of the
plans. The Consolidated Balance Sheet has also been amended,
resulting in an increase to Liabilities Subject to Compromise
and decrease to Stockholders' Equity (Deficit) of $948
million."
US Airways Group, Inc.
Consolidated Balance Sheet
At January 31, 2005, as amended
(in thousands)
Current Assets:
Cash and cash equivalents $543,063
Restricted cash 100,984
Receivables, net 288,456
Materials and supplies, net 165,927
Prepaid expenses and other 169,768
------------
Total Current Assets 1,268,198
Property and Equipment:
Flight equipment 3,300,563
Ground property and equipment 374,565
Less accumulated depreciation and amortization (333,977)
------------
3,341,151
Purchase deposits for flight equipment 93,007
------------
Total Property and Equipment 3,434,158
Other Assets:
Goodwill 2,489,638
Other intangibles, net 529,350
Restricted cash 554,216
Other assets, net 93,694
------------
Total Other Assets 3,666,898
Total Assets $8,369,254
============
Current Liabilities:
Current maturities of long-term debt
and capital lease obligations $729,539
Accounts payable 379,851
Traffic balances payable and unused tickets 861,909
Accrued aircraft rent 7,408
Accrued salaries, wages and vacation 171,484
Other accrued expenses 293,378
------------
Total Current Liabilities 2,443,559
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 0
Deferred gains and credits, net 43,286
Postretirement benefits other than pensions 1,906
Employee benefit liabilities and other 242,102
------------
Total Noncurrent Liabilities and Deferred Credits 287,294
Liabilities Subject to Compromise 6,179,807
Commitments and Contingencies:
Stockholders' Equity:
Class A Common Stock 50,616
Class B Common Stock 5,000
Paid-in capital 410,133
Accumulated deficit (1,012,627)
Common stock held in treasury, at cost (2,815)
Deferred compensation (11,612)
Accumulated other comprehensive income 19,899
------------
Total Stockholders' Equity (541,406)
Total Liabilities & Stockholders' Equity $8,369,254
============
US Airways Group, Inc.
Consolidated Statement of Operations
Month ended January 31, 2005, as amended
(in thousands)
Operating Revenues:
Passenger transportation $421,383
Cargo and freight 5,472
Other 51,496
------------
Total Operating Revenues 478,351
Operating Expenses:
Personnel costs 174,241
Aviation fuel 113,935
US Airways Express capacity purchases 66,363
Aircraft rent 39,267
Other rent and landing fees 32,282
Selling expenses 32,540
Aircraft maintenance 27,322
Depreciation and amortization 18,448
Other 108,337
------------
Total Operating Expenses 612,735
Operating Loss (134,384)
Other Income (Expense):
Interest income 891
Interest expense, net (24,949)
Reorganization items, net (70,200)
Other, net 1,109
------------
Other Income (Expense), Net (93,149)
Loss Before Income Taxes (227,533)
Income Tax Provision 0
------------
Net Income ($227,533)
============
US Airways Group, Inc.
Consolidated Statement of Cash Flows
Month ended January 31, 2005, as amended
(in thousands)
Net cash used for operating activities
before reorganization items ($148,987)
Reorganization items, net (2,326)
------------
Net cash used for operating activities (151,313)
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (36,695)
Proceeds from dispositions of property 1,941
Increase in restricted cash (28,765)
------------
Net cash used for investing activities (63,519)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 42,444
Principal payments on long-term debt
and capital lease obligations (22,581)
------------
Net cash provided by financing activities 19,863
Net decrease in Cash and cash equivalents (194,969)
------------
Cash and cash equivalents at beginning of period 738,032
------------
Cash and cash equivalents at end of period $543,063
============
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 91; Bankruptcy Creditors' Service, Inc., 215/945-7000)
US AIRWAYS: Earns $65 Million of Net Income in March 2005
---------------------------------------------------------
US Airways Group, Inc.
Consolidated Balance Sheet
At March 31, 2005
(in thousands)
Current Assets:
Cash and cash equivalents $512,515
Restricted cash 129,694
Receivables, net 318,413
Materials and supplies, net 171,304
Prepaid expenses and other 178,759
------------
Total Current Assets 1,310,685
Property and Equipment:
Flight equipment 3,298,528
Ground property and equipment 365,140
Less accumulated depreciation and amortization (356,236)
------------
3,307,432
Purchase deposits for flight equipment 75,574
------------
Total Property and Equipment 3,383,006
Other Assets:
Goodwill 2,489,638
Other intangibles, net 524,549
Restricted cash 635,900
Other assets, net 83,676
------------
Total Other Assets 3,733,763
Total Assets $8,427,454
============
Current Liabilities:
Current maturities of long-term debt
and capital lease obligations $819,796
Accounts payable 431,241
Traffic balances payable and unused tickets 1,002,991
Accrued aircraft rent 14,001
Accrued salaries, wages and vacation 223,925
Other accrued expenses 346,998
------------
Total Current Liabilities 2,838,952
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 77,782
Deferred gains and credits, net 42,239
Postretirement benefits other than pensions 1,906
Employee benefit liabilities and other 249,979
------------
Total Noncurrent Liabilities and Deferred Credits 371,906
Liabilities Subject to Compromise 5,723,309
Commitments and Contingencies:
Stockholders' Equity:
Class A Common Stock 50,616
Class B Common Stock 5,000
Paid-in capital 409,730
Accumulated deficit (975,771)
Common stock held in treasury, at cost (2,815)
Deferred compensation (9,682)
Accumulated other comprehensive income 16,209
------------
Total Stockholders' Equity (506,713)
Total Liabilities & Stockholders' Equity $8,427,454
============
US Airways Group, Inc.
Consolidated Statement of Operations
Month ended March 31, 2005
(in thousands)
Operating Revenues:
Passenger transportation $581,930
Cargo and freight 7,654
Other 54,096
------------
Total Operating Revenues 643,680
Operating Expenses:
Personnel costs 146,783
Aviation fuel 139,520
US Airways Express capacity purchases 73,304
Aircraft rent 43,966
Other rent and landing fees 39,592
Selling expenses 30,746
Aircraft maintenance 29,537
Depreciation and amortization 19,018
Other 101,947
------------
Total Operating Expenses 624,413
Operating Income 19,267
Other Income (Expense):
Interest income 946
Interest expense, net (26,107)
Reorganization items, net 76,553
Other, net (5,610)
------------
Other Income (Expense), Net 45,782
Income Before Income Taxes 65,049
Income Tax Benefit 29
------------
Net Income $65,078
============
US Airways Group, Inc.
Consolidated Statement of Cash Flows
Month ended March 31, 2005
(in thousands)
Net cash from operating activities
before reorganization items $78,556
Reorganization items, net (5,846)
------------
Net cash provided by operating activities 72,710
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (4,053)
Proceeds from dispositions of property 828
Increase in restricted cash (31,508)
------------
Net cash provided by investing activities (34,733)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 6,360
Proceeds from DIP Financing 75,000
Principal payments on long-term debt
and capital lease obligations (12,356)
------------
Net cash provided by financing activities 69,004
Net increase in Cash and cash equivalents 106,981
------------
Cash and cash equivalents at beginning of period 405,534
------------
Cash and cash equivalents at end of period $512,515
============
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 91; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: Posts $21 Million Net Loss in March 2005
-----------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At March 31, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,840
Short-term investments -
Accounts receivable, net 189,764
Inventories 275,501
Prepaid expenses and other current assets 19,771
----------
Total current assets 486,876
Total investments and other assets 93,007
Goodwill -
Property, Plant and Equipment, net 471,521
----------
TOTAL ASSETS $1,051,404
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility $438,208
DIP Credit Agreement 60,585
Second lien facility 165,000
Accrued interest payable 803
Accounts payable - trade 39,641
Accounts payable - intercompany 171,997
Other accrued liabilities 119,606
Deferred income taxes 1,275
Pension and other liabilities 146,633
----------
Total liabilities not subject to compromise 1,143,748
Liabilities Subject to Compromise
Senior notes 1,000,000
Deferred financing fees (4,018)
Accrued interest payable on Senior Notes 36,313
Accounts payable 27,559
Other payables and accrued liabilities 8,233
Pension and other liabilities 15,474
----------
Total liabilities not subject to compromise 1,083,561
----------
Total Liabilities 2,227,309
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital surplus/Treasury Stock 41,122
Retained earnings (deficit) (984,985)
Minimum pension liability adjustment (109,403)
Other adjustments 407
Unearned compensation -
----------
Stockholders' Equity (Deficit) (1,175,905)
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $1,051,404
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended March 31, 2005
(in thousands)
Total sales $97,482
Cost of sales 92,585
---------
Gross profit 4,897
Selling and administrative expenses
Selling expenses 3,315
Warehousing and shipping 4,737
Advertising 385
Division administrative expense 911
MIS expense 1,170
Corporate administrative expense 1,300
---------
Total selling and administrative expense 11,818
Restructuring and impairment charge 904
Fixed asset impairment charge -
Goodwill impairment charge -
---------
Profit (loss) from operations (7,825)
Interest expense
Interest expense - outside 6,572
Capitalized interest expense -
Interest expense - intercompany 525
Interest income 1
Interest income - intercompany -
----------
Net interest expense 7,096
Other expense
Miscellaneous 142
Royalties - intercompany 3,500
Transaction gain/loss -
----------
Total other expense 3,642
Other income
Royalties - intercompany -
Dividends -
Sale of assets -
Miscellaneous (2)
----------
Total other income (2)
----------
Net other expense 3,644
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (18,565)
Chapter 11 reorganization expenses 4,788
Income tax expense (benefit) (2,216)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($21,137)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended March 31, 2005
(in thousands)
Cash flows from operations:
Net income (loss) ($21,137)
Restructuring -
Equity adjustments 965
Non-cash items
Depreciation and amortization expense 7,999
Fixed asset impairment charge -
Gain/(loss) on sale of assets -
Working Capital Changes
Decrease/(increase) - accounts receivable 4,477
Decrease/(increase) - inventories 12,222
Decrease/(increase) - other current assets (723)
Decrease/(increase) - other non-current
assets & debts 335
Increase/(decrease) - accounts payable (trade) (6,864)
Increase/(decrease) - a/p (intercompany) (273)
Increase/(decrease) - accrued liabilities 2,633
Increase/(decrease) - accrued interest payable (655)
Increase/(decrease) - pension and other liabilities 91
Increase/(decrease) - deferred federal income tax (1,326)
---------
Total cash flows from operations (2,256)
Cash flows from investing activities:
Decrease/(increase) - short-term investments -
Capital expenditures (505)
Transfers -
Net proceeds from sale of assets -
---------
Total cash flows from investing (505)
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement 898
---------
Total cash flows from financing 898
Beginning cash balance 3,703
Change in cash (1,863)
----------
Ending cash balance $1,840
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
45; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: JP Stevens Enterprises' March Operating Report
-----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At March 31, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $12
Short-term investments -
Accounts receivable - customers, net -
Accounts receivable - intercompany 17,766
Prepaid expenses and other current assets -
----------
Total current assets 17,778
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $17,778
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Accounts payable - intercompany -
Other accrued liabilities $291
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 291
Liabilities Subject to Compromise -
----------
Total Liabilities 291
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 17,485
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 17,487
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $17,778
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended March 31, 2005
(in thousands)
Net sales -
Cost of goods sold -
----------
Gross earnings -
Selling and administrative expenses
Selling expenses $2
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
----------
Total selling and administrative expense 2
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (2)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 84
----------
Net interest expense (84)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 190
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 190
----------
Net other expense (190)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 272
Chapter 11 reorganization expenses -
Income tax expense (benefit) 95
Extraordinary item - net of taxes -
----------
Net Income (loss) $177
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended March 31, 2005
(in thousands)
Cash flows from operations:
Net income (loss) $177
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (83)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities (95)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations (1)
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 13
Change in cash (1)
----------
Ending cash balance $12
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
45; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: JP Stevens' March 2005 Monthly Operating Report
------------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At March 31, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Short-term investments -
Accounts receivable - customers -
Accounts receivable - intercompany $110,749
Prepaid expenses and other current assets -
----------
Total current assets 110,749
Total investments & other assets 2,697
Goodwill -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - intercompany -
Other accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise -
Liabilities Subject to Compromise -
Shareholders' Equity (Deficit)
Equity of subsidiaries $10,503
Common stock -
Capital surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 113,446
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $113,446
==========
J.P. Stevens & Co., Inc., reports no income and cash flow for
March 2005.
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
45; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: WP Stevens I Posts $3 Mil. Net Income in March
-----------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At March 31, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $176
Short-term investments -
Accounts receivable - customers -
Accounts receivable - intercompany 30,116
Total Inventories 6,639
Prepaid expenses and other current assets -
----------
Total current assets 36,931
Total investments and other assets 9,447
Goodwill -
Property, Plant and Equipment, net 11,729
----------
TOTAL ASSETS $58,107
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $596
Accounts payable - intercompany -
Other accrued liabilities 9,353
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 9,949
Liabilities Subject to Compromise
Senior notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,438
Other payables and accrued liabilities -
Pension and other liabilities 3,445
----------
Total Liabilities Subject to Compromise 4,883
----------
Total Liabilities 14,832
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 70,559
Retained earnings (deficit) (27,285)
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Shareholders' Equity (Deficit) 43,275
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $58,107
==========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended March 31, 2005
(in thousands)
Net sales $3,362
Cost of goods sold 2,061
----------
Gross earnings 1,301
Selling and administrative expenses
Selling expenses 2
Warehousing and shipping 123
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 170
----------
Total selling and administrative expense 295
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) 1,006
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany 595
----------
Net interest expense (595)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
----------
Total other expense 190
Other income
Royalties - intercompany 3,645
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 3,645
----------
Net other expense (3,455)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 5,056
Chapter 11 reorganization expenses -
Income tax expense (benefit) 1,770
Extraordinary item - net of taxes -
----------
Net Income (loss) $3,286
==========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended March 31, 2005
(in thousands)
Cash flows from operations:
Net income (loss) $3,286
Non-cash items
Depreciation and amortization expense 112
Working Capital Changes
Decrease/(increase) - a/r (customers) -
Decrease/(increase) - a/r (intercompany) (284)
Decrease/(increase) - inventories (769)
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) (96)
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities (2,107)
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 142
Cash flows from investing activities:
Decrease/(increase) short term investments -
Capital expenditures -
Transfers -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 34
Change in cash 142
----------
Ending cash balance $176
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
45; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WESTPOINT STEVENS: WP Stevens Stores' March 2005 Operating Report
-----------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At March 31, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,631
Short-term investments -
Accounts receivable - customers 140
Accounts receivable - intercompany 2,268
Total Inventories 19,432
Prepaid expenses and other current assets 802
----------
Total current assets 24,273
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,345
----------
TOTAL ASSETS $26,618
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - trade $396
Accounts payable -intercompany -
Other accrued liabilities 1,934
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 2,330
----------
Liabilities Subject to Compromise
Accounts payable 1,677
----------
Total Liabilities 4,007
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 6,655
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 22,611
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $26,618
==========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended March 31, 2005
(in thousands)
Net sales $5,629
Cost of goods sold 3,335
----------
Gross earnings 2,294
Selling and administrative expenses
Selling expenses 1,893
Warehousing and shipping 193
Advertising 209
Division administrative expense 259
MIS expense 54
Corporate administrative expense 85
----------
Total selling and administrative expense 2,693
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) (399)
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 154
Interest income -
Interest income - intercompany -
----------
Net interest expense 154
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties Intercompany -
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income -
----------
Net other expense -
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (553)
Chapter 11 reorganization expenses -
Income tax expense (benefit) (193)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($360)
==========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended March 31, 2005
(in thousands)
Cash flows from operations:
Net income (loss) ($360)
Non-cash items
Depreciation and amortization 46
Working Capital Changes
Decrease/(increase) - a/r (customers) (77)
Decrease/(increase) - a/r (intercompany) 927
Decrease/(increase) - inventories (334)
Decrease/(increase) - other current assets 92
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) 19
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 198
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 511
Cash flows from investing activities
Capital expenditures (20)
Transfers -
Net proceeds from sale of assets -
----------
Total cash flows from investing (20)
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 1,140
Change in cash 491
----------
Ending cash balance $1,631
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers. (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores. Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens. The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
45; Bankruptcy Creditors' Service, Inc., 215/945-7000)
WINN-DIXIE: Posts $84 Million Net Loss in April 2005
----------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At April 6, 2005
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $34,224
Marketable securities 19,507
Trade and other receivables, net 175,857
Insurance claims receivable 19,496
Income tax receivable 34,031
Merchandise inventories, less LIFO reserve 791,423
Prepaid expenses and other current assets 108,884
------------
Total current assets 1,183,422
Property, plant and equipment, net 827,702
Other assets, net 117,789
------------
TOTAL ASSETS $2,128,913
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $282
Current obligations under capital leases 2,811
Accounts payable 113,473
Reserve for workers' compensation
insurance claims and self-insurance 79,167
Accrued wages and salaries 90,825
Accrued rent 2,332
Accrued expenses 103,517
------------
Total current liabilities 392,407
Reserve for workers' compensation insurance
claims and self-insurance 133,165
Long-term debt 390
Long-term borrowings under DIP Credit Facility 106,277
Obligations under capital leases 7,905
Other liabilities 18,924
------------
Total liabilities not subject to compromise 659,068
Liabilities subject to compromise 1,126,688
------------
Total liabilities 1,785,756
------------
Shareholders' equity:
Common stock 141,947
Additional paid-in-capital 31,337
Retained earnings 189,704
Accumulated other comprehensive loss (19,831)
------------
Total shareholders' equity 343,157
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,128,913
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four weeks ended April 6, 2005
(In thousands)
Net sales $758,936
Cost of sales 569,573
------------
Gross profit on sales 189,363
Other operating and administrative expenses 213,750
Impairment charges 51,265
Restructuring gains (763)
------------
Operating loss (74,889)
Interest expense, net 6,397
------------
Loss before reorganization items and income taxes (81,286)
Reorganization items, net (64,869)
Income tax expense -
------------
Net loss from continuing operations (16,417)
Discontinued operations:
Loss from discontinued operations (2,459)
Loss on disposal of discontinued operations (65,301)
Income tax expense -
------------
Net loss from discontinued operations (67,760)
------------
Net loss ($84,177)
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four weeks ended April 6, 2005
(In thousands)
Cash flows from operating activities:
Net loss ($84,177)
Adjustments to reconcile net loss to
net cash used in operating activities:
Gain on sale of facilities (851)
Reorganization items, net (64,869)
Depreciation and amortization 11,710
Impairment charges 52,606
Stock compensation plans (737)
Change in operating assets and liabilities:
Trade and other receivables (40,194)
Merchandise inventories (46,517)
Prepaid expenses and other current assets (99)
Accounts payable 53,288
Reserve for insurance claims and self-insurance 3,227
Lease liability on closed facilities 70,919
Income taxes receivable (26)
Defined benefit plan (434)
Other accrued expenses (2,673)
Net cash used in operating activities before
reorganization items (48,827)
Cash effect of reorganization items 2,461
------------
Net cash used in operating activities (46,366)
Cash flows from investing activities:
Purchases of property, plant and equipment (742)
Decrease in investments and other assets 847
Proceeds from sale of assets 668
Marketable securities, net (59)
------------
Net cash provided by investing activities 714
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 160,330
Gross repayments on DIP Credit Facility (164,000)
Principal payments on long-term debt 16
Debt issuance costs 999
Principal payments on capital lease obligations (157)
Other 205
------------
Net cash used in financing activities (2,607)
Decrease in cash and cash equivalents (48,259)
Cash and cash equivalents at beginning of period 82,483
------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $34,224
============
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. 13; 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
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Each Tuesday edition of the TCR contains a list of companies with
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*********
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