/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/050528.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 28, 2005, Vol. 9, No. 125 Headlines CATHOLIC CHURCH: Spokane's March 2005 Monthly Operating Report CATHOLIC CHURCH: Tucson's April 2005 Monthly Operating Report FEDERAL-MOGUL: Posts $17.1 Million Net Loss in March 2005 FOOTSTAR INC: Earns $1.5 Million of Net Income in April 2005 HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005 INTERMET CORP: Posts $7.8 Million Net Loss in February 2005 INTERSTATE BAKERIES: Files Amended Schedule of Assets & Debts INTERSTATE BAKERIES: Posts $6.3M Net Loss for Period Ended April 2 KEYSTONE CONSOLIDATED: Posts $1.4 Million Net Loss in April 2005 PILLOWTEX CORP: Feb. 2005 Cash Receipts & Disbursements Report PILLOWTEX CORP: Posts $2M Net Loss for Period Ended April 2, 2005 PG&E NATIONAL: ESV's October 2004 Monthly Operating Report PG&E NATIONAL: ESV's November 2004 Monthly Operating Report PG&E NATIONAL: ESV's December 2004 Monthly Operating Report PG&E NATIONAL: ET Gas' November 2004 Monthly Operating Report PG&E NATIONAL: ET Gas' December 2004 Monthly Operating Report PG&E NATIONAL: ET Gas' January 2005 Monthly Operating Report PG&E NATIONAL: ET Holdings' November 2004 Monthly Operating Report PG&E NATIONAL: ET Holdings' December 2004 Monthly Operating Report PG&E NATIONAL: ET Holdings' January 2005 Monthly Operating Report PG&E NATIONAL: ET Investments' November 2004 Operating Report PG&E NATIONAL: ET Investments' December 2004 Operating Report PG&E NATIONAL: ET Investments' January 2005 Operating Report PG&E NATIONAL: ET Power's November 2004 Monthly Operating Report PG&E NATIONAL: ET Power's December 2004 Monthly Operating Report PG&E NATIONAL: ET Power's January 2005 Monthly Operating Report PG&E NATIONAL: Quantum's October 2004 Monthly Operating Report PG&E NATIONAL: Quantum's November 2004 Monthly Operating Report PG&E NATIONAL: Quantum's December 2004 Monthly Operating Report ROBOTIC VISION: Posts $14.6 Million Net Loss in March 2005 SPIEGEL INC: Posts $3.2 Million Net Income for Period Ended Apr. 2 UNIVERSAL ACCESS: Files April 2005 Monthly Operating Report USG CORP: Earns $22.9 Million of Net Income in April 2005 USGEN NEW ENGLAND: Earns $74 Million of Net Income in March 2005 WINN-DIXIE: Monthly Operating Report for 4-Week Period Ended May 4 ********* CATHOLIC CHURCH: Spokane's March 2005 Monthly Operating Report -------------------------------------------------------------- A full-text copy of the Diocese of Spokane's March monthly operating report is available for free at: http://bankrupt.com/misc/spokane_march_mor.pdf Catholic Diocese of Spokane Balance Sheet As of March 31, 2005 ASSETS Total Cash Accounts $3,859,137 Total Investments 3,909,704 Total Property 495,004 Total Loans Receivable 3,148,307 Total Interfund Loan Receivable 396,887 Total Accounts Receivable 99,810 Total Land and Buildings & Equip 2,272,137 Total Prepaid Expenses 19,410 -------------- Total Assets $14,200,393 ============== LIABILITIES AND NET ASSETS Liabilities Total Deposits Payable 5,381,945 Total Interest Payable 0 Total Accounts Payable 10,527 Net Assets Total Unrestricted - Fund Balance (3,655,109) Total Unrestricted Net Assets (3,655,109) T.R. - Guse Grant Funds 175,754 T.R. - Bishop's School Grants Funds (88,898) Total Replacement Fund 9,522,728 Total Diocesan D&L Funding 2,176,115 Total Guatemala Funds 617,324 Temporarily Restricted 146,863 -------------- Total liabilities & net assets $14,200,393 ============== Catholic Diocese of Spokane Income and Expense Statement For the month ending March 31, 2005 Total Income $227,895 Total Expenses 567,573 -------------- Net Excess or Deficit $339,678 ============== Catholic Diocese of Spokane Statement of Cash Receipts and Disbursements March 1, 2005 to March 31, 2005 Total Cash Receipts 750,535 Total Cash Disbursements (546,051) The Roman Catholic Church of the Diocese of Spokane filed for chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen, Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $11,162,938 in total assets and $81,364,055 in total debts. (Catholic Church Bankruptcy News, Issue No. 28; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Tucson's April 2005 Monthly Operating Report ------------------------------------------------------------- The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole (Unaudited) Statement of Financial Condition As of April 30, 2005 ASSETS Total Diocese-Owned ----- ------------- Cash on hand $1,500 $1,500 Cash in Banks 979,558 479,850 Cash Equivalents 2,566,414 1,490,063 Accounts receivable, net 1,515,557 1,515,557 Allowance for doubtful accounts (1,200,739) (1,200,739) Grants receivable 311,500 311,500 Pledges receivable 6,000 6,000 A/R held in trust for others 65,151 0 Due from administered funds 2,895 2,895 Prepaid expenses & other assets 344,334 344,334 Investments in businesses 6,448,858 4,898,822 Corp. & Gov't. bond investments 1,977,964 1,547,964 Investment in BPIC 80,850 80,850 Notes receivable, net 2,075,845 302,372 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 520,130 520,130 Assets held for sale 60,226 60,226 Land held for future parish sites 817,460 817,460 -------------- -------------- $19,294,081 $14,222,240 ============== ============== LIABILITIES AND NET ASSETS Liabilities: Accounts payable - post 579,989 579,989 Accounts payable - pre 43,255 43,255 Accrued expenses - post 54,296 54,296 Accrued expenses - pre 157,682 157,682 Interfunds payable 2,895 0 Accrued insurance claims 292,461 292,461 Unsecured long-term debt - pre 2,061,455 2,061,455 Unsecured long-term debt - post 100,000 100,000 Unrestricted parish deposits 6,963,926 6,962,867 Restricted parish deposits 3,522,717 0 Secured long-term debt 2,646,699 2,646,699 Custodial funds 1,545,170 0 -------------- -------------- Total Liabilities 17,970,545 12,898,704 -------------- -------------- Net Assets: Unrestricted/temporarily restricted (585,352) (585,352) Permanently restricted 1,908,888 1,908,888 -------------- -------------- Total liabilities & net assets $19,294,081 $14,222,240 ============== ============== The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole Statement of Operations and Charges in Net Assets April 1, 2005 through April 30, 2005 Revenues Contributions, grants and bequests $47,928 Chancery assessment 110,245 Priests salary subsidy 17,747 Fees for services 24,831 Advertising revenue 8,736 Retreat fees 8,070 Rental Income 4,397 Insurance 60,170 Investment Income 8,885 Miscellaneous 1,254 -------------- Total Support & Revenue 292,262 Expense Program Services: Archives 1,664 Catholic Commitments & Social Services 12,889 Evangelization & Hispanic Ministry 5,753 Catechesis Office 8,307 Formation Office 5,611 Department of Catholic Schools 18,615 Clergy, religious & seminarian advancement 11,971 Parish Assistance 21,610 Catholic Social Mission 4,338 Supporting Services: Office of Bishop Emeritus 1,374 Offices of the Bishop, et al. 45,747 Office of Women Religious 1,134 General & Administrative 3,341 Fiscal & Employee Services 41,663 Office of Child, Adolescent, et al. Protection 8,046 Communications & Community Relations 15,615 Property Management 34,060 Insurance Administration (20,413) Reorganization 58,090 Imputed interest on settlement 14,095 Provision for doubtful accounts 5,833 Depreciation 3,692 -------------- Total Expenses 303,037 -------------- Excess (deficiency) of revenues over expenses ($10,774) ============== The Roman Catholic Church of the Diocese of Tucson an Arizona Corporation Sole Current Month's Receipts and Disbursements April 1, 2005 through April 30, 2005 Cash and Bank Balance: Beginning of Month $483,020 Receipts Cash Sales 71,540 Accounts Receivable -- Prepetition 3,374 Accounts Receivable -- Postpetition 437,514 Loans and Advances 0 Sale of Assets 0 Transfers in from other accounts 146,392 Other -- Custodial Funds 0 Other -- Payroll Reimbursements 0 Credit Adjustments 1,159 -------------- Total Receipts 659,980 Disbursements: Business -- Ordinary Operations 314,656 Capital Improvements 4,785 Prepetition Debt 0 Transfers to other DIP Accounts 146,392 Other -- Custodial Funds 552 Other -- TRF to Wells Fargo Investment 0 Other -- Payroll Reimbursement 3,839 Reorganization Expenses: Attorney Fees 134,835 Accountant Fees 0 Other Professional Fees 0 Other (Advertising) 50,590 U.S. Trustee Quarterly Fee 7,500 Court Costs 0 -------------- Total Disbursements 663,150 -------------- Cash & Bank Balance -- End of Month $479,850 ============== 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. 28; Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Posts $17.1 Million Net Loss in March 2005 --------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of March 31, 2005 (In millions) Assets Cash and equivalents $414.3 Accounts receivable 634.1 Inventories 491.7 Deferred taxes 182.2 Prepaid expenses and other current assets 104.1 ---------- Total current assets 1,826.4 Summary of Unpaid Postpetition Debits (23.8) Intercompany Loans Receivable (Payable) 2,585.7 ---------- Intercompany Balances 2,561.9 Property, plant and equipment 1,011.8 Goodwill 1,121.8 Other intangible assets 439.5 Insurance recoverable 837.7 Other non-current assets 1,075.7 ---------- Total Assets $8,874.8 ========== Liabilities and Shareholders' Equity Short-term debt $353.5 Accounts payable 219.8 Accrued compensation 70.6 Restructuring and rationalization reserves 10.7 Current portion of asbestos liability - Interest payable 2.2 Other accrued liabilities 277.4 ---------- Total current liabilities 934.3 Long-term debt - Post-employment benefits 2,044.0 Other accrued liabilities 976.7 Liabilities subject to compromise 6,012.0 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,021.0 Accumulated deficit (9,622.3) Accumulated other comprehensive income (1,067.2) Other - ---------- Total Shareholders' Equity (1,052.1) ---------- Total Liabilities and Shareholders' Equity $8,874.8 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended March 31, 2005 (In millions) Net sales $320.6 Cost of products sold 266.9 ---------- Gross margin 53.6 Selling, general & administrative expenses (59.2) Amortization (1.2) Reorganization items (10.5) Interest income (expense), net (9.7) Other income (expense), net 15.8 ---------- Earnings before Income Taxes (11.0) Income Tax (Expense) Benefit (6.1) ---------- Earnings before effect of change in acctg principle (17.1) Cumulative effect of change in acctg principle - ---------- Net Earnings (loss) ($17.1) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended March 31, 2005 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) ($17.1) Adjustments to reconcile net earnings (loss): Depreciation and amortization 16.2 Adjustments of assets held for sale to fair value 0.5 Asbestos Charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg principle - Change in post-employment benefits 2.4 Decrease/(increase) in accounts receivable (39.7) Decrease/(increase) in inventories 3.8 Increase/(decrease) in accounts payable 14.5 Change in other assets and other liabilities (5.3) Change in restructuring charge (0.8) Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities (25.6) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (5.8) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - ---------- Net Cash Provided From (Used By) Investing Activities (5.8) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 22.1 Sale of accounts receivable under securitization - Dividends - Other (7.7) ---------- Net Cash Provided From Financing Activities 14.3 Increase (Decrease) in Cash and Equivalents (17.1) Cash and equivalents at beginning of period 431.4 ---------- Cash and equivalents at end of period $414.3 ========== Headquartered in Southfield, Michigan, Federal-Mogul Corporation - - http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and $8.86 billion in liabilities. At Dec. 31, 2004, Federal-Mogul's balance sheet showed a $1.925 billion stockholders' deficit. At Mar. 31, 2005, Federal-Mogul's balance sheet showed a $2.048 billion stockholders' deficit, compared to a $1.926 billion deficit at Dec. 31, 2004. (Federal-Mogul Bankruptcy News, Issue No. 79; Bankruptcy Creditors' Service, Inc., 215/945- 7000) FOOTSTAR INC: Earns $1.5 Million of Net Income in April 2005 ------------------------------------------------------------ On May 18, 2005, Footstar, Inc., and its debtor-affiliates filed their monthly operating report for the month of April 2005 with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a $1.5 million net income on $58.9 million of net sales for April 2005. The Debtors also reported a cumulative net loss of $42.8 million on $929.9 million of net sales from March 3, 2004, through April 30, 2005. At April 30, 2005, Footstar, Inc.'s consolidated balance sheet showed: Total Current Assets $368,900,000 Total Assets 414,500,000 Current Liabilities 119,100,000 Total Liabilities Subject to Compromise 178,900,000 Total Liabilities 352,200,000 Shareholders' Equity $62,300,000 A full-text copy of Footstar, Inc.'s April 2005 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1011308/000090951805000353/jd5-18ex99_1.txt Headquartered in West Nyack, New York, Footstar Inc., retails family and athletic footwear. As of August 28, 2004, the Company operated 2,373 Meldisco licensed footwear departments nationwide in Kmart, Rite Aid and Federated Department Stores. The Company also distributes its own Thom McAn brand of quality leather footwear through Kmart, Wal-Mart and Shoe Zone stores. The Company and its debtor-affiliates filed for chapter 11 protection on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M. Basta, Esq., at Weil Gotshal & Manges represents the Debtors in their restructuring efforts. When the Debtor filed for chapter 11 protection, it listed $762,500,000 in total assets and $302,200,000 in total debts. HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005 ------------------------------------------------------------- On May 20, 2005, Hawaiian Airlines, the sole operating subsidiary of Hawaiian Holdings, Inc., filed its unaudited April 2005 Monthly Operating Report with the United States Bankruptcy Court for the District of Hawaii. The carrier reported a net income of $415,000 on $63,833,000 of revenues in April 2005, compared to a net loss of $4,400,000 on $69,700,000 revenues in March 2005. At April 30, 2005, Hawaiian Airlines' balance sheet showed: Total Current Assets $251,795,000 Total Assets 372,970,000 Total Current Liabilities 238,544,000 Total Liabilities 443,258,000 Liabilities Subject to Compromise 214,548,000 Shareholder's Deficit ($284,836,000) A full-text copy of Hawaiian Airlines' April 2005 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1172222/000095013605003039/file002.htm Hawaiian Airlines, Inc. -- http://www.HawaiianAir.com/-- is a subsidiary of Hawaiian Holdings, Inc. (AMEX and PCX: HA). Since the appointment of a bankruptcy trustee in May 2003, Hawaiian Holdings has had no responsibility for the management of Hawaiian Airlines and has had limited access to information concerning the airline. On March 21, 2003, Hawaiian Airlines, Inc., filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Hawaii (Case No. 03-00827). Joshua Gotbaum serves as the chapter 11 trustee for Hawaiian Airlines, Inc. Mr. Gotbaum is represented by Tom E. Roesser, Esq., and Katherine G. Leonard, Esq., at Carlsmith Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua D. Morse, Esq., and John L. Jones, II, Esq., at Hennigan, Bennett & Dorman LLP. The Bankruptcy Court formally confirmed the Debtor's plan on May 23, 2005. INTERMET CORP: Posts $7.8 Million Net Loss in February 2005 ----------------------------------------------------------- On May 20, 2005, Intermet Corporation and its debtor-affiliates delivered its April 2005 monthly operating report to the U.S. Bankruptcy Court for the Eastern District of Michigan. For the month ending April 30, 2005, Intermet Corporation reported net loss of $7,814,000 against $55,792,000 net sales. On April 30, 2005, Intermet's balance sheet showed: Current Assets $142,879,000 Total Assets 442,265,000 Postpetition Debts 24,296,000 Total Liabilities 575,526,000 Total Stockholders' Equity Deficit ($133,261,000) A full-text copy of Intermet Corporation's April 2005 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/745287/000095012405003475/k95314exv99w1.txt Headquartered in Troy, Michigan, Intermet Corporation -- http://www.intermet.com/-- provides machining and tooling services for the automotive and industrial markets specializing in the design and manufacture of highly engineered, cast automotive components for the global light truck, passenger car, light vehicle and heavy-duty vehicle markets. Intermet, along with its debtor-affiliates, filed for chapter 11 protection on Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614). Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represents the Debtors. When the Debtors filed for protection from their creditors, they listed $735,821,000 in total assets and $592,816,000 in total debts. INTERSTATE BAKERIES: Files Amended Schedule of Assets & Debts ------------------------------------------------------------- Interstate Bakeries Corporation filed its second amendment to Schedule F -- Creditors Holding General Unsecured Claims - of its Schedules of Assets and Liabilities. According to Ronald B. Hutchison, Chief Financial Officer of Interstate Bakeries, the Debtor amended Schedule F to reflect $269,146,946 in estimated Non-priority Unsecured Liabilities. The Debtor removed five trade creditors from the list. Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04- 45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., 215/945-7000) INTERSTATE BAKERIES: Posts $6.3M Net Loss for Period Ended April 2 ------------------------------------------------------------------ Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended April 2, 2005 REVENUE Gross Income $253,736,342 Less Cost of Goods Sold Ingredients, Packaging, & Outside Purchasing 61,385,543 Direct & Indirect Labor 46,812,729 Overhead & Production Administration 11,120,226 ------------ Total Cost of Goods Sold 119,318,498 ------------ Gross Profit $134,417,844 ------------ OPERATING EXPENSES Owner-Draws/Salaries - Selling & Delivery Employee Salaries $63,385,126 Advertising and Marketing 1,898,278 Insurance (Property, Casualty, & Medical) 14,312,700 Payroll Taxes 5,280,666 Lease and Rent 4,355,941 Telephone and Utilities 1,765,314 Corporate Expense (Including Salaries) 6,500,000 Other Expenses 29,930,550 ------------ Total Operating Expenses $127,428,575 ------------ EBITDA $6,989,269 Restructuring & Reorganization Charges 5,330,390 Depreciation and Amortization 6,861,508 Other Income (2,019) Gain/Loss Sale of Property - Interest Expense 3,333,078 ------------ Operating Income (Loss) (8,533,688) Income Tax Expense (Benefit) (2,181,846) ------------ Net Income (Loss) ($6,351,842) ============ CURRENT ASSETS Accounts Receivable at end of period $168,045,274 Increase (Decrease) in Accounts Receivable (2,534,294) Inventory at end of period 73,602,780 Increase (Decrease) in Inventory for period 2,357,816 Cash at end of period 118,133,955 Increase (Decrease) in Cash for period 22,689,783 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise 5,143,511 Increase (Decrease) in Liabilities Subject to Compromise 233,038 Taxes payable: Federal Payroll Taxes 8,645,806 State/Local Payroll Taxes 7,250,718 State Sales Taxes 670,800 Real Estate and Personal Property Taxes 13,497,483 Other 6,040,778 ------------ Total Taxes Payable $36,105,585 ============ Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh baked bread and sweet goods, under various national brand names, including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R), Merita(R) and Drake's(R). The Company employs approximately 32,000 in 54 bakeries, more than 1,000 distribution centers and 1,200 thrift stores throughout the U.S. The Company and seven of its debtor-affiliates filed for chapter 11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No. 04- 45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6.0% senior subordinated convertible notes due August 15, 2014, on August 12, 2004) in total debts. (Interstate Bakeries Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service, Inc., 215/945-7000) KEYSTONE CONSOLIDATED: Posts $1.4 Million Net Loss in April 2005 ---------------------------------------------------------------- On May 16, 2005, Keystone Consolidated Industries, Inc., and its debtor-affiliates filed their monthly operating report for the month of April 2005 with the U.S. Bankruptcy Court for the Eastern District of Wisconsin. Keystone Consolidated reported a $1,359,516 net loss on $34,335,064 of net sales. At April 30, 2005, Keystone Consolidated's balance sheet shows: Current Assets $81,201,914 Total Assets $314,274,544 Current Liabilities 160,132,635 Total Liabilities 179,044,649 Stockholders' Deficit $(27,014,740) A full-text copy of Keystone Consolidated Industries' April 2005 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/55604/000005560405000014/exhibit991apr.txt Headquartered in Dallas, Texas, Keystone Consolidated Industries, Inc., makes carbon steel rod, fabricated wire products, including fencing, barbed wire, welded wire and woven wire mesh for the agricultural, construction and do-it-yourself markets. The Company filed for chapter 11 protection on February 26, 2004, (Bankr. E.D. Wisc. Case No. 04-22422). Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., and David L. Eaton, Esq., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. When the Company filed for protection from their creditors, it listed $196,953,000 in total assets and $365,312,000 in total debts. PILLOWTEX CORP: Feb. 2005 Cash Receipts & Disbursements Report -------------------------------------------------------------- Pillowtex Corporation and its debtor-affiliates did not attach a Schedule of Cash Receipts and Disbursements to the February 2005 Monthly Operating Report they filed with the U.S. Bankruptcy Court for the District of Delaware. A full-text copy of the February 2005 Monthly Operating Report for February is available for free at: http://bankrupt.com/misc/Pillowtex_feb05_MOR.pdf Headquartered in Dallas, Texas, Pillowtex Corporation -- http://www.pillowtex.com/-- sold top-of-the-bed products to virtually every major retailer in the U.S. and Canada. The Company filed for Chapter 11 protection on November 14, 2000 (Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a chapter 11 plan, and filed a second time on July 30, 2003 (Bankr. Del. Case No. 03-12339). The second chapter 11 filing triggered sales of substantially all of the Company's assets. David G. Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at Morris Nichols Arsht & Tunnel, represent the Debtors. On July 30, 2003, the Company listed $548,003,000 in assets and $475,859,000 in debts. (Pillowtex Bankruptcy News, Issue No. 79; Bankruptcy Creditors' Service, Inc., 215/945-7000) PILLOWTEX CORP: Posts $2M Net Loss for Period Ended April 2, 2005 ----------------------------------------------------------------- Pillowtex, et al. Consolidated Balance Sheets As of April 2, 2005 ASSETS Cash and cash equivalents $35,152,392 Accounts Receivables (Net) 9,496,106 Inventory (Net) 0 Pre-Paid Expenses 534,729 Other Assets 3,940,973 ----------- TOTAL CURRENT ASSETS 49,124,200 ----------- Property Plan & Equipment (Net) 0 Intangibles (Net) 0 Other Non-Current 1,745,839 Inter-Company 0 ----------- TOTAL ASSETS $50,870,039 =========== LIABILITIES & EQUITY Liabilities Not Subject to Compromise Accounts Payable 0 Accrued Expenses 27,439,898 Deferred Taxes 295,000 Professional Fees 996,768 Secured Debt 0 Other 84,831,000 ----------- Total Not Subject to Compromise 113,562,666 ----------- Liabilities Subject to Compromise Current Debt 622,763 Unsecured debt 25,488,177 ----------- Total Subject to Compromise 26,110,940 ----------- Preferred Convertible Stock 0 Equity Inter-Company (6,687,996) Investment in Subs 0 Additional Paid in Capital 195,118,000 Common Stock 3,000 Deferred Compensation 0 Retained Earnings (215,735,571) Pension Equity Adjustment (61,501,000) Translation 0 ----------- TOTAL EQUITY (82,115,571) ----------- TOTAL LIABILITIES & EQUITY $50,870,039 =========== Pillowtex, et al. Consolidated Statement of Operations For Three Months Ended April 2, 2005 Net Revenues $200,021 Cost of Goods Sold (160,630) ----------- Gross Profit 360,651 Selling, General & Administrative 951,774 Other 0 ----------- Earnings from Operations (591,123) Interest Expense 3,417 Other Income & Expenses (322,766) Reorganization Expenses Professional Fees 1,553,221 U.S. Trustee Fees 14,750 Gain/Loss from Sale of Assets 42,676 Other (Income)/Expense 0 ----------- Total Reorganization Expenses 1,610,647 Income Before Taxes (1,882,421) Income Taxes 0 Income (Loss) on Disposal 0 Income from Discontinued Operations 0 ----------- Net Profit or (Loss) ($1,892,421) =========== Pillowtex, et al. Actual Cash Flow For the Month of March 2005 Accounts Receivable Collections $952,000 Brown & Joseph/Atwell Fees (15,000) Accounts Receivable Personnel (14,000) Inventory Bulk Sales 134,000 Property Tax Related to Asset Sale - Property (Net) - Miscellaneous Proceeds - ---------- Total Proceeds 1,057,000 Prepetition Cure Cost of Capital Leases - Balance of 2003 Personal Property Tax - Alliance Street Production - Interest Expense (Term and Revolver) - Idle Facility Cost (211,000) Electric Demand Charge - Retail Store Operating Costs - Warehousing, Shipping & Billing - Freight & Duty - Manufacturing - Inventory Cleanup - Accrued Employee Expenses - Critical Vendor Payments - Continuing Medical - Terminated Medical (14,000) Product Liability/D&O/Workers Comp. Insurance - Corporate 83,000 Severance/Retention - Warehouse Vacation Pay - SB Capital Estate Charge Back - Early Termination Fee - DIP Fees - Professional Fees 580,000 Miscellaneous Expenses 38,000 ---------- Total Expenses 476,000 ---------- Net Cash Flow $581,000 ========== Pillowtex, et al. Disbursement Report For the Month Ended April 2, 2004 Net Payroll & Payroll Taxes Paid $209,553 Sales, Use & Other Taxes Paid 8,500 Inventory Purchases - Interest on Long Term Debt - Secured/Rental/Lease - Utilities 4,069 Insurance - Administrative 32,245 Professional Fees 573,009 U.S. Trustee's Fees - Others 46,833 ----------- Total for U.S. Trustee Fees $874,209 =========== Headquartered in Dallas, Texas, Pillowtex Corporation -- http://www.pillowtex.com/-- sold top-of-the-bed products to virtually every major retailer in the U.S. and Canada. The Company filed for Chapter 11 protection on November 14, 2000 (Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a chapter 11 plan, and filed a second time on July 30, 2003 (Bankr. Del. Case No. 03-12339). The second chapter 11 filing triggered sales of substantially all of the Company's assets. David G. Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at Morris Nichols Arsht & Tunnel, represent the Debtors. On July 30, 2003, the Company listed $548,003,000 in assets and $475,859,000 in debts. (Pillowtex Bankruptcy News, Issue No. 79; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ESV's October 2004 Monthly Operating Report ---------------------------------------------------------- Energy Service Ventures, Inc. Balance Sheet As of October 31, 2004 ASSETS Current Assets Cash $1,881,173 Prepetition Accounts Receivable 3,575,924 Other Current Assets Allowance for Bad Debts (2,791,840) -------------- Total Current Assets 2,665,257 Fixed Assets 0 Other Assets 0 -------------- TOTAL ASSETS $2,665,257 ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $15,408 -------------- Total Postpetition Liabilities 15,408 Prepetition Liabilities Unsecured Debts 26,912,070 -------------- Total Prepetition Liabilities 26,912,070 Owner's Equity (Deficit) Capital Stock/Owners' Investments 10,000 Paid-In Capital Surplus 55,048,465 Retained Earnings Prepetition (76,394,062) Postpetition (2,926,625) -------------- Total Owner's Equity (24,262,221) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $2,665,257 ============== Energy Service Ventures, Inc. Income Statement For the Period October 1 to October 31, 2004 Total Sales/Income $0 Total Cost of Sales 0 Gross Profit 0 OPERATING EXPENSES: Employee Benefits 12,557 Professional Fees (Atty. Accts.) 27,334 Restructuring Expense (1,953) Other Operating Expenses 2,500 -------------- Total Operating Expenses 40,438 -------------- Profit/Loss from Operation (40,438) Other Income (Expenses) 822,527 -------------- Income Before Taxes 782,088 Income Taxes Expense 3,661,194 -------------- Net Income (Loss) ($2,879,105) ============== Energy Service Ventures, Inc. Cash Reconciliation Report For the Period October 1 to October 31, 2004 Cash balance from prior balance sheet $1,897,529 Net income for month (2,879,105) Expenses Not Requiring Cash 2,838,667 ------------- Total Cash from Operations 1,857,091 Other sources/uses of cash: Decrease (Increase) Accounts Receivable 0 Increase (Decrease) Accounts Payable 24,082 ------------- Total Other Sources & Uses of Cash 24,082 ------------- Ending Cash Balance $1,881,173 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ESV's November 2004 Monthly Operating Report ----------------------------------------------------------- Energy Service Ventures, Inc. Balance Sheet As of November 30, 2004 ASSETS Current Assets Cash $1,883,565 Prepetition Accounts Receivable 3,575,924 Other Current Assets Allowance for Bad Debts (2,791,840) -------------- Total Current Assets 2,667,649 Fixed Assets 0 Other Assets 0 -------------- TOTAL ASSETS $2,667,649 ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $16,158 -------------- Total Postpetition Liabilities 16,158 Prepetition Liabilities Unsecured Debts 26,912,070 -------------- Total Prepetition Liabilities 26,912,070 Owner's Equity (Deficit) Capital Stock/Owners' Investments 10,000 Paid-In Capital Surplus 55,048,465 Retained Earnings Prepetition (76,394,062) Postpetition (2,924,983) -------------- Total Owner's Equity (24,260,580) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $2,667,649 ============== Energy Service Ventures, Inc. Income Statement For the Period November 1 to November 30, 2004 Total Sales/Income $0 Total Cost of Sales 0 Gross Profit 0 OPERATING EXPENSES: Restructuring Expense (2,391) Other Operating Expenses 750 -------------- Total Operating Expenses (1,641) -------------- Profit/Loss from Operation 1,641 Other Income (Expenses) 0 -------------- Income Before Taxes 1,641 Income Taxes Expense 0 -------------- Net Income (Loss) $1,641 ============== Energy Service Ventures, Inc. Cash Reconciliation Report For the Period November 1 to November 30, 2004 Cash balance from prior balance sheet $1,881,173 Net income for month 1,641 ------------- Total Cash from Operations 1,882,815 Other sources/uses of cash: Decrease (Increase) Accounts Receivable 0 Increase (Decrease) Accounts Payable 750 ------------- Total Other Sources & Uses of Cash 750 ------------- Ending Cash Balance $1,883,565 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ESV's December 2004 Monthly Operating Report ----------------------------------------------------------- Energy Service Ventures, Inc. Balance Sheet As of December 31, 2004 ASSETS Current Assets Cash $1,886,250 Prepetition Accounts Receivable 3,575,924 Other Current Assets Allowance for Bad Debts (2,791,840) -------------- Total Current Assets 2,670,334 Fixed Assets 0 Other Assets 0 -------------- TOTAL ASSETS $2,670,334 ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $16,158 -------------- Total Postpetition Liabilities 16,158 Prepetition Liabilities Unsecured Debts 26,912,070 -------------- Total Prepetition Liabilities 26,912,070 Owner's Equity (Deficit) Capital Stock/Owners' Investments 10,000 Paid-In Capital Surplus 55,048,465 Retained Earnings Prepetition (76,394,062) Postpetition (2,922,298) -------------- Total Owner's Equity (24,257,895) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $2,670,334 ============== Energy Service Ventures, Inc. Income Statement For the Period December 1 to December 31, 2004 Total Sales/Income $0 Total Cost of Sales 0 Gross Profit 0 OPERATING EXPENSES: Restructuring Expense (2,685) ------------- Total Operating Expenses (2,685) ------------- Profit/Loss from Operation 2,685 Other Income (Expenses) 0 ------------- Income Before Taxes 2,685 Income Taxes Expense 0 ------------- Net Income (Loss) $2,685 ============= Energy Service Ventures, Inc. Cash Reconciliation Report For the Period December 1 to December 31, 2004 Cash balance from prior balance sheet $1,883,565 Net income for month 2,685 ------------- Total Cash from Operations 1,886,250 Other sources/uses of cash 0 ------------- Ending Cash Balance $1,886,250 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Gas' November 2004 Monthly Operating Report ------------------------------------------------------------- NEGT Energy Trading-Gas Corporation Unaudited Balance Sheet As of November 30, 2004 ASSETS Current Assets Cash $142,759 Accounts Receivable - Trade 23,034,902 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Deposits 55,067,059 Prepayments 9,731,036 Other Current Assets 3,113,514 -------------- Total Current Assets Undetermined Fixed Assets Equipment, Furniture & Fixtures 20,878,191 Less Accumulated Depreciation (20,777,941) -------------- Total Fixed Assets 100,249 Other Assets Accrued taxes Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Other: Accrued Payroll and Benefits 35,672 -------------- Total Postpetition Liabilities 35,922 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Gas Corporation Income Statement For the Period November 1 to November 30, 2004 Total Sales/Income $9,686,593 Cost of Sales (17,146) ------------- Gross Profit 9,703,739 OPERATING EXPENSES: Bank Charges (19) Communications 149 Datafeeds 3,225 Fixed Assets Depreciation 100,211 Indirect Allocations 59,197 Legal Fees 375,000 Realized(Gain)/Loss on Foreign Exchange (3,235) Other 8,220 Payroll and benefits 28,817 Professional Fees 5,254 Taxes Other than Income (2) ------------- Total Operating Expenses 576,820 ------------- Profit/Loss from Operation 9,126,919 Other Income (Expenses): Interest Income 515,321 Other Income(Expenses) 4,274 ------------- Total Other Income (Expenses) 519,595 ------------- Income Before Taxes 9,646,514 Income Taxes Expense (Benefit) Undetermined ------------- NET INCOME Undetermined ============= NEGT Energy Trading-Gas Corporation Cash Reconciliation Report For the Period November 1 to November 30, 2004 Cash balance from prior balance sheet $10,515,217 Pre-tax Net Income for month 9,646,514 Income/Expenses Not Requiring Cash: Depreciation 100,211 (Gain) Loss on the Sale of Fixed Assets (5,068) ------------- Total Expenses Not Requiring Cash 95,143 ------------- Total Cash from Operations 20,256,876 Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate 929,924 Equipment 7,215 Prepaids 305,350 Deposits 1,670,000 Increase (Decrease): Accounts Payable Non-Affiliate (3,172,560) Accounts Payable - Affiliate (9,539,761) Accrued Liabilities (14,283) Current Deferred Liabilities (10,300,000) -------------- Total Other Sources & Uses of Cash (20,114,116) -------------- ENDING CASH BALANCE $142,759 ============== Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Gas' December 2004 Monthly Operating Report ------------------------------------------------------------- NEGT Energy Trading-Gas Corporation Unaudited Balance Sheet As of December 31, 2004 ASSETS Current Assets Cash $121,556 Accounts Receivable - Trade 23,022,361 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Deposits 55,067,059 Prepayments 9,731,036 -------------- Total Current Assets Undetermined Fixed Assets Equipment, Furniture & Fixtures 20,813,802 Less Accumulated Depreciation (20,813,802) -------------- Total Fixed Assets 0 Other Assets Accrued taxes Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Other: Accrued Payroll and Benefits 42,063 -------------- Total Postpetition Liabilities $42,313 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Gas Corporation Income Statement For the Period December 1 to December 31, 2004 Total Sales/Income $1,507,593 Cost of Sales 0 ------------- Gross Profit 1,507,593 OPERATING EXPENSES: Bank Charges (19) Communications 51 Fixed Assets Depreciation 97,029 Indirect Allocations 155,513 Legal Fees 375,000 Realized(Gain)/Loss on Foreign Exchange 1,859 Rent 25,498 Other 700 Payroll and benefits 408,810 Professional Fees 7,329 Software Costs 2,475 Taxes Other than Income (5,960) ------------- Total Operating Expenses 1,063,287 ------------- Profit/Loss from Operation 444,305 Other Income (Expenses): Interest Income 608,906 Other Income(Expenses) (699) ------------- Total Other Income (Expenses) 608,207 ------------- Income Before Taxes 1,052,513 Income Taxes Expense (Benefit) Undetermined ------------- NET INCOME Undetermined ============= NEGT Energy Trading-Gas Corporation Cash Reconciliation Report For the Period December 1 to December 31, 2004 Cash balance from prior balance sheet $142,759 Pre-tax Net Income for month 1,052,513 Income/Expenses Not Requiring Cash: Depreciation 97,029 (Gain) Loss on the Sale of Fixed Assets 1,819 ------------ Total Expenses Not Requiring Cash 98,849 ------------ Total Cash from Operations 1,294,122 Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate 12,540 Accounts Receivable -- Affiliate (1,120) Equipment 1,400 Other Current Assets 3,113,514 Increase (Decrease): Accounts Payable Non-Affiliate (117,055) Accounts Payable - Affiliate (4,354,179) Accrued Liabilities 172,333 ------------ Total Other Sources & Uses of Cash (1,172,566) ------------ ENDING CASH BALANCE $121,556 ============ Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Gas' January 2005 Monthly Operating Report ------------------------------------------------------------ NEGT Energy Trading-Gas Corporation Unaudited Balance Sheet As of January 31, 2005 ASSETS Current Assets Cash $118,174 Accounts Receivable - Trade 11,228,686 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Deposits 45,623,136 Prepayments 6,932,851 -------------- Total Current Assets Undetermined Fixed Assets Equipment, Furniture & Fixtures 20,813,802 Less Accumulated Depreciation (20,813,802) -------------- Total Fixed Assets 0 Other Assets Accrued taxes Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 5,000 Other: Accrued Payroll and Benefits 135,925 -------------- Total Postpetition Liabilities $140,925 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Gas Corporation Income Statement For the Period January 1 to January 31, 2005 Total Sales/Income ($5,212,011) Cost of Sales 0 ------------- Gross Profit (5,212,011) OPERATING EXPENSES: Communications 111 Datafeeds 500 Indirect Allocations (12,178) Legal Fees 375,000 Realized(Gain)/Loss on Foreign Exchange 3,381 Rent 12,477 Other 5,000 Payroll and benefits 134,590 Professional Fees 6,535 Software Costs 2,475 Taxes Other than Income 975 ------------- Total Operating Expenses 528,868 ------------- Profit/Loss from Operation (5,740,879) Other Income (Expenses): Interest Income 651,325 ------------- Total Other Income (Expenses) 651,325 ------------- Income Before Taxes (5,089,554) Income Taxes Expense (Benefit) Undetermined ------------- NET INCOME Undetermined ============= NEGT Energy Trading-Gas Corporation Cash Reconciliation Report For the Period January 1 to January 31, 2005 Cash balance from prior balance sheet $121,556 Pre-tax Net Income for month (5,089,554) Income/Expenses Not Requiring Cash 0 ------------- Total Cash from Operations (4,967,998) Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate 11,793,136 Prepaids 2,798,185 Deposits 9,443,922 Increase (Decrease): Accounts Payable Non-Affiliate (16,647,264) Accounts Payable - Affiliate (2,361,419) Accrued Liabilities (70,387) Additional Pain-In Capital 130,000 ------------- Total Other Sources & Uses of Cash 5,086,172 ------------- ENDING CASH BALANCE $118,174 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Holdings' November 2004 Monthly Operating Report ------------------------------------------------------------------ NEGT Energy Trading Holdings Corporation Balance Sheet As of November 30, 2004 ASSETS Current Assets Cash $326,275,740 Accounts Receivable 455,525 Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Prepaids 609,150 Accrued taxes Undetermined -------------- Total Current Assets Undetermined Fixed Assets 0 Other Assets Undetermined ------------- TOTAL ASSETS Undetermined ============= LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $750 Other: Accrued Quarterly Fees 7,500 Accrued Legal Fees 2,457,593 Accrued Payroll and Benefits 97,452 ------------- Total Postpetition Liabilities 2,563,295 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading Holdings Corporation Income Statement For the Period November 1 to November 30, 2004 Total Sales/Income $0 Cost of Sales 0 -------------- Gross Profit 0 OPERATING EXPENSES: Communications 182 Indirect Allocations (451,773) Legal Fees 375,000 Misc. Tax Payments (20,155) Other 23,298 Other Business Expenses 9,878 Payroll and benefits 98,605 Postage & Delivery 13,523 Software Costs 7,175 US Trustees 2,500 -------------- Total Operating Expenses 58,236 -------------- Profit/Loss from Operation (58,236) Other Income (Expenses): Interest Income 458,336 Interest Expense (616,902) Equity in Subsidiary: Investment in NEGT Power LP (29,866) Investment in NEGT ET Investment (1,466,223) Investment in NEGT ET Gas Corp. 9,646,514 Investment in NEGT International 109,900 -------------- Total Other Income (Expenses) 8,101,758 -------------- Income Before Taxes 8,043,522 Income Taxes Expense (Benefit) Undetermined -------------- NET INCOME Undetermined ============== NEGT Energy Trading Holdings Corporation Cash Reconciliation Report For the Period November 1 to November 30, 2004 Cash balance from prior balance sheet $316,484,629 Pre-tax Net income for month 8,043,522 Expense Not Requiring Cash: Investment in NEGT Power LP 29,866 Investment in NEGT ET Investment 1,466,223 Investment in ET Gas Corp. (9,646,514) Investment in NEGT International (109,900) ------------- Total Expenses Not Requiring Cash (8,260,324) ------------- Total Cash from Operations 316,267,827 Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate (33,688) Accounts Receivable Affiliate 9,980,767 Prepaids 15,341 Increase (Decrease): Accounts Payable - Non-Affiliate 38,434 Accounts Payable - Affiliate (169,162) Accrued Liabilities 176,220 ------------- Total Other Sources & Uses of Cash 10,007,913 ------------- ENDING CASH BALANCE $326,275,740 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Holdings' December 2004 Monthly Operating Report ------------------------------------------------------------------ NEGT Energy Trading Holdings Corporation Balance Sheet As of December 1, 2004 ASSETS Current Assets Cash $357,918,563 Accounts Receivable 564,445 Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Prepaids 605,000 Accrued taxes Undetermined -------------- Total Current Assets Undetermined Fixed Assets 0 Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $750 Other: Accrued Quarterly Fees 8,000 Accrued Legal Fees 2,156,425 Accrued Payroll and Benefits 98,647 -------------- Total Postpetition Liabilities 2,263,822 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading Holdings Corporation Income Statement For the Period December 1 to December 31, 2004 Total Sales/Income $0 Cost of Sales 0 -------------- Gross Profit 0 OPERATING EXPENSES: Communications 63 Datafeeds 3,872 Indirect Allocations (838,770) Legal Fees 375,000 Misc. Tax Payments 477 Other 2,981 Payroll and benefits 513,281 Professional Fees 18,569 Rent 31,165 Software Costs 7,175 US Trustees 500 -------------- Total Operating Expenses 114,316 -------------- Profit/Loss from Operation (114,316) Other Income (Expenses): Interest Income 555,584 Interest Expense (726,607) Equity in Subsidiary: Investment in NEGT Power LP (15,063) Investment in NEGT ET Investment (728,050) Investment in NEGT ET Gas Corp. 1,052,513 Investment in NEGT International 118,405 -------------- Total Other Income (Expenses) 256,782 -------------- Income Before Taxes 142,466 Income Taxes Expense (Benefit) Undetermined -------------- NET INCOME Undetermined ============== NEGT Energy Trading Holdings Corporation Cash Reconciliation Report For the Period December 1 to December 31, 2004 Cash balance from prior balance sheet $326,275,740 Pre-tax Net income for month 142,466 Expense Not Requiring Cash: Investment in NEGT Power LP 15,063 Investment in NEGT ET Investment 728,050 Investment in ET Gas Corp. (1,052,513) Investment in NEGT International (118,405) ------------- Total Expenses Not Requiring Cash (427,805) ------------- Total Cash from Operations Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate (108,920) Accounts Receivable Affiliate 31,716,191 Prepaids 4,150 Increase (Decrease): Accounts Payable - Non-Affiliate (295,872) Accounts Payable - Affiliate 1,792 Accrued Liabilities 610,819 ------------- Total Other Sources & Uses of Cash 31,928,161 ------------- ENDING CASH BALANCE $357,918,563 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Holdings' January 2005 Monthly Operating Report ----------------------------------------------------------------- NEGT Energy Trading Holdings Corporation Balance Sheet As of January 31, 2005 ASSETS Current Assets Cash $427,669,313 Accounts Receivable 729,291 Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Prepaids 605,000 Accrued taxes Undetermined -------------- Total Current Assets Undetermined Fixed Assets 0 Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $750 Other: Accrued Quarterly Fees 3,750 Accrued Legal Fees 2,770,992 Accrued Payroll and Benefits 103,952 -------------- Total Postpetition Liabilities 2,879,444 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading Holdings Corporation Income Statement For the Period January 1, 2005 to January 31, 2005 Total Sales/Income ($148,335) Cost of Sales 0 -------------- Gross Profit ($148,335) OPERATING EXPENSES: Communications 136 Indirect Allocations (465,136) Legal Fees 375,000 Misc. Tax Payments 900 Payroll and benefits 105,479 Professional Fees 7,987 Rent 15,250 Software Costs 3,025 US Trustees 4,021 ------------- Total Operating Expenses 50,027 ------------- Profit/Loss from Operation (198,363) Other Income (Expenses): Interest Income 693,641 Interest Expense (843,978) Equity in Subsidiary: Investment in NEGT Power LP (14,326) Investment in NEGT ET Investment (666,349) Investment in NEGT ET Gas Corp. (5,089,554) Investment in NEGT International 138,722 ------------- Total Other Income (Expenses) (5,781,843) ------------- Income Before Taxes (5,980,207) Income Taxes Expense (Benefit) Undetermined ------------- NET INCOME Undetermined ============= NEGT Energy Trading Holdings Corporation Cash Reconciliation Report For the Period January 1 to January 31, 2005 Cash balance from prior balance sheet 357,918,563 Pre-tax Net income for month (5,980,207) Expense Not Requiring Cash: Investment in NEGT Power LP 14,326 Investment in NEGT ET Investment 666,348 Investment in ET Gas Corp. 5,089,554 Investment in NEGT International (138,722) Reversal of Income Tax Liability 0 Relief of Allowance of Doubtful Accounts 0 ------------- Total Expenses Not Requiring Cash 5,631,506 ------------- Total Cash from Operations 357,569,862 Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate (164,846) Accounts Receivable Affiliate 69,411,845 Increase (Decrease): Accounts Payable - Non-Affiliate 36,074 Accounts Payable - Affiliate 149,560 Accrued Liabilities 518,481 Additional Paid-In Capital 148,336 ------------- Total Other Sources & Uses of Cash 70,099,451 ------------- ENDING CASH BALANCE $427,669,314 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Investments' November 2004 Operating Report ------------------------------------------------------------- NEGT ET Investments Corporation Unaudited Balance Sheet As of November 30, 2004 ASSETS Current Assets Undetermined Fixed Assets $0 ------------- Other Assets Undetermined ------------- TOTAL ASSETS Undetermined ============= LIABILITIES AND EQUITY Postpetition Liabilities Accrued Quarterly Fees $250 ------------- Total Postpetition Liabilities 250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined ------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock, Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined ------------- Total Owner's Equity Undetermined ------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============= NEGT ET Investments Corporation Income Statement For the Period November 1 to November 30, 2004 Total Sales/Income $0 Cost of Sales 0 ------------- Gross Profit 0 Operating Expenses (104) ------------- Profit/Loss from Operation 104 Other Income (Expenses): Interest Expense (2,866) Equity in ET Power (1,463,462) -------------- Total Other Income (Expenses) (1,466,328) -------------- Income Before Taxes (1,466,223) Income Taxes Expense (Benefit) Undetermined -------------- NET INCOME Undetermined ============== NEGT ET Investments Corporation Cash Reconciliation Report For the Period November 1 to November 30, 2004 Cash balance from prior balance sheet $0 Pre-tax Net income for month (1,466,223) Expense Not Requiring Cash: Investment in Subsidiaries 1,463,462 ------------- Total Expenses Not Requiring Cash 1,463,462 ------------- Total Cash from Operations (2,761) Other sources/uses of cash: Decrease (Increase): Accounts Receivable 0 Increase (Decrease): Accounts Payable - Affiliate 2,761 ------------- Total Other Sources & Uses of Cash 2,761 ------------- ENDING CASH BALANCE $0 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Investments' December 2004 Operating Report ------------------------------------------------------------- NEGT ET Investments Corporation Unaudited Balance Sheet As of December 31, 2004 ASSETS Current Assets Undetermined Fixed Assets $0 ------------- Other Assets Undetermined ------------- TOTAL ASSETS Undetermined ============= LIABILITIES AND EQUITY Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined ------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock, Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined ------------- Total Owner's Equity Undetermined ------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============= NEGT ET Investments Corporation Income Statement For the Period December 1 to December 31, 2004 Total Sales/Income $0 Cost of Sales 0 ------------- Gross Profit 0 Operating Expenses 0 ------------- Profit/Loss from Operation 104 Other Income (Expenses): Interest Expense 10,033 Equity in ET Power (738,084) ------------- Total Other Income (Expenses) (728,050) ------------- Income Before Taxes (728,050) Income Taxes Expense (Benefit) Undetermined ------------- NET INCOME Undetermined ============= NEGT ET Investments Corporation Cash Reconciliation Report For the Period December 1 to December 31, 2004 Cash balance from prior balance sheet $0 Pre-tax Net income for month (728,050) Expenses Not Requiring Cash 738,084 ------------- Total Cash from Operations 10,033 Other sources/uses of cash: Decrease (Increase): Accounts Receivable - Affiliate 16,961,787 Increase (Decrease): Accounts Payable - Affiliate (16,971,821) ------------- Total Other Sources & Uses of Cash (10,033) ------------- ENDING CASH BALANCE $0 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Investments' January 2005 Operating Report ------------------------------------------------------------ NEGT ET Investments Corporation Unaudited Balance Sheet As of January 31, 2005 ASSETS Current Assets Undetermined Fixed Assets $0 ------------- Other Assets Undetermined ------------- TOTAL ASSETS Undetermined ============= LIABILITIES AND EQUITY Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined ------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Undetermined ------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============= NEGT ET Investments Corporation Income Statement For the Period January 1 to January 31, 2005 Total Sales/Income $0 Cost of Sales 0 ------------ Gross Profit 0 Operating Expenses 250 ------------ Profit/Loss from Operation (250) Other Income (Expenses): Interest Expense 35,879 Equity in ET Power (701,978) ------------ Total Other Income (Expenses) (666,098) ------------ Income Before Taxes (666,348) Income Taxes Expense (Benefit) Undetermined ------------- NET INCOME Undetermined ============= NEGT ET Investments Corporation Cash Reconciliation Report For the Period January 1 to January 31, 2005 Cash balance from prior balance sheet $0 Pre-tax Net income for month (666,348) Expenses Not Requiring Cash 701,978 ------------- Total Cash from Operations 35,629 Other sources/uses of cash: Increase (Decrease): Accounts Payable - Affiliate (35,629) ------------- Total Other Sources & Uses of Cash (35,629) ------------- ENDING CASH BALANCE $0 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Power's November 2004 Monthly Operating Report ---------------------------------------------------------------- NEGT Energy Trading-Power L.P. Unaudited Balance Sheet As of November 30, 2004 ASSETS Current Assets Cash $27,201,754 Accounts Receivable 140,185,185 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Deposits 42,501,461 Prepaids 699,999 -------------- Total Current Assets Undetermined Fixed Assets Equipment, Furniture & Fixtures 2,211,168 Less Accumulated Depreciation (2,177,289) -------------- Total Fixed Assets 33,879 Other Assets 0 -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accrued Quarterly Fees $250 -------------- Total Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/ Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Power L.P. Income Statement For the Period November 1 to November 30, 2004 Total Sales/Income ($1,086,013) Cost of Sales 183,406 ------------- Gross Profit (1,269,419) OPERATING EXPENSES: Fixed Assets Depreciation 33,877 Indirect Allocations 524,125 Realized(Gain)/Loss on Foreign Exchange (3,315) Unrealized(Gain)/Loss on Foreign Exchange 1,878 Other 25 ------------- Total Operating Expenses 556,591 ------------- Profit/Loss from Operation (1,826,011) Other Income (Expenses): Interest Income 333,809 Other Income (Expenses) (1,126) ------------- Total Other Income (Expenses) 332,682 ------------- Income Before Taxes (1,493,328) Income Taxes Expense (Benefit) Undetermined ------------- Net Income Undetermined ============= NEGT Energy Trading-Power L.P. Cash Reconciliation Report For the Period November 1 to November 30, 2004 Cash balance from prior balance sheet $27,237,033 Pre-tax Net income for month (1,493,328) Expense Not Requiring Cash: Depreciation 33,877 (Gain) Loss on sale of fixed assets 1,226 Unrealized (Gain) loss on foreign exchange 1,878 ------------- Total Expenses Not Requiring Cash 36,982 ------------- Total Cash from Operations 25,780,686 Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate 2,328,464 Accounts Receivable Affiliate (270,821) Equipment 840 Deposits 2,639,308 Increase (Decrease): Accounts Payable Non-Affiliates (2,832,850) Accounts Payable Affiliates (443,872) ------------- Total Other Sources & Uses of Cash 1,421,067 Total Cash from Investing - Sale of Fixed Assets 0 ------------- Ending Cash Balance $27,201,754 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Power's December 2004 Monthly Operating Report ---------------------------------------------------------------- NEGT Energy Trading-Power L.P. Unaudited Balance Sheet As of December 31, 2004 ASSETS Current Assets Cash $27,316,830 Accounts Receivable 132,862,234 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Deposits 42,501,461 Prepaids 699,999 -------------- Total Current Assets Undetermined Fixed Assets Equipment, Furniture & Fixtures 2,204,014 Less Accumulated Depreciation (2,204,014) -------------- Total Fixed Assets 0 Other Assets 0 -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined ------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/ Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined ------------- Total Owner's Equity Undetermined ------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============= NEGT Energy Trading-Power L.P. Income Statement For the Period December 1 to December 31, 2004 Total Sales/Income ($204,501) Cost of Sales 90 ------------- Gross Profit (204,411) OPERATING EXPENSES: Bank Fee Charges 160 Fixed Assets Depreciation 33,534 Indirect Allocations 1,028,842 Realized(Gain)/Loss on Foreign Exchange 1,905 Unrealized(Gain)/Loss on Foreign Exchange (1,079) ------------- Total Operating Expenses 1,063,363 ------------- Profit/Loss from Operation (1,267,774) Other Income (Expenses): Interest Income 514,691 Other Income (Expenses) (64) ------------- Total Other Income (Expenses) 514,627 ------------- Income Before Taxes (753,147) Income Taxes Expense (Benefit) Undetermined ------------- Net Income Undetermined ============= NEGT Energy Trading-Power L.P. Cash Reconciliation Report For the Period December 1 to December 31, 2004 Cash balance from prior balance sheet $27,201,754 Pre-tax Net income for month (753,147) Expense Not Requiring Cash: Depreciation 33,534 (Gain) Loss on sale of fixed assets 64 Unrealized (Gain) loss on foreign exchange 1,079 ------------- Total Expenses Not Requiring Cash 32,519 ------------- Total Cash from Operations 26,481,127 Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate 7,325,137 Accounts Receivable Affiliate (279,849) Equipment 280 Increase (Decrease): Accounts Payable Non-Affiliates (7,115,924) Accounts Payable Affiliates 906,060 ------------- Total Other Sources & Uses of Cash 835,703 Total Cash from Investing - Sale of Fixed Assets 0 ------------- Ending Cash Balance $27,316,830 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: ET Power's January 2005 Monthly Operating Report --------------------------------------------------------------- NEGT Energy Trading-Power L.P. Unaudited Balance Sheet As of January 31, 2005 ASSETS Current Assets Cash $27,360,331 Accounts Receivable 112,280,600 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Other Current Assets Deposits 31,997,780 Prepaids 699,999 -------------- Total Current Assets Undetermined Fixed Assets Equipment, Furniture & Fixtures 2,204,014 Less Accumulated Depreciation (2,204,014) -------------- Total Fixed Assets 0 Other Assets 0 -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/ Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Power L.P. Income Statement For the Period January 1 to January 31, 2005 Total Sales/Income ($529,244) Cost of Sales 0 -------------- Gross Profit (529,244) OPERATING EXPENSES: Bank Fee Charges 54,727 Indirect Allocations 450,251 Realized(Gain)/Loss on Foreign Exchange 3,465 Unrealized(Gain)/Loss on Foreign Exchange (1,963) Other 1,548 -------------- Total Operating Expenses 508,028 -------------- Profit/Loss from Operation (1,037,272) Other Income 320,968 -------------- Income Before Taxes (716,304) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading-Power L.P. Cash Reconciliation Report For the Period January 1 to January 31, 2005 Cash balance from prior balance sheet $27,316,830 Pre-tax Net income for month (716,304) Expense Not Requiring Cash (1,963) ------------- Total Cash from Operations 26,598,562 Other sources/uses of cash: Decrease (Increase): Accounts Receivable Non-Affiliate 19,739,099 Accounts Receivable Affiliate 64,589,086 Deposits 10,503,681 Increase (Decrease): Accounts Payable Non-Affiliates (26,925,301) Accounts Payable Affiliates (67,144,796) ------------- Total Other Sources & Uses of Cash 761,768 Total Cash from Investing - Sale of Fixed Assets 0 ------------- Ending Cash Balance $27,360,331 ============= USGen New England, Inc. Unaudited Cash Flow Statement For the Period February 1 to February 28, 2005 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income ($10,389,929) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 846,522 Amortization of intangible assets - Loss on disposal of fixed assets 7,147,871 Change in assets and liabilities: Accounts receivable 57,901,128 Inventory (189,880) Prepaid, Deposits & Other 8,017,709 Deferred Income Taxes - Accounts Payable (13,458,404) Accrued Liabilities (237,370) Liabilities - Other (2,293,577) Prepetition Assets - Prepetition Liabilities (277,999) Equity - Other - -------------- Net cash (used in) provided by operating activities 47,066,071 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment (7,166,280) Change in Investment in Subsidiary - Support payments received - principle 6,041,799 -------------- Net cash (used in) provided by investing activities (1,124,481) CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Debt - Capital Contributions - -------------- Net cash provided by (used in) financing activities - -------------- NET INCREASE (DECREASE) IN CASH 45,941,590 CASH, BEGINNING OF PERIOD 930,024,736 -------------- CASH, END OF PERIOD $975,966,326 ============== Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: Quantum's October 2004 Monthly Operating Report -------------------------------------------------------------- Quantum Ventures Balance Sheet As of October 31, 2004 ASSETS Current Assets $308,226 Fixed Assets 0 Other Assets (21,223,185) -------------- TOTAL ASSETS ($20,914,959) ============== LIABILITIES AND EQUITY Postpetition Liabilities $0 Prepetition Liabilities Unsecured Debts 1,400 -------------- Total Prepetition Liabilities 1,400 Owner's Equity (Deficit) Capital Stock/Owners' Investments 100 Paid-In Capital Surplus 233,222,604 Retained Earnings Prepetition (254,177,934) Postpetition 38,870 -------------- Total Owner's Equity (20,916,359) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY ($20,914,959) ============== Quantum Ventures Income Statement For the Period October 1 to October 31, 2004 Total Sales/Income $0 Total Cost of Sales 0 Gross Profit 0 OPERATING EXPENSES: Other Operating Expenses 1,000 -------------- Total Operating Expenses 1,000 -------------- Profit/Loss from Operation (1,000) Other Income (Expenses) 0 -------------- Income Before Taxes (1,000) Income Taxes Expense (39,870) -------------- Net Income (Loss) $38,870 ============== Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: Quantum's November 2004 Monthly Operating Report --------------------------------------------------------------- Quantum Ventures Balance Sheet As of November 30, 2004 ASSETS Current Assets Postpetition Accounts Receivables $75,361 Other Current Assets 308,226 -------------- Total Current Assets 383,587 Fixed Assets 0 Other Assets (21,223,185) -------------- TOTAL ASSETS ($20,839,598) ============== LIABILITIES AND EQUITY Postpetition Liabilities $0 Prepetition Liabilities Unsecured Debts 1,400 -------------- Total Prepetition Liabilities 1,400 Owner's Equity (Deficit) Capital Stock/Owners' Investments 100 Paid-In Capital Surplus 233,222,604 Retained Earnings Prepetition (254,177,934) Postpetition 114,231 -------------- Total Owner's Equity (20,840,998) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY ($20,839,598) ============== Quantum Ventures Income Statement For the Period November 1 to November 30, 2004 Total Sales/Income $0 Total Cost of Sales 0 Gross Profit 0 Total Operating Expenses 0 ------------- Profit/Loss from Operation 0 Other Income (Expenses) 75,361 ------------- Income Before Taxes 75,361 Income Taxes Expense 0 ------------- Net Income (Loss) $75,361 ============= Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) PG&E NATIONAL: Quantum's December 2004 Monthly Operating Report --------------------------------------------------------------- Quantum Ventures Balance Sheet As of December 31, 2004 ASSETS Current Assets Postpetition Accounts Receivables $75,361 Other Current Assets 308,226 -------------- Total Current Assets 383,587 Fixed Assets 0 Other Assets (21,223,185) -------------- TOTAL ASSETS ($20,839,598) ============== LIABILITIES AND EQUITY Postpetition Liabilities $0 Prepetition Liabilities Unsecured Debts 1,400 -------------- Total Prepetition Liabilities 1,400 Owner's Equity (Deficit) Capital Stock/Owners' Investments 100 Paid-In Capital Surplus 233,222,604 Retained Earnings Prepetition (254,177,934) Postpetition 114,231 -------------- Total Owner's Equity (20,840,998) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY ($20,839,598) ============== Quantum Ventures reported no earnings for December 2004. Headquartered in Bethesda, Maryland, PG&E National Energy Group, Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas Transmission, Inc.) develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services. The Company and its debtor-affiliates filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30459). Matthew A. Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P., represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $7,613,000,000 in assets and $9,062,000,000 in debts. NEGT received bankruptcy court approval of its reorganization plan in May 2004, and that plan took effect on Oct. 29, 2004. (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) ROBOTIC VISION: Posts $14.6 Million Net Loss in March 2005 ---------------------------------------------------------- On May 23, 2005, Robotic Vision Systems, Inc., n/k/a Acuity Cimatrix, Inc., delivered a copy of its March 2005 monthly operating report to the U.S. Securities and Exchange Commission. Robotic Vision reported a $14,605,000 net loss on $2,579,000 of gross revenues for the month ending March 31, 2005. At March 31, 2005, Robotic Vision's balance sheet showed: Total Current Assets $7,133,000 Total Assets 30,174,000 Total Liabilities Subject to Compromise 53,820,000 Total Liabilities 55,264,000 Shareholders' Equity Deficit ($25,090,000) A full-text copy of Robotic Vision Systems, Inc.'s March 2005 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/225868/000119312505113226/dex991.htm Headquartered in Nashua, New Hampshire, Robotic Vision Systems, Inc., n/k/a Acuity Cimatrix, Inc. -- http://www.rvsi.com/-- designs, manufactures and markets machine vision, automatic identification and related products for the semiconductor capital equipment, electronics, automotive, aerospace, pharmaceutical and other industries. The Company, together with its debtor- affiliate, filed for chapter 11 protection on Nov. 19, 2004 (Bankr. D. N.H. Case No. 04-14151). Bruce A. Harwood, Esq., at Sheehan, Phinney, Bass + Green represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $43,046,000 in total assets and $51,338,000 in total debts. SPIEGEL INC: Posts $3.2 Million Net Income for Period Ended Apr. 2 ------------------------------------------------------------------ Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Balance Sheet As of April 2, 2005 ASSETS Current assets: Cash and cash equivalents $316,805,000 Receivables, net 35,273,000 Inventories 131,604,000 Prepaid expenses 27,712,000 Assets of discontinued operations 70,849,000 -------------- Total current assets 582,243,000 -------------- Property and equipment, net 112,988,000 Intangible assets, net 135,608,000 Other assets 16,621,000 -------------- Total assets $847,460,000 ============== LIABILITIES AND STOCKHOLDERS' DEFICIT Liabilities not subject to compromise: Current liabilities: Accounts payable and accrued liabilities $161,298,000 Current portion of long-term debt 48,000,000 Liabilities of discontinued operations 94,065,000 -------------- Total current liabilities 303,363,000 -------------- Deferred lease obligation 15,104,000 Liabilities subject to compromise 1,384,685,000 -------------- Total liabilities 1,703,152,000 -------------- Stockholders' deficit: Class A non-voting common stock, $1.00 par value; authorized 16,000,000 shares; 14,945,144 shares issued and outstanding 14,945,000 Class B voting common stock, $1.00 par value; authorized 121,500,000 shares; 117,009,869 shares issued & outstanding 117,010,000 Additional paid-in capital 329,489,000 Accumulated other comprehensive loss (27,799,000) Accumulated deficit (1,289,337,000) -------------- Total stockholders' deficit (855,692,000) -------------- Total liabilities & stockholders' deficit $847,460,000 ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Operations Four Weeks Ended April 2, 2005 Net sales and other revenues: Net sales $68,924,000 Other revenue 7,312,000 -------------- 76,236,000 Cost of sales and operating expenses: Cost of sales, including buying and occupancy expenses 37,305,000 Selling, general & administrative expenses 29,934,000 -------------- 67,239,000 Estimated loss of non-debtors (271,000) Operating Income 8,726,000 Interest expense 681,000 -------------- Income from operations before reorganization items 8,045,000 -------------- Reorganization items, net 614,000 Income Tax 215,000 -------------- Income from operations 7,216,000 -------------- Discontinued operations: Loss from discontinued operations (3,982,000) -------------- Net Income $3,234,000 ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Cash Flows Four Weeks Ended April 2, 2005 Cash flows from operating activities: Net Income $3,234,000 Adjustments to reconcile net loss to net cash used in operating activities: Reorganization items, net 614,000 Depreciation and amortization 2,733,000 Change in assets and liabilities: (Increase) decrease in receivables, net (2,003,000) (Increase) decrease in investments/advances 3,852,000 (Increase) decrease in inventories 12,838,000 (Increase) decrease in prepaid expenses 4,438,000 Increase (decrease) in accounts payable and other accrued liabilities (24,087,000) Increase (decrease) in net liabilities of discontinued operations (2,216,000) (Increase) decrease in income taxes (1,025,000) -------------- Net cash used for operating activities (1,622,000) -------------- Net cash used for reorganization items (151,000) Cash flows from investing activities: Net (additions) reductions to property and equipment (2,135,000) Net (additions) reductions to other assets 180,000 -------------- Net cash used in investing activities (1,955,000) -------------- Net cash provided by financing activities - -------------- Effect of exchange rate changes on cash 163,000 -------------- Net change in cash and cash equivalents (3,565,000) Cash & cash equivalents, beginning of period 320,370,000 -------------- Cash & cash equivalents, end of period $316,805,000 ============== Headquartered in Downers Grove, Illinois, Spiegel, Inc. -- http://www.spiegel.com/-- is a leading international general merchandise and specialty retailer that offers apparel, home furnishings and other merchandise through catalogs, e-commerce sites and approximately 560 retail stores. The Company filed for Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No. 03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq., at Shearman & Sterling, represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $1,737,474,862 in assets and $1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service, Inc., 215/945-7000) UNIVERSAL ACCESS: Files April 2005 Monthly Operating Report ----------------------------------------------------------- Universal Access Global Holdings, Inc., and its debtor-affiliates delivered its April 2005 monthly operating report with the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division. The Debtors' summary of cash receipts and disbursements shows: Beginning Cash Balance $6,210,776 Total Receipts 5,735,968 Total Disbursements 3,891,603 Ending Cash Balance $8,055,143 A full-text copy of Universal Access Global Holdings, Inc., and its debtor-affiliates' April 2005 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1070699/000110465905024489/a05-9634_1ex99d1.htm Headquartered in Chicago, Illinois, Universal Access Global Holdings, Inc. -- http://www.universalaccess.com/-- provides network infrastructure services and facilitates the buying and selling of capacity on communications networks. The company, and its debtor-affiliates, filed for a chapter 11 protection on August 4, 2004 (Bankr. N.D. Ill. Case No. 04-28747). John Collen, Esq., and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent the Company. David W. Wirt, Esq., and David Neier, Esq., at Winston & Strawn, represent an Official Committee of Unsecured Creditors. When the Debtor filed for protection from its creditors, it listed $22,047,000 in total assets and $24,054,000 in total debts. USG CORP: Earns $22.9 Million of Net Income in April 2005 --------------------------------------------------------- USG Corporation, et al. Consolidated Balance Sheet 30-April-2005 __________________________ _____________ Assets: Cash and cash equivalents $472,904,000 Marketable Securities 175,607,000 Restricted Cash 67,162,000 Receivables 438,798,000 Inventories 283,071,000 Income taxes receivable 22,966,000 Deferred income taxes 16,122,000 Other current assets 56,860,000 ------------- Total current assets 1,533,490,000 Property, plant and equipment, net 1,609,403,000 Marketable Securities 263,583,000 Deferred income taxes 132,550,000 Goodwill 42,576,000 Other assets 366,523,000 ------------- Total Assets $3,948,125,000 ============= Liabilities and Stockholders' Equity: Accounts payable $231,948,000 Accrued expenses 168,507,000 Taxes on income 70,286,000 ------------- Total current liabilities 470,741,000 Other liabilities 393,888,000 Liabilities subject to compromise 2,241,351,000 Stockholders' Equity: Common stock 4,998,000 Treasury stock (254,632,000) Capital received in excess of par value 103,022,000 Accumulated other comprehensive income/(loss) 20,499,000 Retained earnings 968,258,000 ------------- Total stockholders' equity 842,145,000 ------------- Total Liabilities and Stockholders' Equity $3,948,125,000 ============= USG Corporation, et al. Month Ending Consolidated Income Statement 30-April-2005 _____________________________ _____________ Net sales $370,688,000 Cost of products sold 304,160,000 Selling and administrative expenses 24,037,000 Chapter 11 reorganization expenses (1,860,000) Provision for restructuring expenses - Interest expense 367,000 Interest income (149,000) Other (income)/expense, net 198,000 ------------- Earnings/(loss) before income taxes 43,935,000 Income taxes (benefit) 21,037,000 ------------- Net Earnings/(loss) $22,898,000 ============= Headquartered in Chicago, Illinois, USG Corporation -- http://www.usg.com/-- through its subsidiaries, is a leading manufacturer and distributor of building materials producing a wide range of products for use in new residential, new nonresidential and repair and remodel construction, as well as products used in certain industrial processes. The Company filed for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No. 01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at Jones Day represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG Bankruptcy News, Issue No. 88; Bankruptcy Creditors' Service, Inc., 215/945-7000) USGEN NEW ENGLAND: Earns $74 Million of Net Income in March 2005 ---------------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of March 31, 2005 ASSETS Cash and Cash Equivalents $966,212,199 Accounts Receivable 35,675,421 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 1,739,299 Prepaid Expenses 7,568,010 ------------- Total Current Assets Undetermined Property, Plant and Equipment - net 373,225,527 Construction Work in Progress 2,420,478 Intangible Asset $166,530 Support Payment Receivable - Non-current - ------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined ------------- Total Prepetition Assets Undetermined ------------- TOTAL ASSETS Undetermined ============= LIABILITIES AND EQUITY Accounts Payable $9,834,115 Accrued Liabilities 42,961,439 ------------- Total Current Liabilities 52,795,555 Deferred Income Taxes (1,098,758) Other Liabilities (80,484) ------------- Total Postpetition Liabilities 51,666,313 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Debt - Current (in Default) 77,790,887 Out of Market Liabilities - Current - Out of Market Liabilities - Non-current - ------------- Total Prepetition Liabilities Undetermined ------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income - Retained Earnings (788,422,118) ------------- Total Shareholder's Equity $559,314,811 ------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============= USGen New England, Inc. Unaudited Income Statement For the Period March 1 to March 31, 2005 REVENUE: Contract Revenue ($211,330) Market Energy 11,613,985 Ancillary Products 503,565 Market Capacity - Other Revenue (482,573) ------------- Total Revenue 11,423,647 FUEL COSTS: Contract Expense 6,048,008 Fuel Expense 1,449,531 Fuel Hedges - ------------- Total Fuel Costs 7,497,539 ------------- Gross Profit 3,926,108 OPERATING EXPENSES: Direct Labor 769,394 Direct Materials 185,307 Direct Subcontractor Services 443,656 Other Operating (437,122) Incentive Plan, Union and non-union 91,976 Ash Disposal, net (114,971) ------------- Total Station Operating Expenses 938,240 Corporate Expense: Corporate Labor 659,418 Incentive Plan 967,625 Travel and Entertainment 16,351 Insurance 1,299,553 Professional Services 1,097,926 Other General Administrative (2,152,297) ------------- Total Corporate Expenses 1,888,575 General Expenses: Property Taxes 1,310,228 Interconnect Cost 51,647 Depreciation 845,806 ------------- Total General Expenses 2,207,681 ------------- Total Operating Expenses 5,034,496 ------------- Total Operating Income (1,108,388) Other Income (Expenses): Lease Expense 2,173 Interest Income - NEES Receivable 1,452,698 Income - Other 2,013,619 Gain 71,927,422 Bank and LC Fees (1,584) ------------- Total Other Income (Expenses) 75,394,328 ------------- Income Before Tax $74,285,940 ============= USGen New England, Inc. Unaudited Cash Flow Statement For the Period March 1 to March 31, 2005 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $74,285,940 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 845,806 Amortization of intangible assets - Loss on disposal of fixed assets 488,905 Change in assets and liabilities: Accounts receivable (1,082,040) Inventory (25,216) Prepaid, Deposits & Other 2,128,153 Deferred Income Taxes - Accounts Payable (1,289,451) Accrued Liabilities (9,369,308) Liabilities - Other (2,243,330) Prepetition Assets 456,822 Prepetition Liabilities (72,472,462) Equity - Other - ------------- Net cash (used in) provided by operating activities (8,276,181) CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment (579,344) Change in Investment in Subsidiary - Support payments received - principle 6,080,804 ------------- Net cash (used in) provided by investing activities 5,501,460 CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of Debt (6,979,406) Capital Contributions - ------------- Net cash provided by (used in) financing activities (6,979,406) ------------- NET INCREASE (DECREASE) IN CASH 4,204,685 CASH, BEGINNING OF PERIOD 975,966,326 ------------- CASH, END OF PERIOD $980,171,011 ============= Headquartered in Bethesda, Maryland, USGen New England, Inc., an affiliate of PG&E Generating Energy Group, LLC, owns and operates several electric generating facilities in New England and purchases and sells electricity and other energy-related products at wholesale. The Debtor filed for Chapter 11 protection on July 8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq., Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A. Damast, Esq., at Blank Rome, LLP, represent the Debtor in its restructuring efforts. When it sought chapter 11 protection, the Debtor reported assets amounting to $2,337,446,332 and debts amounting to $1,249,960,731. The Debtor filed its Second Amended Plan of Liquidation and Disclosure Statement on March 24, 2005 (PG&E National Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service, Inc., 215/945-7000) WINN-DIXIE: Monthly Operating Report for 4-Week Period Ended May 4 ------------------------------------------------------------------ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At May 4, 2005 (In thousands) ASSETS Current assets: Cash and cash equivalents $53,676 Marketable securities 19,563 Trade and other receivables, net 191,298 Insurance claims receivable 5,911 Income tax receivable 34,011 Merchandise inventories, less LIFO reserve 824,737 Prepaid expenses and other current assets 112,227 ------------ Total current assets 1,241,423 Property, plant and equipment, net 805,139 Other assets, net 117,969 ------------ TOTAL ASSETS $2,164,531 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $268 Current obligations under capital leases 2,831 Accounts payable 111,015 Reserve for workers' compensation insurance claims and self-insurance 81,550 Accrued wages and salaries 87,979 Accrued rent 6,026 Accrued expenses 104,634 ------------ Total current liabilities 394,303 Reserve for workers' compensation insurance claims and self-insurance 133,419 Long-term debt 372 Long-term borrowings under DIP Credit Facility 196,785 Obligations under capital leases 7,729 Other liabilities 18,862 ------------ Total liabilities not subject to compromise 751,470 Liabilities subject to compromise 1,114,627 ------------ Total liabilities 1,866,097 Shareholders' equity: Common stock 141,929 Additional paid-in-capital 31,827 Retained earnings 144,257 Accumulated other comprehensive loss (19,579) ----------- Total shareholders' equity 298,434 ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,164,531 =========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four weeks ended May 4, 2005 (In thousands) Net sales $742,683 Cost of sales 562,277 ----------- Gross profit on sales 180,406 Other operating and administrative expenses 211,465 Restructuring charges 5,791 ----------- Operating loss (36,850) Interest expense, net 1,147 ----------- Loss before reorganization items and income taxes (37,997) Reorganization items, net 6,219 ----------- Loss from continuing operations before income tax (44,216) Income tax expense - ----------- Net loss from continuing operations (44,216) Discontinued operations: Loss from discontinued operations (1,105) Loss on disposal of discontinued operations (126) Income tax expense - ----------- Net loss from discontinued operations (1,231) ----------- Net loss ($45,447) =========== Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four weeks ended May 4, 2005 (In thousands) Cash flows from operating activities: Net loss ($45,447) Adjustments to reconcile net loss to net cash used in operating activities: Gain on sale of facilities (178) Reorganization items, net 6,219 Depreciation and amortization 11,404 Stock compensation plans 471 Change in operating assets and liabilities: Trade and other receivables (1,856) Merchandise inventories (33,313) Prepaid expenses and other current assets (3,874) Accounts payable (26,041) Reserve for insurance claims and self-insurance 2,637 Lease liability on closed facilities 4,052 Income taxes receivable 20 Defined benefit plan (410) Other accrued expenses 4,988 Net cash used in operating activities before reorganization items (81,328) Cash effect of reorganization items (658) ----------- Net cash used in operating activities (81,986) Cash flows from investing activities: Purchases of property, plant and equipment (1,353) Increase in investments and other assets (3,186) Proceeds from sale of assets 15,549 Marketable securities, net (57) ----------- Net cash provided by investing activities 10,953 Cash flows from financing activities: Gross borrowings on DIP Credit Facility 234,057 Gross repayments on DIP Credit Facility (143,549) Principal payments on long-term debt (33) Principal payments on capital lease obligations (157) Other 167 ----------- Net cash provided by financing activities 90,485 ------------ Increase in cash and cash equivalents 19,452 Cash and cash equivalents at beginning of period 34,224 ------------ Cash and cash equivalents at end of period $53,676 ============ 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). The Honorable Judge Robert D. Drain ordered the transfer of Winn-Dixie's chapter 11 cases from Manhattan to Jacksonville. On April 14, 2005, Winn-Dixie and its debtor- affiliates filed for chapter 11 protection in M.D. Florida (Case No. 05-03817 to 05-03840). 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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L. Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P. Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M. Pinili and Peter A. Chapman, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $675 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***