/raid1/www/Hosts/bankrupt/TCR_Public/050716.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, July 16, 2005, Vol. 9, No. 167
Headlines
ACCEPTANCE INSURANCE: Posts $55,290 Net Loss in June 2005
ATA AIRLINES: Posts $15.1 Million Net Loss in May 2005
CATHOLIC CHURCH: Portland's May 2005 Monthly Operating Report
INTERSTATE BAKERIES: Posts $2.8 Million Net Loss in May 2005
KEYSTONE CONSOLIDATED: Posts $4.7 Million Net Loss in June 2005
KUSHNER-LOCKE: Releases February 2005 Monthly Operating Reports
KUSHNER-LOCKE: Releases March 2005 Monthly Operating Reports
KUSHNER-LOCKE: Releases April 2005 Monthly Operating Reports
MERIDIAN AUTOMOTIVE: Angola Files Schedules of Assets & Debts
MERIDIAN AUTOMOTIVE: Composites Files Schedules of Assets & Debts
MERIDIAN AUTOMOTIVE: Construction's Schedule of Assets & Debts
MERIDIAN AUTOMOTIVE: Detroit Files Schedules of Assets & Debts
MERIDIAN AUTOMOTIVE: Grand Rapids' Schedules of Assets & Debts
MERIDIAN AUTOMOTIVE: Heavy Truck Files Schedules of Assets & Debts
MERIDIAN AUTOMOTIVE: Meridian Inc.'s Schedule of Assets & Debts
MERIDIAN AUTOMOTIVE: Mexico Files Schedules of Assets & Debts
MERIDIAN AUTOMOTIVE: Shreveport Files Schedules of Assets & Debts
UAL CORP: Posts $93 Million Net Loss in May 2005
*********
ACCEPTANCE INSURANCE: Posts $55,290 Net Loss in June 2005
---------------------------------------------------------
On July 11, 2005, Acceptance Insurance Companies Inc., filed its
monthly operating report for June 2005 with the U.S. Bankruptcy
Court for the District of Nebraska.
The Debtor reports a $55,290 net loss on $6,257 in revenue for
June 2005.
At June 30, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,756,825
Total Assets 32,209,825
Total Liabilities 138,225,266
Total Shareholders' Equity Deficit ($106,015,441)
A full-text copy of Acceptance Insurance Companies Inc.'s June
2005 Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?6f
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
ATA AIRLINES: Posts $15.1 Million Net Loss in May 2005
------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of May 31, 2005
ASSETS
Current assets:
Cash and cash equivalents $81,653,000
Receivables,
net of allowance for doubtful accounts 126,907,000
Inventories, net 34,131,000
Assets held for sale 3,250,000
Prepaid expenses and other current assets 32,477,000
--------------
TOTAL CURRENT ASSETS 278,418,000
Property and equipment:
Flight equipment 173,776,000
Facilities and ground equipment 141,900,000
Accumulated depreciation (168,791,000)
--------------
TOTAL PROPERTY AND EQUIPMENT 146,885,000
Restricted cash 31,141,000
Goodwill 6,987,000
Prepaid aircraft rent 187,000
Investment in BATA 6,130,000
Deposits and other assets 25,641,000
--------------
TOTAL ASSETS $495,389,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Short-term debt 41,000,000
Accounts payable 4,954,000
Air traffic liabilities 86,098,000
Accrued expenses 125,889,000
--------------
Total current liabilities 257,941,000
Deferred items 33,354,000
Liabilities subject to compromise 1,485,091,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' deficit:
Preferred stock; authorized 9,999,200 shares -
Common stock, without par value; 66,013,000
Treasury stock (24,778,000)
Additional paid-in capital 18,166,000
Accumulated deficit (1,370,398,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,310,997,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $495,389,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended May 31, 2005
Operating revenues:
Scheduled service $47,030,000
Charter 33,313,000
Ground package 720,000
Other 2,720,000
--------------
Total operating revenues 83,783,000
Operating expenses:
Salaries, wages and benefits 24,222,000
Fuel and oil 25,652,000
Aircraft rentals 11,961,000
Handling, landing and navigation fees 8,408,000
Aircraft maintenance, materials and repairs 2,161,000
Crew and other employee travel 4,722,000
Depreciation and amortization 2,288,000
Passenger service 2,913,000
Other selling expenses 2,054,000
Commissions 1,971,000
Facilities and other rentals 1,727,000
Insurance 843,000
Ground package cost 583,000
Advertising 1,370,000
Aircraft impairments and retirements 0
Other 4,653,000
--------------
TOTAL OPERATING EXPENSES 95,528,000
Operating loss (11,745,000)
Other income (expense):
Interest income 191,000
Interest expense (504,000)
Reorganization expenses (2,971,000)
Other (92,000)
--------------
TOTAL OTHER EXPENSE (3,376,000)
Loss before income taxes (15,121,000)
Income taxes -
--------------
Net loss ($15,121,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended May 31, 2005
Cash Flows from Operating Activities:
Net loss before reorganization expenses ($12,150,000)
Adjustments to reconcile net loss:
Depreciation and amortization 2,288,000
Other non-cash items (331,000)
Changes in operating assets and liabilities:
Receivables (13,688,000)
Inventories 2,161,000
Prepaid expenses 7,521,000
Accounts payable (1,532,000)
Air traffic liabilities 10,694,000
Liabilities subject to compromise (2,313,000)
Accrued expenses 2,168,000
--------------
NET CASH (USED IN) OPERATING ACTIVITIES (5,182,000)
Cash Flows from Reorganization Activities:
Reorganization items, net (2,971,000)
Prepaid expenses 196,000
Liabilities subject to compromise 2,103,000
Accrued expenses 146,000
Other non-cash items (438,000)
--------------
NET CASH (USED IN) REORGANIZATION ACTIVITIES (964,000)
Cash Flows from Investing Activities:
Capital expenditures (660,000)
Noncurrent prepaid aircraft rent 17,000
(Additions) reductions to other assets (348,000)
Proceeds from sales of property and equipment 688,000
--------------
NET CASH (USED IN) INVESTING ACTIVITIES (303,000)
Cash Flows from Financing Activities:
Increase in restricted cash (590,000)
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES (590,000)
--------------
Decrease in cash and cash equivalents (7,039,000)
Cash and cash equivalents, beginning of period 88,692,000
--------------
Cash and cash equivalents, end of period $81,653,000
==============
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland's May 2005 Monthly Operating Report
-------------------------------------------------------------
The Archdiocese of Portland in Oregon did not attach a Statement
of Cash Receipts and Disbursements in its May 2005 monthly
operating report filed with the U.S. Bankruptcy Court for the
Eastern District of Oregon.
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of May 31, 2005
ASSETS
Cash and cash equivalents $15,295,099
Accounts receivable, net 943,799
Notes, estates and other receivables 11,488,187
Loans receivable from Archdiocesan entities, net 10,758,968
Loans receivable from Archdiocesan housing entities 519,684
Interest receivable and other assets 195,367
Inventories 1,481,220
Real Property 226,689
Deposits and prepaid expenses 410,477
Investments 89,636,688
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,236,258
--------------
Total Assets $140,832,436
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 2,241,222
Funds held for others
Second Collections 9,025
Short-term investments payable 18,544,168
Long-term pool investments payable 19,778,530
Reserve for insurance claims 2,343,946
Notes payable 11,168,815
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 62,926,423
--------------
Postpetition
Accounts payable 419,121
Accrued liabilities 4,572,513
Funds held for others
Second Collections 344,888
Short-term investments payable 1,734,229
Long-term pool investments 2,199,691
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 18,465
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 9,288,907
--------------
Total Liabilities 72,215,330
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,695,347
Other Assets (3,263,122)
--------------
Total Prepetition Net Assets 66,432,225
--------------
Postpetition Net Assets:
Charitable Trust Assets 443,786
Other Assets 1,741,095
--------------
Total Postpetition Net Assets 2,184,881
--------------
Total Net Assets 68,617,106
--------------
Total liabilities & net assets $140,832,436
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending May 31, 2005
Revenues, gains and other support
Annual Catholic Appeal income $7,793
Gross profit on cemetery sales 78,829
Contributions, gifts, annuities and bequests 95,781
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 451,789
Change in unrealized losses 1,571,926
Insurance premiums, net 1,068
Interest income from loans 38,794
Parish assessments 241,023
Other income 48,487
Departmental revenues 14,009
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 2,549,499
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 212,721
Clergy Services 43,886
Catholic Schools 32,814
Pastoral Services 50,668
Evangelization Services 52,748
Public Services 8,975
Tribunal Services 19,980
Deposit and loan interest 170,263
Insurance program 162,007
Cemetery operating expenses 72,815
High School grants/charitable annuities 6,576
Other program expenses 138,297
--------------
Total program services 971,750
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 54,569
Finance & Administration:
Resource Development 52,693
Business Affairs 11,333
Financial Services 63,938
Human Resources 25,082
Shared Services 23,449
Occupancy and physical plant expenses 9,858
Designated funds expense 36,414
Bankruptcy expense 258,251
Depreciation expense -
--------------
Total supporting services 535,587
--------------
Total expenses and program support 1,507,337
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 1,042,162
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 1,042,162
Net assets at beginning of year 67,574,944
--------------
Net assets at end of year $68,617,106
==============
A full-text copy of the Archdiocese's monthly operating report is
available for free at:
http://bankrupt.com/misc/portland_may2005_mor.pdf
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 33; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
INTERSTATE BAKERIES: Posts $2.8 Million Net Loss in May 2005
------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended May 28, 2005
REVENUE
Gross Income $272,061,935
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 64,751,775
Direct & Indirect Labor 47,971,914
Overhead & Production Administration 15,599,949
------------
Total Cost of Goods Sold 128,323,639
------------
Gross Profit $143,738,296
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $64,613,881
Advertising and Marketing 1,616,178
Insurance (Property, Casualty, & Medical) 12,811,097
Payroll Taxes 4,489,288
Lease and Rent 4,204,108
Telephone and Utilities 1,251,813
Corporate Expense (Including Salaries) 8,049,535
Other Expenses 33,653,131
------------
Total Operating Expenses $130,689,030
------------
EBITDA $13,049,266
Restructuring & Reorganization Charges 3,939,269
Depreciation and Amortization 8,882,589
Other Income (45,800)
Gain/Loss Sale of Property (375,075)
Interest Expense 3,339,304
------------
Operating Income (Loss) (2,691,021)
Income Tax Expense (Benefit) 67,774
------------
Net Income (Loss) ($2,758,795)
============
CURRENT ASSETS
Accounts Receivable at end of period $178,464,594
Increase (Decrease) in Accounts Receivable (1,501,550)
Inventory at end of period 70,196,754
Increase (Decrease) in Inventory for period (2,223,336)
Cash at end of period 135,587,636
Increase (Decrease) in Cash for period 13,994,212
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 5,870,449
Increase (Decrease) in Liabilities
Subject to Compromise 254,178
Taxes payable:
Federal Payroll Taxes 11,980,075
State/Local Payroll Taxes 2,767,520
State Sales Taxes 948,282
Real Estate and Personal Property Taxes 15,143,958
Other 4,947,626
------------
Total Taxes Payable $35,787,461
============
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. 23; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
KEYSTONE CONSOLIDATED: Posts $4.7 Million Net Loss in June 2005
---------------------------------------------------------------
On July 11, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating report for the
month of June 2005 with the U.S. Bankruptcy Court for the Eastern
District of Wisconsin.
Keystone Consolidated reported a $4,718,194 net loss on
$23,066,530 of net sales in June 2005.
At June 30, 2005, Keystone Consolidated's balance sheet shows:
Current Assets $67,131,491
Total Assets 301,901,340
Current Liabilities 156,137,766
Total Liabilities 337,919,706
Stockholders' Deficit $(38,130,366)
A full-text copy of Keystone Consolidated Industries' June 2005
Monthly Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?71
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 Feb. 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.
KUSHNER-LOCKE: Releases February 2005 Monthly Operating Reports
---------------------------------------------------------------
The Kushner-Locke Company and its debtor-affiliates filed their
unaudited February 2005 Monthly Operating Reports with the U.S.
Bankruptcy Court for the Central District of California.
For the month ending Feb. 28, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 44,421
Total Non-Operating Expenses 3,569
Net Income (Loss) ($47,990)
For the period from Feb. 1, 2005 through Feb. 28, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,528,822 $66,794
Total Receipts 2,152 45,000
Total Disbursements 45,000 47,990
Ending Balance $1,485,974 $63,804
Full-text copies of The Kushner-Locke Company's February 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?66
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?67
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
KUSHNER-LOCKE: Releases March 2005 Monthly Operating Reports
------------------------------------------------------------
On July 5, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited March 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California.
For the month ending Mar. 31, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 97,176
Total Non-Operating Expenses 4,577
Net Income (Loss) ($101,753)
For the period from Mar. 1, 2005 through Mar. 31, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,485,974 $63,804
Total Receipts 562,780 115,000
Total Disbursements 115,000 101,753
Ending Balance $1,933,754 $77,051
Full-text copies of The Kushner-Locke Company's March 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?69
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?68
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
KUSHNER-LOCKE: Releases April 2005 Monthly Operating Reports
------------------------------------------------------------
On July 5, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited April 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California.
For the month ending Apr. 31, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 71,339
Total Non-Operating Expenses 142,648
Net Income (Loss) ($213,987)
For the period from Apr. 1, 2005 through Apr. 30, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,933,754 $77,051
Total Receipts 76,923 305,000
Total Disbursements 305,000 213,987
Ending Balance $1,705,677 $168,064
Full-text copies of The Kushner-Locke Company's April 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?6b
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?6a
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
MERIDIAN AUTOMOTIVE: Angola Files Schedules of Assets & Debts
-------------------------------------------------------------
A. Real Property
Land & improvements $46,694
Building improvements 1,290,842
B. Personal Property
B.3 Security 32,242
B.15 Accounts receivable
Accounts receivable 6,003,870
Trade payable credits 935
Intercompany receivable 70,268,542
B.17 Other liquidated debts owed
Employee receivables 2,362
B.26 Office equipment and supplies 6,940
B.27 Machinery, furniture and fixtures 4,541,557
B.28 Inventory
Raw material 503,828
Purchased parts 315,052
Stores inventory 1,507,963
Work in process inventory 1,154,105
Finished goods 694,797
Inventory shrink reserve 30,537
Inventory slow moving (71,549)
Inventory slow moving - stores (147,757)
LCM reserve (23,796)
B.33 Other personal property
Prepaid expenses 24,608
Tooling costs in excess of billings 659,456
Construction in progress 1,026,271
TOTAL SCHEDULED ASSETS $926,575,963
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
ALCOA $747,774
Ford Motor Company 634,085
Meridian Automotive Systems- 1,226,386
Composites Operations, Inc.
Meridian Automotive Systems- 3,659,418
Grand Rapids Operations, Inc.
Meridian Automotive Systems, Inc. 61, 913,199
Others 2,399,593
TOTAL SCHEDULED LIABILITIES $70,580,455
============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Composites Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property
Land & improvements $2,614,978
Building improvements 30,715,194
B. Personal Property
B.1 Cash on Hand 1,000
B.2 Bank Accounts -
B.3 Security 72,970
B.4 Household goods -
B.5 Books, art work & collectibles -
B.6 Wearing apparel -
B.7 Furs and jewelry -
B.8 Firearms and sporting goods -
B.9 Interests in insurance policies -
B.10 Annuities -
B.11 Interests in retirement plans -
B.12 Stock interests -
B.13 Interests in Partnerships -
B.14 Bonds -
B.15 Accounts receivable
Accounts receivable 25,439,112
Trade payable credits 137,832
Intercompany receivable 1,192,923,763
B.16 Alimony -
B.17 Other liquidated debts owed -
B.18 Equitable and future interests -
B.19 Contingent interests -
B.20 Other contingent & unliquidated claims -
B.21 Patents, copyrights & trademarks undetermined
B.22 Other intangibles -
B.23 Automobiles 6,476
B.24 Boats -
B.25 Aircraft -
B.26 Office equipment and supplies 28,837
B.27 Machinery, furniture and fixtures
Machines & equipment 41,132,360
Furniture & fixtures 7,235
Computer equipment 139,080
Computer software 63,432
B.28 Inventory
Raw material 6,216,218
Purchased parts 6,040,017
Stores inventory 7,810,978
Work in process inventory 3,414,835
Finished goods 2,964,271
Inventory in transit 1,082,289
Inventory shrink reserve (1,466,466)
Inventory shrink reserve - stores (88,654)
Inventory reserve - standard (57,892)
Intercompany profit elim reserve (243,599)
Inventory slow moving (1,760,504)
Inventory slow moving - stores (1,979,662)
LCM reserve (160,752)
LIFO reserve (58,394)
B.29 Animals -
B.30 Crops -
B.31 Farming equipment -
B.32 Farm supplies -
B.33 Other personal property
Prepaid expenses 87,966
Tooling costs in excess of billings 6,058,104
Construction in progress 776,769
TOTAL SCHEDULED ASSETS $1,288,587,620
================
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
Ashland, Chemical Co. $2,493,761
Century Tool & Gage Company 1,466,022
Meridian Automotive Systems- 1,636,197
Construction, Inc.
Meridian Automotive Systems- 16,659,338
Grand Rapids Operations, Inc.
Meridian Automotive Systems- 1,924,198
Heavy Truck Operations, Inc.
Meridian Automotive Systems, Inc. 860,181,510
Others 38,592,041
TOTAL SCHEDULED LIABILITIES $922,953,067
==============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Construction's Schedule of Assets & Debts
--------------------------------------------------------------
A. Real Property
Land & improvements $2,614,978
Building improvements 30,715,194
B. Personal Property
B.1 Cash on Hand 1,000
B.3 Security 72,970
B.15 Accounts receivable
Accounts receivable 25,439,112
Trade payable credits 137,832
Intercompany receivable 1,192,923,763
B.21 Patents, copyrights & trademarks undetermined
B.23 Automobiles 6,476
B.26 Office equipment and supplies 28,837
B.27 Machinery, furniture and fixtures
Machines & equipment 41,132,360
Furniture & fixtures 7,235
Computer equipment 139,080
Computer software 63,432
B.28 Inventory
Raw material 6,216,218
Purchased parts 6,040,017
Stores inventory 7,810,978
Work in process inventory 3,414,835
Finished goods 2,964,271
Inventory in transit 1,082,289
Inventory shrink reserve (1,466,466)
Inventory shrink reserve - stores (88,654)
Inventory reserve - standard (57,892)
Intercompany profit elim reserve (243,599)
Inventory slow moving (1,760,504)
Inventory slow moving - stores (1,979,662)
LCM reserve (160,752)
LIFO reserve (58,394)
B.33 Other personal property
Prepaid expenses 87,966
Tooling costs in excess of billings 6,058,104
Construction in progress 776,769
TOTAL SCHEDULED ASSETS $1,288,587,620
===============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
Ashland, Chemical Co. $2,493,761
Century Tool & Gage Company 1,466,022
Meridian Automotive Systems- 1,636,197
Construction, Inc.
Meridian Automotive Systems- 16,659,338
Grand Rapids Operations, Inc.
Meridian Automotive Systems- 1,924,198
Heavy Truck Operations, Inc.
Meridian Automotive Systems, Inc. 860,181,510
Others 38,592,041
TOTAL SCHEDULED LIABILITIES $922,953,067
=============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Detroit Files Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.3 Security Deposits 32,800
B.12 Stock interests undetermined
B.15 Accounts receivable
Accounts receivable 6,223,027
Trade payable credits 357
Intercompany receivables 139,495,628
B.20 Other contingent & unliquidated claims undetermined
B.22 Other intangibles 13,060,333
B.28 Inventory
Raw material 106,594
Purchased parts 179,601
Stores inventory 212,617
Work in process inventory 6,779
Finished goods 539,288
Inventory slow moving (102,417)
Inventory slow moving - stores (18,234)
LCM reserve (31,262)
B.33 Other personal property 89,561
TOTAL SCHEDULED ASSETS $159,794,672
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
Concepp Technologies Inc. $228,950
Createc Corporation 334,553
EWD, L.L.C. 104,620
JSP International 3,045,906
Meridian Automotive Systems, Inc. 117,711,698
Others 642,559
TOTAL SCHEDULED LIABILITIES $122,068,286
=============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Grand Rapids' Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property
Land & improvements $2,950,862
Building improvements 16,769,424
B. Personal Property
B.15 Accounts receivable
Accounts receivable 16,040,609
Trade payable credits 6,993
Intercompany receivable 676,961,949
B.17 Other liquidated debts owed 1,095
B.21 Patents, copyrights & trademarks 366,085
B.22 Other intangibles
Electroforming 1,908,873
Lighting Encapsulation 339,936
B.26 Office equipment and supplies 264,171
B.27 Machinery, furniture and fixtures
Machines & equipment 26,326,191
MAS-owned tooling 6,891,468
Furniture & fixtures 65,318
Computer equipment 557,133
Computer software 75,301
B.28 Inventory
Raw material 11,037,215
Purchased parts 1,267,157
Stores inventory 2,200,179
Work in process inventory 1,637,924
Finished goods 1,196,098
Inventory in transit 445,305
Inventory shrink reserve (135,042)
Inventory slow moving (352,723)
Inventory slow moving - stores (134,600)
LIFO reserve (634,351)
B.33 Other personal property
Prepaid expenses 143,638
Tooling costs in excess of billings 7,956,859
Construction in progress 1,869,276
TOTAL SCHEDULED ASSETS $756,302,057
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
Bose Corporation - OEM $3,965,441
Delphi DelCo Electronics Systems 1,122,568
Meridian Automotive Systems- 1,306,745
Angola Operations, Inc.
Meridian Automotive Systems- 36,752,549
Composites Operations, Inc.
Meridian Automotive Systems- 1,385,811
Shreveport Operations, Inc.
Meridian Automotive Systems, Inc. 578,657,286
Others 25,697,900
TOTAL SCHEDULED LIABILITIES $648,888,300
=============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Heavy Truck Files Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property
Building improvements $3,583,663
B. Personal Property
B.15 Accounts receivable
Accounts receivable 10,916,967
Intercompany receivable 165,306,246
B.26 Office equipment and supplies 60,943
B.27 Machinery, furniture and fixtures
Machines & equipment 6,808,974
Furniture & fixtures 5,170
B.28 Inventory
Purchased parts 1,530,008
Stores inventory 1,272,071
Work in process inventory 729,261
Finished goods 356,039
Inventory in transit 65,690
Inventory shrink reserve (40,000)
Inventory slow moving - stores (152,000)
LCM reserve (11,324)
B.33 Other personal property
Prepaid expenses 968,945
Tooling costs in excess of billings 708,922
Construction in progress 109,198
Other long term assets 493,819
TOTAL SCHEDULED ASSETS $189,011,077
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
Century Tool & Gage Company $209,328
Meridian Automotive Systems- 42,654,478
Composites Operations, Inc.
Meridian Automotive Systems, Inc. 156,574,848
Metton America 345,622
Sherwin Williams Auto Finishes Corp. 348,986
Staffmaster USA 593,073
Others 3,076,706
TOTAL SCHEDULED LIABILITIES $203,803,041
=============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Meridian Inc.'s Schedule of Assets & Debts
---------------------------------------------------------------
A. Real Property
Land & improvements $2,863,748
Building improvements 17,337,017
B. Personal Property
B.1 Cash on Hand 300
B.2 Bank Accounts 196,916
B.3 Security 15,040
B.12 Stock interests 267,876,576
B.15 Accounts receivable
Accounts receivable 55,499,872
Trade payable credits 25,385
Intercompany receivable 175,742,000
B.17 Other liquidated debts owed
Employee receivables 12,675
Utility sales tax receivable 103,355
B.20 Other contingent & unliquidated claims 3,700,000
B.21 Patents, copyrights & trademarks undetermined
B.23 Automobiles 14,135
B.26 Office equipment and supplies 341,929
B.27 Machinery, furniture and fixtures
Machines & equipment 40,559,033
Furniture & fixtures 106,660
Computer equipment 436,787
Computer software 4,675,966
B.28 Inventory
Raw material 9,271,632
Purchased parts 3,747,026
Stores inventory 4,338,348
Work in process inventory 4,157,417
Finished goods 1,973,556
Inventory in transit 439,490
Inventory shrink reserve (400,157)
Inventory slow moving (828,900)
Inventory slow moving - stores (742,661)
LCM reserve (54,364)
LIFO reserve (669,386)
B.33 Other personal property
Prepaid expenses 2,653,664
Tooling costs in excess of billings 10,865,557
Construction in progress 16,819,798
Intercompany receivable from Meridian 309,618,288
Automotive Systems - Composites
Operations, Inc.
Other long term assets 16,080,027
TOTAL SCHEDULED ASSETS $926,575,963
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims $522,870,797
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
ABB Flexible Automation IC 1,350,710
Advanced Tooling Systems 1,588,332
Captial D' Amerique CDPQ, Inc. 13,487,328
Concours Mold, Inc. 1,201,000
Delphi DelCo Electronics Systems 1,015,836
Ford Motor Company 2,537,812
Meridian Automotive Systems- 22,049,680
Angola Operations, Inc.
Meridian Automotive Systems- 656,797,059
Composites Operations, Inc.
Meridian Automotive Systems- 87,840,339
Detroit Operations, Inc.
Meridian Automotive Systems- 104,347,562
Grand Rapids Operations, Inc.
Metropolitan Life Insurance Company 66,360,269
Omega Tool Corporation 1,483,840
The Northwestern Mutual Life 44,513,074
Insurance Company
Wacaser H.H 2,108,334
Windsor Mold 4,659,021
Others 34,102,031
TOTAL SCHEDULED LIABILITIES $1,042,503,185
===============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Mexico Files Schedules of Assets & Debts
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.12 Stock interests undetermined
TOTAL SCHEDULED ASSETS $0
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims none
F. Unsecured Non-Priority Claims none
TOTAL SCHEDULED LIABILITIES $0
=============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
MERIDIAN AUTOMOTIVE: Shreveport Files Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property
Building improvements $435,313
B. Personal Property
B.3 Security 19,500
B.15 Accounts receivable
Accounts receivable 4,515,851
Intercompany receivable 26,450,767
B.17 Other liquidated debts owed 876
B.26 Office equipment and supplies 78,711
B.27 Machinery, furniture and fixtures
Machines & equipment 2,988,569
Computer equipment 30,918
Computer software 65,582
B.28 Inventory
Raw material 98,035
Purchased parts 218,290
Stores inventory 13,531
Work in process inventory 32,491
Finished goods 50,735
Inventory in transit 50,404
B.33 Other personal property
Prepaid expenses 27,425
Construction in progress 25,760
TOTAL SCHEDULED ASSETS $34,667,446
============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims undetermined
E. Unsecured Priority Claims undetermined
F. Unsecured Non-Priority Claims
Guide Corporation 470,526
Meridian Automotive Systems- 308,040
Composites Operations, Inc.
Meridian Automotive Systems- 964,060
Grand Rapids Operations, Inc.
Meridian Automotive Systems, Inc. 34,838,661
Solvay Engineered Polymers 352,084
Others 413,926
TOTAL SCHEDULED LIABILITIES $37,347,297
============
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
UAL CORP: Posts $93 Million Net Loss in May 2005
------------------------------------------------
UAL Corporation, the holding company whose primary subsidiary is
United Airlines, filed its May Monthly Operating Report with the
United States Bankruptcy Court for the Northern District of
Illinois.
The company reported an operating loss of $21 million for May
2005, despite a $93 million year-over-year higher fuel expense.
In May 2004, the company reported an operating profit of
$9 million. The company reported a net loss of $93 million,
including $36 million of reorganization expenses. Mainline unit
costs (CASM) in May increased 6 percent over the same month last
year on 1 percent lower capacity. Excluding fuel, mainline unit
costs in May decreased 3 percent year-over-year. Mainline
passenger unit revenue (PRASM) in May increased 1 percent over the
same period a year ago.
UAL ended May with a cash balance of $2.6 billion, which included
$957 million in restricted cash (filing entities only). The cash
balance increased $143 million during the month of May, driven by
strong receipts and effective cost controls. UAL met the
requirements of its debtor-in-possession (DIP) financing.
"Fuel is a brutal challenge for our industry. In the face of this
challenge, we continue to improve operations across the company,
targeting every area of non-labor cost reduction and revenue
generation opportunity," said Jake Brace, executive vice president
and chief financial officer. "We are encouraged by the fact that
we also continue to make significant progress toward completing
our restructuring, achieving consensual revised labor agreements
with all of our labor groups, and agreements on replacement
pension plans with all except the AFA. This has been a difficult,
but important step in restructuring United and exiting from
bankruptcy."
"We continue to make good progress improving United's revenue
performance. We expect our full second quarter results to be
competitive as we realize the benefits of the capacity shift from
domestic to international markets," said John Tague, executive
vice president marketing, sales, and revenue.
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended May 31, 2005
(In Thousands)
Total operating revenues $1,610,753
Total operating expenses 1,631,304
Earnings (loss) from operations (20,551)
Non-operating income (expenses):
Net interest expense (42,448)
Other income (expenses), net: 6,452
----------
Total non-operating income (expenses): (35,996)
Net Earnings (loss) before Reorganization items (56,547)
Reorganization items (36,226)
----------
Net earnings (loss) ($92,773)
==========
A full-text copy of UAL Corporation's May 2005 Operating
Report is available for free at the Securities and Exchange
Commission at http://ResearchArchives.com/t/s?6c
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 92; 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-
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*** End of Transmission ***