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/raid1/www/Hosts/bankrupt/TCR_Public/050813.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, August 13, 2005, Vol. 9, No. 191 Headlines ACCEPTANCE INSURANCE: Earns $1 Million of Net Income in July 2005 AMES DEPT: Earns $2 Mil. of Net Income for Period Ended May 28 ANCHOR GLASS: Condensed Balance Sheet at March 31, 2005 CATHOLIC CHURCH: Portland's June 2005 Monthly Operating Report COLLINS & AIKMAN: Earns $3 Million of Net Income in June 2005 FEDERAL-MOGUL: Posts $100,000 Net Loss in June 2005 FRIEDMAN'S INC: Files June 2005 Monthly Operating Report MIRANT CORP: Earns $12.6 Million of Net Income in June 2005 MIRANT CORP: MAGi Earns $13 Million of Net Income in June 2005 PILLOWTEX CORP: Earns $4MM of Net Income for Period Ended July 2 ROBOTIC VISION: Posts $1 Million Net Loss in May 2005 THAXTON GROUP: Posts $71 Million Cumulative Net Loss in June 2005 USG CORP: Earns $35 Million of Net Income in June 2005 USGEN NEW ENGLAND: Monthly Operating Reports for April & May 2005 WESTPOINT STEVENS: Posts $23.6 Million Net Loss in June 2005 WESTPOINT STEVENS: WP Stevens I Earns $3MM of Net Income in June WESTPOINT STEVENS: WP Stevens Stores' June 2005 Operating Report WESTPOINT STEVENS: JP Stevens' June 2005 Monthly Operating Report WESTPOINT STEVENS: JP Stevens Enterprises' June Operating Report WINN-DIXIE: Posts $40 Mil. Net Loss for the Period Ended June 29 ********* ACCEPTANCE INSURANCE: Earns $1 Million of Net Income in July 2005 ----------------------------------------------------------------- On Aug. 4, 2005, Acceptance Insurance Companies Inc. filed its monthly operating report for July 2005 with the U.S. Bankruptcy Court for the District of Nebraska. The Debtor reports a $1,097,156 net income on $8,237 of revenue for July 2005. At July 31, 2005, Acceptance Insurance Companies Inc.'s balance sheet showed: Total Current Assets $2,701,093 Total Assets 33,267,689 Total Liabilities 138,185,974 Total Shareholders' Equity Deficit ($104,918,285) A full-text copy of Acceptance Insurance Companies Inc.'s July 2005 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?c3 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. AMES DEPT: Earns $2 Mil. of Net Income for Period Ended May 28 -------------------------------------------------------------- Ames Department Stores, Inc., and Subsidiaries Unaudited Consolidated Condensed Balance Sheets At May 28, 2005 (In Thousands) ASSETS Current Assets: Cash and cash equivalents $18,979 Restricted cash 58,680 Receivables 2,033 ---------- Total current assets 79,692 Fixed Assets - ---------- Total Assets $79,692 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable: Trade $55,551 Other 11,003 ---------- Total accounts payable 66,554 Self-insurance reserves 28,839 Accrued expenses 19,535 Liabilities subject to compromise 843,005 ---------- Total liabilities 957,933 Stockholders' equity (deficit) Common stock 295 Additional paid-in capital 533,393 Accumulated deficit (1,411,007) Treasury stock (922) ---------- Total stockholders' deficit (878,241) ---------- Total liabilities and stockholders' equity $79,692 ========== Ames Department Stores, Inc., and Subsidiaries Unaudited Consolidated Condensed Statement of Operations For the Four Weeks Ended May 28, 2005 (In Thousands) Total revenue $2,694 Costs and expenses Wind down expenses and other costs 577 Gain on Sale of Assets (36) Write off of excess reserves - Professional fees 100 ---------- Gain before income taxes 2,053 Income tax provision - ---------- Net Gain $2,053 ========== Ames Department Stores, Inc., and Subsidiaries Unaudited Consolidated Condensed Statements of Cash Flows For the Four Weeks Ended May 28, 2005 (In Thousands) Cash flows from operating activities: Net gain $2,053 Expenses not requiring the outlay of cash: Gain on the sale of assets (36) Cash used by operations 2,017 Changes in working capital: Decrease in receivables 16 Decrease in accrued exp. and other liabilities (227) Increase in accounts payable 21 Decrease in Restricted Cash 320 ---------- Net cash used by operating activities 2,147 Cash flows from financing activities: Change in liabilities subject to compromise (3,010) Proceeds from the sale of assets 36 ---------- Net cash provided by financing activities (2,974) Decrease in cash and cash equivalents (827) Cash and cash equivalents, beginning of period 19,806 ---------- Cash and cash equivalents, end of period $18,979 ========== Ames Department Stores filed for chapter 11 protection on Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut, Esq., Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J. Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal & Manges LLP represent the Debtors in their restructuring efforts. When the Company filed for protection from their creditors, they listed $1,901,573,000 in assets and $1,558,410,000 in liabilities. (AMES Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service, Inc., 215/945-7000) ANCHOR GLASS: Condensed Balance Sheet at March 31, 2005 ------------------------------------------------------- Anchor Glass Container Corporation Condensed Balance Sheets At March 31, 2005 (unaudited) ASSETS Current assets: Cash and cash equivalents $127,000 Accounts receivable 49,539,000 Inventories: Raw materials and manufacturing supplies 27,356,000 Finished products 98,208,000 Other current assets 12,255,000 ------------ Total current assets 187,485,000 Property, plant and equipment, net 453,971,000 Other assets 14,226,000 Intangible assets 5,858,000 ------------ $661,540,000 ============ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Borrowings under revolving credit facilities $71,242,000 Current maturities of long-term debt 9,458,000 Accounts payable 61,217,000 Accrued expenses 23,796,000 Accrued interest 5,533,000 Accrued compensation and employee benefits 26,280,000 ------------ Total current liabilities 197,526,000 Long-term debt 409,966,000 Long-term post-retirement liabilities 40,942,000 Other long-term liabilities 18,128,000 ------------ 469,036,000 Stockholders' deficit: Common stock 2,468,000 Capital in excess of par value 127,721,000 Accumulated deficit (137,484,000) Accumulated other comprehensive income (loss) 2,273,000 ------------ (5,022,000) ------------ $661,540,000 ============ Headquartered in Tampa, Florida, Anchor Glass Container Corporation is the third-largest manufacturer of glass containers in the United States. Anchor manufactures a diverse line of flint (clear), amber, green and other colored glass containers for the beer, beverage, food, liquor and flavored alcoholic beverage markets. The Company filed for chapter 11 protection on Aug. 8, 2005 (Bankr. M.D. Fla. Case No. 05-15606). Robert A. Soriano, Esq., at Carlton Fields PA, represents the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $661.5 million in assets and $666.6 million in debts. The Company previously filed for chapter 11 protection on Apr. 15, 2002. The U.S. Bankruptcy Court for the District of Delaware confirmed the company's Amended Plan of Reorganization on Aug. 8, 2002, and the Company emerged from chapter 11 on August 30, 2002, that delivered equity in the reorganized company to affiliates of investment firm Cerberus Capital Management, L.P. In September 2003, Anchor Glass completed an IPO. Cerberus affiliates own a 60% stake in Anchor Glass. (Anchor Glass Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000) CATHOLIC CHURCH: Portland's June 2005 Monthly Operating Report -------------------------------------------------------------- Pastoral Center Archdiocese of Portland in Oregon Statement of Financial Position As of June 30, 2005 ASSETS Cash and cash equivalents $15,161,593 Accounts receivable, net 574,163 Notes, estates and other receivables 11,446,520 Loans receivable from Archdiocesan entities, net 10,287,201 Loans receivable from Archdiocesan housing entities 522,109 Interest receivable and other assets 206,246 Inventories 1,492,422 Real Property 226,688 Deposits and prepaid expenses 497,289 Investments 91,331,165 Advances to Archdiocesan housing entities 1,640,000 Land, buildings, and equipment, net 8,234,735 -------------- Total Assets $141,620,131 ============== LIABILITIES AND NET ASSETS Liabilities: Prepetition Accounts payable $777,185 Accrued liabilities 2,240,356 Funds held for others Second Collections (12) Short-term investments payable 18,101,483 Long-term pool investments payable 19,642,572 Reserve for insurance claims 2,343,946 Notes payable 11,140,712 Pre-need liability and reserve 456,268 Accrued port-retirement liability 7,607,264 -------------- Total Prepetition Liabilities 62,309,774 -------------- Postpetition Accounts payable 650,374 Accrued liabilities 4,551,642 Funds held for others Second Collections 149,013 Short-term investments payable 2,023,124 Long-term pool investments 2,482,738 Reserve for insurance claims - Notes payable - Pre-need liability and reserve 19,783 Accrued port-retirement liability - -------------- Total Postpetition Liabilities 9,876,674 -------------- Total Liabilities 72,186,448 -------------- Net Assets: Prepetition Net Assets: Charitable Trust Assets 69,687,003 Other Assets (3,254,778) -------------- Total Prepetition Net Assets 66,432,225 -------------- Postpetition Net Assets: Charitable Trust Assets 1,530,249 Other Assets 1,471,209 -------------- Total Postpetition Net Assets 3,001,458 -------------- Total Net Assets 69,433,683 -------------- Total liabilities & net assets $141,620,131 ============== Pastoral Center Archdiocese of Portland in Oregon Statement of Activities For the month ending June 30, 2005 Revenues, gains and other support Annual Catholic Appeal income $1,204 Gross profit on cemetery sales 98,515 Contributions, gifts, annuities and bequests 825,807 Operating support - Oregon Catholic Press - Investment income and realized gains (losses), net of expenses 433,982 Change in unrealized losses 624,120 Insurance premiums, net (2,625) Interest income from loans 36,311 Parish assessments 241,023 Other income 130,882 Departmental revenues 30,297 Net assets released from restrictions - -------------- Total revenues, gains, and other support 2,419,516 -------------- Expenses and program support: Program Services: Annual Catholic Appeal program support, grants and parish subsidies 197,204 Clergy Services 39,250 Catholic Schools 62,298 Pastoral Services 61,453 Evangelization Services 45,961 Public Services 11,890 Tribunal Services 20,536 Deposit and loan interest 105,333 Insurance program 215,952 Cemetery operating expenses 113,271 High School grants/charitable annuities 19,592 Other program expenses 127,070 -------------- Total program services 1,019,810 -------------- Supporting Services: Archbishop, Vicar General and Chancellor Services 46,693 Finance & Administration: Resource Development 52,878 Business Affairs 9,469 Financial Services 90,281 Human Resources 27,601 Shared Services 27,263 Occupancy and physical plant expenses 7,271 Designated funds expense 94,180 Bankruptcy expense 227,493 Depreciation expense - -------------- Total supporting services 583,129 -------------- Total expenses and program support 1,602,939 -------------- Increase (decrease) in net assets before transfers and designations of net assets 816,577 Fund transfers - in (out) - Designation of net assets - -------------- Increase (decrease) in net assets 816,577 Net assets at beginning of year 68,617,106 -------------- Net assets at end of year $69,433,683 ============== Archdiocese of Portland in Oregon Statement of Cash Receipts and Disbursements For the month ending June 30, 2005 Beginning Cash Balance: $15,295,099 Add: Transfers in 310,843 Receipts Deposited 2,150,717 Other (Return of Direct Deposits) - Other (Interest Income) 40,001 -------------- Total Cash Receipts 2,501,561 Subtract: Transfers out (310,843) Disbursements by check or debit (2,322,307) Cash withdrawn - Other (Service Charges) (1,451) Other (NSF Checks) (466) Other (Clear Interfund Rec/Pay) - -------------- Total Cash Disbursements (2,635,066) -------------- Ending Cash Balance $15,161,594 ============== 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. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000) COLLINS & AIKMAN: Earns $3 Million of Net Income in June 2005 ------------------------------------------------------------- Collins & Aikman Corporation Balance Sheet As of June 30, 2005 ASSETS Current assets: Cash $15,512,604 Accounts receivable 126,259,963 Other non-trade receivables 6,304,934 Inventories, net 113,975,114 Tooling and molding, net - current 49,822,885 Prepaids & other current assets 57,564,871 Deferred tax assets - current (87,825) --------------- Total current assets 369,352,545 Investment in subsidiaries 2,534,708,519 Fixed assets, net 368,586,793 Goodwill, net 978,554,071 Deferred tax assets - long term 25,938,826 Tooling and molding, net-long term 14,942,275 Other noncurrent assets 99,766,819 Intercompany assets 620,706,706 PP IC accounts receivable 26,928,065,464 --------------- TOTAL ASSETS $31,940,622,017 =============== LIABILITIES & EQUITY Current liabilities: Notes payable $0 Short term borrowings 0 Advance on receivables 0 Current portion - long term debt 169,912,952 Current portion - capital leases 0 Accounts payable 40,707,316 Accrued interest payable 17,200 Accrued & other liabilities 31,864,532 Income taxes payable (3,533,112) --------------- Total current liabilities 238,968,888 Liabilities subject to compromise 2010 - A/P - trade - prepetition 192,412,564 2014 - A/P - rec'd - not invoiced prepetition 7,844,970 2030 - A/P - prepetition other (33,109,966) 2071 - A/P - tooling 38,947,529 2072 - A/P - capital 1,848,168 2210 - PP Accrued liabilities 118,207,968 2215 - PP Accrued local property tax 1,278,899 2220 - PP Accrued sales & use tax (169,022) 2225 - PP Environmental reserve 27,434,356 2235 - PP restructuring reserve 14,813,739 2240 - PP long term debt 1,587,697,736 2245 - PP Capital leases 609,224 2062 - PP IC short term notes payables 629,201,325 2462 - PP IC short term interest payables 21,102,840 2652 - PP IC long term note payable 5,189,420 2911 - PP IC accounts payables 25,585,418,635 2061 - Intercompany S/T loans/notes payable 11,069,801 2910 - Intercompany trade accounts payable 594,066,673 Deferred income taxes 20,831,599 Preferred stock of Products Co. 222,875,520 Other noncurrent liabilities 144,937,322 --------------- Total liabilities subject to compromise 29,192,509,302 --------------- Total Liabilities 29,431,478,190 Total Equity 2,509,143,828 --------------- TOTAL LIABILITIES & EQUITY $31,940,622,017 =============== Collins & Aikman Corporation Income Statement Month Ended June 30, 2005 Net outside sales $271,134,466 I/D Net sales 14,330,757 I/G Net sales 5,311,432 --------------- Total sales 290,776,654 Cost of sales 264,598,856 --------------- Gross profit 26,177,798 Selling, general & administrative expense 28,372,201 --------------- Operating income (2,194,402) Interest expenses 3,675,777 Intercompany interest, net (7,147,084) Preferred stock accretion 0 Miscellaneous (income)/expense 88,989 Corporate allocation adjustment 0 Commission income (147,588) Royalty income 0 Royalty expense (635,829) Income from invest in JV (93,086) Minority interest in cons net income 0 Dividend income 0 Discount/Income for Carcorp. 0 Gain/(Loss) early extinguishments of debt 0 Discount/Premium on hedges 0 (Gain)/Loss on hedges 0 (Gain)/Loss on swaps 0 NAAIS Intercompany sales profit 0 Loss on sale of receivables 0 Restructuring provision 0 Foreign transactions - (Gain)/Loss (203,132) Amount of discount on NPV of liabilities 0 (Gain)/Loss on sale - leaseback transaction 0 --------------- Income from continuing operations before taxes 2,267,549 Federal income tax (940,713) State income tax 0 Foreign income tax 19,678 --------------- Income from continuing operations 3,188,584 Discontinued operations 0 Gain/Loss on sale of divisions 0 Extraordinary items 0 Integration 0 --------------- NET INCOME $3,188,584 =============== Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Posts $100,000 Net Loss in June 2005 --------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of June 30, 2005 (In millions) Assets Cash and equivalents $424.3 Accounts receivable 625.3 Inventories 478.9 Deferred taxes 181.5 Prepaid expenses and other current assets 99.5 ---------- Total current assets 1,809.5 Summary of Unpaid Postpetition Debits (26.7) Intercompany Loans Receivable (Payable) 2,496.2 ---------- Intercompany Balances 2,469.5 Property, plant and equipment 985.5 Goodwill 1,012.3 Other intangible assets 429.9 Insurance recoverable 810.2 Other non-current assets 1,007.1 ---------- Total Assets $8,523.9 ========== Liabilities and Shareholders' Equity Short-term debt $362.8 Accounts payable 198.1 Accrued compensation 73.5 Restructuring and rationalization reserves 8.9 Current portion of asbestos liability - Interest payable 2.6 Other accrued liabilities 279.1 ---------- Total current liabilities 925.0 Long-term debt - Post-employment benefits 1,951.7 Other accrued liabilities 954.1 Liabilities subject to compromise 5,999.8 Shareholders' equity: Preferred stock 1,050.6 Common stock 565.8 Additional paid-in capital 8,021.6 Accumulated deficit (9,752.8) Accumulated other comprehensive income (1,191.8) Other - ---------- Total Shareholders' Equity (1,306.6) ---------- Total Liabilities and Shareholders' Equity $8,523.9 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended June 30, 2005 (In millions) Net sales $292.8 Cost of products sold 244.5 ---------- Gross margin 48.3 Selling, general & administrative expenses (39.0) Amortization (1.2) Reorganization items (7.6) Interest income (expense), net (10.6) Other income (expense), net 15.7 ---------- Earnings before Income Taxes 5.6 Income Tax (Expense) Benefit (5.6) ---------- Earnings before effect of change in acctg principle (0.1) Cumulative effect of change in acctg principle - ---------- Net Earnings (loss) ($0.1) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended June 30, 2005 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) ($0.1) Adjustments to reconcile net earnings (loss): Depreciation and amortization 14.0 Adjustments of assets held for sale to fair value - Asbestos Charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg principle - Change in post-employment benefits (0.7) Decrease/(increase) in accounts receivable 12.3 Decrease/(increase) in inventories 3.1 Increase/(decrease) in accounts payable (18.6) Change in other assets and other liabilities 23.9 Change in restructuring charge (0.8) Refunds (payments) against asbestos liability - ---------- Net Cash Provided From Operating Activities 33.1 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (9.5) 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 (9.5) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 1.1 Sale of accounts receivable under securitization - Dividends - Other (4.0) ---------- Net Cash Provided From Financing Activities (2.9) Increase (Decrease) in Cash and Equivalents 20.7 Cash and equivalents at beginning of period 403.6 ---------- Cash and equivalents at end of period $424.3 ========== 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 US$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 US$8.86 billion in liabilities. At Dec. 31, 2004, Federal-Mogul's balance sheet showed a US$1.925 billion stockholders' deficit. At Mar. 31, 2005, Federal-Mogul's balance sheet showed a US$2.048 billion stockholders' deficit, compared to a US$1.926 billion deficit at Dec. 31, 2004. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. (Federal-Mogul Bankruptcy News, Issue No. 90; Bankruptcy Creditors' Service, Inc., 215/945-7000) FRIEDMAN'S INC: Files June 2005 Monthly Operating Report -------------------------------------------------------- On Aug. 1, 2005, Friedman's Inc. and its debtor-affiliates filed their consolidated monthly operating reports for the period from May 29, 2005, through July 2, 2005, with the U.S. Bankruptcy Court for the Southern District of Georgia. At July 2, 2005, Friedman's Inc. and its debtor-affiliates' financial reports show: Beginning Cash Balance $4,070,869 Total Cash Receipts 53,520,324 Total Cash Disbursements 58,638,158 Ending Cash Balance ($1,046,965) A full-text copy of Friedman's Inc. and its debtor-affiliates' Monthly Operating Reports for the period ended July 2, 2005, is available at no charge at http://ResearchArchives.com/t/s?b5 Headquartered in Savannah, Georgia, Friedman's Inc. -- http://www.friedmans.com/-- is the parent company of a group of companies that operate fine jewelry stores located in strip centers and regional malls in the southeastern United States. The Company and its affiliates filed for chapter 11 protection on Jan. 14, 2005 (Bankr. S.D. Ga. Case No. 05-40129). John W. Butler, Jr., Esq., George N. Panagakis, Esq., Timothy P. Olson, Esq., and Alexa N. Paliwal, 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 $395,897,000 in total assets and $215,751,000 in total debts. MIRANT CORP: Earns $12.6 Million of Net Income in June 2005 ----------------------------------------------------------- Mirant Corporation and Subsidiaries Consolidated Balance Sheet As of June 30, 2005 ASSETS Cash and cash equivalents $1,495,204,506 Accounts receivable - net 676,516,946 Assets from risk management activities 347,640,673 Derivative hedging instruments - Inventories 358,467,990 Other 986,147,347 --------------- Total Current Assets 3,863,977,462 Property, plant and equipment 5,219,226,645 Less: accumulated depreciation/depletion 914,859,089 Leasehold interests - net 1,459,321,743 Construction work in progress 173,586,409 Investment in suspended construction 174,896,884 --------------- Total net property, plant and equipment 6,112,172,592 Investments 255,799,323 Long-term accounts receivable - net 47,196,064 Notes receivable - net - Assets from risk management activities 146,440,716 Goodwill - net 5,767,352 Other intangibles - net 265,532,342 Derivative hedging instruments - Restricted cash, non-current 205,182,505 Other long-term assets 1,000,000 Miscellaneous deferred charges 476,602,598 --------------- Total Non-current Assets 1,403,520,900 --------------- TOTAL ASSETS $11,379,670,954 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt $1,303,889,166 Accounts Payable 560,001,231 Liabilities from risk management activities 488,780,842 Obligations under energy deliveries 7,650,486 Derivative hedging instruments - Other 215,228,048 Miscellaneous deferred credits 730,219,851 --------------- Total postpetition liabilities 3,305,769,624 Prepetition Liabilities 9,205,537,838 --------------- TOTAL LIABILITIES 12,511,307,462 EQUITY: Minority interest in subsidiaries 170,340,187 Mandatory redeemable securities - Common stock 4,056,621 Additional paid-in capital 4,917,965,792 Retained earnings (6,153,573,240) Treasury stock, at cost (2,260,000) Accumulated other comprehensive income (68,165,868) --------------- Total Equity (1,131,636,508) --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $11,379,670,954 =============== Mirant Corporation and Subsidiaries Consolidated Statements of Income For the month ending June 30, 2005 REVENUES: Generation $318,384,579 Net trading revenue (30,462,324) Distribution 68,206,566 Other 409,890 --------------- Net Revenue 356,538,711 OPERATING EXPENSES: Energy cost 204,733,320 Operations and maintenance 89,529,928 Depreciation and amortization 25,468,244 Gain on sale of property and investment 31,152 Impairment loss 7,121,624 Restructuring costs 248,300 --------------- Total Operating Expenses 327,132,568 --------------- Income before non-operating income and expense 29,406,143 OTHER INCOME AND EXPENSES: Interest income 2,796,077 Interest expense 10,390,931) Equity in income of affiliates 2,986,021 Other (2,011,109) Reorganization items 9,104,136 Minority interest (1,988,720) Net income from discontinued operations (426,556) Gain on sale assets, minority owned - --------------- Total Other Income 68,918 Provision for income tax (16,884,061) --------------- NET PROFIT (LOSS) $12,591,000 =============== Mirant Corporation Unconsolidated Cash Receipts and Disbursements For the month ending June 30, 2005 Cash, beginning of month $232,651,413 Non-Operating Receipts: Loans & Advances $3,416,984 Sale of Assets - --------------- Total non-operating receipts 3,416,984 --------------- Total receipts 3,416,984 --------------- Total Cash Available 236,068,396 Operating Disbursements 0 Reorganization Expenses --------------- Total disbursements 0 --------------- Net Cash Flow 3,416,984 --------------- Cash, end of month $236,068,396 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 73; Bankruptcy Creditors' Service, Inc., 215/945-7000) MIRANT CORP: MAGi Earns $13 Million of Net Income in June 2005 -------------------------------------------------------------- Mirant Americas Generation, LLC, and Subsidiaries Consolidated Balance Sheet As of June 30, 2005 ASSETS Cash and cash equivalents $429,152,167 Accounts receivable - net 480,195,072 Assets from risk management activities 27,498,325 Derivative hedging instruments - Inventories 167,451,114 Other 120,400,415 --------------- Total Current Assets 1,224,697,093 Property, plant and equipment 2,210,361,399 Less: accumulated depreciation/depletion 373,289,733 Leasehold interests - net - Construction work in progress 103,666,585 Investment in suspended construction 173,996,884 --------------- Total net property, plant and equipment 2,114,735,135 Investments 25,000 Long-term accounts receivable - net 44,255,212 Notes receivable - net 223,275,000 Assets from risk management activities 16,714,347 Other intangibles - net 203,188,685 Derivative hedging instruments - Restricted cash, non-current 5,098,301 Other long-term assets - Miscellaneous deferred charges 241,313,876 --------------- Total Non-current Assets 733,870,421 --------------- TOTAL ASSETS $4,073,302,649 =============== LIABILITIES AND EQUITY Postpetition Liabilities: Debt - Accounts Payable 150,701,260 Liabilities from risk management activities 71,407,896 Obligations under energy deliveries - Derivative hedging instruments - Other 163,434,736 Miscellaneous deferred credits 72,743,000 --------------- Total postpetition liabilities 458,286,892 Prepetition Liabilities 3,233,412,847 --------------- TOTAL LIABILITIES 3,691,699,739 EQUITY: Minority interest in subsidiaries 35,002 Mandatory redeemable securities - Common stock 1,000 Additional paid-in capital 3,853,859,364 Retained earnings (3,472,292,456) Treasury stock, at cost - Accumulated other comprehensive income - --------------- Total Equity 381,602,910 --------------- TOTAL LIABILITIES AND OWNERS' EQUITY $4,073,302,649 =============== Mirant Americas Generation, LLC, and Subsidiaries Consolidated Statements of Income For the month ending June 30, 2005 REVENUES: Generation $147,013,399 Net trading revenue - Distribution - Other 84,750 --------------- Net Revenue 147,098,149 OPERATING EXPENSES: Energy cost 85,419,902 Operations and maintenance 51,058,409 Depreciation and amortization 7,552,389 Gain on sale of property and investment (2,347) Impairment loss 121,624 Restructuring costs 205,983 --------------- Total Operating Expenses 144,355,960 --------------- Income before non-operating income and expense 2,742,189 OTHER INCOME AND EXPENSES: Interest income - Interest expense (847,546) Equity in income of affiliates - Other 142,532 Reorganization items 12,542,184 Minority interest - Net income from discontinued operations - --------------- Total Other Income 11,837,170 Provision for income tax (1,333,370) --------------- NET PROFIT (LOSS) $13,245,989 =============== Mirant Americas Generation, LLC, and Subsidiaries Unconsolidated Cash Receipts and Disbursements For the month ending June 30, 2005 Cash, beginning of month $195,381,564 Non-Operating Receipts: Loans & Advances (11,510,530) Sale of Assets - --------------- Total non-operating receipts (11,510,530) --------------- Total receipts (11,510,530) --------------- Total Cash Available 183,871,034 Operating Disbursements 0 Reorganization Expenses 0 --------------- Total disbursements 0 --------------- Net Cash Flow ($11,510,530) --------------- Cash, end of month $183,871,034 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White & Case LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 73; Bankruptcy Creditors' Service, Inc., 215/945-7000) PILLOWTEX CORP: Earns $4MM of Net Income for Period Ended July 2 ---------------------------------------------------------------- Pillowtex, et al. Consolidated Balance Sheets As of July 2, 2005 ASSETS Cash and cash equivalents $40,492,093 Accounts Receivables (Net) 8,233,735 Inventory (Net) 0 Pre-Paid Expenses 600,408 Other Assets 0 ----------- TOTAL CURRENT ASSETS 49,326,236 ----------- Property Plan & Equipment (Net) 0 Intangibles (Net) 0 Other Non-Current 3,725,890 Inter-Company 0 ----------- TOTAL ASSETS $53,052,126 =========== LIABILITIES & EQUITY Liabilities Not Subject to Compromise Accounts Payable 0 Accrued Expenses 25,891,911 Deferred Taxes 295,000 Professional Fees 670,509 Secured Debt 0 Other 84,831,000 ----------- Total Not Subject to Compromise 111,688,420 ----------- Liabilities Subject to Compromise Current Debt 622,763 Unsecured debt 25,434,521 ----------- Total Subject to Compromise 26,057,284 ----------- Preferred Convertible Stock 0 Equity Inter-Company (6,801,529) Investment in Subs 0 Additional Paid in Capital 195,118,000 Common Stock 3,000 Deferred Compensation 0 Retained Earnings (211,512,049) Pension Equity Adjustment (61,501,000) Translation 0 ----------- TOTAL EQUITY (77,892,049) ----------- TOTAL LIABILITIES & EQUITY $53,052,126 =========== Pillowtex, et al. Consolidated Statement of Operations For Three Months Ended July 2, 2005 Net Revenues $1,175,836 Cost of Goods Sold (309,997) ----------- Gross Profit 1,485,833 Selling, General & Administrative 1,128,664 Other 0 ----------- Earnings from Operations 357,169 Interest Expense 0 Other Income & Expenses (261,686) Reorganization Expenses Professional Fees 1,287,906 U.S. Trustee Fees 3,500 Gain/Loss from Sale of Assets (4,867,922) Other (Income)/Expense 0 ----------- Total Reorganization Expenses (3,576,516) Income Before Taxes 4,195,371 Income Taxes 0 Income (Loss) on Disposal 0 Income from Discontinued Operations 0 ----------- Net Profit or (Loss) $4,195,371 =========== Pillowtex, et al. Actual Cash Flow For the Month of June 2005 Accounts Receivable Collections $179,000 Brown & Joseph/Atwell Fees (8,000) Accounts Receivable Personnel (14,000) Inventory Bulk Sales - Property Tax Related to Asset Sale - Property (Net) 3,897,000 Miscellaneous Proceeds - ----------- Total Proceeds 4,054,000 Prepetition Cure Cost of Capital Leases - Balance of 2003 Personal Property Tax - Alliance Street Production - Interest Expense (Term and Revolver) - Idle Facility Cost (159,000) 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 - Product Liability/D&O/Workers Comp. Insurance 145,000 Corporate 70,000 Severance/Retention - Warehouse Vacation Pay - SB Capital Estate Charge Back - Early Termination Fee - DIP Fees - Professional Fees 103,000 Miscellaneous Expenses 54,000 ----------- Total Expenses 213,000 ----------- Net Cash Flow $3,841,000 =========== Pillowtex, et al. Disbursement Report For the Month Ended July 2, 2004 Net Payroll & Payroll Taxes Paid $184,309 Sales, Use & Other Taxes Paid 45 Inventory Purchases - Interest on Long Term Debt - Secured/Rental/Lease - Utilities 1,637 Insurance 146,450 Administrative 35,942 Professional Fees 103,123 U.S. Trustee's Fees - Others 32,395 ----------- Total for U.S. Trustee Fees $503,902 =========== 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. 82; Bankruptcy Creditors' Service, Inc., 215/945-7000) ROBOTIC VISION: Posts $1 Million Net Loss in May 2005 ----------------------------------------------------- On Aug. 8, 2005, Robotic Vision Systems, Inc., nka Acuity Cimatrix, Inc., delivered a copy of its May 2005 monthly operating report to the U.S. Securities and Exchange Commission. Robotic Vision reported a $1,349,000 net loss on $1,432,000 of net sales for the month ending May 31, 2005. At May 31, 2005, Robotic Vision's balance sheet showed: Total Current Assets $6,652,000 Total Assets 27,331,000 Total Liabilities Subject to Compromise (165,274,000) Total Liabilities (164,368,000) Shareholders' Equity Deficit $191,699,000 A full-text copy of Robotic Vision Systems, Inc.'s May 2005 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?c4 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. THAXTON GROUP: Posts $71 Million Cumulative Net Loss in June 2005 ----------------------------------------------------------------- On July 25, 2005, The Thaxton Group filed its monthly operating report for the month of June 2005 with the U.S. Bankruptcy Court for the District of Delaware. The company reported a cumulative net loss of $71,141,976 on $85,842,403 of revenue for the period from Oct. 17, 2003 thru June 30, 2005. At June 30, 2005, the Company's balance sheet reflects: Total Assets $107,276,714 Total Liabilities 176,633,344 Stockholders' Equity Deficit ($69,356,630) A full-text copy of Thaxton Group's June 2005 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?b4 Headquartered in Lancaster, South Carolina, The Thaxton Group, Inc., is a diversified consumer financial services company. The Company filed for Chapter 11 protection on October 17, 2003 (Bankr. Del. Case No. 03-13183). The Debtors are represented by Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. USG CORP: Earns $35 Million of Net Income in June 2005 ------------------------------------------------------ USG Corporation, et al. Consolidated Balance Sheet 30-June-2005 __________________________ ____________ Assets: Cash and cash equivalents $469,489,000 Marketable Securities 170,219,000 Restricted Cash 67,878,000 Receivables 443,400,000 Inventories 283,901,000 Income taxes receivable 34,035,000 Deferred income taxes 14,045,000 Other current assets 73,893,000 ------------- Total current assets 1,556,860,000 Property, plant and equipment, net 1,618,894,000 Marketable Securities 300,207,000 Deferred income taxes 238,829,000 Goodwill 63,917,000 Other assets 396,332,000 ------------- Total Assets $4,175,039,000 ============= Liabilities and Stockholders' Equity: Accounts payable $240,897,000 Accrued expenses 196,243,000 Taxes on income 169,614,000 ------------- Total current liabilities 606,754,000 Other liabilities 410,913,000 Liabilities subject to compromise 2,242,206,000 Stockholders' Equity: Common stock 4,998,000 Treasury stock (252,972,000) Capital received in excess of par value 103,078,000 Accumulated other comprehensive income/(loss) 24,840,000 Retained earnings 1,035,222,000 ------------- Total stockholders' equity 915,166,000 ------------- Total Liabilities and Stockholders' Equity $4,175,039,000 ============= USG Corporation, et al. Month Ending Consolidated Income Statement 30-June-2005 _____________________________ ____________ Net sales $408,204,000 Cost of products sold 322,293,000 Selling and administrative expenses 25,469,000 Chapter 11 reorganization expenses 2,751,000 Provision for restructuring expenses - Interest expense 327,000 Interest income (151,000) Other (income)/expense, net (199,000) ------------- Earnings/(loss) before income taxes 57,714,000 Income taxes (benefit) 22,614,000 ------------- Net Earnings/(loss) $35,100,000 ============= 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. 93; Bankruptcy Creditors' Service, Inc., 215/945-7000) USGEN NEW ENGLAND: Monthly Operating Reports for April & May 2005 ----------------------------------------------------------------- USGen New England, Inc., has no direct employees. Rather, USGen is provided services pursuant to an Operations, Maintenance and Management Services agreement with USG Services Company, LLC. All payroll taxes are paid by USG Services as the service provider. Joseph J. Bartoletta, controller for USGen, discloses that USGen paid USG Services $2,157,891 on April 18, 2005, and $2,161,677 on May 13, 2005, for payroll obligations. On April 1, 2005, USGen closed on the sale of its Hydro assets to TransCanada Hydro Northeast, Inc., thereby disposing of their remaining operating assets. USGen will be a process of liquidation in accordance with its Plan or Reorganization. Total sale proceeds after final account reconciliation are $500,095,439. USGen also completed the Court-approved sale of the land associated with its Bear Swamp leased facility to Bear Swamp Power Company LLC, effective May 24, 2005. Total sale proceeds were $1 in accordance with settlement agreement approved within the Plan. As of May 31, 2005, USGen has $8,744,797 in accounts receivable: Beginning Balance (Ended March 31, 2005) $35,875,421 Incurred during April 1 to May 31, 2005 3,431,803 Collection during April 1 to May 31, 2005 30,562,426 ----------- Ending Balance $8,744,797 =========== USGen also has $7,169,983 in accounts payable as of May 31, 2005: Beginning Balance (Ended March 31, 2005) $9,834,116 Incurred during April 1 to May 31, 2005 17,602,601 Paid during April 1 to May 31, 2005 20,266,734 ----------- Ending Balance $7,169,983 =========== A full-text copy of USGen's Monthly Operating Report covering the period April 1, 2005, to May 31, 2005, is available for free at http://bankrupt.com/misc/usgen-fina-MOR.pdf 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. 47; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: Posts $23.6 Million Net Loss in June 2005 ------------------------------------------------------------ WESTPOINT STEVENS, INC. Balance Sheet At June 30, 2005 (in thousands) Assets Current Assets Cash and cash equivalents $2,775 Short-term investments - Accounts receivable, net 155,559 Total inventories 260,885 Prepaid & other current assets 15,908 ---------- Total current assets 435,127 Total investments & other assets 92,882 Goodwill - Property, plant and equipment, net 453,505 ---------- TOTAL ASSETS $981,514 ========== Liabilities and Shareholders' Equity (Deficit) Liabilities Not Subject to Compromise: Senior Credit Facility $437,167 DIP Credit Agreement 74,741 Second Lien Facility 165,000 Accrued interest payable 862 Accounts payable - trade 40,759 Accounts payable - intercompany 177,158 Other payables and accrued liabilities 99,800 Deferred income taxes - Pension and other liabilities 149,781 ---------- Total liabilities not subject to compromise 1,145,268 Liabilities Subject to Compromise: Senior Notes 1,000,000 Deferred financing fees (3,498) Accrued interest payable on Senior Notes 36,313 Accounts payable 27,561 Other payables and accrued liabilities 8,232 Pension and other liabilities 15,471 ---------- Total liabilities subject to compromise 1,084,079 ---------- Total Liabilities 2,229,347 Shareholders' Equity (Deficit) Equity of subsidiaries (123,757) Common stock 711 Capital Surplus/Treasury Stock 41,122 Retained earnings (deficit) (1,056,225) Minimum pension liability adjustment (109,403) Other adjustments (281) Unearned compensation - ---------- Total Shareholders' Equity (Deficit) (1,247,833) ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $981,514 ========== WESTPOINT STEVENS, INC. Statement of Operations Month Ended June 30, 2005 (in thousands) Total sales $86,270 Cost of sales 83,941 ---------- Gross profit 2,329 Selling and administrative expenses Selling expense 2,759 Warehousing and shipping 4,708 Advertising 385 Division administrative expense 773 MIS expense 1,108 Corporate administrative expense 1,661 ---------- Total selling and administrative expense 11,394 Restructuring and impairment charge 1,028 Fixed asset impairment charge - ---------- Profit/(loss) from operations (10,093) ---------- Interest expense Interest expense - outside 6,905 Capitalized interest expense - Interest expense - intercompany 603 Interest income 6 Interest income - intercompany - ---------- Net interest expense 7,502 Other expense Miscellaneous 388 Royalties - intercompany 3,500 Transaction gain/loss - ---------- Total other expense 3,888 Other income Royalties - intercompany - Dividends - Sale of assets 8 Miscellaneous - ---------- Total other income 8 ---------- Net other expense 3,880 ---------- Income (loss) before Chapter 11 reorganization expenses and income taxes (benefit) and extraordinary item (21,475) Chapter 11 reorganization expenses 3,961 Income taxes (benefit) (1,868) ---------- Income (loss) before extraordinary item (23,568) Extraordinary item - net of taxes - ---------- Net income (loss) ($23,568) ========== WESTPOINT STEVENS, INC. Statement of Cash Flows Month Ended June 30, 2005 (in thousands) Cash Flows from Operations: Net income (loss) ($23,568) Equity adjustments 516 Non-cash items Depreciation and amortization expense 6,056 Gain/(Loss) on sale of assets (8) Changes in Assets and Liabilities Decrease/(increase) -- accounts receivable (4,055) Decrease/(increase) -- inventories 12,160 Decrease/(increase) -- other current assets (657) Decrease/(increase) -- other noncurrent assets and liabilities 126 Increase/(decrease) -- accounts payable (trade) 3,835 Increase/(decrease) -- a/p (intercompany) 1,104 Increase/(decrease) -- accrued liabilities (4,958) Increase/(decrease) -- accrued interest payable (449) Increase/(decrease) -- pension & other liabilities 1,309 Increase/(decrease) -- deferred income tax - ---------- Total Cash Flows from Operations (8,589) Cash Flows from Investing Decrease/(increase) -- short term investments - Capital expenditures (597) Transfers 87 Net proceeds from sale of assets 41 ---------- Total Cash Flows from Investing (469) Cash Flows from Financing Increase/(decrease) -- DIP credit agreement 10,510 ---------- Total Cash Flows from Financing 10,510 Beginning Cash Balance 1,323 Change in Cash 1,452 ---------- Ending Cash Balance $2,775 ========== Headquartered in West Point, Georgia, WestPoint Stevens, Inc., -- http://www.westpointstevens.com/-- is the #1 US maker of bed linens and bath towels and also makes comforters, blankets, pillows, table covers, and window trimmings. It makes the Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux brands, as well as the Martha Stewart bed and bath lines; other licensed brands include Ralph Lauren, Disney, and Joe Boxer. Department stores, mass retailers, and bed and bath stores are its main customers. (Federated, J.C. Penney, Kmart, Sears, and Target account for more than half of sales.) It also has nearly 60 outlet stores. Chairman and CEO Holcombe Green controls 8% of WestPoint Stevens. The Company filed for chapter 11 protection on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in their restructuring efforts. (WestPoint Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: WP Stevens I Earns $3MM of Net Income in June ---------------------------------------------------------------- WESTPOINT STEVENS, INC., I Balance Sheet At June 30, 2005 (in thousands) Assets Current Assets Cash and cash equivalents $38 Short-term investments - Accounts receivable - customers - Accounts receivable - intercompany 34,293 Total inventories 9,773 Prepaid & other current assets - ---------- Total current assets 44,104 Total investments & other assets 9,447 Goodwill - Property, plant and equipment, net 11,450 ---------- TOTAL ASSETS $65,001 ========== Liabilities and Shareholders' Equity (Deficit) Liabilities Not Subject to Compromise: Senior Credit Facility - DIP Credit Agreement - Long-term debt classified as current - Accrued interest payable - Accounts payable - trade $542 Accounts payable - intercompany - Other payables and accrued liabilities 9,059 Deferred income taxes - Pension and other liabilities - ---------- Total liabilities not subject to compromise 9,601 Liabilities Subject to Compromise: Senior Notes - Deferred financing fees - Accrued interest payable on Senior Notes - Accounts payable 1,438 Other payables and accrued liabilities - Pension and other liabilities 3,445 ---------- Total liabilities subject to compromise 4,883 ---------- Total Liabilities 14,484 SHAREHOLDERS' EQUITY (DEFICIT) Equity of subsidiaries - Common stock 1 Capital Surplus/Treasury Stock 70,559 Retained earnings (deficit) (20,043) Minimum pension liability adjustment - Other adjustments - Unearned compensation - ---------- Total Shareholders' Equity (Deficit) 50,517 ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $65,001 ========== WESTPOINT STEVENS, INC., I Statement of Operations Month Ended June 30, 2005 (in thousands) Total sales $2,877 Cost of sales 1,942 ---------- Gross profit 935 Selling and administrative expenses Selling expense 6 Warehousing and shipping 129 Advertising - Division administrative expense - MIS expense - Corporate administrative expense 230 ---------- Total selling and administrative expense 365 Restructuring and impairment charge - Goodwill impairment charge - ---------- Profit/(loss) from operations 570 Interest expense Interest expense - outside - Capitalized interest expense - Interest expense - intercompany - Interest income (1) Interest income - intercompany 669 ---------- Net interest expense (668) Other expense Miscellaneous - Royalties - intercompany 190 Transaction gain/loss - ---------- Total other expense 190 Other income Royalties - intercompany 3,611 Affiliate Income - Dividends - Sale of assets - Miscellaneous - ---------- Total other income 3,611 ---------- Net other expense (3,421) ---------- Income (loss) before reorganization expenses and income taxes (benefit) and extraordinary item 4,659 Reorganization expenses - Income taxes (benefit) 1,630 ---------- Income (loss) before extraordinary item 3,029 Extraordinary item - net of taxes - ---------- Net income (loss) $3,029 ========== WESTPOINT STEVENS, INC., I Statement of Cash Flows Month Ended June 30, 2005 (in thousands) Cash Flows from Operations: Net income (loss) $3,029 Non-cash items Depreciation and amortization expense 112 Changes in Assets and Liabilities Decrease/(increase) -- a/r (customers) - Decrease/(increase) -- a/r (intercompany) (1,025) Decrease/(increase) -- inventories (1,442) Decrease/(increase) -- other current assets - Decrease/(increase) -- other noncurrent assets - Increase/(decrease) -- accounts payable (trade) (98) Increase/(decrease) -- a/p (intercompany) - Increase/(decrease) -- accrued liabilities (506) Increase/(decrease) -- accrued interest payable - Increase/(decrease) -- pension and other liabilities - Increase/(decrease) -- deferred federal income tax - ---------- Total Cash Flows from Operations 70 Cash Flows from Investing Decrease/(increase) -- short term investments - Capital expenditures - Transfers (85) Net proceeds from sale of assets - ---------- Total Cash Flows from Investing (85) Cash Flows from Financing Increase/(decrease) -- DIP credit agreement - Increase/(decrease) -- Senior Notes - ---------- Total Cash Flows from Financing - Beginning Cash Balance 53 Change in Cash (15) ---------- Ending Cash Balance $38 ========== Headquartered in West Point, Georgia, WestPoint Stevens, Inc., -- http://www.westpointstevens.com/-- is the #1 US maker of bed linens and bath towels and also makes comforters, blankets, pillows, table covers, and window trimmings. It makes the Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux brands, as well as the Martha Stewart bed and bath lines; other licensed brands include Ralph Lauren, Disney, and Joe Boxer. Department stores, mass retailers, and bed and bath stores are its main customers. (Federated, J.C. Penney, Kmart, Sears, and Target account for more than half of sales.) It also has nearly 60 outlet stores. Chairman and CEO Holcombe Green controls 8% of WestPoint Stevens. The Company filed for chapter 11 protection on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in their restructuring efforts. (WestPoint Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: WP Stevens Stores' June 2005 Operating Report ---------------------------------------------------------------- WESTPOINT STEVENS STORES, INC. Balance Sheet At June 30, 2005 (in thousands) Assets Current Assets Cash and cash equivalents $1,863 Short-term investments - Accounts receivable - customers 166 Accounts receivable - intercompany 897 Total Inventories 20,671 Prepaid expenses and other current assets 879 ---------- Total current assets 24,476 Total investments & other assets - Goodwill - Property, plant and equipment, net 2,326 ---------- TOTAL ASSETS $26,802 ========== Liabilities and Stockholders' Equity (Deficit) Liabilities Not Subject to Compromise Accounts payable - trade $491 Accounts payable -intercompany - Other payables and accrued liabilities 3,252 Deferred income taxes - Pension and other liabilities - ---------- Total Liabilities Not Subject to Compromise 3,743 ---------- Liabilities Subject to Compromise Accounts payable 1,679 ---------- Total Liabilities 5,422 Shareholders' Equity (Deficit) Equity of subsidiaries - Common stock 1 Capital surplus/Treasury Stock 15,955 Retained earnings (deficit) 5,424 Minimum pension liability adjustment - Other adjustments - Unearned compensation - ---------- Stockholders' Equity (Deficit) 21,380 ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $26,802 ========== WESTPOINT STEVENS STORES, INC. Statement of Operations Month Ended June 30, 2005 (in thousands) Total sales $6,096 Cost of goods sold 3,807 ---------- Gross earnings 2,289 Selling and administrative expenses Selling expenses 1,932 Warehousing and shipping 186 Advertising 306 Division administrative expense 288 MIS expense 55 Corporate administrative expense 84 ---------- Total selling and administrative expense 2,851 Restructuring and impairment charge - Goodwill impairment charge - ---------- Profit/(loss) from operations (562) Interest expense Interest expense - outside - Capitalized interest expense - Interest expense - intercompany 155 Interest income - Interest income - intercompany - ---------- Net interest expense 155 Other expense Miscellaneous - Royalties - intercompany - Transaction gain/loss - ---------- Total other expense - Other income Royalties Intercompany - Dividends - Sale of assets - Miscellaneous - ---------- Total other income - ---------- Net other expense - ---------- Income (loss) before Chapter 11 reorganization expenses and income taxes (benefit) and extraordinary items (717) Chapter 11 reorganization expenses - Income tax expense (benefit) (251) Extraordinary item - net of taxes - ---------- Net Income (loss) ($466) ========== WESTPOINT STEVENS STORES, INC. Statement of Cash Flows Month Ended June 30, 2005 (in thousands) Cash flows from operations: Net income (loss) ($466) Non-cash items Depreciation and amortization 49 Working Capital Changes Decrease/(increase) - a/r (customers) (53) Decrease/(increase) - a/r (intercompany) 475 Decrease/(increase) - inventories (247) Decrease/(increase) - other current assets 221 Decrease/(increase) - other non-current assets - Increase/(decrease) - accounts payable (trade) 143 Increase/(decrease) - a/p (intercompany) - Increase/(decrease) - accrued liabilities 308 Increase/(decrease) - accrued interest payable - Increase/(decrease) - pension & other liabilities - Increase/(decrease) - deferred federal income tax - ---------- Total cash flows from operations 430 Cash flows from investing activities Capital expenditures (71) Transfers (2) Net proceeds from sale of assets - ---------- Total cash flows from investing (73) Cash flows from financing activities Increase/(decrease)- DIP Credit Agreement - ---------- Total cash flows from financing - Beginning cash balance 1,506 Change in cash 357 ---------- Ending cash balance $1,863 ========== Headquartered in West Point, Georgia, WestPoint Stevens, Inc., -- http://www.westpointstevens.com/-- is the #1 US maker of bed linens and bath towels and also makes comforters, blankets, pillows, table covers, and window trimmings. It makes the Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux brands, as well as the Martha Stewart bed and bath lines; other licensed brands include Ralph Lauren, Disney, and Joe Boxer. Department stores, mass retailers, and bed and bath stores are its main customers. (Federated, J.C. Penney, Kmart, Sears, and Target account for more than half of sales.) It also has nearly 60 outlet stores. Chairman and CEO Holcombe Green controls 8% of WestPoint Stevens. The Company filed for chapter 11 protection on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in their restructuring efforts. (WestPoint Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: JP Stevens' June 2005 Monthly Operating Report ----------------------------------------------------------------- J.P. STEVENS & CO., INC. Balance Sheet At June 30, 2005 (in thousands) Assets Current Assets Cash and cash equivalents - Short-term investments - Accounts receivable - customers - Accounts receivable - intercompany $110,749 Total inventories - Prepaid & other current assets - ---------- Total Current assets 110,749 Total investments & other assets 2,697 Goodwill - Property, plant and equipment, net - ---------- TOTAL ASSETS $113,446 ========== Liabilities and Shareholders' Equity (Deficit) Liabilities Not Subject to Compromise: Senior Credit Facility - DIP Credit Agreement - Long-term debt classified as current - Accounts receivable - intercompany - Accrued interest payable - Accounts payable - trade - Accounts payable - intercompany - Other payables and accrued liabilities - Deferred income taxes - Pension and other liabilities - ---------- Total liabilities not subject to compromise - Liabilities Subject to Compromise: Senior Notes - Deferred financing fees - Accrued interest payable on Senior Notes - Accounts payable - Other payables and accrued liabilities - Pension and other liabilities - ---------- Total liabilities subject to compromise - ---------- Total Liabilities - SHAREHOLDERS' EQUITY (DEFICIT) Equity of subsidiaries $10,503 Common stock - Capital Surplus/Treasury Stock - Retained earnings (deficit) 102,943 Minimum pension liability adjustment - Other adjustments - Unearned compensation - --------- Total Shareholders' Equity (Deficit) 113,446 --------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $113,446 ========= J.P. Stevens & Co., Inc., reports no income and cash flow for June 2005. Headquartered in West Point, Georgia, WestPoint Stevens, Inc., -- http://www.westpointstevens.com/-- is the #1 US maker of bed linens and bath towels and also makes comforters, blankets, pillows, table covers, and window trimmings. It makes the Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux brands, as well as the Martha Stewart bed and bath lines; other licensed brands include Ralph Lauren, Disney, and Joe Boxer. Department stores, mass retailers, and bed and bath stores are its main customers. (Federated, J.C. Penney, Kmart, Sears, and Target account for more than half of sales.) It also has nearly 60 outlet stores. Chairman and CEO Holcombe Green controls 8% of WestPoint Stevens. The Company filed for chapter 11 protection on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in their restructuring efforts. (WestPoint Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) WESTPOINT STEVENS: JP Stevens Enterprises' June Operating Report ---------------------------------------------------------------- J.P. STEVENS ENTERPRISES, INC. Balance Sheet At June 30, 2005 (in thousands) Assets Current Assets Cash and cash equivalents $20 Short-term investments - Accounts receivable - customers, net - Accounts receivable - intercompany 18,224 Prepaid expenses and other current assets - ---------- Total current assets 18,244 Total investments & other assets - Goodwill - ---------- TOTAL ASSETS $18,244 ========== Liabilities and Stockholders' Equity (Deficit) Liabilities Not Subject to Compromise: Accounts payable - intercompany - Other payables and accrued liabilities $198 Deferred income taxes - Pension and other liabilities - ---------- Total Liabilities Not Subject to Compromise 198 Liabilities Subject to Compromise - ---------- Total Liabilities 198 Shareholders' Equity (Deficit) Equity of subsidiaries - Common stock 2 Capital surplus/Treasury Stock - Retained earnings (deficit) 18,044 Minimum pension liability adjustment - Other adjustments - Unearned compensation - ---------- Stockholders' Equity (Deficit) 18,046 ---------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $18,244 ========== J.P. STEVENS ENTERPRISES, INC. Statement of Operations Month Ended June 30, 2005 (in thousands) Total sales - Cost of goods sold - ---------- Gross earnings - Selling and administrative expenses Selling expenses - Warehousing and shipping - Advertising - Division administrative expense - MIS expense - Corporate administrative expense - ---------- Total selling and administrative expense - Restructuring and impairment charge - Goodwill impairment charge - ---------- Profit/(loss) from operations - Interest expense Interest expense - outside - Capitalized interest expense - Interest expense - intercompany - Interest income - Interest income - intercompany $89 ---------- Net interest expense (89) Other expense Miscellaneous - Royalties - intercompany - Transaction gain/loss - ---------- Total other expense - Other income Royalties - intercompany 190 Dividends - Sale of assets - Miscellaneous - ---------- Total other income 190 ---------- Net other expense (190) ---------- Income (loss) before Chapter 11 reorganization expenses and income taxes (benefit) and extraordinary items 279 Chapter 11 reorganization expenses - Income tax expense (benefit) 198 Extraordinary item - net of taxes - ---------- Net Income (loss) $81 ========== J.P. STEVENS ENTERPRISES, INC. Statement of Cash Flows Month Ended June 30, 2005 (in thousands) Cash flows from operations: Net income (loss) $81 Non-cash items Depreciation and amortization - Working Capital Changes Decrease/(increase) - a/r (intercompany) (91) Decrease/(increase) - inventories - Decrease/(increase) - other current assets - Decrease/(increase) - other non-current assets - Increase/(decrease) - accounts payable (trade) - Increase/(decrease) - a/p (intercompany) - Increase/(decrease) - accrued liabilities - Increase/(decrease) - accrued interest payable - Increase/(decrease) - pension & other liabilities - Increase/(decrease) - deferred federal income tax - ---------- Total cash flows from operations (10) Cash flows from investing activities Capital expenditures - Net proceeds from sale of assets - ---------- Total cash flows from investing - Cash flows from financing activities Increase/(decrease)- DIP Credit Agreement - ---------- Total cash flows from financing - Beginning cash balance 30 Change in cash (10) ---------- Ending cash balance $20 ========== Headquartered in West Point, Georgia, WestPoint Stevens, Inc., -- http://www.westpointstevens.com/-- is the #1 US maker of bed linens and bath towels and also makes comforters, blankets, pillows, table covers, and window trimmings. It makes the Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux brands, as well as the Martha Stewart bed and bath lines; other licensed brands include Ralph Lauren, Disney, and Joe Boxer. Department stores, mass retailers, and bed and bath stores are its main customers. (Federated, J.C. Penney, Kmart, Sears, and Target account for more than half of sales.) It also has nearly 60 outlet stores. Chairman and CEO Holcombe Green controls 8% of WestPoint Stevens. The Company filed for chapter 11 protection on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J. Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in their restructuring efforts. (WestPoint Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) WINN-DIXIE: Posts $40 Mil. Net Loss for the Period Ended June 29 ---------------------------------------------------------------- Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Balance Sheet At June 29, 2005 (In thousands) ASSETS Current assets: Cash and cash equivalents $62,136 Marketable securities 19,656 Trade and other receivables, net 210,621 Insurance claims receivable 9,814 Income tax receivable 33,966 Merchandise inventories, less LIFO reserve 788,504 Prepaid expenses and other current assets 85,620 ------------ Total current assets 1,210,317 Property, plant and equipment, net 777,405 Other assets, net 117,353 ------------ TOTAL ASSETS $2,105,075 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $272 Current obligations under capital leases 4,046 Accounts payable 96,655 Reserve for self-insurance liabilities 78,891 Accrued wages and salaries 83,996 Accrued rent 25,021 Accrued expenses 100,411 ------------ Total current liabilities 389,292 Reserve for self-insurance liabilities 142,683 Long-term debt 318 Long-term borrowings under DIP Credit Facility 245,003 Obligations under capital leases 11,440 Other liabilities 18,582 ------------ Total liabilities not subject to compromise 807,318 ------------ Liabilities subject to compromise 1,072,530 ------------ Total liabilities 1,879,848 Shareholders' equity: Common stock 141,889 Additional paid-in-capital 32,452 Retained earnings 69,996 Accumulated other comprehensive loss (19,110) ------------ Total shareholders' equity 225,227 ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,105,075 ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Operations Four weeks ended June 29, 2005 (In thousands) Net sales $732,563 Cost of sales 558,687 ------------ Gross profit on sales 173,876 Other operating and administrative expenses 207,954 Restructuring charges 40 ------------ Operating loss (34,118) Interest expense, net 2,276 ------------ Loss from continuing operations before reorganization items and income taxes (36,394) Reorganization items, net 5,225 Income tax expense - ------------ Net loss from continuing operations (41,619) Discontinued operations: Earnings from discontinued operations 987 Gain on disposal of discontinued operations 346 Income tax expense - ------------ Net earnings from discontinued operations 1,333 ------------ NET LOSS ($40,286) ============ Winn-Dixie Stores, Inc., et al. Unaudited Consolidated Statement of Cash Flows Four weeks ended June 29, 2005 (In thousands) Cash flows from operating activities: Net loss ($40,286) Adjustments to reconcile net loss to net cash used in operating activities: Gain on sales of assets (2,120) Reorganization items, net 5,225 Depreciation and amortization 11,405 Stock compensation plans 330 Change in operating assets and liabilities: Trade and other receivables (22,424) Merchandise inventories 31,393 Prepaid expenses and other current assets 17,147 Accounts payable (13,005) Reserve for self-insurance liabilities (525) Lease liability on closed facilities (868) Income taxes receivable (295) Defined benefit plan 823 Other accrued expenses 3,374 Net cash used in operating activities before reorganization items (9,826) Cash effect of reorganization items (5,551) ------------ Net cash used in operating activities (15,377) Cash flows from investing activities: Purchases of property, plant and equipment (355) Increase in investments and other assets 525 Proceeds from sales of assets 17,801 Marketable securities, net (888) ------------ Net cash provided by investing activities 17,083 Cash flows from financing activities: Gross borrowings on DIP Credit Facility 194,705 Gross repayments on DIP Credit Facility (176,712) Principal payments on long-term debt (17) Debt issuance costs (1,883) Principal payments on capital lease obligations (1,496) Other (132) ------------ Net cash provided by financing activities 14,465 Increase in cash and cash equivalents 16,171 Cash and cash equivalents at beginning of period 45,965 ------------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $62,136 ============ 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. 20; 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 ***