/raid1/www/Hosts/bankrupt/TCR_Public/050903.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, September 3, 2005, Vol. 9, No. 209
Headlines
ADELPHIA COMMS: Posts $19.9 Million Net Loss in July 2005
ADELPHIA COMMS: Century/ML's July 2005 Monthly Operating Report
COLLINS & AIKMAN: Posts $7.4 Million Net Loss in July 2005
COLLINS & AIKMAN: C&A Canada's Schedules of Assets & Liabilities
COLLINS & AIKMAN: C&A Products' Schedules of Assets & Liabilities
COLLINS & AIKMAN: Michigan Carpet's Schedules of Assets & Debts
COLLINS & AIKMAN: Southwest Laminate's Schedules of Assets & Debts
COLLINS & AIKMAN: Tennessee Carpet's Schedules of Assets & Debts
COLLINS & AIKMAN: Wickes Asset's Schedules of Assets & Liabilities
COMMERCE ONE: Posts $202,386 Net Loss in July 2005
FRESH CHOICE: Earns $205K of Net Income for Period Ended Aug. 7
FRIEDMAN'S INC: Files July 2005 Monthly Operating Report
SAINT VINCENTS: Files Monthly Operating Report for July 2005
TRENWICK AMERICA: Posts $1.2 Million Net Loss in July 2005
US AIRWAYS: Earns $2.3 Million of Net Income in July 2005
*********
ADELPHIA COMMS: Posts $19.9 Million Net Loss in July 2005
---------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of July 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $290,068
Restricted cash 25,962
Accounts receivables - net 109,856
Other current assets 184,049
-----------
Total current assets 609,935
Restricted cash 3,084
Investments in equity affiliates 227,210
Receivables from non-filing entities 772,666
Property, plant and equipment - net 4,269,707
Intangible assets - net 7,332,194
Other noncurrent assets - net 80,638
-----------
Total Assets $13,295,434
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $96,024
Subscriber advance payments and deposits 30,944
Accrued liabilities 530,435
Deferred income 25,966
Current portion of parent and subsidiary debt 746,872
-----------
Total current liabilities 1,430,241
Other liabilities 34,890
Deferred income 64,972
Deferred income taxes 864,414
-----------
Total noncurrent liabilities 964,276
Liabilities subject to compromise 18,464,637
-----------
Total liabilities 20,859,154
Minority interests in equity of subsidiary 86,432
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,567,026
Accumulated other comprehensive income 28
Accumulated deficit (17,192,214)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (7,650,152)
-----------
Total liabilities and stockholders' equity $13,295,434
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended July 31, 2005
(Dollars in thousands)
Revenue $344,526
Cost and expenses:
Direct operating and programming 209,816
Selling, general and administrative 31,934
Investigation, re-audit and sale transaction costs 1,994
Depreciation and amortization 74,184
Impairment of long-lived assets -
Gains on dispositions of long-lived assets -
-----------
Operating income 26,598
Other income (expense):
Interest expense (46,023)
Impairment of cost & available for sale investments -
Other income (expense) - net 5,954
-----------
Total other expense - net (40,069)
-----------
Loss from continuing operations before
reorganization expenses (13,471)
Reorganization expenses due to bankruptcy (7,090)
-----------
Loss from continuing operations before income taxes (20,561)
Income tax expense -
Share of losses of equity affiliates - net (317)
Minority's interest in subsidiary losses - net 940
-----------
Net loss (19,938)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($19,938)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended July 31, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($19,938)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 74,184
Gains on dispositions of long-lived assets -
Amortization of debt issuance costs 274
Impairment of cost & available for sale investments -
Provision for settlements -
Reorganization expenses due to bankruptcy 7,090
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net 317
Minority interest in losses of subsidiaries (940)
Other noncash gains -
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (4,439)
-----------
Net cash provided by operating activities before
payment of reorganization expenses 56,548
Reorganization expenses paid during the period (4,854)
-----------
Net cash provided by operating activities 51,694
Cash flows from investing activities:
Expenditures for property, plant and equipment (91,606)
Changes in restricted cash 2,218
Other 1,932
-----------
Net cash used in investing activities (87,456)
Cash flows from financing activities:
Proceeds from debt 23,000
Repayments of debt (3,914)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 19,086
Change in cash and cash equivalents cash (16,676)
Cash, beginning of period 306,744
-----------
Cash, end of period $290,068
===========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No.
104; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Century/ML's July 2005 Monthly Operating Report
---------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of July 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $20,739
Subscriber receivables - net 305
Investment in Century-ML Corporation 144,308
Related-party receivables 231
Other current assets 380
--------
Total current assets 165,963
Property, plant and equipment - net 6,003
Intangible assets, net 1,528
--------
Total assets $173,494
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $49
Subscriber advance payments and deposits 91
Accrued expenses and other liabilities 2,919
Intercompany payables 3,222
--------
Total current liabilities 6,281
--------
Long-term accrued and other liabilities
Deferred revenues 116
Deferred income taxes 45
--------
Total non-current liabilities 161
Liabilities subject to compromise:
Accrued expenses and other liabilities 1,279
Intercompany payables 10,683
--------
Total liabilities subject to compromise 11,962
--------
Total liabilities 18,404
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 98,290
--------
Total partners' equity 155,090
--------
Total liabilities and partners' equity $173,494
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended July 31, 2005
(Dollars in thousands)
Revenue $1,104
Cost and expenses:
Direct operating and programming 576
Selling, general and administrative 24
Management fees 43
Non-recurring professional fees -
Depreciation 31
--------
Operating income before reorganization
expenses due to bankruptcy 430
Reorganization expenses due to bankruptcy 84
--------
Operating income 346
Interest income, net 18
Equity in net income of Century-ML Cable
Corporation, net of taxes 1,353
--------
Income before income taxes 1,717
Income tax expense (142)
--------
Net income $1,575
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended July 31, 2005
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,575
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 31
Reorganization expenses due to bankruptcy 84
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (1,353)
Change in assets and liabilities:
Subscriber receivables, net (22)
Prepaid expenses and other assets, net (20)
Accounts payable 103
Subscriber advance payments and deposits -
Accrued expenses and other liabilities (155)
Intercompany receivables and payables - net 88
--------
Net cash provided by operating activities 331
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (27)
--------
Net cash used in investing activities (27)
--------
Change in cash and cash equivalents 304
Cash and cash equivalents, beginning of period 20,435
--------
Cash and cash equivalents, end of period $20,739
========
Century Communications Corporation filed for Chapter 11 protection
on June 10, 2002. Century's case has been jointly administered to
proceedings of Adelphia Communications Corporation. Century
operates cable television services in Colorado, California and
Puerto Rico. CENTURY is an indirect wholly owned subsidiary of
ACOM and an affiliate of Adelphia Business Solutions, Inc.
Lawyers at Willkie, Farr & Gallagher represent CENTURY.
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than
200 affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue No.
104; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Posts $7.4 Million Net Loss in July 2005
----------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of July 31, 2005
ASSETS
Current assets:
Cash $22,070,108
Accounts receivable 106,771,110
Other non-trade receivables 6,155,772
Inventories, net 120,556,060
Tooling and molding, net - current 53,432,382
Prepaids & other current assets 62,939,049
Deferred tax assets - current (87,825)
---------------
Total current assets 371,836,656
Investment in subsidiaries 2,534,708,519
Fixed assets, net 364,265,541
Goodwill, net 978,554,071
Deferred tax assets - long term 25,938,826
Tooling and molding, net-long term 14,169,146
Other noncurrent assets 98,812,267
Intercompany assets 984,319,133
PP IC accounts receivable 26,921,371,399
---------------
TOTAL ASSETS $32,293,975,558
===============
LIABILITIES & EQUITY
Current liabilities:
Notes payable $0
Short term borrowings 109
Advance on receivables 0
Current portion - long term debt 197,461,452
Current portion - capital leases (107,369)
Accounts payable 36,026,301
Accrued interest payable 5,933,384
Accrued & other liabilities 77,300,636
Income taxes payable (4,342,678)
---------------
Total current liabilities 312,271,835
Liabilities subject to compromise
2010 - A/P - trade - prepetition 202,431,717
2014 - A/P - rec'd - not invoiced prepetition 5,999,361
2030 - A/P - prepetition other (40,760,110)
2071 - A/P - tooling 44,733,333
2072 - A/P - capital 1,848,168
2210 - PP Accrued liabilities 129,951,088
2215 - PP Accrued local property tax 1,315,263
2220 - PP Accrued sales & use tax (311,877)
2225 - PP Environmental reserve 34,213,880
2235 - PP restructuring reserve 14,705,327
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 25,585,347,136
2061 - Intercompany S/T loans/notes payable 11,069,801
2910 - Intercompany trade accounts payable 868,536,653
Deferred income taxes 20,831,599
Preferred stock of Products Co. 222,875,520
Other noncurrent liabilities 142,280,054
---------------
Total liabilities subject to compromise 29,488,867,460
---------------
Total Liabilities 29,801,139,295
Total Equity 2,492,836,263
---------------
TOTAL LIABILITIES & EQUITY $32,293,975,558
===============
Collins & Aikman Corporation
Income Statement
Month Ended July 31, 2005
Net outside sales $393,795,041
I/D Net sales 20,857,060
I/G Net sales 4,649,274
---------------
Total sales 419,301,375
Cost of sales 383,059,707
---------------
Gross profit 36,241,668
Selling, general & administrative expense 46,866,467
---------------
Operating income (10,624,800)
Interest expenses 14,640,662
Intercompany interest, net (9,339,570)
Preferred stock accretion 0
Miscellaneous (income)/expense 3,625
Corporate allocation adjustment (5,578,189)
Commission income (237,745)
Royalty income (911,413)
Royalty expense 0
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 362,759
Amount of discount on NPV of liabilities 0
(Gain)/Loss on sale - leaseback transaction 0
---------------
Income from continuing operations before taxes (9,471,842)
Federal income tax (2,089,931)
State income tax 0
Foreign income tax 31,699
---------------
Income from continuing operations (7,413,610)
Discontinued operations 0
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME ($7,413,610)
===============
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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: C&A Canada's Schedules of Assets & Liabilities
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Insurance Policy Interests unknown
B.12 Stock Interests 97,290,718
B.15 Accounts Receivable
Intercompany from:
C&A Canada Holding Co. I 248,136,718
C&A Canada Holding Co. II 2,506,432
TOTAL SCHEDULED ASSETS $347,933,867
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
JPMorgan Chase Bank NA $473,000,000
JPMorgan Chase Bank NA 105,000,000
JPMorgan Chase Bank NA 108,800,000
JPMorgan Chase Bank NA 927,801
JPMorgan Chase Bank NA 575,828
JPMorgan Chase Bank NA 3,378,337
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
BNY Midwest Trust Company 500,000,000
BNY Midwest Trust Company 400,900,000
BNY Midwest Trust Company 20,739,764
BNY Midwest Trust Company 13,429,629
C&A Automotive Canada 13,720
C&A Products Co. 4,181,368
JPMorgan Chase Bank NA unknown
TOTAL SCHEDULED LIABILITIES $1,630,946,447
===============
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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: C&A Products' Schedules of Assets & Liabilities
-----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 6,892
B.2 Bank Account
Wachovia Bank, NA 15,000
Cigna 39,346
JP Morgan/Chase (5,405,185)
JP Morgan/Chase (13,327)
JP Morgan/Chase (69,728)
JP Morgan/Chase (197,907)
Bank One Detroit 107,479
JP Morgan/Chase 4,432,298
JP Morgan/Chase 245,820
Comerica Bank 26,703
JP Morgan/Chase (2,075)
Commercial Paper & Other 12,150
Cigna Gen'l Depository Bank Accts (5,035)
BB&T 29,000
Scotia Bank 7
Bank One 4,500
BB&T - Old Fort Bank 10,000
First One Bank 1,927
Scotia Bank 1,618,711
Scotia Bank 951,568
Variance 266
B.3 Security Deposits
Delivery deposits 24,301
Freudenberg Non-woven Group 156,901
Invista 1,593,557
Martin Color 9,800
Miscellaneous deposits 325,476
Nevada Power Company 2,465
Noveon Inc 18,920
Paper Tube Racks deposits 4,895
Rent Deposits - Japan Office 44,786
Rent Deposits - JPS Greenville 17,167
Rent Deposits - Opburn Bldg 74,746
Utilities services deposits 64,480
B.9 Insurance Policy Interests
Prepaid Insurance 10,623,435
Split Dollar Insurance 102,027
W/C Escrow Payment 300,000
B.10 Annuities unknown
B.11 Interest in Retirement Plans
Prepaid Pension (331,477)
Pension related 132,263
Non qualified SERP 7,188,199
Retirement Benefits 912,471
B.12 Stock Interests
Investments - Miscellaneous 44,122
ACK-TI 123,156,751
Collins & Aikman Holdings Canada Ltd. 10,743,000
Collins & Aikman Turkey 90
FSC 1,000
Collins & Aikman Carpet/TN Acoustics 14,171,737
Collins & Aikman Carpet/MI Acoustics 23,774,158
Collins & Aikman Fabrics Inc. 137,382,727
Southwest Laminates 10,415,000
Carcorp Inc. 51,218,000
Collins & Aikman Interiors 64,426,650
Collins & Aikman Development 15,000,000
Collins & Aikman Canada Domestic Holdings 257,179,721
Wickes Manufacturing 148,193,913
Collins & Aikman Asset Services (17,915,881)
Trim Troy 364,490,552
Gamble Development Company 10,000
Collins & Aikman Properties 14,156,737
WAM Inc. Real Estate 21,729,146
Collins & Aikman International 178,549,643
Collins & Aikman Accessory Mats, Inc. 27,500,100
Dura Convertible Systems, Inc. 987,763
Collins & Aikman Plastics, Inc. 234,055,550
B.13 Interests in Partnership and Joint Ventures
JV Moduko Co. Ltd (31,127)
JV Mobis 4,197,000
B.15 Accounts Receivable
Amco Convertible Fabrics, Inc. 9,143,098
Becker Group, LLC 254,737,442
C&A (Gibraltar) Limited 23,350
C&A Asset Services, Inc. 126,100
C&A Austria 2,178,203
C&A Automotive (Argentina) Inc. 77
C&A Automotive (Asia) Inc. 707,619
C&A Automotive Canada Co. 23,933,838
C&A Automotive Interiors, Inc. 827,954,157
C&A Automotive Internat'l Services, Inc. 5,865,485
C&A Automotive Sys GmbH 1,088,079
C&A Automotive Sys S.L. (Spain) 4,801,002
C&A Canada Domestic Holding Co. 4,182,549
C&A Canada, Inc (Canada) 47,095,593
C&A Carpet & Acoustics (TN) Inc. 155,219,698
C&A de Mexico 987,982
C&A Development Company 133
C&A Europe BV (Netherlands) 7,581,198
C&A Europe S.A. (LUXCO) 185,141,455
C&A Export Corp. 12,079
C&A Fabrics, Inc. 370,075,773
C&A Holdings AB (Sweden) 229
C&A Holdings BV (Netherlands) 68,925,771
C&A Holdings Canada, Inc. 200
C&A Holdings, S.A. de CV (Mexico) 21,064,223
C&A Interiors, Inc. 145,234,277
C&A Luxembours SA (LUXCO2) 10,000
C&A Plastics, Inc. 357,324,304
Carpet & Acoustics S.A. de CV 6,494,503
Dura de Mexico 4,589,168
Gamble Development Company 1,831,073
Hopkins Services, Inc. 31,062,211
Italy FAS 3,140
JPS Automotive, Inc. 236,262,166
New Baltimore Holdings, LLC 5,187,171
Not Used 455
Owosso Thermal Forming, LLC 12,410,751
Rosario Project SA Intercompany 139
Textron Auto Belgium BVBA (Belgium) 173,033
Textron Automotive Germany 1,483,641
Textron Automotive Moravia s.r.o. 1,122,423
Textron Sa de CV (Mex) 47,303,565
Wickes Manufacturing Company 15,933,583
Non-factored accounts receivable 1,946,679
B.17 Other Liquidated Debts
Deferred Lease Financing Fee 1,057,872
Prepaid Miscellaneous - DP Charges 1,007,692
Prepaid Airplane Rent 463,097
Prepaid Fuel 146,140
Prepaid Inventory 1,234,941
Prepaid Maintenance Supplies 421,031
Prepaid Process Materials 164,969
Prepaid Rent 1,404,391
Prepaid Taxes 159,548
Professional deposits 2,960,000
Tooling Inventory 8,640,307
Non-Tooling Inventory 654,425
Other 759
B.19 Contingent and Non-Contingent Interests 102,027
B.20 Other Contingent and Non-liquidated Claims -
B.21 Intellectual Property unknown
B.22 Licenses, Franchises and Other Intangibles
Technology Intangibles 24,000,000
Customer Contracts 40,032,000
Acc. Dep. - Tech. Intangibles (8,965,029)
Acc. Dep. - Customer Contracts (22,075,231)
Software 6,020,372
Accumulated Depreciation (3,424,686)
Other intangibles 301,575
B.26 Office Equipment
Construction in process - Science Center 258,361
Construction in process - St. Clair, MI 2,134,443
Construction in process - Troy, MI 57,602
Furniture and fixtures - Troy, NC 2,574
Furniture and fixtures - Albemarle, NC 64,189
Furniture and fixtures - Old Fort, NC 1,010
Furniture and fixtures - other 8,453
Furniture and fixtures - Science Center 4,435,511
Furniture and fixtures - St. Clair, MI 100
Machinery and equipment - St. Clair, MI 2,824,347
Office furniture and fixtures - other 24,760
Tooling - St. Clair, MI 562,235
B.27 Machinery
Construction in progress - Glen Road 19,288
Construction in progress - Albemarle, NC 69,757
Construction in progress - Old Fort, NC 5,303,268
Machinery & equipment - Albemarle, NC 3,287,059
Machinery & equipment - New Baltimore, MI 839,884
Machinery & equipment - Old Fort, NC 2,168,475
Machinery & equipment - other 80,563
Machinery & equipment - Service Center 2,677,482
Other production equipment - Glen Road 376,221
Other production equipment - Old Fort, NC 111,834
Other production equipment - other 13,496
Software - Albemarle, NC 193,879
B.28 Inventory
Raw Material - Albemarle 1,581,718
Work in Process - Albemarle 2,412,402
Finished Goods - Albemarle 2,152,431
Raw Materials - Farnham 1,031,853
Work in Process - Farnham 1,001,589
Raw Materials - Ingersoll Plant 1,685,240
Work in Process - Ingersoll Plant 85,078
Finished Goods - Ingersoll Plant 519,178
Raw Material - Kitchener 286,871
Work In Progress - Kitchener 110,774
Finished Goods - Kitchener 239,379
Raw Material - St. Clair 196,127
Work in Process - St. Clair 190,813
Finish Goods - St. Clair 387,654
Raw Materials - Glen Road 249,449
Work in Proccess - Glen Road 242,558
Finished Goods - Glen Road 98,552
Raw Materials - Montgomery 175,050
Work in Process - Montgomery 262,718
Finished Goods - Montgomery 166,767
Inventory - Other 152,706
B.30 Crops
GM Project 900 Series 6,200,000
Tooling Costs 1,315,302
Deferred Fees - Subdebt 15,297,011
Deferred Fees - Aug '04 Debt Offer 13,128,696
Deferred Fees - Sept '04 Bank Fees 5,085,162
Deferred Lease Financing Fee 3,817,125
Deferred Fees - 75MM Term B Incr 2,977,055
Deferred Loan Fee - Subdebt 2001 28,699
Deposits 1,562,588
Other assets 11,522,619
Inventory - Operating Supplies 347,444
TOTAL SCHEDULED ASSETS $4,720,070,516
===============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
JPMorgan Chase Bank NA $105,000,000
JPMorgan Chase Bank NA 108,800,000
JPMorgan Chase Bank NA 473,000,000
JPMorgan Chase Bank NA 927,801
JPMorgan Chase Bank NA 575,828
JPMorgan Chase Bank NA 3,378,337
E. Unsecured Priority Claims unknown
F. Unsecured Non-Priority Claims
C&A Accessory Mats, Inc. 81,445,624
C&A Auto Interior Systems Europe Ltd. 11,248,816
C&A Automotive Exteriors, Inc. 1,375,131,557
C&A Automotive Floormats Europe, BV 1,207,700
C&A Automotive Systems AB 1,253,574
C&A Carpet & Acoustics (MI) Inc. 224,308,129
C&A Intellimold, Inc. 2,331,803
C&A International Corp. 161,810,683
C&A Mobis, LLC 1,841,939
C&A Properties, Inc. 157,074,130
Carcorp, Inc. 104,674,322
Collins & Aikman Corporation 206,452,106
Dura Convertible Systems, Inc. 54,970,413
SAF Services Corp. 31,497,563
Servitop 5,159,741
Southwest Laminates, Inc. 66,709,906
Michigan Department of Treasury 2,590,000
Unum Life Insurance Co. 2,048,030
Wickes Asset Management, Inc. 13,645,907
BNY Midwest Trust Company 500,000,000
BNY Midwest Trust Company 20,739,764
BNY Midwest Trust Company 400,900,000
BNY Midwest Trust Company 13,429,629
Others 54,473,244
TOTAL SCHEDULED LIABILITIES $4,186,626,546
===============
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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Michigan Carpet's Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable
Intercompany from:
C&A Automotive Interiors 3,850
C&A Fabrics, Inc. 7,957
C&A Plastics, Inc. 42,888
C&A Products Co. 224,308,129
Note Receivable 25,000
TOTAL SCHEDULED ASSETS $224,387,824
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Carcorp, Inc. unknown
Chase Manhattan Bank unknown
CIT Communications Finance Corporation unknown
General Electric Capital Corporation unknown
IRS Collection Support Branch Organization unknown
JPMorgan Chase Bank NA $105,000,000
JPMorgan Chase Bank NA 108,800,000
JPMorgan Chase Bank NA 473,000,000
JPMorgan Chase Bank NA 927,801
JPMorgan Chase Bank NA 575,828
JPMorgan Chase Bank NA 3,378,337
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
BNY Midwest Trust Company 500,000,000
BNY Midwest Trust Company 400,900,000
BNY Midwest Trust Company 13,429,629
BNY Midwest Trust Company 20,739,764
C&A Accessory Mats, Inc. 19,594,089
C&A Carpet & Assoustics (TN), Inc. 200,548,505
Carpet & Acoustics SA de CV 32,223
JPS Automotive, Inc. 1,729
JPMorgan Chase Bank unknown
TOTAL SCHEDULED LIABILITIES $1,846,927,905
===============
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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Southwest Laminate's Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 159
B.3 Security Deposits
Prepaid Deposits - Returnable Containers 9,949
Prepaid Leases 23,586
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable
Intercompany from:
C&A Exteriors, Inc. 1,800
C&A Products Co. 66,709,906
Trade Receivables 13,289,526
B.26 Office Equipment 11,516
B.27 Machinery
1825 - Machinery & Equipment 2,167,202
1845 - CIP 22,246
B.28 Inventory
Finished Goods Location - 1520 5,585,138
Raw Materials Location - 1370 124,822
B.33 Others 201,447
TOTAL SCHEDULED ASSETS $88,147,297
============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
JPMorgan Chase Bank NA $105,000,000
JPMorgan Chase Bank NA 927,801
JPMorgan Chase Bank NA 108,800,000
JPMorgan Chase Bank NA 575,828
JPMorgan Chase Bank NA 473,000,000
JPMorgan Chase Bank NA 3,378,337
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
C&A Fabrics, Inc. 88,478,872
BNY Midwest Trust Company 500,000,000
BNY Midwest Trust Company 400,900,000
BNY Midwest Trust Company 20,739,764
BNY Midwest Trust Company 13,429,629
Others 686,565
TOTAL SCHEDULED LIABILITIES $1,715,916,795
===============
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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Tennessee Carpet's Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 1,200
B.2 Bank Account 47,754
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable
Intercompany from:
C&A Automotive Canada Co. 17,856
C&A Automotive Exteriors, Inc. 6,000
Carpet & Acoustics (MI), Inc. 200,548,505
Carcorp, Inc. 2,325,705
Dura Convertible Systems, Inc. 609
Hopkins Services, Inc. 395
JPS Automotive, Inc. 48,446
B.17 Other Liquidated Debts 462,525
B.26 Office Equipment 12,150
B.27 Machinery
CIP Springfield Plant 1,374,205
Machinery & Equipment (Springfield Plant) 5,663,834
Maintenance Supplies Inventory (Springfield) 32,244
B.28 Inventory
Inv - Finished Goods 581,774
Inv - Raw Materials 993,535
Inv - Reserve for Old & Obsolete RM (109,937)
Inv - Work in Process 25,721
B.33 Others 215,357
TOTAL SCHEDULED ASSETS $212,247,876
=============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
Carcorp, Inc. unknown
Chase Manhattan Bank unknown
CIT Communications Finance Corporation unknown
General Electric Capital Corporation unknown
IRS Collection Support Branch Organization unknown
JPMorgan Chase Bank NA $105,000,000
JPMorgan Chase Bank NA 108,800,000
JPMorgan Chase Bank NA 473,000,000
JPMorgan Chase Bank NA 927,801
JPMorgan Chase Bank NA 575,828
JPMorgan Chase Bank NA 3,378,337
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Becker Group, LLC 1,072,091
BNY Midwest Trust Company 500,000,000
BNY Midwest Trust Company 400,900,000
BNY Midwest Trust Company 20,739,764
BNY Midwest Trust Company 13,429,629
C&A Accessory Mats, Inc. 42,015,574
C&A Products Co. 155,219,698
Others 3,383,544
TOTAL SCHEDULED LIABILITIES $1,828,442,266
===============
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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Wickes Asset's Schedules of Assets & Liabilities
------------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.3 Security Deposits 2,100
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable
Intercompany from:
C&A Products Co. 13,645,846
Gamble Development Company 11,869
Wickes Manufacturing Company 104,253
Hopkins Services, Inc. 9,311,033
Net accounts - Tenants 33,583
B.33 Others 23,365
TOTAL SCHEDULED ASSETS $23,132,048
============
C. Property Claimed as Exempt Not applicable
D. Secured Claims
JPMorgan Chase Bank NA $473,000,000
JPMorgan Chase Bank NA 108,800,000
JPMorgan Chase Bank NA 105,000,000
JPMorgan Chase Bank NA 3,378,337
JPMorgan Chase Bank NA 927,801
JPMorgan Chase Bank NA 575,828
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Afi Mgmt 27,865
Bellsouth 52
BNY Midwest Trust Company 500,000,000
BNY Midwest Trust Company 20,739,764
BNY Midwest Trust Company 400,900,000
BNY Midwest Trust Company 13,429,629
Brandon Associates Corp. 15,493
C&A Products Co. 15,933,579
Equity One, Inc. 42,218
Gamble Development Company 652
Helen Ervin 104
JPMorgan Chase Bank NA unknown
Mclaurin Mart 6,473
SAF Services Corp. 2,159,185
Utility Payment Processing 83
Wickes Asset Management, Inc. 104,253
TOTAL SCHEDULED LIABILITIES $1,645,041,316
===============
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. 13; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COMMERCE ONE: Posts $202,386 Net Loss in July 2005
--------------------------------------------------
On August 26, 2005, Commerce One, Inc. (n/k/a CO Liquidation,
Inc.) filed its monthly operating report for the month ending July
31, 2005, with the United States Bankruptcy Court for the Northern
District of California.
The Company posted a $202,386 net loss on zero sales for July
2005.
At July 31, 2005, Commerce One's balance sheet showed:
Current Assets $13,311,056
Total Assets 13,311,056
Current Liabilities 207,546
Total Liabilities 7,071,498
Total Stockholder's Equity 6,239,558
A full-text copy of Commerce One's July 2005 Monthly Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?145
Headquartered in San Francisco, California, Commerce One, Inc.
(n/k/a CO Liquidation, Inc.) -- http://www.commerceone.com/--
provides software services that enable businesses to conduct
commerce over the Internet. Commerce One, Inc., and its wholly
owned subsidiary, Commerce One Operations, Inc., filed for chapter
11 protection on Oct. 6, 2004 (Bankr. N.D. Calif. Case Nos. 04-
32820 and 04-32821). Doris A. Kaelin, Esq., and Lovee Sarenas,
Esq., at Murray and Murray, represent the Debtors in their
restructuring efforts. When the Debtors filed for bankruptcy,
they listed $14,531,000 in total assets and $12,442,000 in total
debts. As of December 2, 2004, Commerce One estimates that its
liabilities owed to creditors total approximately $9.7 million,
including approximately $5.1 million owed to ComVest. The Company
expects that total liabilities will continue to increase over
time.
FRESH CHOICE: Earns $205K of Net Income for Period Ended Aug. 7
---------------------------------------------------------------
On Aug. 23, 2005, Fresh Choice, Inc., filed its monthly operating
report for the four-week period ended Aug. 7, 2005, with the
United States Bankruptcy Court for the Northern District of
California.
The Company reported a $205,456 net income in $4,657,669 of gross
sales for the four-week period ended Aug. 7, 2005.
At Aug. 7, 2005, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $3,058,426
Total Assets 17,210,490
Current Liabilities 6,118,431
Total Prepetition Liabilities 10,914,612
Total Liabilities 18,520,323
Total Stockholders' Equity Deficit ($1,309,833)
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Aug. 7, 2005, is available at no charge at:
http://ResearchArchives.com/t/s?125
Headquartered in Morgan Hill, California, Fresh Choice, Inc. --
http://www.freshchoice.com/-- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub P.C. represents
the Debtor in its restructuring efforts. When the Debtor filed
for protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
FRIEDMAN'S INC: Files July 2005 Monthly Operating Report
--------------------------------------------------------
On Aug. 29, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period from
July 3, 2005, through July 30, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.
At July 30, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports show:
Beginning Cash Balance ($1,047,365)
Total Cash Receipts 30,635,753
Total Cash Disbursements 29,736,616
Ending Cash Balance ($148,228)
A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended July 30, 2005, is
available at no charge at http://ResearchArchives.com/t/s?14e
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.
SAINT VINCENTS: Files Monthly Operating Report for July 2005
------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of July 31, 2005
ASSETS
Cash & Cash Equivalents $1,083,690
Investments 7,193,057
Patients Accounts Receivable,
less allowance for doubtful accounts 213,277,566
Accounts Receivable 34,494,549
Other Current Assets 42,045,000
--------------
Total Current Assets 298,093,862
--------------
Other:
Depreciation Reserve Funds &
Collaterized Assets 91,830,529
Assets Designated for Self-Insurance
Investments at Market 47,343,931
Assets whose use is limited -
Investments at Market 63,525,867
Other Non-Current Assets 11,918,032
Land, Buildings & Equipment
Net of Accumulated Depreciation 295,794,060
--------------
Total Assets $808,506,281
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan $14,124,000
Accounts Payable & Accrued Expenses 234,534,471
Estimated Retroactive Payables to
Third Parties, net 98,726,573
Long-term Debt 329,806,278
Long-term Debt, excluding current installments 18,221,542
Estimated Liability for Self-Insurance 140,912,516
Other Liabilities 92,236,546
--------------
Total Liabilities Subject to Compromise 928,561,926
--------------
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 58,926,700
Accounts Payables & Accrued Expenses 29,567,417
--------------
Total Liabilities 1,017,116,043
Net Assets:
Unrestricted (263,840,189)
Temporarily Restricted 30,849,427
Permanently Restricted 24,381,000
--------------
Total Net Assets (208,609,762)
--------------
Total Liabilities & Net Assets $808,506,281
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From July 5 to July 31, 2005
Operating Revenue
Inpatient $60,231,988
Outpatient 22,303,381
Patient Service Revenue 82,535,368
Less Provision for Bad Debt 13,664,340
Net Patient Service Revenue 68,871,029
Pool Revenue 3,131,681
Capitation 6,733,377
Other 8,131,985
--------------
Total Operating Revenue 86,868,071
Operating Expenses:
Salaries and Wages 43,417,995
Fringe Benefits 11,955,746
Supplies and Other 25,253,450
Insurance 4,023,794
--------------
Total Direct Operating Costs 84,650,984
--------------
Salaries and Wages 2,850,087
Fringe Benefits 799,709
Supplies and Other 5,645,312
--------------
Total Corporate Allocated 9,295,108
--------------
Total Operating Expense 93,946,092
--------------
Interest 1,619,625
Depreciation 3,199,366
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (11,897,011)
Non-Recurring and/or Unusual Items:
St. Mary's Op Pac Rate Adjustment 2,711,323
ZBEC/HFE Recoveries 734,781
Restructuring & Bankruptcy Related Costs (1,279,019)
--------------
Total Non-Recurring and/or Unusual Items 2,167,085
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (9,729,926)
--------------
Non-Operating Revenue 519,106
Change in Temporary Restricted Net Assets 373,250
--------------
Change in Net Assets ($8,837,570)
--------------
EBITDA ($7,078,020)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From July 5 to July 31, 2005
Cash Flows from Operation Activities:
Changes in Net Assets ($8,837,570)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Change in Net Assets from July 1 to July 4, 2005 (1,364,566)
Depreciation & Amortization 3,199,368
Change in Unrealized Gains & Losses 227,000
Change in Patient's Accounts Receivable 5,818,130
Change in Accounts Receivables, Other (1,075,305)
Change in Prepaid Expenses & Other (5,504,000)
Change in Other Non-Current Assets 13,054
Change in Accounts Payable &
Accrued Exp-Prepetition 854,687
Change in Accounts Payable &
Accrued Exp-Postpetition 29,681,408
Change in Accrued Salaries & P/R Taxes (1,709,463)
Change in Est. Retro rec/pay
from/to third parties (671,174)
Change in Est. Liability for self-insurance 2,557,275
Change in Other Non-Current Liabilities 2,083,074
--------------
Net Cash Provided by Operating Activities 25,271,918
Cash flows From Investment Activities:
Sale of Investments, Net 401,182
(Purchase) of Assets Whose Use is Limited (5,817,651)
Acquisition/Sale of Land, Building,
& Equipment 114,436
--------------
Net Cash Provided by Investing Activities (5,302,033)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan (14,370,000)
Net Cash (Used) in Financing Activities (14,370,000)
Net Increase (Decrease)
in Cash & Cash Equivalents 5,599,885
Cash & Cash Equivalents at Beginning of Month (4,516,196)
--------------
Cash & Cash Equivalents at End of the Month $1,083,690
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, represent the Debtors in their restructuring efforts.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
TRENWICK AMERICA: Posts $1.2 Million Net Loss in July 2005
----------------------------------------------------------
On Aug. 24, 2005, Trenwick America Corporation filed its monthly
operating report for the month ended July 31, 2005, and the period
from Aug. 20, 2003, to July 31, 2005, with the United States
Bankruptcy Court for the District of Delaware.
Trenwick posts a $1,236,923 net loss in July 2005, and a
cumulative $119,887,559 loss for the period from Aug. 20, 2003, to
July 31, 2005.
At July 31, 2005, Trenwick America's balance sheet showed:
Total Current Assets $54,892,380
Total Assets 185,237,430
Total Prepetition Debts 288,386,386
Total Liabilities 292,136,819
Net Owner Equity Deficit ($106,899,390)
A full-text copy of Trenwick America's July 2005 Monthly Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?124
Headquartered in Stamford, Connecticut, Trenwick America
Corporation is a holding company for operating insurance companies
in the United States. The Company filed for chapter 11 protection
on August 20, 2003 (Bankr. Del. Case No. 03-12635). Christopher
S. Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby &
Geddes, and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D.
Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in
their restructuring efforts. As of June 30, 2003, the Debtor
listed approximate assets of $400,000,000 and debts of
$293,000,000.
On Aug. 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings
Limited also filed insolvency proceedings in the Supreme Court of
Bermuda. On Aug. 22, 2003, the Bermuda Court granted an order
appointing Michael Morrison and John Wardrop, partners of KPMG in
Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint
Provisional Liquidators in respect of TGL and LaSalle.
The Bermuda Court granted the JPLs the power to oversee the
continuation and reorganization of these companies' businesses
under the control of their boards of directors and under the
supervision of the U.S. Bankruptcy Court and the Bermuda Court.
US AIRWAYS: Earns $2.3 Million of Net Income in July 2005
---------------------------------------------------------
US Airways Group, Inc.
Consolidated Balance Sheet
At July 31, 2005
(in thousands)
Current Assets:
Cash and cash equivalents $489,653
Restricted cash 131,218
Receivables, net 321,329
Materials and supplies, net 179,589
Prepaid expenses and other 179,322
------------
Total Current Assets 1,301,111
Property and Equipment:
Flight equipment 2,744,258
Ground property and equipment 366,523
Less accumulated depreciation and amortization (389,053)
------------
2,721,728
Purchase deposits for flight equipment 72,494
------------
Total Property and Equipment 2,794,222
Other Assets:
Goodwill 2,489,638
Other intangibles, net 515,103
Restricted cash 591,706
Other assets, net 80,678
------------
Total Other Assets 3,677,125
------------
Total Assets $7,772,458
============
Current Liabilities:
Current maturities of debt and
capital lease obligations $856,955
Accounts payable 407,126
Traffic balances payable and unused tickets 978,288
Accrued aircraft rent 60,769
Accrued salaries, wages and vacation 167,984
Other accrued expenses 344,742
------------
Total Current Liabilities 2,805,864
Noncurrent Liabilities and Deferred Credits:
Long-term debt and capital lease
obligations, net of current maturities 75,715
Deferred gains and credits, net 161,413
Postretirement benefits other than pensions 1,906
Employee benefit liabilities and other 241,887
------------
Total Noncurrent Liabilities and Deferred Credits 480,921
Liabilities Subject to Compromise 5,145,517
Commitments and Contingencies
Stockholders' Equity:
Class A Common Stock 50,616
Class B Common Stock 5,000
Paid-in capital 410,522
Accumulated deficit (1,126,177)
Common stock held in treasury, at cost (2,815)
Deferred compensation (5,819)
Accumulated other comprehensive income 8,829
------------
Total Stockholders' Deficit (659,844)
------------
Total Liabilities & Stockholders' Equity $7,772,458
============
US Airways Group, Inc.
Consolidated Statement of Operations
Month ended July 31, 2005
(in thousands)
Operating Revenues:
Passenger transportation $622,484
Cargo and freight 8,389
Other 47,413
------------
Total Operating Revenues 678,286
Operating Expenses:
Personnel costs 139,014
Aviation fuel 161,031
US Airways Express capacity purchases 76,006
Aircraft rent 42,441
Other rent and landing fees 43,056
Selling expenses 30,714
Aircraft maintenance 34,967
Depreciation and amortization 17,656
Other 99,838
------------
Total Operating Expenses 644,723
Operating Income 33,563
Other Income (Expense):
Interest income 1,631
Interest expense, net (23,617)
Reorganization items, net (7,243)
Other, net (1,993)
------------
Other Income (Expense), Net (31,222)
Income Before Income Taxes 2,341
Income Tax Benefit 0
------------
Net Income $2,341
============
US Airways Group, Inc.
Consolidated Statement of Cash Flows
Month ended July 31, 2005
(in thousands)
Net cash used for operating activities
before reorganization items ($135,961)
Reorganization items, net (10,530)
------------
Net cash used for operating activities (146,491)
Cash flows from investing activities:
Capital expenditures and purchase deposits
for flight equipment, net (2,844)
Proceeds from dispositions of property 654
Increase in restricted cash 70,080
------------
Net cash provided by investing activities 67,890
Cash flows from financing activities:
Proceeds from debt 21,118
Proceeds from DIP Financing 0
Principal payments on long-term debt
and capital lease obligations (9,484)
------------
Net cash used for financing activities 11,634
Net decrease in Cash and cash equivalents (66,967)
------------
Cash and cash equivalents at beginning of period 556,620
------------
Cash and cash equivalents at end of period $489,653
============
US Airways and its subsidiaries filed another chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors
in their restructuring efforts. In the Company's second
bankruptcy filing, it lists $8,805,972,000 in total assets and
$8,702,437,000 in total debts. (US Airways Bankruptcy News, Issue
No. 103; 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.
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