/raid1/www/Hosts/bankrupt/TCR_Public/050924.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 24, 2005, Vol. 9, No. 227
Headlines
ANCHOR GLASS: Container Files Schedules of Assets & Debts
AURA SYSTEMS: Posts $101,265 Net Loss in June 2005
AURA SYSTEMS: Posts $512,209 Net Loss in July 2005
COLLINS & AIKMAN: Asset Services' Schedules of Assets & Debts
COLLINS & AIKMAN: Automotive Exteriors' Sched. of Assets & Debts
COLLINS & AIKMAN: Automotive Interiors' Sched. of Assets & Debts
COLLINS & AIKMAN: C&A Development's Schedule of Assets & Debts
COLLINS & AIKMAN: C&A Europe's Schedules of Assets & Debts
COLLINS & AIKMAN: Comet Acoustics' Schedules of Assets & Debts
COLLINS & AIKMAN: CW Management's Schedules of Assets & Debts
COLLINS & AIKMAN: Dura Convertible's Schedules of Assets & Debts
FGI GROUP: Files Monthly Operating Report for August 2005
FOAMEX INT'L: July 3 Balance Sheet Upside-Down by $383.7 Million
KEYSTONE CONSOLIDATED: Posts $4.3 Million Net Loss in June 2005
OWENS CORNING: Posts $17 Million Net Loss in June 2005
OWENS CORNING: Posts $6 Million Net Loss in July 2005
RELIANCE GROUP: Posts $1.8 Million Net Loss in August 2005
ROBOTIC VISION: Posts $1 Million Net Loss in July 2005
SONICBLUE INC: Files July 2005 Monthly Operating Report
UAL CORP: Posts $29.7 Million Net Loss in August 2005
WESTPOINT STEVENS: Post $40.9 Million Net Loss at Aug. 7
XYBERNAUT CORP: Posts $513,514 Net Loss in August 2005
*********
ANCHOR GLASS: Container Files Schedules of Assets & Debts
---------------------------------------------------------
A. Real Property
Glass Container Manufacturing Facilities
Winchester $3,277,307
Salem 8,778,419
Jacksonville 7,665,186
Shakopee 6,699,149
Warner Robins 14,753,961
Henryetta 4,360,202
Elmira 5,022,051
Lawrenceburg 5,904,054
Streator 1,129,689
Closed Facilities
Connellsville 964,294
Keyser 819,808
Land - Gas City 200,000
B. Personal Property
B.1 Cash on hand 45,400
B.2 Bank Accounts
Concentration Accounts
Bank of America 1,314,805
Wachovia Bank - Jacksonville 501
Lockbox Account
Bank of America - St. Louis 16,557
Wachovia Bank - Atlanta 3,758,236
Bank Account
Bank of America - Tampa 29,379
Sun National Bank 24,814
Others 5,140
B.3 Security Deposits
GMP and Employers Pension Plan 450,000
Pepco Energy Services 300,000
Norfolk Southern 50,000
Pan Handle Eastern 42,000
Consolidated Rail 40,000
Hydra/Gateway Warehouse 35,750
Commonwealth Edison 20,011
UPS Southeast Region Credit 23,875
Madison Warehouse 15,000
Airborne Express 10,000
Mobilecom 6,000
Others 47,228
Insurance Related Deposits
Travelers St. Paul 362,000
Blue Cross Blue Shield 11,542
Northbrook 5,000
Federal Insurance Company 380,000
CIGNA 91,000
Professional Fee Retainers 600,000
Prepaid Rent 240,273
B.4 Household goods 0
B.5 Books, art work & collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and sporting goods 0
B.9 Interests in Insurance Policies
Massachussets Mutual Life Insurance 1,770,007
B.10 Annuities 0
B.11 Interests in pension plans 0
B.12 Stock and interests in businesses 0
B.13 Interests in partnerships 0
B.14 Bonds 0
B.15 Accounts Receivable
Trade Receivables 49,910,081
Allowance for doubtful accounts (316,462)
Miscellaneous Receivables 436,631
B.16 Alimony 0
B.17 Other liquidated debts owing 0
B.18 Equitable or future interests 0
B.19 Contingent and non-contingent interests 0
B.20 Other contingent and unliquidated claims 0
B.21 Intellectual Property Unknown
B.22 Other Intangibles Unknown
B.23 Automobiles 0
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment 0
B.27 Machinery and Equipment
Machinery and Equipment 343,090,895
Other Equipment 8,509,377
Construction in progress 5,647,740
Capital lease equipment 20,407,447
Buildings 73,708
B.28 Inventory
Finished Goods 99,678,776
Raw Materials 20,654,219
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other Personal Property
Prepaid freight on inventory 4,873,285
Note receivable from Pabst Brewing 2,500,000
Insurance Recovery receivable 1,139,243
Contract advance payments 775,978
Services Agreement receivable 859,488
Vendor rebate - long term receivable 448,655
Receivable for purchased facility insurance 149,013
Less reserves (2,760,000)
TOTAL SCHEDULED ASSETS $625,346,713
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
The Bank of New York 371,232,342
Congress Financial Corporation 50,431,417
Federal Insurance Company 11,897,536
Travelers Indemnity Company 2,302,581
Madeleine LLC 15,496,333
National City Bank for Zanesville 9,676,344
St. Paul Travelers c/o Bank of America 403,971
E. Unsecured Priority Claims
Wages salaries and commissions 8,916,621
Taxes and other debts owed to govt. units 4,195,051
F. Unsecured Non-priority Claims
Trade payables unsecured non-priority claims
BL Intermodeal LLC 616,129
Geary Energy LLC 756,274
King Industries 616,187
OCI Chemical Corporation 2,610,865
Owens-Brockway Glass Container 587,615
Packaging Dimensions - Fibre 1,109,823
Pepco Energy Services, Inc. 835,009
7-Quest Industries, LLC 514,829
South Jersey Gas Company 1,114,390
Special Shapes Refractory Company 765,659
Ultra Logistics 598,906
Unimin Corporation 1,184,534
Others 30,064,527
Other trade payables unsecured
non-priority claims 3,211,236
Benefit related unsecured
non-priority claims 766,200
Other unsecured non-priority claims
Cananwill, Inc. 297,720
City of Jacksonville 280,319
Imperial Premium Finance, Inc. 325,608
Pension Benefit Guaranty Corporation 56,269,575
TOTAL SCHEDULED LIABILITIES $577,077,601
=============
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. (Anchor Glass Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
AURA SYSTEMS: Posts $101,265 Net Loss in June 2005
--------------------------------------------------
On Sept. 15, 2005, Aura Systems, Inc., filed its monthly operating
report for the month of June 2005, with the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division.
The Company reported a $101,265 net loss in $16,006 of gross sales
for the month of June 2005.
At June 30, 2005, Aura System, Inc.'s balance sheet shows:
Current Assets $11,278,045
Total Assets 17,943,054
Total Postpetition Liabilities 94,930
Total Prepetition Liabilities 15,745,928
Total Liabilities 15,840,858
Total Stockholders' Equity $2,102,195
A full-text copy of Aura Systems, Inc.'s June 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?1ba
Headquartered in El Segundo, California, Aura Systems, Inc.
-- http://www.aurasystems.com/-- develops and sells AuraGen(R)
mobile induction power systems to the industrial, commercial and
defense mobile power generation markets. The Company filed for
chapter 11 protection on June 24, 2005 (Bankr. C.D. Calif. Case
No. 05-24550). Ron Bender, Esq., at Levene Neale Bender Rankin &
Brill LLP, represent the Debtor in its restructuring efforts.
When the Debtor filed for bankruptcy, it reported $18,036,502 in
assets and $28,919,987 in debts.
AURA SYSTEMS: Posts $512,209 Net Loss in July 2005
--------------------------------------------------
On Sept. 15, 2005, Aura Systems, Inc., filed its monthly operating
report for the month of July 2005, with the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division.
The Company reported a $512,209 net loss in $127,019 of gross
sales for the month of July 2005.
At July 31, 2005, Aura System, Inc.'s balance sheet shows:
Current Assets $11,961,131
Total Assets 18,540,933
Total Postpetition Liabilities 1,459,463
Total Prepetition Liabilities 15,491,484
Total Liabilities 16,950,947
Total Stockholders' Equity $1,589,933
A full-text copy of Aura Systems, Inc.'s July 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?1bb
Headquartered in El Segundo, California, Aura Systems, Inc.
-- http://www.aurasystems.com/-- develops and sells AuraGen(R)
mobile induction power systems to the industrial, commercial and
defense mobile power generation markets. The Company filed for
chapter 11 protection on June 24, 2005 (Bankr. C.D. Calif. Case
No. 05-24550). Ron Bender, Esq., at Levene Neale Bender Rankin &
Brill LLP, represent the Debtor in its restructuring efforts.
When the Debtor filed for bankruptcy, it reported $18,036,502 in
assets and $28,919,987 in debts.
COLLINS & AIKMAN: Asset Services' Schedules of Assets & Debts
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Insurance Policy Interests unknown
B.12 Stock Interests
Investment in Elco-183 1,342,662
Investment in Hopkins-354 3,767,065
Investment in Wickes Mfg.-169 12,680,154
Others unknown
TOTAL SCHEDULED ASSETS $17,789,881
============
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
The Chase Manhattan Bank unknown
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 Products Co. 126,097
JPMorgan Chase Bank unknown
TOTAL SCHEDULED LIABILITIES $1,626,877,456
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Automotive Exteriors' Sched. of Assets & Debts
----------------------------------------------------------------
A. Real Property
25 acres w/ 187,360 sq ft bldg., Indiana $350,210
7.48 acres w/ 87,400 sq ft bldg., Michigan 557,988
20 acres w/ 202,323 sq ft bldg., Illinois 914,563
B. Personal Property
B.1 Cash on Hand 14,769
B.2 Bank Account 3,636
B.3 Security Deposits
Prepaid Payroll, Rantoul 620,082
Prepaid Misc., Rantoul (72,011)
Prepaid Taxes, New Baltimore - SHO 35,758
Prepaid Rents, New Baltimore - SHO 76,987
Prepaid Misc., New Baltimore - SHO 381,809
Prepaid Misc., Trim Troy 836,448
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable
C&A Automotive (Asia) Inc. 151,032
C&A Automotive Systems AB 722
C&A Europe S.A. (LUXCO) 5,054,666
C&A Holdings, S.A. de CV (Mexico) 819,711
C&A Intellimold, Inc. 396,444
C&A Mobis, LLC 394,815
C&A Products Co. 1,375,131,576
Carcorp, Inc. 19,168,293
Comet Acoustics, Inc. 1,311
Plascar Participacoes Industriaia SA 30,647
Textron Automotive BV (Netherlands) 1,791,361
Textron Automotive Germany 13,378
B.17 Other Liquidated Debts 49,681
B.22 Licenses, Franchises and Other Intangibles 239,516
B.23 Vehicles and Accessories 0
B.26 Office Equipment
Furniture & Fixtures, Morristown 3,932
Furniture & Fixtures, Rantoul 40,375
Misc Office Equip - SHO 10,323
Misc Computer Equip - SHO 30,572
Misc Software SHO 62,149
B.27 Machinery 42,167,861
B.28 Inventory
Components, Morristown 830,567
Finished Goods, Morristown 11,844
Finished Goods, New Baltimore - SHO 573,063
Finished Goods, Rantoul 1,713,716
Interco in Transit, New Baltimore - SHO 59,847
Packaging, Morristown 104,099
Paint, Morristown 128,523
Raw Materials, Rantoul 6,161,480
Raw Materials, New Baltimore - SHO 1,274,515
Resins, Morristown 957,913
Work in Process, New Baltimore - SHO 191,974
Work in Process, Rantoul 1,322,067
B.33 Others
Building & Land Improvements
Morristown 3,274,268
New Baltimore - SHO 5,112,667
Buildings, Rantoul 12,439,268
TOTAL SCHEDULED ASSETS $1,483,434,415
===============
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
Becker Group, LLC 204,393,729
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
Brown Corp. of America 2,537,502
Brown Corp. of Moberly, Inc. 1,922,264
C&A Automotive Canada Co. 67,074,998
C&A Automotive Interiors, Inc. 697,379,677
C&A Automotive Int'l Svcs., Inc. 5,494,695
C&A Plastics, Inc. 81,526,009
Exxon Chemicals 1,168,966
HS Die & Engineering TL 1,981,898
JPMorgan Chase Bank NA unknown
JPS Automotive, Inc. 298,663,993
Owosso Thermal Forming, LLC 5,575,330
Textron SA De CV (Mexico) 1,820,504
Vericorr Packaging LLC 1,427,263
Others 228,094,393
TOTAL SCHEDULED LIABILITIES $3,021,418,851
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Automotive Interiors' Sched. of Assets & Debts
----------------------------------------------------------------
A. Real Property
Land & Building - Farmington, NH $383,798
Land & Building - Columbia, OH 834,230
Land & Building - Athens, TN 1,090,962
Port Huron 1,028,023
B. Personal Property
B.1 Cash on Hand 27,000
B.2 Bank Account 2,500
B.3 Security Deposits 2,021,480
B.9 Insurance Policy Interests unknown
B.11 Interest in Retirement Plans unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable
Becker Group, LLC 5,371,947
C&A Auto Holding GmbH (Germany) 216,948
C&A Automotive Canada Co. 10,843,695
C&A Automotive Exteriors, Inc. 697,379,677
C&A Carpet & Acoustics (TN) Inc. 400,815
C&A Holdings, S.A. de CV (Mex) 767,050
C&A Interiors, Inc. 325
C&A Mobis, LLC 2,278,031
Carcorp, Inc. 27,826,996
Dura Convertible Systems, Inc. 45,080
Textron Automotive BV (Netherlands) 4,487,704
Textron Sa de CV (Mex) 275,000
B.17 Other Liquidated Debts 981,517
B.21 Intellectual Property unknown
B.23 Automobiles 2,281
B.26 Office Equipment 672,084
B.27 Machinery
CIP 14,377,152
Machinery & Equipment 50,245,654
Tooling 18,118,131
B.28 Inventory
Finished Goods 3,179,727
Raw Materials 18,566,927
WIP 1,916,378
B.33 Others
Building - Farmington 5,243,277
Building - Oklahoma City 135,072
Building - Westland 525,418
Building - Port Huron 375,226
Building - Columbia 5,967,533
Building - Athens 6,152,388
Crib Supplies 2,219,961
Other Assets 18,018,823
TOTAL SCHEDULED ASSETS $901,978,810
=============
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 unknown
F. Unsecured Non-Priority Claims
C&A Plastics, Inc. 3,158,703
C&A Products Co. 827,954,157
Delphi Interior Systems 3,492,033
JPS Automotive, Inc. 29,577,785
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 54,939,296
TOTAL SCHEDULED LIABILITIES $2,545,873,333
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: C&A Development's Schedule of Assets & Debts
--------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
TOTAL SCHEDULED ASSETS $0
===
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 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
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 Products Co. 133
JPMorgan Chase Bank NA unknown
TOTAL SCHEDULED LIABILITIES $1,626,751,492
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: C&A Europe's Schedules of Assets & Debts
----------------------------------------------------------
A. Real Property $0
B. Personal Property
B.9 Insurance Policy Interests unknown
B.12 Stock Interests
Investment in C&A Gibraltar Limited 120,915,758
Others unknown
B.15 Accounts Receivable
C&A Gibraltar Limited, Intercompany 41,558,380
C&A Products Co., Intercompany 64,160
TOTAL SCHEDULED ASSETS $162,538,298
=============
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
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 International Corp. 42,758,276
JPMorgan Chase Bank NA unknown
TOTAL SCHEDULED LIABILITIES $1,669,509,635
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Comet Acoustics' 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 802
TOTAL SCHEDULED ASSETS $802
=====
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
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 Exteriors, Inc. 1,311
JPMorgan Chase Bank NA unknown
TOTAL SCHEDULED LIABILITIES $1,626,752,670
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: CW Management's Schedules of Assets & Debts
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.3 Security Deposits 2,500
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable 3,185,255
TOTAL SCHEDULED ASSETS $3,187,755
===========
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
The Chase Manhattan Bank unknown
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 Accessory Mats, Inc. 794,240
JPMorgan Chase Bank NA unknown
TOTAL SCHEDULED LIABILITIES $1,627,545,599
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Dura Convertible's Schedules of Assets & Debts
----------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand 3,000
B.3 Security Deposits 5,757
B.9 Insurance Policy Interests unknown
B.12 Stock Interests unknown
B.15 Accounts Receivable
C&A Accessory Mats, Inc. 47,457
C&A Automotive Exteriors, Inc. 2,123
C&A de Mexico 23,909
C&A Products Co. 54,970,413
Carcorp, Inc. 6,050,431
Carpet & Acoustics S.A. de CV 6,437
Plascar Participacoes Industriaia SA 18,998
B.17 Other Liquidated Debts 823,045
Argent 2,550
Armada 71,584
Brown & Sharpe 2,799
City of Adrian 45,999
City of Troy 2,332
Datamyte 28,492
Extruded Aluminum 6,045
Foamade 2,314
General Fasteners 29,783
Goodrich 25,980
Guilford Mills 79,737
IBM 1,349
Info Handling Service 2,208
Lenawee Country Club 1,438
Lunt 38,401
Madison Charter Township 4,302
Modineer 17,939
Pentar 254,719
Powerway 7,060
Sandusky 31,371
Unigraphics 1,318
Miscellaneous 724
Other 164,603
B.21 Intellectual Property unknown
B.23 Vehicles and Accessories 4,461
B.26 Office Equipment
Computer Software 3,381
Furniture & Fixtures 53,745
B.27 Machinery
Construction in Progress 741,183
Dura Own Tooling 851,262
Machinery & Equipment 3,650,863
Other 70,766
B.28 Inventory
Finished Goods Inventory 335,717
Raw Material 4,000,731
Work in Progress 4,516,590
B.33 Others
LeaseHold Improvements 1,170,308
Other 26,704
TOTAL SCHEDULED ASSETS $77,377,281
============
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
AMCO Convertible Fabrics, Inc. 25,899,702
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 Plastics, Inc. 1,320,182
Dura De Mexico 4,618,487
Dura Germany 2,028,235
JPMorgan Chase Bank NA unknown
Meridian Magnesium Products 1,028,809
Others 8,100,268
TOTAL SCHEDULED LIABILITIES $1,669,747,042
===============
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. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FGI GROUP: Files Monthly Operating Report for August 2005
---------------------------------------------------------
On Sept. 15, 2005, FGI Group Inc., filed a monthly operating
report for Florsheim Group, Inc., et al., and its debtor-
affiliates covering the period ended Aug. 31, 2005, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.
FGI Group reports a $1,110,011 cash balance at Aug. 31, 2005, and
provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
A full-text copy of FGI Group's August 2005 Monthly Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?198
Florsheim Group, Inc., filed for chapter 11 protection on March 4,
2002 (Bankr. N.D. Ill. Case No. 02-08209) to facilitate a sale of
its U.S. wholesale business and 23 retail stores to its U.S.
assets to the Weyco Group, Inc., for $45.6 million in cash,
subject to post closing adjustment.
FOAMEX INT'L: July 3 Balance Sheet Upside-Down by $383.7 Million
----------------------------------------------------------------
FOAMEX INTERNATIONAL INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
As of July 3, 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents $5,086,000
Accounts receivable,
net of allowances of $9,789 and $9,001 199,318,000
Inventories 101,757,000
Other current assets 19,570,000
Debt issuance costs classified as current 18,879,000
------------
Total current assets 344,610,000
------------
Property, plant and equipment 394,427,000
Less accumulated depreciation (269,240,000)
------------
NET PROPERTY, PLANT AND EQUIPMENT 125,187,000
GOODWILL 107,104,000
DEBT ISSUANCE COSTS, net of accumulated
amortization of $17,477 -
DEFERRED INCOME TAXES 520,000
SOFTWARE COSTS, net of accumulated
amortization of $6,453 and $6,401 8,731,000
INVESTMENT IN AND ADVANCES TO AFFILIATES 17,176,000
OTHER ASSETS 17,498,000
------------
TOTAL ASSETS $620,826,000
============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES
Revolving credit borrowings $115,192,000
Current portion of long-term debt 66,745,000
Long-term debt classified as current 562,799,000
Accounts payable 112,308,000
Accrued employee compensation and benefits 24,873,000
Accrued interest 12,015,000
Accrued customer rebates 12,302,000
Cash overdrafts 13,152,000
Other accrued liabilities 19,243,000
------------
Total current liabilities 938,629,000
LONG-TERM DEBT 21,000
ACCRUED EMPLOYEE BENEFITS 56,050,000
OTHER LIABILITIES 9,834,000
------------
Total liabilities 1,004,534,000
------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIENCY
Preferred Stock, par value $1.00 per share:
Authorized 5,000,000 shares
Issued 15,000 shares - Series B 15,000
Common Stock, par value $.01 per share:
Authorized 50,000,000 shares
Issued 27,998,728 shares and 27,949,762 shares 280,000
Additional paid-in capital 102,538,000
Accumulated deficit (414,185,000)
Accumulated other comprehensive loss (35,355,000)
Common stock held in treasury, at cost:
3,489,000 shares (27,780,000)
Shareholder note receivable (9,221,000)
------------
Total stockholders' deficiency (383,708,000)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $620,826,000
============
Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets. The Company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries. The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693).
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts. Houlihan,
Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the
ad hoc committee of Senior Secured Noteholders. As of July 3,
2005, the Debtors reported $620,826,000 in total assets and
$744,757,000 in total debts. (Foamex International Bankruptcy
News, Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
KEYSTONE CONSOLIDATED: Posts $4.3 Million Net Loss in June 2005
---------------------------------------------------------------
On Sept. 12, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating report for the
month of August 2005 with the U.S. Bankruptcy Court for the
Eastern District of Wisconsin.
Keystone Consolidated reported a $4,275,598 net loss on
$26,602,479 of net sales in August 2005.
At Aug. 31, 2005, Keystone Consolidated's balance sheet shows:
Current Assets $76,761,893
Total Assets 312,735,870
Current Liabilities 163,009,968
Total Liabilities 348,417,990
Stockholders' Deficit $(37,794,120)
A full-text copy of Keystone Consolidated Industries' August 2005
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?197
Headquartered in Dallas, Texas, Keystone Consolidated Industries,
Inc., makes carbon steel rod, fabricated wire products, including
fencing, barbed wire, welded wire and woven wire mesh for the
agricultural, construction and do-it-yourself markets. The
Company filed for chapter 11 protection on Feb. 26, 2004,
(Bankr. E.D. Wisc. Case No. 04-22422). Daryl L. Diesing, Esq., at
Whyte Hirschboeck Dudek S.C., and David L. Eaton, Esq., at
Kirkland & Ellis LLP, represent the Debtors in their restructuring
efforts. When the Company filed for protection from their
creditors, it listed $196,953,000 in total assets and $365,312,000
in total debts.
OWENS CORNING: Posts $17 Million Net Loss in June 2005
------------------------------------------------------
Owens Corning
Balance Sheet
As of June 30, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $706,383
Receivables 401,128
Receivables-Inter-company 984,823
Inventories 241,424
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 3,325
Other Current Assets 21,484
-----------
Total Current Assets $2,359,051
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 188,680
Restricted cash and securities - Fibreboard 0
Deferred Income Taxes 931,345
Goodwill 48,568
Investment in Affiliates 30,963
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 479,180
-----------
Total Other Assets 3,710,276
Plant & Equipment:
Land 35,164
Buildings & Leasehold Improvements 550,801
Machinery & Equipment 2,197,524
Construction in Progress 103,354
Less: Accumulated Depreciation 1,605,895
-----------
Net Plant and Equipment 1,280,948
-----------
TOTAL ASSETS $7,350,275
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 512,000
Inter-company Liabilities 981,928
Short-term debt 0
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 1,495,295
Long-Term Debt 9,691
Other:
Other Employee Benefits Liability 220,804
Pension Plan Liability 617,554
Other Liability 165,973
-----------
Total Non-Current Liabilities 1,004,331
-----------
Total Postpetition Liabilities 2,509,317
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 260,299
Other Employee Benefits Liability 197,505
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,501,315
Asbestos-Related Liability 6,166,734
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 12,029,505
Total Liabilities 14,538,822
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (7,532,019)
Accumulated Comprehensive Income (Loss) (5,802)
Other (348,024)
-----------
Net Stockholder's Equity (7,188,547)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,350,275
===========
Owens Corning
Statement of Operations
For the Month Ended June 30, 2005
(In Thousands)
Net sales $365,763
Cost of Sales 291,507
-----------
Gross Margin 74,256
Operating Expenses:
Marketing and Administrative Expenses 35,146
Science and Technology Expenses 2,785
Provision for Asbestos Litigation Claims 0
Insider Compensation 838
Restructure Costs 0
Other Expenses 511
-----------
Income (Loss) from Operations 34,976
Other Expenses:
Cost of Borrowed Funds 44
Other 0
-----------
Income (Loss) Before Reorganization Items 34,932
Reorganization Items:
Professional Fees 2,758
U.S. Trustee Quarterly Fees 13
Interest Earned on Accumulated Cash from Chapter 11 (1,461)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 1,005
-----------
Total Reorganization Expenses 2,315
-----------
Income (Loss) Before Income Taxes 32,617
Provision (credit) for Income Tax 50,438
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (17,821)
Minority interest 0
Equity in net income (loss) of affiliates 336
-----------
Net Income (Loss) ($17,485)
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended June 30, 2005
(In Thousands)
Cash, Beginning of Month $631,390
Receipts:
Customer Receipts 371,936
Inter-company Sales 5,169
Loans and Advances 0
Sale of Assets 0
Other Receipts 4,960
Inter-company Transfers 108,881
Transfers from DIP 279,995
-----------
Total Receipts $770,941
Disbursements:
Net Payroll 32,261
Payroll Taxes 0
Sales Use & Other Taxes 5,847
Inventory Purchases 131,276
Insurance 2,194
Administrative & Selling 55,747
Other 100,832
Inter-company Transfers 85,718
Transfers to DIP 280,005
Professional Fees 2,046
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
-----------
Total Disbursements $695,948
Net Cash Flow 74,993
-----------
Cash -- End of Month $706,383
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At Sept.
30, 2004, the Company's balance sheet shows $7.5 billion in assets
and a $4.2 billion stockholders' deficit. The company reported
$132 million of net income in the nine-month period ending
Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No. 116;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
OWENS CORNING: Posts $6 Million Net Loss in July 2005
-----------------------------------------------------
Owens Corning
Balance Sheet
As of July 31, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $749,061
Receivables 387,453
Receivables-Inter-company 982,967
Inventories 250,736
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 3,325
Other Current Assets 19,249
-----------
Total Current Assets $2,393,275
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 188,539
Restricted cash and securities - Fibreboard 0
Deferred Income Taxes 916,777
Goodwill 48,568
Investment in Affiliates 32,269
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 471,923
-----------
Total Other Assets 3,689,616
Plant & Equipment:
Land 34,968
Buildings & Leasehold Improvements 550,403
Machinery & Equipment 2,188,995
Construction in Progress 118,537
Less: Accumulated Depreciation 1,615,655
-----------
Net Plant and Equipment 1,277,248
-----------
TOTAL ASSETS $7,360,139
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 437,474
Inter-company Liabilities 1,074,061
Short-term debt 0
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 1,512,902
Long-Term Debt 9,648
Other:
Other Employee Benefits Liability 223,391
Pension Plan Liability 617,633
Other Liability 164,649
-----------
Total Non-Current Liabilities 1,005,673
-----------
Total Postpetition Liabilities 2,528,223
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 259,824
Other Employee Benefits Liability 195,272
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,501,268
Asbestos-Related Liability 6,166,734
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 12,026,750
Total Liabilities 14,554,973
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (7,538,043)
Accumulated Comprehensive Income (Loss) (6,073)
Other (348,016)
-----------
Net Stockholder's Equity (7,194,834)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,360,139
===========
Owens Corning
Statement of Operations
For the Month Ended July 31, 2005
(In Thousands)
Net sales $331,544
Cost of Sales 265,870
-----------
Gross Margin 65,674
Operating Expenses:
Marketing and Administrative Expenses 35,397
Science and Technology Expenses 2,661
Provision for Asbestos Litigation Claims 0
Insider Compensation 810
Restructure Costs 0
Other Expenses 11,925
-----------
Income (Loss) from Operations 14,881
Other Expenses:
Cost of Borrowed Funds 111
Other 0
-----------
Income (Loss) Before Reorganization Items 14,770
Reorganization Items:
Professional Fees 2,488
U.S. Trustee Quarterly Fees (3)
Interest Earned on Accumulated Cash from Chapter 11 (1,221)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 2,527
-----------
Total Reorganization Expenses 3,791
-----------
Income (Loss) Before Income Taxes 10,979
Provision (credit) for Income Tax 17,037
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (6,058)
Minority interest 0
Equity in net income (loss) of affiliates 34
-----------
Net Income (Loss) ($6,024)
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended July 31, 2005
(In Thousands)
Cash, Beginning of Month $706,383
Receipts:
Customer Receipts 343,947
Inter-company Sales 2,998
Loans and Advances 0
Sale of Assets 0
Other Receipts 16,116
Inter-company Transfers 104,007
Transfers from DIP 217,027
-----------
Total Receipts $684,096
Disbursements:
Net Payroll 32,433
Payroll Taxes 38
Sales Use & Other Taxes 5,405
Inventory Purchases 132,346
Insurance 2,087
Administrative & Selling 58,434
Other 96,672
Inter-company Transfers 90,890
Transfers to DIP 217,027
Professional Fees 6,072
U.S. Trustee Quarterly Fees 15
Court costs 0
Adjustment 0
-----------
Total Disbursements $641,418
Net Cash Flow 42,678
-----------
Cash -- End of Month $749,061
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/-- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At Sept.
30, 2004, the Company's balance sheet shows $7.5 billion in assets
and a $4.2 billion stockholders' deficit. The company reported
$132 million of net income in the nine-month period ending
Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No. 116;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
RELIANCE GROUP: Posts $1.8 Million Net Loss in August 2005
----------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-Aug-2005
_____________________________________ ___________
ASSETS
Cash $47,022,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Due from Reliance Development Group,
less allowance of $59,334,000 0
Note Receivable from Reorganized
RFS Corporation 2,537,000
Plant, property & equipment -
----------------
Total Assets $63,002,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,322,000
Professional fee holdback payable 1,771,000
PBGC administrative claim 0
Liabilities subject to compromise 851,852,000
----------------
Total liabilities $854,945,000
----------------
Shareholders' deficit:
Common stock $11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,362,100,000)
----------------
Total shareholders' deficit ($791,943,000)
----------------
Total liabilities & deficit $63,002,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Aug-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-Aug-2005
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative $28,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses $28,000
----------------
Loss before reorganization items ($28,000)
----------------
Reorganization items:
Professional fees $529,000
Correction on interest
due on bonds 1,342,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (135,000)
----------------
Total reorganization items $1,736,000
----------------
Income tax benefits 0
----------------
Net Income (loss) ($1,764,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Aug-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-Aug-2005
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($28,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables (15,000)
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (43,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 135,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (1,063,000)
----------------
Net cash used by
reorganization items (928,000)
----------------
Net cash used by
operating activities (971,000)
----------------
Cash flows from investing activities:
Receipt from Reliance
Development Group 0
----------------
Net cash provided by
investing activities 0
----------------
Cash flow from financing activities:
Proceeds of split dollar policies 0
----------------
Net cash provided by
financing activities 0
----------------
Net decrease in cash ($971,000)
Cash at beginning of period 47,993,000
----------------
Cash at end of period $47,022,000
================
Headquartered in New York, New York, Reliance Group Holdings, Inc.
-- http://www.rgh.com/-- is a holding company that owns 100% of
Reliance Financial Services Corporation. Reliance Financial, in
turn, owns 100% of Reliance Insurance Company. The holding and
intermediate finance companies filed for chapter 11 protection on
June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403) listing
$12,598,054,000 in assets and $12,877,472,000 in debts. The
insurance unit is being liquidated by the Insurance Commissioner
of the Commonwealth of Pennsylvania. (Reliance Bankruptcy News,
Issue No. 80; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ROBOTIC VISION: Posts $1 Million Net Loss in July 2005
------------------------------------------------------
On Aug. 31, 2005, Robotic Vision Systems, Inc., nka Acuity
Cimatrix, Inc., delivered a copy of its July 2005 monthly
operating report to the U.S. Securities and Exchange Commission.
Robotic Vision reported a $1,182,000 net loss on $1,557,000 of net
sales for the month ending July 31, 2005.
At July 31, 2005, Robotic Vision's balance sheet showed:
Total Current Assets $6,628,000
Total Assets 26,601,000
Total Liabilities Subject to Compromise (164,540,000)
Total Liabilities (163,877,000)
Shareholders' Equity $190,479,000
A full-text copy of Robotic Vision Systems, Inc.'s July 2005
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?196
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.
SONICBLUE INC: Files July 2005 Monthly Operating Report
-------------------------------------------------------
At July 31, 2005, SONICblue Incorporated reports that it is
sitting on $78,542,169 of cash, has accrued $836,669 in
postpetition liabilities and faces a $236,604,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s July 2005 Operating Report is
available at no charge at http://ResearchArchives.com/t/s?ec
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A.
Barbarosh, Esq., at the LAw Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
UAL CORP: Posts $29.7 Million Net Loss in August 2005
-----------------------------------------------------
UAL Corporation (OTC Bulletin Board: UALAQ), the holding company
whose primary subsidiary is United Airlines, filed its August
Monthly Operating Report with the United States Bankruptcy Court
for the Northern District of Illinois on Sept. 21 ,2005. The
company reported an operating profit of $80 million for August
2005. This represents a $92 million improvement in operating
profit over the same period last year, despite a 43% increase in
fuel prices for mainline and United Express operations, which
resulted in a $125 million increase in fuel expenses year-over-
year.
In August 2004, the company reported an operating loss of
$12 million. For August 2005, the company reported a net loss of
$30 million, including $82 million of largely non-cash
reorganization expenses driven by charges related to the rejection
of aircraft. Excluding reorganization expenses, the company
reported a net profit of $52 million. As previously disclosed,
the company will continue to record large non-cash reorganization
items as it moves towards exit.
Mainline unit costs in August increased 6% over the same month
last year driven by 6% lower capacity and higher fuel expense.
Excluding fuel, mainline unit costs in August decreased 5% year-
over- year despite the capacity decrease. Mainline passenger
unit revenue in August increased 9% over the same period a year
ago.
UAL ended August with a cash balance of $2.8 billion, which
included $917 million in restricted cash (filing entities only).
UAL met the requirements of its DIP financing for the month of
August.
"United has swung from an operating loss in August one year ago to
a respectable operating profit today, despite record fuel prices.
The $217 million operating earnings improvement excluding fuel
expense is a testament to the significant changes United has made.
The work we have done significantly improves United's ability to
compete with the best U.S. airlines," said Jake Brace, executive
vice president and chief financial officer.
"We are currently working to secure the best exit financing on the
most favorable terms. With the court's approval of our exit
schedule, United is approaching the end of its restructuring."
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended August 31, 2005
(In Thousands)
Total operating revenues $1,773,616
Total operating expenses 1,693,529
Earnings (loss) from operations 80,087
Non-operating income (expenses):
Net interest expense (46,592)
Other income (expenses), net 18,348
----------
Total non-operating income (expenses) (28,244)
Net Earnings (loss) before Reorganization items 51,843
Reorganization Expenses (81,579)
----------
Net earnings (loss) ($29,736)
==========
A full-text copy of UAL Corporation's August 2005 Operating
Report is available for free at the Securities and Exchange
Commission at http://ResearchArchives.com/t/s?1b9
Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier. The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 101; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WESTPOINT STEVENS: Post $40.9 Million Net Loss at Aug. 7
--------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At August 7, 2005
(in thousands)
Assets
Current Assets
Cash and cash equivalents $15,423
Short-term investments -
Accounts receivable, net 149,074
Total inventories 238,269
Prepaid & other current assets 16,368
----------
Total current assets 419,134
Total investments & other assets 92,858
Goodwill -
Property, plant and equipment, net 447,121
----------
TOTAL ASSETS $959,113
==========
Liabilities and Shareholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility $437,168
DIP Credit Agreement 92,128
Second Lien Facility 165,000
Accrued interest payable 2,643
Accounts payable - trade 52,203
Accounts payable - intercompany 177,143
Other payables and accrued liabilities 88,490
Deferred income taxes -
Pension and other liabilities 149,422
----------
Total liabilities not subject to compromise 1,164,197
Liabilities Subject to Compromise:
Senior Notes 1,000,000
Deferred financing fees (3,398)
Accrued interest payable on Senior Notes 36,313
Accounts payable 27,475
Other payables and accrued liabilities 8,231
Pension and other liabilities 15,469
----------
Total liabilities subject to compromise 1,084,090
----------
Total Liabilities 2,248,287
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital Surplus/Treasury Stock 41,122
Retained earnings (deficit) (1,097,169)
Minimum pension liability adjustment (109,403)
Other adjustments (687)
Unearned compensation -
----------
Total Shareholders' Equity (Deficit) (1,289,174)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $959,113
==========
WESTPOINT STEVENS, INC.
Statement of Operations
July 1, 2005 to August 7, 2005
(in thousands)
Total sales $102,800
Cost of sales 113,706
----------
Gross profit (10,906)
Selling and administrative expenses
Selling expense 3,310
Warehousing and shipping 5,239
Advertising 836
Division administrative expense 960
MIS expense 836
Corporate administrative expense 888
----------
Total selling and administrative expense 12,159
Restructuring and impairment charge 961
Fixed asset impairment charge -
----------
Profit/(loss) from operations (24,026)
----------
Interest expense
Interest expense - outside 9,148
Capitalized interest expense (165)
Interest expense - intercompany 813
Interest income -
Interest income - intercompany -
----------
Net interest expense 9,796
Other expense
Miscellaneous 346
Royalties - intercompany 445
Transaction gain/loss -
----------
Total other expense 791
Other income
Royalties - intercompany -
Dividends -
Sale of assets 401
Miscellaneous 21
----------
Total other income 422
----------
Net other expense 369
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit)
and extraordinary item (34,191)
Chapter 11 reorganization expenses 7,392
Income taxes (benefit) (639)
----------
Income (loss) before extraordinary item (40,944)
Extraordinary item - net of taxes -
----------
Net income (loss) ($40,944)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
July 1, 2005 to August 7, 2005
(in thousands)
Cash Flows from Operations:
Net income (loss) ($40,944)
Equity adjustments (397)
Non-cash items
Depreciation and amortization expense 8,046
Restructuring Charge 7
Gain/(Loss) on sale of assets (393)
Changes in Assets and Liabilities
Decrease/(increase) -- accounts receivable 6,485
Decrease/(increase) -- inventories 22,616
Decrease/(increase) -- other current assets (460)
Decrease/(increase) -- other noncurrent assets
and liabilities 124
Increase/(decrease) -- accounts payable (trade) 11,358
Increase/(decrease) -- a/p (intercompany) (15)
Increase/(decrease) -- accrued liabilities (11,311)
Increase/(decrease) -- accrued interest payable 1,781
Increase/(decrease) -- pension & other liabilities (361)
Increase/(decrease) -- deferred income tax -
----------
Total Cash Flows from Operations (3,464)
Cash Flows from Investing
Decrease/(increase) -- short term investments -
Capital expenditures (1,264)
Transfers (12)
Net proceeds from sale of assets -
----------
Total Cash Flows from Investing (1,276)
Cash Flows from Financing
Increase/(decrease) -- DIP credit agreement 17,388
----------
Total Cash Flows from Financing 17,388
Beginning Cash Balance 2,275
Change in Cash 12,648
----------
Ending Cash Balance $15,423
==========
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. 56; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
XYBERNAUT CORP: Posts $513,514 Net Loss in August 2005
------------------------------------------------------
On Sept. 20, 2005, Xybernaut Corporation filed its monthly
operating report for the month of August 2005 with the U.S.
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division.
The company reported a $513,514 net loss on $345,815 of revenue
for the month of August 2005.
At Aug. 31, 2005, the Company's balance sheet reflects:
Total Assets $6,003,829
Total Liabilities 3,145,642
Stockholders' Equity $2,888,187
A full-text copy of Xybernaut Corporation's August 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?1bc
The Company's affiliate, Xybernaut Solutions, Inc., also filed its
monthly operating report for the month of August 2005 with the
U.S. Bankruptcy Court for the Eastern District of Virginia.
A full-text copy of Xybernaut Solution Inc.'s August 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?1bd
Headquartered in Fairfax, Virginia, Xybernaut Corporation,
develops and markets small, wearable, mobile computing and
communications devices and a variety of other innovative products
and services all over the world. The corporation never turned a
profit in its 15-year history. The Company and its affiliate,
Xybernaut Solutions, Inc., filed for chapter 11 protection on
July 25, 2005 (Bankr. E.D. Va. Case Nos. 05-12801 and 05-12802).
John H. Maddock III, Esq., at McGuireWoods LLP, represents the
Debtors in their chapter 11 proceedings. When the Debtors filed
for protection from their creditors, they listed $40 million in
total assets and $3.2 million in total debts.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
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Nothing in the TCR constitutes an offer or solicitation to buy or
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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
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liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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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.
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