/raid1/www/Hosts/bankrupt/TCR_Public/051008.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, October 8, 2005, Vol. 9, No. 239
Headlines
ADELPHIA COMMS: Posts $32 Million Net Loss in August 2005
ADELPHIA COMMS: Century/ML's August 2005 Monthly Operating Report
ALLIED HOLDINGS: Posts $437,000 Net Loss in August 2005
ALLIED HOLDINGS: Files Schedules of Assets and Liabilities
AMES DEPT: Posts $2,000 Net Loss for 5-Week Period Ended July 2
FOOTSTAR INC: Posts $100,000 Net Loss in August 2005
FRIEDMAN'S INC: Files Operating Report for Period Ended Aug. 27
SOLUTIA INC: Posts $10 Million Net Loss in August 2005
THAXTON GROUP: Posts $73 Mil. Cumulative Net Loss in August 2005
TOWER AUTOMOTIVE: Posts $3 Million Net Loss in August 2005
TRENWICK AMERICA: Posts $681K Net Loss for Period Ended Aug. 15
USG CORP: Earns $45 Million of Net Income in August 2005
*********
ADELPHIA COMMS: Posts $32 Million Net Loss in August 2005
---------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of August 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $299,033
Restricted cash 21,338
Accounts receivables - net 89,965
Other current assets 189,522
-----------
Total current assets 599,858
Restricted cash 3,024
Investments in equity affiliates 227,467
Receivables from non-filing entities 771,384
Property, plant and equipment - net 4,279,070
Intangible assets - net 7,320,116
Other noncurrent assets - net 79,385
-----------
Total Assets $13,280,304
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $108,023
Subscriber advance payments and deposits 30,456
Accrued liabilities 491,431
Deferred income 25,966
Current portion of parent and subsidiary debt 794,248
-----------
Total current liabilities 1,450,124
Other liabilities 34,900
Deferred income 62,482
Deferred income taxes 864,414
-----------
Total noncurrent liabilities 961,796
Liabilities subject to compromise 18,464,636
-----------
Total liabilities 20,876,556
Minority interests in equity of subsidiary 86,361
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 (17,224,675)
Treasury stock, at cost (27,937)
-----------
Total stockholders' equity (7,682,613)
-----------
Total liabilities and stockholders' equity $13,280,304
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
For the Month Ended August 31, 2005
(Dollars in thousands)
Revenue $344,748
Cost and expenses:
Direct operating and programming 212,884
Selling, general and administrative 34,430
Investigation, re-audit and sale transaction co 2,272
Depreciation and amortization 74,692
Impairment of long-lived assets -
Gains on dispositions of long-lived assets -
-----------
Operating income (loss) 20,470
Other income (expense):
Interest expense (47,557)
Impairment of cost & available for sale investments -
Other income (expense) - net 339
-----------
Total other expense - net (47,218)
-----------
Loss from continuing operations before reorganization (26,748)
Reorganization expenses due to bankruptcy (6,184)
-----------
Loss from continuing operations before income taxes (32,932)
Income tax expense -
Share of losses of equity affiliates - net 400
Minority's interest in subsidiary losses - net 71
-----------
Net loss (32,461)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($32,461)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
For the Month Ended August 31, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($32,461)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 74,692
Gains on dispositions of long-lived assets -
Amortization of debt issuance costs 275
Impairment of cost & available for sale investments -
Provision for settlements (36)
Reorganization expenses due to bankruptcy 6,184
Deferred tax expense (benefit) -
Share in losses of equity affiliates - net (400)
Minority interest in losses of subsidiaries (71)
Other noncash gains -
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities (13,307)
-----------
Net cash provided by operating activities before
payment of reorganization expenses 34,876
Reorganization expenses paid during the period (9,110)
-----------
Net cash provided by (used in) operating activities 25,766
Cash flows from investing activities:
Expenditures for property, plant and equipment (69,392)
Changes in restricted cash 4,684
Other 531
-----------
Net cash used in investing activities (64,177)
Cash flows from financing activities:
Proceeds from debt 49,000
Repayments of debt (1,624)
Payment of debt issuance costs -
-----------
Net cash provided by financing activities 47,376
Change in cash and cash equivalents cash 8,965
Cash, beginning of period 290,068
-----------
Cash, end of period $299,033
===========
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. 108; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA COMMS: Century/ML's August 2005 Monthly Operating Report
-----------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of August 31, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $19,933
Subscriber receivables - net 230
Investment in Century-ML Corporation 121,233
Related-party receivables 3,841
Other current assets 1,172
--------
Total current assets 146,409
Property, plant and equipment - net 4,906
Intangible assets, net 1,508
--------
Total assets $152,823
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $173
Subscriber advance payments and deposits 79
Accrued expenses and other liabilities 2,095
Intercompany payables 5,506
--------
Total current liabilities 7,853
--------
Long-term accrued and other liabilities
Deferred revenues 139
Deferred income taxes 5
--------
Total non-current liabilities 144
Liabilities subject to compromise:
Accrued expenses and other liabilities 382
Intercompany payables 11,206
--------
Total liabilities subject to compromise 11,588
--------
Total liabilities 19,585
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 76,438
--------
Total partners' equity 133,238
--------
Total liabilities and partners' equity $152,823
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended August 31, 2005
(Dollars in thousands)
Revenue $1,119
Cost and expenses:
Direct operating and programming 512
Selling, general and administrative 40
Management fees 42
Non-recurring professional fees -
Depreciation 59
--------
Operating income before reorganization
expenses due to bankruptcy 466
Reorganization expenses due to bankruptcy (82)
--------
Operating income 466
Interest income, net 49
Equity in net income of Century-ML Cable
Corporation, net of taxes 1,595
--------
Income before income taxes 2,028
Income tax expense (117)
--------
Net income $1,911
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended August 31, 2005
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,911
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 59
Reorganization expenses due to bankruptcy 82
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (1,595)
Change in assets and liabilities: 351
--------
808
Reorganization expenses during the period (82)
--------
Net cash provided by operating activities 726
Cash flows from investing activities:
Expenditures from property, plant and equipment (51)
--------
Net cash used in investing activities (51)
--------
Change in cash and cash equivalents 675
Cash and cash equivalents, beginning of period 19,258
--------
Cash and cash equivalents, end of period $19,933
========
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.
108; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Posts $437,000 Net Loss in August 2005
-------------------------------------------------------
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of August 31, 2005
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $1,415
Receivables, net of allowances 44,810
Related party receivables 11,321
Inventories 4,631
Deferred income taxes 3,361
Prepayments and other current assets 25,917
---------
Total Current Assets 91,455
---------
Property and Equipment, Net 121,382
Goodwill, net 3,936
Other noncurrent assets 35,877
Investment in related parties 31,488
---------
TOTAL ASSETS $284,138
=========
Liabilities and Stockholder's Deficit
Liabilities not subject to compromise
Current liabilities:
Current maturities of long-term debt $100,000
Borrowings under revolving credit facilities 38,363
Accounts and notes payable 13,027
Accrued liabilities 25,163
---------
Total Current Liabilities 176,553
---------
Long-term Liabilities:
Postretirement benefits 4,419
Deferred income taxes 4,408
Other long-term liabilities 20,718
---------
Total Long-term Liabilities 29,545
---------
Liabilities Subject to Compromise 212,030
Stockholders' Deficit (133,990)
---------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $284,138
=========
Allied Holdings, Inc., and its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended August 31, 2005
(In Thousands)
Revenues $72,278
Operating Expenses:
Salaries, wages and fringe benefits 38,838
Operating supplies and expenses 12,605
Purchased transportation 2,273
Insurance and claims 2,804
Operating taxes and licenses 252
Depreciation and amortization 2,181
Rents 9,292
Communications and utilities 576
Other operating expenses 411
(Gain) loss on disposal of operating assets, net (27)
---------
Total Operating Expenses 69,205
---------
Operating Income 3,073
---------
Other Income (Expense):
Interest expense (1,930)
Investment income 5
Foreign exchange gain, net 961
---------
(964)
---------
Income before income taxes & Reorganization items 2,109
Reorganization items (2,546)
---------
Loss before income taxes (437)
Income taxes -
---------
NET LOSS ($437)
=========
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Files Schedules of Assets and Liabilities
----------------------------------------------------------
A. Real property $2,114,162
B. Personal property
B.1 Cash on hand 0
B.2 Bank accounts 1,094,240
B.3 Security deposits 134,842
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 6,201,241
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests unknown
B.13 Interests in partnerships 0
B.14 Bonds 0
B.15 Accounts receivable 0
B.16 Alimony 0
B.17 Other liquidated debts owed
Georgia Corporate Franchise Tax Prepayment 1,500
Michigan Single Business Tax Prepayment 488
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims 0
B.21 Patents, copyrights & trademarks unknown
B.22 Other intangibles 0
B.23 Automobiles 0
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 8,671
B.27 Machinery, furniture and fixtures 0
B.28 Inventory 0
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment 0
B.32 Farm supplies 0
B.33 Other personal property
Leasehold Improvements 1,649,228
Software 134,917
Data Processing Equipment 113,678
Intercompany Receivables 148,716,237
Prepaid Pension Costs Unknown
Deferred Financing Fees Unknown
Other Prepayments 1,078,918
TOTAL SCHEDULED ASSETS $161,248,122
=============
C. Property claimed as exempt 0
D. Secured claims 0
E. Unsecured priority claims
Wages, salaries, and commissions 17,682
Contributions to employee benefit plans 34,000
Taxes and Certain Other Debts
Owed to Governmental Units 58,493
F. Unsecured non-priority claims
Allied Automotive Group, Inc. 48,533,995
Allied Freight Brokers 4,588,247
Allied Systems, Ltd 70,911,918
Commercial Carriers, Inc. 3,022,756
CT Services, Inc. 4,898,634
Terminal Services LLC 2,792,517
Wells Fargo Bank, as Trustee 154,312,500
Others 3,136,207
TOTAL SCHEDULED LIABILITIES $292,306,949
=============
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
AMES DEPT: Posts $2,000 Net Loss for 5-Week Period Ended July 2
---------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At July 2, 2005
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $18,852
Restricted cash 58,489
Receivables 2,026
----------
Total current assets 79,367
Fixed Assets -
----------
Total Assets $79,367
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade 54,657
Other 11,994
----------
Total accounts payable 66,651
Self-insurance reserves 28,493
Accrued expenses 19,416
Liabilities subject to compromise 843,051
----------
Total liabilities 957,611
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,411,010)
Treasury stock (922)
----------
Total stockholders' deficit (878,244)
----------
Total liabilities and stockholders' deficit $79,367
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For the Five Weeks Ended July 2, 2005
(In Thousands)
Total revenue $339
Costs and expenses
Wind down expenses and other costs 251
Gain on Sale of Assets (10)
Write off of excess reserves -
Professional fees 100
----------
Loss before income taxes (2)
Income tax provision -
----------
Net Loss ($2)
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For the Five Weeks Ended July 2, 2005
(In Thousands)
Cash flows from operating activities:
Net loss ($2)
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
Cash used by operations (2)
Changes in working capital:
Decrease in receivables 7
Decrease in accrued exp. and other liabilities (466)
Increase in accounts payable 97
Decrease in Restricted Cash 191
----------
Net cash provided by operating activities (173)
Cash flows from financing activities:
Change in liabilities subject to compromise 46
Proceeds from the sale of assets -
----------
Net cash used by financing activities 46
Decrease in cash and cash equivalents (127)
Cash and cash equivalents, beginning of period 18,979
----------
Cash and cash equivalents, end of period $18,852
==========
Ames Department Stores filed for chapter 11 protection on Aug. 20,
2001 (Bankr. S.D.N.Y. Case No. 01-42217). Albert Togut, Esq.,
Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J.
Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal &
Manges LLP represent the Debtors in their restructuring efforts.
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FOOTSTAR INC: Posts $100,000 Net Loss in August 2005
----------------------------------------------------
On Sept. 30, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the period from July 31, 2005,
to Aug. 27, 2005, with the U.S. Bankruptcy Court for the Southern
District of New York.
The Debtors reported a $100,000 net loss on $52,700,000 of net
sales for the period from July 31, 2005, to Aug. 27, 2005. The
Debtors also reported a cumulative net loss of $54,600,000 on
$1,147,400,000 of net sales from March 3, 2004, through Aug. 27,
2005.
At Aug. 27, 2005, Footstar, Inc.'s consolidated balance sheet
showed:
Total Current Assets $333,800,000
Total Assets 377,200,000
Current Liabilities Subject to Compromise 150,100,000
Total Liabilities 326,700,000
Total Shareholders' Equity $50,500,000
A full-text copy of Footstar, Inc.'s Monthly Operating Report for
the period from July 31, 2005, to Aug. 27, 2005, is available at
no charge at http://ResearchArchives.com/t/s?22f
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.
FRIEDMAN'S INC: Files Operating Report for Period Ended Aug. 27
---------------------------------------------------------------
On Sept. 27, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period from
July 31, 2005, through Aug. 27, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.
At Aug. 27, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports show:
Beginning Cash Balance ($147,828)
Total Cash Receipts 28,913,097
Total Cash Disbursements 28,065,596
Ending Cash Balance $699,673
A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended Aug. 27, 2005, is
available at no charge at http://ResearchArchives.com/t/s?22e
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.
SOLUTIA INC: Posts $10 Million Net Loss in August 2005
------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of August 31, 2005
Assets
Current Assets:
Cash $16,000,000
Trade Receivables, net 137,000,000
Account Receivables-Unconsolidated Subsidiaries 44,000,000
Inventories 154,000,000
Other Current Assets 64,000,000
--------------
Total Current Assets 415,000,000
Property, Plant and Equipment, net 673,000,000
Investments in Subsidiaries and Affiliates 539,000,000
Intangible Assets, net 101,000,000
Other Assets 83,000,000
--------------
TOTAL ASSETS $1,811,000,000
==============
Liabilities & Shareholders' Deficit
Current Liabilities:
Accounts Payable $149,000,000
Short Term Debt 300,000,000
Other Current Liabilities 147,000,000
--------------
Total Current Liabilities 596,000,000
Other Long-Term Liabilities 205,000,000
--------------
Total Liabilities not Subject to Compromise 801,000,000
Liabilities Subject to Compromise 2,262,000,000
Shareholders' Deficit (1,252,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,811,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended August 31, 2005
Total Net Sales $186,000,000
Total Cost Of Goods Sold 177,000,000
--------------
Gross Profit 9,000,000
Total MAT Expense 19,000,000
--------------
Operating Loss (10,000,000)
Equity Earnings from Affiliates 4,000,000
Interest Expense, net (5,000,000)
Other Income, net 6,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs (1,000,000)
--------------
Total reorganization items (5,000,000)
--------------
Loss Before Taxes (10,000,000)
Income Taxes -
--------------
NET LOSS ($10,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. (Solutia Bankruptcy
News, Issue No. 47; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
THAXTON GROUP: Posts $73 Mil. Cumulative Net Loss in August 2005
----------------------------------------------------------------
On Sept. 23, 2005, The Thaxton Group filed its monthly operating
report for the month of August 2005 with the U.S. Bankruptcy Court
for the District of Delaware.
The company reported a cumulative net loss of $73,325,401 on
$86,071,097 of revenue for the period from Oct. 17, 2003 thru
Aug. 31, 2005.
At Aug. 31, 2005, the Company's balance sheet reflects:
Total Assets $108,080,518
Total Liabilities 178,355,675
Stockholders' Equity Deficit ($70,275,157)
A full-text copy of Thaxton Group's August 2005 Monthly Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?22d
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company. The
Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). The Debtors are represented by
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.
TOWER AUTOMOTIVE: Posts $3 Million Net Loss in August 2005
----------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of August 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $2,883
Accounts receivable, net 253,199
Inventories 72,982
Prepaid tooling and other 38,035
----------
TOTAL CURRENT ASSETS 367,099
----------
Property, plant and equipment, net 576,649
Investment in joint ventures -
Investment in subsidiaries 346,782
Inter-company receivables 418,084
Other assets, net 97,242
----------
TOTAL ASSETS $1,805,856
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt & capital $14,256
lease obligations
Accounts payable 91,447
Accrued liabilities 169,797
----------
TOTAL CURENT LIABILITIES 275,500
----------
Liabilities subject to comprise 1,203,557
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 43,772
DIP borrowings, net of current maturities 546,786
Other non-current liabilities 222,064
----------
TOTAL LIABILITIES 2,291,679
STOCKHOLDERS' DEFICIT (485,823)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,805,856
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
August 1 to 31, 2005
(In Thousands)
Revenues $162,785
Cost of sales 157,235
----------
Gross profit 5,550
Selling, general and administrative expenses 7,645
Restructuring and asset impairment charges, net 886
----------
Operating income (loss) (2,981)
Interest expense 6,464
Interest income (1,788)
Chapter 11 and related reorganization items (4,102)
----------
Income (loss) before provision for income taxes,
equity in earnings of joint ventures and
minority interest (3,555)
Provision (benefit) for income taxes (483)
----------
Income (loss) before equity in earnings of joint
ventures and minority interest (3,072)
Equity in earnings of joint ventures, net of tax 9
----------
NET LOSS ($3,063)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
August 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($3,063)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses (5,750)
Restructuring and asset impairment, net -
Depreciation 11,771
Equity in earnings of joint ventures, net (9)
Change in working capital and other operating
items (15,557)
----------
Net cash provided used in operating activities (12,608)
----------
INVESTING ACTIVITIES:
Capital expenditures (2,263)
----------
Net cash used in investing activities (2,263)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 72,500
Repayments of borrowings from DIP credit facility (56,000)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 16,500
----------
Net Change in cash and cash equivalents 1,629
----------
Cash and Cash Equivalents, beginning of period 1,254
Cash and Cash Equivalents, end of period $2,883
==========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. --
http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components. The Company and 25 of its debtor-affiliates filed
voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y.
Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq.,
Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq.,
and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts. When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and $1,306,949,000 in total debts.
(Tower Automotive Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
TRENWICK AMERICA: Posts $681K Net Loss for Period Ended Aug. 15
---------------------------------------------------------------
On Sept. 20, 2005, Trenwick America Corporation filed its monthly
operating report for the period ended Aug. 15, 2005, and the
period from Aug. 20, 2003, to Aug. 15, 2005, with the United
States Bankruptcy Court for the District of Delaware.
Trenwick posts a $681,431 net loss for the period ended Aug. 15,
2005, and a cumulative $120,568,990 loss for the period from Aug.
20, 2003, to Aug. 15, 2005.
At Aug. 15, 2005, Trenwick America's balance sheet showed:
Total Current Assets $54,554,418
Total Assets 184,279,467
Total Prepetition Debts 288,386,386
Total Liabilities 291,921,718
Net Owner Equity Deficit ($107,642,251)
A full-text copy of Trenwick America's Monthly Operating Report
for the period ended Aug. 15, 2005 is available at no charge at:
http://ResearchArchives.com/t/s?231
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.
USG CORP: Earns $45 Million of Net Income in August 2005
--------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-Aug-2005
__________________________ ___________
Assets:
Cash and cash equivalents $607,375,000
Marketable Securities 159,476,000
Restricted Cash 72,712,000
Receivables 444,235,000
Inventories 283,609,000
Income taxes receivable 34,035,000
Other current assets 163,477,000
-------------
Total current assets 1,764,919,000
Property, plant and equipment, net 1,631,312,000
Marketable Securities 293,361,000
Deferred income taxes 230,137,000
Goodwill 64,124,000
Other assets 415,307,000
-------------
Total Assets $4,399,160,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $254,370,000
Accrued expenses 207,216,000
Deferred income taxes 11,229,000
Taxes on income 194,290,000
-------------
Total current liabilities 667,105,000
Other liabilities 413,966,000
Liabilities subject to compromise 2,241,851,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (227,674,000)
Capital received in excess of par value 105,748,000
Accumulated other comprehensive income/(loss) 77,451,000
Retained earnings 1,115,715,000
-------------
Total stockholders' equity 1,076,238,000
-------------
Total Liabilities and Stockholders' Equity $4,399,160,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-Aug-2005
_____________________________ ____________
Net sales $428,039,000
Cost of products sold 331,228,000
Selling and administrative expenses 24,278,000
Chapter 11 reorganization expenses (2,469,000)
Provision for restructuring expenses -
Interest expense 323,000
Interest income (147,000)
Other (income)/expense, net (32,000)
-------------
Earnings/(loss) before income taxes 74,858,000
Income taxes (benefit) 29,692,000
-------------
Net Earnings/(loss) $45,166,000
=============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 97; 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.
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*** End of Transmission ***