/raid1/www/Hosts/bankrupt/TCR_Public/051105.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, November 5, 2005, Vol. 9, No. 263
Headlines
ALLIED HOLDINGS: Allied Systems Ltd.'s Schedules of Assets & Debts
ALLIED HOLDINGS: Axis Canada's Schedules of Assets & Debts
ALLIED HOLDINGS: Axis Group Inc.'s Schedules of Assets & Debts
ALLIED HOLDINGS: Axis Netherlands' Schedules of Assets & Debts
ALLIED HOLDINGS: Commercial Carriers' Schedules of Assets & Debts
ALLIED HOLDINGS: Cordin Transport's Schedules of Assets & Debts
AMES DEPT: Posts $64,000 Net Loss in Four Weeks Ending July 30
AMES DEPT: Earns $1 Million in Four Weeks Ending August 27
ANCHOR GLASS: Posts $2.3 Million Net Loss in August 2005
ATA AIRLINES: Posts $140 Million Net Loss in September 2005
CATHOLIC CHURCH: Portland's Sept. 2005 Monthly Operating Report
CATHOLIC CHURCH: Spokane's September 2005 Monthly Operating Report
COLLINS & AIKMAN: Earns $24 Million of Net Income in Sept. 2005
INTERSTATE BAKERIES: Posts $8MM Net Loss for Period Ended Sept. 17
KUSHNER-LOCKE: Releases August 2005 Monthly Operating Reports
MERIDIAN AUTOMOTIVE: Posts $12.6 Mil. Net Loss in September 2005
MESABA AVIATION: Files Schedules of Assets & Liabilities
MIIX GROUP: Posts $367,178 Cumulative Net Loss in September 2005
MIRANT CORP: Posts $171.9 Million Net Loss in August 2005
MIRANT CORP: MAGi Posts $210 Million Net Loss in August 2005
NEWPOWER HOLDINGS: Files September 2005 Monthly Operating Report
RELIANCE GROUP: Posts $387,000 Net Loss in September 2005
THAXTON GROUP: Posts $71 Mil. Cumulative Net Loss in Sept. 2005
UAL CORP: Posts $1.5 Billion Net Loss in September 2005
*********
ALLIED HOLDINGS: Allied Systems Ltd.'s Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property
Land
Atlanta, GA $2,950,000
Lawrenceville, GA 1,575,000
Louisville, KY 1,150,000
Kansas City, MO 1,530,000
Cottage Grove, MN 1,750,000
Dearborn, MI 4,800,000
Marysville, OH 1,025,000
Fort Wayne, IN 2,425,000
Buffalo, NY 1,510,000
Westborough, MA 520,000
Structure/Sewer/Paving
Dearborn, MI 1,312,017
Atlanta, GA 516,871
Structure/Parking Lot/Electrical
Kansas City, MO 829,971
Building/Truck Maintenance Facility
Cottage Grove, MN 602,205
Dispatch Offices in Buffalo, NY 2,226,773
Others 4,981,048
B. Personal Property
B.1 Cash on hand 12,329
B.2 Bank Accounts 121,052
B.3 Security Deposits 462,177
B.15 Accounts Receivable 20,947,847
B.17 Other Liquidated Debts
Corporate Franchise Tax Prepayment in:
Arkansas 19,831
Indiana 8,300
Louisville, KY 5,563
New Jersey 18,849
New York 46,075
Pennsylvania 5,992
Arizona 9,974
California 15,267
Maine 4,650
Minnesota 19,283
Montana 4,350
Utah 12,350
Others 6,840
B.23 Vehicles
Service-Yard Vehicles 855,400
Tractors 42,950,700
Trailers 36,728,400
B.26 Office Equipment 4,787
B.27 Machinery
Parts and Supplies 3,452,957
Machinery, Fixtures, Equipment & Supplies 273,426
B.33 Other Personal Property
Leasehold Improvements 569,151
Software 22,860
Date Processing Equipment 201,485
Intercompany Receivables 90,024,084
Prepaid Licenses 2,142,953
Prepaid Insurance 16,659,585
Prepaid Rents 31,705
Prepaid Property Tax 143,146
Vehicle Tires 3,781,246
Other Prepaid Items 979,811
Vehicles Held for Sale 71,587
TOTAL SCHEDULED ASSETS $250,317,897
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
Ableco Finance LLC $140,354,463
Banc One Leasing Corporation 157,624
BTM Financial & Leasing Corp. -
Fleet Capital Corporation 155,261
General Electric Capital Corp. 225,033
Mercedez Benz Credit Corp. 105,591
Merrill Lynch Capital -
E. Unsecured Priority Claims
Allen County Treasurer 50,753
Central States Pension Fund 130,953
City of Dearborn 134,424
CSX Transportation 75,000
Georgia Department of Revenue 60,427
Dallas Internal Revenue Service 291,227
Doraville, GA Internal Revenue Service 1,625,250
Chicago Int'l. Brotherhood of Teamsters 300,000
Kentucky State Treasurer 123,741
Missouri Department of Revenue 291,463
Missouri Department of Labor 44,094
New Jersey Employment Security 67,593
North Carolina Employment Security 38,109
Sandra Reeves, County Collector, Kansas 101,000
Michigan Treasury Department 100,000
Teamsters Local 25 204,000
Tennessee Department of Revenue 130,582
Texas State Comptroller 53,569
West Seneca Central School 36,000
Others 932,706
F. Unsecured Non-priority Claims
Allied Holdings 23,756,684
Bandag Incorporated 287,771
Comdata Corporation - Fuel 232,183
Corporate Lodging 501,735
Cottrell, Inc. 262,690
Cummins South 431,381
Daimler Chrysler ALZs 527,378
Delavan Industries, Inc. 1,472,226
Fleet Charge 210,079
Ford Motor Company 692,328
FPF Inc. 2,579,104
GM of Canada Ltd., - ALZs 1,536,005
Michelin Tire NA 843,777
QAT Intercompany Payables 351,560
SGS Automotive Service 650,293
TM Claims Service/Honda 247,812
Toyota Motor Sales Inc. 401,711
TSI Intercompany Payables 2,895,372
U.S. Security Associates, Inc. 413,792
Volvo Action Service 1,027,412
Others 7,259,935
TOTAL SCHEDULED LIABILITIES $192,392,425
=============
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 No. 05-12515). 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. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Axis Canada's Schedules of Assets & Debts
----------------------------------------------------------
A. Real Property 0
B. Personal Property
B.1 Cash on hand $327
B.2 Bank Accounts 293,079
B.15 Accounts Receivable 132,710
B.17 Other Liquidated Debts
Corporate Tax Refund
Quebec, Canada 1,847
Ontario, Canada 6,157
Alberta, Canada 4,964
B.23 Vehicles 90,362
B.26 Office Equipment 31,798
B.33 Other Personal Property
Intercompany Receivables 5,723
Leasehold Improvements 75,316
TOTAL SCHEDULED ASSETS $642,284
=========
C. Property Claimed as Exempt Not Applicable
D. Secured Claim 0
E. Unsecured Priority Claims 74,176
F. Unsecured Non-priority Claims
Allied Holdings, Inc. 1,829,158
Allied Systems (Canada) 100,912
Others 80,978
TOTAL SCHEDULED LIABILITIES $2,085,224
===========
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 No. 05-12515). 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. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Axis Group Inc.'s Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property 0
B. Personal Property
B.2 Bank Accounts $844,087
B.15 Accounts Receivable 5,714,893
B.17 Other Liquidated Debts
Georgia Corporate Franchise Tax Refund 845
Wisconsin Corporate Franchise Tax Prepay 25
B.33 Other Personal Property
Software 707,217
Intercompany Receivables 1,772,264
Leasehold Improvements 884
TOTAL SCHEDULED ASSETS $9,061,815
===========
C. Property Claimed as Exempt Not Applicable
D. Secured Claim 0
E. Unsecured Priority Claims 17,428
F. Unsecured Non-priority Claims
Allied Automotive Group 532,725
Allied Holdings, Inc. 32,287,681
Allied Systems, Ltd. 303,128
ARETA 1,269,225
Brothers Auto Transport, Inc. 130,677
Champion Auto Carriers, Inc. 131,272
Excel Transporting & Towing 242,016
Exotic Auto Transport 344,081
Logistics Systems LLC 931,290
Ogletree, Deakins, Nash, Smoak & Stewart 110,000
P.A.T. Auto Transport, Inc. 108,446
Others 2,347,220
TOTAL SCHEDULED LIABILITIES $38,755,190
============
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 No. 05-12515). 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. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Axis Netherlands' Schedules of Assets & Debts
--------------------------------------------------------------
A. Real Property 0
B. Personal Property
B.33 Other Personal Property $900
TOTAL SCHEDULED ASSETS $900
=====
C. Property Claimed as Exempt Not Applicable
D. Secured Claim 0
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES 0
====
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 No. 05-12515). 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. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Commercial Carriers' Schedules of Assets & Debts
-----------------------------------------------------------------
A. Real Property 0
B. Personal Property
B.2 Bank Accounts
First Union Bank $2,720
Fleet Bank 48,054
B.17 Other Liquidated Debts 90
B.33 Other Personal Property 3,022,756
TOTAL SCHEDULED ASSETS $3,073,619
===========
C. Property Claimed as Exempt Not Applicable
D. Secured Claim 0
E. Unsecured Priority Claims 162
F. Unsecured Non-priority Claims
Allied Systems, Ltd. 181,372
McConnell, Frederick 2,000,000
Allied Automotive Group, Inc. 1,250
TOTAL SCHEDULED LIABILITIES $2,182,784
===========
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 No. 05-12515). 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. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ALLIED HOLDINGS: Cordin Transport's Schedules of Assets & Debts
---------------------------------------------------------------
A. Real Property 0
B. Personal Property
B.1 Cash on hand $2,800
B.2 Bank Accounts 4,968
B.15 Accounts Receivable 63,369
B.23 Vehicles 90,205
B.26 Office Equipment 354
B.33 Other Personal Property
Intercompany Receivables 616,860
Leasehold Improvements 11,844
TOTAL SCHEDULED ASSETS $790,400
=========
C. Property Claimed as Exempt Not Applicable
D. Secured Claim 0
E. Unsecured Priority Claims 24,834
F. Unsecured Non-priority Claims 93,377
TOTAL SCHEDULED LIABILITIES $118,212
=========
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 No. 05-12515). 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. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMES DEPT: Posts $64,000 Net Loss in Four Weeks Ending July 30
--------------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At July 30, 2005
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $18,098
Restricted cash 58,561
Receivables 1,288
----------
Total current assets 77,947
Fixed Assets -
----------
Total Assets $77,947
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade 54,479
Other 11,107
----------
Total accounts payable 65,586
Self-insurance reserves 28,159
Accrued expenses 19,316
Liabilities subject to compromise 843,194
----------
Total liabilities 956,255
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,411,074)
Treasury stock (922)
----------
Total stockholders' deficit (878,308)
----------
Total liabilities and stockholders' deficit $77,947
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For the Four Weeks Ended July 30, 2005
(In Thousands)
Total revenue $254
Costs and expenses
Wind down expenses and other costs 218
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees 100
----------
Income (Loss) before income taxes (64)
Income tax provision -
----------
Net Income (Loss) ($64)
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For the Four Weeks Ended July 30, 2005
(In Thousands)
Cash flows from operating activities:
Net income (loss) ($64)
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
Cash provided by operations (64)
Changes in working capital:
Decrease in receivables 738
Decrease in accrued exp. and other liabilities (434)
Decrease in accounts payable (1065)
Increase in Restricted Cash (72)
----------
Net cash provided by operating activities (897)
Cash flows from financing activities:
Change in liabilities subject to compromise 143
Proceeds from the sale of assets -
----------
Net cash used by financing activities 143
Decrease in cash and cash equivalents (754)
Cash and cash equivalents, beginning of period 18,852
----------
Cash and cash equivalents, end of period $18,098
==========
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. 73; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AMES DEPT: Earns $1 Million in Four Weeks Ending August 27
----------------------------------------------------------
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Balance Sheets
At August 27, 2005
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $17,308
Restricted cash 58,467
Receivables 1,535
----------
Total current assets 77,310
Fixed Assets -
----------
Total Assets $77,310
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable:
Trade 54,479
Other 10,714
----------
Total accounts payable 65,193
Self-insurance reserves 27,874
Accrued expenses 19,068
Liabilities subject to compromise 842,482
----------
Total liabilities 954,617
Stockholders' equity (deficit)
Common stock 295
Additional paid-in capital 533,393
Accumulated deficit (1,410,073)
Treasury stock (922)
----------
Total stockholders' deficit (877,307)
----------
Total liabilities and stockholders' deficit $77,310
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Operations
For the Four Weeks Ended August 27, 2005
(In Thousands)
Total revenue $1,403
Costs and expenses
Wind down expenses and other costs 302
Gain on Sale of Assets -
Write off of excess reserves -
Professional fees 100
----------
Income (Loss) before income taxes 1,001
Income tax provision -
----------
Net Income (Loss) $1,001
==========
Ames Department Stores, Inc., and Subsidiaries
Unaudited Consolidated Condensed Statements of Cash Flows
For the Four Weeks Ended August 27, 2005
(In Thousands)
Cash flows from operating activities:
Net income (loss) $1,001
Expenses not requiring the outlay of cash:
Gain on the sale of assets -
Cash provided by operations 1,001
Changes in working capital:
Increase in receivables (247)
Decrease in accrued exp. and other liabilities (533)
Decrease in accounts payable (393)
Decrease in Restricted Cash 94
----------
Net cash provided by operating activities (78)
Cash flows from financing activities:
Change in liabilities subject to compromise (712)
Proceeds from the sale of assets -
----------
Net cash used by financing activities (712)
Decrease in cash and cash equivalents (790)
Cash and cash equivalents, beginning of period 18,098
----------
Cash and cash equivalents, end of period $17,308
==========
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. 73; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ANCHOR GLASS: Posts $2.3 Million Net Loss in August 2005
--------------------------------------------------------
Anchor Glass Container Corporation
Unaudited Statement of Operations and Comprehensive Loss
For the month ending August 31, 2005
(In Thousands)
Net Sales $65,774
Costs and Expenses
Costs of products sold 63,775
Selling and administrative expenses 1,886
Restructuring charges 69
-----------
Income from operations 44
Reorganization items (440)
Other expense, net (387)
Interest expense (1,559)
-----------
Net Loss ($2,342)
===========
Anchor Glass Container Corporation delivered to the Court its
operating report for the period from August 8 to 31, 2005.
Anchor Glass did not file its balance sheet.
Anchor Glass Chief Executive Officer Mark S. Burgess discloses
that on August 2, 2005, Anchor Glass' management concluded that
$4,500,000 of payments received from a customer during June 2003
had not been accounted for properly. The impact of the improper
accounting, net of other adjustments, is to overstate operating
income and net income/loss for the June 2003 quarter by
$4,200,000. Because key factual issues remain unresolved, Mr.
Burgess says management has been unable to correct accounting for
the $4,500,000 for periods subsequent to June 2003.
Furthermore, Anchor's management discovered that the company's
accounting for two other transactions with the same customer were
recorded in error, resulting, on a preliminary basis, in an:
* overstatement of the company's net income/loss during 2001
of $2,000,000 and during 2002 of $1,400,000; and
* understatement of the company's net income/loss during 2003
of $500,000 and during 2004 of $1,300,000.
Accordingly, Mr. Burgess says, Anchor's financial statements for
the years 2001 to 2004, and for each quarters therein should not
be relied upon. Interim financial statements for the periods
ended March 31, 2005, and 2004, as contained in the quarterly
report on Form 10-Q for the period ended March 31, 2005, as filed
with the Securities and Exchange Commission should not also be
relied on.
The impact of the improper accounting and errors on the August
2005 Statement of Operations cannot still be known until Anchor
completes its final review, Mr. Burgess adds.
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. 11;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ATA AIRLINES: Posts $140 Million Net Loss in September 2005
-----------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of September 30, 2005
ASSETS
Current assets:
Cash and cash equivalents $75,367,000
Receivables,
net of allowance for doubtful accounts 122,445,000
Inventories, net 41,892,000
Assets Held for Sale 2,000,000
Prepaid expenses and other current assets 33,887,000
--------------
TOTAL CURRENT ASSETS 275,591,000
Property and equipment:
Flight equipment 176,000,000
Facilities and ground equipment 142,689,000
Accumulated depreciation (180,758,000)
--------------
TOTAL PROPERTY AND EQUIPMENT 137,931,000
Restricted cash 30,662,000
Goodwill 6,987,000
Prepaid aircraft rent 154,000
Investment in BATA 5,222,000
Deposits and other assets 26,204,000
--------------
TOTAL ASSETS $482,751,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Short Term Debt 41,000,000
Accounts payable 6,213,000
Air traffic liabilities 88,229,000
Accrued expenses 124,619,000
--------------
Total current liabilities 260,061,000
Deferred items 31,471,000
Liabilities subject to compromise 1,636,627,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' deficit:
Preferred stock; authorized 9,999,200 shares; -
Common stock, without par value; authorized 66,013,000
Treasury stock; (24,778,000)
Additional paid-in capital 18,166,000
Accumulated deficit (1,534,809,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,475,408,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $482,751,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended September 30, 2005
Operating revenues:
Scheduled service $43,467,000
Charter 37,300,000
Ground package 661,000
Other 2,406,000
--------------
TOTAL OPERATING REVENUES 83,834,000
Operating expenses:
Fuel and oil 28,497,000
Salaries, wages and benefits 17,053,000
Aircraft rentals 11,310,000
Handling, landing and navigation fees 7,038,000
Aircraft maintenance, materials and repairs 3,324,000
Crew and other employee travel 5,053,000
Depreciation and amortization 2,412,000
Passenger service 3,002,000
Other selling expenses 1,602,000
Commissions 2,415,000
Facilities and other rentals 1,105,000
Insurance 1,070,000
Ground package cost 518,000
Advertising 966,000
Aircraft impairments and retirements -
Other 3,247,000
--------------
TOTAL OPERATING EXPENSES 88,612,000
--------------
Operating income (loss) (4,778,000)
Other income (expense):
Interest income 232,000
Interest expense (509,000)
Reorganization expenses (135,157,000)
Other (72,000)
--------------
TOTAL OTHER EXPENSE (135,506,000)
--------------
Income (loss) before income taxes (140,284,000)
Income taxes -
--------------
Net income (loss) ($140,284,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended September 30, 2005
Cash Flows from Operating Activities:
Net income before reorganization expenses ($5,127,000)
Adjustments to reconcile net income:
Depreciation and amortization 2,412,000
Other non-cash items 121,000
Changes in operating assets and liabilities:
Receivables 6,451,000
Inventories (4,422,000)
Prepaid expenses 7,466,000
Accounts payable 2,282,000
Air traffic liabilities 3,223,000
Liabilities subject to compromise (1,181,000)
Accrued expenses (14,819,000)
--------------
NET CASH (USED IN) OPERATING ACTIVITIES (3,594,000)
Cash Flows from Reorganization Activities:
Reorganization items, net (135,157,000)
Prepaid expenses (337,000)
Liabilities subject to compromise 125,491,000
Accrued Expenses 1,791,000
Receivables 382,000
Other non-cash items 6,827,000
--------------
NET CASH (USED IN) REORGANIZATION ACTIVITIES (1,003,000)
Cash Flows from Investing activities:
Capital expenditures (1,175,000)
Noncurrent prepaid aircraft rent 8,000
Additions to other assets (438,000)
Proceeds from sales of property and equipment 270,000
--------------
NET CASH (USED IN) INVESTING ACTIVITIES (1,335,000)
Cash Flows from Financing activities:
Increase in restricted cash (413,000)
--------------
NET CASH (USED IN) FINANCING ACTIVITIES (413,000)
--------------
Decrease in cash and cash equivalents (6,345,000)
Cash and cash equivalents, beginning of period 81,712,000
--------------
Cash and cash equivalents, end of period $75,367,000
==============
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland's Sept. 2005 Monthly Operating Report
---------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of September 30, 2005
ASSETS
Cash and cash equivalents $15,326,701
Accounts receivable, net 4,700,517
Notes, estates and other receivables 12,904,945
Loans receivable from Archdiocesan entities, net 9,245,949
Loans receivable from Archdiocesan housing entities 525,501
Interest receivable and other assets 248,187
Inventories 1,538,840
Real Property 226,688
Deposits and prepaid expenses 30,826
Investments 93,420,333
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,733,994
--------------
Total Assets $147,542,481
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,222,268
Funds held for others
Second Collections (12)
Short-term investments payable 16,315,813
Long-term pool investments payable 19,412,972
Reserve for insurance claims 2,343,946
Notes payable 11,056,990
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 60,237,811
--------------
Postpetition
Accounts payable 1,083,842
Accrued liabilities 1,963,284
Funds held for others
Second Collections 300,936
Short-term investments payable 2,329,182
Long-term pool investments 3,207,251
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 28,924
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 9,302,018
--------------
Total Liabilities 69,539,829
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,527,447
Other Assets (3,140,341)
--------------
Total Prepetition Net Assets 66,387,106
--------------
Postpetition Net Assets:
Charitable Trust Assets 4,500,699
Other Assets 7,114,847
--------------
Total Postpetition Net Assets 11,615,546
--------------
Total Net Assets 78,002,652
--------------
Total liabilities & net assets $147,542,481
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending September 30, 2005
Revenues, gains and other support
Annual Catholic Appeal income $651
Gross profit on cemetery sales 34,812
Contributions, gifts, annuities and bequests 11,190
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 579,805
Change in unrealized gains (losses) 308,498
Insurance premiums, net (60,943)
Interest income from loans 44,195
Parish assessments 253,607
Other income 236,021
Departmental revenues 41,453
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 1,449,289
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 418,356
Clergy Services 159,429
Catholic Schools 41,475
Pastoral Services 56,323
Evangelization Services 53,842
Public Services 10,614
Tribunal Services 18,129
Deposit and loan interest 103,707
Insurance program 323,237
Cemetery operating expenses 261,850
High School grants/charitable annuities 15,323
Other program expenses 67,038
--------------
Total program services 1,529,323
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 42,390
Finance & Administration:
Resource Development 49,288
Business Affairs 9,394
Financial Services 73,955
Human Resources 28,674
Shared Services 25,928
Occupancy and physical plant expenses 11,309
Designated funds expense 14,577
Bankruptcy expense 415,980
Depreciation expense -
--------------
Total supporting services 671,495
--------------
Total expenses and program support 2,200,818
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (751,529)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (751,529)
Net assets at beginning of year 78,754,181
--------------
Net assets at end of year $78,002,652
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending September 30, 2005
Beginning Cash Balance: $13,415,470
Add:
Transfers in 297,267
Receipts Deposited 6,042,758
Other (Return of Direct Deposits) -
Other (Interest Income) 39,429
--------------
Total Cash Receipts 6,379,453
Subtract:
Transfers out (297,267)
Disbursements by check or debit (3,169,261)
Cash withdrawn (1,000,000)
Other (Service Charges) (461)
Other (Misc Check Correction) -
Other (NSF Checks) (1,232)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (4,468,222)
--------------
Ending Cash Balance $15,326,701
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 45; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane's September 2005 Monthly Operating Report
------------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of September 30, 2005
ASSETS
Total Cash Accounts $2,607,356
Total Investments 3,875,682
Total Property 495,004
Total Loans Receivable 2,979,486
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 73,123
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 36,806
--------------
Total Assets $12,939,320
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 6,033,085
Total Interest Payable 0
Total Accounts Payable (6,574)
Net Assets
Total Unrestricted - Fund Balance (5,753,639)
Total Unrestricted Net Assets (5,753,639)
T.R. - Guse Grant Funds 183,205
Total Replacement Fund 10,027,863
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 592,472
Temporarily Restricted (80)
--------------
Total liabilities & net assets $13,069,321
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending September 30, 2005
Total Income $227,587
Total Expenses 427,386
--------------
Net Excess or Deficit $199,799
==============
Catholic Diocese of Spokane
Statement of Cash Receipts and Disbursements
September 1, 2005 to September 30, 2005
Total Cash Receipts $318,490
Total Cash Disbursements ($326,124)
A full-text copy of the Diocese of Spokane's September 2005
monthly operating report is available for free at:
http://bankrupt.com/misc/spokane_sept_mor.pdf
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 45; Bankruptcy Creditors' Service, Inc., 215/945-7000)
COLLINS & AIKMAN: Earns $24 Million of Net Income in Sept. 2005
---------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of September 30, 2005
ASSETS
Current assets:
Cash $25,031,120
Accounts receivable 125,881,876
Other non-trade receivables 6,055,142
Inventories, net 117,589,043
Tooling and molding, net - current 67,743,820
Prepaids & other current assets 72,496,154
Deferred tax assets - current (87,825)
---------------
Total current assets 414,709,330
Investment in subsidiaries 2,534,708,519
Fixed assets, net 355,760,417
Goodwill, net 978,554,071
Deferred tax assets - long term 25,938,826
Tooling and molding, net-long term 14,932,020
Other noncurrent assets 98,150,778
Intercompany assets 177,327,888
PP IC accounts receivable 643,201,278
---------------
TOTAL ASSETS $5,243,283,128
===============
LIABILITIES & EQUITY
Current liabilities:
Notes payable $0
Short term borrowings 90
Advance on receivables 0
Current portion - long term debt 259,125,000
Current portion - capital leases 0
Accounts payable 53,194,564
Accrued interest payable 10,932
Accrued & other liabilities 47,226,756
Income taxes payable (4,553,782)
---------------
Total current liabilities 355,003,559
Liabilities subject to compromise
2010 - A/P - trade - prepetition 216,222,792
2014 - A/P - rec'd - not invoiced prepetition 13,599,872
2030 - A/P - prepetition other (40,388,280)
2071 - A/P - tooling 58,023,560
2072 - A/P - capital 1,831,368
2210 - PP Accrued liabilities 71,768,271
2215 - PP Accrued local property tax 1,198,700
2220 - PP Accrued sales & use tax (329,577)
2225 - PP Environmental reserve 34,213,880
2235 - PP restructuring reserve 14,545,613
2240 - PP long term debt 1,587,697,736
2245 - PP Capital leases 393,747
Long Term Debt -
Deferred income taxes 20,831,599
Preferred stock of Products Co. 222,875,520
Other noncurrent liabilities 142,811,388
---------------
Total liabilities subject to compromise 2,345,296,191
---------------
Total Liabilities 2,700,299,750
Total Equity 2,542,983,378
---------------
TOTAL LIABILITIES & EQUITY $5,243,283,128
===============
Collins & Aikman Corporation
Income Statement
Month Ended September 30, 2005
Net outside sales $237,787,195
I/D Net sales 8,577,419
I/G Net sales 1,169,246
---------------
Total sales 247,533,859
Cost of goods sold 197,432,114
---------------
Gross profit 50,101,745
Selling, general & administrative expenses 28,705,369
---------------
Operating income 21,396,376
Interest expenses 7,023,268
Intercompany interest, net (2,167,081)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (163,624)
Commission expense 0
Royalty income (486,918)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss (519,114)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes 17,709,845
Federal income tax (1,270,331)
State income tax 0
Foreign income tax 31,717
---------------
Income from continuing operations 18,948,459
Discontinued operations (5,400,970)
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME $24,349,429
===============
A full-text copy of Collins & Aikman's Monthly Operating Report is
available for free at:
http://ResearchArchives.com/t/s?2af
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. 17; Bankruptcy Creditors' Service, Inc., 215/945-7000)
INTERSTATE BAKERIES: Posts $8MM Net Loss for Period Ended Sept. 17
------------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended September 17, 2005
REVENUE
Gross Income $239,314,984
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 55,510,273
Direct & Indirect Labor 43,804,122
Overhead & Production Administration 13,462,219
------------
Total Cost of Goods Sold 112,776,614
------------
Gross Profit $126,538,370
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $58,553,509
Advertising and Marketing 3,338,456
Insurance (Property, Casualty, & Medical) 13,316,970
Payroll Taxes 4,985,753
Lease and Rent 4,082,312
Telephone and Utilities 1,395,758
Corporate Expense (Including Salaries) 6,687,300
Other Expenses 30,354,805
------------
Total Operating Expenses $122,714,863
------------
EBITDA $3,823,507
Restructuring & Reorganization Charges 6,326,347
Depreciation and Amortization 5,918,838
Other Income (1,928)
Gain/Loss Sale of Property (151,566)
Interest Expense 3,687,115
------------
Operating Income (Loss) (11,955,299)
Income Tax Expense (Benefit) (3,992,444)
------------
Net Income (Loss) ($7,962,855)
============
CURRENT ASSETS
Accounts Receivable at end of period $156,845,240
Increase (Decrease) in Accounts Receivable 3,240,643
Inventory at end of period 64,058,826
Increase (Decrease) in Inventory for period (2,336,881)
Cash at end of period 151,574,381
Increase (Decrease) in Cash for period (9,841,846)
Restricted Cash 19,634,836
Increase (Dec.) in Restricted Cash for period -
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (5,577,005)
Increase (Decrease) in Liabilities
Subject to Compromise 360,598
Taxes payable:
Federal Payroll Taxes 10,921,390
State/Local Payroll Taxes 4,353,183
State Sales Taxes 1,371,529
Real Estate and Personal Property Taxes 17,575,015
Other 5,782,270
------------
Total Taxes Payable $40,003,386
============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
KUSHNER-LOCKE: Releases August 2005 Monthly Operating Reports
-------------------------------------------------------------
On Oct. 25, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited August 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California, Los Angeles Division.
For the month ending Aug. 31, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 89,311
Total Non-Operating Expenses 0
Net Income (Loss) ($89,311)
For the period from Aug. 1, 2005 through Aug. 31, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $2,142,217 $72,796
Total Receipts 74,702 134,000
Total Disbursements 134,000 89,229
Ending Balance $2,082,918 $117,567
Full-text copies of The Kushner-Locke Company's August 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?2b0
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?2b1
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
MERIDIAN AUTOMOTIVE: Posts $12.6 Mil. Net Loss in September 2005
----------------------------------------------------------------
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of September 30, 2005
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $129,684
Intercompany receivable 12,159
Inventories 74,257
Tooling costs in excess of billings and others 23,657
----------
TOTAL CURRENT ASSETS 239,757
----------
Property, plant and equipment, net 234,072
Intangible assets 15,585
Investment in subsidiaries 23,863
Other assets 18,846
----------
TOTAL ASSETS $532,123
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $288,537
Accounts payable 38,948
Accrued expenses 46,200
Tooling billings in excess of costs 9,962
----------
TOTAL CURENT LIABILITIES 383,647
----------
Liabilities subject to comprise 456,920
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, less current portion 37,822
Other long-term liabilities 16,211
Accumulated post-retirement benefit obligation 16,355
----------
TOTAL LIABILITIES 910,955
STOCKHOLDERS' EQUITY (378,832)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $532,123
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
September 1 to 30, 2005
(In Thousands)
Net sales $83,383
Cost of sales 81,604
----------
Gross profit 1,779
Selling, general and administrative expenses 2,917
Restructuring charges 349
----------
Operating (loss} income (1,487)
Interest expense, net 6,720
Other income (expense) 2
Chapter 11 and related reorganization items 4,420
----------
Loss before provision for income taxes (12,625)
Provision for income taxes 29
----------
NET LOSS ($12,654)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
September 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($12,654)
Adjustments required to reconcile net loss to net
cash provided by (used for) operating activities:
Depreciation, amortization, and impairment 5,209
Change in working capital and other operating
items 3,534
----------
Net cash used for operating activities
before reorganization items (3,911)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 4,420
Payments on Chapter 11 and related reorg items (5,571)
----------
Net cash provided by Chapter 11 and related
reorg items (1,151)
Net cash used for operating activities (5,062)
INVESTING ACTIVITIES:
Additions to property and equipment (1,800)
Proceeds from sale or property and equipment -
----------
Net cash used for investing activities (1,800)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings 1,000
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 44,200
Repayments of DIP credit facility (38,200)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (138)
----------
Net cash provided by financing activities 6,862
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MESABA AVIATION: Files Schedules of Assets & Liabilities
--------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Petty Cash - Stations Cash Disbursement 57,763
B.2 Bank Accounts
Wells Fargo - Cash Disbursements 1,738,551
Chase Manhattan -- Airlines Clearing House 1,000
Wings Financial -- Liquor Receipts 321,695
Wings Financial -- Liquor Receipts 244,432
Wells Fargo -- Savings Account 10,252,485
Wells Fargo Minnesota -- Restricted Cash 4,263,215
Bank of Montreal -- Cash Disbursements 75,574
B.3 Security Deposits
Security Deposits, SAAB 46,800
Security re Potential Damages
Rochester Airport 22,000
Northern Trust 16,361
Vendor Deposit, Jepson Charts 103,500
Vendor Deposit, SAAB 20,000
Retainer - Ravich Meyer 150,000
Retainer - Marr Hipp 150,000
Retainer - Mercer Management 600,000
Vendor Deposit, British Aerospace 20,000
Dow Chemical 20,130
Others 13,280
B.4 Household goods and furnishings 0
B.5 Collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interest in pension plans 0
B.12 Stock and interests in businesses 0
B.13 Interests in partnerships or joint ventures 0
B.14 Government and Corporate Bonds 0
B.15 Accounts Receivable 43,913,123
B.16 Alimony 0
B.17 Other liquidated debts owing debtor
Insurance receivable - aircraft damage 193,374
Corporate insurance receivable 304,609
2004 State tax refunds Unknown
B.18 Equitable or future interests 0
B.19 Interests in estate of a decedent 0
B.20 Other Contingent & Unliquidated Claims 0
B.21 Intellectual Property 0
B.22 General Intangibles 0
B.23 Vehicles
Cincinnati, OH 182,106
Des Moines, IA 99,063
Detroit, MI 516,775
Memphis, TN 158,449
Minneapolis, MN 384,650
Wausau, WI 69,060
Others 96,750
B.24 Boats, motors and accessories 0
B.25 Aircraft and accessories 21,859,696
B.26 Office Equipment 4,557,913
B.27 Machinery, fixtures, equipment and supplies
Used in operations 2,229,327
Other equipment and supplies 5,502,676
Overhead and maintenance supplies 550,551
B.28 Inventory 13,242,636
B.29 Animals 0
B.30 Crops 0
B.31 Farming equipment and implements 0
B.32 Farm supplies, chemicals and feed 0
B.33 Other Personal Property 0
TOTAL SCHEDULED ASSETS $111,977,544
=============
C. Property Claimed as Exempt $0
D. Secured Claim
GE Aircraft Engines 1,995,362
Wells Fargo Bank NA Unknown
Wells Fargo Bank NA Trustee Unknown
E. Unsecured Priority Claims 0
Benton County Tax Collector 562
Fayette County Sheriff 19,252
Kentucky Dept. of Revenue 15,778
State of Arkansas, Dept. of Finance & Admin. 34,262
Thunder Bay City, Canada 2,005
F. Unsecured Non-priority Claims
AAR Aircraft & Turbine CTR 493,030
Aerospace Composite Tech 178,395
Aircraft Braking Systems Corp. 281,697
Allied Signal Engines 3,549,270
Aon Risk Svcs Inc. of MN 454,692
Avmax Group Inc. 686,036
BAE Systems Regional Aircraft 312,686
Bombardier Services Corp. 825,810
British Aerospace - AVRO 1,294,080
Corp. Lodging Consultants 584,402
Detroit Metropolitan Airport 513,637
Dowty Propellers - Americas 215,390
Dowty Propellers - UK 214,009
Dunlop Aerospace No. America 234,275
Embraer Aircraft 240,377
GE Engine Services Inc. 317,914
Hamilton Sundstrand 184,314
Mac MPLS St. Paul 232,149
Messier Services Inc. 501,962
Northwest Airlines 7516 6,064,004
Pan Am International Flight Academy 796,742
Rockwell Collins 181,432
Transportation Security Admin. 390,316
Others 8,133,135
TOTAL SCHEDULED LIABILITIES $28,946,975
============
Mesaba Aviation, Inc., dba Mesaba Airlines --
http://www.mesaba.com/-- operates as a Northwest Airlink
affiliate under code-sharing agreements with Northwest Airlines.
The Company filed for chapter 11 protection on Oct. 13, 2005
(Bankr. D. Minn. Case No. 05-39258). Michael L. Meyer, Esq., at
Ravich Meyer Kirkman McGrath & Nauman PA, represents the Debtor in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed total assets of $108,540,000 and
total debts of $87,000,000. (Mesaba Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
MIIX GROUP: Posts $367,178 Cumulative Net Loss in September 2005
----------------------------------------------------------------
On Oct. 25, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from Sept. 1, 2005, to Sept. 30,
2005, with the U.S. Bankruptcy Court for the District of Delaware.
MIIX Group reports a cumulative net loss of $367,178 on $8,293 of
total revenue for the period from Dec. 21, 2004 thru Sept. 30,
2005. New Jersey State Medical Underwriters, Inc., reports a
cumulative net loss of $718,158 on $2,957,814 of total revenue for
the period from Dec. 21, 2004, thru Sept. 30, 2005.
At Sept. 30, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:
New Jersey
State Medical
The MIIX Group Underwriters, Inc.
-------------- ------------------
Total Assets $7,984,448 $13,443,545
Total Liabilities 8,937,488 6,231,194
Stockholders' Equity ($953,040) $7,212,351
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
Sept. 1, 2005 to Sept. 30, 2005, is available at no charge at:
http://ResearchArchives.com/t/s?2b2
Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. -
- http://www.miix.com/-- provides management services to medical
malpractice insurance companies. The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588). Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and $50
million and debts between $10 million and $50 million.
MIRANT CORP: Posts $171.9 Million Net Loss in August 2005
---------------------------------------------------------
Mirant Corporation and Subsidiaries
Consolidated Balance Sheet
As of August 31, 2005
ASSETS
Cash and cash equivalents $1,313,745,525
Accounts receivable - net 936,226,626
Assets from risk management activities 1,189,294,840
Derivative hedging instruments -
Inventories 343,089,658
Other 1,305,047,099
--------------
Total Current Assets 5,087,403,748
Property, plant and equipment 5,194,569,408
Less: accumulated depreciation/depletion 909,365,496
Leasehold interests - net 1,447,047,370
Construction work in progress 177,788,077
Investment in suspended construction 174,909,020
--------------
Total net property, plant and equipment 6,084,948,379
Investments 257,332,835
Long-term accounts receivable - net 48,491,930
Notes receivable - net -
Assets from risk management activities 169,244,454
Goodwill - net 5,767,352
Other intangibles - net 263,976,780
Derivative hedging instruments -
Restricted cash, non-current 187,648,762
Other long-term assets 138,081
Miscellaneous deferred charges 459,696,139
--------------
Total Non-current Assets 1,392,296,333
--------------
TOTAL ASSETS $12,564,648,460
==============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt $1,220,586,244
Accounts Payable 732,604,733
Liabilities from risk management activities 1,707,495,936
Obligations under energy deliveries 6,853,652
Derivative hedging instruments -
Other 233,407,666
Miscellaneous deferred credits 725,859,564
--------------
Total postpetition liabilities 4,626,807,795
Prepetition Liabilities 9,167,435,960
-------------
TOTAL LIABILITIES 13,794,243,755
EQUITY:
Minority interest in subsidiaries 171,750,222
Mandatory redeemable securities -
Common stock 4,056,621
Additional paid-in capital 4,917,963,545
Retained earnings (6,249,972,500)
Treasury stock, at cost (2,260,000)
Accumulated other comprehensive income (71,133,183)
--------------
Total Equity ($1,229,595,295)
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $12,564,648,460
===============
Mirant Corporation and Subsidiaries
Consolidated Statements of Income
For the month ending August 31, 2005
REVENUES:
Generation $147,921,084
Net trading revenue (4,972,691)
Distribution 67,081,037
Other 584,399
---------------
Net Revenue 210,613,829
OPERATING EXPENSES:
Energy cost 261,754,265
Operations and maintenance 79,335,591
Depreciation and amortization 25,451,331
Gain on sale of property and investment 203,958
Impairment loss 30,783
Restructuring costs 132,902
---------------
Total Operating Expenses 366,908,830
---------------
Income before non-operating income
and expense (156,295,001)
OTHER INCOME AND EXPENSES:
Interest income 2,764,864
Interest expense (10,276,623)
Equity in income of affiliates 3,350,668
Other 2,983,575
Reorganization items (11,832,663)
Minority interest (2,735,225)
Net income from discontinued operations (333,754)
Gain on sale assets, minority owned -
---------------
Total Other Income (16,079,158)
Provision for income tax 434,158
---------------
NET PROFIT (LOSS) ($171,940,001)
===============
Mirant Corporation
Unconsolidated Cash Receipts and Disbursements
For the month ending August 31, 2005
Cash, beginning of month $262,416,929
Non-Operating Receipts:
Loans & Advances ($55,243,249)
Sale of Assets -
---------------
Total non-operating receipts ($55,243,249)
---------------
Total receipts ($55,243,249)
---------------
Total Cash Available 262,416,929
Operating Disbursements 0
Reorganization Expenses
---------------
Total disbursements 0
---------------
Net Cash Flow ($55,243,249)
---------------
Cash, end of month $207,173,680
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 81 Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MIRANT CORP: MAGi Posts $210 Million Net Loss in August 2005
------------------------------------------------------------
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Balance Sheet
As of August 31, 2005
ASSETS
Cash and cash equivalents $332,575,987
Accounts receivable - net 741,084,723
Assets from risk management activities (3,202,104)
Derivative hedging instruments -
Inventories 145,350,903
Other 117,914,485
---------------
Total Current Assets 1,333,723,994
Property, plant and equipment 2,213,857,588
Less: accumulated depreciation/depletion 387,259,341
Leasehold interests - net -
Construction work in progress 112,591,620
Investment in suspended construction 174,009,019
---------------
Total net property, plant and equipment 2,113,198,886
Investments 25,000
Long-term accounts receivable - net 92,171,429
Notes receivable - net 223,275,000
Assets from risk management activities 27,527,902
Other intangibles - net 201,931,196
Derivative hedging instruments -
Restricted cash, non-current 5,120,016
Other long-term assets -
Miscellaneous deferred charges 236,788,869
---------------
Total Non-current Assets 786,839,412
---------------
TOTAL ASSETS $4,233,762,292
===============
LIABILITIES AND EQUITY
Postpetition Liabilities:
Debt -
Accounts Payable 243,442,040
Liabilities from risk management activities 341,740,827
Obligations under energy deliveries -
Derivative hedging instruments -
Other 177,859,105
Miscellaneous deferred credits 38,486,295
---------------
Total postpetition liabilities 801,528,267
Prepetition Liabilities 3,233,971,609
---------------
TOTAL LIABILITIES 4,035,499,876
EQUITY:
Minority interest in subsidiaries 35,002
Mandatory redeemable securities -
Common stock 1,000
Additional paid-in capital 3,853,859,362
Retained earnings (3,655,632,948)
Treasury stock, at cost -
Accumulated other comprehensive income -
---------------
Total Equity 198,262,416
---------------
TOTAL LIABILITIES AND OWNERS' EQUITY $4,233,762,292
===============
Mirant Americas Generation, LLC, and Subsidiaries
Consolidated Statements of Income
For the month ending August 31, 2005
REVENUES:
Generation $11,639,542
Net trading revenue -
Distribution -
Other 99,129
---------------
Net Revenue 11,738,671
OPERATING EXPENSES:
Energy cost 161,811,948
Operations and maintenance 45,196,590
Depreciation and amortization 7,714,364
Gain on sale of property and investment -
Impairment loss 30,783
Restructuring costs 41,349
---------------
Total Operating Expenses 214,795,034
---------------
Income before non-operating income
and expense (203,056,363)
OTHER INCOME AND EXPENSES:
Interest income 12,612
Interest expense (1,803,090)
Equity in income of affiliates -
Other 86,398
Reorganization items (4,396,898)
Minority interest -
Net income from discontinued operations -
---------------
Total Other Income (6,100,978)
Provision for income tax (996,795)
---------------
NET PROFIT (LOSS) ($210,154,136)
===============
Mirant Americas Generation, LLC, and Subsidiaries
Unconsolidated Cash Receipts and Disbursements
For the month ending August 31, 2005
Cash, beginning of month $185,116,008
Non-Operating Receipts:
Loans & Advances 31,598,040
Sale of Assets -
---------------
Total non-operating receipts 31,598,040
---------------
Total receipts 31,598,040
---------------
Total Cash Available $153,517,967
Operating Disbursements 0
Reorganization Expenses 0
---------------
Total disbursements 0
---------------
Net Cash Flow ($31,598,040)
---------------
Cash, end of month $153,517,967
===============
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 81 Bankruptcy Creditors'
Service, Inc., 215/945-7000)
NEWPOWER HOLDINGS: Files September 2005 Monthly Operating Report
----------------------------------------------------------------
On Oct. 31, 2005, NewPower Holdings, Inc., filed its September
2005 Monthly Operating Report for the period from Aug. 31, 2005,
to Sept. 30, 2005, with the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division. The company reports an
opening cash balance of $52,108,000 and a closing cash balance of
$51,970,000.
A full-text copy of NewPower Holdings, Inc.'s Monthly Operating
Report for the period from Aug. 31, 2005, to Sept. 30, 2005, is
available at no charge at http://ResearchArchives.com/t/s?2c0
NewPower Holdings, Inc., and its debtor-affiliates filed for
chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836).
Paul K. Ferdinands, Esq., at King & Spalding and William M.
Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the
Debtors. When the Debtors filed for chapter 11 protection, they
reported $231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. On Feb. 28, 2003, the Bankruptcy Court previously
confirmed the Plan, and the Plan has been effective as of
March 11, 2003, with respect to The New Power Company, a wholly
owned subsidiary of the Company. The Plan became effective on
Oct. 9, 2003, with respect to the Company and TNPC.
RELIANCE GROUP: Posts $387,000 Net Loss in September 2005
---------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 30-Sep-2005
_____________________________________ ___________
ASSETS
Cash $46,833,000
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 $62,813,000
================
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Postpetition accounts payable $1,430,000
Professional fee holdback payable 1,861,000
PBGC administrative claim 0
Liabilities subject to compromise 851,852,000
----------------
Total liabilities 855,143,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,362,487,000)
----------------
Total shareholders' deficit (792,330,000)
----------------
Total liabilities & deficit $62,813,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Sep-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 30-Sep-2005
_____________________________________ ___________
Revenues $0
----------------
Costs and expenses:
Operating and administrative 35,000
Pension Plan Actuarial
Adjustments and Expenses 0
Depreciation 0
----------------
Total costs and expenses 35,000
----------------
Loss before reorganization items (35,000)
----------------
Reorganization items:
Professional fees 487,000
Interest earned on accumulated
cash resulting from
Chapter 11 proceeding (135,000)
----------------
Total reorganization items 352,000
----------------
Income tax benefits 0
----------------
Net Income (loss) ($387,000)
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Sep-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 30-Sep-2005
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before
reorganization items ($35,000)
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income Tax Recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Postpetition payables 4,000
Increase in Liabilities
subject to compromise 0
----------------
Net cash (used) provided by
operating activities before
reorganization items (31,000)
----------------
Operating cash flows from
reorganization items:
Interest earned 135,000
Application of retainer
towards reorganization
professional fees 0
Payment of
reorganization items (293,000)
----------------
Net cash used by
reorganization items (158,000)
----------------
Net cash used by
operating activities (189,000)
----------------
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 (189,000)
Cash at beginning of period 47,022,000
----------------
Cash at end of period $46,833,000
================
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. 83; Bankruptcy Creditors' Service, Inc., 215/945-7000)
THAXTON GROUP: Posts $71 Mil. Cumulative Net Loss in Sept. 2005
---------------------------------------------------------------
On Oct. 25, 2005, The Thaxton Group filed its monthly operating
report for the month of September 2005 with the U.S. Bankruptcy
Court for the District of Delaware.
The company reported a cumulative net loss of $70,989,988 on
$106,407,040 of revenue for the period from Oct. 17, 2003 thru
Sept. 30, 2005.
At Sept. 30, 2005, the Company's balance sheet reflects:
Total Assets $101,638,795
Total Liabilities 173,989,057
Stockholders' Equity Deficit ($72,350,262)
A full-text copy of Thaxton Group's September 2005 Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?2bf
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.
UAL CORP: Posts $1.5 Billion Net Loss in September 2005
-------------------------------------------------------
UAL Corporation and Subsidiary Companies
Condensed Consolidating Statement of Operations
For The Month Ended September 30, 2005
(In Thousands)
Total operating revenues 1,635,536
Total operating expenses 1,659,709
----------
Earnings (loss) from operations (24,173)
Non-operating income (expenses):
Net interest expense (52,777)
Other income (expenses), net: 22,569
----------
Total non-operating income (expenses): (30,208)
----------
Net Earnings (loss) before Reorganization items (54,381)
Reorganization Expenses (1,408,648)
----------
Net earnings (loss) (1,463,029)
==========
A full-text copy of UAL Corporation's September 2005 Operating
Report is available for free at the Securities and Exchange
Commission at:
http://ResearchArchives.com/t/s?2c1
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. 106; 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
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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
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Monthly Operating Reports are summarized in every Saturday edition
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of Delaware, contact Ken Troubh at Nationwide Research &
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*********
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, Tara Marie Martin, and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
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