/raid1/www/Hosts/bankrupt/TCR_Public/051210.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, December 10, 2005, Vol. 9, No. 293
Headlines
ALLIED HOLDINGS: Earns $3.8 Million for the Month of October 2005
ANCHOR GLASS: Posts $3 Million Net Loss in October 2005
ASARCO INC: Encycle/Texas Inc.'s Schedules of Assets and Debts
AURA SYSTEMS: Posts $493,725 Net Loss in October 2005
DELTA AIR: Posts $1 Billion Net Loss for Period Ended October 31
ENTEGY NEW ORLEANS: Posts $27.6 Million Net Loss in October 2005
FIRST VIRTUAL: Posts $121,329 Net Loss in September 2005
GARDENBURGER INC: Posts $664,633 Net Loss for Period Ended Oct. 31
MIIX GROUP: Posts $367,178 Cumulative Net Loss in October 2005
RELIANCE GROUP: Earns $113,000 for the Month of October 2005
SAINT VINCENTS: Posts $12 Million Net Loss in October 2005
TOWER AUTOMOTIVE: Earns $1.5 Million of Net Income in October 2005
*********
ALLIED HOLDINGS: Earns $3.8 Million for the Month of October 2005
-----------------------------------------------------------------
Allied Holdings, Inc., and Its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of October 31, 2005
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $849
Receivables, net 54,786
Related party receivables 12,629
Inventories 5,007
Deferred income taxes 4,021
Prepayments and other current assets 23,453
---------
Total current assets 100,745
Property and equipment, net 122,057
Goodwill, net 3,938
Other noncurrent assets 36,166
Investment in related parties 31,488
---------
TOTAL ASSETS $294,394
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise:
Borrowings under revolving credit facilities 38,596
Accounts and notes payable 20,551
Accrued liabilities 52,839
---------
Total current liabilities 111,986
Long-term liabilities not subject to compromise:
Long-term debt 100,000
Postretirement benefits 4,613
Deferred income taxes 3,989
Other long-term liabilities 21,818
---------
Total long-term liabilities 130,420
Liabilities subject to compromise 186,281
Stockholders' Deficit (134,293)
---------
Total liabilities and stockholders' deficit $294,394
=========
Allied Holdings, Inc., and Its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended October 31, 2005
(In Thousands)
Revenues $78,979
Operating Expenses:
Salaries, wages and fringe benefits 37,723
Operating supplies and expenses 17,107
Purchased transportation 10,087
Insurance and claims 2,952
Operating taxes and licenses 2,558
Depreciation and amortization 2,179
Rents 628
Communications and utilities 391
Other operating expenses 366
Gain on disposal of operating assets, net 50
---------
Total operating expenses 74,041
---------
Operating (loss) income 4,938
Other income (expense):
Interest expense (2,109)
Investment income 4
Foreign exchange gain, net (201)
Other, net 1,976
---------
(330)
---------
(Loss) Income before reorganization
items and income taxes 4,608
Reorganization items (765)
---------
Income (Loss) before income taxes 3,843
Income tax provision -
---------
NET INCOME $3,843
=========
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. 12; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
ANCHOR GLASS: Posts $3 Million Net Loss in October 2005
-------------------------------------------------------
Anchor Glass Container Corporation
Unaudited Statement of Operations and Comprehensive Loss
For the month ending October 31, 2005
(In Thousands)
Net Sales $60,559
Costs and Expenses
Costs of products sold 59,577
Selling and administrative expenses 1,623
Restructuring charges 97
-----------
Loss from operations (738)
Reorganization items (1,019)
Other expense, net -
Interest expense (1,425)
Other income, net 125
-----------
Net Loss ($3,057)
===========
The Debtor still did not file its balance sheet as of Oct. 31,
2005.
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.
14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ASARCO INC: Encycle/Texas Inc.'s Schedules of Assets and Debts
--------------------------------------------------------------
A. Real Property
Nueces County/City of Corpus $1,129,888
City of Corpus Christi/Industrial District 1,777,960
*** Encycle/Texas, Inc. advises that the
*** book value of its real property totals
*** $2,907,848. The amounts reflected
*** are the most recent values available.
*** However, the accounting books show
*** land-holdings at $6.7 million -- an amount
*** based on a third-party appraisal in 2001.
B. Personal Property
B.1 Cash on hand 2,110
B.2 Bank accounts
Encycle/Texas EPA TR AMGT Escrow Account 1,485,650
B.3 Security deposits
Security Deposit with Automatic Data
Processing, Inc. 283
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 undetermined
B.10 Annuities 0
B.11 Interests in retirement plans 0
B.12 Stock interests 0
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 0
B.18 Equitable and future interests 0
B.19 Contingent interests 0
B.20 Other contingent & unliquidated claims 0
B.21 Patents, copyrights & trademarks 0
B.22 Other intangibles 0
B.23 Automobiles 0
B.24 Boats 0
B.25 Aircraft 0
B.26 Office equipment and supplies 0
B.27 Machinery, furniture and fixtures
Corpus Christi, Nueces County, Texas 608,350
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 0
TOTAL SCHEDULED ASSETS undetermined
=============
C. Property claimed as exempt Not applicable
D. Secured claims
Meaney-Walsh Properties No. 1 Ltd. 510,000
Nueces County Tax Assessor-Collector 50,971
City of Corpus Christi 12,041
E. Unsecured Priority Claims
Chalbert R. Nelson 2,410
Texas State Comptroller 1,031
F. Unsecured non-priority claims
State of Texas, Natural Resources Division 1,125,000
United States of America 1,125,000
Texas Commission on Environmental Quality 50,050
Suez Energy Resources 23,602
SBC Communications, Inc. 21,709
City of Corpus Christi 7,799
U.S. Ecology Texas 7,473
Charles Rechter 6,241
Wade Honeycutt 4,829
Jose Guzman 3,759
Ram Consultants 1,800
Old Republic Insurance 1,533
STI, Corpus Christi 1,360
PSC Industrial Outsourcing, Inc. 1,311
Others 5,852
TOTAL SCHEDULED LIABILITIES undetermined
=============
Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company. Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent. The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq.,
at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in
its restructuring efforts. When the Debtor filed for protection
from its creditors,it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation. (ASARCO Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service, Inc., 215/945-7000).
AURA SYSTEMS: Posts $493,725 Net Loss in October 2005
-----------------------------------------------------
On Nov. 30, 2005, Aura Systems, Inc., filed its monthly operating
report for the month of October 2005, with the U.S. Bankruptcy
Court for the Central District of California, Los Angeles
Division.
The Company reported a $493,725 net loss on $103,327 of net sales
for the month of October 2005.
At Oct. 31, 2005, Aura System, Inc.'s balance sheet shows:
Current Assets $12,022,494
Total Assets 18,555,001
Total Postpetition Liabilities 2,941,189
Total Prepetition Liabilities 15,520,592
Total Liabilities 18,461,781
Total Stockholders' Equity $93,220
A full-text copy of Aura Systems, Inc.'s October 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?3aa
Headquartered in El Segundo, California, Aura Systems, Inc.
-- http://www.aurasystems.com/-- develops and sells AuraGen(R)
mobile induction power systems to the industrial, commercial and
defense mobile power generation markets. The Company filed for
chapter 11 protection on June 24, 2005 (Bankr. C.D. Calif. Case
No. 05-24550). Ron Bender, Esq., at Levene Neale Bender Rankin &
Brill LLP, represent the Debtor in its restructuring efforts.
When the Debtor filed for bankruptcy, it reported $18,036,502 in
assets and $28,919,987 in debts.
DELTA AIR: Posts $1 Billion Net Loss for Period Ended October 31
----------------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of October 31, 2005
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,067,000,000
Restricted cash 1,046,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $40 996,000,000
Expendable parts and supplies inventories,
net of an allowance for obsolescence of $191 182,000,000
Prepaid expenses and other 642,000,000
---------------
Total current assets 4,933,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 18,981,000,000
Accumulated depreciation (6,861,000,000)
Flight equipment, net 12,120,000,000
Flight and ground equipment
under capital leases 523,000,000
Accumulated amortization (216,000,000)
Flight and ground equipment
under capital leases, net 307,000,000
Ground property and equipment 4,863,000,000
Accumulated depreciation (2,887,000,000)
Ground property and equipment, net 1,976,000,000
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 14,447,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $189 74,000,000
Restricted investments for Boston airport
terminal project 54,000,000
Other noncurrent assets 1,024,000,000
---------------
Total other assets 1,379,000,000
---------------
Total assets $20,759,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,279,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,523,000,000
Air traffic liability 1,978,000,000
Taxes payable 391,000,000
Accrued salaries and related benefits 460,000,000
---------------
Total current liabilities 5,631,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,761,000,000
Other 225,000,000
Deferred revenue and other credits 196,000,000
---------------
Total noncurrent liabilities 7,182,000,000
LIABILITIES SUBJECT TO COMPROMISE 16,462,000,000
COMMITMENTS AND CONTINGENCIES
EMPLOYEE STOCK OWNERSHIP PLAN PREFERRED STOCK:
Series B ESOP Convertible Preferred Stock,
$1.00 par value, $72.00 stated and
liquidation value; 4,668,107 shares issued
and outstanding 336,000,000
Unearned compensation under employee stock
ownership plan (86,000,000)
---------------
Total Employee Stock Ownership
Plan Preferred Stock 250,000,000
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares authorized;
202,081,648 shares issued 2,000,000
Additional paid-in capital 1,636,000,000
Accumulated deficit (7,274,000,000)
Accumulated other comprehensive loss (2,529,000,000)
Treasury stock at cost, 12,738,652 shares (601,000,000)
---------------
Total shareowners' deficit (8,766,000,000)
---------------
Total liabilities and shareowners' deficit $20,759,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Operations
For the Period September 15 to October 31, 2005
OPERATING REVENUES:
Passenger:
Mainline $1,313,000,000
Regional affiliates 453,000,000
Cargo 73,000,000
Other, net 114,000,000
---------------
Total operating revenues 1,953,000,000
OPERATING EXPENSES:
Salaries and related costs 566,000,000
Aircraft fuel 642,000,000
Depreciation and amortization 156,000,000
Contracted services 129,000,000
Contract carrier arrangements 305,000,000
Landing fees and other rents 104,000,000
Aircraft maintenance materials and
outside repairs 93,000,000
Aircraft rent 53,000,000
Passenger commissions and other selling expenses 56,000,000
Passenger service 42,000,000
Pension settlements, asset writedowns,
restructuring and related items, net 86,000,000
Other 102,000,000
---------------
Total operating expenses 2,334,000,000
---------------
OPERATING LOSS (381,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $160 from September 15, 2005
to October 31, 2005) (100,000,000)
Interest income 5,000,000
Miscellaneous, net 4,000,000
---------------
Total other expense, net (91,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (472,000,000)
REORGANIZATION ITEMS, NET (648,000,000)
---------------
LOSS BEFORE INCOME TAXES (1,120,000,000)
INCOME TAX PROVISION (21,000,000)
---------------
NET LOSS ($1,141,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Period September 15 to October 31, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($1,141,000,000)
Adjustments to reconcile net loss to
cash provided by operating activities, net 1,014,000,000
Changes in certain assets and liabilities, net 237,000,000
---------------
Net cash provided by operating activities 110,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including advance payments (17,000,000)
Ground property and equipment (11,000,000)
Decrease in restricted investments related
to Boston airport terminal project 2,000,000
Increase in restricted cash (141,000,000)
---------------
Net cash used in investing activities (167,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (1,026,000,000)
Proceeds from borrowing from long-term
obligations 2,250,000,000
Other, net (35,000,000)
---------------
Net cash provided by financing activities 1,189,000,000
---------------
Net increase in cash and cash equivalents 1,132,000,000
Cash & cash equivalents at beginning of period 935,000,000
---------------
Cash & cash equivalents at end of period $2,067,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. As of June 30, 2005, the Company's balance
sheet showed $21.5 billion in assets and $28.5 billion in
liabilities. (Delta Air Lines Bankruptcy News, Issue No. 14;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ENTEGY NEW ORLEANS: Posts $27.6 Million Net Loss in October 2005
----------------------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of October 31, 2005
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $32,789
Temporary cash investments -
-----------
Total cash and cash equivalents 32,789
Accounts receivable:
Customer 108,501
Allowance for doubtful accounts (18,621)
Associated companies 14,651
Other 2,823
Accrued unbilled revenues 13,152
-----------
Total accounts receivable 120,506
Deferred fuel costs 25,503
Fuel inventory - at average cost 7,966
Materials and supplies 9,790
Prepayments and other 35,259
-----------
Total current assets 231,813
Other Property and Investments
Investment in affiliates - at equity 3,259
Non-utility property at cost, net 1,107
-----------
Total other property and investments 4,366
Utility Plant
Electric 689,214
Natural gas 188,952
Construction work in progress 205,134
-----------
Total Utility Plant 1,083,300
Less - accumulated depreciation and amortization 424,544
-----------
Utility plant - net 658,756
Deferred Debits and Other Assets
Regulatory assets 135,354
Long term receivables 1,812
Other 20,892
-----------
Total deferred debits and other assets 158,058
-----------
TOTAL ASSETS $1,052,993
===========
LIABILITIES:
Postpetition Liabilities:
Taxes payable $4,238
Accounts payable 41,594
DIP credit facility 60,000
-----------
Total postpetition liabilities 105,832
Current Liabilities:
Currently Maturing long-term debt -
Notes payable 15,000
Accounts payable:
Associated companies 52,287
Other 263,147
Customer deposits 18,200
Taxes accrued -
Accumulated deferred income taxes 8,049
Interest accrued 3,733
Energy Effeciency Program provision 6,904
Other 115
-----------
Total current liabilities 367,435
Non-current Liabilities:
Accumulated deferred income taxes and taxes accrued 85,306
Accumulated deffered investment tax credits 3,641
SFAS 109 regulatory liability - net 45,128
Other regulatory liabilities 14,915
Accumulated provisions 7,890
Pension liability 26,681
Long-term debt 229,856
Other 4,965
-----------
Total non-current liabilities 418,382
-----------
Total Liabilities 891,649
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition (28,067)
-----------
Total shareholders equity 161,344
-----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,052,993
===========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended October 2005
(in thousands)
Operating revenues
Domestic electric $10,064
Natural gas 7,718
-----------
Total operating revenues 17,782
Operating Expenses:
Operation and maintenance
Fuel 19,111
Purchased power 29,009
Other operation and maintenance 4,313
Taxes other than income taxes 2,428
Depreciation and amortization 2,751
Other regulatory charges (credits) - net 408
-----------
Total operating expenses 58,020
-----------
Operating Income (40,238)
Other income:
Allowance for equity funds used 92
during construction
Interest and dividend income 173
Miscellaneous - net (3,289)
-----------
Total other income (3,024)
Interest and other charges:
Interest on long-term debt 1,078
Other interest-net 547
Allowance for borrowed funds used
during construction (76)
-----------
Total interest and other charges 1,549
Loss before income taxes (44,811)
Income taxes (17,168)
-----------
NET LOSS ($27,643)
===========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended October 2005
(in thousands)
Beginning cash balance $46,685,605
Cash receipts 24,454,019
Cash disbursements (38,351,110)
-----------
Net cash flow (13,897,091)
-----------
ENDING CASH BALANCE $32,788,515
===========
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed total assets of
$703,197,000 and total debts of $610,421,000. (Entergy New
Orleans Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FIRST VIRTUAL: Posts $121,329 Net Loss in September 2005
--------------------------------------------------------
On Nov. 11, 2005, First Virtual Communications, Inc., and its
debtor-affiliate, CUseeMe Networks, Inc., filed their monthly
operating report for the month of September 2005 with the U.S.
Bankruptcy Court for the Northern District of California.
The Debtors reported a $121,329 net loss on zero net sales for
September 2005. The Debtors also reported a cumulative net profit
of $3,937,421 on $1,984,925 of net sales from Jan. 20, 2005,
through Sept. 30, 2005.
At Sept. 30, 2005, First Virtual's consolidated balance sheet
showed:
Total Current Assets $2,007,123
Total Assets 2,007,123
Current Liabilities 228,863
Total Liabilities 2,301,136
Shareholders' Deficit ($294,013)
A full-text copy of First Virtual's September 2005 Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?3ac
Headquartered in Redwood City, California, First Virtual
Communications, Inc. -- http://www.fvc.com/-- delivers integrated
software technologies for rich media web conferencing and
collaboration solutions. The Company and its affiliate - CUseeMe
Networks, Inc. -- filed for chapter 11 protection on Jan. 20, 2005
(Bankr. N.D. Calif. Case No. 05-30145). Kurt E. Ramlo, Esq., at
Skadden, Arps, Slate, Meagher & Flom represents the Debtors in
their restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $7,485,867 in total assets and
$13,567,985 in total debts.
GARDENBURGER INC: Posts $664,633 Net Loss for Period Ended Oct. 31
------------------------------------------------------------------
On Nov. 30, 2005, Gardenburger, Inc., filed its monthly operating
report for the period from Oct. 14 to Oct. 31, 2005, with the U.S.
Bankruptcy Court for the Central District of California, Santa Ana
Division.
The Company reported a $664,633 net loss in $3,761,598 of net
revenue for the period from Oct. 14 to Oct. 31, 2005.
At Oct. 31, 2005, Aura System, Inc.'s balance sheet shows:
Current Assets $11,414,856
Total Assets 19,963,779
Total Postpetition Liabilities 2,195,260
Total Prepetition Liabilities 39,903,364
Total Liabilities 42,098,624
Total Stockholders' Equity ($22,134,845)
A full-text copy of Gardenburger, Inc.'s Monthly Operating Report
for the period from Oct. 14 to Oct. 31, 2005, is available at no
charge at http://ResearchArchives.com/t/s?3ab
Headquartered in Los Angeles, California, Gardenburger, Inc. --
http://www.gardenburger.com/-- makes original veggie burgers and
innovates in meatless, 100% natural, low-fat food products. The
company distributes its meatless products to more than 35,000
foodservice outlets throughout the United States and Canada.
Retail customers include more than 30,000 grocery, natural food
and club stores. The company filed for chapter 11 protection on
Oct. 14, 2005 (Bankr. C.D. Calif. Case No. 05-19539). David S.
Kupetz, Esq., at SulmeyerKupetz represent the Debtor in its
restructuring efforts. When the Debtor filed for protection from
its creditors, it listed $21,379,886 in assets and $39,338,646 in
debts.
MIIX GROUP: Posts $367,178 Cumulative Net Loss in October 2005
--------------------------------------------------------------
On Nov. 28, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from Oct. 1, 2005, to Oct. 31,
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 Oct. 31,
2005. New Jersey State Medical Underwriters, Inc., reports a
cumulative net loss of $870,886 on $2,959,771 of total revenue for
the period from Dec. 21, 2004, thru Oct. 31, 2005.
At Oct. 31, 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 $7,605,304 $13,051,458
Total Liabilities 8,937,488 6,218,250
Stockholders' Equity ($1,332,184) $6,833,208
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
Oct. 1, 2005 to Oct. 31, 2005, is available at no charge at:
http://ResearchArchives.com/t/s?3a9
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.
RELIANCE GROUP: Earns $113,000 for the Month of October 2005
------------------------------------------------------------
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession 31-Oct-2005
_____________________________________ ___________
ASSETS
Cash $46,468,000
Accounts and Notes Receivable 13,090,000
Prepaid expenses and deposits 353,000
Note and interest receivable from
Reorganized RFS Corp. 2,630,000
Underwriters Settlement 205,000
Due from Reliance Development Group, Inc.
less allowance of $60,334 0
Property, plant and equipment 0
----------------
Total Assets $62,746,000
================
LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise
Post-petition -- accounts payable $1,178,000
Professional fee holdback payable 1,933,000
Liabilities subject to compromise 851,852,000
----------------
Total Liabilities 854,963,000
----------------
Shareholders' deficit:
Common stock 11,616,000
Additional paid in capital 558,541,000
Accumulated deficit (1,362,374,000)
----------------
Total shareholders' deficit (792,217,000)
----------------
Total liabilities and deficit $62,746,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Oct-2005
Operations, excluding subsidiaries to
which are not Debtors-in-Possession 31-Oct-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
----------------
Income (loss) before
reorganization items (35,000)
----------------
Reorganization items:
Professional fees 295,000
RFSC settlement (93,000)
Underwriters Settlement (205,000)
Interest earned on accumulating cash
resulting from Chapter 11 proceeding (145,000)
----------------
Total Reorganization items (148,000)
----------------
Income tax benefits 0
----------------
Net income (loss) $113,000
================
RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of 1-Oct-2005
Cash Flows, excluding subsidiaries to
which are not Debtors-in-Possession 31-Oct-2005
_____________________________________ ___________
Cash flows from operating activities:
Loss from operations before ($35,000)
reorganization items
Adjustments to reconcile loss to
net cash provided by
operating activities:
Income tax recovery 0
Depreciation 0
Changes in:
Prepaid expenses 0
Post-petition payables (4,000)
Increase in liabilities
subject to compromise 0
----------------
Net cash provided (used) by
operating activities before
reorganization items (39,000)
----------------
Operating cash flows from
reorganization items:
Interest received 145,000
Application of retainer
towards reorganization
professional fees 0
Payment of reorganization items (471,000)
----------------
Net cash used by
reorganization items (326,000)
----------------
Net cash used by
operating activities (365,000)
----------------
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 (365,000)
Cash at beginning of period 46,833,000
----------------
Cash at end of period $46,468,000
================
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. On Nov. 7, 2005, the Hon.
Eugene Gonzalez issued an order confirming the Creditors
Committee's First Amended Plan for RGH. (Reliance Bankruptcy
News, Issue No. 85; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
SAINT VINCENTS: Posts $12 Million Net Loss in October 2005
----------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of October 31, 2005
ASSETS
Cash & Cash Equivalents $20,880,741
Investments 1,451,902
Patients Accounts Receivable, less allowance for
doubtful accounts 180,861,346
Accounts Receivable 28,553,619
Other Current Assets 39,328,000
--------------
Total Current Assets 271,075,608
Depreciation Reserve Funds & Collaterized Assets 53,135,538
Assets Designated for Self-Insurance
Investments at Market 41,731,453
Assets whose use is limited -
Investments at Market 53,815,500
Other Non-Current Assets 11,785,996
Land, Buildings & Equipment, net of
Accumulated Depreciation 286,551,815
--------------
Total Assets $718,095,910
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan $4,589,000
Accounts Payable & Accrued Expenses 237,707,598
Estimated Retroactive Payables to
Third Parties, net 93,816,859
Long-term Debt 299,806,278
Long-term Debt, excluding current installments 4,860,876
Estimated Liability for Self-Insurance 145,047,122
Other Liabilities 82,746,265
--------------
Total Liabilities Subject to Compromise 868,573,998
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 58,709,869
Accounts Payables & Accrued Expenses 75,106,645
--------------
Total Liabilities 1,002,390,512
Net Assets:
Unrestricted (340,098,627)
Temporarily Restricted 31,373,025
Permanently Restricted 24,431,000
--------------
Total Net Assets (284,294,602)
--------------
Total Liabilities & Net Assets $718,095,910
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From October 1 to October 31, 2005
Operating Revenue
Inpatient $58,731,659
Outpatient 30,213,306
Patient Service Revenue 88,944,965
Less Provision for Bad Debt 9,483,447
Net Patient Service Revenue 79,461,517
Pool Revenue 4,185,405
Capitation 7,446,825
Other 9,456,281
--------------
Total Operating Revenue 100,550,029
Operating Expenses:
Salaries and Wages 47,730,778
Fringe Benefits 14,583,232
Supplies and Other 34,978,902
Insurance 3,528,042
--------------
Total Direct Operating Costs 100,821,954
Salaries and Wages 2,799,517
Fringe Benefits 811,093
Supplies and Other 8,288,861
--------------
Total Corporate Allocated 11,899,471
--------------
Total Operating Expense 112,721,425
--------------
Interest 2,100,743
Depreciation 3,823,514
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (18,095,653)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) (298,932)
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries (5,364)
Restructuring & Bankruptcy Related Costs (6,074,647)
Estimated Close-out of St. Mary's (20,000,000)
Transfer of Equity Foundation (314,070)
--------------
Total Non-Recurring and/or Unusual Items (26,693,013)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (44,788,666)
--------------
Non-Operating Revenue 1,391,385
Change in Temporary Restricted Net Assets 176,000
--------------
Change in Net Assets ($46,004,051)
--------------
EBITDA ($12,171,396)
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From October 1 to October 31, 2005
Cash Flows from Operation Activities:
Changes in Net Assets ($46,004,051)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Change in Net Assets from July 1 to July 4, 2005 -
Depreciation & Amortization 3,823,514
Change in Unrealized Gains & Losses 1,957,751
Change in Patient's Accounts Receivable 8,879,289
Change in Accounts Receivables, Other 7,699,779
Change in Prepaid Expenses & Other 4,108,000
Change in Other Non-Current Assets 447,357
Change in Accounts Payable &
Accrued Exp-Prepetition 1,336,811
Change in Accounts Payable &
Accrued Exp-Postpetition 38,144,645
Change in Accrued Salaries & P/R Taxes (4,249,858)
Change in Est. Retro rec/pay
from/to third parties 3,496,336
Change in Est. Liability for self-insurance 1,850,882
Change in Other Non-Current Liabilities (243,464)
--------------
Net Cash Provided by Operating Activities 21,256,992
Cash flows From Investment Activities:
Sale of Investments, Net 1,732,004
(Purchase) of Assets Whose Use is Limited (54,963)
Acquisition/Sale of Land, Building,
& Equipment (680,683)
--------------
Net Cash Provided by Investing Activities 996,358
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan (1,988,000)
Proceed from issuance of Long-term debt -
Repayment of Long-term debt (2,115,812)
Net Cash (Used) in Financing Activities (4,103,812)
Net Increase (Decrease)
in Cash & Cash Equivalents 18,149,538
Cash & Cash Equivalents at Beginning of Month 35,150,292
--------------
Cash & Cash Equivalents at End of the Month $53,299,830
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, represent the Debtors in their restructuring efforts.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 16; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
TOWER AUTOMOTIVE: Earns $1.5 Million of Net Income in October 2005
------------------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of October 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $4,802
Accounts receivable, net 220,962
Inventories 73,371
Prepaid tooling and other 51,930
----------
TOTAL CURRENT ASSETS 351,065
----------
Property, plant and equipment, net 555,541
Investment in joint ventures -
Investment in subsidiaries 346,782
Inter-company receivables 415,478
Other assets, net 64,776
----------
TOTAL ASSETS $1,733,642
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,257
Accounts payable 137,496
Accrued liabilities 151,999
----------
TOTAL CURENT LIABILITIES 303,752
----------
Liabilities subject to comprise 1,133,971
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 43,771
DIP borrowings, net of current maturities 559,985
Other non-current liabilities 193,780
----------
TOTAL LIABILITIES 2,235,259
STOCKHOLDERS' DEFICIT (501,617)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,733,642
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
October 1 to 31, 2005
(In Thousands)
Revenues $153,202
Cost of sales 146,155
----------
Gross profit 7,047
Selling, general and administrative expenses 7,668
Restructuring and asset impairment charges, net 59
----------
Operating income (loss) (680)
Interest expense 6,086
Interest income (1,756)
Other income (7,748)
Chapter 11 and related reorganization items 2,777
----------
Income (loss) before provision for income taxes,
equity earnings and minority interest (39)
Provision (benefit) for income taxes (1,538)
----------
Income (loss) before equity in earnings 1,499
Equity in earnings of joint ventures, net of tax 16
----------
NET INCOME/(LOSS) $1,515
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
October 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net income $1,515
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 1,179
Restructuring and asset impairment, net -
Depreciation 6,824
Equity in earnings of joint ventures, net (16)
Change in working capital and operating items (6,379)
----------
Net cash provided by operating activities 3,123
----------
INVESTING ACTIVITIES:
Capital expenditures (5,718)
----------
Net cash used for investing activities (5,718)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 89,722
Repayments of borrowings from DIP credit facility (83,500)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 6,222
----------
Net Change in cash and cash equivalents 3,627
----------
Cash and Cash Equivalents, beginning of period 1,175
Cash and Cash Equivalents, end of period $4,802
==========
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. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
*********
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*********
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