========================================================================== IMPERIAL SUGAR BANKRUPTCY NEWS Issue Number 1 -------------------------------------------------------------------------- Copyright 2001 (ISSN XXXX-XXXX) January 17, 2001 -------------------------------------------------------------------------- Bankruptcy Creditors' Service, Inc., Phone 609-392-0900 FAX 609-392-0040 -------------------------------------------------------------------------- IMPERIAL SUGAR BANKRUPTCY NEWS is published by Bankruptcy Creditors' Service, Inc., 24 Perdicaris Place, Trenton, New Jersey 08618, on an ad hoc basis (generally every 10 to 20 days) as significant activity occurs in the Debtors' cases. Each issue is prepared by Peter A. Chapman, Editor. Subscription rate is US$45 per issue; newsletters are delivered by e-mail. Reproduction of IMPERIAL SUGAR BANKRUPTCY NEWS by any means is prohibited without the permission of the publisher. ========================================================================== IN THIS ISSUE ------------- [00000] HOW TO ORDER A SUBSCRIPTION TO IMPERIAL SUGAR BANKRUPTCY NEWS [00001] BACKGROUND & DESCRIPTION OF IMPERIAL SUGAR [00002] COMPANY'S CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2000 [00003] COMPANY'S PRESS RELEASE CONCERNING CHAPTER 11 FILINGS [00004] CHAPTER 11 DATABASE CONCERNING DEBTORS' 34 VOLUNTARY PETITIONS [00005] LIST OF THE DEBTORS' 40 LARGEST CREDITORS KEY DATE CALENDAR ----------------- 01/16/01 Petition Date 01/31/01 Deadline for filing Schedules of Assets and Liabilities 01/31/01 Deadline for filing Statement of Financial Affairs 02/05/01 Deadline to provide Utility Companies with adequate assurance 03/10/01 Deadline to assume or reject leases and executory contracts 04/16/01 Deadline for removal of actions pursuant to F.R.B.P. 9027 05/16/01 Expiration of Debtors' Exclusive Period to propose a Plan 07/16/01 Expiration of Debtors' Exclusive Solicitation Period 01/15/03 Deadline for Debtors' Commencement of Avoidance Actions Organizational Meeting with UST to form Official Committees Bar Date for filing Proofs of Claim First Meeting of Creditors pursuant to 11 U.S.C. Sec. 341(a) Expiration of DIP Financing Facility -------------------------------------------------------------------------- [00000] HOW TO ORDER A SUBSCRIPTION TO IMPERIAL SUGAR BANKRUPTCY NEWS -------------------------------------------------------------------------- IMPERIAL SUGAR BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted with each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation. To continue receiving IMPERIAL SUGAR BANKRUPTCY NEWS, please complete the form below and return it by fax or e-mail to: Bankruptcy Creditors' Service, Inc. 24 Perdicaris Place Trenton, NJ 08618 Telephone (609) 392-0900 Fax (609) 392-0040 E-mail: peter@bankrupt.com We have published similar newsletters tracking billion-dollar insolvency proceedings since 1990. Currently, we provide similar coverage of the chapter 11 cases involving LTV Corporation, Wheeling-Pittsburgh Steel, Armstrong Industries, Owens Corning, Safety-Kleen Corp., Fruit of the Loom, Pillowtex Corporation, The Loewen Group International, Inc., Harnischfeger Industries, Inc., ICG Communications, Service Merchandise Company, Vencor, Inc., Sun Healthcare Group, Inc., Mariner Post-Acute & Mariner Health, Integrated Health Services, Genesis Health Ventures, Inc., and Lernout & Hauspie/Dictaphone. ========================================================================== [ ] YES! Please enter my personal subscription to IMPERIAL SUGAR BANKRUPTCY NEWS. Name: ---------------------------------------------- Firm: ---------------------------------------------- Address: ---------------------------------------------- ---------------------------------------------- Phone: ---------------------------------------------- Fax: ---------------------------------------------- E-Mail: ---------------------------------------------- -------------------------------------------------------------------------- [00001] BACKGROUND & DESCRIPTION OF IMPERIAL SUGAR -------------------------------------------------------------------------- Imperial Sugar Company One Imperial Square P.O. Box 9 Sugar Land, Texas 77487 Telephone (281) 491-9181 Fax 281-491-9895 http://www.imperialsugar.com Imperial Sugar Company (AMEX:IHK), formerly known as Imperial Holly Corporation, is the largest processor and marketer of refined sugar in the United States and is a leading distributor of sugar, nutritional products, sauces, seasonings, drink mixes and desserts to the foodservice industry. The Company operates in two domestic business segments: (A) The Sugar Segment -- producing and selling refined sugar. For the year ended September 30, 2000, the Company sold approximately 60 million hundredweight of refined sugar, generating $1,400,000,000 in annual revenues in the Sugar Segment -- about 77% of Imperial's total revenue. Imperial refines raw cane sugar at three refineries: Approximate Daily Melting Capacity Cane Sugar Refineries (Pounds of Raw Sugar) --------------------- --------------------- Port Wentworth, Georgia ........................ 6,300,000 Gramercy, Louisiana ............................ 4,200,000 Sugar Land, Texas .............................. 4,000,000 ---------- Total ................................... 14,500,000 ========== and produces beet sugar at nine beet sugar factories: Approximate Daily Slicing Capacity Beet Sugar Factories (Tons of Sugar Beets) -------------------- --------------------- Brawley, California ............................ 9,000 Mendota, California ............................ 4,200 Caro, Michigan ................................. 4,000 Carrollton, Michigan ........................... 3,400 Sebewaing, Michigan ............................ 6,000 Croswell, Michigan ............................. 4,000 Sidney, Montana ................................ 7,000 Torrington, Wyoming ............................ 5,700 Worland, Wyoming ............................... 3,600 ------ Total ................................... 46,900 ====== Imperial also operates an ion exclusion facility in Hereford, Texas to separate refined sugar from molasses, and uses that facility as a distribution center. Sugar segment customers include retail grocers and industrial customers, principally food manufacturers. (2) The Foodservice Segment -- selling and distributing numerous products to foodservice customers. For the year ended September 30, 2000, the Foodservice Segment generated approximately $400,000,000 in annual revenues -- about 77% of Imperial's total revenue. The foodservice segment currently operates six facilities, each of which is owned by the Company: Foodservice Manufacturing Facilities Square Feet ------------------------------------ ----------- Savannah, Georgia ................................... 314,500 Bondurant and Mitchellville, Iowa ................... 152,513 Bremen, Georgia ..................................... 132,400 Perrysburg, Ohio .................................... 131,000 Visalia, California ................................. 101,500 Indianapolis, Indiana ............................... 63,240 Foodservice segment customers include distributors, restaurants, healthcare institutions, geriatric centers, schools and other institutions. Corporate History & Organization Imperial was incorporated in 1924 and is the successor to a cane sugar plantation and milling operation begun in Sugar Land in the early 1800s that began producing granulated sugar in 1843. In 1988, the Company purchased Holly Sugar Corporation and in April 1996, acquired Spreckels Sugar Company. The Company completed its acquisition of Savannah Foods & Industries, Inc. in December 1997 and acquired Wholesome Sweeteners L.L.C. and Diamond Crystal Specialty Foods, Inc. in September and November 1998, respectively. Sugar Industry Overview Refined sugar can be produced by either processing sugar beets or processing and refining sugarcane. The profitability of cane sugar and beet sugar operations is affected by government programs designed to support the price of domestic crops of sugar beets and sugarcane, which affect cane sugar and beet sugar operations differently. Cane Sugar Production Process Sugarcane is grown in tropical and semitropical climates in the United States and some foreign countries. Sugarcane is processed by raw cane mills promptly after harvest into raw sugar, which is approximately 98% sucrose and may be stored for long periods and transported over long distances without affecting its quality. Raw cane sugar imports currently are limited by United States government programs. Cane sugar refineries like those operated by the Company purify raw sugar to produce refined sugar. Operating results of cane sugar refineries are driven primarily by the spread between raw sugar and refined sugar prices. Beet Sugar Production Process Sugar beets can grow wherever a five-month growing season is possible. In the United States, sugar beets are grown in California, Colorado, Idaho, Michigan, Minnesota, Montana, Nebraska, North Dakota, Ohio, Oregon, South Dakota, Washington and Wyoming. Harvest periods depend on the growing area, but are generally in the early fall, except in California, where spring and summer harvests also occur. Sugar beets are highly perishable and must be processed into refined sugar quickly after harvest to avoid deterioration. Beets may be stored in piles awaiting processing where temperatures are sufficiently cool. Sugar beets are converted to refined sugar through a single continuous process at beet sugar factories. Beet sugar factories are located near the areas in which beets are grown in order to reduce freight costs and the risk of deterioration before processing. The Company's staggered harvest seasons with respect to the sugar beet acreage supplying the Company's sugar beet production facilities allows it to produce beet sugar year round even though the production campaign at any single facility generally lasts no more than 180 days. Operating results are driven primarily by the quantity and quality of sugar beets dedicated to the factory and the net sales prices received for the refined beet sugar. The beet processor shares a portion of the net sales price with growers through various participation or recovery contracts or cooperative arrangements. Imperial's Products and Sales The Company's sugar products include granulated, powdered, liquid and brown sugars sold in a variety of packaging options (one pound boxes to 100-pound bags, individual packets and in bulk) under various brands (Imperial(R), Holly(R), Spreckels(R), Dixie Crystals(R), Pioneer(R) and Wholesome Sweeteners(TM)) or private labels. In addition, the Company produces selected specialty sugar products, including Savannah Gold(TM) (a premium- priced, free-flowing brown sugar), Sucanat(TM)(sugar milled from organically grown sugarcane) and specialty sugars used in confections and icings. The foodservice segment sells sugar in packages from 50-pound bags to individual packets to foodservice customers, along with complementary nonsugar products, including salt, pepper and other seasonings, non- nutritive sweeteners, non-dairy creamers, nutritional products, sauces, drink mixes, desserts, plastic cutlery and packets of plastic cutlery with seasonings and other items. Sugar Segment. The principal product line in the sugar segment is refined sugar, which accounted for approximately 78% of the Company's consolidated net sales for the year ended September 30, 2000. The Company has a relatively well-balanced combination of cane and beet sugar sales, with cane sugar constituting approximately 59% and beet sugar constituting 41% of the Company's refined sugar sales for the year ended September 30, 2000. Through Wholesome Sweeteners, the Company also sells sugar produced from organically grown sugarcane. The Company markets its sugar products to retail grocery and industrial customers by direct sales and through brokers. For the year ended September 30, 2000, the Company's sales of refined sugar products to retail grocery accounted for approximately 26% of sugar segment sales and sales to industrial customers accounted for 59%. Grocery Sales. The Company produces and sells granulated white, brown and powdered sugar to grocery customers in packages ranging from one-pound boxes to 25-pound bags. Retail packages are marketed under the trade names Imperial(R), Dixie Crystals(R), Holly(R), Spreckels(R), Pioneer(R) and Wholesome Sweeteners(TM), and are also sold under retailers' private labels. Private label packaged sugar, which represents a significant percentage of the Company's grocery sales, is generally sold at prices lower than those received for branded sugar. The Company seeks to capitalize on its well- known brands to increase sales of higher-margin branded products as a percentage of total grocery sales. Industrial Sales. The Company produces and sells refined sugar, molasses and other ingredients to industrial customers, principally food manufacturers, in bulk, packaged or liquid form. Food manufacturers principally purchase sugar for use in the preparation of confections, baked products, frozen desserts, canned goods and various other food products. Historically, the majority of the Company's industrial sales are made to customers under fixed price, forward sales contracts with terms of one year or less. Industrial sales generally provide lower margins than grocery sales. Specialty Product Sales. The Company produces and sells specialty sugar products to grocery and industrial customers. Specialty sugar products include Savannah Gold(TM), a premium-priced free flowing brown sugar marketed primarily to industrial customers; edible molasses; syrups; Sucanat(TM), sugar produced from organically grown sugarcane; and specialty sugars used in confections, fondants and icings. The Company also markets artificial sweeteners including Sweet Thing(R), a saccharin-based sweetener, and Sweet Thing II(R), an aspartame-based sweetener. Foodservice Segment. The Company's foodservice segment sells numerous products to foodservice customers, including healthcare institutions, ranging from 50-pound bags of sugar to individual packets of sugar, salt, pepper, non-dairy creamer and plastic cutlery, nutritional dry mixes, nutritional frozen products, sauces, seasonings, drink mixes, desserts and diet kits(R) (packets of plastic cutlery with seasonings and other items). During the year ended September 30, 2000, sugar products sold in the foodservice segment accounted for 12% of consolidated net sales and 57% of foodservice segment sales. The Company believes that the foodservice sector is one of the most rapidly growing segments of the domestic food industry. Sales and Marketing. The Company's products in both the sugar and foodservice segments are sold directly by the Company's sales force and through independent brokers. The Company maintains sales offices at its offices in Sugar Land, Texas and Savannah, Georgia and at regional locations across the United States. The Company considers its marketing and promotional activities important to its overall sales effort. The Company advertises its brand names in both print and broadcast media and distributes various promotional materials, including discount coupons and compilations of recipes. No customer accounted for 5% or more of the Company's sales for the year ended September 30, 2000. Seasonality. Sales of refined sugar are moderately seasonal, normally increasing during the summer months because of increased demand of various food manufacturers, including fruit and vegetable packers; shipments of specialty products (brown and powdered sugar) increase in the fourth calendar quarter due to holiday baking needs. Although the refining of cane sugar is not seasonal, the production of beet sugar is a seasonal activity. Each of the Company's beet sugar factories operates during sugar-making campaigns, which generally total 120 days to 180 days in length each year, depending upon the supply of sugar beets available to the factory. Because of the geographical diversity of its manufacturing facilities, the Company is generally able to produce beet sugar year-round. While the seasonal production of sugar beets requires the Company to store significant refined sugar inventory at each factory, the geographic diversity and staggered periods of production enable the Company's total investment in inventories to be reduced. Additionally, these factors reduce the likelihood that adverse weather conditions will affect all the Company's productive areas simultaneously and aid in distribution. Sales of the Company's foodservice products are not significantly seasonal. By-Products. The Company's sugar segment sells by-products from its beet sugar processing as livestock feeds to dairymen, livestock feeders and livestock feed processors. Such by-products include beet pulp and molasses. The major portion of the beet pulp and molasses produced from sugar beet operations is sold during and shortly after the sugar-making campaigns. By- products from beet sugar processing are marketed in the United States, Europe and Japan. Both the domestic and export markets are highly competitive because of the availability and pricing of by-products of other sugar beet processors and corn wet millers, as well as other livestock feeds and grains. The market price of the Company's by-products relative to the price of competitive feeds and grains is the principal competitive determinant. Among other factors, the weather and seasonal abundance of such feeds and grains may affect the market price of by-products. Beet Seed. The Company develops, produces and markets commercial seed to beet growers under contract to the Company as well as growers under contract to grow for other beet sugar processors. The Company does not sell, nor does it authorize its growers to utilize, genetically modified seed in their production program. The Company's beet seed operations are conducted primarily in Sheridan, Wyoming and Tracy, California. The Company is also active in sugar beet disease control, as sugar beet growing areas have varying levels of diseases that affect sugar beet quality and quantity as well as the cost of processing. The Company has a sugar beet plant pathology disease control research laboratory in Tracy, California that develops and implements disease control strategies for all of the Company's sugar beet growing areas. The Company has an agreement with ADVANTA SEEDS, a partnership of D. J. van der Have B.V. and Societe Europeenne de Semences, N.V., S.A., granting ADVANTA access to the Company's proprietary beet seed breeding material for varietal seed development in exchange for the exclusive marketing rights to ADVANTA's beet seed in certain markets in the United States, Canada and Mexico. -------------------------------------------------------------------------- [00002] COMPANY'S CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2000 -------------------------------------------------------------------------- IMPERIAL SUGAR COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS At September 30, 2000 ASSETS ------ CURRENT ASSETS: Cash and temporary investments......................... $ 6,533,000 Marketable securities.................................. 4,612,000 Accounts receivable--trade, net........................ 63,378,000 Inventories: Finished products.................................... 97,625,000 Raw and in-process materials......................... 50,261,000 Supplies............................................. 39,585,000 Deferred costs & prepaid expenses...................... 48,251,000 -------------- Total current assets............................... 310,245,000 OTHER INVESTMENTS...................................... 5,179,000 PROPERTY, PLANT AND EQUIPMENT--Net..................... 357,681,000 GOODWILL AND OTHER INTANGIBLES -- Net of accumulated amortization of $30,420,000 ....................... 395,818,000 OTHER ASSETS........................................... 24,767,000 -------------- TOTAL.............................................. $1,093,690,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES: Accounts payable--trade................................ $ 105,457,000 Short-term borrowings.................................. 1,671,000 Current and deemed current maturities of long-term debt 436,350,000 Deferred income taxes--net............................. 16,285,000 Other current liabilities.............................. 114,646,000 -------------- Total current liabilities.......................... 674,409,000 -------------- LONG-TERM DEBT -- Net of current maturities............ 20,000,000 DEFERRED INCOME TAXES--Net............................. 1,117,000 DEFERRED EMPLOYEE BENEFITS............................. 79,563,000 SHAREHOLDERS' EQUITY: Common stock, without par value; 50,000,000 shares authorized............................................ 310,452,000 Treasury stock......................................... (15,859,000) Retained earnings...................................... 23,514,000 Unrealized securities gains--net of income taxes....... 494,000 -------------- Total shareholders' equity......................... 318,601,000 -------------- TOTAL.............................................. $1,093,690,000 ============== -------------------------------------------------------------------------- [00003] COMPANY'S PRESS RELEASE CONCERNING CHAPTER 11 FILINGS -------------------------------------------------------------------------- IMPERIAL SUGAR COMPANY RECEIVES BONDHOLDER APPROVAL AND BANK FINANCING FILES PRE-NEGOTIATED PLAN OF REORGANIZATION SUGAR LAND, Texas -- January 16, 2001 -- Imperial Sugar Company (AMEX:IHK) today announced that it has filed a petition for relief under chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. The Company's proposed plan of reorganization ("Plan") has been pre-negotiated by the Company with the lenders under its Senior Credit Agreement ("Lenders") and an ad hoc committee representing a majority in amount of its 9 3/4% Senior Subordinated Notes due 2007 ("Notes"). Under a pre- negotiated chapter 11 filing, the pre-filing negotiations and agreements seek to enable a company to achieve chapter 11 reorganization more rapidly and at less cost than a traditional filing. The reorganization proceeding is expected to be completed within the Company's fiscal year ending September 30, 2001. The Company has requested Bankruptcy Court approval to be allowed to pay its necessary on-going suppliers and trade creditors their pre-petition claims. Imperial Sugar will continue to meet its commitments to its employees, and contracts with its customers will remain in effect. It is contemplated that Imperial Sugar Company will continue under its current management both during the pendency of the reorganization as well as following its completion. The Plan provides that, upon consummation, current holders of the Notes and certain other unsecured creditors will receive 98.0% of the common equity in a restructured entity. Current holders of the common equity of the Company will receive 2.0% of the common equity in the restructured entity and 7-year warrants to purchase an additional 10.0% of the restructured entity on a fully-diluted basis. These ownership percentages exclude shares issuable upon the exercise of options granted in connection with the Company's long-term management incentive plan. James C. Kempner, President and CEO of Imperial Sugar said, "The Plan has received strong support from our banks and bondholders. The elimination of $250.0 million of debt will delever our balance sheet, greatly enhancing the financial and competitive strength of the Company. Under the Plan, we expect no disruptions to our operations as we continue to fulfill obligations to our necessary on-going suppliers and trade creditors, as well as providing the high level of service our customers have come to expect from Imperial Sugar and its other operating companies. We continue to rely on the commitment and support of our valued employees." Imperial Sugar also announced that it has agreed with the Lenders for up to $85.0 million in debtor-in-possession ("DIP") financing, of which up to $50.0 million is available after March 31, 2001. In certain circumstances, availability under the DIP facility will replace amounts repaid on the pre-petition revolving credit facility. The Company believes that the DIP facility will provide adequate financing to meet the Company's working capital and operational needs during the pendency of the case. Availability to borrow under the DIP facility when aggregated with liquidity at the time of filing was approximately $50.0 million. In addition, the Company has agreed with the Lenders on the terms of a commitment to provide $307.0 million of exit financing, of which $157.3 million will be available for revolving credit purposes and the remainder for term loans that existed at filing. The DIP financing, which is subject to the approval of the Bankruptcy Court, will enable the Company to continue normal operations during the restructuring proceeding. The exit financing will be used to finance the Company's future working capital and operational requirements. The Company's $110.0 million revolving receivables purchase facility continues through the pendency of the reorganization. The Company believes it can replace the facility with other receivables-backed financing upon consummation of the Plan. Imperial Sugar Company is the largest processor and marketer of refined sugar in the United States and a major distributor to the foodservice market. The Company markets its products nationally under the Imperial(TM), Dixie Crystals(TM), Spreckels(TM), Pioneer(TM), Holly(TM), Diamond Crystal(TM) and Wholesome Sweeteners(TM) brands. Additional information about Imperial Sugar may be found on its web site at www.imperialsugar.com. -------------------------------------------------------------------------- [00004] CHAPTER 11 DATABASE CONCERNING DEBTORS' 34 VOLUNTARY PETITIONS -------------------------------------------------------------------------- Lead Debtor: Imperial Distributing, Inc. 8016 Highway 90A P.O. Box 9 Sugar Land, TX 77487 Debtor Affiliates filing separate chapter 11 petitions: Biomass Corporation Crown Express, Inc. Diamond Crystal Brands, Inc. Diamond Crystal Brands, LP Diamond Crystal Holdings, Inc. Diamond Crystal Specialty Foods, Inc. Dixie Crystal Food Service, Inc. DSLT Holding Company Food Carrier, Inc. Fort Bend Utilities Company Great Lakes Sugar Company Holly Finance Company Holly Northwest Company Holly Sugar Corporation HSC Export Corp. ICUBE, Inc. Imperial Holly Corporation Imperial-Savannah LP Imperial Sugar Company Imperial Sweetener Distributors, Inc. King Packaging Company, Inc. Limestone Products Company Menu Magic Foods, Inc. Michigan Sugar Company Phoenix Packaging Corporation Ragus Holdings, Inc. Savannah Foods & Industries, Inc. Savannah Foods Industrial, Inc. Savannah International Company Savannah Investment Company Savannah Molasses & Specialties Company Savannah Packaging Company Savannah Sugar Refining Corporation Savannah Total Invert Company Wholesome Sweeteners Group, Ltd. Wholesome Sweeteners LLC Chapter 11 Petition Date: January 16, 2001 Court: United States Bankruptcy Court District of Delaware 824 Market Street, 5th Floor Wilmington, DE 19801 Bankruptcy Case Nos.: 01-00140 through 01-00176 Debtors' Counsel: Jack L. Kinzie, Esq. Baker Botts L.L.P. 2001 Ross Avenue Dallas, TX 75201 (214) 953-6500 and Brendan Linehan Shannon, Esq. Young, Conaway, Stargatt & Taylor P.O. Box 391 Wilmington, DE 19899-0391 (302) 571-6600 Total Assets: $1,093,690,000 Total Debts: $775,089,000 -------------------------------------------------------------------------- [00005] LIST OF THE DEBTORS' 40 LARGEST CREDITORS -------------------------------------------------------------------------- Entity Nature of Debt Amount of Claim ------ -------------- --------------- Subordinated Debt/ Bond Financing $263,541,666 US Trust Co Attn: Bill Barber 2001 Ross Avenue Dallas, TX 75201-2936 (214)754-1255 Fax (214)855-1655 Michigan IDB Series 1998A Bond Financing $9,118,750 Bank of New York Attn: Tammy Stegal 10161 Centurian Parkway Jackonsville, FL 32256 (904) 998-4715 Fax (904)645-1932 Michigan IDB Series 1998C Bond Financing $6,081,700 Bank of New York Attn: Tammy Stegal 10161 Centurian Parkway Jackonsville, FL 32256 (904) 998-4715 Fax (904)645-1932 Scana Energyu Trading LLC Trade $5,612,429 P.O. Box 116168 Atlanta, GA 30368 (803)217-1300 Fax (803)217-1329 ED & F Man Trade $4,061,493 Attn: Steven Potash Two World Financial Ctr. 27th Floor New York, NY 10080 (212)566-9200 Fax (212)566-9410 Michigan IDB Series 1998B Bond Financing $3,548,397 Bank of New York Attn: Tammy Stegal 10161 Centurian Parkway Jackonsville, FL 32256 (904) 998-4715 Fax (904)645-1932 Benjamin Oxnard, Jr. Non-qualified Benefits $2,884,645 410 East Charlton Street Savannah, GA 31401 912-2332-575 Indiana Variable Rate Demand Bond Financing $2,606,283 Industrial Development Bond Chase Corp Trust Attn: Lori Busam 255 E 5th Street, Ste 2115 Cincinatti, OH 45202 (513)455-5802 Fax (513)455-5875 Lauren Sprague Non-qualified Benefits $2,570,062 40 East 45th Street Savannah, GA 31405 912-2322-484 Industrial Development Bond Financing $2,518,527 Authority of City of Visalia Proj Series 1990 Sun Trust Attn: Henry Harris P.O. Box 4418 Atlanta, GA 30302-4418 (404)588-7554 Fax (404)827-6514 William Sprague Jr. Non-qualified Benefits $2,339,919 10 east taylor Street Savannah, GA 31401 912-2368-703 Charles Donnelly Non-qualified Benefits $2,236,403 117 Loyer Lane Savannah, GA 31411 912-5981-236 James Kempner Non-qualified Benefits $2,142,539 P.O. Box 25 Sugar Land, TX 77-487 713-5291-203 Ernest Flegenheimer Non-qualified Benefits $1,813,713 4660 Ashland Drive Saginaw, MI 48603 517-7935-660 Hendry County Industrial Bond Financing $1,536,533 Development Authority Bank of New York Attn: Tammy Stegall 10161 Centurian Parkway Jackonsville, FL 32258 (904)996-4715 Fax (904)645-1932 First Insurance Funding Corp. Insurance Financing $1,254,141 520 Lake Cook Rd Ste 300 Deerfield, IL 60015-0892 (800)837-3707 Fax (847)374-3010 Henry Mok Non-qualified Benefits $1,219,435 143 Grays Creek Road Savannah, GA 31410 912-8980-191 Burlington Northern Trade $1,145,682 Railroad Co 5066 Collection Center Drive Chicago, IL 60693-5066 (651)298-7058 Fax (651)298-6690 Frank Exley Non-qualified Benefits $1,059,024 Route 1 Box 166D Hardeeville, SC 29927 843-7845-633 James Kelley Non-qualified Benefits $1,056,260 13 Landon Lane Savannah, GA 31410 912-8972-566 Gerlinde Nielsen Non-qualified Benefits $1,010,734 1576 Sullivan Drive Saginaw, MI 48603 517-7924-221 William Steinhauer Non-qualified Benefits $987,324 Route 1 Box 167 Hardeeville, SC 29927 843-7843-533 Walter Kress Non-qualified Benefits $962,632 One Nathanael Lane Svannah, GA 31411 912-5988-838 Roger Hill Non-qualified Benefits $954,784 2245 Oak Hill Drive Colorado Springs, CO 80919 719-5930-342 C Reiss Coal Company Trade $922,434 940 S. Frontage Rd. Suite 1600 Woodridge, IL 60517 (630)271-0180 Fax (630)271-0192 Barry Brown Non-qualified Benefits $878,599 1605 Briarson Saginaw, MI 48603 517-7935-994 Calvin Rousse Non-qualified Benefits $845,790 P.O. Box 104 Reserve, LA 70084 504-536-2698 Albert Bellot Non-qualified Benefits $788,322 3973 Martinique Avenue Kenner, LA 70065 504-4431-578 Robert Harrison Non-qualified Benefits $759,445 501 East 44th Street Savannah, GA 31405 912-2360-191 El Dorado Paper Bag Mfg Co Trade $738,623 P.O. Box 3923 Little Rock, AR 72203 (870)862-4977 Fax (870)862-8520 Odilo Blanco Non-qualified Benefits $719,048 6 Kent Court Savannah, GA 31406 912-3550-476 Huey Kirk Non-qualified Benefits $715,003 5412 South Norden Drive Mobile, AL 36608 334-3425-338 James Taylor Non-qualified Benefits $705,467 4 Tangle Tree Lane Savannah, GA 31411 912-5980-693 Sysco Corporation Customer Allowances $703,887 1390 Enclave Parkway Houston, TX 770772027 (281)584-1730 Fax (281)584-4150 Jean de Chazal Non-qualified Benefits $699,632 54 Chateau Latour Drive Kenner, LA 70065 504-4686-144 Enermart Trade $695,007 P.O. Box 650205 Dallas, TX 75265 (806)798-4462 Fax (806)798-4495 Coral Energy Resources LP Trade $684,653 909 Fannin Suite 700 Houston, TX 77010 (949)863-0600 Fax (949)225-0225 Joseph Alberino Jr. Non-qualified Benefits $683,854 151 HopeCrest Avenue Savannah, GA 31406 912-3558-559 James Richards Non-qualified Benefits $663,674 1 Rum Runners Alley Savannah, GA 31411 912-9640-304 William Willis Non-qualified Benefits $657,049 7507 Laroche Avenue Savannah, GA 31406 912-3569-443 *** End of Issue No. 1 *** ------------------------------------------------------------------------- Peter A. Chapman peter@bankrupt.com http://bankrupt.com ------------------------------------------------------------------------- Recommended Reading: "Debtors and Creditors in America: Insolvency, Imprisonment for Debt, and Bankruptcy, 1607 - 1900." You'll learn things about bankruptcy you never knew. Order your copy of this title today at http://www.amazon.com/exec/obidos/ASIN/189312214X/internetbankrupt -------------------------------------------------------------------------