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Document Preview Monthly Operating Report |
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Title: |
Monthly Operating Report |
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Entities: |
FTI Consulting, Inc.; Gibraltar Steel Corp.; Steel Technologies Inc.; Thomas & Betts Corp.; Weirton Steel Corp.; Akin, Gump, Strauss, Hauer & Feld LLP; Blank Rome LLP; Kirkpatrick & Lockhart; McGuireWoods |
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Date: |
2004 |
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Size: |
Preview shows 6KB of 225KB total |
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Price: |
$90 |
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ID: |
#378189 |
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Start of Preview |
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DEBTOR: WEIRTON STEEL CORPORATION CASE NUMBER 5:03-BK-01802
PERIOD ENDED 1/31/04
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF WEST VIRGINIA
FORM: MOR-FB
IN RE: WEIRTON STEEL CORPORATION CHAPTER 11
CASE NUMBER 5:03-BK-01802
DEBTOR(S) IN POSSESSION
MONTHLY OPERATING REPORT
CALENDAR PERIOD JANUARY 1, 2004 TO JANUARY 31, 2004
--------------- ----------------
FINANCIAL BACKGROUND INFORMATION
1. ACCOUNTING BASIS: Cash Accrual X
----------- ------
2. PREPARER:
Robert C. Fletcher
Controller
Weirton Steel Corporation
400 Three Springs Drive
Weirton, WV 26062-4997
3. NUMBER OF EMPLOYEES paid during the period: 3,031
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4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS since the last
reporting period?
Yes No X . If yes, explain
--- --- ----------------------------------
5. Are all BUSINESS LICENSES current? Yes X . No Not Applicable
--- --- -------
6. PRE-PETITION ACCOUNTS RECEIVABLE:
Collected this Period $ 537,179.26
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Ending Balance $ 2,804,358.72
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NOTE:
The balances presented will not agree to the financial
statements presented on Form MOR-BS due to the basis of
presentation requested in this report.
7. POST-PETITION ACCOUNTS RECEIVABLE:
0-30 Days: $ 21,578,684.83 31-60 Days: $ 2,040,458.64
--------------- --------------
Over 60 Days: $ 4,847,925.65 *.
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NOTE:
The balances presented will not agree to the financial statements
presented on Form MOR-BS due to the basis of presentation requested in
this report. The Company does not consider aged accounts receivable
balances to be inconsistent with its historical trend.
If there are any post-petition Accounts Receivable over 60 days,
provide schedule AR giving a listing of such accounts and explain the
delinquencies.
* See FORM MOR AR-1for listing and explanation.
{PAGE}
DEBTOR: WEIRTON STEEL CORPORATION CASE NUMBER 5:03-BK-01802
PERIOD ENDED 1/31/04
8. POST-PETITION ACCOUNTS PAYABLE:
0-30 Days: $ 20,075,794.03 31-60 Days: $ 3,202,788.98 *
--------------- --------------
Over 60 Days: $ 1,200,573.20 *.
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* See FORM MOR-AP for listing and explanation
If there are any post-petition Accounts payable over 30 days, provide
schedule AP giving a listing of such accounts and explain the delinquencies.
9. TAXES: Are all post petition taxes being paid to the proper taxing
authorities when due? Yes No X . During September of 2003, we negotiated
with the local taxing authorities and agreed to pay local property taxes in
January to April of 2004. See FORM MOR-BT-1 for additional details related
to this matter.
10. ESCROW ACCOUNTS: Are you utilizing your tax account for deposits and
payment of payroll and sales taxes?
Yes No X. If no, explain:
--- ---
We make payments directly to the taxing authorities via ACH transfers from
our operating bank account.
11. Are all BOOKS AND RECORDS of the debtor being maintained monthly and are
all current
Yes X. No Explain:
--- --- -------------------
12. INSURANCE EXPIRATION STATEMENT - Policy expiration dates are:
See EXHIBIT MOR FB-12-A.
13. ACTIONS OF THE DEBTOR. During the last month did the Debtor:
(A) Fail to defend or oppose any action seeking to dispossess the debtor
from control or custody of any asset of the estate?
Yes No X . Explain:
--- --- -------------------
(B) Maintain such stock, inventory, raw materials, insurance, employees and
other resources as are necessary to preserve and maintain the going-concern
value of the assets of the debtor?
Yes X. No Explain:
--- --- -------------------
14. TRANSFER OR SALE OF PROPERTY. Did the Debtor or any person with control
over any of Debtor's assets transfer, convey or abandon any of Debtor's
assets to another party during the period of this report other than as set
forth herein.
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