UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
- --------------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 6, 2002
---------------------
MATLACK SYSTEMS, INC.
(Debtor-In-Possession as of March 29, 2001)
(Exact name of registrant as specified in its charter)
Delaware 1-10105 51-0310173
- -----------------------------------------------------------------------------
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification Number)
One Rollins Plaza, Wilmington, Delaware 19803
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (302) 426-2700
-----------------
N/A
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
Matlack Systems, Inc., a Delaware corporation (the "Company"), is filing
herewith the Monthly Operating Report for the period from November 1, 2001 to
November 30, 2001, which the Company has filed with the United States Bankruptcy
Court for the District of Delaware, in connection with the ongoing proceeding
under Chapter 11 of the United States Bankruptcy Code involving the Company and
all of its wholly owned subsidiaries, Case No. 01-1114 (MFW).
Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits.
(c) Exhibits:
99(i) Monthly Operating Report for the period from November 1, 2001
to November 30, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MATLACK SYSTEMS, INC.
Dated: February 21, 2002 By: /s/Stephen E. Judge
---------------------------------
Stephen E. Judge
Chief Reorganization Officer
EXHIBIT INDEX
Exhibit No. Description
99(i) Monthly Operating Report for the period from November 1, 2001
to November 30, 2001.
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days
after end of month
Document Explanation
REQUIRED DOCUMENTS Form No. Attached Attached
Schedule of Cash Receipts and Disbursements MOR-1 Yes
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (CON'T) Yes Note 1
Copies of bank statements No
Cash disbursements journals No
Statement of Operations MOR-2 Yes
Balance Sheet MOR-3 Yes
Status of Postpetition Taxes MOR-4 Yes
Copies of IRS Form 6123 or payment receipt No N/A
Copies of tax returns filed during reporting period No Note 2
Summary of Unpaid Postpetition Debts MOR-4 Yes
Listing of aged accounts payable No Note 3
Accounts Receivable Reconciliation and Aging MOR-5 Yes
Debtor Questionnaire MOR-5 Yes
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report
and the attached documents are true and correct to the best of my knowledge and
belief.
-------------------------------------------- ----------------------
Signature of Debtor Date
-------------------------------------------- ----------------------
Signature of Joint Debtor Date
/S/ Stephen E. Judge February 4, 2002
-------------------------------------------- ----------------------
Signature of Authorized Individual* Date
Stephen E. Judge Chief Reorganization Officer
-------------------------------------------- -------------------------------
Printed Name of Authorized Individual Title of Authorized Individual
Note 1: Detailed bank reconciliations available upon request. Note 2: Tax
returns relating to the Post-Petition available upon request. Note 3: Aged
accounts receivable listing available upon request.
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement. The
beginning cash should be the ending cash from the prior month or, if this is the
first report, the amount should be the balance on the date the petition was
filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal
the sum of the four bank account columns. The amounts reported in the
"PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM
IR-1). Attach copies of the bank statements and the cash disbursements journal.
The total disbursements listed in the disbursements journal must equal the total
disbursements reported on this page. A bank reconciliation must be attached for
each account. [See MOR-1 (CON'T)]
BANK ACCOUNTS For the Current Period
From Nov. 1, 2001 to Nov.30, 2001 Cumulative Since Filing
OPERATING PAYROLL & TAX Actual Projected Actual Projected
--------- ------------- ------ --------- ------ ---------
(Note 1)
Cash Receipts
Collection of Accounts $ 102,875 $ 102,875 $ 85,000 $ 55,649,426 $ 56,492,000
Receivable
Other 1,244,736 1,244,736 1,090,400 5,911,070 2,687,000
-------------- --------------- -------------- --------------- ------------- ------------
Total Cash Receipts 1,347,611 1,347,611 1,175,400 61,560,496 59,179,000
-------------- --------------- -------------- --------------- ------------- ------------
- -
Cash Disbursements
Total Payroll - 123,882 123,882 133,000 21,971,411 22,190,200
Leased Operators - - 4,861,230 4,890,000
Operating Expenses
Fuel (17,386) (17,386) - 4,247,114 5,037,000
Occupancy costs 54,525 54,525 57,000 1,829,103 2,039,100
Equipment Costs 12,695 12,695 58,000 2,124,626 2,496,800
Insurance 129,680 129,680 178,400 5,769,290 6,593,800
Other Operating Expenses (66,401) (66,401) - 8,362,060 10,575,998
-------------- --------------- -------------- --------------- ------------- ------------
Total Operating Expenses 113,113 113,113 293,400 22,332,193 26,742,698
Deposits with Key Vendors - - - 41,148 150,000
CAPEX - Equipment Refurbishment - - - 13,050 399,200
Deferred Rental and Leasing - - - 63,789 1,414,000
Costs
Restructuring Costs 609,949 63,798 673,747 642,000 3,706,826 7,078,600
Remittance of Equipment Sales 101,597 101,597 6,488,584 -
Proceeds to Secured Lender
Inter - Account Transfer 187,680 (187,680) -
-------------- --------------- -------------- --------------- ------------- ------------
Total Disbursements 1,012,339 - 1,012,339 1,068,400 59,478,231 62,864,698
-------------- --------------- -------------- --------------- ------------- ------------
Net Cash Flow/Requirements 335,272 - 335,272 107,000 2,082,265 (3,685,698)
Opening Cash 2,662,675 2,662,675 (2,475,298) 915,682 1,317,000
-------------- --------------- -------------- --------------- ------------- ------------
Closing Cash $ 2,997,947 $ 2,997,947 $ (2,368,298) $ 2,997,947 $(2,368,698)
============== =============== ============== =============== ============= ============
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
Q1 Q2 Q3 Q4
TOTAL DISBURSEMENTS $ 150,000 $ 31,512,851 $ 22,023,905 $ 5,791,475
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0 0 0
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES
(i.e. from escrow accounts) 0 0 0
--------- ------------ ------------ -----------
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 150,000 $ 31,512,851 $ 22,023,905 $ 5,791,475
========== ============ ============ ===========
Note 1: The Operating Account represents the aggregate of the Company's
operating accounts including $US & $Cnd Disbursement and Lockbox accounts.
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's
bank reconciliation may be substituted for this page.
Expressed in
Expressed in USD USD
Converted @ Converted @
1:1.51 1:1.1.51
---------------------------------------------------------------------------------------
1 2 3 4 5 6
Operating Operating Operating
(Mellon (Mellon Canada Operating Operating Operating (Bank of Nova
Lockbox) Lockbox) (Mellon DE) (First Union) (Mellon) Scotia)
#145-2480 #01-600052 #8016-376-9 #2000032632253 #0090907 #00820-15
Note 1 Note 2 Note 3 Note 4 Note 5 Note 6
---------------------------------------------------------------------------------------
BALANCE PER $ 2,920,979 $ 21,526 $ 175,932 $ 10,918 ($ 164,836) $ 6,101
BOOKS
- -----------------------------------------------------------------------------------------------------
BANK BALANCE $ 2,920,979 $ 21,136 $ 175,932 $ 10,918 $ 0 $ 42,875
(+) DEPOSITS $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
IN TRANSIT
(-)
OUTSTANDING ($ 139,073) $ 0 $ 0 $ 0 $ 0 ($ 34,821)
CHECKS
OTHER $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
---------------------------------------------------------------------------------------
ADJUSTED $ 2,781,906 $ 21,136 $ 175,932 $ 10,918 $ 0 $ 8,054
BANK BALANCE*
---------------------------------------------------------------------------------------
*Adjusted
bank balance
must equal
balance
per books
(see Note 11)
DEPOSITS IN None None None None None None
TRANSIT
CHECKS Yes None None None None Yes
OUTSTANDING
OTHER
- --------------------------------------------------------------------------------
7 8 9 10 11 12
Tax Tax Tax Matlack
Payroll Payroll Prefunding Prefunding Prefunding Inc.
(Mellon) (Mellon) Mellon Mellon Mellon Working
#119-8127 #021-8376 #021-81812 #021-8309 #021-8931 Funds
Note 7 Note 8 Note 9 Note 9 Note 9 Note 10 Grand Total
- --------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 14,434 $ 2,985,054
- --------------------------------------------------------------------------------
$ 93,796 $ 15,933 $ 0 $ 0 $0 $ 3,281,570
$ 0
($ 93,796) ($15,933) $ 0 ($ 283,623)
$ 0
- --------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 2,997,947
- --------------------------------------------------------------------------------
(NOTE 11)
None None None None None None
ALL ALL None None None None
Note 1: This account is used primarily for collection of cash receipts on trade
receivables, to wire funds to trade suppliers and to fund the payroll
accounts, as well as to receive wire transfers of funds from outside
parties.
Note 2: This account is used primarily for collection of cash receipts on
Canadian trade receivables. Proceeds received in this account are
transferred on a regular basis to the Bank of Nova Scotia account.
Note 3: This account is used for cash receipts unrelated to trade receivables.
Note 4: This account is not active.
Note 5: This account is used for disbursements to pay trade payables by check.
The list of outstanding checks is attached to the Company's Bank
reconciliation.
Note 6: This account is used for $Cnd disbursements to pay trade payables and
salaries by check. The list of outstanding checks is attached to the
Company's Bank reconciliation.
Note 7: This account is the payroll check disbursement account. A detailed
listing of outstanding checks cannot be provided to respect the
confidentiality of the payees.
Note 8: This account is used to pay salaries by direct deposit.
Note 9: These accounts are funded by the Mellon lockbox account to pay various
taxes.
Note 10: This represents the aggregate of the terminal working fund accounts,
the funding of which are reflected as disbursements in the Schedule of Cash
Receipts & Disbursements.
Note 11: The Adjusted Bank Balance represents the Bank balance net of
Post-Petition checks in circulation. The Balance per Book represents the
bank balance net of Pre- & Post-Petition checks in circulation
(Pre-Petition checks have not yet been voided.)
The Balance per Book represents the Bank balance net of Pre- & Post-Petition
checks in circulation (Pre-Petition checks have not yet been voided).
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
STATEMENT OF OPERATIONS
(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual
basis of accounting recognizes revenue when it is realized and expenses when
they are incurred, regardless of when cash is actually received or paid.
Current Cumulative
Month Filing to Date
REVENUES
Revenue (Net) $ 83,678 $ 39,962,161
========================== ========================
OPERATING EXPENSES
Owned Compensation (20) 9,792,590
Leased Operator Compensation (17,216) 5,000,307
Fuel Expense 22,411 3,011,100
Misc. Direct Costs 1,796,811 5,503,885
Cleaning Expenses (127,802) 4,083,737
Mechanics Compensation 0 1,266,736
Misc. Maintenance Expense 255,271 2,194,044
Equipment Costs 606,048 7,808,778
Terminal Expenses 496,280 9,191,235
-------------------------- ------------------------
TOTAL OPERATING EXPENSES 3,031,783 47,852,412
-------------------------- ------------------------
GROSS PROFIT / (LOSS) (2,948,105) (7,890,251)
========================== ========================
G&A EXPENSES 187,639 10,989,583
-------------------------- ------------------------
OPERATING PROFIT / (LOSS) (3,135,744) (18,879,834)
OTHER INCOME / EXPENSE
Gain/Loss on Sale of Equipment 16,654,730 15,487,277
Other Income/Deductions 0 528,580
-------------------------- ------------------------
TOTAL OTHER INCOME/EXPENSES 16,654,730 16,015,857
-------------------------- ------------------------
PROFIT / (LOSS) ($ 19,790,474) ($ 34,895,691)
========================== ========================
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
STATEMENT OF OPERATIONS - continuation sheet
Cumulative
BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date
Revenue
Owned Linehaul Revenue 0 20,035,706
Owned Accessorial Revenue 0 4,477,068
Leased Linehaul Revenue 0 6,865,934
Leased Accessorial Revenue 0 774,372
Cleaning Revenue 0 4,970,227
Other Operating Revenue 83,678 1,528,670
X-Rail Revenue 0 986,185
Maintenance Revenue 0 323,999
------------------------ ----------------------
83,678 39,962,161
------------------------ ----------------------
Owned Compensation
Driver Pay Hourly 0 3,091,600
Driver Overtime Pay 0 34,120
Contractual Pay Mile 0 3,554,726
Fringe Benefits (20) 3,112,144
------------------------ ----------------------
(20) 9,792,590
------------------------ ----------------------
Leased Operator Comp
Leased Operator Comp 2,481 4,948,634
Purchased Transportation (19,697) 51,673
------------------------ ----------------------
(17,216) 5,000,307
------------------------ ----------------------
Fuel Expense
Fuel Terminal 8,237 1,150,105
Fuel Outside 14,174 1,829,623
Fuel Taxes 0 3,904
Oil and Oil Tax 0 27,468
------------------------ ----------------------
22,411 3,011,100
------------------------ ----------------------
Misc Direct Costs
Utility Pay Hourly 0 203,219
Utility Fringe Benefits 0 7,902
Tire 1,801,957 2,202,439
Hose (5,191) 151,023
Meals 0 218,725
Lay Over 0 611,616
Tolls 45 165,110
Fines 0 14,452
Mileage Taxes 0 112,494
Insurance 0 1,816,905
------------------------ ----------------------
1,796,811 5,503,885
------------------------ ----------------------
Cleaning Expenses
Cleaners Pay 0 1,038,915
Overtime Pay 0 42,431
Fringe Benefits 0 690,659
Cleaning Supplies (116,953) 476,089
Waste Treatment 0 1,022,588
Outside Contractors (10,849) 713,733
Net Cleaning Interbranch 0 (1,285)
Environmental 0 100,607
------------------------ ----------------------
(127,802) 4,083,737
------------------------ ----------------------
Mechanics Compensation
Mechanics Pay 0 772,715
Overtime Pay 0 53,916
Fringe Benefits 0 440,105
Net Mechanics Interbranch 0 0
------------------------ ----------------------
0 1,266,736
------------------------ ----------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
STATEMENT OF OPERATIONS - continuation sheet
Cumulative
BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date
Misc Maintenance Expense
Parts Expense 259,104 1,218,003
Outside Repairs (3,343) 752,782
Tire Repair 0 89,458
Shop Expense (490) 133,801
------------------------ ----------------------
255,271 2,194,044
------------------------ ----------------------
Equipment Costs
Tractor Depreciation 0 59,706
Tractor Rent 0 2,541,450
Trailer Depreciation 0 1,044,877
Trailer Rent 0 102,087
License (311) 952,435
Permit 0 96,312
Interest 606,359 3,011,911
------------------------ ----------------------
606,048 7,808,778
------------------------ ----------------------
Terminal Expenses
Terminal Salary & Fringe 475,700 3,690,637
Utilities 5,033 944,878
Communication Equipment 0 101,824
Communication Usage (1,100) 715,533
Facility Maintenance (253) 290,991
Facility Occupancy (2,528) 1,395,428
Transportation General 19,428 2,051,944
------------------------ ----------------------
496,280 9,191,235
------------------------ ----------------------
G&A Expenses
Salaries Expense 145,534 3,916,189
Fringe Benefits 3,204 451,734
Communications Basic 0 74,956
Communication Services 0 7,732
Facilities - Rents 0 294,855
General Office Supplies 4,646 31,012
IBM Supplies 0 4,147
Conventions & Seminars 0 14,322
Postage 0 81,962
Travel & Other 377 173,747
Outside Services 5,457 3,375,627
Computer Software 0 36,225
General & Admin 59 195,751
Marketing Promotions 0 7,010
Legal 20,813 308,865
Insurance 0 288,363
Dues & Contributions 0 361
Depreciation 0 118,339
Depreciation - Leasehold 0 40,740
Computer Equipment Rent 7,549 347,555
Other Expense/Terminal Exp. 0 1,220,091
------------------------ ----------------------
187,639 10,989,583
------------------------ ----------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition
liabilities must be classified separately from postpetition obligations.
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
CURRENT ASSETS
Cash $ 2,985,054 $389,571
Restricted Cash 33,703,130
Accounts Receivable (Net) 48,944 18,045,306
Inventories 0 3,639,142
Prepaid Expenses 340,079 2,108,548
--------------------------------- -----------------------------
TOTAL CURRENT ASSETS 37,077,207 24,182,567
--------------------------------- -----------------------------
PROPERTY AND EQUIPMENT
Revenue Equipment - Cost 0 98,199,269
Less: Accumulated Depreciation (Revenue) 0 (75,767,277)
Other Property & Equipment - Cost 8,544,024 72,633,319
Less: Accumulated Depreciation (Other) (3,897,850) (41,326,073)
--------------------------------- -----------------------------
TOTAL PROPERTY & EQUIPMENT 4,646,174 53,739,238
--------------------------------- -----------------------------
OTHER ASSETS
Goodwill 0 744,016
Other Assets 400,000 937,839
--------------------------------- -----------------------------
TOTAL OTHER ASSETS 400,000 1,681,855
--------------------------------- -----------------------------
TOTAL ASSETS $42,123,381 $79,603,660
================================= =============================
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE
(Postpetition)
Accounts Payable 1,417,420
Accrued Wages & Benefits 836,083
Accrued Interest 3,011,910
Accrued Professional Fees (Note 1) 697,989
Accrued Taxes (refer to FORM MOR-4) 262,725
Accrued Insurance, Environmental & Other (935,977)
Amounts Due to Insiders (Note 1)
--------------------------------- -----------------------------
TOTAL POSTPETITION LIABILITIES 5,290,150 0
--------------------------------- -----------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt 46,234,256 46,234,256
Priority Debt 2,427,443 9,330,355
Unsecured Debt 32,153,819 33,125,644
--------------------------------- -----------------------------
TOTAL PRE-PETITION LIABILITIES 80,815,517 88,690,255
--------------------------------- -----------------------------
TOTAL LIABILITIES 86,105,667 88,690,255
================================= =============================
OWNER EQUITY
Capital Stock 8,814,434 8,814,434
Capital Surplus 10,619,341 10,619,341
Retained Earnings - Pre-Petition (28,520,370) (28,520,370)
Retained Earnings - Post-Petition (34,895,691)
Post-Petition Contributions (Distributions) (Draws)
(attach schedule)
--------------------------------- -----------------------------
NET OWNER EQUITY (43,982,286) (9,086,595)
================================= =============================
TOTAL LIABILITIES AND OWNERS' EQUITY $42,123,381 $79,603,660
================================= =============================
Note 1: Amounts due to insiders are included in Accounts Payables and Accrued
Wages.
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month
or, if this is the first report, the amount should be zero. Attach photocopies
of IRS Form 6123 or payment receipt to verify payment or deposit of federal
payroll taxes. Attach photocopies of any tax returns filed during the reporting
period.
Beginning Amount Ending
Tax Withheld Amount Date Check No. Tax
Liability or Accrued Paid Paid or EFT Liability
Federal
Withholding -1,511 25,252 23,741 Various EFT 0
FICA - Employee 373 9,365 9,738 Various EFT 0
FICA - Employer 377 9,365 9,742 Various EFT 0
Unemployment -4,414 4,414 702 0
Other 0 0 0 0
------------ ------------ ------------ ------------ ------------- ------------
Total Federal Taxes -5,175 48,396 43,221 0
------------ ------------ ------------ ------------ ------------- ------------
State and Local
Withholding 48,441 24,598 70,531 Various EFT 2,508
Sales 72,596 0 0 Various 72,596
Income 0 0 0 0
Unemployment 0 0 0 0
Real & Personal Property 215,735 0 64,350 Various 151,385
Other 390,771 0 0 Various 390,771
------------ ------------ ------------ ------------ ------------- ------------
Total State and Local 727,543 24,598 134,881 617,260
------------ ------------ ------------ ------------ ------------- ------------
Total Taxes 722,368 72,994 178,102 617,260
============ ============ ============ ============ ============= ============
SUMMARY OF UNPAID POSTPETITION DEBITS
Attach aged listing of accounts payable.
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
------- ---- ----- ----- ------- -----
Accounts Payable 1,417,420 0 1,417,420
Accrued Wages & Benefits 836,083 836,083
Accrued Interest 3,011,910 3,011,910
Accrued Professional Fees 697,989 697,989
Accrued Taxes (refer to FORM MOR-4) 262,725 262,725
Accrued Insurance, Environmental & (935,977) (935,977)
Other
------------ ------------ ------------ ------------ ------------- ------------
Total Post-Petition Debts 5,290,150 0 0 0 5,290,150
============ ============ ============ ============ ============= ============
Explain how and when the Debtor intends to pay any past-due post-petition debts.
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Nov. 1, 2001 to Nov. 30, 2001
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
Total Accounts Receivable at the beginning of the reporting period $ 149,434
+ Amounts billed during the period 0 (Note 1)
- Amounts collected during the period (102,875)
- Bad Debt and other write-offs 2,385
+ Change in Reserve 0
- Other during the period $ 0
Total Accounts Receivable at the end of the reporting period $ 48,944
Accounts Receivable Aging Amount
0 - 30 days old 0
31 - 60 days old 0
61 - 90 days old 13,141
91 + days old 90,803
-- ------
103,944
Foreign exchange, Revenue Recognition, Sales Accrual Adjustments &
Write-offs 0
Amount considered uncollectible (Bad Debt) (55,000)
-------
Accounts Receivable (Net) $ 48,944
=========
DEBTOR QUESTIONNAIRE
Must be completed each month Yes No
---------------------------- --- --
1. Have any assets been sold or transferred outside the normal course X
of business this reporting period? If yes, provide an explanation
below.
2 Have any funds been disbursed from any account other than a debtor X
in possession account this reporting period? If yes, provide an
explanation below.
3. Have all postpetition tax returns been timely filed? If no, X
provide an explanation below.
4. Are workers compensation, general liability and other necessary X
insurance coverages in effect? If no, provide an explanation below.
================================================================================
Note 1: This amount differs from the Revenue reported on MOR-2 due to the sales
tax and foreign exchange posted to the G/L.