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): April 24, 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 February 1, 2002 to
February 28, 2002 and the Monthly Operating Report for the period from March 1,
2002 to March 31, 2002, 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(l) Monthly Operating Report for the period from February 1,
2002 to February 28, 2002.
99(m) Monthly Operating Report for the period from March 1, 2002
to March 31, 2002.
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: May 7, 2002 By: /s/ Stephen E. Judge
---------------------------------
Stephen E. Judge
Chief Reorganization Officer
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99(l) Monthly Operating Report for the period from February 1, 2002 to
February 28, 2002.
99(m) Monthly Operating Report for the period from March 1, 2002 to
March 31, 2002.
Exhibit 99(l)
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Feb. 1, 2002 to Feb. 28, 2002
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 April 18, 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: Feb. 1, 2002 to Feb. 28, 2002
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 Feb. 1, 2002 to Feb. 28, 2002 Cumulative Since Filing
OPERATING PAYROLL & TAX Actual Projected Actual Projected
--------- ------------- ------ --------- ------ ---------
(Note 1)
Cash Receipts
Collection of Accounts Receivable $ 15,336 $ 15,336 $ - $ 55,728,196 $ 56,532,000
Other 557,487 557,487 1,030,000 7,141,699 4,595,916
------------- --------------- -------------- --------------- ------------- ------------
Total Cash Receipts 572,823 572,823 1,030,000 62,869,895 61,127,916
------------- --------------- -------------- --------------- ------------- ------------
Cash Disbursements
Total Payroll - 21,313 21,313 46,000 22,137,642 22,421,823
Leased Operators - - 4,861,230 4,890,000
Operating Expenses
Fuel - - - 4,247,114 5,037,000
Occupancy costs 128,419 128,419 165,000 2,115,194 2,553,100
Equipment Costs 2,444 2,444 20,000 2,140,088 2,736,800
Insurance 20,344 20,344 75,000 6,056,069 6,893,800
Other Operating Expenses 53,222 53,222 40,000 8,484,879 10,765,998
------------- --------------- -------------- --------------- ------------- ------------
Total Operating Expenses 204,429 204,429 300,000 23,043,344 27,986,698
Deposits with Key Vendors - - - 41,148 150,000
CAPEX - Equipment Refurbishment - - - 13,050 399,200
Deferred Rental and Leasing Costs - - - 63,789 1,414,000
Restructuring Costs - 233,885 233,885 268,000 6,406,276 9,504,597
Remittance of Equipment Sales 3,500 3,500 6,492,084 -
Proceeds to Secured Lender
Inter - Account Transfer 255,198 (255,198) -
------------- --------------- -------------- --------------- ------------- -------------
Total Disbursements 463,127 - 463,127 614,000 63,058,563 66,766,318
------------- --------------- -------------- --------------- ------------- -------------
Net Cash Flow/Requirements 109,696 - 109,696 416,000 (188,668) (5,638,402)
Opening Cash 617,318 617,318 (4,737,402) 915,682 1,317,000
------------- --------------- -------------- --------------- ------------- -------------
Closing Cash $ 727,014 $ 727,014 $ (4,321,402) $ 727,014 $ (4,321,402)
============= =============== ============== =============== ============= =============
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
Q1 2001 Q2 2001 Q3 2001 04 2001
------- ------- ------- -------
TOTAL DISBURSEMENTS $ 150,000 $ 31,512,851 $ 22,023,905 $ 6,840,682
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 $ 6,840,682
========== ============ ============ ===========
Q1 2001
-------
TOTAL DISBURSEMENTS $ 2,531,125
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES
(i.e. from escrow accounts) 0
-----------
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 2,531,125
===========
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: Feb. 1, 2002 to Feb. 28, 2002
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 Operating
(Mellon (Mellon Canada Operating (First Operating (Bank of Nova
Lockbox) Lockbox) (Mellon DE) Union) (Mellon) Scotia)
#145-2480 #01-600052 #8016-376-9 #200003263225 #0090907 #00820-15
Note 1 Note 2 Note 3 Note 4 3 Note 5 Note 6
------------------------------------------------------------------------------------
BALANCE PER BOOKS $ 900,428 $ 0 $ 14,406 $ 10,857 ($ 228,215) $ 2,939
- ------------------------------------------------------------------------------------------------------
BANK BALANCE $ 900,428 $ 0 $ 14,406 $ 10,857 $ 0 $ 5,932
(+) DEPOSITS IN $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
TRANSIT
(-) OUTSTANDING ($ 200,565) $ 0 $ 0 $ 0 $ 0 ($ 4,044)
CHECKS
OTHER $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
------------------------------------------------------------------------------------
ADJUSTED BANK $ 699,863 $ 0 $ 14,406 $ 10,857 $ 0 $ 1,888
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 #021-8181 #021-8309 #021-8931 Funds
Note 7 Note 8 Note 9 Note 9 Note 9 Note 10 Grand Total
- ---------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 300 $ 700,715
- ---------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $0 $ 931,623
$ 0
$ 0 $ 0 $ 0 ($ 204,609)
$ 0
- ---------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 727,014
- ---------------------------------------------------------------------------------
(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.)
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Feb. 1, 2002 to Feb. 28, 2002
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) $ 11,197 $ 40,032,321
-------------------------- ------------------------
OPERATING EXPENSES
Owned Compensation 61 9,795,625
Leased Operator Compensation 0 5,000,307
Fuel Expense 0 3,011,100
Misc. Direct Costs 0 5,503,885
Cleaning Expenses 21,639 4,144,131
Mechanics Compensation 0 1,266,834
Misc. Maintenance Expense 1,169 2,189,685
Equipment Costs 0 7,808,778
Terminal Expenses 100,953 9,292,482
-------------------------- ------------------------
TOTAL OPERATING EXPENSES 123,822 48,012,827
-------------------------- ------------------------
GROSS PROFIT / (LOSS) (112,625) (7,980,506)
-------------------------- ------------------------
G&A EXPENSES (259,263) 13,013,031
-------------------------- ------------------------
OPERATING PROFIT / (LOSS) 146,638 (20,993,537)
OTHER INCOME / EXPENSE
Gain/Loss on Sale of Equipment (1,889,536) 13,686,004
Other Income/Deductions 0 528,580
-------------------------- ------------------------
TOTAL OTHER INCOME/EXPENSES (1,889,536) 14,214,584
-------------------------- ------------------------
PROFIT / (LOSS) $ 2,036,174 ($ 35,208,121)
-------------------------- ------------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Feb. 1, 2002 to Feb. 28, 2002
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 11,197 1,598,830
X-Rail Revenue 0 986,185
Maintenance Revenue 0 323,999
------------------------ ----------------------
11,197 40,032,321
------------------------ ----------------------
Owned Compensation
Driver Pay Hourly 0 3,091,600
Driver Overtime Pay 0 34,120
Contractual Pay Mile 0 3,554,726
Fringe Benefits 61 3,115,179
------------------------ ----------------------
61 9,795,625
------------------------ ----------------------
Leased Operator Comp
Leased Operator Comp 0 4,948,634
Purchased Transportation 0 51,673
------------------------ ----------------------
0 5,000,307
------------------------ ----------------------
Fuel Expense
Fuel Terminal 0 1,150,105
Fuel Outside 0 1,829,623
Fuel Taxes 0 3,904
Oil and Oil Tax 0 27,468
------------------------ ----------------------
0 3,011,100
------------------------ ----------------------
Misc Direct Costs
Utility Pay Hourly 0 203,219
Utility Fringe Benefits 0 7,902
Tire 0 2,202,439
Hose 0 151,023
Meals 0 218,725
Lay Over 0 611,616
Tolls 0 165,110
Fines 0 14,452
Mileage Taxes 0 112,494
Insurance 0 1,816,905
------------------------ ----------------------
0 5,503,885
------------------------ ----------------------
Cleaning Expenses
Cleaners Pay 0 1,040,407
Overtime Pay 0 42,431
Fringe Benefits 0 690,965
Cleaning Supplies 0 476,089
Waste Treatment 15,418 1,039,350
Outside Contractors 6,221 727,517
Net Cleaning Interbranch 0 (1,285)
Environmental 0 128,657
------------------------ ----------------------
21,639 4,144,131
------------------------ ----------------------
Mechanics Compensation
Mechanics Pay 0 772,715
Overtime Pay 0 53,916
Fringe Benefits 0 440,203
Net Mechanics Interbranch 0 0
------------------------ ----------------------
0 1,266,834
------------------------ ----------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Feb. 1, 2002 to Feb. 28, 2002
STATEMENT OF OPERATIONS - continuation sheet
Cumulative
BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date
Misc Maintenance Expense
Parts Expense 1,169 1,213,644
Outside Repairs 0 752,782
Tire Repair 0 89,458
Shop Expense 0 133,801
------------------------ ----------------------
1,169 2,189,685
------------------------ ----------------------
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 0 952,435
Permit 0 96,312
Interest 0 3,011,911
------------------------ ----------------------
0 7,808,778
------------------------ ----------------------
Terminal Expenses
Terminal Salary & Fringe 0 3,695,416
Utilities 15,649 970,302
Communication Equipment 0 102,886
Communication Usage (1,988) 714,097
Facility Maintenance 0 290,991
Facility Occupancy 67,689 1,463,551
Transportation General 19,603 2,055,239
------------------------ ----------------------
100,953 9,292,482
------------------------ ----------------------
G&A Expenses
Salaries Expense 209,264 5,633,812
Fringe Benefits (543,479) (79,434)
Communications Basic 0 74,956
Communication Services 0 7,732
Facilities - Rents 0 307,325
General Office Supplies 6,962 39,478
IBM Supplies 0 4,147
Conventions & Seminars 0 14,322
Postage 0 81,962
Travel & Other 917 180,549
Outside Services 61,771 4,159,393
Computer Software 0 36,225
General & Admin 0 197,602
Marketing Promotions 0 7,010
Legal 2,536 322,514
Insurance 0 288,363
Dues & Contributions 0 361
Depreciation 0 118,339
Depreciation - Leasehold 0 40,740
Computer Equipment Rent 2,766 357,544
Other Expense/Terminal Exp. 0 1,220,091
------------------------ ----------------------
(259,263) 13,013,031
------------------------ ----------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Feb. 1, 2002 to Feb. 28, 2002
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 $ 700,715 $ 389,571
Restricted Cash 38,261,850
Accounts Receivable (Net) 8,000 18,045,306
Inventories 0 3,639,142
Prepaid Expenses 406,464 2,108,548
--------------------------------- -----------------------------
TOTAL CURRENT ASSETS 39,377,029 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 3,280,259 72,633,319
Less: Accumulated Depreciation (Other) (1,989,499) (41,326,073)
--------------------------------- -----------------------------
TOTAL PROPERTY & EQUIPMENT 1,290,760 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 $ 41,067,789 $ 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 1,251,635
Accrued Wages & Benefits 405,064
Accrued Interest 3,011,910
Accrued Professional Fees (Note 1) 767,085
Accrued Taxes (refer to FORM MOR-4) 220,076
Accrued Insurance, Environmental & Other (953,458)
Amounts Due to Insiders (Note 1)
--------------------------------- -----------------------------
TOTAL POSTPETITION LIABILITIES 4,702,312 0
--------------------------------- -----------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt 46,234,256 46,234,256
Priority Debt 2,272,119 9,330,355
Unsecured Debt 32,153,819 33,125,644
--------------------------------- -----------------------------
TOTAL PRE-PETITION LIABILITIES 80,660,193 88,690,255
--------------------------------- -----------------------------
--------------------------------- -----------------------------
TOTAL LIABILITIES 85,362,505 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 (35,208,121)
Post-Petition Contributions (Distributions) (Draws)
(attach schedule)
-------------------------------- ------------------------------
NET OWNER EQUITY (44,294,716) (9,086,595)
-------------------------------- ------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $41,067,789 $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: Feb. 1, 2002 to Feb. 28, 2002
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 62,364 51,111 113,475 Various EFT 0
FICA - Employee 5,241 6,775 12,016 Various EFT 0
FICA - Employer 5,241 6,775 12,016 Various EFT 0
Unemployment 247 70 0 317
Other 0 0 0 0
------------ ------------ ------------ ------------ ------------- ------------
Total Federal Taxes 73,093 64,731 137,507 317
------------ ------------ ------------ ------------ ------------- ------------
State and Local
Withholding 8,177 7,360 8,177 Various EFT 7,360
Sales 72,596 0 0 Various 72,596
Income 0 0 0 0
Unemployment 949 1,550 0 2,499
Real & Personal Property 136,930 2,208 2,531 Various 136,607
Other 390,771 0 0 Various 390,771
------------ ------------ ------------ ------------ ------------- ------------
Total State and Local 609,423 11,118 10,708 609,833
------------ ------------ ------------ ------------ ------------- ------------
Total Taxes 682,516 75,849 148,215 610,150
------------ ------------ ------------ ------------ ------------- ------------
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 1,251,635 0 1,251,635
Accrued Wages & Benefits 404,064 405,064
Accrued Interest 3,011,910 3,011,910
Accrued Professional Fees 767,085 767,085
Accrued Taxes (refer to FORM MOR-4) 220,076 220,076
Accrued Insurance, Environmental & (953,458) (953,458)
Other
------------ ------------ ------------ ------------ ------------- ------------
Total Post-Petition Debts 4,702,312 0 0 0 4,702,312
------------ ------------ ------------ ------------ ------------- ------------
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: Feb. 1, 2002 to Feb. 28, 2002
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
---------------------------------- ------
Total Accounts Receivable at the beginning of the reporting period $ 0
+ Amounts billed during the period 0 (Note 1)
- Amounts collected during the period 0
- Bad Debt and other write-offs 0
+ Change in Reserve 0
- Other during the period $ 0
Total Accounts Receivable at the end of the reporting period $ 0
Accounts Receivable Aging Amount
------------------------- ------
0 - 30 days old 0
31 - 60 days old 0
61 - 90 days old 0
91 + days old 0
0
Foreign exchange, Revenue Recognition, Sales Accrual Adjustments &
Write-offs 0
Amount considered uncollectible (Bad Debt) 0
Accounts Receivable (Net) $ 0
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.
Exhibit 99(m)
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Mar. 1, 2002 to Mar. 31, 2002
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 N/A 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 April 23, 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: Debtor no longer has Accounts Receivable outstanding.
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Mar. 1, 2002 to Mar. 31, 2002
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 Mar. 1, 2002 to Mar.31, 2002 Cumulative Since Filing
OPERATING PAYROLL & TAX Actual Projected Actual Projected
--------- ------------- ------ --------- ------ ---------
(Note 1)
Cash Receipts
Collection of Accounts
Receivable $ 19,803 $ 19,803 $ - $ 55,747,999 $ 56,532,000
Other 305,464 305,464 40,000 7,447,163 4,635,916
-------------- --------------- -------------- --------------- ------------- ------------
Total Cash Receipts 325,267 325,267 40,000 63,195,162 61,167,916
-------------- --------------- -------------- --------------- ------------- ------------
Cash Disbursements
Total Payroll - 40,910 40,910 22,000 22,178,552 22,443,823
Leased Operators - - 4,861,230 4,890,000
Operating Expenses
Fuel - - - 4,247,114 5,037,000
Occupancy costs 24,287 24,287 160,000 2,139,481 2,713,100
Equipment Costs 1,123 1,123 20,000 2,141,211 2,756,800
Insurance 19,921 19,921 50,000 6,075,990 6,943,800
Other Operating Expenses (1,259) (1,259) 30,000 8,483,620 10,795,998
-------------- --------------- -------------- --------------- ------------- ------------
Total Operating Expenses 44,072 44,072 260,000 23,087,416 28,246,698
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 894,229 (250,696) 643,533 98,000 7,049,809 9,602,597
Remittance of Equipment Sales 170,682 170,682 6,662,766 -
Proceeds to Secured Lender
Inter - Account Transfer (209,786) 209,786 -
-------------- --------------- -------------- --------------- ------------- ------------
Total Disbursements 899,197 - 899,197 380,000 63,957,760 67,146,318
-------------- --------------- -------------- --------------- ------------- ------------
Net Cash Flow/Requirements (573,930) - (573,930) (340,000) (762,598) (5,978,402)
Opening Cash 727,014 727,014 (4,321,402) 915,682 1,317,000
-------------- --------------- -------------- --------------- ------------- ------------
Closing Cash $ 153,084 $ 153,084 $ (4,661,402) $ 153,084 $ (4,661,402)
============== =============== ============== =============== ============= ============
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
Q1 2001 Q2 2001 Q3 2001 04 2001
------- ------- ------- -------
TOTAL DISBURSEMENTS $ 150,000 $ 31,512,851 $ 22,023,905 $ 6,840,682
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 $ 6,840,682
========= ============ ============ ===========
Q1 2001
-------
TOTAL DISBURSEMENTS $ 3,430,322
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES
(i.e. from escrow accounts) 0
-----------
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 3,430,322
===========
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: Mar. 1, 2002 to Mar. 31, 2002
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
USD
Converted @
1:1.1.51
------------------------------------------------------------------------------------------------------
1 3 4 Dec 6 9 12
Operating Operating Operating Tax Matlack
(Mellon Operating (First Operating Bank of Nova Prefunding Inc.
Lockbox) (Mellon DE) Union) Mellon Scotia Mellon Working
#145-2480 #8016-376-9 #200003263225 #0090907 #00820-15 #021-8181 Funds
Note 1 Note 3 Note 4 3 Note 5 Note 6 Note 9 Note 10 Grand Total
------------------------------------------------------------------------------------------------------
BALANCE PER BOOKS $ 143,366 $ 27,016 $ 10,857 ($ 61,489) $ 5,848 $ 0 $ 300 $ 125,898
- ------------------------------------------------------------------------------------------------------------------------
BANK BALANCE $ 143,366 $ 27,016 $ 10,857 $ 0 $ 5,848 $ 0 $0 $ 187,087
(+) DEPOSITS IN $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
TRANSIT
(-) OUTSTANDING ($ 34,003) $ 0 $ 0 $ 0 ($ 4,044) $ 0 ($ 34,003)
CHECKS
OTHER $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
------------------------------------------------------------------------------------------------------
ADJUSTED BANK $ 109,363 $ 27,016 $ 10,857 $ 0 $ 5,848 $ 0 $ 0 $ 153,084
BALANCE*
------------------------------------------------------------------------------------------------------
* Adjusted bank (NOTE 11)
balance must
equal balance
per books (see
Note 11)
DEPOSITS IN None None None None None None None
TRANSIT
CHECKS Yes None None None None None None
OUTSTANDING
OTHER
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 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 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.
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Mar. 1, 2002 to Mar. 31, 2002
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) $ 4,300 $ 40,036,621
-------------------------- ------------------------
OPERATING EXPENSES
Owned Compensation 0 9,795,625
Leased Operator Compensation 0 5,000,307
Fuel Expense 0 3,011,100
Misc. Direct Costs 0 5,503,885
Cleaning Expenses 0 4,144,131
Mechanics Compensation 0 1,266,834
Misc. Maintenance Expense 0 2,189,685
Equipment Costs 0 7,808,778
Terminal Expenses 5,146 9,297,628
-------------------------- ------------------------
TOTAL OPERATING EXPENSES 5,146 48,017,973
-------------------------- ------------------------
GROSS PROFIT / (LOSS) (846) (7,981,352)
-------------------------- ------------------------
G&A EXPENSES 1,005,417 14,018,448
-------------------------- ------------------------
OPERATING PROFIT / (LOSS) (1,006,263) (21,999,800)
OTHER INCOME / EXPENSE
Gain/Loss on Sale of Equipment (215,536) 13,470,468
Other Income/Deductions 0 528,580
-------------------------- ------------------------
TOTAL OTHER INCOME/EXPENSES (215,536) 13,999,048
-------------------------- ------------------------
PROFIT / (LOSS) $ 790,727 ($ 35,998,848)
-------------------------- ------------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Mar. 1, 2002 to Mar. 31, 2002
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 4,300 1,603,130
X-Rail Revenue 0 986,185
Maintenance Revenue 0 323,999
------------------------ ----------------------
4,300 40,036,621
------------------------ ----------------------
Owned Compensation
Driver Pay Hourly 0 3,091,600
Driver Overtime Pay 0 34,120
Contractual Pay Mile 0 3,554,726
Fringe Benefits 0 3,115,179
------------------------ ----------------------
0 9,795,625
------------------------ ----------------------
Leased Operator Comp
Leased Operator Comp 0 4,948,634
Purchased Transportation 0 51,673
------------------------ ----------------------
0 5,000,307
------------------------ ----------------------
Fuel Expense
Fuel Terminal 0 1,150,105
Fuel Outside 0 1,829,623
Fuel Taxes 0 3,904
Oil and Oil Tax 0 27,468
------------------------ ----------------------
0 3,011,100
------------------------ ----------------------
Misc Direct Costs
Utility Pay Hourly 0 203,219
Utility Fringe Benefits 0 7,902
Tire 0 2,202,439
Hose 0 151,023
Meals 0 218,725
Lay Over 0 611,616
Tolls 0 165,110
Fines 0 14,452
Mileage Taxes 0 112,494
Insurance 0 1,816,905
------------------------ ----------------------
0 5,503,885
------------------------ ----------------------
Cleaning Expenses
Cleaners Pay 0 1,040,407
Overtime Pay 0 42,431
Fringe Benefits 0 690,965
Cleaning Supplies 0 476,089
Waste Treatment 15,418 1,039,350
Outside Contractors 6,221 727,517
Net Cleaning Interbranch 0 (1,285)
Environmental 0 128,657
------------------------ ----------------------
21,639 4,144,131
------------------------ ----------------------
Mechanics Compensation
Mechanics Pay 0 772,715
Overtime Pay 0 53,916
Fringe Benefits 0 440,203
Net Mechanics Interbranch 0 0
------------------------ ----------------------
0 1,266,834
------------------------ ----------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Mar. 1, 2002 to Mar. 31, 2002
STATEMENT OF OPERATIONS - continuation sheet
Cumulative
BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date
Misc Maintenance Expense
Parts Expense 0 1,213,644
Outside Repairs 0 752,782
Tire Repair 0 89,458
Shop Expense 0 133,801
------------------------ ----------------------
0 2,189,685
------------------------ ----------------------
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 0 952,435
Permit 0 96,312
Interest 0 3,011,911
------------------------ ----------------------
0 7,808,778
------------------------ ----------------------
Terminal Expenses
Terminal Salary & Fringe 0 3,695,416
Utilities 2,913 973,215
Communication Equipment 0 102,886
Communication Usage (39) 714,058
Facility Maintenance 0 290,991
Facility Occupancy 13,099 1,476,650
Transportation General (10,827) 2,044,412
------------------------ ----------------------
5,146 9,297,628
------------------------ ----------------------
G&A Expenses
Salaries Expense 302,233 5,936,045
Fringe Benefits 0 (79,434)
Communications Basic 0 74,956
Communication Services 0 7,732
Facilities - Rents 7,769 315,094
General Office Supplies 3,258 42,736
IBM Supplies 0 4,147
Conventions & Seminars 0 14,322
Postage 0 81,962
Travel & Other 3,072 183,621
Outside Services 685,671 4,845,064
Computer Software 0 36,225
General & Admin 2,331 199,933
Marketing Promotions 0 7,010
Legal 760 323,274
Insurance 0 288,363
Dues & Contributions 0 361
Depreciation 0 118,339
Depreciation - Leasehold 0 40,740
Computer Equipment Rent 323 357,867
Other Expense/Terminal Exp. 0 1,220,091
------------------------ ----------------------
1,005,417 14,018,448
------------------------ ----------------------
In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW)
Reporting Period: Mar. 1, 2002 to Mar. 31, 2002
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 $ 125,898 $ 389,571
Restricted Cash 38,144,952
Accounts Receivable (Net) 8,000 18,045,306
Inventories 0 3,639,142
Prepaid Expenses 396,037 2,108,548
--------------------------------- -----------------------------
TOTAL CURRENT ASSETS 38,674,887 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 3,322,465 72,633,319
Less: Accumulated Depreciation (Other) (1,330,730) (41,326,073)
--------------------------------- -----------------------------
TOTAL PROPERTY & EQUIPMENT 991,735 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 $ 40,066,622 $ 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 1,249,907
Accrued Wages & Benefits 384,936
Accrued Interest 3,011,910
Accrued Professional Fees (Note 1) 573,829
Accrued Taxes (refer to FORM MOR-4) 218,850
Accrued Insurance, Environmental & Other (946,760)
Amounts Due to Insiders (Note 1)
--------------------------------- -----------------------------
TOTAL POSTPETITION LIABILITIES 4,491,872 0
--------------------------------- -----------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt 46,234,256 46,234,256
Priority Debt 2,272,119 9,330,355
Unsecured Debt 32,153,819 33,125,644
--------------------------------- -----------------------------
TOTAL PRE-PETITION LIABILITIES 80,660,193 88,690,255
--------------------------------- -----------------------------
--------------------------------- -----------------------------
TOTAL LIABILITIES 85,152,065 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 (35,998,848)
Post-Petition Contributions (Distributions) (Draws)
(attach schedule)
-------------------------------- ------------------------------
NET OWNER EQUITY (45,085,443) (9,086,595)
-------------------------------- ------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $40,066,622 $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: Mar. 1, 2002 to Mar. 31, 2002
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 0 70,277 70,277 Various EFT 0
FICA - Employee 0 1,323 1,323 Various EFT 0
FICA - Employer 0 1,323 1,323 Various EFT 0
Unemployment 317 430 0 747
Other 0 0 0 0
------------ ------------ ------------ ------------ ------------- ------------
Total Federal Taxes 317 73,353 72,923 747
------------ ------------ ------------ ------------ ------------- ------------
State and Local
Withholding 7,360 6,513 0 Various EFT 13,873
Sales 72,596 0 0 Various 72,596
Income 2,499 0 0 0
Unemployment 136,607 434 0 2,933
Real & Personal Property 390,771 8,941 14,647 Various 130,901
Other 0 0 Various 390,771
------------ ------------ ------------ ------------ ------------- ------------
Total State and Local 609,833 15,888 14,647 611,074
------------ ------------ ------------ ------------ ------------- ------------
Total Taxes 610,150 89,241 87,570 611,821
------------ ------------ ------------ ------------ ------------- ------------
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 1,249,907 0 1,249,907
Accrued Wages & Benefits 384,936 384,936
Accrued Interest 3,011,910 3,011,910
Accrued Professional Fees 573,829 573,829
Accrued Taxes (refer to FORM MOR-4) 218,050 218,050
Accrued Insurance, Environmental & (946,760) (946,760)
Other
------------ ------------ ------------ ------------ ------------- ------------
Total Post-Petition Debts 4,491,872 0 0 0 4,491,872
------------ ------------ ------------ ------------ ------------- ------------
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: Mar. 1, 2002 to Mar. 31, 2002
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
---------------------------------- ------
Total Accounts Receivable at the beginning of the reporting period $ 0
+ Amounts billed during the period 0 (Note 1)
- Amounts collected during the period 0
- Bad Debt and other write-offs 0
+ Change in Reserve 0
- Other during the period $ 0
Total Accounts Receivable at the end of the reporting period $ 0
Accounts Receivable Aging Amount
------------------------- ------
0 - 30 days old 0
31 - 60 days old 0
61 - 90 days old 0
91 + days old 0
0
Foreign exchange, Revenue Recognition, Sales Accrual Adjustments &
Write-offs 0
Amount considered uncollectible (Bad Debt) 0
Accounts Receivable (Net) $ 0
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.
- --------------------------------------------------------------------------------