-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IOjFJDzhCuDEEsbzYqJZZ2ybbEalFGxyD9iZ1EMPJVcDUDbdSNRByfcqe64phDZ9 sAP+HY2WZ60DswK0lG5M1g== 0000927016-02-003338.txt : 20020624 0000927016-02-003338.hdr.sgml : 20020624 20020621174959 ACCESSION NUMBER: 0000927016-02-003338 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020604 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020624 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CVEO CORP CENTRAL INDEX KEY: 0000716934 STANDARD INDUSTRIAL CLASSIFICATION: RUBBER & PLASTICS FOOTWEAR [3021] IRS NUMBER: 041419731 STATE OF INCORPORATION: MA FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-06161 FILM NUMBER: 02684783 BUSINESS ADDRESS: STREET 1: ONE FORDHAM RD CITY: NORTH READING STATE: MA ZIP: 01864 BUSINESS PHONE: 5086641100 MAIL ADDRESS: STREET 1: ONE FORDHAM ROAD CITY: NORTH READING STATE: MA ZIP: 01864 FORMER COMPANY: FORMER CONFORMED NAME: CONVERSE INC DATE OF NAME CHANGE: 19940824 8-K 1 d8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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): June 4, 2002 CVEO Corporation - -------------------------------------------------------------------------------- (Exact name of registrant specified in Charter) Delaware 1-13430 04-1419731 - ---------------------------- ------------------------ ------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 790 Turnpike Street, Suite 202, North Andover, MA 01845 - -------------------------------------------------------- ---------------- (Address of principal executive offices) Zip Code Registrant's telephone, including area code: 978.794.5520 ------------------ One High Street, North Andover, MA 01845 - -------------------------------------------------------------------------------- (Former name and former address, if changed since last report) ITEM 3. BANKRUPTCY OR RECEIVERSHIP On June 6, 2002, the United States Bankruptcy Court for the District of Delaware (the "Court") confirmed the Second Amended Chapter 11 Plan, as modified (the "Plan") of CVEO Corporation, formerly named Converse, Inc. ("Debtor"), and an order was signed and entered by the Court on that date. A copy of the Plan will be filed by amendment hereto. Under the terms of the Plan, holders of common stock of the Debtor will not receive any distribution on account of such stock, and, on the effective date of the plan, all outstanding common stock of the Debtor, and all options and other rights to acquire common stock of the Debtor will be cancelled and will be of no further force or effect. The Debtor anticipates that the Plan will be effective in July 2002. ITEM 5. OTHER EVENTS Pursuant to Bankruptcy Rule 2015, on June 4, 2002 CVEO Corporation filed its monthly operating report covering the period ending April 30, 2002 with the United States Bankruptcy Court for the District of Delaware. Attached as Exhibit 99.2 to this Form 8-K is the following financial information included in such monthly operating report: o Consolidated Balance Sheet as of April 30, 2002. o Consolidated Income Statement for the month of April 2002 and the 16 months ended April 30, 2002. o Schedule of Cash Receipts and Disbursements April 1, 2002 to April 30, 2002. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits 99.2 Financial Information 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, in North Andover, Massachusetts on June 21, 2002. CVEO CORPORATION By: /s/ James E. Lawlor --------------------------------- James E. Lawlor Senior Vice President and Chief Financial Officer 2 INDEX TO EXHIBITS Exhibit Page - ------- ---- 99.2 Financial Information 3 EX-99.2 3 dex992.txt FINANCIAL INFORMATION EXHIBIT 99.2 CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED BALANCE SHEET CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) APRIL 2002 Ending Balance 4/30/02 -------------- ASSETS CURRENT ASSETS Cash and cash equivalents 12,410,064 Accounts receivable 894,639 Inventories - Prepaid expenses and other current assets 310,900 -------------- Total current assets 13,615,603 Net property, plant and equipment 487,725 Other assets 7,776,563 -------------- 21,879,891 ============== LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 74,265,000 Accounts payable 35,350,136 Accrued expenses 17,466,105 Income taxes payable 6,338,599 -------------- Total current liabilities 133,419,840 Current assets in excess of reorganization value 21,815,157 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (100,971) Retained deficit (154,765,374) Cumulative currency translation adjustment (478,597) -------------- Total stockholders' equity (deficiency) (133,355,106) -------------- 21,879,891 ============== CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) APRIL 2002
--------------------------------------------- 16 Months Month of Apr. 2002 Jan '01-Apr '02 --------------------------------------------- Net revenue 65,869,367 Cost of sales 51,968,750 --------------------------------------------- Gross profit - 13,900,617 Selling, general and administrative expenses 236,562 20,380,154 Royalty income - 5,478,479 Restructuring and other unusual charges 67,593 4,197,605 --------------------------------------------- Earnings from operations (304,155) (5,198,663) Interest expense 399,888 15,719,876 Other (income) expense, net 599,491 (27,369,351) --------------------------------------------- Net income before income tax (1,303,534) 6,450,812 Income tax expense - 992,535 --------------------------------------------- Net income (1,303,534) 5,458,277 =============================================
CVEO Corporation f/k/a Converse Inc. Shedule of Cash Receipts & Disbursements Form MOR1 $=thousands
-------------------------------------------- Prior Month Actual Total Cumulative 4/1/02-4/30/02 Cumulative CASH RECEIPTS: Domestic Accounts 33,502 33,502 Outlet Stores 4,740 4,740 Int'l Distributors 15,747 15,747 Royalty Receipts 3,989 3,989 Auction Fixed Assets 1,026 1,026 Interest Receipts 413 22 435 Other Receipts 2,398 202 2,600 TOTAL RECEIPTS 61,815 224 62,039 DISBURSEMENTS: Accounts Payable Raw Materials 389 389 Duties/Customs 2,124 2,124 Other Disbursements 10,185 129 10,314 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - - Total Accounts Payable 15,282 129 15,411 - Foreign Fnshd Gds-L/C 19,453 19,453 Payroll/Benefits 11,872 109 11,981 Tax Payments 3,947 3,947 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 4,903 187 5,090 TOTAL CASH DISBURSEMENTS 58,666 425 59,091 - ---------------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 3,149 (201) 2,948 - ---------------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 LESS BA MATURITY 26,912 26,912 - ---------------------------------------------------------------------------------------- NET CASH REC/DSB (7,551) (201) (7,752) - ---------------------------------------------------------------------------------------- Proceeds Sale of Assets 93,750 93,750 (566) (566) INTEREST/FEES; BANKS 1,685 1,685 NOTEHOLDERS 1,965 1,965 CONVERTIBLE NOTES - DIP FEE 643 643 - BT Loan Payoff 37,039 37,039 Secured Notes Payoff 29,713 29,713 REVOLVER BALANCE - - NET CASH ACTIVITY 16,916 (201) 16,715
-------------------------------------------- Prior Month Actual Total Cumulative 4/1/02-4/30/02 Cumulative LETTERS OF CREDIT ADD: 9,686 9,686 SUBTRACT: 19,450 19,450 TOTAL L/C (3,710) (3,710) BA REFINANCING ADD: 16,212 16,212 SUBTRACT: 53,348 53,348 TOTAL B/A REFINANCING - - STANDBY L/C 919 919 TOTAL LINE UTILIS./CASH BALANCE 12,287 12,086 12,086 -------------------------------------------
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