EX-99.1 2 d713051dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

-  -  -  -  -  -  -  -  -  -  -  -  -  -  -   -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -    

x

 

    
  :     
In re:   :          Chapter 11
  :     
SAVIENT PHARMACEUTICALS, INC.,   :          Case No. 13-12680 (MFW)
et al.,   :     
  :          Jointly Administered

Debtors.1

  :     
  :     

 

-  -  -  -  -  -  -  -  -  -  -  -   -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -   -  -  

  x     

NOTICE OF FILING OF DEBTORS’ MONTHLY OPERATING REPORT

FOR THE PERIOD OF MARCH 1, 2014 THROUGH MARCH 31, 2014

PLEASE TAKE NOTICE that the debtors and debtors-in-possession in the above-

captioned cases (collectively, the “Debtors”) filed today the Debtors’ Monthly Operating Report

for the Period of March 1, 2014 through March 31, 2014, a copy of which is attached hereto as

Exhibit A (the “Monthly Operating Report”).

Dated: Wilmington, Delaware

   April 17, 2014

 

COLE, SCHOTZ, MEISEL, FORMAN
  & LEONARD, P.A.

 

/s/ David R. Hurst                                

David R. Hurst (I.D. No. 3743)
J. Kate Stickles (I.D. No. 2917)
500 Delaware Avenue, Suite 1410
Wilmington, Delaware 19801
Telephone: (302) 652-3131
Facsimile: (302) 652-3117
Counsel for Debtors and Debtors-in-Possession

 

 

 

1 The Debtors and the last four digits of their respective taxpayer identification numbers are as follows: Savient Pharmaceuticals, Inc. (3811); and Savient Pharma Holdings, Inc. (0701). The address of the Debtors’ corporate headquarters is 400 Crossing Boulevard, 4th Floor, Bridgewater, New Jersey 08807.


EXHIBIT A

Monthly Operating Report


UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re: Savient Pharmaceuticals, Inc., et al   Case No.13-12680 (MFW)
  Reporting Period: March 1, 2014 - March 31, 2014

MONTHLY OPERATING REPORT

 

    REQUIRED DOCUMENTS   Form No.  

Document

Attached

  Explanation
Attached**
  Affidavit/Supplement 
Attached**

Schedule of Cash Receipts and Disbursements

  MOR-1   Yes        

Bank Reconciliation (or copies of debtor’s bank reconciliation

  MOR-1a   Yes        

Schedule of Professional Fees Paid

  MOR-1b   Yes        

Copies of bank statements

      No   Yes    

Cash disbursements journals

      No   Yes    

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   Yes    

Copies of tax returns filed during reporting period

      No   Yes    

Summary of Unpaid Postpetition Debts

  MOR-4   Yes        

Listing of aged accounts payable

  MOR-4   Yes        

Accounts Receivable Reconciliation and Aging

  MOR-5   Yes        

Debtor Questionnaire

  MOR-5   Yes        
**  Explaination and Affidavit/Supplement are attached as a part of the Company’s General Notes

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/ Mathew C. Bazley

   

April 17, 2014

 
Signature of Authorized Individual*     Date  

Mathew C. Bazley

    Chief Liquidation Officer, President and Secretary
Printed Name of Authorized Individual     Title of Authorized Individual  


In re: Savient Pharmaceuticals, Inc. et al.    Case Nos. 13-12680, 13-12681 (MFW)
   Reporting Period: 3/1/2014 - 3/31/2014

NOTES TO THE MONTHLY OPERATING REPORT

General Notes

Debtors.   Debtor Savient Pharmaceuticals, Inc. is referred to herein as “Savient” or “SPI,” and Debtor Savient Pharma Holdings, Inc. is referred to herein as “SPHI.”

Debtor-in-Possession Financial Statements.   The Debtors’ financial statements and supplemental information contained herein are unaudited, preliminary and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects.

Accounting Standards Codification, (“ASC”) 852-10, Reorganizations, which incorporated the guidance in American Institute of Certified Public Accountants Statement of Position 90-7, Financial Reporting by Entities in Reorganization under the Bankruptcy Code, (SOP 90-7), is applicable to companies in chapter 11 and generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of business.

The Debtors’ financial statements contained herein have been prepared in accordance with the guidance in ASC 852-10. The unaudited financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S GAAP, and upon the application of such procedures, the Debtors believe that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would be typically made in accordance with U.S. GAAP.

The results of operations contained herein are not necessarily indicative of results that are expected from any other period or for the full year and may not necessarily reflect the combined results of operations, financial position and cash flows of the Debtors in the future.

Intercompany Transactions.   Receivables and payables between the Debtors and/or Non- Debtors have not been eliminated.

Liabilities Subject to Compromise.  As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under a plan of reorganization or liquidation.

The determination of how liabilities ultimately will be settled and treated cannot be made until the United States Bankruptcy Court for the District of Delaware approves a chapter 11 plan of reorganization or liquidation. Accordingly, the ultimate amount of such liabilities is not determinable at this time. Revenues, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items in the Debtors’ statements of operations.


The Debtors’ balance sheets, in addition, must distinguish prepetition liabilities subject to compromise from both those prepetition liabilities that are not subject to compromise and from postpetition liabilities. Liabilities that may be affected by a plan of reorganization or liquidation must be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. In addition, cash provided by reorganization items must be disclosed separately in the Debtors’ statements of cash flows. The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation and other events.

While in bankruptcy, the Debtors expect their financial results to continue to be volatile as asset impairments, asset dispositions, contract terminations and rejections and claims assessments may significantly impact the Debtors’ financial statements. As a result, the Debtors’ historical financial performance is likely not indicative of its financial performance after the date of the chapter 11 filings.

Notes to MOR-1a

Copies of Bank Statements and Cash Disbursements Journals.   The copies of the Debtors’ bank statements and cash disbursement journals are voluminous and not included herein, but will be provided upon request.

Notes to MOR-4

Copies of IRS Form 6123; Tax Returns.   To be provided upon request.

Savient MOR-4.   The postpetition accounts payable reported for Debtor Savient Pharmaceuticals, Inc. represent trade vendor invoices that have been entered into the Debtor’s accounts payable system and does not include accruals for invoices not yet received or approved.

 

2


In re: Savient Pharmaceuticals, Inc., et al      Case No. 13-12680 (MFW)  

            Debtor

     Reporting Period: March 1, 2014 - March 31, 2014
  SAVIENT (13-12680): SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS  

 

          

BANK ACCOUNT ACTIVITY

FOR THE MONTH ENDED

MARCH 31, 2014

   

CUMULATIVE
FILING TO DATE
OCTOBER 15, 2013
THROUGH

MARCH 31, 2014

 
     PNC     AR Lockbox     Fidelity      Wells Fargo      Wells Fargo Utilities      PNC - LOC (secure
LOC)
    PNC - LOC (covers
fees)
    Petty Cash      TOTAL     TOTAL  

    CASH BEGINNING OF MONTH

   $ 5,053,209      $ 543,809      $ -       $ 6,209,254       $ 14,228       $ 1,304,340      $ 150,222      $ 1,000       $ 13,276,062      $ 12,255,382   

    RECEIPTS

                        

TRANSFER FROM SUB (SPHI)

     -        -        -         -         -                         -         -        13,700,356   

ACCOUNTS RECEIVABLE

     -        443,614        -         -         -                         -         443,614        8,685,828   

TRANSFERS (FROM FIDELITY MM / Lockbox)

     271,676        -        -         -         -                         -         271,676        655,368   

STATE MEDICAID REFUNDS

             -        -         -         -                         -         -        98,009   

REFUNDS FROM VENDORS

     175        -        -         -         -                         -         175        84,181   

ACTAVIS-SALES (oxandrolone royalty)

     -        -        -         -         -                         -         -        125,823   

KINERET CO-PROMOTE REVENUE

     -        -        -         -         -                         -         -        61,859   

TRANSFER FROM OPERATING ACCOUNT

     -        -        -         -         -                         -         -        14,228   

COBRA PAYMENTS FROM EMPLOYEES

     -        -        -         -         -                         -         -        35,452   

AMEX RECEIPTS FROM EMPLOYEES

     1,853        -        -         -         -                         -         1,853        11,625   

RECEIPTS FROM EMPLOYEE ADVANCES

     600        -        -         -         -                         -         600        1,100   

EQUIPMENT PURCHASES BY EMPLOYEES

     77        -        -         -         -                         -         77        477   

DIVIDENDS ON MONEY MARKET ACCOUNT

     -        -        -         -         -                         -         -        123   

INVESTMENT INCOME FROM CD PORFOLIO

     -        -        -         -         -                         -         -        576   

PROCEEDS FROM SALES TO CREALTA

     -        -        -         -         -                         -         -        116,282,138   

PROCEEDS FROM SALES TO AMNEAL

     76,168                                                           -         76,168        76,168   
       -        -        -         -         -                         -         -        -   

      TOTAL RECEIPTS

   $ 350,548      $ 443,614      $ -       $ -       $ -       $ -      $ -      $ -       $ 794,162      $ 139,833,312   
                   

     DISBURSEMENTS

                                                                                    

PAYMENTS TO NOTE HOLDERS

     106,960        235,000        -         -         -                         -         341,960        126,471,213   

NET PAYROLL

     58,594        -        -         -         -                         -         58,594        3,769,523   

PROFESSIONAL FEES

     508,897        -        -         -         -                         -         508,897        4,789,936   

CONSULTANT FEES

     17,160                                                                    17,160        44,437   

VENDOR PAYMENTS

     69,124        -        -         -         -                         -         69,124        1,523,602   

EMPLOYEE BENEFITS (401K & Health)

     -        -        -         -         -                         -         -        578,218   

STATE AGENCIES AND TAX PAYMENTS

     272,029        -        -         -         -                         -         272,029        725,036   

TRANSFERS FROM LOCKBOX TO OPERATING ACCOUNT

     -        271,676        -         -         -                         -         271,676        655,368   

RENT

     11,071        -        -         -         -                         -         11,071        418,019   

CONCUR (employee expenses)

     -        -        -         -         -                         -         -        270,885   

PAYMENTS TO BOARD OF DIRECTORS

     30,000        -        -         -         -                         -         30,000        208,203   

FUNDING FOR CO-PAY PROGRAM

     -        -        -         -         -                         -         -        36,872   

AMERICAN EXPRESS (employee expenses)

     3,935        -        -         -         -                         -         3,935        32,923   

AMERIFLEX (flex spending)

     3,133        -        -         -         -                         -         3,133        32,637   

TRANSFER TO WELLS FARGO UTILITY ACCOUNT

     -        -        -         -         -                         -         -        14,228   

EMPLOYEE EDUCATION REIMBURSEMENT

     -        -        -         -         -                         -         -        12,985   

STORAGE AND WAREHOUSE (INVENTORY)

     -        -        -         -         -                         -         -        4,995   

BANK FEES

     985        -        -         -         -                         -         985        15,690   

SHIPPING AND DELIVERY

     -        -        -         -         -                         -         -        2,265   

PNC SETOFF AGAINST CD

     -        -        -         -         -         1,304,340        18,851        -         1,323,191        1,323,191   

PNC REFUND PAYMENT TO SAVIENT

     -        -        -         -         -                 131,371        -         131,371        131,371   
                                                                                   -   

     TOTAL DISBURSEMENTS

   $ 1,081,888      $ 506,676      $ -       $ -       $ -       $ 1,304,340      $ 150,222      $ -       $ 3,043,125      $ 141,061,596   
                                                                                    

     NET CASH FLOW

   $ (731,340   $ (63,062   $ -       $ -       $ -       $ (1,304,340   $ (150,222   $ -       $ (2,248,964   $ (1,228,284

(RECEIPTS LESS DISBURSEMENTS)

     -        -        -         -         -         -        -        -         -        -   
                                                                                    

     CASH - END OF MONTH

   $ 4,321,869      $ 480,747      $ -       $ 6,209,254       $ 14,228       $ (0   $ 0      $ 1,000       $ 11,027,098      $ 11,027,098   

     * COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE

DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE

QUARTERLY FEES: (FROM CURRENT MONTH

ACTUAL COLUMN)

   FOR THE MONTH
ENDED MARCH 31,
2014
     FOR THE MONTH
ENDED FEBRUARY 28,
2014
     FOR THE MONTH
ENDED JANUARY 31,
2014
    

FOR THE MONTH
ENDED December 31,

2013

     FOR THE MONTH
ENDED NOVEMBER 30,
2013
    

FOR THE PERIOD
OCTOBER 15, 2013

THROUGH

OCTOBER 31, 2013

     CUMMULATIVE
FILING TO DATE
OCTOBER 15, 2013
THROUGH MARCH 31,
2014
 

TOTAL DISBURSEMENTS

   $ 3,043,125       $ 3,227,358       $ 121,139,406       $ 2,492,701       $ 2,396,428       $ 8,762,577       $ 141,061,596   

LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS

     403,047         -                  -         384,867         13,053         800,967   

LESS: PAYMENT OF U.S. TRUSTEE FEES

                       13,325                                    13,325   

PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e., from escrow accounts)

              -         -         -         -         -         -   
                -         -         -         -         -         -   

TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

   $ 2,640,079       $ 3,227,358       $ 121,126,081       $ 2,492,701       $ 2,011,561       $ 8,749,524       $ 140,247,304   


In re: Savient Pharmaceuticals, Inc., et al

          Debtor

  

Case No. 13-12680 (MFW)

Reporting Period: March 1, 2014 - March 31, 2014

SPHI (13-12681): SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

    BANK ACCOUNT ACTIVITY
FOR THE MONTH ENDED
MARCH 31, 2014
    BANK ACCOUNT ACTIVITY
FOR THE MONTH ENDED
FEBRUARY 28, 2014
        BANK ACCOUNT ACTIVITY
FOR THE MONTH ENDED
JANUARY 31, 2014
       

BANK ACCOUNT ACTIVITY

FOR THE MONTH ENDED

DECEMBER 31, 2013

       

BANK ACCOUNT ACTIVITY
FOR THE MONTH ENDED

NOVEMBER 30, 2013

       

BANK ACCOUNT ACTIVITY

FOR THE PERIOD

OCTOBER 15, 2013

THROUGH

OCTOBER 31, 2013

       

CUMULATIVE

FILING TO DATE

OCTOBER 15, 2013

THROUGH

MARCH 31, 2014

 
                                                               
    PNC        PNC          PNC          PNC          PNC          PNC          ACTUAL   

         CASH BEGINNING OF MONTH

  $ 3,240,642      $ 3,241,587          $ 3,241,587        $ 3,241,584        $ 3,241,584        $ 16,941,887        $ 16,941,887   

         RECEIPTS

     

DIVIDENDS ON MONEY MARKET ACCOUNT

    -        -            -          3            -            73            76   
      -        -            -          -          -          -          -   

        TOTAL RECEIPTS

  $ -      $ -          $ -        $ 3        $ -        $ 73        $ 76   

         DISBURSEMENTS

     

TRANSFERS TO SAVIENT OPERATING ACCOUNT

    -        -            -          -          -          13,700,356          13,700,356   

BANK FEES

    -        -            -          -          -          20          20   

VENDOR PAYMENTS

    118        945            -          -          -          -          1,062   

         TOTAL DISBURSEMENTS

  $ 118      $ 945          $ -        $ -        $ -        $ 13,700,376        $ 13,701,438   
                       

         NET CASH FLOW

  $ (118   $ (945       $ -        $ 3        $ -        $ (13,700,303     $ (13,701,362

(RECEIPTS LESS DISBURSEMENTS)

    -        -            -          -          -          -          -   
                       

         CASH - END OF MONTH

  $ 3,240,525      $ 3,240,642          $ 3,241,587        $ 3,241,587        $ 3,241,584        $ 3,241,584        $ 3,240,525   
                       
DISBURSEMENTS FOR
CALCULATING U.S. TRUSTEE
QUARTERLY FEES:
(FROM CURRENT
MONTH ACTUAL
COLUMN)
 

CURRENT MONTH

MARCH 31, 2014

    CURRENT MONTH
FEBRUARY 28, 2014
       

CURRENT MONTH

JANUARY 31, 2014

        

CURRENT MONTH

DECEMBER 31, 2013

        FOR THE MONTH ENDED
NOVEMBER 30, 2013
       

FOR THE PERIOD OCTOBER 15,

2013 THROUGH OCTOBER 31,
2013

       

CUMMULATIVE FILING

TO DATE OCTOBER 15,

2013 THROUGH

MARCH 31, 2014

 

TOTAL DISBURSEMENTS

  $ 118      $ 945          $ -        $ -          $ -          $ 13,700,376          $ 13,701,438   

LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS

    -        -            -            -            -            -            -   

LESS: TRANSFERS BETWEEN ACCOUNTS

    -        -            -            -            -            13,700,356            13,700,356   
      -        -            -            -            -            -            -   
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES   $ 118      $ 945          $ -          $ -          $ -          $ 20          $ 1,082   


In re: Savient Pharmaceuticals, Inc., et al

Debtor

  

Case No. 13-12680 (MFW)

Reporting Period: March 1, 2014 - March 31, 2014

SAVIENT (13-12680): BANK RECONCILIATIONS

 

            PNC             PNC Lockbox                 Fidelity                 Wells Fargo             Wells Fargo Utilities         PNC - Letter of Credit
(secure LOC)
        PNC - Letter Of Credit
(covers fees)
        Petty Cash  
        #          #          #          #          #          #          #          #       

BALANCE PER BOOKS

        $ 4,321,869          $ 480,747          $ -          $ 6,209,254          $ 14,228          $ -          $ -          $ 1,000   
                                 

BANK BALANCE

          $ 4,517,329          $ 480,747          $ -          $ 6,209,254          $ 14,228          $ -          $ -          $ -   
(+) DEPOSITS IN TRANSIT (ATTACH LIST)             -            -            -            -            -            -            -            -   
(-) OUTSTANDING CHECKS (ATTACH LIST)             (195,460         -            -            -            -            -            -            -   
OTHER (ATTACH EXPLANATION)             -            -            -            -            -            -            -            -   
ADJUSTED BANK BALANCE *           $ 4,321,869          $ 480,747          $ -          $ 6,209,254          $ 14,228          $ -          $ -          $ -   
* Adjusted bank balance must equal                                                                                                    
    balance per books                                                                                                    
                                                                                                     
DEPOSITS IN TRANSIT       Date       Amount        Date       Amount        Date       Amount        Date       Amount        Date       Amount        Date       Amount        Date       Amount        Date       Amount     
NONE                                                                                                    
                                                                                                     
                                                                                                     
CHECKS OUTSTANDING       Ck. #       Amount        Ch. #       Amount        Ch. #       Amount        Ck. #       Amount        Ck. #       Amount        Ck. #       Amount        Ck. #       Amount        Ck. #       Amount     
                                                                                                     
Total Outstanding Checks           $ 195,461                                                                                       
                                                                                                     


In re: Savient Pharmaceuticals, Inc., et al    Case No. 13-12680 (MFW)

Debtor

   Reporting Period: March 1, 2014 - March 31, 2014

SPHI (13-12681): BANK RECONCILIATIONS

 

         PNC
         #     

 BALANCE PER BOOKS

         $                                     3,240,525
      

 BANK BALANCE

           $                                     3,240,525

(+) DEPOSITS IN TRANSIT (ATTACH LIST)

           -

(-) OUTSTANDING CHECKS (ATTACH LIST)

           -

OTHER (ATTACH EXPLANATION)

           -

 ADJUSTED BANK BALANCE *

           $                                     3,240,525

* Adjusted bank balance must equal

            

    balance per books

            
              

DEPOSITS IN TRANSIT

       Date   Amount

NONE

            
              

CHECKS OUTSTANDING

       Ck. #   Amount

NONE

            
              


MOR-1a (Addendum)

Savient (13-12680): Open Bank Accounts as of March 31, 2014

 

   Account number       Bank        Type      Book Balance    

 xxxxxx9201

   Wells Fargo   

U.S. Treasury Money Market Fund

   $ 6,209,254   

 xxxxxx5904

   Wells Fargo   

Utilities (Bankruptcy account)

   $ 14,228   

 xxxxxx5687

   PNC   

Savient Inc Operating Account

   $ 4,321,869   

 xxxxxx1019

   PNC   

AR Lockbox

   $ 480,747   


MOR-1a (Addendum)

SPHI (13-12681): Open Bank Accounts as of March 31, 2014

 

  Account number               Bank    Type               Book Balance     

 

 

xxxxxx6418

   PNC    SPHI Operating Account    $ 3,240,525     


 

In re: Savient Pharmaceuticals, Inc., et al

            Debtor

   

Case No. 13-12680 (MFW)

Reporting Period: March 1, 2014 - March 31, 2014

SAVIENT (13-12680): SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

 

          Amount          Check          Amount Paid        Cumulative-To-Date  
                                     Payee   Period Covered   Approved     Payor   Number      Date        Fees         Expenses        Fees        Expenses  
                                                            

Mary Bordeaux Consulting

  10/15-10/31/2013   N/A   Savient Pharmaceuticals, Inc.   67595        11/21/2013         600         -         -       -

Mary Bordeaux Consulting

  11/1-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   67651        12/18/2013         1,000         -         -       -

Mary Bordeaux Consulting

  12/1-12/31/2013   N/A   Savient Pharmaceuticals, Inc.   67724        1/9/2014         800                  -       -

Mary Bordeaux Consulting

  1/1-31/2014   N/A   Savient Pharmaceuticals, Inc.   67796        2/10/2014         1,050         -         3,450       -

The Garden City Group,

  Advance   N/A   Savient Pharmaceuticals, Inc.   Wire        11/4/2013         63,400         6,600         -       -

The Garden City Group,

  Advance   N/A   Savient Pharmaceuticals, Inc.   Wire        11/5/2013         18,000         7,000         -       -

The Garden City Group,

  Advance   N/A   Savient Pharmaceuticals, Inc.   Wire        12/3/2013         80,000         -         -       -

The Garden City Group,

  10/15-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        1/3/2014         288,234         57,006         -       -

The Garden City Group,

  Advance   N/A   Savient Pharmaceuticals, Inc.   Wire        2/7/2014         6,000         19,000         -        

The Garden City Group,

  12/1-31/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        2/13/2014         72,527         42,313         -       -

The Garden City Group,

  Advance   N/A   Savient Pharmaceuticals, Inc.   Wire        3/19/2014         64,500         5,500         592,661       137,418

Weiss, Rifkind,

  10/14-10/31/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        11/19/2013         95,901         1,878         -       -

Weiss, Rifkind,

  11/1-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        12/23/2013         189,132         5,669                 

Weiss, Rifkind,

  12/1-12/31/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        1/27/2014         237,592         4,751         -       -

Weiss, Rifkind,

  1/1-31/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        2/18/2014         120,274         740         -       -

Weiss, Rifkind,

  2/1-28/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        3/31/2014         33,311         514         676,210       13,552

Maples and Calder

  11/1-11/29/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        12/18/2013         14,732         -         14,732       -

Shannon, Gracy and Ratlif

  10/15-10/26/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        12/18/2013         564         68         -       -

Shannon, Gracy and Ratlif

  11/1-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   67736        1/9/2014         1,595         141         -       -

Shannon, Gracy and Ratlif

  12/1-25/2013   N/A   Savient Pharmaceuticals, Inc.   67802        2/10/2014         458         3         -       -

Shannon, Gracy and Ratlif

  1/1-27/2014   N/A   Savient Pharmaceuticals, Inc.   67869        3/20/2014         170         -         2,787       212

The Pine Hill Group

  10/15-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        12/13/2013         62,530         -         -       -

The Pine Hill Group

  12/1-12/14/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        12/18/2013         15,263         -         -       -

The Pine Hill Group

  12/15/2013-1/17/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        1/9/2014         28,788         -         -       -

The Pine Hill Group

  1/1-1/17/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        1/21/2014         4,625         -         -       -

The Pine Hill Group

  1/20-1/24/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        1/30/2014         5,828         -         -       -

The Pine Hill Group

  1/27-31/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        2/6/2014         5,273         -         -       -

The Pine Hill Group

  2/1-14/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        2/18/2014         4,995         -                -

The Pine Hill Group

  2/17-28/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        3/4/2014         3,515         -                 

The Pine Hill Group

  3/1-19/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        3/24/2014         2,590         -         133,406        

Cole, Schotz, Meisel, Forman & Leonard, P.A.

  10/14-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        1/28/2014         284,120         2,514         -       -

Cole, Schotz, Meisel, Forman & Leonard, P.A.

  12/1-31/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        2/13/2014         248,629         1,293         -       -

Cole, Schotz, Meisel, Forman & Leonard, P.A.

  1/1-31/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        3/17/2014         268,478         1,374         801,227       5,182

Deloitte Tax LLP

  10/14-11/25/2013   N/A   Savient Pharmaceuticals, Inc.   67710        1/9/2014         7,500         300                 

Deloitte Tax LLP

  11/25-12/16/2013   N/A   Savient Pharmaceuticals, Inc.   67710        1/9/2014         18,670         747                 

Deloitte Tax LLP

  11/1-30/2013   N/A   Savient Pharmaceuticals, Inc.   67850        3/6/2014         2,585         103                 

Deloitte Tax LLP

  1/1-31/2014   N/A   Savient Pharmaceuticals, Inc.   67850        3/6/2014         37,500         1,500         66,255       2,650

Joele Frank Wilkinson Brimmer

  10/11-10/31/2013   N/A   Savient Pharmaceuticals, Inc.   67719        1/9/2014         25,772         6,219                 

Joele Frank Wilkinson Brimmer

  11/01-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   67719        1/9/2014         5,101         385                 

Joele Frank Wilkinson Brimmer

  12/01-12/31/2013   N/A   Savient Pharmaceuticals, Inc.   67756        1/17/2014         21,694         9,064         52,567       15,667

Kaufman Dolowich & Voluck, LLP

  10/14-10/31/2013   N/A   Savient Pharmaceuticals, Inc.   67720        1/9/2014         2,075                          

Kaufman Dolowich & Voluck, LLP

  11/01-11/22/2013   N/A   Savient Pharmaceuticals, Inc.   67720        1/9/2014         4,171                          

Kaufman Dolowich & Voluck, LLP

  12/1-31/2013   N/A   Savient Pharmaceuticals, Inc.   67865        3/20/2014         63                  6,309        

Kramer, Levin, Naftalis & Frankel, LLP

  10/14-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        2/7/2014                  42,878                 

Kramer, Levin, Naftalis & Frankel, LLP

  12/1-31/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        2/13/2014         44,591         3,754         44,591       46,632

Kramer, Levin, Naftalis & Frankel, LLP

  10/14-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        3/4/2014         65,674                          

Lowenstein Sandler, LLP

  10/14-10/31/2013   N/A   Savient Pharmaceuticals, Inc.   67723        1/9/2014         1,851                          

Lowenstein Sandler, LLP

  11/1-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   67723        1/9/2014         2,897                          

Lowenstein Sandler, LLP

  12/1-12/31/2013   N/A   Savient Pharmaceuticals, Inc.   67783        1/31/2014         131                  -        

Lowenstein Sandler, LLP

  01/1-31/2014   N/A   Savient Pharmaceuticals, Inc.   67832        2/27/2014         3,151                  -       -

Lowenstein Sandler, LLP

  2/1-28/2014   N/A   Savient Pharmaceuticals, Inc.   67876        3/27/2014         316                  8,345        

Skadden, Arps, Slate, Meagher & Flom LLP

  10/14-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        1/28/2014         1,185,074         19,552         -       -

Skadden, Arps, Slate, Meagher & Flom LLP

  12/1-31/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        2/27/2014         788,907         54,617         1,973,981       74,169

Sterne, Kessler, Goldstein, Fox

  11/1-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   67738        1/9/2014         1,958                  -        

Sterne, Kessler, Goldstein, Fox

  12/1-31/2013   N/A   Savient Pharmaceuticals, Inc.   67803        2/10/2014         852         627         2,810       627

Young Conaway Stargatt & Taylor, LLP

  10/14-11/30/2013   N/A   Savient Pharmaceuticals, Inc.   Wire        1/14/2014         27,001         616         -       -

Young Conaway Stargatt & Taylor, LLP

  12/1-1/31/2014   N/A   Savient Pharmaceuticals, Inc.   Wire        3/6/2014         21,140         64         48,141       680


  In re: Savient Pharmaceuticals, Inc., et al     Case No. 13-12680 (MFW)
              Debtor     Reporting Period: March 1, 2014 - March 31, 2014

SPHI (13-12681): SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

 

          Amount               Check        Amount Paid        Year-To-Date  
Payee   Period Covered   Approved         Payor        Number         Date         Fees         Expenses         Fees        Expenses  
No professional fee payments were made by the  Debtor during the Reporting Period 3/1/14 through 3/31/14                                    
                                           


In re: Savient Pharmaceuticals, Inc., et al     Case No. 13-12680 (MFW)

Debtor

    Reporting Period: March 1, 2014 - March 31, 2014

SAVIENT (13-12680): STATEMENT OF OPERATIONS

(Income Statement)

 

          Cumulative  
    For The     Filing to Date  
                    Month Ended                      October 15, 2013  
    MARCH 31,     Through  
REVENUES   2014                     March 31, 2014                   

Gross Revenues

  $ -           $ 10,307,196   

Less: Gross-to-Net Adjustments

    -8,294      $ 3,083,991   

Net Revenue

  $ 8,294      $ 7,223,205   

COST OF GOODS SOLD

      -   

Beginning Inventory

  $ -      $ 4,516,751   

Add: Purchases

    -        -   

Add: Cost of Labor

    -        -   

Add: Other Costs (attach schedule)

    -        -   

Less: Ending Inventory

  $ -      $ 3,308,559   

Change in Inventory

    -        1,208,192   

Reclass Sales to Gain/Loss

    -        (1,012,971
              -   

Add: Royalties (MVP & DUKE)

    -        451,915   

Add: Royalties (Office of the Chief Scientist of Israel)

    -        177,122   

Add: Management fee allocation to COGS

    -        93,375   

Add: Stability testing

    -        79,331   

Add: Distribution fees

    -        75,982   

Cost of Goods Sold

  $ -      $ 1,072,946   

Gross Profit

  $ 8,294      $ 6,150,259   

OPERATING EXPENSES

      -   

Research and Development Related Expenses:

            -   

Investigator grants

  $ -      $ 150,000   

QC & Stability testing

    -        60,360   

CRO costs

    -        111,312   

Pharmacovigilance

    -        54,744   

Process development and Improvement

    -        23,878   

IP Related

    0        12,836   

Central labs

    0        8,958   

REMS Communication and assessment

    -        7,590   

Publications

    0        6,891   

Research

    0        1,407   

Medical education

    0        -   

Total Research and Development Related Expenses

  $ -      $ 437,976   
            $ -   

Selling and Marketing Related Expenses:

            -   

Pricing and reimbursement

  $ -      $ 171,166   

Exhibit booth

    -        69,019   

Speakers programs

    -        52,882   

Maketing and other promotional activity

    -        61,261   

Medical meetings and symposia

    -        38,167   

Medical education

    -        26,193   

Market research

    -        5,585   

Publications

    -        78   

Total Selling and Marketing Related Expenses

  $ -      $ 424,351   
            $ -   

General and Administrative Related Expenses:

            -   

Compensation and related benefits and taxes

  $ 55,891      $ 3,937,630   

Insurance (amortization of prepaid insurance)

    163,367        1,139,907   

Share-based compensation (SFAS 123-R expense)

    10,000        696,522   

Sales force commissions

    -        351,582   

Occupancy

    9,667        444,417   

Travel and entertainment

    -        235,641   

Accrued Board of Directors’ cash payments & meeting fees

    13,583        200,871   

Outside consulting services

    -        137,126   

Corporate communications and investor relations

    2,314        120,868   

Legal

    47,387        132,948   

Licenses and information

    4,043        62,133   

Communications (Utilities)

    1,199        48,550   

General expenses and office supplies

    50,024        144,509   

Postage and Shipping

    683        7,088   

Total General and Administrative Related Expenses:

  $ 358,158      $ 7,659,792   

Total Operating Expenses Before Depreciation

  $ 358,158      $ 8,522,119   

Depreciation and amortization

    -        110,582   

Net Loss Before Other Income & Expenses

  $ (349,864   $ (2,482,442
      -   

OTHER INCOME AND (EXPENSES)

      -   

Dividend/Interest income

  $ -      $ 757   

Interest Expense on capital leases

    -        (2,488

Bank charges

    (985     (15,770

Net Profit (Loss) Before Reorganization Items

  $ (350,849   $ (2,499,943

REORGANIZATION ITEMS

      -   

Proceed from Sale to Crealta

  $ -      $ (116,282,138

Distribution to Noteholders

  $ 341,960      $ 126,471,213   

Professional Fees

    763,364        12,324,358   

Cure Cost

    -        (2,393,690

Accrual Adjustments (Changes in estimates)

    -        (901,303

U. S. Trustee Quarterly Fees

    -        13,325   
Interest Earned on Accumulated Cash from Chapter 11 (see continuation)     -        -   

Gain (Loss) from Sale of Equipment

    (76,168     (3,123,031

Impairment of Assets

            1,569,540   

Impairment write-down of LOC security deposit

    1,323,249        1,323,249   

Total Reorganization Expenses

  $ 2,352,404      $ 19,001,522   

Income Taxes

            -   

Net Profit (Loss)

  $ (2,703,253   $ (21,501,465

*“Insider” is defined in 11 U.S.C. Section 101(31).


In re: Savient Pharmaceuticals, Inc., et al       Case No. 13-12680 (MFW)
Debtor     Reporting Period: March 1, 2014 - March 31, 2014

SPHI (13-12681): STATEMENT OF OPERATIONS

(Income Statement)

 

REVENUES   

For The
            Month Ended            
March 31,

2014

   

Cumulative

Filing to Date

October 15, 2013

Through
        March 31, 2014        

 

NOT APPLICABLE

   $ -          $ -       
             $ -   

COST OF GOODS SOLD

       -   

NOT APPLICABLE

   $ -          $ -       
             $ -   

OPERATING EXPENSES (NONE NOTED FOR THE CURRENT PERIOD)

       -   
             $ -   

General and Administrative Related Expenses:

             -   

Compensation and related benefits and taxes

   $ -      $ -   

Share-based compensation

     -        -   

Accrued sales commissions (SFAS 123-R expense)

     -        -   

Insurance (Amortization of prepaid insurance)

     -        -   

Travel and entertainment

     -        -   

Occupancy

     -        -   

Outside consulting services

     -        -   

General expenses and office supplies

     118        1,063   

Accrued Board of Directors’ cash payments

     -        -   

Communications (Utilities)

     -        -   

Legal expenses

     -        -   

Corporate communications and investor relations

     -        -   

Total General and Administrative Related Expenses:

   $ 118      $ 1,063   

Total Operating Expenses Before Depreciation

   $ 118      $ 1,063   

Depreciation and amortization

     -        -   

Net Loss Before Other Income & Expenses

   $ (118   $ (1,063
               -   

OTHER INCOME AND (EXPENSES)

       -   

Dividend income

   $ -      $ 76   

Interest Expense on capital leases

     -        -   

Bank charges

     -        (20

Net Profit (Loss) Before Reorganization Items

   $ (118   $ (1,007

REORGANIZATION ITEMS

       -   

Impairment of intercompany note receivable from Parent (Savient)

   $ -      $ 13,700,356   
       -        -   

Total Reorganization Expenses

   $ -      $ 13,700,356   

Income Taxes

     -        -   

Net Profit (Loss)

   $ (118   $ (13,701,363

*“Insider” is defined in 11 U.S.C. Section 101(31).


In re: Savient Pharmaceuticals, Inc., et al    Case No. 13-12680 (MFW)   
Debtor                        Reporting Period: March 1, 2014 - March 31, 2014                

SAVIENT (13-12680): BALANCE SHEET

 

ASSETS                                      BOOK VALUE AT         
          MARCH 31, 2014         
               BOOK VALUE ON    
           PETITION DATE    
 

    CURRENT ASSETS

                
Cash and cash equivalents                 

Petty cash

  $ 1,000       $ 1,000   

PNC Bank business operating account

    4,321,869         4,207,573   

PNC AR Lockbox

    480,747            

Wells Fargo utilities account

    14,228         -   

Fidelity U.S. Treasury money market account

    -         383,689   

Wells Fargo money market account

    6,209,254         3,169,442   

PNC Letter of Credit (Acct # 31900362019 - Secure the LOC)

    -         1,304,340   

PNC Letter of Credit (Acct #31800362548 - Covers LOC Fees)

    -         150,222   

Total cash and cash equivalents

  $ 11,027,098       $ 9,216,266   
                  

Short-term investments

                

Wells Fargo CD Portfolio

  $ -       $ 3,039,116   

Total short-term investments

  $ -       $ 3,039,116   
               -   

Accounts receivable (Net)

  $ 4,441,105       $ 7,088,730   

Inventories (Net)

  $ -       $ 1,208,192   
                  

Prepaid expenses and other current assets

                

Prepaid D&O insurance

  $ 1,983,520       $ 2,603,465   

Professional retainers

    933,427         1,552,562   

Other receivables non-trade

    422,579         622,746   

Prepaid-other

    66,087         313,115   

Prepaid-other insurance

    84,518         221,089   

Prepaid rent

    9,667         65,698   

Prepaid marketing costs (YNF- Co-pay program)

    -         83,424   

Prepaid product liability insurance

    -         96,338   

Advances to employees

    -         600   

Total prepaid expenses and other current assets

  $ 3,499,798       $ 5,559,037   
                  

TOTAL CURRENT ASSETS

  $ 18,968,001       $ 26,111,341   

    PROPERTY AND EQUIPMENT

                

Office equipment

  $ -       $ 656,229   

Other furniture and fixtures

    -         6,005   

Leasehold Improvements

    -         1,496,216   

Capital lease assets

    -         212,770   

Less Accumulated Depreciation

    -         (684,933

TOTAL PROPERTY & EQUIPMENT

  $ -       $ 1,686,287   

    OTHER ASSETS

                

Investment in wholly-owned subsidiary (Savient Pharma Holdings, SPHI)

  $ 147,259,564       $ 147,259,564   

Investment in wholly-owned subsidiary (Savient Pharma Ireland, Limited, SPIL)

    134         134   

TOTAL OTHER ASSETS

  $ 147,259,698       $ 147,259,698   
        

TOTAL ASSETS

  $ 166,227,699       $ 175,057,326   


LIABILITIES AND OWNER EQUITY                                                       BOOK VALUE AT         
          MARCH 31, 2014         
             BOOK VALUE ON    
        PETITION DATE    
 

    LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) 

                 

Accounts payable

   $ 13,149       $ 12,972   

Accrued expenses

                 

Accrued professional fees

   $ 7,107,170       $ -   

Accrued employee expense reimbursement

     -         13,093   

Other accrued postpetition liabilities

     86,267         -   

Total accrued expenses

   $ 7,193,437       $ 13,093   
                   

Other liabilities not subject to compromise

                 

Accrued royalties payable

   $ -       $ 943,189   

Deferred revenue

     -         936,535   

Reserve for returns

     -         407,355   

Reserve for chargeback’s

     26,890         264,528   

Reserve for Medicaid claims

     44,603         241,584   

Capital lease liability

     -         185,672   

Accrued distribution fees

     16,633         44,528   

Accrued Delaware franchise taxes

     38,920         58,380   

Accrued sales and use taxes

     3,424         -   

Accrued payroll taxes (Puerto Rico)

     -         -   

Total other liabilities not subject to compromise

   $ 130,470       $ 3,081,771   
                   

TOTAL LIABILITIES NOT SUBJECT TO COMPRMISE (POSTPETITION LIABILITIES)

   $ 7,337,056       $ 3,107,836   

    LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

                 

Accounts payable

   $ 849,096       $ 1,402,335   

Accrued expenses

                 

Other accrued pre-petition liabilities

   $ 1,239,587       $ 1,818,953   

Total accrued expenses

   $ 1,239,587       $ 1,818,953   
                   

Other liabilities subject to compromise

                 

Senior Secured 2019 Notes

   $ 144,257,695       $ 144,257,695   

Subordinated Debt 2018 Convertible Notes

     99,555,240         99,555,240   

Intercompany loan payable to wholly owned subsidiary Savient Pharma Holdings, SPHI

     29,204,944         15,504,588   

Accrued Purchase commitment reserve

     -         3,771,066   

Accrued Severance liability

     2,102,695         2,102,695   

Warrant Liability

     1,479,776         1,479,776   

Accrued home office bonuses

     1,370,749         1,370,749   

Accrued Sales commissions

     733,400         820,357   

Embedded conversion features liability 2018 convertible notes

     848,100         848,100   

Accrued retention bonuses

     821,030         821,030   

Accrued vacation

     -         281,395   

Employee benefit related (flex spending liabilities)

     -         50,597   

Total other liabilities subject to compromise

   $ 280,373,629       $ 270,863,288   
                   

TOTAL LIABILITIES SUBJECT TO COMPRIMISE (PRE-PETITION)

   $ 282,462,312       $ 274,084,576   
                   

TOTAL LIABILITIES

   $ 289,799,368       $ 277,192,412   

    OWNER EQUITY

                 

Common Stock

   $ 736,949       $ 736,949   

Additional Paid-In Capital

     401,447,969         400,739,096   

Retained Earnings - Pre-Petition

     (504,255,122)         (503,611,131

Retained Earnings - Postpetition

     (21,501,465)            

NET OWNER EQUITY

   $ (123,571,669)       $ (102,135,086
         

TOTAL LIABILITIES AND OWNERS’ EQUITY

   $ 166,227,699        $ 175,057,326   

 

    *“Insider” is defined in 11 U.S.C. Section 101(31).   -       


In re: Savient Pharmaceuticals, Inc., et al   Case No. 13-12680 (MFW)
Debtor           Reporting Period: March 1, 2014 - March 31, 2014

SPHI (13-12681): BALANCE SHEET

 

ASSETS                        

BOOK VALUE AT       

        MARCH 31, 2014      

   

        BOOK VALUE ON        

        PETITION DATE        

 

    CURRENT ASSETS

                

Cash and cash equivalents

                

PNC Bank business operating account

     3,240,525        3,241,604   

Fidelity U.S. Treasury money market account

     -        13,700,283   

Total cash and cash equivalents

   $ 3,240,525      $ 16,941,887   
                  

TOTAL CURRENT ASSETS

   $ 3,240,525      $ 16,941,887   
        

TOTAL ASSETS

   $ 3,240,525      $ 16,941,887   
    

    OWNER EQUITY

                

Common Stock

   $ 1      $ 1   

Additional Paid-In Capital

     147,259,563        147,259,563   

Retained Earnings - Pre-Petition

     (130,317,677     (130,317,677

Retained Earnings - Postpetition

     (13,701,362     -   

NET OWNER EQUITY

   $ 3,240,525      $ 16,941,887   
        

TOTAL LIABILITIES AND OWNERS’ EQUITY

   $ 3,240,525      $ 16,941,887   


In re: Savient Pharmaceuticals, Inc., et al    Case No. 13-12680 (MFW)
                              Debtor    Reporting Period: March 1, 2014 - March 31, 2014

SAVIENT (13-12680): STATUS OF POSTPETITION TAXES

All postpetition taxes were current as of March 31, 2014 and paid in the ordinary course by the Debtor.

SUMMARY OF UNPAID POSTPETITION DEBTS

 

    Number of Days Past Due  
     Current             0-30                 31-60               61-90             Over 90             Total              

Accounts Payable

   $ 1,257       $ 2,729       $ 1,725       $ 7,438       $ -       $ 13,149   

Employee Expenses Payable (Concur)

    -        -        -        -        -       $ -   

Wages Payable

    -        -        -        -        -        -   

Taxes Payable

    -        -        -        -        -        -   

Rent/Leases-Building

    -        -        -        -        -        -   

Rent/Leases-Equipment

    -        -        -        -        -        -   

Secured Debt/Adequate Protection Payments

    -        -        -        -        -        -   

Professional Fees

    -        -        -        -        -        -   

Amounts Due to Insiders

    -        -        -        -        -        -   

Total Postpetition Debts

   $ 1,257       $ 2,729       $ 1,725       $ 7,438       $ -       $ 13,149   


SPHI (13-12681): STATUS OF POSTPETITION TAXES

All postpetition taxes were current as of March 31, 2014 and paid in the ordinary course by the Debtor.

SUMMARY OF UNPAID POSTPETITION DEBTS

The Debtor is current on all postpetition debts.


In re: Savient Pharmaceuticals, Inc., et al

                               Debtor

  

Case No. 13-12680 (MFW)

Reporting Period: March 1, 2014 - March 31, 2014            

SAVIENT (13-12680): ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

    Accounts Receivable Reconciliation       

  BOOK VALUE AT 

  MARCH 31, 2014  

      BOOK VALUE AT 
  FEBRUARY 28, 2014
    BOOK VALUE AT
  JANUARY 31, 2014
      BOOK VALUE AT 
  DECEMBER 31, 2013
      BOOK VALUE AT 
  NOVEMBER 30, 2013
      BOOK VALUE AT
  OCTOBER 31, 2013
 

Total Accounts Receivable at the beginning of the reporting period

      $ 4,884,101      $ 5,936,972      $ 7,434,952      $ 7,372,339      $ 7,116,283        7,045,577   

+ Amounts billed during the period

        -        -        1,162,843        3,365,207        2,570,042        2,177,755   

- Amounts collected during the period

        (439,034     (1,030,335     (2,168,659     (2,294,795     (1,243,215     (1,455,908

- Discounts and Chargeback’s

        (4,608     (7,748     (457,211     (953,422     (1,036,869     (600,708

- Return Credits

        -        -        (5,037     (19,364     (2,551     (20,378

- Prompt Pay Discounts

        647        (14,788     (29,916     (35,013     (31,351     (30,055

Total Accounts Receivable at the end of the reporting period

      $ 4,441,105      $ 4,884,101      $ 5,936,972      $ 7,434,952      $ 7,372,339      $ 7,116,283   

- Provision for discounts

        -        -        -        (49,626     (34,907     (59,679

+ Accounts receivable other

        -        -        73,838        67,200        47,612        22,795   

 Total Accounts Receivable, Net at the end of the reporting period

      $ 4,441,105      $ 4,884,101      $ 6,010,810      $ 7,452,526      $ 7,385,044      $ 7,079,399   
             
    Accounts Receivable Aging       

  BOOK VALUE AT 

  MARCH 31, 2014  

      BOOK VALUE AT 
  FEBRUARY 28, 2014
      BOOK VALUE AT
  JANUARY 31, 2014
      BOOK VALUE AT 
  DECEMBER 31, 2013
      BOOK VALUE AT 
  NOVEMBER 30, 2013
      BOOK VALUE AT
  OCTOBER 31, 2013
 

0 - 30 days old

      $ 155,101      $ 995,123      $ 2,815,441      $ 4,635,949      $ 5,679,858        5,672,068   

31 - 60 days old

        385,183        781,474        315,136        1,177,031        263,279        -   

61 - 90 days old

        799,201        420,865        1,125,299        187,404        6,427        21,440   

91+ days old

        3,101,621        2,686,639        1,681,095        1,434,568        1,422,775        1,422,775   

Total Accounts Receivable at the end of the reporting period

      $ 4,441,105      $ 4,884,101      $ 5,936,972      $ 7,434,952      $ 7,372,339      $ 7,116,283   

- Provision for discounts

        -        -        -        (49,626     (34,907     (59,679

+ Accounts receivable other

        -        -        73,838        67,200        47,612        22,795   

 Total Accounts Receivable, Net at the end of the reporting period

      $ 4,441,105      $ 4,884,101      $ 6,010,810      $ 7,452,526      $ 7,385,044      $ 7,079,399   

 

DEBTOR QUESTIONNAIRE

 

  

     Must be completed each month        Yes     No                          

1.    Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

                X              

2.    Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.

                X              

3.    Have all postpetition tax returns been timely filed? If no, provide an explanation below.

                X*              

4.    Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

        X                      

5.    Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

                X              

     *Debtor is in the process of filing returns due in March 2014.


In re: Savient Pharmaceuticals, Inc., et al   Case No. 13-12680 (MFW)

Debtor

  Reporting Period: March 1, 2014 - March 31, 2014             

SPHI(13-12681): ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

    Accounts Receivable Reconciliation   

    Amount

    

NOT APPLICABLE

   $                                                              -       
           

    Accounts Receivable Aging

  

    Amount

  

NOT APPLICABLE

   $                                                              -       
           

 

DEBTOR QUESTIONNAIRE

 

    Must be completed each month    Yes    No    

1.

  Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.         X

2.

  Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.         X

3.

  Have all postpetition tax returns been timely filed? If no, provide an explanation below.    X     

4.

  Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.    X     

5.

  Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.         X