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 29, 2019

 

Aceto Corporation

 

(Exact Name of Registrant as Specified in its Charter)

 

New York   001-38733   11-1720520

(State or Other Jurisdiction

of Incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

4 Tri Harbor Court, Port Washington, NY 11050

 

(Address of Principal Executive Offices) (Zip Code)

 

Registrant's telephone number, including area code:  (516) 627-6000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.01 per share   ACETQ   OTC Pink Market

 

 

 

 

 

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On May 14, 2019, Vimal Kavuru resigned as a member of Aceto Corporation’s (the “Company”) board of directors, effective immediately. The resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

 

Item 8.01. Other Events

 

On April 29, 2019, the Company filed a Monthly Operating Report for the period from February 20, 2019 to March 31, 2019 (the “Report”) with the United States Bankruptcy Court for the District of New Jersey.  The Report is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 9.01              Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
     
99.1   April 2019 Monthly Operating Report of Aceto Corporation

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ACETO CORPORATION
   
Date: May 17, 2019 By:  /s/ William C. Kennally, III
    William C. Kennally, III
    President and CEO

 

 

 

Exhibit 99.1

 

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UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF NEW JERSEY

 

In re: Aceto Corporation, et. Al    
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20, 2019 - March 31, 2019
  Federal Tax I.D. # 11-1720520

 

CORPORATE MONTHLY OPERATING REPORT

 

File with the Court and submit a copy to the United States Trustee within 20 days after the end of the month and submit a copy of the report to any official committee appointed in the case.

 

REQUIRED DOCUMENTS Form No. Document
Attached
Explanation Attached
       
Schedule of Cash Receipts and Disbursements MOR-1 X  
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1a X See Attestation
Schedule of Retained Professional Fees Paid MOR-1b X  
Copies of bank statements (See Notes to the MOR)     X
Cash disbursements journals (See Notes to the MOR)     X
Statement of Operations (Income Statement) MOR-2 X  
Balance Sheet MOR-3 X  
Status of Post-petition Taxes MOR-4 X See Attestation
Copies of IRS Form 6123 or payment receipt (See Notes to the MOR)     X
Copies of tax returns filed during reporting period (See Notes to the MOR)     X
Summary of Unpaid Post-petition Debts (See Notes to the MOR) MOR-4a   X
Listing of Aged Accounts Payable (See Notes to the MOR) MOR-4a   X
Accounts Receivable Reconciliation and Aging (See Notes to the MOR) MOR-5   X
Debtor Questionnaire MOR-6 X  

 

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.

 

 

/s/ Rebecca A. Roof   April 29, 2019
Signature of Authorized Individual*   Date
     
     
Rebecca A. Roof    
Printed Name of Authorized Individual    
     
Chief Financial Officer    
Title    

 

 

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 

 

 

 

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In re: Aceto Corporation, et. Al   MOR Notes
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20, 2019 - March 31, 2019
  Federal Tax I.D. # 11-1720520

 

Notes to the Monthly Operating Report

 

GENERAL:

The report includes activity from the following Debtors and related Case Numbers:

 

Debtor Case Number   Debtor Case Number
Aceto Corporation 19-13448   Acetris Health, LLC 19-13452
Aceto Agricultural Chemical Corporation 19-13449   Arsynco, Inc. 19-13454
Rising Pharmaceuticals, Inc. 19-13447   Aceto Realty LLC 19-13450
PACK Pharmaceuticals, LLC 19-13453   Acci Realty Corp. 19-13455
Rising Health, LLC 19-13451      

 

Notes to the MOR:

This Monthly Operating Report ("MOR") has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the bankruptcy cases and is in a format acceptable to the U.S. Trustee. The financial information contained herein is unaudited, limited in scope and as discussed below, is not prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

 

The unaudited financial statements have been derived from the books and records of the Debtors. The information furnished in this report includes primarily normal recurring adjustments, but not all the adjustments that would typically be made for the quarterly and annual financial statements to be in accordance with U.S. GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that Aceto Corporation and related Debtors applies in the preparation of its quarterly and annual financial information in accordance with U.S. GAAP. Accordingly, upon the application of such procedures, the Debtors believe that the financial information may be subject to change, and these changes could be material.

 

The financial statements presented in MOR-2 and MOR-3 do not include elimination entries for intercompany balances related to non-debtor affiliates. Investment in subsidiary balances are recorded at cost which may not be in accordance with U.S. GAAP. The amounts currently classified as liabilities subject to compromise may be subject to future change as the Company completes its analysis of prepetition liabilities.

 

The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and cash flows of the Debtors in the future. The Debtors caution readers not to place undue reliance upon the MOR. There can be no assurance that such information is complete and the MOR may be subject to revision.

 

Notes to MOR-1a:

The Debtors maintain 24 total bank accounts (collectively, the Bank Accounts) at several financial institutions (the Banks). The Bank Accounts vary in purpose and function across the Debtors, and each Debtor's Bank Accounts serve its respective business accordingly.

 

Notes to MOR-2:

The Income Statement reflects revenue and expenses for the reporting month of February and of March that directly correspond to the listed debtor legal entity.

 

Notes to MOR-3:

The Balance Sheet reflects assets, liabilities, and stockholders equity that directly correspond to the debtor legal entity.

 

As a result of the commencement of these chapter 11 Cases, the payment of pre-petition indebtedness is subject to compromise or other treatment under a chapter 11 plan. The Bankruptcy Court authorized the Debtors to pay certain prepetition claims, including but not limited to general trade and tax claims. To the extent such claims have been categorized as “Liabilities Not Subject to Compromise,” the Debtors reserve their right to dispute their obligation to make such payments. The Debtors have been paying and intend to continue to pay undisputed post-petition claims arising in the ordinary course of business.

 

The liability information, except as otherwise noted, is listed as of the close of business as of the end of the month. Accordingly, the Debtors reserve all rights to amend, supplement or otherwise modify this Monthly Operating Report as necessary and appropriate, but shall be under no obligation to do so. The Debtors have paid certain prepetition liabilities in accordance with orders approved by the Bankruptcy Court authorizing such payments. The Debtors believe that all undisputed post-petition accounts payable have been and are being paid according to agreed-upon terms specific to each vendor and/or service provider and as authorized by the Bankruptcy Court. These payments are limited to payments made to vendors and service providers who provide services that are necessary to the operation of the Debtors’ business. In addition, the liabilities reported in this Monthly Operating Report do not reflect any analysis conducted by the Debtors regarding potential claims under section 503(b)(9) of the Bankruptcy Code. Accordingly, the Debtors reserve any and all of their rights to dispute or challenge the validity of any claims asserted under section 503(b)(9) of the Bankruptcy Code or the characterization of the structure of any transaction, document or instrument related to any creditor’s claim.

 

Notes to MOR-4:

Aceto Corporation and related debtors received authority pursuant to certain first-day orders for the payment of prepetition taxes and certain other prepetition liabilities. The Debtors are current on all post petition payables other than disputes that arise in the ordinary course of business.

 

Notes to MOR 4a and MOR 5:

Aceto Corporation and related debtors will disclose the ending accounts receivable and accounts payable balances as part of MOR 3. Due to the volume of transactions related to customer and vendor billings and payments, these items will be made available upon request.

 

 

 

 

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In re: Aceto Corporation, et. Al   MOR Notes
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20, 2019 - March 31, 2019
  Federal Tax I.D. # 11-1720520

 

Notes to the Monthly Operating Report

 

Notes to MOR-5:

The Debtors reconcile and age individual customer accounts receivables in the normal course of the Debtors' operations.

 

Notes to MOR-6:

The Company opened a new bank account with Wells Fargo (4853) for the DIP financing activity. Additional information is available upon request.

 

 

 

 

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In re: Aceto Corporation, et. Al   MOR-1
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20 - 28, 2019
  Federal Tax I.D. # 11-1720520

 

Schedule of Cash Receipts and Disbursements

Whole Values

 

Debtor Case Number Cash Receipts Cash Disbursements
Aceto Corporation 19-13448 $6,327,369 $3,140,890
Aceto Agricultural Chemical Corporation 19-13449 1,381,320 322,075
Rising Pharmaceuticals, Inc. 19-13447 4,071,869 671,544
PACK Pharmaceuticals, LLC 19-13453 - -
Rising Health, LLC 19-13451 - -
Acetris Health, LLC 19-13452 2,085,687 -
Arsynco, Inc. 19-13454 - -
Aceto Realty LLC 19-13450 - 26,158
Acci Realty Corp. 19-13455 - -
       
Total Cash Receipts and Cash Disbursements   $13,866,245 $4,160,666

 

Note:

(1) Includes DIP Funding.

(2) Excludes transfers between Debtors.

(3) Cash receipts and disbursement amounts based on checks cleared, wires, and other transfer of funds.

 

 

 

 

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In re: Aceto Corporation, et. Al   MOR-1
  Case No. (Jointly Administered) 19-13448
  Reporting Period: March 1, 2019 - March 30, 2019
  Federal Tax I.D. # 11-1720520

 

Schedule of Cash Receipts and Disbursements

Whole Values

 

Debtor Case Number Cash Receipts Cash Disbursements
Aceto Corporation 19-13448 $14,968,347 $15,563,601
Aceto Agricultural Chemical Corporation 19-13449 3,657,471 3,885,481
Rising Pharmaceuticals, Inc. 19-13447 21,969,972 21,390,541
PACK Pharmaceuticals, LLC 19-13453 - -
Rising Health, LLC 19-13451 - -
Acetris Health, LLC 19-13452 9,023,726 3,305,119
Arsynco, Inc. 19-13454 - -
Aceto Realty LLC 19-13450 - -
Acci Realty Corp. 19-13455 - -
       
Total Cash Receipts and Cash Disbursements   $49,619,516 $44,144,741

 

Note:

(1) Includes DIP Funding.

(2) Excludes transfers between Debtors.

(3) Cash receipts and disbursement amounts based on checks cleared, wires, and other transfer of funds.

 

 

 

 

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In re: Aceto Corporation, et. Al   MOR-1a
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20 - 28, 2019
  Federal Tax I.D. # 11-1720520

 

Bank Account Information

Whole Values

 

Legal Entity Bank Last 4 Digits of
Account Number
Book Balance  
Rising Pharmaceuticals, Inc Wells Fargo 5236 $4,362,106  
Rising Pharmaceuticals, Inc Wells Fargo 5244 60,986  
Acetris Health, LLC Wells Fargo 7026 2,566,918  
PACK Pharmaceuticals, Inc Wells Fargo 5771 69  
Rising Health LLC Valley National Bank 9996 119,131  
Acetris Health, LLC Valley National Bank 9988 5,633  
Acetris Health, LLC Valley National Bank 7066 -  
Rising Health LLC Valley National Bank 3542 393,169  
Aceto Corp JP Morgan Chase 8648 10,178,900  
Aceto Corp JP Morgan Chase 5641 301,366  
Aceto Corp JP Morgan Chase 6899 22,075 [A]
Acci Realty JP Morgan Chase 4828 2,740  
Arsynco, Inc JP Morgan Chase 3783 91,429  
Aceto Realty JP Morgan Chase 9364 14,628  
Aceto Corp TD Bank 9140 100,278 [B]
Aceto Corp TD Bank 9637 6,552 [B]
Aceto Corp Citizens 8579 47,599 [C]
Aceto Corp Citibank 2449 10,128  
Aceto Corp Wells Fargo 4853 866,111  
Aceto Corp Wells Fargo 3076 224,055  
Aceto Corp Wells Fargo 3036 28,810  
Aceto Corp Wells Fargo 3166 128,697  
Aceto Corp Wells Fargo 3066 25,934  
Aceto Agricultural Corp Chase 5722 1,967,946  
Aceto Agricultural Corp Wells Fargo 4036 150,152  
Aceto Agricultural Corp Wells Fargo 4166 56,031  
         
         
      $21,731,443  

 

Notes to MOR 1-a:

All amounts listed above are the bank balances as of the end of the month. Copies of bank statements and cash disbursement journals are not included in this MOR. These items will be made available upon request.

[A] Account was created to hold the adequate assurance deposit for utilitiy providers pursuant to the First Day Order entered on March 15, 2019.

[B] Account was closed on April 10, 2019 and will not be included in future Monthly Operating Reports.

[C] Account was closed on March 22, 2019 and will not be included in future Monthly Operating Reports.

 

 

 

 

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In re: Aceto Corporation, et. Al   MOR-1a
  Case No. (Jointly Administered) 19-13448
  Reporting Period: March 1, 2019 - March 30, 2019
  Federal Tax I.D. # 11-1720520

 

Bank Account Information

Whole Values

 

Legal Entity Bank Last 4 Digits of
Account Number
Book Balance  
Rising Pharmaceuticals, Inc Wells Fargo 5236 $1,441,371  
Rising Pharmaceuticals, Inc Wells Fargo 5244 59,929  
Acetris Health, LLC Wells Fargo 7026 85,525  
PACK Pharmaceuticals, Inc Wells Fargo 5771 236  
Rising Health LLC Valley National Bank 9996 18,053  
Acetris Health, LLC Valley National Bank 9988 5,633  
Acetris Health, LLC Valley National Bank 7066 -  
Rising Health LLC Valley National Bank 3542 393,169  
Aceto Corp JP Morgan Chase 8648 9,021,996  
Aceto Corp JP Morgan Chase 5641 301,729  
Aceto Corp JP Morgan Chase 6899 22,075 [A]
Acci Realty JP Morgan Chase 4828 2,740  
Arsynco, Inc JP Morgan Chase 3783 91,429  
Aceto Realty JP Morgan Chase 9364 14,628  
Aceto Corp TD Bank 9140 100,371 [B]
Aceto Corp TD Bank 9637 5,491 [B]
Aceto Corp Citizens 8579 - [C]
Aceto Corp Citibank 2449 9,693  
Aceto Corp Wells Fargo 4853 102,426  
Aceto Corp Wells Fargo 3076 94,318  
Aceto Corp Wells Fargo 3036 28,827  
Aceto Corp Wells Fargo 3166 113,337  
Aceto Corp Wells Fargo 3066 7,077  
Aceto Agricultural Corp Chase 5722 1,981,643  
Aceto Agricultural Corp Wells Fargo 4036 134,308  
Aceto Agricultural Corp Wells Fargo 4166 55,967  
         
         
      $14,091,973  

 

Notes to MOR 1-a:

All amounts listed above are the bank balances as of the end of the month. Copies of bank statements and cash disbursement journals are not included in this MOR. These items will be made available upon request.

[A] Account was created to hold the adequate assurance deposit for utilitiy providers pursuant to the First Day Order entered on March 15, 2019.

[B] Account was closed on April 10, 2019 and will not be included in future Monthly Operating Reports.

[C] Account was closed on March 22, 2019 and will not be included in future Monthly Operating Reports.

 

 

 

 

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In re: Aceto Corporation, et. Al   MOR-1a
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20, 2019 - March 31, 2019
  Federal Tax I.D. # 11-1720520

 

Bank Reconciliation (or copies of debtor's bank reconciliations)

 

         

 

The above-captioned debtors (the "Debtors") hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank statements, journals, and account reconciliations.

 

I attest that each of the Debtors' bank accounts is reconciled to bank statements. The Debtors' standard practice is to ensure that each bank account is reconciled to bank statements once per month within 31 days after the month end.

 

 

 

/s/ Rebecca A. Roof   April 29, 2019
Signature of Authorized Individual   Date

 

 

 

Rebecca A. Roof   Chief Financial Officer
Printed Name of Authorized Individual   Title of Authorized Individual

 

 

 

 

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In re: Aceto Corporation, et. Al    
    MOR-1b
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20, 2019 - March 31, 2019
  Federal Tax I.D. # 11-1720520

 

Schedule of Retained Professional Fees Paid

Whole Values

 

Payee  Role of Professional  Amount Paid   Cumulative Payments
Since Filing
 
LOWENSTEIN SANDLER LLP  DEBTORS' COUNSEL  $0   $0 
PJT PARTNERS LP  DEBTORS' INVESTMENT BANKER   326,786    326,786 
AP SERVICES  DEBTORS' FINANCIAL ADVISOR   -    - 
PRIME CLERK  DEBTORS' ADMINISTRATIVE ADVISOR   60,305    60,305 
MCGUIREWOODS LLP  LENDERS' COUNSEL   171,568    171,568 
FTI CONSULTING INC.  LENDERS' FINANCIAL ADVISOR   -    - 
STROOK & STROOK & LAVAN LLP  COMMITTEE COUNSEL   -    - 
PORZIO BROMBERG & NEWMAN, P.C.  COMMITTEE COUNSEL   -    - 
GLASSRATNER  COMMITTEE FINANCIAL ADVISOR   -    - 
HOULIHAN LOKEY  COMMITTEE INVESTMENT BANKER   -    - 
              
      $558,658   $558,658 

 

 

 

 

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In re: Aceto Corporation, et. Al    
    MOR-2
  Case No. (Jointly Administered) 19-13448
  Reporting Period: Month Ending February 28, 2019
  Federal Tax I.D. # 11-1720520

 

   UNAUDITED
Statement of Operations (Income Statement)
 
    

Aceto Corporation

19-13448 (VFP)

    

Aceto Agricultural

Chemical Corp
19-13449 (VFP)

    

Aceto Realty, LLP

19-13450 (VFP)

    

Arsynco, Inc.

19-13454 (VFP)

    

Acci Realty Corp.

19-13455 (VFP)

    

Rising

Pharmaceuticals, Inc.

19-13447 (VFP)

    

Acetris Health, LLC

19-13452 (VFP)

    

PACK

Pharmaceuticals, LLC
19-13453 (VFP)

    

Rising Health, LLC

19-13451 (VFP)

 
                                              
Total Sales – Net  $13,053,034   $1,114,404   $-   $-   $-   $17,514,618   $1,442,095   $-   $- 
Total Cost of Goods Sold   (10,371,550)   (974,570)               (15,873,921)   (1,422,120)        
Gross Margin   2,681,483    139,834                1,640,696    19,975         
Total S,G&A Expenses   (1,570,855)   (222,452)       (2,913)       (5,781,696)            
Total Corporate Overhead Allocation                       (316,816)            
OPERATING PROFIT  $1,110,628   $(82,618)  $-   $(2,913)  $-   $(4,457,816)  $19,975   $-   $- 
                                              
Professional Fees   (10,421,652)   (81,388)                            
Interest income                                    
Exchange gains realised   (7,150)   (17)                            
(Gain) Loss On Sale Of Assets                                    
Provision For Bad Debt                                    
Other financial income   1,907                                 
Total Non-Operating Income/(Expense)   (10,426,895)   (81,405)                            
                                              
Interest Expense   (681,124)       (9,712)                        
PROFIT/(LOSS) BEFORE TAXES  $(9,997,391)  $(164,023)  $(9,712)  $(2,913)  $-   $(4,457,816)  $19,975   $-   $- 
TOTAL TAXES   93,420                                 
NET PROFIT / (LOSS)  $(9,903,971)  $(164,023)  $(9,712)  $(2,913)  $-   $(4,457,816)  $19,975   $-   $- 

 

The notes to this monthly operating report are an integral part of these combined financial statements.

 

 

 

 

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In re: Aceto Corporation, et. Al    
    MOR-2
  Case No. (Jointly Administered) 19-13448
  Reporting Period: Month Ending March 31, 2019
  Federal Tax I.D. # 11-1720520
     

   UNAUDITED 
   Statement of Operations (Income Statement) 
  

Aceto Corporation

19-13448 (VFP)

  

Aceto Agricultural

Chemical Corp 19-13449 (VFP)

  

Aceto Realty, LLP

19-13450 (VFP)

  

Arsynco, Inc.

19-13454 (VFP)

  

Acci Realty Corp.

19-13455 (VFP)

  

Rising

Pharmaceuticals, Inc.

19-13447 (VFP)

  

Acetris Health, LLC

19-13452 (VFP)

  

PACK

Pharmaceuticals, LLC
19-13453 (VFP)

  

Rising Health, LLC

19-13451 (VFP)

 
                                     
Total Sales - Net  $14,274,360   $5,662,581   $-   $-   $-   $25,454,348   $1,948,405   $-   $- 
Total Cost of Goods Sold   (12,026,667)   (3,904,700)               (19,972,464)   (1,758,160)        
Gross Margin   2,247,693    1,757,881                5,481,883    190,245         
                                              
Total S,G&A Expenses   (5,002,089)   (278,059)   99,490    (22,131)       (7,110,971)            
Total Corporate Overhead Allocation   2,383,104    (1,033,651)               (316,816)            
OPERATING PROFIT  $(371,292)  $446,171   $99,490   $(22,131)  $-   $(1,945,904)  $190,245   $-   $- 
                                              
Professional Fees   (7,832,222)                                
Interest income   94                                 
Exchange gains realised   (40,189)   (37,626)                            
(Gain) Loss On Sale Of Assets                                    
Provision For Bad Debt                                    
Other financial income   53,393    131,304                             
Total Non-Operating Income/(Expense)   (7,818,924)   93,678                             
                                              
Interest Expense   (6,900,702)       (11,076)                        
PROFIT/(LOSS) BEFORE TAXES  $(15,090,918)  $539,849   $88,414   $(22,131)  $-   $(1,945,904)  $190,245   $-   $- 
TOTAL TAXES   (88,362)                                
NET PROFIT / (LOSS)  $(15,179,280)  $539,849   $88,414   $(22,131)  $-   $(1,945,904)  $190,245   $-   $- 

 

The notes to this monthly operating report are an integral part of these combined financial statements.

 

 

 

 

Case 19-13448-VFP    Doc 483    Filed 04/29/19    Entered 04/29/19 18:19:02    Desc Main

Document    Page 12 of 15 

 

In re: Aceto Corporation, et. Al    
    MOR-3
  Case No. (Jointly Administered) 19-13448
  Reporting Period: Month Ending February 28, 2019
  Federal Tax I.D. # 11-1720520
     

   UNAUDITED 
   Balance Sheet 
  

Aceto Corporation
19-13448 (VFP)

  

Aceto Agricultural
Chemical Corp
19-13449 (VFP)

  

Aceto Realty, LLP
19-13450 (VFP)

  

Arsynco, Inc.
19-13454 (VFP)

  

Acci Realty Corp.
19-13455 (VFP)

  

Rising
Pharmaceuticals, Inc.
19-13447 (VFP)

  

Acetris Health, LLC
19-13452 (VFP)

  

PACK
Pharmaceuticals, LLC
19-13453 (VFP)

  

Rising Health, LLC
19-13451 (VFP)

 
                                     
Cash & Cash Equivalents  $13,781,853   $2,882,750   $14,628   $496,482   $2,740    4,909,116   $2,572,551   $-   $- 
Account receivables Net   33,045,761    7,425,408                127,153,155    5,114,944         
                                              
Other receivables   (991,386)   1,568    1,081    1,804,570        (0)            
Due From/(To) Affiliates   (85,317,914)   29,268,046    (1,910,186)   (14,566,749)   (302,315)   71,339,325             
Total inventories   44,786,883    19,539,542                61,810,821    5,981,542         
Income Tax Receivable   1,494,550                    1,402,351             
Prepaid expenses   3,018,333    146,900                3,421,343             
Total Current Assets  $9,818,080   $59,264,215   $(1,894,477)  $(12,265,697)  $(299,576)  $270,036,111   $13,669,036   $-   $- 
                                              
Investments   190,574    1,807,511                             
Investments in Subsidiaries & Affiliates   612,435,426    240                             
Total Investments   612,626,000    1,807,751                             
                                              
Property, plant & equipment   3,143,481    3,877    7,898,289            2,374,484             
(Less: Acc. Deprec. Property, plant & equipmen)   (2,838,048)   (3,877)   (2,856,736)           (1,949,637)            
Property, plant & equipment - net   305,433        5,041,552            424,847             
                                              
Total Intangible Assets - Net   1,003,777    2,575,278                218,522,890    1,403,545         
                                              
Deferred Tax Assets - Net of Allowances   86,515                                 
                                              
Other Assets - LT   3,771,345    300,000                5,999             
Property held For Sale - LT               6,112,710                     
Total Long Term Assets  $617,793,070   $4,683,029   $5,041,552   $6,112,710   $-   $218,953,736   $1,403,545   $-   $- 
Total Assets  $627,611,150   $63,947,244   $3,147,075   $(6,152,987)  $(299,576)  $488,989,847   $15,072,581   $-   $- 
                                              
Account payables   6,312,373    (346,177)               10,012,808    (903,714)        
Short-term bank loans   23,000,000        197,350                         
Accrued  Compensation   2,037,365    137,116                1,681,114             
Accrued Income Tax   (66,926)                   (2,208,291)            
Accrued Environmental Remediation               4,010,155                     
Accrued expenses - Other   (896,146)   (313,132)               87,928,047    2,190,229         
Total Current Liabilities  $30,386,665   $(522,193)  $197,350   $4,010,155   $-   $97,413,678   $1,286,516   $-   $- 
                                              
Bank & Long-term loans payable           2,236,633                         
Convertible Senior Debt   (1,566,126)                                
Accrued Income Tax LT   5,322,572                                 
Other long-term liabilities   850,702    394,188                             
Total Long Term Liabilities  $4,607,147   $394,188   $2,236,633   $-   $-   $-   $-   $-   $- 
                                              
Total Liabilities Not Subject to Compromise  $34,993,813   $(128,005)  $2,433,983   $4,010,155   $-   $97,413,678   $1,286,516   $-   $- 
                                              
Total Liabilities Subject to Compromise  $326,164,167   $6,987,096   $-   $-   $-   $148,198,292   $6,690,006   $-   $- 
                                              
Shareholders'  Equity  $266,453,171   $57,088,153   $713,092   $(10,163,142)  $(299,576)  $243,377,877   $7,096,060   $-   $- 
Total Liabilities & Shareholders Equity  $627,611,150   $63,947,244   $3,147,075   $(6,152,987)  $(299,576)  $488,989,847   $15,072,581   $-   $- 

  

The notes to this monthly operating report are an integral part of these combined financial statements.

 

 

 

 

Case 19-13448-VFP    Doc 483    Filed 04/29/19    Entered 04/29/19 18:19:02    Desc Main

Document    Page 13 of 15 

 

In re: Aceto Corporation, et. Al    
    MOR-3
  Case No. (Jointly Administered) 19-13448
  Reporting Period: Month Ending March 31, 2019
  Federal Tax I.D. # 11-1720520
     

   UNAUDITED 
   Balance Sheet 
  

Aceto Corporation
19-13448 (VFP)

  

Aceto Agricultural
Chemical Corp
19-13449 (VFP)

  

Aceto Realty, LLP
19-13450 (VFP)

  

Arsynco, Inc.
19-13454 (VFP)

  

Acci Realty Corp.
19-13455 (VFP)

  

Rising
Pharmaceuticals, Inc.
19-13447 (VFP)

  

Acetris Health, LLC
19-13452 (VFP)

  

PACK
Pharmaceuticals, LLC
19-13453 (VFP)

  

Rising Health, LLC
19-13451 (VFP)

 
                                     
Cash & Cash Equivalents  $9,392,381   $1,780,107   $14,628   $312,973   $2,740    937,438   $91,157   $-   $- 
Account receivables Net   31,688,907    9,364,976                139,259,598    4,600,812         
Other receivables   108,945    236,413    1,081    1,654,426        (0)            
Due From/(To) Affiliates   (76,248,130)   28,178,150    (1,738,667)   (14,566,749)   (302,315)   63,658,755             
Total inventories   44,723,438    16,432,363                60,216,192    5,825,001         
Income Tax Receivable   1,494,550                    1,402,351             
Prepaid expenses   3,153,592    104,091                3,300,948             
Total Current Assets  $14,313,684   $56,096,100   $(1,722,958)  $(12,599,350)  $(299,576)  $268,775,282   $10,516,970   $-   $- 
                                              
Investments   190,574    1,947,127                             
Investments in Subsidiaries & Affiliates   612,435,426    240                             
Total Investments   612,626,000    1,947,367                             
                                              
Property, plant & equipment   3,143,481    3,877    7,898,289            11,208,784             
(Less: Acc. Deprec. Property, plant & equipmen)   (2,903,810)   (3,877)   (2,928,765)           (3,771,886)            
Property, plant & equipment - net   239,671        4,969,523            7,436,898             
                                              
Total Intangible Assets - Net   982,154    2,527,041                209,377,045    2,151,818         
                                              
Deferred Tax Assets - Net of Allowances   (9,044)                                
                                              
Other Assets - LT   1,805,372    300,000                5,999             
Property held For Sale - LT               6,112,710                     
Total Long Term Assets  $615,644,153   $4,774,408   $4,969,523   $6,112,710   $-   $216,819,941   $2,151,818   $-   $- 
Total Assets  $629,957,836   $60,870,508   $3,246,565   $(6,486,640)  $(299,576)  $485,595,223   $12,668,788   $-   $- 
                                              
Account payables   4,286,878    (1,004,315)       3,671        (3,561,343)   (2,554,531)        
Short-term bank loans   28,000,000        213,796                         
Accrued Compensation   2,946,079    193,792                1,747,367             
Accrued Income Tax   (33,244)                   (2,208,291)            
Accrued Environmental Remediation               3,676,501                     
Accrued expenses - Other   11,491,357    56,671    11,076            96,545,824    1,256,694         
Total Current Liabilities  $46,691,070   $(753,852)  $224,872   $3,680,172   $-   $92,523,557   $(1,297,837)  $-   $- 
                                              
Bank & Long-term loans payable           2,220,187                         
Convertible Senior Debt   (1,357,309)                                
Accrued Income Tax LT   5,322,572                                 
Other long-term liabilities   127,606    403,000                1,640,752             
Total Long Term Liabilities  $4,092,869   $403,000   $2,220,187   $-   $-   $1,640,752   $-   $-   $- 
                                              
Total Liabilities Not Subject to Compromise  $50,783,938   $(350,852)  $2,445,059   $3,680,172   $-   $94,164,308   $(1,297,837)  $-   $- 
                                              
Total Liabilities Subject to Compromise  $326,186,519   $3,593,358   $-   $18,460   $-   $150,211,271   $6,680,320   $-   $- 
                                              
Shareholders' Equity  $252,987,379   $57,628,002   $801,506   $(10,185,273)  $(299,576)  $241,219,644   $7,286,305   $-   $- 
Total Liabilities & Shareholders Equity  $629,957,836   $60,870,508   $3,246,565   $(6,486,640)  $(299,576)  $485,595,223   $12,668,788   $-   $- 

 

The notes to this monthly operating report are an integral part of these combined financial statements.

 

 

 

 

Case 19-13448-VFP    Doc 483    Filed 04/29/19    Entered 04/29/19 18:19:02    Desc Main

Document    Page 14 of 15 

 

In re: Aceto Corporation, et. Al   MOR-4
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20, 2019 - March 31, 2019
  Federal Tax I.D. # 11-1720520

 

Status of Post-petition Taxes

 

         

 

The above-captioned debtors (the "Debtors") hereby submit this attestation regarding Status of Post-petition Taxes in lieu of providing copies of post-petition tax payments and tax returns filed during reporting period.

 

I attest that each of the Debtors' taxing authorities have been paid on time when post-petition amounts become due. Also, tax returns are being filed in an orderly and timely fashion in accordance with tax return reporting deadlines.

 

 

/s/ Rebecca A. Roof   April 29, 2019  
Signature of Authorized Individual   Date
     
     
Rebecca A. Roof   Chief Financial Officer
Printed Name of Authorized Individual   Title of Authorized Individual

  

 

 

 

Case 19-13448-VFP    Doc 483    Filed 04/29/19    Entered 04/29/19 18:19:02    Desc Main

Document    Page 15 of 15 

 

In re: Aceto Corporation, et. Al   MOR-6
  Case No. (Jointly Administered) 19-13448
  Reporting Period: February 20, 2019 - March 31, 2019
  Federal Tax I.D. # 11-1720520

 

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.  (SEE MOR NOTES.) 

 

 

X