-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GN9cCxdjzqr5gSvsdsFhAFk3qZPaTdqC88INM05thyodD9Fqe8hbjaBgvCpyLJDP IoiXQXR146MxannHqGBPKA== 0001072613-04-000453.txt : 20040227 0001072613-04-000453.hdr.sgml : 20040227 20040227142224 ACCESSION NUMBER: 0001072613-04-000453 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040227 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INSILCO HOLDING CO CENTRAL INDEX KEY: 0001068049 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC CONNECTORS [3678] IRS NUMBER: 060635844 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24813 FILM NUMBER: 04634379 BUSINESS ADDRESS: STREET 1: 425 METRO PL N STREET 2: 5TH FL CITY: DUBLIN STATE: OH ZIP: 43017 BUSINESS PHONE: 6147920468 MAIL ADDRESS: STREET 1: 425 METRO PLACE NORTH STREET 2: FIFTH FLOOR CITY: DUBLIN STATE: OH ZIP: 43017 8-K 1 form8-k_12519.txt INSILCO HOLDING CO. FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: February 27, 2004 INSILCO HOLDING CO. - -------------------------------------------------------------------------------- (Exact Name of Registrant as specified in its charter) Delaware 0-24813 06-1158291 -------- ------- ---------- (State or other jurisdiction of (Commission File No.) (IRS Employer incorporation or organization) Identification Number) c/o Carol Stebbins 18 North Main Street Mount Vernon, OH 43050 (740) 393-3339 -------------------------------------------------- (Address, including zip code, and telephone number including area code of Registrant's principal executive offices) ================================================================================ ITEM 5. OTHER EVENTS. On December 16, 2002, Insilco Holding Co., a Delaware corporation ("Holdings"), the parent Company of Insilco Technologies, Inc., a Delaware corporation ("Insilco"), Insilco and seven of Insilco's subsidiaries, Insilco International Holding, Inc., a Delaware corporation, Precision Cable Mfg. Co. Inc., a Texas corporation, Stewart Stamping Corporation, a Delaware corporation, InNet Technologies, Inc., a California corporation, Stewart Connector Systems, Inc. a Pennsylvania corporation, Eyelets For Industry, Inc., a Connecticut corporation, and its subsidiary EFI Metal Forming, Inc., a Connecticut corporation and Signal Transformer Co., Inc., a Delaware corporation and its subsidiary Signal Caribe, Inc., a Delaware corporation, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware, Case No. 02-13672. Pursuant to the procedure prescribed in Staff Legal Bulletin No. 2, on December 20, 2002, Holdings sought a no-action position from the Staff of the Commission that would permit Holdings to file, under cover of a Current Report on Form 8-K, its periodic financial reports filed with the Bankruptcy Court, as well as other information concerning developments in its bankruptcy proceedings in lieu of filing its annual and quarterly reports under the Securities Exchange Act of 1934. Holdings would continue to comply with all other requirements of the Exchange Act, including (but not limited to) Section 14A regarding the solicitation of proxies. The Staff granted the no-action position request on March 18, 2003. Therefore, in conformity with the provisions of Staff Legal Bulletin No. 2, Holdings files herewith its financial report, for the period ended January 31, 2004, filed with the Bankruptcy Court on February 27, 2004 (the "Report"). THE REPORT CONTAINS FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION THAT HAVE NOT BEEN AUDITED OR REVIEWED BY INDEPENDENT ACCOUNTANTS, ARE NOT PRESENTED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, AND MAY BE SUBJECT TO FUTURE RECONCILIATION AND ADJUSTMENTS. THE FINANCIAL INFORMATION INCLUDED IN THIS REPORT IS ONLY REPRESENTATIVE OF THE FILING COMPANIES AS LISTED ABOVE. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. EXHIBIT NO. DESCRIPTION 99 (a) Transmittal of Financial Reports with Operating Requirements for the period ended January 31, 2004. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. INSILCO HOLDING CO. ------------------------------- Registrant Date: February 27, 2004 By: /s/ Carol G. Stebbins --------------------------- Carol G. Stebbins President 3 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION ----------- ----------- 99 (a) Transmittal of Financial Reports with Operating Requirements for the period ended January 31, 2004. 4 EX-99.(A) 3 exh99_12519.txt TRANSMITTAL OF FINANCIAL REPORTS UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In Re Insilco Technologies, Inc., et al. Case No. 02-13672 Debtors For the Reporting Period January 1, to January 31, 2004 MONTHLY OPERATING REPORT ------------------------ File with Court and submit copy to United States Trustee within 30 days after end of month
Submit copy of report to any official committee appointed in the case. =================================================================================================================================== DOCUMENT EXPLANATION REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED =================================================================================================================================== Schedule of Cash Receipts and Disbursements X (Exh. A) - ----------------------------------------------------------------------------------------------------------------------------------- Bank Reconciliation (or copies of debtor's bank reconciliations) X (Exh. B) - ----------------------------------------------------------------------------------------------------------------------------------- Copies of Bank Statements X - ----------------------------------------------------------------------------------------------------------------------------------- Cash disbursements journals see cash rec/disb - ----------------------------------------------------------------------------------------------------------------------------------- Statement of Operations X (Exh. C) - ----------------------------------------------------------------------------------------------------------------------------------- Balance Sheet X (Exh. D) - ----------------------------------------------------------------------------------------------------------------------------------- Status of Postpetition Taxes X - ----------------------------------------------------------------------------------------------------------------------------------- Copies of IRS Form 6123 or payment receipt see tax attestation - ----------------------------------------------------------------------------------------------------------------------------------- Hard Copies of tax returns filed during reporting period have been X - ----------------------------------------------------------------------------------------------------------------------------------- provided to the U.S. Trustee. They are available upon request. X (Exh. E) - ----------------------------------------------------------------------------------------------------------------------------------- Summary of Unpaid Postpetition Debts MOR - 4 X (Exh. E) - ----------------------------------------------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation and Aging N/A - ----------------------------------------------------------------------------------------------------------------------------------- Debtor Questionnaire MOR - 5 X (Exh. F) - ----------------------------------------------------------------------------------------------------------------------------------- ===================================================================================================================================
Insilco International Holding Company (02-13674) is a holding company and Signal Caribe (02-13680) is a nonoperating company and thus there is no activity to report for these two companies. The following companies were sold in March 2003 and thus have no activity for the current or future reporting periods: Precision Cable Manufacturing 02-13675 Stewart Stamping Corporation 02-13678 EFI Metal Forming, Inc. 02-13677 Eyelets for Industry, Inc. 02-13676 Stewart Connector Systems 02-13679 Signal Transformer Co. Inc. 02-13681 InNet Technologies 02-13673 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/ CAROL STEBBINS 2/27/2004 - ------------------------------------- ----------- Signature of Authorized Individual* Date President and Secretary - ------------------------------------- ------------------------------ Printed Name of Authorized Individual Title of Authorized Individual * 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. Page 1 of 14 Case No. 02-13672 For the Reporting Period January 1, to January 31, 2004 ================================================================================ INSILCO TECHNOLOGIES, INC., ET AL. Tab Description - --- ----------- A - Schedule of Cash Receipts and Disbursements B - Bank Reconciliations and Statements C - Statement of Operations D - Balance Sheet E - Status of Postpetition Taxes / Summary of Unpaid Postpetition Debts F - Debtor Questionnaire Page 2 of 14 EXHIBIT A In Re Insilco Technologies, Inc. et al. Case No. 02-13672 All Debtors For the Reporting Period January 1, to January 31, 2004 =============================================================================== WEEKLY CASH FLOW =============================================================================== US LOCATIONS A Week number 1,2,3,4 Date 1/31/2004 =============================================================================== BEGINNING CASH BALANCE 2,250 Collections - ----------- Trade receipts -- Other -- - ------------------------------------------------------------------------------- Total Collections -- - ------------------------------------------------------------------------------- CASH AVAILABLE 2,250 Disbursements * - --------------- Payroll -- Benefits -- Inventory Purchases -- General Cash Disbursements -- Deposits -- Critical Vendor Payments -- Capital expenditures -- Other -- -------------------------- Subtotal Operating Expenses -- Professional fees On-Going (7) Debtor's Professionals -- Unsecured Professionals -- -------------------------- Subtotal (7) -------------------------- Bank Professionals -- Restructuring costs -- Taxes -- Intercompany transfers out -- Intercompany transfers in 242 Cash zeroing due to Sales -- Corp. Funding of A/P Checks after Sales -- O/S checks passed to corp to be cashed -- Debt service -- - ------------------------------------------------------------------------------- Total disbursements 235 - ------------------------------------------------------------------------------- Wind-down costs Medical/Dental -- Wind-down costs Severance -- Wind-down other (40) ENDING CASH 2,445 =============================================================================== * On a book basis, i.e. includes checks written not cashed. Page 4 of 14 EXHIBIT B UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In Re: Insilco Technologies, Inc. et al. Case No. 02-13672 Debtors For the Reporting Period January 1, to January 31, 2004
STATEMENT DATE LAST BANK /ADDRESS ENTITY CASE NUMBER STATUS NUMBER TYPE OF ACCOUNT REC'D RECONCILED --------------------- Bank One N.A. Insilco Technologies 02-13672 Open 55-55930 Master Concentration 11/03 11/03 1 Bank One Plaza Inc. --------------------- Chicago, IL 60670 --------------------- Contact: Vernon Wright Insilco Technologies 02-13672 Open 633550926 Pension Payroll Account 10/03 6/03 Inc. --------------------- --------------------- Insilco Technologies 02-13672 Open 633551221 Control Disbursement Account 11/03 11/03 Inc. - Post Petition --------------------- --------------------- Insilco Technologies 02-13672 Closed 633549498 Contol Disbursement Account N/A N/A Inc. - Pre-Petition --------------------- --------------------- Insilco Technologies 02-13672 Open 633549480 Total Pay account - payroll 11/03 11/03 Inc. --------------------- --------------------- Insilco Holding Co 02-13671 Open 637184318 Control Disbursement Account 11/03 11/03 - Post Petition --------------------- --------------------- Insilco Holding Co 02-13671 Closed 632989786 Contol Disbursement Account N/A N/A - Pre-Petition --------------------- --------------------- Fifth Third Bank Insilco Technologies 02-13672 Closed 755-53849 Deposit Account 11/03 11/03 420 Metro Place South Inc. --------------------- Dublin, Oh 43017 ---------------------
Page 6 of 14 EXHIBIT C UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In Re: Insilco Technologies, Inc. et al. Case No. 02-13672 Debtors For the Reporting Period January 1, to January 31, 2004 US LOCATIONS (WOUT MEXICO, DR AND CHINA) CONSOLIDATING STATEMENT OF OPERATIONS - CURRENT MONTH JANUARY 2004 (AMOUNTS IN THOUSANDS) (UNAUDITED)
02-13672 02-13671 CONSOL. TOTAL INSILCO CORPORATE ENTRIES INSILCO HOLD CO HOLDING CO. --------- ------- ------- ------- ----------- GROSS SALES Intercompany Sales Sales Discounts Sales Returns ----------------------------------------------------------------------------------------- Net Sales VARIABLE MFG. EXPENSES: Material Direct Labor Variable Fringe Variable overhead Warranty Other ----------------------------------------------------------------------------------------- Total Variable Mfg Exp. Mfg. Contribution Margin Contribution % #DIV/0! Inventory Adjustment FIXED MFG. EXPENSES: Wage Fixed Fringe Supplies Utilities Depreciation Rent, Taxes, & Ins. Other COS Adjustments ----------------------------------------------------------------------------------------- Total Fixed Mfg. Exp. ----------------------------------------------------------------------------------------- Total Cost of Goods Sold ----------------------------------------------------------------------------------------- Gross Margin SELLING, G, & A: Sales Commissions Advertising & Promo (Var) Engineering Sales & Marketing - Fixed New Product Development Finance MIS Admin & Executive 45 45 45 Legal Human Resources Depreciation Amortization Group Charge Allocation Other S, G, & A Adjustments ----------------------------------------------------------------------------------------- Total Selling, G, & A 45 45 45 Adjusted Operating Profit (45) (45) (45) One Time Adjustments ----------------------------------------------------------------------------------------- Operating Profit (45) (45) (45) OTHER INCOME: Interest Inc. - outside Gain on sale of assets Income - unconsol. co. Other Income (2) (2) (2) ----------------------------------------------------------------------------------------- Total Other Income (2) (2) (2) OTHER EXPENSE: Interest Exp. - outside Amortization Other Expense ----------------------------------------------------------------------------------------- Total Other Expense Reorganization Items Extraordinary Item ----------------------------------------------------------------------------------------- Total Other Inc. (Exp) (2) (2) (2) ----------------------------------------------------------------------------------------- Earnings before taxes (47) (47) (47) ----------------------------------------------------------------------------------------- STATE & FEDERAL TAXES: State taxes Federal taxes (3) (3) (3) Foreign taxes ----------------------------------------------------------------------------------------- Total Taxes (3) (3) (3) ----------------------------------------------------------------------------------------- Income before Interco. (50) (50) (50) INTERCOMPANY ACTIVITY: Capital charge Corporate charges ----------------------------------------------------------------------------------------- Total Interco. ----------------------------------------------------------------------------------------- Earnings from Cont. Op. (50) (50) (50) ----------------------------------------------------------------------------------------- Discontinued Operations ----------------------------------------------------------------------------------------- Total Current Earnings (50) (50) (50) ========================================================================================= Note: Adjusted EBITDA
Page 8 of 14 EXHIBIT D UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In Re: Insilco Technologies, Inc. et al. Case No. 02-13672 Debtors Fiscal Month from November 22 to December 31, 2003 for the Reporting Period December 1, to December 31, 2003 US LOCATIONS (WOUT MEXICO, DR AND CHINA) PRELIMINARY CONSOLIDATING BALANCE SHEET JANUARY 2004 (AMOUNTS IN THOUSANDS) (UNAUDITED)
02-13672 02-13671 CONSOL. TOTAL INSILCO CORPORATE ENTRIES INSILCO HOLD CO HOLDING CO. --------- ------- ------- ------- ----------- ASSETS Current Assets: Cash in bank & on hand 2,445 2,445 2,445 Accounts Rec. - trade Reserve for bad debts ---------------------------------------------------------------------------------------------- Accounts receivable - net Accounts rec. - other 281 281 281 Inventories: Raw Materials & suppl. Work-in-process Finished Goods Reserve ---------------------------------------------------------------------------------------------- Total Inv. ---------------------------------------------------------------------------------------------- Assets - Held For Sale Prepaid Expenses 5,059 5,059 5,059 ---------------------------------------------------------------------------------------------- Total Current Assets 7,785 7,785 7,785 ---------------------------------------------------------------------------------------------- Property Plant & Equipment: Land Buildings Machinery & Equipment ---------------------------------------------------------------------------------------------- Depreciation ---------------------------------------------------------------------------------------------- Prop Plant & Equip -net Intangible Assets 689 689 689 Deferred Charges Deferred Tax Asset Investment in uncon. Com. 5,283 (5,283) Other non-current assets ---------------------------------------------------------------------------------------------- TOTAL ASSETS 13,757 (5,283) 8,474 8,474 ============================================================================================== LIABILITIES AND EQUITY Current Liabilities: Accounts Payable Accrued Expenses 24,805 24,805 24,805 Accrued Expenses - corp. Accrued Interest Payable 19,313 19,313 19,313 Customer Deposits Current Portion - LT Debt Current Portion - OLTL 825 825 825 CP Prepetition Liabilities Estimated Income Taxes 6,813 6,813 6,813 ---------------------------------------------------------------------------------------------- Total Current Liabilities 51,756 51,756 51,756 ---------------------------------------------------------------------------------------------- Long Term Debt: Notes Payable Alternative Currency Borr. Revolver credit line 37,338 37,338 37,338 Term A Loan Term B Loan 44,412 44,412 44,412 12% Sub. Notes 115,865 115,865 115,865 14% Notes - Holdings 124,901 124,901 Other Notes 15,000 15,000 15,000 ---------------------------------------------------------------------------------------------- Total Long Term Debt 212,615 212,615 124,901 337,516 ---------------------------------------------------------------------------------------------- Tax Liability 2,374 2,374 2,374 LT Prepetition Liabilities 10,091 10,091 10,091 Other Long Term Liabilities 20,264 20,264 20,264 Intercompany Debt: Interco. Payable - affiliate 1,613 1,613 (1,613) Interco. Payable - corporate ---------------------------------------------------------------------------------------------- Total Interco. Debt 1,613 1,613 (1,613) ---------------------------------------------------------------------------------------------- PIK Preferred Stock 64,115 64,115 Shareholders Equity: Capital Stock 1 1 Capital Surplus 6,382 (5,283) 1,099 61,766 62,865 Oth. Comprehensive Income Cumulative Translation Adj (14,521) (1,563) (16,084) (16,084) Retained Earnings: Beginning Balance (276,767) 1,563 (275,204) (249,170) (524,374) Beg. Bal. Adjustment Current Earnings (50) (50) (50) ---------------------------------------------------------------------------------------------- Retained Earnings (276,817) 1,563 (275,254) (249,170) (524,424) ---------------------------------------------------------------------------------------------- Total Shareholders Eq. (284,956) (5,283) (290,239) (187,403) (477,642) ---------------------------------------------------------------------------------------------- Total Liab. & Equity 13,757 (5,283) 8,474 8,474 ==============================================================================================
Page 10 of 14 EXHIBIT E UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In Re Insilco Technologies, Inc., et al. Case No. 02-13672 Debtors For the Reporting Period January 1, to January 31, 2004 ATTESTATION FOR POSTPETITION TAXES ---------------------------------- The Debtors attest that all pospetition taxes that were due have been paid for the current reporting period. SUMMARY OF UNPAID POSTPETITION DEBTS ------------------------------------ ================================================================================
==================================================================================================================================== NUMBER OF DAYS PAST DUE ====================================================== (AMOUNTS IN THOUSANDS) CURRENT 0 - 30 31 - 60 61 - 90 OVER 90 TOTAL ==================================================================================================================================== Accounts Payable -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Wages Payable -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Taxes Payable -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Rent / Leases - Building -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Rent / Leases - Equipment -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Secured Debt / Adequate Protection Payments -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Professional Fees -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Amounts Due to Insiders -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Other: Benefits 152 -- -- -- -- 152 - ------------------------------------------------------------------------------------------------------------------------------------ Other: Insurance -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Other: Pension 24,145 -- -- -- -- 24,145 - ------------------------------------------------------------------------------------------------------------------------------------ Other: Other 508 -- -- -- -- 508 ==================================================================================================================================== TOTAL POSTPETITION DEBTS 24,805 -- -- -- -- 24,805 ====================================================================================================================================
Explain how and when the Debtor intends to pay any past-due postpetition debts. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Page 12 of 14 EXHIBIT F UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In Re Insilco Technologies, Inc., et al. Case No. 02-13672 Debtors For the Reporting Period January 1, to January 31, 2004 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. No - -------------------------------------------------------------------------------- 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. No - -------------------------------------------------------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. Yes - -------------------------------------------------------------------------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. Yes ================================================================================ - -------------------------------------------------------------------------------- Page 14 of 14 -----END PRIVACY-ENHANCED MESSAGE-----