-----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, D2tAcWEyMg6KqsfIIjXt/rq5Sq40ZY4jCp39fsPNAav38kYNO38CyTTsRPgLPR/j QHbORQFPXfaQEnt5kom8lA== 0001341004-08-000759.txt : 20080424 0001341004-08-000759.hdr.sgml : 20080424 20080424150350 ACCESSION NUMBER: 0001341004-08-000759 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080418 ITEM INFORMATION: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review FILED AS OF DATE: 20080424 DATE AS OF CHANGE: 20080424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Centro NP LLC CENTRAL INDEX KEY: 0000798288 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 330160389 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12244 FILM NUMBER: 08774206 BUSINESS ADDRESS: STREET 1: 420 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10170 BUSINESS PHONE: 2128693000 MAIL ADDRESS: STREET 1: 420 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10170 FORMER COMPANY: FORMER CONFORMED NAME: Super IntermediateCo LLC DATE OF NAME CHANGE: 20070427 FORMER COMPANY: FORMER CONFORMED NAME: NEW PLAN EXCEL REALTY TRUST INC DATE OF NAME CHANGE: 19981001 FORMER COMPANY: FORMER CONFORMED NAME: EXCEL REALTY TRUST INC DATE OF NAME CHANGE: 19920703 8-K 1 form8-k.htm form8-k.htm

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
 
April 18, 2008
Date of Report (Date of earliest event reported)
______
CENTRO NP LLC
 
(Exact Name of Registrant as Specified in Charter)
______

Maryland
1-12244
64-0955724
(State or other Jurisdiction
of Incorporation)
(Commission File No.)
(IRS Employer
Identification No.)
 
420 Lexington Avenue, New York, New York 10170
(Address of principal executive offices, including zip code)
 
212-869-3000
______
(Registrant’s telephone number, including area code)
______
(Former Name or Former Address, if Changed Since Last Report)
______
 
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:
 
¨
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))
 

 
 Item 4.02
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
 

On April 18, 2008, Centro NP LLC (the “Company”) concluded that the Company would be required to restate its consolidated financial statements as of December 31, 2007 and for the period from April 5, 2007 through December 31, 2007 to record an impairment of the Company’s intangible assets and that the consolidated financial statements appearing in the Company’s original Annual Report on Form 10-K filed on April 16, 2008 should no longer be relied upon.  On April 18, 2008, the Company filed Amendment No. 1 to its Annual Report on Form 10-K ("Amendment No. 1") amending its consolidated financial statements to reflect the proper impairment.  As described in Note 4 to Amendment No. 1, after undertaking an impairment analysis, the Company determined that an impairment charge of $77.7 million (with no tax benefit) was required to reduce the carrying amount of the Company’s intangible asset balance.  The impairment charge was required due to the significant reduction in the Company’s, and its affiliates, forecast cashflow streams derived from certain property and funds management services.  Upon announcement of the Company’s ultimate parents’ liquidity and refinancing position on December 17, 2007, there was a severe market reaction which significantly impaired the Company’s and its ultimate parents’ ability to continue to grow their funds management business. The following table sets forth the impacts of the restatement on the Company’s financial position and results of operations.

 
As Originally Reported
 
Adjustment
 
As Restated
Intangible assets, net of accumulated amortization of $99,201
$784,385
$(77,676)
$706,709
       
Accumulated distributions in excess of net income
$(486,956)
$(77,676)
$(564,632)
       
Impairment of goodwill and other intangibles
$475,175
$77,676
$552,851
       
Loss from continuing operations
$(487,230)
$(77,676)
$(564,906)
       
Net loss
$(486,956)
$(77,676)
$(564,632)

The Company’s Chief Executive Officer and Chief Financial Officer have discussed the matters disclosed in this Current Report on Form 8-K with PricewaterhouseCoopers LLP, the Company’s Independent Registered Public Accounting Firm.


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

Date: April 24, 2008
CENTRO NP LLC
     
 
By:
_/s/ Steven Siegel____________________
   
Executive Vice President, General Counsel
and Secretary

 
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