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Previous: REPUBLIC FUNDS, N-30D, 1997-06-09 |
Next: UNIT CORP, 4, 1997-06-09 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 9, 1997
------------
MID-AMERICAN WASTE SYSTEMS, INC.
----------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 1-10727 31-1161917
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1006 Walnut Street, Canal Winchester, Ohio 43110
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (614) 833-9155
------------------
N/A
---------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On January 21, 1997, Mid-American Waste
Systems, Inc., a Delaware corporation (the "Company"),
and each of the Company's subsidiaries filed a petition
for reorganization relief under Chapter 11 of title 11 of
the United States Code, 11 U.S.C. sections 101 et seq.
(the "Bankruptcy Code"), with the United States
Bankruptcy Court for the District of Delaware (the
"Bankruptcy Court"). Pursuant to section 704(8) of the
Bankruptcy Code, the Company is required to file with the
Bankruptcy Court and the United States trustee a monthly
operating report (the "Monthly Operating Report").
Attached hereto are summaries of the Monthly Operating
Reports for the months ending February 28, 1997, March
31, 1997, and April 30, 1997.
Item 7. Financial Statements, Pro Forma Financial
Information, and Exhibits.
(c) Exhibits
99.1 Summary of Monthly Operating Report
for the month ended February 28,
1997.
99.2 Summary of Monthly Operating Report
for the month ended March 31, 1997.
99.3 Summary of Monthly Operating Report
for the month ended April 30, 1997.
Signatures
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: June 9, 1997
MID-AMERICAN WASTE SYSTEMS, INC.
By: /s/ Donald H. Barry
Donald H. Barry
Chief Financial Officer
EXHIBIT INDEX
Exhibits
99.1 Summary of Monthly Operating Report for
the month ended February 28, 1997.
99.2 Summary of Monthly Operating Report for
the month ended March 31, 1997.
99.3 Summary of Monthly Operating Report for
the month ended April 30, 1997.
Exhibit 99.1
Balance Sheet
-------------
February 28, 1997
-----------------
Assets
------
Cash 53,555,893
Accounts Receivable (net) 8,935,460
Inventory 1,240,666
Notes Receivable 7,419,180
Prepaid Expenses 2,367,365
Other --
Total Current Assets 73,518,563
Property, Plant, and Equipment 483,342,749
Less Accumulated Depreciation -324,101,160
Net Property, Plant, and Equipment 159,241,590
Due from Affiliates and Insiders --
Intangibles 32,213,862
Other 27,662,621
Total Assets 292,636,635
Post-petition Liabilities
-------------------------
Accounts Payable 3,066,104
Taxes Payable 2,739,209
Notes Payable --
Professional Fees --
Secured Debt --
Due to Affiliates and Insiders --
Other 163,424,021
Total Post-petition Liabilities 169,229,334
Pre-petition Liabilities
------------------------
Secured Debt 63,683,100
Priority Debt --
Unsecured Debt 251,375,735
Other --
Total Pre-petition Liabilities 315,058,835
Total Liabilities 484,288,169
Owners Pre-petition Equity -190,804,798
Post-petition Cumulative Profit (Loss) -846,736
Total Equity (Deficit) -191,651,533
Total Liabilities and Owners Equity 292,636,635
Income Statement
----------------
Month Ended
February 28, 1997
-----------------
Total Revenues 11,670,027
Revenue Reductions -2,618,768
Net Revenues 9,051,259
Officer/Insider Compensation 267,464
Wages/Salaries 2,758,163
Payroll Taxes 561,672
Rent and Lease Expense 19,468
Insurance 221,095
Depreciation/Depletion/Amortization 2,579,151
General and Administrative 582,006
Other 2,362,965
Total Operating Expenses 9,351,984
Operating Income -300,725
Other Income 286,385
Interest Expense -832,396
Net Other Income and Expense -546,011
Net Profit (Loss) -846,735.66
Exhibit 99.2
Balance Sheet
-------------
<TABLE>
<CAPTION>
February 28, 1997 March 31, 1997
----------------- --------------
Assets
------
<S> <C> <C>
Cash 53,555,893 56,917,693
Accounts Receivable (net) 8,935,460 9,223,512
Inventory 1,240,666 1,158,525
Notes Receivable 7,419,180 7,349,922
Prepaid Expenses 2,367,365 1,948,060
Other -- --
Total Current Assets 73,518,563 76,597,712
Property, Plant, and Equipment 483,342,749 483,375,567
Less Accumulated Depreciation -324,101,160 -325,909,751
Net Property, Plant, and
Equipment 159,241,590 157,465,816
Due from Affiliates and Insiders -- --
Intangibles 32,213,862 31,983,307
Other 27,662,621 30,244,179
Total Assets 292,636,635 296,291,014
Post-petition Liabilities
-------------------------
Accounts Payable 3,066,104 3,784,567
Taxes Payable 2,739,209 3,247,077
Notes Payable -- --
Professional Fees -- --
Secured Debt -- --
Due to Affiliates and Insiders -- --
Other 163,424,021 163,768,140
Total Post-petition Liabilities 169,229,334 170,799,784
Pre-petition Liabilities
------------------------
Secured Debt 63,683,100 69,104,644
Priority Debt -- --
Unsecured Debt 251,375,735 249,380,834
Other -- --
Total Pre-petition Liabilities 315,058,835 318,485,478
Total Liabilities 484,288,169 489,285,262
Owners Pre-petition Equity -190,804,798 -190,804,798
Post-petition Cumulative Profit
(Loss) -846,736 -2,189,450
Total Equity (Deficit) -191,651,533 -192,994,247
Total Liabilities and Owners
Equity 292,636,635 296,291,014
</TABLE>
Income Statement
----------------
Month Ended
February 28, 1997 March 31, 1997
----------------- --------------
Total Revenues 11,670,027 9,138,263
Revenue Reductions -2,618,768 -2,139,473
Net Revenues 9,051,259 6,998,791
Officer/Insider Compensation 267,464 598,570
Wages/Salaries 2,758,163 1,905,173
Payroll Taxes 561,672 370,193
Rent and Lease Expense 19,468 31,180
Insurance 221,095 164,121
Depreciation/Depletion/ 2,579,151 2,039,146
Amortization
General and Administrative 582,006 928,523
Other 2,362,965 1,968,890
Total Operating Expenses 9,351,984 8,005,795
Operating Income -300,725 -1,007,005
Other Income 286,385 176,319
Interest Expense -832,396 -512,028
Net Other Income and -546,011 -335,709
Expense
Net Profit (Loss) -846,735.66 -1,342,714.01
Exhibit 99.3
Balance Sheet
-------------
April 30, 1997
--------------
Assets
------
Cash 158,884,202
Accounts Receivable (net) 877,420
Inventory --
Notes Receivable 9,215,747
Prepaid Expenses --
Other --
Total Current Assets 168,977,369
Property, Plant, and Equipment --
Less Accumulated Depreciation --
Net Property, Plant, and Equipment --
Due from Affiliates and Insiders --
Intangibles --
Other 36,172,389
Total Assets 205,149,758
Post-petition Liabilities
-------------------------
Accounts Payable 510,850
Taxes Payable --
Notes Payable --
Professional Fees --
Secured Debt --
Due to Affiliates and Insiders --
Other 51,874,910
Total Post-petition Liabilities 52,385,760
Pre-petition Liabilities
------------------------
Secured Debt 2,888,280
Priority Debt --
Unsecured Debt 245,770,956
Other --
Total Pre-petition Liabilities 248,659,236
Total Liabilities 301,044,997
Owners Pre-petition Equity -191,603,142
Post-petition Cumulative Profit 95,707,904
(Loss)
Total Equity (Deficit) -95,895,238
Total Liabilities and Owners 205,149,758
Equity
Income Statement
----------------
Month Ended
April 30, 1997
--------------
Total Revenues --
Revenue Reductions --
Net Revenues --
--
Officer/Insider Compensation
Wages/Salaries 535,917
Payroll Taxes 8,341
Rent and Lease Expense --
Insurance --
Depreciation/Depletion/ --
Amortization
General and Administrative 515,153
Other --
Total Operating Expenses 1,059,411
Operating Income -1,059,411
Other Income 99,138,414
Interest Expense -533,037
Net Other Income and Expense 98,605,377
Net Profit (Loss) 97,545,966
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