Boyd Bros. Estimates Exposure To USG Bankruptcy At $1.1M
18 Jul 10:15
WASHINGTON (Dow Jones)--Boyd Bros. Transportation Inc. (BOYD) estimates USG
Corp. (USG) owes it about $1.12 million for services rendered, according to a
Form 8-K filed late Tuesday with the Securities and Exchange Commission.
USG filed for Chapter 11 bankruptcy protection on June 25.
According to the filing, Boyd Bros. said it believes $903,094 of what it is
owed represents prepetition debt. Although USG has indicated that vendors will
be paid for all services provided after the bankruptcy filing, Boyd Bros. said
it can't determine how much of the prepetition debt it will be able to collect.
In addition, Boyd Bros. said it isn't sure if it will be able to keep USG as
a customer or if it will be able to maintain the level of revenue it received
from USG in the past.
According to the filing, Boyd Bros. received less than 10% of its revenue for
2000 or the first quarter of 2001 from USG.
Boyd Bros. said that if it isn't able to regain USG as a customer or if its
business with USG declines materially, this could hurt Boyd Bros.' results of
operations and financial condition.
For the first quarter, Boyd Bros. reported revenue of $30.3 million, compared
with revenue of $33.8 million for the first quarter of 2000. The company lost
$292,902 in the first quarter after earning $230,781 in the prior year's first
quarter.
Boyd Bros., a transportation company, primarily ships steel products and
building materials in the eastern part of the U.S.
- Todd Goren, Dow Jones Newswires; 202-628-9782
(END) DOW JONES NEWS 07-18-01
10:15 AM |
