"Sabratek Lists Assets/Liabilities in Court Papers"
Friday December 17, 7:03 pm Eastern Time
WILMINGTON, Del., Dec 17 (Reuters) - Sabratek Corp (OTC BB:SBTK.OB - news) listed assets of $100.4 million and debts of $104.6 million as of November 30 in petitions seeking chapter 11 protection that were filed after the close of the U.S. Bankruptcy Court in Delaware Friday.
The Skokie, Illinois company said at least five percent of its voting securities are held by each of the following: Robert Gienko, Ralin Medical Inc, and Charles Stewart
Sabratek makes medical systems for the alternate site health care market including a sterile saline solution in a premeasured syringe for catheter flushing.
Among the 20 largest unsecured creditors are HSBC Bank USA of New York City as the indenture trustee for an $85 million bondholder claim. The remaining claims are for trade debt in the range of $150,000 to $650,000.
On December 3, the company's auditor, KPMG LLC, said in a Securities and Exchange filing that the company's financial statements for the last three years could no longer be relied upon.
Last month the company was delisted from the NASDAQ.
Also filing for bankruptcy were the affiliates LifeWatch Inc of Buffalo Green, Illinois; GDS Technology Inc of Elkhart, Indiana; Unitron Medical Communications Inc of Clearwater, Florida; and CMS Healthcare Inc, of Tampa, Florida.
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