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Biotech / Medical : SABRATEK CORP (SBTK) -- Ignore unavailable to you. Want to Upgrade?

To: Swanny who wrote (146)	12/17/1999 10:40:00 PM
From: Razorbak	Respond to of 487

"Sabratek Files for Bankruptcy Protection" Friday December 17, 5:22 pm Eastern Time WILMINGTON, Del., Dec 17 (Reuters) - Medical technology company Sabratek Corp. filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court here Friday. No further details of the filing were available. On Dec. 3, the Skokie, Ill.-based company revealed in a Securities and Exchange Commission filing that its independent auditor, KPMG LLC, informed the firm that its financial statements for the last three years could no longer be relied upon. The company was delisted from the Nasdaq in November and has endured a rocky 1999 that included missed debt interest repayments and the resignation of its chairman, vice chairman and several directors. The company's troubles began in June when a shareholder charged the company with accounting fraud. At that point, shares of the company were trading over 20 on the Nasdaq under the symbol ''SBTK.'' On Nov. 3, the company said its shares now trade on the National Quotation Bureau Electronic Quotation Service under the symbol ''SBTKE.'' -------------------------------------------------------------------------------- biz.yahoo.com

To: Swanny who wrote (146)	12/17/1999 10:43:00 PM
From: Razorbak	Read Replies (1) \| Respond to of 487

"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. biz.yahoo.com