Thu 12 Dec 2002 5:57 PM ESTNEW YORK, Dec 12 (Reuters) - Electronic payment service firm Actrade Financial Technologies Ltd. said on Thursday that it and one of its subsidiaries, Actrade Capital Inc., filed voluntary petitions for Chapter 11 bankruptcy. In addition, the New York-based company said "serious questions and issues" have been raised regarding operations and accounting at its suspended international bill-of-exchange business. Actrade said it is evaluating a number of disclosure and financial statement issues relating to, among other things, past accounting treatment of certain stock options, the proper amount of reserves for doubtful accounts, and other issues relating to the accuracy and completeness of prior Securities and Exchange Commission filings. Actrade said the filing in the Bankruptcy Court for the Southern District of New York allows it to continue operating, but said the two banks with which it has credit facilities have requested financial statements for the fiscal year ended June 30, 2002, and it is unable to provide them at this time. Actrade said it is unable to predict whether the banks will grant a waiver and continue to extend credit to the company. The company also announced that Chief Executive Alexander Stonkus, who has been on a paid leave of absence, was replaced by investment banker and financial consultant Richard McCormick.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra