Healthcare Provider
PhyAmerica
Selected NCFE Related Borrower Disclosure History
For the period ending 9/30/01, the company reported that through three vehicles NCFE had financed $74 million in billed receivables and $187 million in future receivables, which PhyAmerica accounted for as long-term debt. An affiliate of NCFE had extended an additional credit line of up to $20 million. This was PhyAmerica's final 10-Q before being acquired by the Scott Group and subsequently becoming a privately owned entity. Further financials with regards to NCFE were unavailable, although the publicly filed merger documents indicate that negotiations were ongoing with regards to the $250 million still owed to NCFE. Also significant, at the end of 2000, NCFE owned 1.7 million shares of PhyAmerica common stock.
10-Q Quotables
3Q01 10-Q: "Until the Company significantly improves cash flow, it will be dependent upon the continued weekly purchases of eligible and rights to future accounts receivable by NCFE and the line of credit provided by an affiliate of NCFE in order to meet its obligations."
Healthcare Provider
Med Diversfied
Selected NCFE Related Borrower Disclosure History
For the period ending Sept. 30, 2001 (reported in November 2001), Med's unpaid balance associated with receivables sold to NCFE totaled approximately $25.1 million. For the period ending 12/31/02 (reported in February 2002), Med owed NCFE $107 million. Follwoing the February 2002 filing, Med postponed further 10-Qs until 11/19/02, following the bankruptcy of NCFE. Med filed for bankruptcy nine days later.
10-Q Quotables
4Q01 10-Q: "The Company has relied upon funding through loans from private investors, sales of equity securities, and various credit facilities. These sources of funding have often included terms that are less favorable than management of the Company desires. However, the Company's need of funds to meet current operating needs, as well as funds necessary for acquisitions, has required the Company to enter into such less favorable agreements."
Healthcare Provider
RX Medical Services
Selected NCFE Related Borrower Disclosure History
In June 2001, the company filed a 10-Q for the period ending 3/31/99, disclosing that it had sold $49.6 worth of receivables to NCFE. After several postponments, RX filed next in April 2002, then submitted three consecutive 10-Qs in May 2002. In a filing for the period ending 6/2/02 (dated 8/14/02), RX reported it had a working capital defecit of $100.8 million. The company stated that it had defaulted on required payments associated with the $99.6 million in notes payable due to NCFE, collateralized by accounts receivables, equipment, as well as "all the issued and outstanding common stock of Consolidated Health Corporation of Mississippi, Inc."
10-Q Quotables
3Q02 10Q: "The Company's ability to continue as a going concern is dependent on the continued funding of its operations from its primary financing source, National Century Financial Enterprises, Inc. and its affiliates or an alternative source, without which funding the Company's ability to continue as a going concern would be adversely impacted."
Healthcare Provider
Amedisys
Selected NCFE Related Borrower Disclosure History
For the period ending 12/31/00, Amedisys' receivables facility with NPF VI had an outstanding balance of $3 million. The balance with NPF VI reached nearly $10 million but was declining steadily following the reporting period ended 9/31/01. In March 2002, Amedisys had just $2.9 million with NPF VI, followed by $450,000 and $0.0 on 6/30/02 and 9/31/02, respectively. The company had a seperate secured loan with NPF Capital with a balance of approximately $6.1 million at the end of last year, which the company believed was remitable following NCFE's failure (see quote from filing). In October, NCFE was unable to forward $3.3 million to Amedisys, which caused the company to end its arrangement with NPF VI.
10-Q Quotables
3Q02 10Q: "Amedisys, Inc. is working with legal advisors to expedite either the return of all funds held by NPF VI [$7.3 million], or to use those funds to prepay the $6.1million note to NPF Capital and remit the remaining balance."
Copyright 2003 Thomson Media Inc. All Rights Reserved.
