On Friday, Sbarro, Inc. and its affiliates filed their consolidated monthly operating report for May 2-29, 2011 with the bankruptcy court. The companies filed pre-arranged chapter 11 cases in the Southern District of New York on April 4, 2011. They operate a chain of over 1,000 “Italian quick service restaurants” and generated over $300 million in annual revenues in the last full fiscal year prior to the filing.
Among the key financial disclosures contained in the monthly operating report:
- Sbarro reported a net loss of approximately $6.3 million for the month on revenues of $22.1 million.
- For the entire bankruptcy period (April 4 – May 29), Sbarro has generated a net loss of $13 million on $46 million of revenues.
- Sbarro ended May with $20 million in cash and $33.2 million of current assets. The companies had total assets of slightly more than $446 million.
- By comparison, the companies ended May with over $515 million in liabilities. Of the total, $42.4 million were classified as current liabilities and $402.9 million were classified as liabilities subject to compromise.
- Sbarro’s cash balance decreased by almost $3 million in May. The net cash decrease includes an additional $3.5 million in proceeds from Sbarro’s DIP financing received in May. In total, Sbarro has drawn $20 million in DIP financing since its chapter 11 filing.
- Including accrued interest, the balance outstanding under the DIP financing facility as of May 29, 2011 was $20.2 million.
To access copies of other significant court filings from Sbarro’s bankruptcy case, please visit: http://www.chapter11cases.com/Sbarro-Inc_c_24356.html