PATHE COMMUNICATIONS FILES 10-Q REPORT; ABBREVIATED REPORT FILED FOR THE THIRD QUARTER ENDED SEPT. 28, 1991
PATHE COMMUNICATIONS FILES 10-Q REPORT; ABBREVIATED REPORT
FILED FOR THE THIRD QUARTER ENDED SEPT. 28, 1991
LOS ANGELES, Nov. 18 /PRNewswire/ -- Pathe Communications Corp. (NYSE: PCC) today filed with the Securities and Exchange Commission a quarterly report on Form 10-Q for the period ended Sept. 28, 1991.
The Form 10-Q was filed without financial statements and management's discussion and analysis, according to Aurelio Germes, Pathe chief financial officer. "We believe it important and in the interest of our shareholders to make all necessary SEC filings, but we do not have control of, nor access to, the financial and accounting records of our subsidiary MGM-Pathe which are necessary in order to file a complete 10-Q," Germes said. Pathe also has not received a copy of MGM-Pathe's Form 10-Q for the quarter ended Sept. 28, 1991 and does not believe a copy has been filed with the SEC, Germes added.
Pathe also said in the 10-Q filing that it does not maintain any accounting or financial reporting departments -- services which had previously been provided by MGM-Pathe. On Sept. 20, 1991, Pathe was informed by MGM-Pathe that it would not longer provide such services. Pathe has sought assurances from its lender, Credit Lyonnais Bank Nederland (CLBN), that funds would be made available to hire the necessary personnel to complete such filings, but has not yet received a response sufficient enough to do so, Pathe said in the SEC filing. Pathe continues to seek such assurances form CLBN, Germes noted. "We want to fulfill our reporting obligations on a timely basis, but without the assurances requested from CLBN, we are unable to bring on board the qualified people necessary to replace the services MGM-Pathe has refused to continue providing us," Germes said.
Pathe's abbreviated Form 10-Q was filed pursuant to Rules 12b-21 and 12b-22 of the Securities Exchange Act of 1934 which allows for abbreviated 10-Qs in such circumstances. According to Germes, Pathe will file an amended 10-Q when full financial statements are made available to the company by MGM-Pathe.
Pathe is a holding company whose chief asset is 98.5 percent of the stock of MGM-Pathe Communications Co.
/CONTACT: Richard S. Kline or Gregory Romano of Berkhemer Kline Golin/Harris, 213-623-4200, for Pathe Communications/
(PCC) CO: Pathe Communications Corp. ST: California IN: ENT SU: AL-KJ -- LA021 -- 4575 11/18/91 15:38 EST