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0000950123-10-060730.txt : 201006240000950123-10-060730.hdr.sgml : 2010062420100624170029ACCESSION NUMBER:0000950123-10-060730CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:24CONFORMED PERIOD OF REPORT:20100621ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20100624DATE AS OF CHANGE:20100624

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:R&G FINANCIAL CORPCENTRAL INDEX KEY:0001016933STANDARD INDUSTRIAL CLASSIFICATION:STATE COMMERCIAL BANKS [6022]IRS NUMBER:660532217STATE OF INCORPORATION:PRFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-31381FILM NUMBER:10915477

BUSINESS ADDRESS:STREET 1:280 JESUS T. PINERO AVECITY:HATO REY, SAN JUANSTATE:PRZIP:00918

MAIL ADDRESS:STREET 1:280 JESUS T PINERO AVECITY:HATO REY, SAN JUANSTATE:PRZIP:00918

8-K1g23862e8vk.htmFORM 8-K

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Dateof Report (Date of Earliest Event Reported): June24, 2010 (June21, 2010)

R&G Financial Corporation

(Exact name of registrant as specified in its charter)

Puerto Rico

001-31381

66-0532217

(State or other jurisdiction

(Commission File Number)

(I.R.S. Employer

of incorporation)

Identification No.)

1225 Ponce de Leon Ave
VIG Tower Suite106
San Juan, PR 00907
(Address of principal executive offices and zip code)

(787)620-4065
(Registrants telephone number, including area code)

Not applicable.
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b)under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c)under the Exchange Act (17 CFR 240.13e-4(c))

Item7.01 RegulationFD Disclosure.

As previously disclosed, R&G Financial Corporation (the Company) filed a voluntary petition(the Bankruptcy Filing) under Chapter11 of the United States Bankruptcy Code (the BankruptcyCode) in the United States Bankruptcy Court for the District of Puerto Rico (the BankruptcyCourt) on May14, 2010 under the caption In re R&G Financial Corporation Case No.10-04124-11.On June21, 2010, the Company filed its Schedules of Assets and Liabilities (the Schedules),which set forth the assets and liabilities of the Company as of May14, 2010, and its Statement ofFinancial Affairs (the SOFA) as of May14, 2010, with the Bankruptcy Court.

The Company cautions investors and potential investors not to place undue reliance upon thefinancial information contained in the Schedules and SOFAs, which were not prepared for the purposeof providing the basis for an investment decision relating to any of the securities of the Companyand should not be viewed as a substitute, supplement or replacement for financial information thatis filed with the U.S. Securities and Exchange Commission (SEC) pursuant to the SecuritiesExchange Act of 1934, as amended (the Exchange Act). The Schedules and SOFAs are limited inscope, cover a limited time period, and have been prepared solely for the purpose of complying withthe applicable requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure andthe Local Rules of Bankruptcy Procedure for the District of Puerto Rico. The Schedules and SOFAswere not audited or reviewed by independent accountants, were not prepared in accordance withgenerally accepted accounting principles in the United States, and are in a format prescribed byapplicable bankruptcy laws. The Company may amend or otherwise changethe information contained in the Schedules and SOFAs at a future date. There can beno assurance that, from the perspective of an investor or potential investor in the Companyssecurities, the Schedules and SOFAs are complete. The information set forth in the Schedules andSOFAs should not be viewed as indicative of future results.

The Schedules and SOFAs and additional information about the Companys filings under theBankruptcy Code, including access to court documents and other general information about theBankruptcy Filing, are accessible at the Bankruptcy Courts Internet site,www.prb.uscourts.gov, through an account obtained from Pacer Service Center at1-800-676-6856. The information set forth on the Bankruptcy Courts Internet site shall not bedeemed to be a part of or incorporated by reference into this Form 8-K.

Item8.01 Other Events.

Filing of Monthly Operating Report for the Period Ended May31, 2010 with the United StatesTrustee

On June21, 2010, the Company filed its monthly operating report for the period May15, 2010through May31, 2010 (the May Monthly Operating Report), with the Office of the United StatesTrustee for the District of Puerto Rico (the United States Trustee). This is the first monthlyoperating report filed by the Company since filing its voluntary petition under the Bankruptcy Codeon May14, 2010.

Before reading the May Monthly Operating Report, we strongly urge you to read the CautionaryStatement Regarding the May Monthly Operating Report below. The May Monthly Operating Report isattached hereto as Exhibit99.1 and is incorporated herein by reference.

Cautionary Statement Regarding May Monthly Operating Report

The May Monthly Operating Report contains financial information that has not been audited orreviewed by independent registered accountants, is not presented in accordance with generallyaccepted accounting principles and may be subject to future reconciliation and adjustments. Theinformation contained in the May Monthly Operating Report has been prepared in accordance withapplicable law under the Bankruptcy Code and is not to be used for investment purposes. There canbe no assurance that the May Monthly Operating Report is complete. The Company may amend orotherwise change the information contained in the May Monthly Operating Report at a future date.Results set forth in the May Monthly Operating Report should not be viewed as indicative of futureresults.

The May Monthly Operating Report should under no circumstances be relied upon or viewed as asubstitute, supplement or replacement for financial information that is filed with the SEC pursuantto the Exchange Act.

Cautionary Statement Regarding Forward Looking Statements

Certain statements contained in this Current Report on Form 8-K may be deemed to beforward-looking statements under federal securities laws and the Company intends that suchforward-looking statements be subject to the safe-harbor created thereby. The Company cautions thatactual results could differ materially from those reflected by the forward-looking statements. Theforward looking statements speak only as of the date they are made. The Company assumes no, andhereby disclaims any, obligation to update the forward-looking statements contained in this CurrentReport on Form 8-K.

Item9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit

Number Description

Exhibit99.1

R&G Financial Corporation Monthly Operating Report for theperiod ended May31, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

R&G FINANCIAL CORPORATION

Date: June 24, 2010 By: /s/ JUAN AGOSTO ALICEA

Juan Agosto Alicea

Chairman of the Board

EX-99.12g23862exv99w1.htmEX-99.1

exv99w1

Exhibit99.1

UNITEDSTATESBANKRUPTCYCOURT-DISTRICTOFPuertoRicoINRE:}CASENUMBER,-,^&rAttofae^iorDetnpj^SignatureDebtorsAddressAttorneysAddressandPhoneNumber:andPhoneNumber:/2Z5PdA/cecJeeA>Amu/f2tQAftX/iiw/*vA/-2_ypANJTbNDINGS3/"&S3-*-Note,thispaymentrelates-toonecheckthatwasdeposited.prepetifionbyitspayee,butdid.notcleartheDebtorsbankaccount.untilshortlyafterthepetitiondate.-RentRepairs&Maintenance.SecuredCreditorPayments(SeeAttach.2)..TaxesPaid-Payroli(SeeAttachment4C)...TaxesPaid-Sales&Use(SeeAttachment4C)___TaxesPaid-Other(SeeAttachment4C)R.TelephoneS,Travel&Entertainment,Y.U.S.TrusteeQuarterlyFeesu.V.w.UtilitiesVehicleExpensesOtherOperatingExpenses(SeeMOR-3)_.S^-0&Z^l___l(c)6,TOTALDISBURSEMENTS(SumofSAthruW)3,&?3-Eg%ENDINGBALANCE(Line4MinusLine6)3*fMI___c)Ideclareunderpenaltyofperjurythatthisstatementandtheaccompanyingd^umentsandj^jjandcorrecttothebestofmyknowledgeandbelief.sa-as^50^TOTALOTHERRECEIPTSJ%S-TS3.$5>^SOtherReceiptsincludesLoansfromInsidersandothersources(Le.Officer/Owner,relatedpartiesdirectors,relatedcorporations,etc.).Pleasedescribebelow:SourceLoanAmountofFundsPurposeRepaymentScheduleOTHERDISBURSEMENTS:DescribeEachItemofOtherDisbursementandListAmountofDisbursement.WritetotalsonPageMOR-2,Line5W.Cumulative/Description/iCurrentMonthPetitiontoDate{()Ui5rafeBevvies:Jteory)W5e&>TOTALOTHERDISBURSEMENTS53-OO5S&&NOTE:AttachacurrentBalanceSheetandIncome(Profit&Loss)Statement.MOR-3

ATTACHMENT1MONTHLYACCOUNTSRECEIVABLERECONCILIATIONANDAGINGNameofDebtor;aseNumber:ReportingPeriodbeginning5"~~/S2-&/OPeriodending33t~~^^ACCOUNTSRECEIVABLEATPETITIONDATE:r3,71$(*$0ACCOUNTSRECEIVABLERECONCILIATION(IncludeaHaccountsreceivable,pre-petitionandpost-petition,includingchargecardsaleswhichhavenotbeenreceived):BeginningofMonthBalance$S/PLUS:CurrentMonthNewBiliingsMINUS:CollectionDuringtheMonth(b)PLUS/MINUS:AdjustmentsorWriteoffsS9.7Q7*EndofMonthBalanceS3j10j/102-(c)POSTPETITIONACCOUNTSRECEIVABLEAGING(Showthetotalforeachagingcategoryforallaccountsreceivable)0-30Days31-60Days61-90DaysOver90DaysTotal$0$93,032.08$407,876.09$2,217,900.54$2,718,808.71fC).ForanyreceivablesintheOver90Dayscategory,pleaseprovidethefollowing:ReceivableCustomerDateStatus(Collectioneffortstaken,estimateofcollectibility,>write-off,disputedaccount,etc.)Cr^efWu)a,|-A*i-i\.-io&lXWtSHiCdfe.|2.-i7-XQ6gfrtXMe\fli-aoi>7^^f^^1P^coo^F?jiggg(a)ThisnumberiscarriedForwarcfrromlastmonthsreport.Forthefirstreportonly,thisnumberwillbethebalanceasofthepetitiondate.(b)ThismustequalthenumberreportedintheCurrentMonthcolumnofScheduleofReceiptsandDisbursements(PageMOR-2,Line2B).(c)Thesetwoamountsmustequal.Gra^atid&Jr**nt-^1^^6/>M,OfcooA7So>t>6

ATTACHMENT2MONTHLYACCOUNTSPAYABLEANDSECUREDPAYMENTSREPORTNameofDebtor:(-&&r^y^flCiww/ffla7^t/CaseNumber:.ReportingPeriodbeginningOS-I>-~l2d/C>PeriodendingO^>/JO/iJInthespacebelowlistallinvoicesorbillsincurredandnotpaidsincethefilingofthepetition.Donotincludeamountsowedpriortofilingthepetition.Inthealternative,acomputergeneratedlistofpayablesmaybeattachedprovidedailinformationrequestedbelowisincluded.DateIncurredg-jg.aypPOST-PETITIONACCOUNTSPAYABLEDaysOutstanding32>- -DescriptionManagementservicesManagementservicesManagementservicesServicechargesAmountH.&IWmTOTALAMOUNTDCheckhereifpre-petitiondebtshavebeenpaid.Attachanexplanationandcopiesofsupportingdocumentation.ACCOUNTSPAYABLERECONCILIATION(PostPetitionUnsecuredDebtOnly)OpeningBalance$_,___^_Z07^,(a)PLUS:NewIndebtednessIncurredThisMonth$HtS^*&^MINUS:AmountPaidonPostPetition,AccountsPayableThisMonth|PLUS/MINUS:Adjustments$*EndingMonthBalance%V\KdH^>^t*Foranyadjustmentsprovideexplanationandsupportingdocumentation,ifapplicable.SECUREDPAYMENTSREPORT~~SecuredCreditor/LessorListthestatusofPaymentstoSecuredCreditorsandLessors(PostPetitionOnly).Ifyouhaveenteredintoamodificationagreementwithasecuredcreditor/lessor,consultwithyourattorneyandtheUnitedStatesTrusteeProgrampriortocompletingthissection).NumberTotalDateofPostAmountofPaymentAmountPetitionPostPetitionDueThisPaidThisPaymentsPaymentsMonthMonthDelinquentDelinquentMTOTAL(a)Thtsnumberiscarriedforwardfromiastmonthsreport.Forthefirstreportonly,thisnumberwillbezero.(b,c)Thetotalofline(b)mustequalline(c).(d)ThisnumberisreportedintheCurrentMonthcolumnofScheduleofReceiptsandDisbursements(PageMOR- -2,Line5N).MOR-5

ATTACHMENT3INVENTORYANDFIXEDASSETSREPORTNameofDebtor:CaseNumber:ReportingPeriodbeginningS-J5-20/0PeriodendingINVENTORYREPORTINVENTORYBALANCEATPETITIONDATE:INVENTORYRECONCILIATION:InventoryBalanceatBeginningofMonth$(a)PLUS:InventoryPurchasedDuringMonthMINUS:InventoryUsedorSoldPLUS/MINUS:AdjustmentsorWrite-downsInventoryonHandatEndofMonthMETHODOFCOSTINGINVENTORY:*Foranyadjustmentsorwrite-downsprovideexplanationandsupportingdocumentation,ifapplicable.INVENTORYAGINGLessthan66monthstoGreaterthanConsideredmonthsold2yearsold2yearsoldObsoleteTotalInventory%%%%=100%**AgingPercentagesmustequal100%.DCheckhereifinventorycontainsperishableitems.DescriptionofObsoleteInventory:FIXEDASSETREPORTFIXEDASSETSFAIRMARKETVALUEATPETITIONDATE:1fts3^T_SBH?ZXR,=X[)&;_.0HM3[G*5\[QX.1Y.O=HPVG4.(=FY`(X$Q(@)V+8]Q#IIA3XJ2'O2!8-?%$L?W;?=@'PUB+?F%"[_W*XO!#.86M*B''`V_8#0V@#K=0%JSR>/U!6OQA&3?HA%@!3_J%!EJR2_]%,0C#4.)1:WK5M%UB%"07Q;9RQ%-20.IU$0H?E"?_I8@ZN\#Q?@4=$9//`?L7`C]B+C!2E4(`#_03[A!EMQI`L1#;_\+L:`HX)U#VB)D=:4L^IWZL'>7F@2$.C_R.MF!=%6X+I^#-H$(`^=#4SO##(THS0P[7B!"'?3&3>O30]/Q8M_Q,.`I`(#0\`&4^`(`+QC+'P%+$M("OR-.)\BABF$2,A(O1BPY0@EJJA:#%&M(*8@"+(!F"V&]59ECP%`@>B*4H91S8`34(>0QSD6"*/S^CV_[_\#!@H*%@P,M'L8L$`0L0"%V`3U*C@0T309NGN>8&"7CKYI_3.O]`VZ"37KH-#/QHMNNJKLXXOYG_'V[KLL]->9B&!KU.[[KOSWONC__H>O/##9[X``ZD1G[SRR]L=M._//0Q^]R\#3/+KTUV-?>C39V=)HA^N2(",A02PDP"DT8&X?H=1A+$H2R\"J(HHAB>3Q*X71!2XK!1XB5BX@X50R74X6KAR0EYM%_C52I5D8BF:_^(I&F'!X,("H.`@"H$3K@!'Q83)@,VYN.(MVH3X/4,7%H?QMF,2T*8@-"(PQB4%6[1LGX8-10`X0"2\PP`+(`T#PAE`>"O@E@7DB"H6>A28YAQY91Q2`M#"S6U-5P1"'B`C$B)RN;]4H7?\H5?;]A.'"(:GG@?TWB7M1%`[C%TL1>(!&O?V>/2QN-7@$_Y>'XROILS)TKS$0TG>I2V`L^/QW$`\YS"PMA`)ZZI5*]_"07>*0Q,C@D8U[2_;XC"4YD,0G?_[GM`![@!@@Y=-[3NX\.'$BU82!\/BWI5HE)`@$08`/],LC8N"-1![B,(9]PS$T__F0EWM'.&A25A4:@XLIT.9A)@6_6JB:`G&'5J)B2@DX0YQZ.@CA#41EGAH%H^QYO6`MM$A!!(!!#_'BOZA"NA/EAZ246%*UWNF(WU%B1\>\U$KXADAF(8\H=.N`G%T".IXS#@#IXPB^VVF&!K@+!3J!M&JB2P0`0-(8=Y3:ZA>A6+4%QVU$,F!`$AUY5__