ATX Communications posts $1.32 million loss for September

By Jeff Pines

Washington, Nov. 1 - ATX Communications Inc. posted a $1.32 million loss in September on sales of $20 million, according to a monthly operating report filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

The operating loss for the Bala Cynwyd, Pa.-based telecommunications company was $844,000.

Cash and cash equivalents on Sept. 30 totaled $4.78 million compared with $6.33 million on Aug. 30.

In a separate filing with the court, the committee of unsecured creditors objected to extending the company's exclusive right to file a reorganization plan beyond the Nov. 3 hearing.

The committee said it had only agreed to previous extensions because discussions with the company and its secured creditor, Leucadia National Corp. "raised realistic hope that a consensual deal and plan was fairly close at hand."

But in the last month, negotiations have soured and the committee no longer supports any extensions.

ATX filed for bankruptcy on Jan. 15, 2004. Its Chapter 11 case number is 04-10214.

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