VarTec trustee reports $40.12 million received for remaining assets

By Caroline Salls

Pittsburgh, March 21 - All of VarTec Telecom, Inc.'s known assets have been reduced to cash, released as exempt property or have been or will be abandoned, according to a final report filed Monday with the U.S. Bankruptcy Court for the Northern District of Texas by the company's Chapter 7 trustee.

Trustee Jeffrey H. Mims said he realized $40.12 million of gross receipts from the assets.

Of that amount, $19.55 million went toward administrative expenses and $10.64 million toward other payments to creditors.

The remaining $9.92 million is available for distribution, the report said. A total of $583,955 of that balance will be paid to VarTec's secured creditors.

In addition, $1.23 million will be paid for Chapter 7 administrative expenses, $1.33 million for previous administrative expenses, $1.43 million for priority claims and the rest for general unsecured claims.

VarTec, a Dallas-based telecommunications provider, filed for bankruptcy on Nov. 1, 2004. Its Chapter 7 case number is 04-81694.

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