0001104659-21-088397.txt : 20210702 0001104659-21-088397.hdr.sgml : 20210702 20210701190021 ACCESSION NUMBER: 0001104659-21-088397 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20210701 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210702 DATE AS OF CHANGE: 20210701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FHC Holdings Corp CENTRAL INDEX KEY: 0001399935 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 208874704 FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35239 FILM NUMBER: 211067522 BUSINESS ADDRESS: STREET 1: 8760 CLAY ROAD CITY: Houston STATE: TX ZIP: 77080 BUSINESS PHONE: 713-864-1358 MAIL ADDRESS: STREET 1: 8760 CLAY ROAD CITY: Houston STATE: TX ZIP: 77080 FORMER COMPANY: FORMER CONFORMED NAME: Francesca's Holdings CORP DATE OF NAME CHANGE: 20070518 8-K 1 tm2121281d1_8k.htm FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 1, 2021

 

FHC HOLDINGS CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

    Delaware    
001-35239   (State or Other Jurisdiction of Incorporation)   20-8874704
(Commission File Number)       (I.R.S. Employer Identification
No.)
         

8760 Clay Road,

Houston, Texas

      

 

77080

 (Address of Principal Executive Offices)       (Zip Code)

 

(713) 864-1358

(Registrant’s Telephone Number, Including Area Code)

 

Francesca’s Holding Corporation

(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 satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
None N/A N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 7.01       Regulation FD Disclosure.

 

As previously reported, on December 3, 2020, FHC Holdings Corporation (the “Company”) (f/k/a Francesca’s Holding Corporation) and each of its subsidiaries (together with the Company, the “Debtors”) commenced voluntary cases (the “Chapter 11 Cases”) for relief under chapter 11 of title 11 of the United States Code, §§ 101-1532, et seq. in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Chapter 11 Cases are being jointly administered under the caption In re: Francesca’s Holdings Corporation, et al., Case No. 20-13076 (BLS). 

 

On July 1, 2021, the Debtors filed with the Bankruptcy Court their monthly operating report for the period beginning May 2, 2021 and ending May 29, 2021 (the “Monthly Operating Report”). This Current Report on Form 8-K, including the exhibit hereto (the “Form 8-K”), will not be deemed an admission as to the materiality of any information disclosed herein. The Monthly Operating Report and other documents filed with the Bankruptcy Court are available for review and free of charge online at https://cases.stretto.com/francescas. Documents and other information available on such website are not part of this Form 8-K and are not deemed to be incorporated by reference in this Form 8-K.

 

A copy of the Monthly Operating Report is furnished as Exhibit 99.1 to this report and is incorporated herein by reference. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Cautionary Statement Regarding the Monthly Operating Report

 

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles, is in a format prescribed by applicable bankruptcy laws or rules, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. Results and projections set forth in the Monthly Operating Report should not be viewed as indicative of future results.

  

Cautionary Statement Regarding Forward-Looking Information

 

Certain statements in the Monthly Operating Report are “forward-looking statements” made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and are subject to various risks and uncertainties that may cause actual results to differ materially from those that are expected. These risks and uncertainties include, but are not limited to, the following: risks attendant to the bankruptcy process, including the Company’s ability to obtain court approval from the Bankruptcy Court with respect to the Company’s proposed plan of liquidation filed in the Chapter 11 Cases or other motions or requests made to the Bankruptcy Court throughout the course of the Chapter 11 Cases; the effects of the Chapter 11 Cases, including increased legal and other professional costs incurred in connection with the administration of the Chapter 11 Cases, on the Company’s liquidity (including the availability of operating capital during the pendency of the Chapter 11 Cases); the length of time that the Company will operate under chapter 11 protection; risks associated with third-party motions in the Chapter 11 Cases and the Company’s ability to realize proceeds from remaining assets; Bankruptcy Court rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases in general; risks associated with the Company’s ongoing closing of boutiques in connection with the Company’s completed asset sale; and risks related to the trading of the Company’s common stock on the OTC Pink Market and impacts from the delisting of the Company’s common stock from the Nasdaq Stock Market LLC. For additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from those contained in the Company’s forward-looking statements, please refer to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended February 2, 2020 filed with the SEC on May 1, 2020. The Company undertakes no obligation to publicly update or revise any forward-looking statement.

 

 

 

 

Item 9.01       Financial Statements and Exhibits.

 

(d)  Exhibits

 

Exhibit No.   Description
99.1   Monthly Operating Report

 

 

 

 

SIGNATURES

 

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

 

  FHC HOLDINGS CORPORATION
 
Date: July 1, 2021 By: /s/ Anthony Saccullo
    Anthony Saccullo
    Chief Wind-Down Officer

 

 

 

 EX-99.1 2 tm2121281d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

united states bankruptcy court
district of DELAWARE

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MONTHLY OPERATING REPORT

Reporting Period: May 2, 2021 – May 29, 2021

 

REQUIRED DOCUMENTS Form No. Document
Attached		 Explanation
Attached		 Affidavit/
Supplement
Attached
Schedule of Cash Receipts and Disbursements MOR-1 X X  
Bank Account Balances, Debtor Statement with Respect to Bank Account Reconciliations MOR-1a X X See Attestation
Schedule of Professional Fees and Expenses Paid MOR-1b X    
Copies of bank statements       See Attestation
Cash disbursements journals       See Attestation
Statement of Operations by Legal Entity MOR-2 X X  
Balance Sheet by Legal Entity MOR-3 X X  
Status of Postpetition Taxes       See Attestation
Summary of Unpaid Postpetition Debts MOR-4 X    
Accounts Receivable Reconciliation and Aging MOR-5 X    
Debtor Questionnaire MOR-5 X    
Opening Balance Sheet by Legal Entity Exhibit A X    
Disbursements by Legal Entity Exhibit B X    

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

Signature of Debtor   Date
Anthony M. Saccullo
Wind-Down Officer

 

Page 1 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

Notes to the Monthly Operating Report (“MOR”)

Reporting Period: May 2, 2021 – May 29, 2021

 

General:

 

The Debtors filed for relief under chapter 11 of title 11 of the United States Code, §§ 101-1532, et seq. on December 3, 2020. Per agreement with the Office of the United States Trustee for the District of Delaware (the “U.S. Trustee”), the Debtors have prepared this monthly operating report on a fiscal month basis (this “MOR”) for the period from May 2, 2021 through May 29, 2021.

 

The financial information contained herein is unaudited, limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases. This MOR is not prepared in accordance with GAAP and does not include all of the information and footnotes required thereby. Additionally, certain transactions that would be required to be included in GAAP financial statements are not reflected in this MOR. There can be no assurance that the financial information presented herein is complete, and readers are strongly cautioned not to place reliance on this MOR, which was not prepared for the purpose of providing the basis for an investment decision relating to the Debtors. The unaudited financial statements have been derived from the books and records of the Debtors. The information furnished in this MOR includes certain normal recurring adjustments, but may not include all the adjustments that would typically be made for the quarterly and annual consolidated financial statements in accordance with GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that the Debtors apply in the preparation of its annual financial information in accordance with GAAP. Upon the application of such procedures, the Debtors believe that this financial information may be subject to change, and these changes could be material. The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future reconciliation and adjustment (which may be material). However, the Debtors are not required to publicly update this MOR to reflect more current facts or estimates, or upon the occurrence of future events, including if the facts, estimates, or assumptions upon which this MOR is based change.

 

The Debtors entered into an Asset Purchase Agreement to sell substantially all of the Debtors’ assets to Terramar Capital, LLC (the “Buyer”) effective 11:59 p.m. on January 30, 2021 (the “Sale Transaction”).

 

Notes to MOR-1:

 

Cash is received and disbursed by the Debtors as described in the Debtors' Motion for Entry of Interim and Final Orders (I) Authorizing Continued Use of the Debtors' Existing Cash Management System, Corporate Credit Card Program and Bank Accounts; (II) Waiving Certain United States Trustee Requirements; (III) Extending Time to Comply with Section 345(b) of the Bankruptcy Code; (IV) Authorizing Continued Performance of Intercompany Transactions; and (V) Granting Related Relief [D.I. 29] and is consistent with the Debtors’ historical cash management practices. Cash receipts and disbursements reflected herein include activity from May 2, 2021 to May 29, 2021. Cash receipts and disbursements were derived from the bank statements and accounting system. Cash receipts and disbursements related to intercompany transfers among the Debtors such as cash concentration account sweeps and expense reimbursements, are excluded from total cash receipts and disbursements set forth in MOR-1. Cash receipts and disbursements include certain intercompany expense transactions.

 

Notes to MOR-1a:

 

Amounts listed are the bank balances as of the close of business on May 29, 2021. Copies of the bank statements were not included with this MOR due to the voluminous nature of the statements and are available upon reasonable request in writing to counsel for the Debtors.

 

Page 2 of 15

 

 

Notes to MOR-2 and MOR-3:

 

This MOR has been prepared on a legal entity basis for the Debtors.

 

As a result of the Debtors’ chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under the Debtors’ proposed chapter 11 plan of liquidation [D.I. 737] (as may be amended, altered, or modified, the “Plan”). The amounts currently classified as liabilities subject to compromise may be subject to future adjustments depending on Bankruptcy Court actions, payments pursuant to Bankruptcy Court order, further developments with respect to, among other things, the reconciliation and adjudication of claims, determinations of the secured status of certain claims, the value of any collateral securing such claims, rejection of executory contracts, or other events. The determination of how liabilities will ultimately be settled and treated cannot be made until the Debtors’ proposed Plan is confirmed by the Bankruptcy Court and goes effective and all deadlines to file claims and requests for payment of administrative expenses have passed. The Debtors continue to reconcile claims that have been, or may be, in whole or in part, satisfied through the Sale Transaction consummated in these cases and related transactions and/or agreements. Future MORs will reflect these continuing reconciliation efforts. Accordingly, the ultimate amount of such liabilities is not determinable at this time. No assurance can be given as to the value, if any, that may be ascribed to the Debtors' various prepetition liabilities and other securities.

 

Page 3 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-1

Schedule of Cash Receipts and Disbursements

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

                      Cumulative[1] 
#     FCI   FSC   FHC   FLLC   5/2/21 - 5/29/21 
1  Receipts                         
2  Credit Card and Cash Receipts  $-   $-   $-   $-   $- 
3  Inventory Liquidation   -    -    -    -    - 
4  Federal Tax Refund   -    -    -    -    - 
5  Total Receipts  $-   $-   $-   $-   $- 
                             
6  Operating Disbursements                         
7  Payroll & Taxes   -    -    -    -    - 
8  Rent[2]   6,014    -    -    -    6,014 
9  Inventory   -    -    -    -    - 
10  Sales Tax   -    -    -    -    - 
11  Merchant Fees   -    -    -    -    - 
12  Employee Benefits[3]   218    -    -    -    218 
13  Marketing   -    -    -    -    - 
14  Professional/Computer Services[4]   -    7,045    -    -    7,045 
15  Other A/P[5]   40,908    43,592    -    -    84,500 
16  Total Operating Disbursements   47,140    50,637    -    -    97,777 
                             
17  Net Cash Flow from Operations  $(47,140)  $(50,637)  $-   $-   $(97,777)
                             
18  Non-Operating Disbursements / (Receipts)                         
19  Debt Service   -    -    -    -    - 
20  State Taxes[6]   110,568    -    -    -    110,568 
21  Federal Taxes   -    -    -    -    - 
22  CapEx   -    -    -    -    - 
23  Tenant Allowance   -    -    -    -    - 
24  Total Non-Operating Disbursements / (Receipts)   110,568    -    -    -    110,568 
                             
25  Net Cash Flow Before Restructuring  $(157,708)  $(50,637)  $-   $-   $(208,345)
                             
26  Restructuring Related Disbursements                         
27  Professional Fees[7]   -    -    -    -    - 
28  Credit Card Program Deposits   -    -    -    -    - 
29  Utility Deposit and Other Reserves   -    -    -    -    - 
30  503(b)(9) and Critical Vendor Payments   -    -    -    -    - 
31  KEIP/KERP   -    -    -    -    - 
32  UST Fees[8]   -    494,526    -    -    494,526 
33  DIP Fees & Interest - Term   -    -    -    -    - 
34  DIP Fees & Interest - Revolver   -    -    -    -    - 
35  Prepetition Term Loan Repayment   -    -    -    -    - 
36  Cure Costs   -    -    -    -    - 
37  Funding to Professional Fee Account   -    -    -    -    - 
38  Total Restructuring Related Disbursements   -    494,526    -    -    494,526 
                             
39  Net Cash Flow  $(157,709)  $(545,163)  $-   $-   $(702,870)
                             
40  Beginning Cash Balance  $1,930,696   $346,597   $7,265,739   $-   $9,543,033 
41  Net Cash Flow   (157,709)   (545,163)   -    -    (702,871)
42  Borrowings   -    -    -    -    - 
43  Repayments   -    -    -    -    - 
44  Intercompany   -    -    -    -    - 
45  Change in deposits in transfer   -    -    -    -    - 
46  Ending Cash Balance  $1,772,988   $(198,565)  $7,265,739   $-   $8,840,163 

 

Footnotes:

[1] Cash balance represents book balance, which is net of outstanding checks and may differ from bank balance due to the timing of items being posted to the Debtors’ bank accounts.
[2] Rent disbursements include $6K of January 2021 rent deferral paybacks and $397K of lease cure costs offset by return of cure escrow funded in prior period.
[3] Employee benefits disbursements reflect employee benefit administrative expenses paid in arrears.
[4] Professional/computer services reflect payments to payroll service provider paid in arrears.
[5] Other AP disbursements include payments of franchise, property, and other business taxes, utilities, and bank service charges.
[6] State taxes reflects payment to Texas state tax vendor.
[7] $663K of disbursements for restructuring professional fees were paid out of the professional fee account from amounts funded in prior periods.
[8] UST Fees includes payments to UST for Q1 2021.

 

Page 4 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-1a

Bank Account Balances, Debtor Statement with Respect to Bank Account Reconciliations

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

#  Debtor Entity  Account Number
(Last 4 Digits)		   Bank  Account Type  Period Ended
5/29/2021[1]		 
1  FHC Collections, Inc.   4644   Chase  Checking[2]   1,772,988 
2  FHC Collections, Inc.   4669   Chase  Checking   - 
3  FHC Holdings Corporation   9350   Chase  Checking   7,265,739 
4  FHC Services Corporation   8238   Chase  Checking[3]   (198,565)
5              Reported Cash and Cash Equivalents at 5/29/2021  $8,840,163 
6  FHC Services Corporation   5317   Chase  Professional Fee Account[4]   1,272,676 

 

Footnotes:
[1] Cash balance represents book balance, which is net of outstanding checks and may differ from bank balance due to the timing of items being posted to the Debtors’ bank accounts.
[2] Excludes $(510,137) of cash on bank statement that is property of the Buyer.  Includes $98,998 of outstanding checks not included on bank statement.
[3] Excludes $493,508 of cash on bank statement that is property of the Buyer.  Includes $28,385 of outstanding checks not included on bank statement. As of May 29, 2021, the Debtor’s balance in account 8238 was negative.  The Debtors made an intercompany transfer from account 9350 to account 8238 in June to bring the balance positive.
[4] Professional Fee Account is included in restricted cash on Debtors' Balance Sheet.  Other restricted cash accounts are not included on MOR-1a.

 

Page 5 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-1a

Debtor Attestation to with Respect to Bank Account Reconciliations, Bank Statements and Open/Closed Bank Accounts

Reporting Period: May 2, 2021 – May 29, 2021

 

Bank Account Reconciliations & Cash Disbursement Journal

The Debtors affirm that bank account reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within their financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.

 

Bank Statement

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.

 

Open/Closed Bank Accounts

The Debtors did not open or close any bank accounts in May.

 

Anthony M. Saccullo    Date
Wind-Down Officer   

 

Page 6 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-1b

Schedule of Professional Fees and Expenses Paid

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 
            Period Covered       Amount Paid this Period     Amount Paid Case to Date  
#   Payee   Role   Beginning Date   End Date   Payment Date   Fees     Expenses     Fees     Expenses  
1   Cole Schotz, P.C.   Counsel to the Committee   December 3, 2020   December 31, 2021   5/26/2021   $ 42,161     $ -     $ 467,422      $ 2,336   
2   Cole Schotz, P.C.   Counsel to the Committee   January 1, 2021   January 31, 2021   5/26/2021     51,323       -          
3   O'Melveny & Myers, LLP   Debtors' Counsel   December 3, 2020   December 31, 2021   5/28/2021     179,603       -       2,125,541        459   
4   O'Melveny & Myers, LLP   Debtors' Counsel   January 1, 2021   January 31, 2021   5/28/2021     194,727       -            
5   Province, LLC   Financial Advisor to the Committee   December 3, 2020   December 31, 2021   5/28/2021     37,932       -       496,849        829   
6   Province, LLC   Financial Advisor to the Committee   January 1, 2021   January 31, 2021   5/28/2021     61,438       -            
7   Richards, Layton & Finger, LLP   Debtors' Counsel   December 3, 2020   December 31, 2021   5/28/2021     37,529       -                  
8   Richards, Layton & Finger, LLP   Debtors' Counsel   January 1, 2021   January 31, 2021   5/28/2021     31,237       -       370,786       9,214  
9   Richards, Layton & Finger, LLP   Debtors' Counsel   February 1, 2021   February 28, 2021   5/28/2021     26,953       -                  
10   Total                   $ 662,904     $ -     $ 3,460,597     $ 12,839  

 

Page 7 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-2

Statement of Operations by Legal Entity

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

#  Category  FCI   FSC   FHC   FLLC   Consolidated 
1  Net sales  $-   $-   $-   $-   $- 
2  Cost of goods sold and occupancy costs[1]   38,597    -    -    -    38,597 
3  Gross profit   (38,597)   -    -    -    (38,597)
                             
4  Selling, general and administrative expenses[2]   14,996    256,673    -    -    271,669 
5  (Loss) income from operations   (53,593)   (256,673)   -    -    (310,266)
                             
6  Restructuring (expenses)[3]   -    (1,416,892)   -    -    (1,416,892)
7  Gain (loss) on assets[4]   213,077    123,678    -    -    336,755 
8  Interest income (expense)   -    -    -    -    - 
9  Other income (expense)[5]   12,376    -    -    -    12,376 
10  (Loss) income before income tax expense   171,860    (1,549,887)   -    -    (1,378,027)
                             
11  Income tax expense   60    -    -    -    60 
12  Net (loss) income  $171,801   $(1,549,887)  $-   $-   $(1,378,087)

 

Footnotes:
[1] FCI cost of goods sold & occupancy costs primarily represents a true-up to actuals for telephone expenses.
[2] FSC selling, general and administrative ("SG&A") expenses are primarily related to D&O insurance expense, and also include non-restructuring professional fees and repairs and supplies expense.  FCI SG&A expenses include bank charges for FCI's operating account.
[3] Restructuring expenses includes $0.9M of restructuring professional fees and $0.5M of UST fees.
[4] Gain on assets includes $337K gain as a result of the payment of lease cures.
[5] FCI other income includes a vendor rebate and sales tax refunds.

 

Page 8 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-3

Balance Sheet by Legal Entity

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

Balance Sheet at 05/29/2021

 

#  Category  FCI   FSC   FHC   FLLC   Eliminations   Consolidated 
   Assets                              
   Current Assets                              
1  Cash and cash equivalents  $1,772,988   $(198,565)  $7,265,739   $-   $-   $8,840,163 
2  Accounts receivable[1]   34,152,129    255,292,687    1,250,000    -    (255,292,687)   35,402,129 
3  Inventories   3,796,328    -    -    -    (3,796,328)   - 
4  Prepaid expenses and other current assets[2]   459,834    7,574,696    -    -    -    8,034,531 
5  Total Current Assets   40,181,279    262,668,818    8,515,739    -    (259,089,015)   52,276,822 
                                  
6  Operating lease right-of-use assets, net   -    -    -    -    -    - 
7  Property and equipment, net   -    -    -    -    -    - 
8  Other assets, Net[3]   72,665    (1)   -    -    -    72,664 
                                  
9  Total Assets  $40,253,944   $262,668,818   $8,515,739   $-   $(259,089,015)  $52,349,486 
                                  
   Liabilities And Stockholders' Equity                              
   Current Liabilities                              
10  Accounts payable  $259,064,857   $19,216,894   $857,028   $-   $(255,292,687)  $23,846,091 
11  Accrued liabilities[4]   181,240    240,538    -    -    -    421,778 
12  Current portion of long-term debt   -    -    -    -    -    - 
13  Current portion of operating lease liabilities[5]   54,216,810    -    -    -    -    54,216,810 
14  Total Current Liabilities   313,462,907    19,457,432    857,028    -    (255,292,687)   78,484,679 
                                  
15  Operating lease liabilities   -    -    -    -    -    - 
16  Long-term debt, net   -    -    -    -    -    - 
17  Intercompany liabilities   (209,178,030)   52,147,189    157,551,163    -    (520,322)   - 
                                  
18  Total Liabilities   104,284,877    71,604,621    158,408,190    -    (255,813,009)   78,484,679 
                                  
19  Preferred Stock   -    -    -    -    -    - 
                                  
   Stockholders' Equity                              
20  Common stock   -    1    39,449    -    (2)   39,448 
21  APIC   -    8,609,538    113,157,531    -    (8,609,537)   113,157,532 
22  Retained earnings   (64,030,933)   182,454,658    (103,068,049)   -    5,333,534    20,689,210 
23  Treasury stock   -    -    (160,021,383)   -    -    (160,021,383)
24  Total Stockholders' Equity   (64,030,933)   191,064,197    (149,892,451)   -    (3,276,005)   (26,135,193)
                                  
25  Total Liabilities And Stockholders' Equity  $40,253,944   $262,668,818   $8,515,739   $-   $(259,089,015)  $52,349,486 

 

Footnotes:
[1] Accounts receivable includes $34.0M income tax receivable, a $1.25M promissory note (due December 31, 2021) as a result of the Sale Transaction, and $140K of sales tax receivables.
[2] Prepaid expenses and other current assets include $604K of prepaid assets (primarily related to D&O insurance) and restricted cash as detailed in the table below:

[3] Other assets, Net includes $73K of prepetition boutique utility and security deposits held by FCI.
[4] FCI accrued liabilities includes $167K of accrued payroll taxes and $21K of accrued sales tax, offset by $7K of accrued income tax credits.  FSC accrued liabilities includes $241K of accrued severance and payroll taxes.
[5] Current portion of operating lease liabilities includes $29.1M of unpaid rent, $24.8M of lease rejection damages, and $243K of percent rent accruals.  The leases associated with these liabilities are a part of ongoing negotiations and as such, the liability amount is subject to material change in future periods.

 

Page 9 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

Debtor Attestation with Respect to Postpetition Taxes

Reporting Period: May 2, 2021 – May 29, 2021

 

Anthony M. Saccullo hereby declares under penalty of perjury:

 

I am the Wind-Down Officer appointed by order of the United States Bankruptcy Court for the District of Delaware [D.I. 475] in the above-captioned case to oversee the bankruptcy of the debtors and debtors in possession (collectively the "Debtors"). I am familiar with the Debtors’ day-to-day operations, business affairs, and books and records. I am authorized to submit this statement on behalf of the Debtors.

 

All statements in this statement are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors' operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents, discussions with other employees of the Debtors or opinion.

 

To the best of my knowledge, information, and belief, and except as otherwise set forth in the MOR, all of the Debtors have filed all the necessary federal, state and local tax returns, or extensions related there to, and have timely made (or are in the process of remediating any immaterial late filings or prepayments) all related required postpetition tax payments, which are not subject to dispute or reconciliation, and are current.

 

Anthony M. Saccullo   Date
Wind-Down Officer    

 

Page 10 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-4

Summary of Unpaid Postpetition Debts

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

          Days Past Due[4]     
#  Accounts Payable  Current   0 - 30 Days   31 - 60 Days   61 - 90 Days   > 91 Days   Total 
1  Combined Debtors[1][2][3]  $5,714   $6,237   $11,905   $26,440   $541,305   $591,601 

 

Footnotes:
[1] The postpetition accounts payable represents open and outstanding trade vendor invoices that have been entered into the Debtors’ accounts payable system.
[2] This summary does not include accruals or intercompany payables.
[3] The postpetition accounts payable do not include any amounts for retained professionals.
[4] The Debtors' accounts payable system has incorrect aging information. The Debtors have paid post-petition invoices as they come due.

 

Page 11 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-5

Accounts Receivable Reconciliation and Aging

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

Accounts Receivable Reconciliation            
                
#  Reconciliation  Beginning
Accounts
Receivable		   Change in
Accounts
Receivable		   Ending
Accounts
Receivable		 
1  Total Accounts Receivable[1][2]  $35,402,129   $-   $35,402,129 

 

Accounts Receivable Aging                                
                                    
          Days Past Due             
#  Aging  Current   0 - 30 Days   31 - 60 Days   61 - 90 Days   91+ Days   Total   Uncollectible   AR (Net) 
2  Income Tax Receivables  $34,012,072   $-   $-   $-   $-   $34,012,072   $-   $34,012,072 
3  Transaction Receivables[3]   1,250,000    -    -    -    -    1,250,000    -    1,250,000 
4  Sales Tax Receivables   140,057    -    -    -    -    140,057    -    140,057 
5  Total Accounts Receivable[1][2]  $35,402,129   $-   $-   $-   $-   $35,402,129   $-   $35,402,129 

 

Footnotes:
[1] Amounts are aged from the due date and shown on a gross basis before any adjustment for estimated bad debts and other uncollectable amounts.
[2] This summary does not include any accrued fees, discounts or intercompany receivables.
[3] Transaction receivables includes the $1.25M promissory note due December 31, 2021.

 

Page 12 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

MOR-5

Debtor Questionnaire

Reporting Period: May 2, 2021 – May 29, 2021

 

Must be completed each month Yes No
1. Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, provide an explanation below.   X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period?  If yes, provide an explanation below.   X
3. Have all postpetition tax returns been timely filed?  If no, provide an explanation below. X  
4. Are workers compensation, general liability and other necessary insurance coverages in effect?  If no, provide an explanation below.    X[1]
5. Has any bank account been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.   X

 

 

1 There are no employees or locations being operated by the Debtors as of February 1, 2021. As such, the only insurance policy of the Debtors in effect as of February 1, 2021, is the Debtors’ D&O insurance.

 

Page 13 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

Exhibit A

Balance Sheet by Legal Entity

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

Opening Balance Sheet at 05/02/2021

 

#  Category  FCI   FSC   FHC   FLLC   Eliminations   Consolidated 
   Assets                              
   Current Assets                              
1  Cash and cash equivalents  $1,930,696   $346,597   $7,265,739   $-   $-   $9,543,033 
2  Accounts receivable[1]   34,152,129    255,292,687    1,250,000    -    (255,292,687)   35,402,129 
3  Inventories   3,796,328    -    -    -    (3,796,328)   - 
4  Prepaid expenses and other current assets[2]   856,798    8,412,340    -    -    -    9,269,138 
5  Total Current Assets   40,735,950    264,051,624    8,515,739    -    (259,089,015)   54,214,299 
                                  
6  Operating lease right-of-use assets, net   -    -    -    -    -    - 
7  Property and equipment, net   -    -    -    -    -    - 
8  Other assets, Net[3]   72,888    (1)   -    -    -    72,888 
                                  
9  Total Assets  $40,808,839   $264,051,624   $8,515,739   $-   $(259,089,015)  $54,287,187 
                                  
   Liabilities And Stockholders' Equity                              
   Current Liabilities                              
10  Accounts payable  $259,195,978   $18,947,894   $857,028   $-   $(255,292,687)  $23,708,212 
11  Accrued liabilities[4]   188,681    240,538    -    -    -    429,219 
12  Current portion of long-term debt   -    -    -    -    -    - 
13  Current portion of operating lease liabilities[5]   54,804,944    101,918    -    -    -    54,906,862 
14  Total Current Liabilities   314,189,603    19,290,351    857,028    -    (255,292,687)   79,044,293 
                                  
15  Operating lease liabilities   -    -    -    -    -    - 
16  Long-term debt, net   -    -    -    -    -    - 
17  Intercompany liabilities   (209,178,030)   52,147,189    157,551,163    -    (520,322)   - 
                                  
18  Total Liabilities   105,011,573    71,437,540    158,408,190    -    (255,813,009)   79,044,293 
                                  
19  Preferred Stock   -    -    -    -    -    - 
                                  
   Stockholders' Equity                              
20  Common stock   -    1    39,449    -    (2)   39,448 
21  APIC   -    8,609,538    113,157,531    -    (8,609,537)   113,157,532 
22  Retained earnings   (64,202,734)   184,004,545    (103,068,049)   -    5,333,534    22,067,296 
23  Treasury stock   -    -    (160,021,383)   -    -    (160,021,383)
24  Total Stockholders' Equity   (64,202,734)   192,614,084    (149,892,451)   -    (3,276,005)   (24,757,106)
                                  
25  Total Liabilities And Stockholders' Equity  $40,808,839   $264,051,624   $8,515,739   $-   $(259,089,015)  $54,287,187 

 

Footnotes:
[1] Accounts receivable includes $34.0M income tax receivable, a $1.25M promissory note (due December 31, 2021) as a result of the Sale Transaction, and $140K of sales tax receivables.
[2] Prepaid expenses and other current assets includes $774K of prepaid D&O insurance and restricted cash as detailed in the table below:

[3] Other assets, Net includes $73K of prepetition boutique utility and security deposits held by FCI.
[4] FCI accrued liabilities includes $167K of accrued payroll taxes and $21K of accrued sales tax. FSC accrued liabilities includes $241K of accrued severance and payroll taxes.
[5] Current portion of operating lease liabilities includes $29.9M of unpaid rent, $24.8M of lease rejection damages, and $243K of percent rent accruals.  The leases associated with these liabilities are a part of ongoing negotiations and as such, the liability amount is subject to material change in future periods.

 

Page 14 of 15

 

 

In re: Case No. 20-13076 (BLS)
FHC Holdings Corporation, et al. Reporting Period: May 2, 2021 – May 29, 2021
Debtors

 

Exhibit B

Disbursements by Legal Entity

Reporting Period: May 2, 2021 – May 29, 2021

($’s in USD)

 

#  Debtor Name  Abbreviation  Case Number  Disbursements[1] 
1  FHC Holdings Corporation  FHC  20-13076  $- 
2  FHC, LLC  FLLC  20-13077   - 
3  FHC Collections, Inc.  FCI  20-13078   157,708 
4  FHC Services Corporation  FSC  20-13079   545,163 
5  Total        $702,870 

 

[1] Includes disbursements made May 2, 2021 - May 29, 2021.

 

Page 15 of 15

 

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