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Reorganization Items
9 Months Ended
Sep. 30, 2011
Reorganization Items 
Reorganization Items

 

Note 6                    Reorganization Items

 

In accordance with ASC 852, reorganization items are presented separately in the accompanying consolidated statements of operations and include expenses, gains and losses directly related to the Debtors’ reorganization proceedings.  A summary of reorganization items for the Pre Emergence period is shown below:

 

 

 

Predecessor
Company

 

 

 

January 1 to
February 19, 2010

 

Gain on settlement of pre-petition liabilities (a)

 

$

(1,765.1

)

Pre Emergence gain on settlement of pre-petition liabilities (a)

 

(2.1

)

Revaluation of assets and liabilities (b)

 

(163.1

)

Professional fees directly related to reorganization (c)

 

13.6

 

Rejected leases (d)

 

7.2

 

Compensation and retention (e)

 

1.3

 

Other

 

1.6

 

Total reorganization items

 

$

(1,906.6

)

 

 

(a)           Gain at emergence and Pre Emergence gain on settlement of pre-petition liabilities reflected amounts related to negotiated settlements of pre-petition obligations, pursuant to the Plan of Reorganization, upon and prior to emergence from bankruptcy.

 

(b)           Revaluation of assets and liabilities related to fresh start accounting adjustments in accordance with ASC 852.

 

(c)           Professional fees directly related to reorganization included fees associated with advisors to the Debtors, unsecured creditors and secured creditors.

 

(d)           Rejected leases reflected amounts recorded to settle leases rejected by the Company and approved by the Bankruptcy Court.

 

(e)           Compensation and retention reflected bonus accruals for incentive compensation plans established under the Plan of Reorganization, which were directly linked to the reorganization.

 

Post Emergence payments for reorganization items included $51.2 for the settlement of pre-petition liabilities and $19.2 for professional fees for the period February 20 to September 30, 2010.

 

Pre Emergence payments for reorganization items included $3.9 for the settlement of pre-petition liabilities and $8.4 for professional fees for the period January 1 to February 19, 2010.