EX-99.1 2 a11-15085_1ex99d1.htm EX-99.1

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

Debtors : The Great Atlantic & Pacific Tea Company, Inc. et al. (1)

Case Number: Jointly Administered 10-24549 (RDD)

 

Monthly Operating Report for the Period:

April 24, 2011 to May 21, 2011

 

Debtors’ Address:

2 Paragon Drive

Montvale, NJ 07645

 

Net Loss: $17.2 million

 

Debtors’ Attorneys:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Telephone: (212) 446-4800

Facsimile: (212) 446-4900

James H.M. Sprayregen, P.C.

Paul M. Basta

Ray C. Schrock

 

and

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

Telephone: (312) 862-2000

Facsimile: (312) 862-2200

James J. Mazza, Jr.

 

Report Preparer:

 

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies under the penalty of perjury that the information contained therein is complete, accurate and truthful to the best of my knowledge. (2)

 

 

Date: June 15, 2011

/s/ Frederic F. Brace

 

Frederic F. Brace

 

Chief Administrative Officer,

 

Chief Restructuring Officer and

 

Chief Financial Officer

 


(1)          See Schedule 1 for a listing of Debtor by case number

(2)          All amounts herein are unaudited and subject to revision.  The Debtors reserve all rights to revise this report.

 

Case No. 10-24549 (RDD) Jointly Administered

 

1



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al. (1)

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR MAY 2011

TABLE OF CONTENTS

 

 

PAGE

Unaudited Financial Statements as of and for the four weeks ended May 21, 2011

 

 

 

Consolidated Statement of Operations

3

 

 

Consolidated Balance Sheet

4

 

 

Consolidated Statement of Cash Flows

5

 

 

Notes to Monthly Operating Report

7

 

 

Schedules:

 

 

 

Schedule 1: Schedule of Disbursements

13

 

 

Schedule 2: Debtor Questionnaire

14

 

 

Schedule 3: Consolidating Statements of Operations for the four weeks ended May 21, 2011

15

 

 

Schedule 4: Consolidating Balance Sheets as of May 21, 2011

16

 


(1)          See Schedule 1 for a listing of Debtor by case number.

 

Case No. 10-24549 (RDD) Jointly Administered

 

2



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al. (1)

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR MAY 2011

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited — in thousands)

 

 

 

Four Weeks Ended

 

 

 

May 21, 2011

 

 

 

 

 

Sales

 

$

533,729

 

Cost of merchandise sold

 

(385,849

)

Gross margin

 

147,880

 

Store operating, general and administrative expense

 

(176,569

)

Loss from continuing operations before interest expense, reorganization items, net and income taxes

 

(28,689

)

Interest expense

 

(10,851

)

Reorganization items, net

 

(1,388

)

Loss from continuing operations before income taxes

 

(40,928

)

Provision for income taxes

 

(35

)

Loss from continuing operations

 

(40,963

)

Discontinued operations:

 

 

 

Loss from operations of discontinued businesses

 

(275

)

Reorganization items

 

24,079

 

Income from discontinued operations

 

23,804

 

Net loss

 

$

(17,159

)

 


(1) See Schedule 1 for a listing of Debtor by case number.

 

See accompanying notes to consolidated financial statements.

 

Case No. 10-24549 (RDD) Jointly Administered

 

3



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al. (1)

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR MAY 2011

CONSOLIDATED BALANCE SHEET

(Unaudited — in thousands)

 

 

 

As of

 

 

 

May 21, 2011

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

 

$

314,865

 

Restricted cash

 

1,731

 

Accounts receivable, net of allowance for doubtful accounts of $6,377 at May 21, 2011

 

175,503

 

Inventories, net

 

419,001

 

Prepaid expenses and other current assets

 

35,733

 

Total current assets

 

946,833

 

 

 

 

 

Non-current assets:

 

 

 

Property:

 

 

 

Property owned, net

 

1,114,238

 

Property leased under capital leases, net

 

61,059

 

Property, net

 

1,175,297

 

Goodwill

 

110,412

 

Intangible assets, net

 

121,813

 

Other assets

 

140,024

 

Total assets

 

$

2,494,379

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ DEFICIT

 

 

 

Current liabilities:

 

 

 

Accounts payable

 

$

115,109

 

Book overdrafts

 

22,186

 

Accrued salaries, wages and benefits

 

103,457

 

Accrued taxes

 

29,289

 

Other accrued liabilities

 

85,964

 

Total current liabilities

 

356,005

 

 

 

 

 

Non-current liabilities:

 

 

 

Debtor-in-possession credit agreement

 

350,000

 

Other non-current liabilities

 

74,380

 

Total liabilities not subject to compromise

 

780,385

 

Liabilities subject to compromise

 

2,812,310

 

Total liabilities

 

3,592,695

 

 

 

 

 

Series A redeemable preferred stock — no par value, $1,000 redemption value; authorized — 700,000 shares; issued — 179,020 shares

 

144,763

 

 

 

 

 

Stockholders’ deficit:

 

 

 

Common stock — $1 par value; authorized — 160,000,000 shares; issued and outstanding — 53,852,470 shares at May 21, 2011

 

53,852

 

Additional paid-in capital

 

509,670

 

Accumulated other comprehensive loss

 

(75,309

)

Accumulated deficit

 

(1,731,292

)

Total stockholders’ deficit

 

(1,243,079

)

Total liabilities and stockholders’ deficit

 

$

2,494,379

 

 


(1) See Schedule 1 for a listing of Debtor by case number.

 

See accompanying notes to consolidated financial statements.

 

Case No. 10-24549 (RDD) Jointly Administered

 

4



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al. (1)

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR MAY 2011

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited — in thousands)

 

 

 

Four Weeks Ended

 

 

 

May 21, 2011

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net loss

 

$

(17,159

)

Adjustments to reconcile net loss to net cash used in operating activities (see next page)

 

(7,833

)

Changes in assets and liabilities:

 

 

 

Decrease in receivables

 

8,613

 

Increase in inventories

 

(10,902

)

Increase in prepaid expenses and other current assets

 

(4,007

)

Increase in other assets

 

(732

)

Decrease in accounts payable

 

(2,604

)

Decrease in accrued salaries, wages and benefits, and taxes

 

(8,295

)

Decrease in other accruals

 

(2,547

)

Increase in other non-current liabilities

 

542

 

Payments for reorganization items

 

(4,861

)

Other operating activities, net

 

(127

)

Net cash used in operating activities

 

(49,912

)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Expenditures for property

 

(1,645

)

Proceeds from disposal of property

 

5,460

 

Net cash provided by investing activities

 

3,815

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Principal payments on long term debt

 

(14

)

Principal payments on capital leases

 

(829

)

Payment of financing fees for debtor-in-possession financing

 

(255

)

Decrease in book overdrafts

 

(2,989

)

Net cash used in financing activities

 

(4,087

)

 

 

 

 

Net decrease in cash and cash equivalents

 

(50,184

)

Cash and cash equivalents at beginning of period

 

365,049

 

Cash and cash equivalents at end of period

 

$

314,865

 

 


(1) See Schedule 1 for a listing of Debtor by case number.

 

See accompanying notes to consolidated financial statements.

 

Case No. 10-24549 (RDD) Jointly Administered

 

5



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al. (1)

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR MAY 2011

CONSOLIDATED STATEMENT OF CASH FLOWS — CONTINUED

(Unaudited — in thousands)

 

ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES:

 

 

 

Four Weeks Ended

 

 

 

May 21, 2011

 

 

 

 

 

Depreciation and amortization

 

$

14,601

 

Gain on write down of property

 

(8

)

Non-cash interest expense

 

263

 

Reorganization items related to continued operations

 

1,388

 

Reorganization items related to discontinued operations

 

(24,079

)

Amortization of deferred real estate income

 

(253

)

Financing fees for debtor-in-possession financing

 

255

 

Total adjustments to net loss

 

$

(7,833

)

 


(1) See Schedule 1 for a listing of Debtor by case number.

 

See accompanying notes to consolidated financial statements.

 

Case No. 10-24549 (RDD) Jointly Administered

 

6



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

MONTHLY OPERATING REPORT FOR MAY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

1.              Background

 

General

 

The Great Atlantic & Pacific Tea Company, Inc. (“we,” “our,” “us” or “our Company”) is engaged in the retail food business.  Our Company operates stores under the following trade names: A&P®, SuperFresh®, Waldbaum’s®, Super Foodmart®, Food Basics®, The Food Emporium®, Best Cellars®, Best Cellars at A&P®, Pathmark® and Pathmark Sav-A-Center®.

 

Chapter 11 Reorganization Cases

 

On December 12, 2010 our Company and all of its U.S. subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Filing”) under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).   Our Company’s non-U.S. subsidiaries, which are immaterial on a consolidated basis and have no retail operations, were not part of the Bankruptcy Filing. The Debtors are authorized to operate their businesses and manage their properties as “Debtors-in-Possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

 

We are currently operating pursuant to the Bankruptcy Filing and continuation of our Company as a going-concern is contingent upon, among other things, our ability (i) to comply with the terms and conditions of the DIP Credit Agreement described in Note 4 to this Monthly Operating Report; (ii) to develop a plan of reorganization and obtain confirmation under the Bankruptcy Code; (iii) to reduce debt and other liabilities through the bankruptcy process; (iv) to return to profitability, including necessary near-term cost concession from our business and labor partners beginning as early as June 2011 with the benefits reflected in our results shortly thereafter; (v) to generate sufficient cash flow from operations; and (vi) to obtain financing sources to meet our future obligations.  The uncertainty regarding these matters raises substantial doubt about our ability to continue as a going concern.

 

2.              Basis of Presentation

 

Debtors-in-Possession Financial Statements

 

The unaudited consolidated financial statements and supplemental information contained herein represent the consolidated financial information for the Debtors as of and for the four weeks ended May 21, 2011. Non-Debtor subsidiaries are deemed to be immaterial on a consolidated basis and related income statement and balance sheet activity has been reported separately on Schedule 3 and Schedule 4 under the column “Foreign Non-Debtor”.

 

Our Company was required to apply the FASB’s provisions of Reorganizations effective on December 12, 2010, which is applicable to companies in chapter 11, which generally does not change the manner in which financial statements are prepared.  However, it does require that the financial statements for periods subsequent to the Bankruptcy Filing distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.

 

The unaudited consolidated financial statements have been derived from the books and records of our Company. Certain financial information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and upon the application of such procedures (such as tests for asset impairment), we believe that the financial information will be subject to changes, and these changes could be material. The financial information furnished in this report includes primarily normal recurring adjustments but does not include all of the adjustments that would typically be made for quarterly financial statements in accordance with U.S. GAAP. As of May 21, 2011, all balances are subject to further review and reclassification. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, this report should be read in conjunction with our Company’s audited consolidated financial statements on Form 10-K as of and for the period ended February 26, 2011.

 

Case No. 10-24549 (RDD) Jointly Administered

 

7



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

MONTHLY OPERATING REPORT FOR MAY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

The results of operations contained herein are not necessarily indicative of the results which may be expected for any other period or for the full year and may not necessarily reflect the combined results of operations, financial position and cash flows of our Company in the future.

 

Intercompany Transactions

 

Intercompany transactions between Debtor entities, as well as between Debtor and Non-Debtor subsidiaries, include, but are not limited to, intercompany cash sweep arrangements, intercompany financing arrangements, intercompany wages and intercompany inventory procurement.  The intercompany financing agreements include two loans from two of the Non-Debtor foreign subsidiaries to Shopwell, Inc., a Debtor of our Company; a 3.562% loan due on May 27, 2013 with an outstanding balance of principal and interest of approximately $94.0 million from A&P Bermuda Limited and a 2.85% loan due on January 15, 2014 with an outstanding balance of principal and interest of approximately $0.1 million from APTEA Hungry Liquidity Management Limited Liability Company. All payments between the Debtor and Non-Debtor entities have been stayed at this time and we did not record contractual interest expense subsequent to the Bankruptcy filing. The intercompany balances due to / from entities, as shown on individual entities’ balance sheets included in the accompanying Consolidating Balance Sheet, represent the accumulation of activity over time.  These balances between Debtor entities have not been eliminated in the accompanying Consolidating Balance Sheets. Certain intercompany transactions have been eliminated in the accompanying Consolidated Statement of Operations.  Intercompany balances between the Debtor and Non-Debtor entities have been shown net in the consolidated financial statements.

 

Interest Expense

 

We recorded all contractual interest on secured debt for the four weeks ended May 21, 2011. We recorded interest accretion expense for capital leases and real estate liabilities, self-insurance reserves, GHI and corporate owned life insurance (“COLI”) obligations. Although we have recorded interest accretion expense, we have not made a final determination as to the value of any underlying assets or the rejection/assumption of any of the obligations.  Once a determination is made, the accretion of the interest expense may change. We did not record contractual interest expense of $3.5 million for unsecured debt which is subject to compromise for the four weeks ended May 21, 2011.  Debt discounts and deferred financing fees for all debt which is subject to compromise were reclassified into the carrying value of the respective indebtedness upon the Bankruptcy Filing and the balances were then adjusted to the face value of the debt.  As a result of this reclassification, we ceased amortization of deferred financing fees and discounts effective as of the Bankruptcy Filing date. Such amounts may need to be adjusted in future periods.

 

Taxes and Insurance

 

We received approval to pay pre-petition employee withholding obligations in addition to employment and wage related taxes, sales and use taxes, and certain other taxes due in the normal course of business through certain court orders. As such, we have paid the applicable taxes when due except for amounts that are in dispute.

 

All post-petition tax obligations to the proper taxing authorities are current.  Deferred tax liabilities of $28.3 million are included within “Other accrued liabilities” in the Consolidated Balance Sheet.  Pre-petition amounts owed for our pro-rata portion of certain taxes for which we reimburse third parties have not been paid.

 

Additionally, all insurance premiums are current and all insurance policies are in force as of May 21, 2011.

 

Other non-current liabilities

 

Other non-current liabilities are comprised of $62.0 million for Non-Debtor obligations for COLI, $11.8 million for self-insurance reserves and $0.6 million for deferred income that were incurred subsequent to the Bankruptcy Filing.  These amounts are not subject to compromise under the Bankruptcy Filing.

 

3.              Proceeds from Disposal of Property

 

In February 2011, our Company filed a motion seeking approval from the United States Trustee to close 32 stores in six states as we continue to fully implement our comprehensive financial and operational restructuring.  In connection with these store closures, our Company sold certain fixed assets within these stores for cash proceeds of approximately $5.5 million, which were received during our third period ended May 21, 2011.

 

Case No. 10-24549 (RDD) Jointly Administered

 

8



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

MONTHLY OPERATING REPORT FOR MAY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

4.              DIP Credit Agreement

 

In connection with the Bankruptcy Filing, on December 13, 2010, the Bankruptcy Court entered its interim financing order, among other things, permitting us to enter into a Superpriority Debtor-in-Possession Credit Agreement (as amended and restated by that certain Amended and Restated Superpriority Debtor-in-Possession Credit Agreement dated as of December 21, 2010 and further amended by that certain First Amendment thereto dated January 10, 2011, the “DIP Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent (in such capacity, the “Agent”), the lenders from time to time party thereto (collectively, the “DIP Lenders”) and our Company and certain subsidiaries as borrowers thereunder. On December 14, 2010, we satisfied all of the conditions to the effectiveness of the DIP Credit Agreement and consummated the transactions contemplated thereunder including the refinancing in full of our Company’s and its applicable subsidiaries’ obligations under the pre-existing first lien credit facility. Pursuant to the terms of the DIP Credit Agreement:

 

·                  the DIP Lenders agreed to lend up to $800.0 million in the form of a $350.0 million term loan and a $450.0 million revolving credit facility with a $250.0 million sublimit for letters of credit, in each case subject to the terms and conditions therein;

 

·                  our Company’s and the Subsidiary Borrower’s obligations under the DIP Credit Agreement and the other specified loan documents are guaranteed by our Company’s certain other subsidiaries that are Debtors (“Subsidiary Guarantors” and, together with our Company and the Subsidiary Borrowers, the “Loan Parties”); and

 

·                  the Loan Parties’ obligations under the DIP Credit Agreement and such other specified loan documents are secured by a security interest in, and lien upon, substantially all of the Loan Parties’ existing and after-acquired personal and real property, having the priority and subject to the terms therein and in the order(s) entered into by the Bankruptcy Court, as applicable.

 

Our Company will have the option to have interest on the revolving loans under the revolving credit facility provided under the DIP Credit Agreement accrue at an alternate base rate plus 200 basis points or at adjusted LIBOR plus 300 basis points. Our Company will have the option to have interest on the term loan provided under the DIP Credit Agreement accrue at an alternate base rate plus 600 basis points or at adjusted LIBOR (with a floor of 175 basis points) plus 700 basis points. The DIP Credit Agreement limits, among other things, our Company’s and the other Loan Parties’ ability to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) prepay certain indebtedness and make other restricted payments, (v) enter into sale and leaseback transactions and (vi) modify the terms of certain indebtedness and certain material contracts. The DIP Credit Agreement also contains certain financial covenants, including a minimum excess availability covenant of $100.0 million, minimum liquidity covenant of $100.0 million and minimum cumulative EBITDA covenant as defined in the DIP Credit Agreement.  Minimum cumulative EBITDA measured beginning on April 24, 2011 is as follows (in millions):

 

Date

 

Minimum Cumulative EBITDA

 

August 13, 2011

 

$

 —

 

September 10, 2011

 

 10.0

 

October 8, 2011

 

20.0

 

November 5, 2011

 

35.0

 

December 3, 2011

 

50.0

 

December 31, 2011

 

65.0

 

January 28, 2012

 

90.0

 

February 25, 2012

 

100.0

 

March 24, 2012

 

110.0

 

April 21, 2012

 

125.0

 

May 19, 2012

 

 150.0

 

June 16, 2012

 

175.0

 

 

Case No. 10-24549 (RDD) Jointly Administered

 

9



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

MONTHLY OPERATING REPORT FOR MAY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

We are currently in compliance with all covenants.  Meeting our EBITDA covenant requires increasing levels of performance throughout the year.  Achieving this improving performance will require our Company to successfully implement our business improvement initiatives beginning as early as June 2011 with the benefits reflected in our results shortly thereafter. The DIP Credit Agreement matures upon the earliest to occur of (a) June 14, 2012, (b) the acceleration of the loans and the termination of the commitment thereunder, and (c) the substantial consummation (as defined in Section 1101(2) of the Bankruptcy Code, which for purposes hereof shall be no later than the effective date thereof) of a plan of reorganization that is confirmed pursuant to an order entered by the Bankruptcy Court. The Bankruptcy Court entered a final order approving the DIP Credit Agreement on January 11, 2011.

 

5.              Reorganization Items, net

 

Reorganization items represent amounts incurred as a direct result of the Bankruptcy Filing and was comprised of the following:

 

 

 

Four Weeks Ended

 

 

 

May 21, 2011

 

 

 

(in thousands)

 

 

 

 

 

Professional fees

 

$

(5,442

)

US Trustee fees

 

(167

)

Write-off of deferred real estate income — continuing operations

 

4,221

 

Reorganizations items, net — continuing operations

 

(1,388

)

Write-off of deferred real estate income — discontinued operations

 

24,079

 

Total reorganization items, net

 

$

22,691

 

 

Professional fees of approximately $5.4 million were accrued and $2.2 million were paid for the four weeks ended May 21, 2011.  We paid approximately $2.4 million for Professional fees and $0.3 million for U.S. Trustee fees that were previously accrued related to our Bankruptcy Filing. U.S. Trustee fees of approximately $0.2 million were accrued for the four weeks ended May 21, 2011.

 

We have rejected 9 of our assigned leases through the bankruptcy process and wrote-off the related fixed assets and deferred real estate income classified as “Liabilities subject to compromise” of approximately $13.5 million and $41.8 million, respectively.

 

6.              Liabilities Subject to Compromise

 

As a result of the Bankruptcy Filing, the payment of pre-petition indebtedness is subject to compromise or other treatment under a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-Bankruptcy Filing liabilities are stayed. Although payment of pre-petition claims generally is not permitted, the Bankruptcy Court granted the Debtor authority to pay certain pre-petition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of our Company’s businesses and assets. Among other things, the Bankruptcy Court authorized us to pay certain pre-petition claims relating to employee wages and benefits, customers, vendors, and suppliers.

 

We have been paying and intend to continue to pay undisputed post-petition claims in the ordinary course of business. In addition, we may reject pre-petition executory contracts and unexpired leases with respect to our operations, with the approval of the Bankruptcy Court. Any damages resulting from rejection of executory contracts and unexpired leases are treated as general unsecured claims and will be classified as “Liabilities subject to compromise” on the Consolidated Balance Sheet. We will notify all known claimants subject to the bar date of their need to file a proof of claim with the Bankruptcy Court. A bar date is the date by which claims against our Company must be filed if the claimants disagree with the amounts included in our schedule of assets and liabilities filed with the United States Trustee and wish to receive any distribution in the Bankruptcy Filing. A bar date of June 17, 2011 has been set by the Bankruptcy Court. Differences between liability amounts estimated by our Company and claims filed by creditors will

 

Case No. 10-24549 (RDD) Jointly Administered

 

10



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

MONTHLY OPERATING REPORT FOR MAY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

be investigated and, if necessary, the Bankruptcy Court will make a final determination of the allowable claims. The ultimate amount of such liabilities is not determinable at this time.

 

Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts.  The amounts currently classified as “Liabilities subject to compromise” may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, or other events.  We expect that certain amounts currently classified as “Liabilities subject to compromise” may in fact be paid in the ordinary course as they come due.  Any resulting changes in classification will be reflected in subsequent monthly operating reports.

 

Liabilities subject to compromise consist of the following:

 

 

 

As of May 21, 2011

 

 

 

(in thousands)

 

Accounts payable

 

$

212,531

 

Accrued salaries, wages, and benefits

 

10,941

 

Self-insurance reserves

 

382,937

 

Closed store and warehouse reserves

 

158,575

 

Pension withdrawal liabilities

 

98,320

 

GHI contractual liability for employee benefits

 

94,281

 

Accrued occupancy related costs for open stores

 

24,587

 

Deferred income

 

68,169

 

Deferred real estate income

 

44,602

 

Accrued audit, legal and other

 

7,065

 

Accrued interest

 

40,746

 

Other postretirement and postemployment benefits

 

41,634

 

Other accruals

 

8,335

 

Pension plan benefits

 

128,340

 

Deferred rent liabilities

 

56,464

 

Unfavorable lease liabilities

 

4,050

 

Other noncurrent liabilities

 

11,603

 

5.125% Convertible Senior Notes, due June 15, 2011

 

165,000

 

Related Party Promissory Note, due August 18, 2011

 

10,000

 

9.125% Senior Notes, due December 15, 2011

 

12,840

 

6.750% Convertible Senior Notes, due December 15, 2012

 

255,000

 

11.375% Senior Secured Notes, due August 4, 2015

 

260,000

 

9.375% Notes, due August 1, 2039

 

200,000

 

Other debt

 

2,622

 

Obligations under capital leases

 

114,482

 

Real estate liabilities

 

399,186

 

Total liabilities subject to compromise

 

$

2,812,310

 

 

Liabilities subject to compromise include liabilities related to pre-petition purchases and interest payments, some of which were scheduled for payment in the May 2011 period.  As a result, the May 2011 cash flows from operations were favorably affected by the stay of payment related to the liabilities.

 

Rejected Leases

 

We have rejected 98 of our leases through the bankruptcy process and reduced the reserve balance associated with these leases by $192.7 million, net to the allowable claim for damages of $130.2 million. The remaining closed store reserve balance of $27.0 million relates to locations for which the leases have not been rejected as of May 21, 2011.

 

We have rejected 9 of our assigned leases through the bankruptcy process and wrote-off the related fixed assets and deferred real estate income classified as “Liabilities subject to compromise” of approximately $13.5 million and $41.8 million, respectively.

 

Case No. 10-24549 (RDD) Jointly Administered

 

11



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

MONTHLY OPERATING REPORT FOR MAY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

Non-Debtor Financing Agreements

 

Intercompany financing agreements with foreign Non-Debtor subsidiaries of $94.1 million are not reflected in the above liabilities subject to compromise table as these amounts were eliminated on a consolidated basis.

 

7.              Post-petition Accounts Payable and Accrued Expenses

 

To the best of our knowledge, all undisputed post-petition accounts payable and accrued expenses have been paid, or are being paid under agreed-upon payment terms.

 

Case No. 10-24549 (RDD) Jointly Administered

 

12



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

MONTHLY OPERATING REPORT FOR MAY 2011

SCHEDULE 1: SCHEDULE OF DISBURSEMENTS

 

Case
Number:

 

Debtor Name:

 

Disbursements for the
four weeks ended
May 21, 2011:

 

087-10-24548

 

APW SUPERMARKETS, INC.

 

$

35,338,246.71

 

087-10-24549

 

THE GREAT ATLANTIC & PACIFIC

 

140,980,124.67

 

087-10-24550

 

2008 BROADWAY, INC.

 

 

087-10-24551

 

AAL REALTY CORPORATION

 

 

087-10-24552

 

ADBRETT CORPORATION

 

 

087-10-24553

 

AMSTERDAM TRUCKING CORPORATION

 

 

087-10-24554

 

APW SUPERMARKET CORPORATION

 

 

087-10-24555

 

BERGEN STREET PATHMARK, INC.

 

 

087-10-24556

 

BEST CELLARS DC, INC.

 

 

087-10-24557

 

BEST CELLARS, INC.

 

150,144.26

 

087-10-24558

 

BEST CELLARS LICENSING, CORP.

 

 

087-10-24559

 

BEST CELLARS MASSACHUSETTS, INC.

 

8.11

 

087-10-24560

 

BEST CELLARS VA, INC.

 

25,397.95

 

087-10-24561

 

BEV, LTD

 

149,136.74

 

087-10-24562

 

BORMAN’S INC.

 

50,527.01

 

087-10-24563

 

BRIDGE STUART, INC.

 

 

087-10-24564

 

CLAY-PARK REALTY, CORP.

 

 

087-10-24565

 

COMPASS FOODS, INC.

 

 

087-10-24566

 

EAST BRUNSWICK STUART, LLC

 

 

087-10-24567

 

FARMER JACKS OF OHIO, INC.

 

 

087-10-24568

 

FOOD BASICS, INC.

 

6,997,574.56

 

087-10-24569

 

GRAMATAN FOODTOWN CORP.

 

 

087-10-24570

 

GRAPE FINDS AT DUPONT, INC.

 

 

087-10-24571

 

GRAPE FINDS LICENSING, CORP.

 

 

087-10-24572

 

GREENLAWN LAND DVLPMNT, CORP.

 

 

087-10-24573

 

HOPELAWN PROPERTY I, INC.

 

3,378.08

 

087-10-24574

 

KOHL’S FOOD STORES, INC.

 

 

087-10-24575

 

KWIK SAVE, INC.

 

 

087-10-24576

 

LANCASTER PIKE STUART, LLC

 

 

087-10-24577

 

LBRO REALTY, INC.

 

 

087-10-24578

 

MAC DADE BOULEVARD STUART, LLC

 

 

087-10-24579

 

MCLEAN AVENUE PLAZA, CORP.

 

 

087-10-24580

 

MILIK SERVICE COMPANY, LLC

 

 

087-10-24581

 

MONTVALE HOLDINGS, INC.

 

 

087-10-24582

 

N. JERSEY PROPERTIES, INC. VI

 

 

087-10-24583

 

ONPOINT, INC.

 

 

087-10-24584

 

PATHMARK STORE, INC.

 

104,353,645.36

 

087-10-24585

 

PLAINBRIDGE, LLC

 

302,185,385.15

 

087-10-24586

 

SEG STORES, INC.

 

11,652.31

 

087-10-24587

 

SHOPWELL, INC.

 

12,119,002.06

 

087-10-24588

 

SHOPWELL, INC.

 

 

087-10-24589

 

SPRING LANE PRODUCE CORP.

 

 

087-10-24590

 

SUPER FRESH FOOD MARKETS, INC.

 

17,254,196.37

 

087-10-24591

 

SUPER FRESH/SAV A CENTER, INC.

 

27,506.35

 

087-10-24592

 

SUPER MARKET SERVICES, CORP.

 

 

087-10-24593

 

SUPER PLUS FOOD WAREHOUSE, INC.

 

 

087-10-24594

 

SUPERMARKETS OIL COMPANY, INC.

 

 

087-10-24595

 

THE FOOD EMPORIUM, INC.

 

 

087-10-24596

 

THE OLD WINE EMPORIUM

 

200,079.34

 

087-10-24597

 

THE S. DAKOTA GREAT ATLANTIC

 

 

087-10-24598

 

TRADEWELL FOODS OF CONN., INC.

 

569,183.06

 

087-10-24599

 

UPPER DARBY STUART, LLC

 

 

087-10-24600

 

WALDBAUM, INC.

 

1,797,732.66

 

087-10-24601

 

LO-LO DISCOUNT STORES, INC.

 

153,210.21

 

 

 

GRAND TOTALS:

 

$

622,366,130.96

 

 

Certain Debtor entities make disbursements on behalf of the other Debtor entities.  Every effort has been made to accurately represent the disbursements made on behalf of each affiliated debtor.

 

Case No. 10-24549 (RDD) Jointly Administered

 

13



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al. (1)

MONTHLY OPERATING REPORT FOR MAY 2011

SCHEDULE 2: DEBTOR QUESTIONNAIRE

 

 

 

Must be completed each month. If the answer to any of the questions is “Yes”, provide
a detailed explanation of each item. Attach additional sheets if necessary.

 

Yes

 

No

1.

 

Have any assets been sold or transferred outside the normal course of business this reporting period?

 

 

 

ü

2.

 

Have any funds been disbursed from any account other than a debtor-in-possession account this reporting period?

 

ü(a)

 

 

3.

 

Is the Debtor delinquent in the timely filing of any post-petition tax returns?

 

 

 

ü

4.

 

Are worker compensation, general liability or other necessary insurance coverage expired or cancelled, or has the Debtor received notice of expiration or cancellation of such policies?

 

 

 

ü

5.

 

Is the Debtor delinquent in paying any insurance premium payment?

 

 

 

ü

6.

 

Have any payments been made on pre-petition liabilities this reporting period?

 

ü(b)

 

 

7.

 

Are any post-petition receivables (accounts, notes, or loans) due from related parties?

 

 

 

ü

8.

 

Are any post-petition payroll taxes past due?

 

 

 

ü

9.

 

Are any post-petition State or Federal income taxes past due?

 

 

 

ü

10.

 

Are any post-petition real estate taxes past due?

 

 

 

ü

11.

 

Are any other post-petition taxes past due?

 

 

 

ü

12.

 

Have any pre-petition taxes been paid during this reporting period?

 

 

 

ü

13.

 

Are any amounts owed to post-petition creditors delinquent?

 

 

 

ü

14.

 

Are any wage payments past due?

 

ü(c)

 

 

15.

 

Have any post-petition loans been received by the Debtor from any party?

 

 

 

ü

16.

 

Is the Debtor delinquent in paying any U.S. Trustee fees?

 

 

 

ü

17.

 

Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?

 

 

 

ü

18.

 

Have the owners or shareholder received any compensation outside of the normal course of business?

 

 

 

ü

 


Explanations to “Yes” answers:

 

(a)          Funds have been disbursed from Rule 501(c)3 non-profit organizations, affiliates of our Company, in the normal course of operations.

(b)          Payments made on certain pre-petition liabilities were made pursuant to various court orders.

(c)          Certain severance payments have not been made and have been classified as part of “liabilities subject to compromise”; however, wage payments for existing employees are current.

 

(1)          See Schedule 1 for a listing of Debtor by case number.

 

Case No. 10-24549 (RDD) Jointly Administered

 

14



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR MAY 2011

SCHEDULE 3: CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE FOUR WEEKS ENDED MAY 21, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APW Supermarket

 

Bev LTD

 

Borman’s Inc

 

Shopwell

 

Super Fresh/Sav

 

Super Fresh

 

The Great A&P

 

The Old Wine

 

Tradewell Foods

 

 

 

 

 

 

 

 

 

 

 

-A-Center

 

Food Markets

 

Tea Co

 

Emporium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24548

 

10-24561

 

10-24562

 

10-24587

 

10-24591

 

10-24590

 

10-245549

 

10-24596

 

10-24598

 

Sales

$

82,017 

$

147 

$

 -     

$

20,788 

$

 -     

$

36,751 

$

156,566 

$

213 

$

1,283 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of merchandise sold

 

(58,556)

 

(118)

 

-     

 

(11,552)

 

-     

 

(25,693)

 

(109,570)

 

(167)

 

(849)

 

Gross margin

 

23,461 

 

29 

 

-     

 

9,236 

 

-     

 

11,058 

 

46,996 

 

46 

 

434 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store operating, general and administrative expense

 

(26,621)

 

(44)

 

(63)

 

(7,657)

 

(122)

 

(13,000)

 

(55,384)

 

(45)

 

(369)

 

(Loss) income from continuing operations before interest expense, reorganization items, net and income taxes

 

(3,160)

 

(15)

 

(63)

 

1,579 

 

(122)

 

(1,942)

 

(8,388)

 

 

65 

 

Interest expense

 

(396)

 

-     

 

-     

 

-     

 

-     

 

(216)

 

(7,624)

 

-     

 

-     

 

Reorganization items, net

 

3,125 

 

-     

 

-     

 

-     

 

-     

 

-     

 

(5,609)

 

-     

 

-     

 

(Loss) income from continuing operations before income taxes

 

(431)

 

(15)

 

(63)

 

1,579 

 

(122)

 

(2,158)

 

(21,621)

 

 

65 

 

Provision for income taxes

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

(35)

 

-     

 

-     

 

(Loss) income from continuing operations

 

(431)

 

(15)

 

(63)

 

1,579 

 

(122)

 

(2,158)

 

(21,656)

 

 

65 

 

(Loss) income from discontinued operations

 

-     

 

-     

 

(278)

 

-     

 

 

-     

 

-     

 

-     

 

-     

 

Reorganization items

 

-     

 

-     

 

8,851 

 

-     

 

15,228 

 

-     

 

-     

 

-     

 

-     

 

Income (loss) from discontinued operations

 

-     

 

-     

 

8,573 

 

-     

 

15,231 

 

-     

 

-     

 

-     

 

-     

 

Net (loss) income

$

(431)

$

(15)

$

8,510 

$

1,579 

$

15,109 

$

 (2,158)

$

(21,656)

$

$

 65 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

 

15



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Waldbaums Inc

 

US Food Basics

 

Pathmark Inc

 

Plainbridge

 

E Brusnswick

 

Best Cellars

 

SEG

 

Best Cellars of

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia Inc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24600

 

10-24568

 

10-24584

 

10-24585

 

10-24566

 

10-24557

 

10-24586

 

10-24560

 

 

 

$

2,690 

$

17,293 

$

215,748 

$

 -     

$

 -     

$

173 

$

 -     

$

60 

$

533,729 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 (1,889)

 

(14,279)

 

(163,036)

 

-     

 

-     

 

(103)

 

-     

 

(37)

 

(385,849)

 

 

801 

 

3,014 

 

52,712 

 

-     

 

-     

 

70 

 

-     

 

23 

 

147,880 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(734)

 

(3,147)

 

(69,029)

 

(238)

 

(15)

 

(80)

 

11 

 

(32)

 

(176,569)

 

 

67 

 

(133)

 

(16,317)

 

(238)

 

(15)

 

(10)

 

11 

 

(9)

 

(28,689)

 

 

(509)

 

(122)

 

(1,984)

 

-     

 

-     

 

-     

 

-     

 

-     

 

(10,851)

 

 

 -        

 

-     

 

1,096 

 

-     

 

-     

 

-     

 

-     

 

-     

 

(1,388)

 

 

(442)

 

(255)

 

(17,205)

 

(238)

 

(15)

 

(10)

 

11 

 

(9)

 

(40,928)

 

 

 -       

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

(35)

 

 

(442)

 

(255)

 

(17,205)

 

(238)

 

(15)

 

(10)

 

11 

 

(9)

 

(40,963)

 

 

 -       

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

(275)

 

 

 -       

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

24,079 

 

 

 -       

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

23,804 

 

$

(442)

$

(255)

$

(17,205)

$

(238)

$

(15)

$

(10)

$

11 

$

(9)

$

(17,159)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

 

15



 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. et al.

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR MAY 2011

SCHEDULE 4: CONSOLIDATING BALANCE SHEETS

AS OF MAY 21, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APW Supermarket

 

Bev LTD

 

Borman’s Inc

 

Farmer Jacks

 

Hopelawn

 

Kohl’s Food

 

Shopwell

 

Super Fresh/Sav

 

Super Fresh

 

The Great A&P

 

The Old Wine

 

Tradewell Foods

 

Waldbaums Inc

 

US Food Basics

 

Pathmark Inc

 

 

 

 

 

 

 

 

 

of Ohio

 

Property I Inc

 

Stores

 

 

 

-A-Center

 

Food Markets

 

Tea Co

 

Emporium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24548

 

10-24561

 

10-24562

 

10-24567

 

10-24573

 

10-24574

 

10-24587

 

10-24591

 

10-24590

 

10-245549

 

10-24596

 

10-24598

 

10-24600

 

10-24568

 

10-24584

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Cash and cash equivalents

$

4,748

$

12

$

-   

$

-   

$

-   

$

-   

$

721

$

-   

$

2,173

$

285,301

$

26

$

25

$

121

$

798

$

19,026

 

   Restricted cash

 

201

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

1,406

 

-   

 

-   

 

-   

 

84

 

40

 

   Accounts receivable, net

 

9,382

 

1

 

-   

 

-   

 

-   

 

(1)

 

1,484

 

-   

 

6,375

 

119,755

 

2

 

40

 

424

 

810

 

29,743

 

   Inventories, net

 

61,672

 

581

 

-   

 

-   

 

-   

 

-   

 

8,522

 

-   

 

30,702

 

156,501

 

526

 

768

 

2,177

 

9,661

 

147,340

 

   Prepaid expenses and other current assets

 

3,436

 

3

 

-   

 

-   

 

-   

 

-   

 

2,836

 

-   

 

762

 

21,024

 

3

 

52

 

519

 

298

 

6,632

 

     Total current assets

 

79,439

 

597

 

-   

 

-   

 

-   

 

(1)

 

13,563

 

-   

 

40,012

 

583,987

 

557

 

885

 

3,241

 

11,651

 

202,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Property owned, net

 

115,168

 

392

 

481

 

-   

 

-   

 

-   

 

30,392

 

-   

 

54,220

 

229,742

 

33

 

778

 

20,209

 

27,182

 

611,656

 

     Property leased under capital leases, net

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

31

 

-   

 

-   

 

4,982

 

-   

 

-   

 

-   

 

-   

 

56,046

 

   Property, net

 

115,168

 

392

 

481

 

-   

 

-   

 

-   

 

30,423

 

-   

 

54,220

 

234,724

 

33

 

778

 

20,209

 

27,182

 

667,702

 

   Goodwill

 

31,487

 

-   

 

-   

 

-   

 

-   

 

-   

 

12,110

 

-   

 

-   

 

33,042

 

-   

 

-   

 

27,798

 

4,147

 

-   

 

   Intangible assets, net

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

121,813

 

   Other assets

 

3,350

 

-   

 

-   

 

-   

 

-   

 

-   

 

467

 

-   

 

693

 

129,727

 

-   

 

10

 

54

 

444

 

5,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

229,444

$

989

$

481

$

-   

$

-   

$

(1)

$

56,563

$

-   

$

94,925

$

981,480

$

590

$

1,673

$

51,302

$

43,424

$

997,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Accounts payable

$

11,685

$

47

$

(1)

$

-   

$

-   

$

-   

$

4,570

$

-   

$

5,378

$

45,745

$

75

$

188

$

376

$

4,332

$

34,832

 

   Book overdrafts

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

22,186

 

-   

 

-   

 

-   

 

-   

 

-   

 

   Accrued salaries, wages and benefits

 

12,670

 

28

 

-   

 

-   

 

-   

 

-   

 

3,309

 

-   

 

6,949

 

48,525

 

48

 

154

 

306

 

929

 

30,234

 

   Accrued taxes

 

2,883

 

1

 

-   

 

-   

 

-   

 

-   

 

1,333

 

-   

 

447

 

19,751

 

26

 

47

 

28

 

205

 

4,451

 

   Other accrued liabilities

 

5,089

 

12

 

(2)

 

-   

 

-   

 

-   

 

726

 

-   

 

2,351

 

163,744

 

2

 

24

 

118

 

527

 

7,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total current liabilities

 

32,327

 

88

 

(3)

 

-   

 

-   

 

-   

 

9,938

 

-   

 

15,125

 

299,951

 

151

 

413

 

828

 

5,993

 

76,856

 

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Debtor-in-possession credit agreement

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

350,000

 

-   

 

-   

 

-   

 

-   

 

-   

 

   Other non-current liabilities

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

72,125

 

-   

 

-   

 

-   

 

-   

 

(404)

 

   Intercompany, net

 

(396,097)

 

2,165

 

131,185

 

37,131

 

20,317

 

(281,329)

 

(261,799)

 

(30,383)

 

214,038

 

(170,922)

 

1,020

 

(8,722)

 

(104,483)

 

91,154

 

1,461,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total liabilities not subject to compromise

 

(363,770)

 

2,253

 

131,182

 

37,131

 

20,317

 

(281,329)

 

(251,861)

 

(30,383)

 

229,163

 

551,154

 

1,171

 

(8,309)

 

(103,655)

 

97,147

 

1,538,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Liabilities subject to compromise

 

160,732

 

39

 

67,873

 

9,554

 

1,400

 

5,994

 

35,949

 

10,291

 

59,503

 

2,047,582

 

20

 

2,157

 

11,648

 

23,151

 

356,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

(203,038)

 

2,292

 

199,055

 

46,685

 

21,717

 

(275,335)

 

(215,912)

 

(20,092)

 

288,666

 

2,598,736

 

1,191

 

(6,152)

 

(92,007)

 

120,298

 

1,894,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Series A redeemable preferred stock

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

144,763

 

-   

 

-   

 

-   

 

-   

 

-   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Common stock

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

53,852

 

-   

 

-   

 

-   

 

-   

 

-   

 

   Additional paid-in capital

 

291,299

 

-   

 

78,031

 

-   

 

-   

 

31,200

 

70,209

 

-   

 

13,419

 

(334,912)

 

-   

 

-   

 

685

 

-   

 

-   

 

   Accumulated other comprehensive loss

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

-   

 

(75,309)

 

-   

 

-   

 

-   

 

-   

 

-   

 

   Retained earnings (accumulated deficit)

 

141,183

 

(1,303)

 

(276,605)

 

(46,685)

 

(21,717)

 

244,134

 

202,266

 

20,092

 

(207,160)

 

(1,390,952)

 

(601)