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8-K - 8-K - GREAT ATLANTIC & PACIFIC TEA CO INCa11-23747_28k.htm

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:

June 19, 2011 to July 16, 2011

 

Debtors’ Address:

2 Paragon Drive

Montvale, NJ 07645

 

Net Loss: $0.7 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: August 12, 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 JULY 2011

TABLE OF CONTENTS

 

 

PAGE

Unaudited Financial Statements as of and for the four weeks ended July 16, 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

14

 

 

Schedule 2: Debtor Questionnaire

15

 

 

Schedule 3: Consolidating Statements of Operations for the four weeks ended July 16, 2011

16

 

 

Schedule 4: Consolidating Balance Sheets as of July 16, 2011

17

 


(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 JULY 2011

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited – in thousands)

 

 

 

Four Weeks Ended

 

 

 

July 16, 2011

 

 

 

 

 

Sales

 

$

558,267

 

Cost of merchandise sold

 

(406,827

)

Gross margin

 

151,440

 

Store operating, general and administrative expense

 

(166,893

)

Goodwill, trademark, and long-lived asset impairment

 

(159

)

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

 

(15,612

)

Interest expense

 

(10,650

)

Reorganization items, net

 

25,869

 

Loss from continuing operations before provision for income taxes

 

(393

)

Provision for income taxes

 

(35

)

Loss from continuing operations

 

(428

)

Discontinued operations:

 

 

 

Loss from operations of discontinued businesses, net of income tax benefit of $0

 

(270

)

Reorganization items, net of income tax provision of $0

 

21

 

Loss from discontinued operations

 

(249

)

Net loss

 

$

(677

)

 


(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 JULY 2011

CONSOLIDATED BALANCE SHEET

(Unaudited – in thousands)

 

 

 

As of

 

 

 

July 16, 2011

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

 

$

332,589

 

Restricted cash

 

2,508

 

Accounts receivable, net of allowance for doubtful accounts of $5,441 at July 16, 2011

 

157,670

 

Inventories, net

 

393,948

 

Prepaid expenses and other current assets

 

34,481

 

Assets held for sale

 

758

 

Total current assets

 

921,954

 

 

 

 

 

Non-current assets:

 

 

 

Property:

 

 

 

Property owned, net

 

1,030,851

 

Property leased under capital leases, net

 

59,557

 

Property, net

 

1,090,408

 

Goodwill

 

110,412

 

Intangible assets, net

 

120,163

 

Other assets

 

143,933

 

Total assets

 

$

2,386,870

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ DEFICIT

 

 

 

Current liabilities:

 

 

 

Debtor-in-possession credit agreement

 

$

350,000

 

Current portion of obligations under capital leases

 

4,927

 

Current portion of real estate liabilities

 

567

 

Accounts payable

 

113,598

 

Book overdrafts

 

28,815

 

Accrued salaries, wages and benefits

 

104,226

 

Accrued taxes

 

33,613

 

Other accrued liabilities

 

88,623

 

Total current liabilities

 

724,369

 

 

 

 

 

Non-current liabilities:

 

 

 

Long-term obligations under capital leases

 

37,229

 

Long-term real estate liabilities

 

124,103

 

Deferred real estate income

 

13,726

 

Other non-current liabilities

 

100,433

 

Total liabilities not subject to compromise

 

999,860

 

Liabilities subject to compromise

 

2,543,161

 

Total liabilities

 

3,543,021

 

 

 

 

 

Series A redeemable preferred stock — no par value, $1,000 redemption value;
authorized — 700,000 shares; issued — 179,020 shares at July 16, 2011

 

145,797

 

 

 

 

 

Stockholders’ deficit:

 

 

 

Common stock — $1 par value; authorized — 260,000,000 shares; issued and
outstanding — 53,852,470 shares at July 16, 2011

 

53,852

 

Additional paid-in capital

 

509,127

 

Accumulated other comprehensive loss

 

(76,425

)

Accumulated deficit

 

(1,788,502

)

Total stockholders’ deficit

 

(1,301,948

)

Total liabilities and stockholders’ deficit

 

$

2,386,870

 

 


(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 JULY 2011

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited – in thousands)

 

 

 

Four Weeks Ended

 

 

 

July 16, 2011

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net loss

 

$

(677

)

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

 

(13,877

)

Changes in assets and liabilities:

 

 

 

Decrease in receivables

 

4,312

 

Decrease in inventories

 

11,596

 

Decrease in prepaid expenses and other current assets

 

166

 

Increase in other assets

 

(1,862

)

Decrease in accounts payable

 

(6,314

)

Increase in accrued salaries, wages and benefits, and taxes

 

422

 

Decrease in other accruals

 

(3,472

)

Decrease in other non-current liabilities

 

(3,039

)

Payments for reorganization items

 

(11,158

)

Other operating activities, net

 

68

 

Net cash used in operating activities

 

(23,835

)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Expenditures for property

 

(1,962

)

Proceeds from disposal of property

 

925

 

Proceeds from sale of pharmacy assets

 

1,964

 

Proceeds from sale of assets held for sale

 

36,961

 

Increase in restricted cash

 

(777

)

Net cash provided by investing activities

 

37,111

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Principal payments on long-term debt

 

(15

)

Principal payments on long-term real estate liabilities

 

(7

)

Principal payments on capital leases

 

(714

)

Increase in book overdrafts

 

7,918

 

Net cash provided by financing activities

 

7,182

 

 

 

 

 

Net increase in cash and cash equivalents

 

20,458

 

Cash and cash equivalents at beginning of period

 

312,131

 

Cash and cash equivalents at end of period

 

$

332,589

 

 


(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 JULY 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

 

 

 

July 16, 2011

 

 

 

 

 

Depreciation and amortization

 

$

14,211

 

Impairment of long-lived assets

 

159

 

Non-cash interest expense

 

263

 

Asset disposition initiatives in the normal course of business

 

26,305

 

Gain on disposal of owned property and write-down of property, net

 

(231

)

Amortization of deferred real estate income

 

(252

)

C&S contract effect

 

735

 

Gain on sale of assets held for sale

 

(27,213

)

Gain on sale of pharmacy assets

 

(1,964

)

Reorganization items, net relating to continuing operations

 

(25,869

)

Reorganization items, net relating to discontinued operations

 

(21

)

Total adjustments to net loss

 

$

(13,877

)

 

Case No. 10-24549 (RDD) Jointly Administered

 

6



 

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

MONTHLY OPERATING REPORT FOR JULY 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 our U.S. subsidiaries (the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Filing”) under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York in White Plains (the “Bankruptcy Court”), which are being jointly administered under case number 10-24549.   Management’s decision to initiate the Bankruptcy Filing was in response to, among other things, our Company’s deteriorating liquidity and management’s conclusion that the challenges of successfully implementing additional financing initiatives and of obtaining necessary cost concessions from our Company’s business and labor partners, was negatively impacting our Company’s ability to implement our previously announced turnaround strategy.  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.

 

We are currently operating as debtors-in-possession pursuant to the Bankruptcy Filing and continuation of our Company as a going-concern is contingent upon, among other things, the Debtors’ 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 of that plan under the Bankruptcy Code; (iii) to reduce debt and other liabilities through the bankruptcy process; (iv) to return to profitability, including by securing necessary near-term cost concessions from our business and labor partners; (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 July 16, 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 as well as all of the adjustments that would typically be made so that the quarterly financial statements are in accordance with U.S. GAAP. 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 and for the interim period on Form 10-Q as of and for the period ended June 18, 2011.

 

Case No. 10-24549 (RDD) Jointly Administered

 

7



 

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

MONTHLY OPERATING REPORT FOR JULY 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. Both loans were transferred from Shopwell, Inc. to The Great A&P Tea Company during June 2010 prior to the Bankruptcy Filing.

 

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.

 

Assumed Leases

 

During the four weeks ended July 16, 2011, our Company assumed 233 real estate leases. All undisputed cure amounts related to these leases in the amount of $6.7 million have been paid to the landlords.

 

Interest Expense

 

We recorded all contractual interest on secured debt for the four weeks ended July 16, 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 that we have not assumed.  Once a determination is made, the accretion of the interest expense may change. We did not record contractual interest expense of $2.9 million for unsecured debt which is subject to compromise for the four weeks ended July 16, 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 $27.1 million are included within “Other accrued liabilities” in the Consolidated Balance Sheet.  Pre-petition amounts for leases not yet assumed 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 July 16, 2011.

 

Case No. 10-24549 (RDD) Jointly Administered

 

8



 

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

MONTHLY OPERATING REPORT FOR JULY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

Other non-current liabilities

 

Other non-current liabilities are comprised of $61.9 million for Non-Debtor obligations for COLI, $24.0 million for deferred rent liability, $13.8 million for self-insurance reserves, $0.5 million for deferred income and $0.2 million for other items that were incurred subsequent to the Bankruptcy Filing.  These amounts are not subject to compromise under the Bankruptcy Filing.

 

3.     Proceeds from Sale of Assets Held for Sale

 

In April and May 2011, our Company obtained approval from the Bankruptcy Court to sell, or alternatively, to close an additional 25 stores located in Maryland, Delaware and the District of Columbia.  On July 9, 2011, our Company completed the sale of the 12 of the 25 stores for $37.0 million in cash which primarily related to fixed assets.  As a result of the sale of the 12 stores, a gain of $27.2 million was recorded within “Store operating, general and administrative expense” within our Consolidated Statement of Operations.

 

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 in its entirety by that certain Amended and Restated Superpriority Debtor-in-Possession Credit Agreement dated as of December 21, 2010, further amended and restated in its entirety by that certain Second Amended and Restated Superpriority Debtor-in-Possession Credit Agreement dated as of January 10, 2011, further amended and restated in its entirety by that certain Third Amended and Restated Superpriority Debtor-in-Possession Credit Agreement dated as of January 13, 2011, further amended by that certain First Amendment to the Third Amended and Restated Superpriority Debtor-in-Possession Credit Agreement dated as of July 8, 2011, as may be further amended, amended and restated, supplemented or otherwise modified from time to time (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 to the initial closing thereunder 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. The Bankruptcy Court entered a final order approving the DIP Credit Agreement on January 11, 2011.  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

 

Case No. 10-24549 (RDD) Jointly Administered

 

9



 

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

MONTHLY OPERATING REPORT FOR JULY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

terms of certain indebtedness and certain material contracts. Notably, however, the DIP Credit Agreement permits our Company to use the proceeds generated from the sale of the Southern Stores in the operation of our business rather than requiring us to use those proceeds to reduce the Loan Parties’ outstanding indebtedness under the DIP Credit Agreement.

 

The DIP Credit Agreement also contains certain financial covenants, including a minimum excess availability covenant of $100.0 million (or $75.0 million at any time after August 13, 2011 but on or before November 5, 2011, or $50.0 million at any time after November 5, 2011), 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

 

 

Meeting our EBITDA covenant requires increasing levels of performance throughout the year, including the successful implementation of our business improvement initiatives. We previously entered into a definitive agreement with C&S to provide services and as of the balance sheet date, we are in the process of negotiating with union locals to obtain consensual modifications to collective bargaining agreements necessary for our successful reorganization. We may not achieve our minimum cumulative EBITDA covenant. A financial covenant violation could result in termination of the DIP Credit Agreement and/or termination of our access to funding thereunder. If either (or both) of those were to occur, our Company could be without sufficient cash availability to meet our operating needs or satisfy our obligations as they fall due, in which instance we could be required to seek a sale of our Company or certain of its material assets pursuant to Section 363 of the Bankruptcy Code, or to convert the Bankruptcy Filing into a liquidation under Chapter 7 of the Bankruptcy Code.

 

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.

 

Case No. 10-24549 (RDD) Jointly Administered

 

10



 

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

MONTHLY OPERATING REPORT FOR JULY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

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

 

 

 

July 16, 2011

 

 

 

(in thousands)

 

 

 

 

 

Professional fees

 

$

(4,066

)

US Trustee fees

 

(91

)

Write-off of balance sheet items related to rejected contracts, net - continuing operations

 

16,827

 

Reduction of closed locations reserve - continuing operations

 

13,199

 

Reorganizations items, net – continuing operations

 

25,869

 

Write-off of balance sheet items related to rejected contracts - discontinued operations

 

(58

)

Reduction of closed locations reserve - discontinued operations

 

79

 

Total reorganization items, net

 

$

25,890

 

 

Professional fees of approximately $4.1 million were accrued and $11.2 million were paid for the four weeks ended July 16, 2011.  U.S. Trustee fees of approximately $0.1 million were accrued for the four weeks ended July 16, 2011.

 

During the four weeks ended July 16, 2011, we rejected 18 of our leases through the bankruptcy process and reduced the closed locations reserve balance associated with these leases by $13.3 million, of which $13.2 million was attributed to continuing operations and $0.1 million was attributed to discontinued operations, net to the allowable claim for damages of $17.3 million.  Our total closed locations reserve balance of $193.2 million is comprised of damage claims of $187.1 million and $6.1 million pertains to locations for which the leases have not been rejected as of July 16, 2011. In connection with the rejection of the 18 leases, we also wrote off the related real estate liabilities of $13.8 million, obligations under capital leases of $2.4 million, and other liabilities related to rejected closed locations of $0.6 million, totaling $16.8 million, net.  Of this amount, $16.8 million relates to continuing operations with an offset of less than $0.1 million relating to discontinued operations.

 

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” in our Consolidated Balance Sheet. We previously notified 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 Bankruptcy Court and wish to receive any distribution in the Bankruptcy Filing. The bar date of June 17, 2011 set by the Bankruptcy Court has passed. Thus far, claimants filed over nine thousand claims against our Company, asserting approximately $27.9 billion worth of liabilities.  Our Company and our retained professionals are continuing to review and analyze the proofs of claim submitted by claimants and will investigate any material differences between these

 

Case No. 10-24549 (RDD) Jointly Administered

 

11



 

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

MONTHLY OPERATING REPORT FOR JULY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

claims and liability amounts estimated by our Company. If necessary, in the event of a claims dispute, the Bankruptcy Court will make a final determination whether such claims should be allowed and, if so, the appropriate amount of such allowed 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 July 16, 2011

 

 

 

(in thousands)

 

Accounts payable

 

$

189,133

 

Accrued salaries, wages, and benefits

 

10,944

 

Self-insurance reserves

 

388,089

 

Closed locations reserves

 

6,134

 

Damages claim for rejected leases

 

187,083

 

Pension withdrawal liabilities

 

113,053

 

GHI contractual liability for employee benefits

 

96,701

 

Accrued occupancy related costs for open stores

 

18,637

 

Deferred income

 

34,008

 

Deferred real estate income

 

17,833

 

Accrued audit, legal and other

 

6,886

 

Accrued interest

 

45,296

 

Other postretirement and postemployment benefits

 

41,850

 

Other accruals

 

3,343

 

Pension plan benefits

 

128,461

 

Step rent liabilities

 

24,206

 

Unfavorable lease liabilities

 

815

 

Other noncurrent liabilities

 

10,091

 

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 1, 2015

 

260,000

 

9.375% Notes, due August 1, 2039

 

200,000

 

Other debt

 

2,510

 

Obligations under capital leases

 

64,984

 

Real estate liabilities

 

250,264

 

Total liabilities subject to compromise

 

$

2,543,161

 

 

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

 

Rejected Leases

 

During the four weeks ended July 16, 2011, we rejected 18 of our leases through the bankruptcy process. We reduced the closed locations reserve balance associated with these leases by $13.3 million, net to the allowable claim for damages of $187.1 million. The remaining closed locations reserve balance of $6.1 million pertains to locations for which the leases have not been rejected.  In connection with the 18 rejected leases, the related real estate liabilities, obligations under capital leases and other liabilities related to rejected closed locations were written off, all which were

 

Case No. 10-24549 (RDD) Jointly Administered

 

12



 

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

MONTHLY OPERATING REPORT FOR JULY 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

recorded to “Reorganization items, net” in our Consolidated Statement of Operations. Refer to Note 5 — Reorganization Items, Net, for further discussion of our rejected leases.

 

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

 

13



 

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

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 1: SCHEDULE OF DISBURSEMENTS

 

Case
Number:

 

Debtor Name:

 

Disbursements for the
four weeks ended
July 16, 2011:

 

087-10-24548

 

APW SUPERMARKETS, INC.

 

$

31,883,910.98

 

087-10-24549

 

THE GREAT ATLANTIC & PACIFIC

 

126,687,843.49

 

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.

 

198,794.77

 

087-10-24558

 

BEST CELLARS LICENSING, CORP.

 

 

087-10-24559

 

BEST CELLARS MASSACHUSETTS, INC.

 

79.92

 

087-10-24560

 

BEST CELLARS VA, INC.

 

23,325.52

 

087-10-24561

 

BEV, LTD

 

266,123.65

 

087-10-24562

 

BORMAN’S INC.

 

40,175.27

 

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.

 

7,333,842.24

 

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.

 

866.38

 

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.

 

103,739,426.05

 

087-10-24585

 

PLAINBRIDGE, LLC

 

309,289,498.99

 

087-10-24586

 

SEG STORES, INC.

 

5,546.31

 

087-10-24587

 

SHOPWELL, INC.

 

12,021,230.63

 

087-10-24588

 

SHOPWELL, INC.

 

 

087-10-24589

 

SPRING LANE PRODUCE CORP.

 

 

087-10-24590

 

SUPER FRESH FOOD MARKETS, INC.

 

16,303,455.45

 

087-10-24591

 

SUPER FRESH/SAV A CENTER, INC

.

3,353.92

 

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

 

253,450.00

 

087-10-24597

 

THE S. DAKOTA GREAT ATLANTIC

 

 

087-10-24598

 

TRADEWELL FOODS OF CONN., INC.

 

511,563.23

 

087-10-24599

 

UPPER DARBY STUART, LLC

 

 

087-10-24600

 

WALDBAUM, INC.

 

1,970,458.69

 

087-10-24601

 

LO-LO DISCOUNT STORES, INC.

 

98,152.79

 

 

 

GRAND TOTALS:

 

$

610,631,098.28

 

 

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

 

14



 

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

MONTHLY OPERATING REPORT FOR JULY 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(a)

 

2.

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

ü(b)

 

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(c)

 

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(d)

 

13.

Are any amounts owed to post-petition creditors delinquent?

 

ü

14.

Are any wage payments past due?

ü(e)

 

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)          Refer to Note 3 - Proceeds from Sale of Assets Held for Sale.

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

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

(d)          Due to the assumption of real estate leases (refer to Note 2 — Basis of Presentation), landlords were reimbursed for pre-petition real estate taxes paid on our behalf as cure amounts.

(e)          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

 

15



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 3: CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE FOUR WEEKS ENDED JULY 16, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APW Supermarket

 

Bev LTD

 

Borman’s Inc

 

Shopwell

 

Super Fresh/Sav

 

Super Fresh

 

The Great A&P

 

 

 

 

 

 

 

 

 

 

 

 

-A-Center

 

Food Markets

 

Tea Co

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24548

 

10-24561

 

10-24562

 

10-24587

 

10-24591

 

10-24590

 

10-245549

 

 

Sales

$

92,419

$

298

$

-     

$

18,857

$

-     

$

42,262

$

158,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of merchandise sold

 

(66,065

)

(239

)

-     

 

(10,636

)

-     

 

(30,101

)

(115,062

)

 

Gross margin

 

26,354

 

59

 

-     

 

8,221

 

-     

 

12,161

 

42,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store operating, general and administrative expense

 

(27,771

)

(53

)

115

 

(7,623

)

1

 

(13,634

)

(42,906

)

 

Goodwill, trademark and long-lived asset impairment

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

(159

)

 

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

 

(1,417

)

6

 

115

 

598

 

1

 

(1,473

)

(95

)

 

Interest expense

 

(396

)

-     

 

-     

 

-     

 

-     

 

(163

)

(7,500

)

 

Reorganization items, net

 

15

 

-     

 

-     

 

631

 

-     

 

13,364

 

12,404

 

 

(Loss) income from continuing operations before provision for income taxes

 

(1,798

)

6

 

115

 

1,229

 

1

 

11,728

 

4,809

 

 

Provision for income taxes

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

(35

)

 

(Loss) income from continuing operations

 

(1,798

)

6

 

115

 

1,229

 

1

 

11,728

 

4,774

 

 

(Loss) income from operations of discontinued businesses

 

-     

 

-     

 

(274

)

-     

 

3

 

-     

 

1

 

 

Reorganization items, net

 

-     

 

-     

 

73

 

-     

 

(52

)

-     

 

-     

 

 

(Loss) income from discontinued operations

 

-     

 

-     

 

(201

)

-     

 

(49

)

-     

 

1

 

 

Net (loss) income

$

(1,798

)

$

6

$

(86

)

$

1,229

$

(48

)

$

11,728

$

4,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

-16-



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 3: CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE FOUR WEEKS ENDED JULY 16, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Old Wine

 

Tradewell Foods

 

Waldbaums Inc

 

US Food Basics

 

Pathmark Inc

 

Plainbridge

 

E Brusnswick

 

Best Cellars

 

 

 

 

Emporium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24596

 

10-24598

 

10-24600

 

10-24568

 

10-24584

 

10-24585

 

10-24566

 

10-24557

 

 

Sales

$

260

$

1,275

$

2,711

$

18,292

$

223,597

$

-     

$

-     

$

152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of merchandise sold

 

(203

)

(847

)

(1,911

)

(15,078

)

(166,505

)

-     

 

-     

 

(95

)

 

Gross margin

 

57

 

428

 

800

 

3,214

 

57,092

 

-     

 

-     

 

57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store operating, general and administrative expense

 

(46

)

(388

)

(790

)

(3,174

)

(70,241

)

(257

)

(12

)

(83

)

 

Goodwill, trademark and long-lived asset impairment

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

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

 

11

 

40

 

10

 

40

 

(13,149

)

(257

)

(12

)

(26

)

 

Interest expense

 

-     

 

-     

 

(517

)

(122

)

(1,952

)

-     

 

-     

 

-     

 

 

Reorganization items, net

 

-     

 

-     

 

368

 

-     

 

(913

)

-     

 

-     

 

-     

 

 

(Loss) income from continuing operations before provision for income taxes

 

11

 

40

 

(139

)

(82

)

(16,014

)

(257

)

(12

)

(26

)

 

Provision for income taxes

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

(Loss) income from continuing operations

 

11

 

40

 

(139

)

(82

)

(16,014

)

(257

)

(12

)

(26

)

 

(Loss) income from operations of discontinued businesses

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

Reorganization items, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

(Loss) income from discontinued operations

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

Net (loss) income

$

11

$

40

$

(139

)

$

(82

)

$

(16,014

)

$

(257

)

$

(12

)

$

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

-16-



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 3: CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE FOUR WEEKS ENDED JULY 16, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEG

 

Best Cellars of

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virgina Inc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24586

 

10-24560

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

 

$

-     

$

112

$

558,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of merchandise sold

 

 

 

 

 

 

 

 

 

 

 

-     

 

(85

)

(406,827

)

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

-     

 

27

 

151,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store operating, general and administrative expense

 

 

 

 

 

 

 

 

 

 

 

11

 

(42

)

(166,893

)

 

Goodwill, trademark and long-lived asset impairment

 

 

 

 

 

 

 

 

 

 

 

-     

 

-     

 

(159

)

 

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

 

 

 

 

 

11

 

(15

)

(15,612

)

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

-     

 

-     

 

(10,650

)

 

Reorganization items, net

 

 

 

 

 

 

 

 

 

 

 

-     

 

-     

 

25,869

 

 

(Loss) income from continuing operations before provision for income taxes

 

 

 

 

 

 

 

11

 

(15

)

(393

)

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

-     

 

-     

 

(35

)

 

(Loss) income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

11

 

(15

)

(428

)

 

(Loss) income from operations of discontinued businesses

 

 

 

 

 

 

 

-     

 

-     

 

(270

)

 

Reorganization items, net

 

 

 

 

 

 

 

 

 

 

 

-     

 

-     

 

21

 

 

(Loss) income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

-     

 

-     

 

(249

)

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

$

11

$

(15

)

$

(677

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

-16-



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 4: CONSOLIDATING BALANCE SHEETS

AS OF JULY 16, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APW Supermarket

 

Bev LTD

 

Borman’s Inc

 

Farmer Jacks

 

Hopelawn

 

Kohl’s Food

 

Shopwell

 

Super Fresh/Sav

 

 

 

 

 

 

 

 

of Ohio

 

Property I Inc

 

Stores

 

 

 

-A-Center

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24548

 

10-24561

 

10-24562

 

10-24567

 

10-24573

 

10-24574

 

10-24587

 

10-24591

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

5,017

$

16

$

-     

$

-     

$

-     

$

-     

$

683

$

-     

Restricted cash

 

201

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Accounts receivable, net

 

6,926

 

1

 

20

 

-     

 

-     

 

-     

 

1,394

 

-     

Inventories, net

 

58,428

 

589

 

-     

 

-     

 

-     

 

-     

 

8,284

 

-     

Prepaid expenses and other current assets

 

3,723

 

6

 

-     

 

-     

 

-     

 

-     

 

2,250

 

-     

Properties held for sale

 

482

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Total current assets

 

74,777

 

612

 

20

 

-     

 

-     

 

-     

 

12,611

 

-     

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned, net

 

112,092

 

382

 

481

 

-     

 

-     

 

-     

 

29,629

 

-     

Property leased under capital leases, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

10

 

-     

Property, net

 

112,092

 

382

 

481

 

-     

 

-     

 

-     

 

29,639

 

-     

Goodwill

 

31,487

 

-     

 

-     

 

-     

 

-     

 

-     

 

12,110

 

-     

Intangible assets, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Other assets

 

3,429

 

-     

 

-     

 

-     

 

-     

 

-     

 

435

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

221,785

$

994

$

501

$

-     

$

-     

$

-     

$

54,795

$

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtor-in-possession credit agreement

$

-     

$

-     

$

-     

$

-     

$

-     

$

-     

$

-     

$

-     

Current portion of obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Current portion of real estate liabilities

 

571

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Accounts payable

 

13,493

 

82

 

(1)

 

-     

 

-     

 

-     

 

4,265

 

-     

Book overdrafts

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Accrued salaries, wages and benefits

 

13,748

 

1

 

-     

 

-     

 

-     

 

-     

 

3,098

 

-     

Accrued taxes

 

2,980

 

2

 

-     

 

-     

 

-     

 

-     

 

481

 

-     

Other accrued liabilities

 

5,468

 

14

 

-     

 

-     

 

-     

 

-     

 

907

 

-     

Total current liabilities

 

36,260

 

99

 

(1)

 

-     

 

-     

 

-     

 

8,751

 

-     

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Long-term real estate liabilities

 

25,517

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Deferred real estate income

 

5,015

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Other non-current liabilities

 

8,061

 

-     

 

-     

 

-     

 

-     

 

-     

 

4,498

 

-     

Intercompany, net

 

(389,941)

 

2,178

 

145,861

 

37,144

 

20,318

 

(281,284)

 

(261,458)

 

(30,345)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities not subject to compromise

 

(315,088)

 

2,277

 

145,860

 

37,144

 

20,318

 

(281,284)

 

(248,209)

 

(30,345)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

119,199

 

40

 

60,427

 

9,554

 

1,400

 

4,370

 

29,022

 

8,726

Total liabilities

 

(195,889)

 

2,317

 

206,287

 

46,698

 

21,718

 

(276,914)

 

(219,187)

 

(21,619)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Additional paid-in capital

 

291,299

 

-     

 

78,031

 

-     

 

-     

 

31,200

 

70,209

 

-     

Accumulated other comprehensive loss

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Retained earnings (accumulated deficit)

 

126,375

 

(1,323)

 

(283,817)

 

(46,698)

 

(21,718)

 

245,714

 

203,773

 

21,619

Accumulated translation adjustment

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Total stockholders’ equity (deficit)

 

417,674

 

(1,323)

 

(205,786)

 

(46,698)

 

(21,718)

 

276,914

 

273,982

 

21,619

Total liabilities and stockholders’ equity (deficit)

$

221,785

$

994

$

501

$

-     

$

-     

$

-     

$

54,795

$

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

-17-



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 4: CONSOLIDATING BALANCE SHEETS

AS OF JULY 16, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Super Fresh

 

The Great A&P

 

The Old Wine

 

Tradewell Foods

 

Waldbaums Inc

 

US Food Basics

 

Pathmark Inc

 

Plainbridge

 

 

Food Markets

 

Tea Co

 

Emporium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24590

 

10-245549

 

10-24596

 

10-24598

 

10-24600

 

10-24568

 

10-24584

 

10-24585

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,388

$

 

302,254

$

 

26

$

 

24

$

 

124

$

 

843

$

 

19,467

$

 

-     

Restricted cash

 

-     

 

2,183

 

-     

 

-     

 

-     

 

84

 

40

 

-     

Accounts receivable, net

 

5,950

 

111,046

 

2

 

36

 

561

 

971

 

29,006

 

1,515

Inventories, net

 

28,363

 

139,748

 

519

 

743

 

2,126

 

9,854

 

144,802

 

360

Prepaid expenses and other current assets

 

1,176

 

19,007

 

4

 

46

 

597

 

380

 

7,211

 

49

Properties held for sale

 

-     

 

276

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Total current assets

 

37,877

 

574,514

 

551

 

849

 

3,408

 

12,132

 

200,526

 

1,924

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned, net

 

53,239

 

211,609

 

31

 

772

 

20,058

 

26,693

 

552,025

 

403

Property leased under capital leases, net

 

-     

 

4,916

 

-     

 

-     

 

-     

 

-     

 

54,631

 

-     

Property, net

 

53,239

 

216,525

 

31

 

772

 

20,058

 

26,693

 

606,656

 

403

Goodwill

 

-     

 

33,042

 

-     

 

-     

 

27,798

 

4,147

 

-     

 

-     

Intangible assets, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

120,163

 

-     

Other assets

 

410

 

133,506

 

-     

 

10

 

40

 

426

 

5,197

 

409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

91,526

$

 

957,587

$

 

582

$

 

1,631

$

 

51,304

$

 

43,398

$

 

932,542

$

 

2,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtor-in-possession credit agreement

$

-     

$

 

350,000

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

Current portion of obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

4,927

 

-     

Current portion of real estate liabilities

 

68

 

6

 

-     

 

-     

 

-     

 

(58)

 

(20)

 

-     

Accounts payable

 

6,307

 

37,705

 

112

 

202

 

351

 

5,235

 

40,263

 

5,405

Book overdrafts

 

-     

 

28,815

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Accrued salaries, wages and benefits

 

5,788

 

47,126

 

9

 

174

 

313

 

499

 

33,188

 

279

Accrued taxes

 

816

 

23,432

 

25

 

26

 

51

 

411

 

5,262

 

-     

Other accrued liabilities

 

2,236

 

163,821

 

3

 

187

 

448

 

884

 

8,707

 

39

Total current liabilities

 

15,215

 

650,905

 

149

 

589

 

1,163

 

6,971

 

92,327

 

5,723

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

37,229

 

-     

Long-term real estate liabilities

 

6,232

 

72,763

 

-     

 

-     

 

-     

 

6,609

 

12,982

 

-     

Deferred real estate income

 

1,644

 

3,215

 

-     

 

1,147

 

2,676

 

29

 

-     

 

-     

Other non-current liabilities

 

1,138

 

83,256

 

-     

 

409

 

21

 

35

 

356

 

-     

Intercompany, net

 

218,936

 

(268,511)

 

1,016

 

(8,712)

 

(100,172)

 

93,102

 

1,520,702

 

(29,044)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities not subject to compromise

 

243,165

 

541,628

 

1,165

 

(6,567)

 

(96,312)

 

106,746

 

1,663,596

 

(23,321)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

38,549

 

1,944,266

 

10

 

423

 

5,733

 

16,222

 

299,505

 

5,588

Total liabilities

 

281,714

 

2,485,894

 

1,175

 

(6,144)

 

(90,579)

 

122,968

 

1,963,101

 

(17,733)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

-     

 

145,797

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

-     

 

53,852

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Additional paid-in capital

 

13,419

 

(341,269)

 

-     

 

-     

 

685

 

-     

 

-     

 

-     

Accumulated other comprehensive loss

 

-     

 

(76,425)

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Retained earnings (accumulated deficit)

 

(203,607)

 

(1,295,564)

 

(593)

 

7,775

 

141,198

 

(79,570)

 

(1,030,559)

 

20,469

Accumulated translation adjustment

 

-     

 

(14,698)

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

Total stockholders’ equity (deficit)

 

(190,188)

 

(1,674,104)

 

(593)

 

7,775

 

141,883

 

(79,570)

 

(1,030,559)

 

20,469

Total liabilities and stockholders’ equity (deficit)

$

91,526

$

 

957,587

$

 

582

$

 

1,631

$

 

51,304

$

 

43,398

$

 

932,542

$

 

2,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

-17-



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 4: CONSOLIDATING BALANCE SHEETS

AS OF JULY 16, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware County

 

E Brusnswick

 

Best Cellars

 

SEG

 

Best Cellars

 

Best Cellars of

 

Grape Finds at

 

SMS

 

 

 

Dairies

 

 

 

 

 

 

 

Mass Inc

 

Virgina Inc

 

Dupont, Inc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24566

 

10-24557

 

10-24586

 

10-24559

 

10-24560

 

10-24570

 

10-24592

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

-     

$

 

-     

$

 

2

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

 

Restricted cash

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Accounts receivable, net

 

-     

 

64

 

6

 

171

 

-     

 

1

 

-     

 

-     

 

Inventories, net

 

-     

 

-     

 

126

 

-     

 

-     

 

6

 

-     

 

-     

 

Prepaid expenses and other current assets

 

-     

 

-     

 

21

 

-     

 

-     

 

11

 

-     

 

-     

 

Properties held for sale

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Total current assets

 

-     

 

64

 

155

 

171

 

-     

 

18

 

-     

 

-     

 

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned, net

 

-     

 

22,835

 

106

 

-     

 

-     

 

20

 

-     

 

-     

 

Property leased under capital leases, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Property, net

 

-     

 

22,835

 

106

 

-     

 

-     

 

20

 

-     

 

-     

 

Goodwill

 

-     

 

-     

 

1,828

 

-     

 

-     

 

-     

 

-     

 

-     

 

Intangible assets, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Other assets

 

-     

 

-     

 

40

 

-     

 

31

 

-     

 

-     

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

 

-     

$

 

22,899

$

 

2,129

$

 

171

$

 

31

$

 

38

$

 

-     

$

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtor-in-possession credit agreement

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

 

Current portion of obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Current portion of real estate liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Accounts payable

 

-     

 

-     

 

118

 

-     

 

1

 

12

 

(1)

 

-     

 

Book overdrafts

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Accrued salaries, wages and benefits

 

-     

 

-     

 

3

 

-     

 

-     

 

-     

 

-     

 

-     

 

Accrued taxes

 

-     

 

-     

 

73

 

-     

 

-     

 

9

 

-     

 

50 

 

Other accrued liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

11

 

-     

 

-     

 

Total current liabilities

 

-     

 

-     

 

194

 

-     

 

1

 

32

 

(1)

 

50 

 

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Long-term real estate liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Deferred real estate income

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Other non-current liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Intercompany, net

 

(19)

 

19,987

 

2,405

 

(481)

 

324

 

477

 

120

 

(13,741)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities not subject to compromise

 

(19)

 

19,987

 

2,599

 

(481)

 

325

 

509

 

119

 

(13,691)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

-     

 

-     

 

25

 

75

 

4

 

23

 

-     

 

-     

 

Total liabilities

 

(19)

 

19,987

 

2,624

 

(406)

 

329

 

532

 

119

 

(13,691)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Additional paid-in capital

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

52 

 

Accumulated other comprehensive loss

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Retained earnings (accumulated deficit)

 

19

 

2,912

 

(495)

 

577

 

(298)

 

(494)

 

(119)

 

13,639

 

Accumulated translation adjustment

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

Total stockholders’ equity (deficit)

 

19

 

2,912

 

(495)

 

577

 

(298)

 

(494)

 

(119)

 

13,691

 

Total liabilities and stockholders’ equity (deficit)

$

 

-     

$

 

22,899

$

 

2,129

$

 

171

$

 

31

$

 

38

$

 

-     

$

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

-17-



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR JULY 2011

SCHEDULE 4: CONSOLIDATING BALANCE SHEETS

AS OF JULY 16, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2008 B’Way

 

South Dakota

 

Bridge Stuart

 

Adbrett Corp

 

Bergen Street

 

Foreign

 

Total

 

 

 

 

Great A&P Tea

 

Inc

 

 

 

Pathmark Inc

 

Non-Debtor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24550

 

10-24597

 

10-24563

 

10-24552

 

10-24555

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

1,745

$

 

332,589

Restricted cash

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

2,508

Accounts receivable, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

157,670

Inventories, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

393,948

Prepaid expenses and other current assets

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

34,481

Properties held for sale

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

758

Total current assets

 

-     

 

-     

 

-     

 

-     

 

-     

 

1,745

 

921,954

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned, net

 

476

 

-     

 

-     

 

-     

 

-     

 

-     

 

1,030,851

Property leased under capital leases, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

59,557

Property, net

 

476

 

-     

 

-     

 

-     

 

-     

 

-     

 

1,090,408

Goodwill

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

110,412

Intangible assets, net

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

120,163

Other assets

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

143,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

 

476

$

 

-     

$

 

-     

$

 

-     

$

 

-

$

 

1,745

$

 

2,386,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtor-in-possession credit agreement

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

350,000

Current portion of obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

4,927

Current portion of real estate liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

567

Accounts payable

 

-     

 

-     

 

-     

 

-     

 

-     

 

49

 

113,598

Book overdrafts

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

28,815

Accrued salaries, wages and benefits

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

104,226

Accrued taxes

 

-     

 

-     

 

(3)

 

-     

 

(2)

 

-     

 

33,613

Other accrued liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

(94,102)

 

88,623

Total current liabilities

 

-     

 

-     

 

(3)

 

-     

 

(2)

 

(94,053)

 

724,369

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term obligations under capital leases

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

37,229

Long-term real estate liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

124,103

Deferred real estate income

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

13,726

Other non-current liabilities

 

-     

 

-     

 

-     

 

-     

 

-     

 

2,659

 

100,433

Intercompany, net

 

(1,209)

 

(673,883)

 

232

 

(1,821)

 

782

 

(2,963)

 

-     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities not subject to compromise

 

(1,209)

 

(673,883)

 

229

 

(1,821)

 

780

 

(94,357)

 

999,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

2,543,161

Total liabilities

 

(1,209)

 

(673,883)

 

229

 

(1,821)

 

780

 

(94,357)

 

3,543,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

145,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

53,852

Additional paid-in capital

 

454

 

329,010

 

-     

 

-     

 

-     

 

36,037

 

509,127

Accumulated other comprehensive loss

 

-     

 

-     

 

-     

 

-     

 

-     

 

-     

 

(76,425)

Retained earnings (accumulated deficit)

 

1,231

 

344,873

 

(229)

 

1,821

 

(780)

 

45,367

 

(1,788,502)

Accumulated translation adjustment

 

-     

 

-     

 

-     

 

-     

 

-     

 

14,698

 

-     

Total stockholders’ equity (deficit)

 

1,685

 

673,883

 

(229)

 

1,821

 

(780)

 

96,102

 

(1,301,948)

Total liabilities and stockholders’ equity (deficit)

$

 

476

$

 

-     

$

 

-     

$

 

-     

$

 

-     

$

 

1,745

$

 

2,386,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-24549 (RDD) Jointly Administered

-17-