Attached files
| file | filename |
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| 8-K - 8-K - OSH 1 LIQUIDATING Corp | d629809d8k.htm |
Exhibit 99.1
| In re: OSH 1 Liquidating Corporation (f/k/a In re: Orchard Supply Hardware Stores Corporation), et al., | Case No. 13-11565 Reporting Period: August 30 - October 5, 2013 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
CORPORATE MONTHLY OPERATING REPORT
| Debtor: | Orchard Supply Hardware Stores Corporation, et al. [1] | |||||
| Case Number: | 13-11565 | |||||
| Reporting Period: | August 30, 2013 to October 5, 2013 [2] | |||||
| REQUIRED DOCUMENTS |
Form No. |
Document Complete | Debtors’ Statement | |||
| Schedule of Cash Receipts and Disbursements |
MOR-1 | X | ||||
| Bank Reconciliations, Bank Statements and disbursements journal [3] |
MOR-1a | X | X | |||
| Schedule of Professional Fees and Expenses Paid |
Schedule for Professional Fees and Expenses Paid | X | ||||
| Trade Accounts Receivable and Aging |
MOR-5 | X | ||||
| Debtor Questionnaire |
MOR-6 | X | ||||
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
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| Signature of Debtor | Date | |||
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| Signature of Joint Debtor | Date | |||
| /s/ Susan L. Healy | 11/13/2013 | |||
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| Signature of Authorized Individual* | Date | |||
| Susan L. Healy | Chief Financial Officer | |||
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| Printed Name of Authorized Individual | Title of Authorized Individual | |||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability |
Notes:
| [1] | The Debtors are the following three entities (their respective case numbers follow in parentheses): Orchard Supply Hardware Stores Corporation (13-11565), OSH Properties LLC (13-11566), and Orchard Supply Hardware LLC (13-11567). The mailing address of each of the Debtors, solely for purposes of notices and communications, is 6450 Via Del Oro, San Jose, California 95119. |
| [2] | October 5, 2013 is the Debtor’s September fiscal month end. |
| [3] | Global Note – Certain bank accounts were established in the Orchard Supply Hardware Stores Corporation entity for legal purposes but for financial reporting purposes they do not map to legal entities. |
| In re: OSH 1 Liquidating Corporation (f/k/a In re: Orchard Supply Hardware Stores Corporation), et al., | Case No. 13-11565 Reporting Period: August 30 - October 5, 2013 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
MOR-1
(in millions)
OSH 1 Liquidating Corporation
September 2013 (8/30/2013 thru 10/5/2013)
| BANKS | ESCROW | TOTAL | ||||||||||
| RECEIPTS |
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| MISC CASH RECEIPTS |
$ | 12.17 | $ | — | $ | 12.17 | ||||||
| OTHER |
$ | 2.49 | $ | — | $ | 2.49 | ||||||
| KEIP BONUS RECEIVED FROM LOWES |
$ | 3.20 | $ | — | $ | 3.20 | ||||||
| ESCROW – PURCHASE PRICE |
$ | — | $ | 206.58 | $ | 206.58 | ||||||
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| TOTAL RECEIPTS |
$ | 17.85 | $ | 206.58 | $ | 224.43 | ||||||
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| DISBURSEMENTS |
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| MERCHANDISE |
$ | (2.00 | ) | $ | — | $ | (2.00 | ) | ||||
| SELLING (STORES) & OTHER |
$ | (6.26 | ) | $ | — | $ | (6.26 | ) | ||||
| RENT |
$ | (0.45 | ) | $ | — | $ | (0.45 | ) | ||||
| REAL ESTATE TAXES |
$ | — | $ | — | $ | — | ||||||
| ADVERTISING |
$ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||
| G&A / OTHER OPERATING |
$ | — | $ | — | $ | — | ||||||
| PROFESSIONAL FEES |
$ | — | $ | — | $ | — | ||||||
| CAPITAL EXPENDITURES |
$ | — | $ | — | $ | — | ||||||
| PAYROLL, BENEFITS & KEIP BONUS |
$ | (5.92 | ) | $ | — | $ | (5.92 | ) | ||||
| SALES, USE, & OTHER TAXES |
$ | (3.60 | ) | $ | — | $ | (3.60 | ) | ||||
| OTHER |
$ | (0.47 | ) | $ | — | $ | — | |||||
| PAYMENT TO LOWES FOR POST TRANSACTION CLOSING STORE SALES |
$ | (1.78 | ) | $ | — | $ | — | |||||
| LOAN PAYOFF |
$ | — | $ | (182.33 | ) | $ | (182.33 | ) | ||||
| PAYMENT TO LOWES TO FUND KEIP BONUS |
$ | — | $ | (3.20 | ) | $ | (3.20 | ) | ||||
| POST TRANSACTION OPERATING EXPENSES |
$ | — | $ | (1.24 | ) | $ | (1.24 | ) | ||||
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| TOTAL DISBURSEMENTS |
$ | (20.52 | ) | $ | (186.77 | ) | $ | (207.29 | ) | |||
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| NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS) |
$ | (2.67 | ) | $ | 19.81 | $ | 17.14 | |||||
| CASH – BEGINNING OF MONTH |
$ | 5.40 | $ | — | $ | 5.40 | ||||||
| CASH – END OF MONTH |
$ | 2.73 | $ | 19.81 | $ | 22.54 | ||||||
| OSH 1 Liquidating Corporation |
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| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: |
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| TOTAL DISBURSEMENTS |
$ | 20.52 | ||
| Less: Transfers to Debtor In Possession Accounts |
$ | — | ||
| Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts) |
$ | 186.77 | ||
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| TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
$ | 207.29 | ||
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| In re: OSH 1 Liquidating Corporation (f/k/a In re: Orchard Supply Hardware Stores Corporation), et al., | Case No. 13-11565 Reporting Period: August 30 - October 5, 2013 |
MOR-1a
Debtors Statement with respect to Bank Account Reconciliations,
Banks Statements, and Cash Disbursements Journal
For the Period August 30, 2013 through October 5, 2013
Bank Account Reconciliations and Cash Disbursements Journal
The Debtor affirms that bank reconciliations are prepared for all open and active bank accounts on a monthly basis.
Banks Statements
The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.
The Debtors affirm that the following bank accounts were closed during the current reporting period:
| Debtor |
Institution |
Date closed | ||
| None | None | None |
The Debtors affirm that the following bank accounts were opened during the current reporting period:
| Debtor |
Institution |
Purpose | Date closed | |||
| None | None | None | None |
| In re: OSH 1 Liquidating Corporation (f/k/a In re: Orchard Supply Hardware Stores Corporation), et al., | Case No. 13-11565 Reporting Period: August 30 - October 5, 2013 |
Schedule for Professional Fees and Expenses Paid
MOR-1b
($000)
| Amount paid | Year-To-Date | |||||||||||||||||||||||||
| Professionals |
Role | Fees | Expenses | Total | Fees | Expenses | Total | |||||||||||||||||||
| Zolfo Cooper |
— | — | — | 200 | 26 | 226 | ||||||||||||||||||||
| Dechert LLP |
— | — | — | 362 | 14 | 376 | ||||||||||||||||||||
| DLA Piper LLP |
494 | 30 | 524 | 772 | 31 | 803 | ||||||||||||||||||||
| BMC Group |
— | — | — | 92 | 145 | 237 | ||||||||||||||||||||
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| 494 | 30 | 524 | 1,426 | 216 | 1,642 | |||||||||||||||||||||
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Note: All professional fees are paid out of the Bank Of America AP Checking
| In re: OSH 1 Liquidating Corporation (f/k/a In re: Orchard Supply Hardware Stores Corporation), et al., | Case No. 13-11565 Reporting Period: August 30 - October 5, 2013 |
MOR-5
Debtors Trade Accounts Receivable and Aging
For the Period August 30, 2013 through October 5, 2013
| Trade Accounts receivables | N/A |
Notes:
1 - The Debtors do not have accounts receivable.
| In re: OSH 1 Liquidating Corporation (f/k/a In re: Orchard Supply Hardware Stores Corporation), et al., | Case No. 13-11565 Reporting Period: August 30 - October 5, 2013 |
DEBTOR QUESTIONNAIRE
MOR-6
| Must be completed each month. |
Yes |
No |
Notes: | |||
| 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | Balance sheet assets approved by court as part of Lowes assets acquisition. Also, GOB inventory sold to third party. | ||||
| 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||||
| 3. Have all post petition tax returns been timely filed? If no, provide an explanation below. | X | |||||
| 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||||
| 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | |||||