ELAH Holdings, Inc. - FORM 8-K - EX-99.1 - EX-99.1 MONTHLY OPERATING REPORT - December 27, 2017

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8-K - 8-K - ELAH Holdings, Inc.rely-20171220x8k.htm

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT 

DISTRICT OF DELAWARE

 

In re: Real Industry, Inc., et al.

Case No. 17-12464 (KJC)

Debtors

Reporting Period: November 17, 2017 – November 30, 2017

 

MONTHLY OPERATING REPORT

Submit copy of report to any official committee appointed in the case.

 

 

 

 

 

REQUIRED DOCUMENTS

Form No.

Document
Attached

Explanation
Attached

Schedule of Cash Receipts and Disbursements

MOR-1

 

 

Schedule of Debtor Bank Account Balances

MOR-1b

 

 

Schedule of Professional Fees and Expenses Paid

MOR-1c

 

 

Copies of bank statements

 

Available to the U.S. Trustee upon request.

 

Cash disbursements journals

 

Available to the U.S. Trustee upon request..

 

Statement of Operations

MOR-2

 

 

Balance Sheet

MOR-3

 

 

Summary of unpaid post-petition debts

MOR-4

 

 

Accounts Receivable Aging

MOR-5

 

 

Debtor Questionnaire

MOR-5

 

 

 

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.

 

 

    

12/20/2017

Signature of Authorized Individual*

 

Date

 

 

 

/s/ Michael J. Hobey

 

President and Interim CEO

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 company.

 

 

IN THE UNITED STATES BANKRUPTCY
COURT

FOR THE DISTRICT OF DELAWARE

 

 

 

 

 

 

 

 

 

 

 

)

 

In re:

 

)

Chapter 11

 

 

)

 

REAL INDUSTRY, INC., et al.

 

)

Case No. 17-12464 (KJC)

 

 

)

 

Debtors.1

 

)

(Jointly Administered)

 

 

 

 

 

CERTIFICATION REGARDING POST-PETITION BANK
ACCOUNT RECONCILIATIONS AND COMPLIANCE AND
PAYMENT OF POST-PETITION TAXES

 

I, Michael J. Hobey, President and Interim Chief Executive Officer of Real Industry, Inc. and its affiliated debtors and debtors-in-possession (collectively, the “Debtors”), hereby certifies as follows:

 

1.

Attached to MOR-1 is a listing of the Debtors’ bank accounts, by account number, and the closing balances. These accounts are reconciled monthly in accordance with the Debtors’ ordinary course accounting practices and, together with the Debtors’ bank statements and cash disbursements journals, are available to the United States Trustee upon request.

 

2.

To the best of my knowledge and belief, the Debtors are current on all post-petition taxes, and no post-petition tax amounts are past due.

 

 

 

 

/s/ Michael J. Hobey

 

 

12/20/2017

Michael J. Hobey

 

 

Date

President and Interim Chief Executive Officer

 

 

 

1 The Debtors in the above-captioned chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are Real Industry, Inc. (3818), Real Alloy Intermediate Holding, LLC (7447), Real Alloy Holding, Inc. (2396), Real Alloy Recycling, Inc. (9798), Real Alloy Bens Run, LLC (3083), Real Alloy Specialty Products, Inc. (9911), Real Alloy Specification, Inc. (9849), ETS Schaefer, LLC (9350), and RA Mexico Holding, LLC (4620).  The principal place of business for the Real Alloy Debtors is 3700 Park East Drive, Suite 300, Beachwood, Ohio 44122.

 

 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE

 

In re: Real Industry, Inc., et al.

Case No. 17-12464 (KJC)

Debtors

Reporting Period: November 17,  2017 – November 30, 2017

 

General Notes

 

This Monthly Operating Report ("MOR") has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these bankruptcy cases. The financial information contained herein is unaudited, preliminary in nature, and, as discussed below, not prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Such financial statements represent the Debtors’ good faith attempt to comply with the requirements of the United States Trustee using resources available. This information is specifically limited to the reporting period and limited in scope to the requirements of this report. These unaudited financial statements have not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes which could be material. Certain totals may not sum due to rounding.

 

The results of operations contained herein are not necessarily indicative of the results which may be expected from any other period or for the full year and may not necessarily reflect the results of operations, financial position and schedule of receipts and disbursements in the future. The amounts in MOR 3 currently classified as liabilities subject to compromise may be subject to future change as the Debtors complete their analysis of pre and post-petition liabilities, including the reconciliation of intercompany balances. The Debtors caution readers not to place undue reliance on the MOR. There can be no assurance that such information is complete and the MOR may be subject to revision.

 

 

 

 

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

    

Real
Industry, Inc

    

Real Alloy
Intermediate
Holding,
LLC

    

Real Alloy
Holding, Inc.

    

Real Alloy
Recycling, Inc.

    

Real Alloy
Bens Run,
LLC

    

Real Alloy
Specialty
Products,
Inc.

    

Real Alloy
Specification,
Inc.

    

ETS
Schaefer,
LLC

    

RA Mexico
Holding,
LLC

    

Total

    

Notes

Beginning Cash Balance (Book) 

 

$

3,035,213 

 

$

- 

 

$

- 

 

$

1,751,690 

 

$

- 

 

$

- 

 

$

- 

 

$
(1,707)

 

$

- 

 

$

4,785,197 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Receipts 

 

 

4,400 

 

 

- 

 

 

- 

 

 

9,121,090 

 

 

5,980 

 

 

564,002 

 

 

8,206,414 

 

 

117,368 

 

 

- 

 

 

18,019,255 

 

 

Interest Income 

 

 

218 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

218 

 

 

Total Receipts 

 

 

4,618 

 

 

- 

 

 

- 

 

 

9,121,090 

 

 

5,980 

 

 

564,002 

 

 

8,206,414 

 

 

117,368 

 

 

- 

 

 

18,019,473 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Disbursements 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metals 

 

 

- 

 

 

- 

 

 

- 

 

 
(4,633,568)

 

 

- 

 

 
(12,400)

 

 
(1,463,505)

 

 

- 

 

 

- 

 

 
(6,109,473)

 

 

Wages, Payroll, HR & Related 

 

 
(68,410)

 

 

- 

 

 

- 

 

 
(1,644,125)

 

 

- 

 

 
(35,258)

 

 
(494,892)

 

 
(53,650)

 

 

- 

 

 
(2,296,334)

 

 

Interco w/Canada 

 

 

- 

 

 

- 

 

 

- 

 

 
(6,986)

 

 

- 

 

 

- 

 

 
(905,684)

 

 

- 

 

 

- 

 

 
(912,670)

 

 

Freight 

 

 

- 

 

 

- 

 

 

- 

 

 
(528,593)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(528,593)

 

 

Flux 

 

 

- 

 

 

- 

 

 

- 

 

 
(413,354)

 

 

- 

 

 

- 

 

 
(13,479)

 

 

- 

 

 

- 

 

 
(426,833)

 

 

Banking & Financial 

 

 

- 

 

 

- 

 

 

- 

 

 
(280,527)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(280,527)

 

 

Packaging & Storage 

 

 

- 

 

 

- 

 

 

- 

 

 
(183,036)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(183,036)

 

 

Industrial Waste 

 

 

- 

 

 

- 

 

 

- 

 

 
(121,522)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(121,522)

 

 

Interco w/Goodyear 

 

 

- 

 

 

- 

 

 

- 

 

 
(106,693)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(106,693)

 

 

Insurance 

 

 

- 

 

 

- 

 

 

- 

 

 
(45,189)

 

 

- 

 

 

- 

 

 
(35,697)

 

 

- 

 

 

- 

 

 
(80,886)

 

 

SG&A & Other 

 

 
(17)

 

 

- 

 

 

- 

 

 
(24,761)

 

 

- 

 

 

- 

 

 
(13,576)

 

 
(34,664)

 

 

- 

 

 
(73,017)

 

 

Tax Authority 

 

 

- 

 

 

- 

 

 

- 

 

 
(49,226)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(49,226)

 

 

Equipment, Parts, Supplies & Related 

 

 

- 

 

 

- 

 

 

- 

 

 
(39,065)

 

 

- 

 

 

- 

 

 
(8,495)

 

 

- 

 

 

- 

 

 
(47,560)

 

 

Chemicals & Lubricants 

 

 

- 

 

 

- 

 

 

- 

 

 
(31,576)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(31,576)

 

 

Cleaning & Waste Management 

 

 

- 

 

 

- 

 

 

- 

 

 
(28,927)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(28,927)

 

 

Total Operating Disbursements 

 

 
(68,426)

 

 

- 

 

 

- 

 

 
(8,137,148)

 

 

- 

 

 
(47,658)

 

 
(2,935,328)

 

 
(88,313)

 

 

- 

 

 
(11,276,874)

 

(A)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring Related Disbursements 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees 

 

 

- 

 

 

- 

 

 
(493,216)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(493,216)

 

 

Adequate Assurance Deposit 

 

 

- 

 

 

- 

 

 
(1,863,153)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(1,863,153)

 

 

US Trustee Fees 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

Total Restructuring Related Disbursements

 

 

- 

 

 

- 

 

 
(2,356,369)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(2,356,369)

 

(A)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow Prior to Financing Activities

 

 
(63,808)

 

 

- 

 

 
(2,356,369)

 

 

983,942 

 

 

5,980 

 

 

516,344 

 

 

5,271,086 

 

 

29,055 

 

 

- 

 

 

4,386,230 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing Activities 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIP Term Loan Borrowings 

 

 

- 

 

 

- 

 

 

- 

 

 

40,000,000 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

40,000,000 

 

 

DIP Term Loan Fees 

 

 

- 

 

 

- 

 

 

- 

 

 
(3,725,000)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(3,725,000)

 

(A)

DIP ABL Borrowings 

 

 

- 

 

 

- 

 

 

- 

 

 

14,700,908 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

14,700,908 

 

 

DIP ABL Fees and Interest 

 

 

- 

 

 

- 

 

 

- 

 

 
(1,101,999)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(1,101,999)

 

(A)

Pre-Petition ABL Paydown 

 

 

- 

 

 

- 

 

 

- 

 

 
(49,251,411)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(49,251,411)

 

(A)

Pre-Petition Fees and Interest 

 

 

- 

 

 

- 

 

 

- 

 

 
(98,909)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(98,909)

 

(A)

Total Financing Activities 

 

 

- 

 

 

- 

 

 

- 

 

 

523,589 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

523,589 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow 

 

 
(63,808)

 

 

- 

 

 
(2,356,369)

 

 

1,507,531 

 

 

5,980 

 

 

516,344 

 

 

5,271,086 

 

 

29,055 

 

 

- 

 

 

4,909,819 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Sweep 

 

 

- 

 

 

- 

 

 

2,356,369 

 

 

3,474,939 

 

 
(5,980)

 

 
(516,344)

 

 
(5,271,086)

 

 
(37,898)

 

 

- 

 

 
(0)

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Cash Balance (Book) 

 

$

2,971,405 

 

$

- 

 

$

- 

 

$

6,734,160 

 

$

- 

 

$

- 

 

$

- 

 

$
(10,550)

 

$

- 

 

$

9,695,015 

 

 

Disbursments for Calculating Quarterly
US Trustee Fees. [sum of Notes (A)] 

 

$

68,426 

 

$

- 

 

$

2,356,369 

 

$

62,314,467 

 

$

- 

 

$

47,658 

 

$

2,935,328 

 

$

88,313 

 

$

- 

 

$

67,810,562 

 

 

 

MOR-1: Schedule of Receipts and Disbursements

 

SCHEDULE OF DEBTOR BANK ACCOUNT BALANCES*

 

Bank Account

    

Bank

    

Real Industry, Inc

    

Real Alloy
Intermediate
Holding,
LLC

    

Real Alloy
Holding, Inc.

    

Real Alloy
Recycling, Inc.

    

Real Alloy
Bens Run,
LLC

    

Real Alloy
Specialty
Products,
Inc.

    

Real Alloy
Specification,
Inc.

    

ETS Schaefer,
LLC

    

RA Mexico
Holding,
LLC

    

Consolidated

xxxxx09712 - ETS Schaefer LLC Receipts

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,677 

 

 

 

 

$

1,677 

xxxxx31011 - ETS Schaefer LLC Disbursements

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,678 

 

 

 

 

$

14,678 

xxxxx31030 - Real Alloy Recycling Inc Payroll Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

537,355 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

537,355 

xxxxx31016 - Real Alloy Recycling Inc Accounts Payable

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

143,473 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

143,473 

xxxxx09675 - Real Alloy Recycling Inc 3rd Party Funding Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

16,256 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

16,256 

xxxxx09656 - Real Alloy Recycling Inc Receivables Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

403,980 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

403,980 

xxxxx09651 - Real Alloy Recycling Inc Concentration Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

749,636 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

749,636 

xxxxx09670 - Real Alloy Recycling Inc Adequate Assurance Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

1,863,153 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,863,153 

xxxxx75014 - Real Alloy Holding, Inc Corp Trust (GBP)

 

Bank of America

 

 

 

 

 

 

 

 

127,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

127,000 

xxxxx75022 - Real Alloy Holding, Inc Corp Trust (EUR)

 

Bank of America

 

 

 

 

 

 

 

 

24,909 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24,909 

xxxxxx4386 - Real Alloy Recycling Inc Concentration Account

 

Wintrust 

 

 

 

 

 

 

 

 

 

 

 

5,051,824 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,051,824 

xxxxx23243 - Real Industry Inc Collateral Account for Letter of Credit

 

Wells Fargo

 

 

721,976 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

721,976 

xxxxx96415 - Real Industry, Inc

 

Wells Fargo

 

 

2,170,235 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,170,235 

xxxxx30349 - Real Industry, Inc Pledged Account

 

Wells Fargo

 

 

21,069 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21,069 

xxxxx26372 - Real Industry, Inc Brokerage Account

 

Wells Fargo

 

 

101,113 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

101,113 

 

 

 

 

$

3,014,393 

 

$

- 

 

$

151,909 

 

$

8,765,677 

 

$

- 

 

$

- 

 

$

- 

 

$

16,355 

 

$

- 

 

$

11,948,335 

 

*Balances per bank records as of November 30, 2017.

 

 

MOR-1b: Schedule of Bank Account Balances

 

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHECK

 

 

AMOUNT PAID

 

 

CUMULATIVE PAID
SINCE PETITION DATE

PAYEE

    

PERIOD

    

AMOUNT

    

PAYOR

    

NUMBER

    

DATE

    

FEES

    

EXPENSES

    

FEES

    

EXPENSES

Berkeley Research Group, LLC

 

Nov 17

 

$

138,633 

 

Real Alloy Holding, Inc

 

Wire

 

11/17/17*

 

$

130,868 

 

$

7,765 

 

$

130,868 

 

$

7,765 

Latham & Watkins LLP

 

Nov-17

 

 

354,583 

 

Real Alloy Holding, Inc

 

1700505059 

 

11/29/17

 

 

350,000 

 

 

4,583 

 

 

350,000 

 

 

4,583 

 

 

 

 

$

493,216 

 

 

 

 

 

 

 

$

480,868 

 

$

12,348 

 

$

480,868 

 

$

12,348 

 

*On November 16, 2017, the Debtors instructed their bank to wire to BRG a payment for prepetition fees and expenses of $138,633. BRG received these funds the morning of November 17, 2017.

 

 

MOR-1c: Schedule of Professional Fees and Expenses Paid

 

CONSOLIDATING STATEMENT OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Total Filer

    

Eliminations

    

Real
Industry,
Inc

    

Real Alloy
Intermediate
Holding,
Inc.

    

Real Alloy
Holding,
Inc.

    

Real Alloy
Recycling,
Inc.

    

Real Alloy
Specification,
Inc.

    

Real Alloy
Specialty
Products,
Inc.

    

ETS
Schaefer,
LLC

    

Real Alloy
Bens Run,
LLC

    

RA Mexico
Holding,
LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Revenue

 

$

23,275,973 

 

$
(2,079,839)

 

$

101 

 

$

- 

 

$

- 

 

$

11,237,529 

 

$

13,086,070 

 

$

754,324 

 

$

277,788 

 

$

- 

 

$

- 

Total Cost of Sales

 

 

21,422,285 

 

 
(2,079,839)

 

 

- 

 

 

- 

 

 

- 

 

 

10,207,422 

 

 

12,396,213 

 

 

658,606 

 

 

231,977 

 

 

7,906 

 

 

- 

Gross Profits

 

 

1,853,688 

 

 

- 

 

 

101 

 

 

- 

 

 

- 

 

 

1,030,107 

 

 

689,857 

 

 

95,718 

 

 

45,811 

 

 
(7,906)

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total SGA Expenses

 

 

2,999,149 

 

 

- 

 

 

14,573 

 

 

- 

 

 

417,844 

 

 

2,513,194 

 

 

38,852 

 

 

14,513 

 

 

173 

 

 

- 

 

 

- 

Restructuring & Impairment Charges

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Operating Income (Loss)

 

 
(1,145,461)

 

 

- 

 

 
(14,472)

 

 

- 

 

 
(417,844)

 

 
(1,483,087)

 

 

651,005 

 

 

81,205 

 

 

45,638 

 

 
(7,906)

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Expense & Fees

 

 

1,493,717 

 

 

- 

 

 

- 

 

 

- 

 

 

1,223,322 

 

 

268,898 

 

 

1,027 

 

 

470 

 

 

- 

 

 

- 

 

 

- 

Total Foreign Currency Gains/Losses

 

 
(530,780)

 

 

- 

 

 

- 

 

 

- 

 

 
(527,757)

 

 
(3,023)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Income Before Taxes

 

 
(2,108,398)

 

 

- 

 

 
(14,472)

 

 

- 

 

 
(1,113,409)

 

 
(1,748,962)

 

 

649,978 

 

 

80,735 

 

 

45,638 

 

 
(7,906)

 

 

- 

Income Tax Expenses

 

 
(1,783)

 

 

- 

 

 
(4,400)

 

 

- 

 

 

2,617 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Net Income

 

$
(2,106,615)

 

$

- 

 

$
(10,072)

 

$

- 

 

$
(1,116,026)

 

$
(1,748,962)

 

$

649,978 

 

$

80,735 

 

$

45,638 

 

$
(7,906)

 

$

- 

 

 

MOR-2: Statement of Operations

 

CONSOLIDATING BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Alloy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Alloy

 

 

 

 

 

 

 

 

 

 

 

Intermedate

 

 

 

 

 

 

 

Real Alloy

 

Real Alloy

 

 

 

 

 

 

 

Mexico

 

 

 

 

 

 

 

 

Real

 

Holding,

 

Real Alloy

 

 

Real Alloy

 

Specification,

 

Specialty

 

ETS Schaefer,

 

Real Alloy Bens

 

Holding

ASSETS

    

Total Filer

    

Eliminations

    

Industry Inc.

    

Inc.

    

Holding, Inc.

    

 

Recycling, Inc.

    

Inc.

    

Products, Inc

    

LLC

    

Run, LLC

    

LLC

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash & Equivalents

 

$

9,695,015 

 

$

—

 

$

2,971,405 

 

$

—

 

$

—

 

$

6,734,160 

 

$

—

 

$

—

 

$
(10,550)

 

$

—

 

$

—

Net Accounts Receivable

 

 

75,528,695 

 

 

—

 

 

—

 

 

—

 

 
(18,826)

 

 

28,132,615 

 

 

44,925,595 

 

 

1,176,696 

 

 

1,312,615 

 

 

—

 

 

—

Total Current Interco Receivable

 

 

2,908,677 

 

 
(778,009)

 

 

—

 

 

—

 

 
(41,274,813)

 

 
(54,280,574)

 

 

89,320,491 

 

 

9,859,043 

 

 

606,255 

 

 
(543,717)

 

 

—

Net Inventories

 

 

51,382,667 

 

 

—

 

 

—

 

 

—

 

 

—

 

 

22,750,621 

 

 

24,065,143 

 

 

3,988,534 

 

 

578,369 

 

 

—

 

 

—

Total Prepaid Expenses

 

 

15,276,230 

 

 

—

 

 

2,168,761 

 

 

—

 

 

—

 

 

9,940,240 

 

 

3,100,511 

 

 

66,718 

 

 

—

 

 

—

 

 

—

Total Other Current Assets

 

 

10,397,485 

 

 

—

 

 

22,001 

 

 

—

 

 

835,000 

 

 

6,534,239 

 

 

2,670,149 

 

 

336,096 

 

 

—

 

 

—

 

 

—

Total Current Assets

 

 

165,188,769 

 

 
(778,009)

 

 

5,162,167 

 

 

—

 

 
(40,458,639)

 

 

19,811,301 

 

 

164,081,889 

 

 

15,427,087 

 

 

2,486,689 

 

 
(543,717)

 

 

—

Property, Plant & Equipment, Net

 

 

151,722,174 

 

 

—

 

 

30,318 

 

 

—

 

 

—

 

 

102,838,927 

 

 

41,108,356 

 

 

3,250,013 

 

 

2,570,901 

 

 

1,923,660 

 

 

—

Other Intangibles, Net

 

 

10,321,429 

 

 

—

 

 

—

 

 

—

 

 

10,321,429 

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

Total Equity Investments in Subs

 

 

87,584,621 

 

 
(509,628,413)

 

 

175,146,256 

 

 

—

 

 

303,504,839 

 

 

118,561,938 

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1 

Total L/T Deferred Tax Assets

 

 
(176,343)

 

 

—

 

 
(176,343)

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

Total L/T Interco Receivable

 

 

96,030,436 

 

 

737 

 

 

27,512,945 

 

 

—

 

 

24,909,730 

 

 

78,244,593 

 

 
(33,346,220)

 

 
(1,290,827)

 

 

13,952 

 

 
(14,474)

 

 

—

Other L/T Assets, Net

 

 

6,466,612 

 

 

—

 

 

—

 

 

—

 

 

—

 

 

6,295,772 

 

 

170,840 

 

 

—

 

 

—

 

 

—

 

 

—

Total Assets

 

$

517,137,699 

 

$
(510,405,685)

 

$

207,675,344 

 

$

—

 

$

298,277,359 

 

$

325,752,531 

 

$

172,014,865 

 

$

17,386,273 

 

$

5,071,542 

 

$

1,365,469 

 

$

1 

 

MOR-3: Balance Sheet

 

CONSOLIDATING BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

Real Alloy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Alloy

 

 

 

 

 

 

 

 

 

 

 

Intermedate

 

 

 

 

 

 

 

Real Alloy

 

Real Alloy

 

 

 

 

 

 

 

Mexico

 

 

 

 

 

 

 

 

Real

 

 

Holding,

 

 

Real Alloy

 

Real Alloy

 

Specification,

 

Specialty

 

ETS Schaefer,

 

Real Alloy Bens

 

Holding

 

    

Total Filer

    

Eliminations

    

Industry Inc.

    

Inc.

    

Holding, Inc.

    

Recycling, Inc.

    

Inc.

    

Products, Inc

    

LLC

    

Run, LLC

    

LLC

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Accounts Payable

    

$

11,207,981 

    

$

— 

    

$

61,224 

    

$

— 

    

$

3,913 

    

$

4,819,966 

    

$

5,841,189 

    

$

414,755 

    

$

60,734 

    

$

6,200 

    

$

— 

Accrued & Other Current Liabilities (A)

 

 

6,372,561 

 

 

— 

 

 

368,536 

 

 

— 

 

 

— 

 

 

3,894,706 

 

 

1,727,255 

 

 

119,448 

 

 

216,824 

 

 

45,792 

 

 

— 

Toll Liability

 

 

4,954,488 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

336,829 

 

 

4,617,659 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

Accrued Interest

 

 

11,597,180 

 

 

— 

 

 

— 

 

 

— 

 

 

11,437,500 

 

 

159,680 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

Total Current Interco Payable

 

 

9,744,631 

 

 
(777,270)

 

 

— 

 

 

— 

 

 

10,161,194 

 

 

1,533,354 

 

 

1,842,236 

 

 

405,028 

 

 
(3,419,911)

 

 

— 

 

 

— 

Current Maturities of L/T Debt

 

 

397,048,302 

 

 

— 

 

 

— 

 

 

— 

 

 

299,144,026 

 

 

96,288,185 

 

 

1,472,735 

 

 

135,589 

 

 

7,767 

 

 

— 

 

 

— 

Total Current Liabilities

 

 

440,925,144 

 

 
(777,270)

 

 

429,761 

 

 

— 

 

 

320,746,633 

 

 

107,032,720 

 

 

15,501,074 

 

 

1,074,820 

 

 
(3,134,586)

 

 

51,992 

 

 

— 

Total Other L/T Liabilities (B)

 

 

12,252,931 

 

 

— 

 

 

1,916,730 

 

 

— 

 

 

— 

 

 

3,432,809 

 

 

6,805,742 

 

 

72,650 

 

 

25,000 

 

 

— 

 

 

— 

Total L/T Liabilities

 

 

12,252,931 

 

 

— 

 

 

1,916,730 

 

 

— 

 

 

— 

 

 

3,432,809 

 

 

6,805,742 

 

 

72,650 

 

 

25,000 

 

 

— 

 

 

— 

Total Liabilities — Subject to Compromise — External

 

 

85,443,675 

 

 

— 

 

 

30,146,851 

 

 

— 

 

 

61,424 

 

 

25,691,142 

 

 

27,731,703 

 

 

1,208,920 

 

 

572,988 

 

 

30,647 

 

 

— 

Total Liabilities — Subject to Compromise

 

 

85,443,675 

 

 

— 

 

 

30,146,851 

 

 

— 

 

 

61,424 

 

 

25,691,142 

 

 

27,731,703 

 

 

1,208,920 

 

 

572,988 

 

 

30,647 

 

 

— 

Total Liabilities

 

 

538,621,749 

 

 
(777,270)

 

 

32,493,341 

 

 

— 

 

 

320,808,057 

 

 

136,156,671 

 

 

50,038,519 

 

 

2,356,390 

 

 
(2,536,598)

 

 

82,639 

 

 

— 

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock — Total

 

 

29,807 

 

 

— 

 

 

29,807 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

Additional Paid—In Capital — Total

 

 

563,525,944 

 

 
(509,628,415)

 

 

563,525,945 

 

 

— 

 

 

173,259,645 

 

 

222,511,312 

 

 

99,016,761 

 

 

8,906,982 

 

 

3,940,748 

 

 

1,992,965 

 

 

1 

Retained Earnings

 

 
(573,741,492)

 

 

— 

 

 
(388,373,750)

 

 

— 

 

 
(184,492,033)

 

 
(32,915,452)

 

 

22,959,585 

 

 

6,122,901 

 

 

3,667,392 

 

 
(710,135)

 

 

— 

Total Other Comprehensive Income/(Loss)

 

 
(11,298,310)

 

 

— 

 

 

 

 

 

— 

 

 
(11,298,310)

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

 

 

— 

Total Stockholders' Equity

 

 
(21,484,050)

 

 
(509,628,415)

 

 

175,182,003 

 

 

— 

 

 
(22,530,698)

 

 

189,595,860 

 

 

121,976,346 

 

 

15,029,883 

 

 

7,608,140 

 

 

1,282,830 

 

 

1 

Total Liabilities & Equity

 

$

517,137,699 

 

$
(510,405,685)

 

$

207,675,344 

 

$

— 

 

$

298,277,359 

 

$

325,752,531 

 

$

172,014,865 

 

$

17,386,273 

 

$

5,071,542 

 

$

1,365,469 

 

$

1 

 

Notes:

(A) Includes certain prepetition claims for wages and taxes approved by the Court and costs related to potential future environmental remediation.

(B) Includes costs related to potential future environmental remediation and tax liabilities.

 

 

MOR-3: Balance Sheet

 

SUMMARY OF UNPAID POST-PETITION DEBTS

 

 

 

 

 

 

 

    

Current

 

Accounts Payable

 

$

11,207,981 

 

 

 

MOR-4: Summary of Unpaid Post-Petition Debts

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable Aging

    

0-30 Days

    

31-60 Days

    

61-90 Days

    

91 Days +

    

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

$

75,856,941 

 

$

13,750 

 

$

11,636 

 

$

372,685 

 

$

76,255,011 

 

Unapplied Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(465,316)

 

Allowance for Doubtful Accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(261,000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

75,528,695 

 

 

DEBTOR QUESTIONNAIRE

 

 

 

 

Must be completed each month

Yes

No

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

 

X

2.Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.

 

X

3. Have all 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. (1)

 

X

 

MOR-5: Accounts Receivable Aging AND Debtor Questionnaire

ELAH Holdings, Inc. Reports