ELAH Holdings, Inc. - FORM 8-K - EX-99.2 - January 26, 2018

Attached files

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EX-99.1 - EX-99.1 - ELAH Holdings, Inc.rely-20180122ex991637331.htm
EX-10.4 - EX-10.4 - ELAH Holdings, Inc.rely-20180122ex104908e6d.htm
EX-10.3 - EX-10.3 - ELAH Holdings, Inc.rely-20180122ex103ed742c.htm
EX-10.2 - EX-10.2 - ELAH Holdings, Inc.rely-20180122ex1020679fe.htm
EX-10.1 - EX-10.1 - ELAH Holdings, Inc.rely-20180122ex10101708f.htm
8-K - 8-K - ELAH Holdings, Inc.rely-20180122x8k.htm

 

Exhibit 99.2

 

UNITED STATES BANKRUPTCY COURT 

DISTRICT OF DELAWARE

 

 

 

 

In re: Real Industry, Inc., et al.

Case No. 17-12464 (KJC)

Debtors

Reporting Period: December 1, 2017 – December 31, 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.

 

 

 

 

/s/ Michael J. Hobey

    

1/22/2018

Signature of Authorized Individual*

 

Date

 

 

 

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

    

1/22/2018

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: December 1, 2017 – December 31, 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

    

(Month
Ended
12/31/2017)

    

Total Filer
(Cumulative
Since Filing)

 

Notes

Beginning Cash Balance (Book)

 

$
2,849,223

 

$

-

 

$

-

 

$
6,734,160

 

$

-

 

$

-

 

$

-

 

$
(10,550)

 

$

-

 

$
9,572,833

 

$
4,663,014

 

(A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Receipts

 

 

-

 

 

-

 

 

-

 

 
18,855,407

 

 

-

 

 
1,305,202

 

 
19,217,239

 

 
709,027

 

 

-

 

 
40,086,875

 

 
58,106,130

 

 

Interest Income

 

 
104

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
104

 

 
322

 

 

Total Receipts

 

 
104

 

 

-

 

 

-

 

 
18,855,407

 

 

-

 

 
1,305,202

 

 
19,217,239

 

 
709,027

 

 

-

 

 
40,086,979

 

 
58,106,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metals

 

 

-

 

 

-

 

 

-

 

 
(11,851,748)

 

 

-

 

 
(713,091)

 

 
(21,266,585)

 

 

-

 

 

-

 

 
(33,831,424)

 

 
(39,940,897)

 

 

Wages, Payroll, HR & Related

 

 
(131,324)

 

 

-

 

 

-

 

 
(5,947,436)

 

 

-

 

 
(159,268)

 

 
(1,862,058)

 

 
(161,483)

 

 

-

 

 
(8,261,568)

 

 
(10,557,903)

 

 

Interco w/Canada

 

 

-

 

 

-

 

 

-

 

 
(11,148)

 

 

-

 

 

-

 

 
(50,910)

 

 

-

 

 

-

 

 
(62,058)

 

 
(974,728)

 

 

Freight

 

 

-

 

 

-

 

 

-

 

 
(1,447,826)

 

 

-

 

 
(20,289)

 

 
(596,171)

 

 

-

 

 

-

 

 
(2,064,287)

 

 
(2,592,880)

 

 

Flux

 

 

-

 

 

-

 

 

-

 

 
(632,119)

 

 

-

 

 

-

 

 
(213,099)

 

 

-

 

 

-

 

 
(845,218)

 

 
(1,272,051)

 

 

Banking & Financial

 

 

-

 

 

-

 

 

-

 

 
(949,333)

 

 

-

 

 
(6,866)

 

 
(76,372)

 

 

-

 

 

-

 

 
(1,032,571)

 

 
(1,313,099)

 

 

Packaging & Storage

 

 

-

 

 

-

 

 

-

 

 
(9,906)

 

 

-

 

 
(6,057)

 

 
(5,749)

 

 

-

 

 

-

 

 
(21,712)

 

 
(204,748)

 

 

Industrial Waste

 

 

-

 

 

-

 

 

-

 

 
(233,480)

 

 

-

 

 
(116)

 

 
(4,988)

 

 

-

 

 

-

 

 
(238,585)

 

 
(360,107)

 

 

Interco w/Goodyear

 

 

-

 

 

-

 

 

-

 

 
(251,908)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(251,908)

 

 
(358,601)

 

 

Insurance

 

 

-

 

 

-

 

 

-

 

 
(152,567)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(152,567)

 

 
(233,453)

 

 

SG&A & Other

 

 
(120,105)

 

 

-

 

 
(557)

 

 
(852,403)

 

 

-

 

 
(53,783)

 

 
(281,033)

 

 
(139,146)

 

 

-

 

 
(1,447,027)

 

 
(1,520,044)

 

 

Tax Authority

 

 

-

 

 

-

 

 

-

 

 
(55,757)

 

 

-

 

 

-

 

 
(68,352)

 

 

-

 

 

-

 

 
(124,109)

 

 
(173,335)

 

 

Equipment, Parts, Supplies & Related

 

 

-

 

 

-

 

 

-

 

 
(512,868)

 

 

-

 

 
(12,910)

 

 
(218,330)

 

 

-

 

 

-

 

 
(744,108)

 

 
(791,669)

 

 

Construction/Fabrication

 

 

-

 

 

-

 

 

-

 

 
(103,655)

 

 

-

 

 
(1,060)

 

 
(25,000)

 

 

-

 

 

-

 

 
(129,715)

 

 
(129,715)

 

 

Chemicals & Lubricants

 

 

-

 

 

-

 

 

-

 

 
(72,253)

 

 

-

 

 

-

 

 
(54,924)

 

 

-

 

 

-

 

 
(127,176)

 

 
(158,752)

 

 

Cleaning & Waste Management

 

 

-

 

 

-

 

 

-

 

 
(84,348)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(84,348)

 

 
(113,275)

 

 

Utilities

 

 

-

 

 

-

 

 

-

 

 
(271,896)

 

 
(221)

 

 
(3,672)

 

 
(302,639)

 

 

-

 

 

-

 

 
(578,428)

 

 
(578,428)

 

 

Total Operating Disbursements

 

 
(251,429)

 

 

-

 

 
(557)

 

 
(23,440,651)

 

 
(221)

 

 
(977,113)

 

 
(25,026,211)

 

 
(300,629)

 

 

-

 

 
(49,996,810)

 

 
(61,273,684)

 

(B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring Related Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees

 

 
(50,000)

 

 

-

 

 
(273,446)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(323,446)

 

 
(816,663)

 

 

Adequate Assurance Deposit

 

 

-

 

 

-

 

 

-

 

 
(239,795)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(239,795)

 

 
(2,102,947)

 

 

US Trustee Fees

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

Total Restructuring Related Disbursements

 

 
(50,000)

 

 

-

 

 
(273,446)

 

 
(239,795)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(563,241)

 

 
(2,919,610)

 

(B)

 Net Cash Flow Prior to Financing Activities

 

 
(301,324.91)

 

 

-

 

 
(274,003)

 

 
(4,825,038)

 

 
(221)

 

 
328,089

 

 
(5,808,971)

 

 
408,398

 

 

-

 

 
(10,473,071)

 

 
(6,086,841)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIP Term Loan Borrowings

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
40,000,000

 

 

DIP Term Loan Fees

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(3,725,000)

 

(B)

DIP ABL Borrowings

 

 

-

 

 

-

 

 

-

 

 
53,398,001

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
53,398,001

 

 
68,098,909

 

 

DIP ABL Paydown

 

 

-

 

 

-

 

 

-

 

 
(85,158)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(85,158)

 

 
(85,158)

 

(B)

DIP ABL Fees and Interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(1,101,999)

 

(B)

Pre-Petition ABL Paydown

 

 

-

 

 

-

 

 

-

 

 
(44,046,561)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(44,046,561)

 

 
(93,297,972)

 

(B)

Pre-Petition Fees and Interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
(98,909)

 

(B)

Total Financing Activities

 

 

-

 

 

-

 

 

-

 

 
9,266,282

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
9,266,282

 

 
9,789,871

 

 

Net Cash Flow

 

 
(301,325)

 

 

-

 

 
(274,003)

 

 
4,441,243

 

 
(221)

 

 
328,089

 

 
(5,808,971)

 

 
408,398

 

 

-

 

 
(1,206,790)

 

 
3,703,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Sweep

 

 

-

 

 

-

 

 
274,003

 

 
(5,357,703)

 

 
221

 

 
(328,089)

 

 
5,808,971

 

 
(397,403)

 

 

-

 

 
0

 

 
(0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Cash Balance (Book)

 

$
2,547,898

 

$

-

 

$

-

 

$
5,817,701

 

$

-

 

$

-

 

$

-

 

$
444

 

$

-

 

$
8,366,043

 

$
8,366,043

 

 

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

 

$
301,429

 

$

-

 

$
274,003

 

$
67,812,165

 

$
221

 

$
977,113

 

$
25,026,211

 

$
300,629

 

$

-

 

$
94,691,770

 

$
162,502,332

 

 

 

Notes:

(A) In the November 2017 Monthly Operating Report ("MOR"), the Debtors reported two bank account balances totaling $122,182 as accounts of the Debtors that subsequently were determined to be non-debtor bank accounts. The beginning cash balances have been adjusted to reflect this correction.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,074 

 

 

 

 

$

7,074 

xxxxx31011 - ETS Schaefer LLC Disbursements

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63,620 

 

 

 

 

$

63,620 

xxxxx31030 - Real Alloy Recycling Inc Payroll Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

290,939 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

290,939 

xxxxx31016 - Real Alloy Recycling Inc Accounts Payable

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

1,613,651 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,613,651 

xxxxx09675 - Real Alloy Recycling Inc 3rd Party Funding Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

15,375 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

15,375 

xxxxx09656 - Real Alloy Recycling Inc Receivables Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

727,719 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

727,719 

xxxxx09651 - Real Alloy Recycling Inc Concentration Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

331,093 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

331,093 

xxxxx09670 - Real Alloy Recycling Inc Adequate Assurance Account

 

Bank of America

 

 

 

 

 

 

 

 

 

 

 

1,295,144 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,295,144 

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

 

Bank of America

 

 

 

 

 

 

 

 

127,095 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

127,095 

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

 

Bank of America

 

 

 

 

 

 

 

 

25,125 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25,125 

xxxxxx4386 - Real Alloy Recycling Inc Concentration Account

 

Wintrust

 

 

 

 

 

 

 

 

 

 

 

2,563 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,563 

xxxxxx87819 - Real Alloy Holding, Inc Bondholder Escrow Account

 

JP Morgan Chase

 

 

 

 

 

 

 

 

5,000,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,000,000 

xxxxx23243 - Real Industry Inc Collateral Account for Letter of Credit

 

Wells Fargo

 

 

722,080 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

722,080 

xxxxx96415 - Real Industry, Inc

 

Wells Fargo

 

 

1,920,155 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,920,155 

 

 

 

 

$

2,642,235 

 

$

-

 

$

5,152,219 

 

$

4,276,484 

 

$

-

 

$

-

 

$

-

 

$

70,694 

 

$

-

 

$

12,141,632 

 

*Balances per bank records as of December 31, 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

Alvarez & Marsal Securities, LLC

 

Dec-17

 

$

126,172 

 

Real Alloy Holding, Inc

 

Wire

 

12/18/17

 

$

126,172 

 

$

-

 

$

126,172 

 

$

-

Berkeley Research Group, LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130,868 

 

 

7,765 

Latham & Watkins LLP

 

Dec-17

 

 

147,275 

 

Real Alloy Holding, Inc

 

Wire

 

12/27/17

 

 

147,275 

 

 

-

 

 

447,275 

 

 

54,583 

Prime Clerk

 

Dec-17

 

 

50,000 

 

Real Industry, Inc

 

Wire

 

12/12/17

 

 

50,000 

 

 

-

 

 

50,000 

 

 

-

 

 

 

 

$

323,446 

 

 

 

 

 

 

 

$

323,446 

 

$

-

 

$

754,314 

 

$

62,348 

 

 

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

 

CONSOLIDATING STATEMENT OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Total Filer
(Month Ended
12/31/2017)

    

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

    

Total Filer
(Cumulative
Since Filing)

Gross Revenue

 

$

48,056,837 

 

$
(3,419,531)

 

$

18,804 

 

$

- 

 

$

- 

 

$

23,687,272 

 

$

26,005,118 

 

$

1,211,108 

 

$

554,066 

 

$

- 

 

$

- 

 

$

71,332,810 

Total Cost of Sales

 

 

45,925,469 

 

 
(3,496,526)

 

 

- 

 

 

- 

 

 

- 

 

 

22,132,263 

 

 

25,728,587 

 

 

1,073,830 

 

 

469,324 

 

 

17,991 

 

 

- 

 

 

67,347,754 

Gross Profits

 

 

2,131,368 

 

 

76,995 

 

 

18,804 

 

 

- 

 

 

- 

 

 

1,555,009 

 

 

276,531 

 

 

137,278 

 

 

84,742 

 

 
(17,991)

 

 

- 

 

 

3,985,056 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total SGA Expenses

 

 

3,395,874 

 

 
(13,625)

 

 

1,487,530 

 

 

- 

 

 

497,215 

 

 

1,350,407 

 

 

59,200 

 

 

15,147 

 

 

- 

 

 

- 

 

 

- 

 

 

6,395,023 

Total (Gains) Losses on Derivative Financial Instruments

 

 
(16,691)

 

 

- 

 

 

- 

 

 

- 

 

 
(16,691)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(16,691)

Other Operating (Income) Expense - Net

 

 

64,860 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

26,110 

 

 

38,486 

 

 

- 

 

 

- 

 

 

264 

 

 

- 

 

 

64,860 

Operating Income (Loss)

 

 
(1,312,675)

 

 

90,620 

 

 
(1,468,726)

 

 

- 

 

 
(480,524)

 

 

178,492 

 

 

178,845 

 

 

122,131 

 

 

84,742 

 

 
(18,255)

 

 

- 

 

 
(2,458,136)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Expense & Fees

 

 

3,081,419 

 

 

6,243 

 

 

- 

 

 

- 

 

 

2,465,926 

 

 

603,507 

 

 

5,122 

 

 

597 

 

 

24 

 

 

- 

 

 

- 

 

 

4,575,136 

Total Foreign Currency Gains/Losses

 

 
(461,200)

 

 

- 

 

 

- 

 

 

- 

 

 
(460,143)

 

 
(1,057)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(991,980)

Net Mgmt Fee Expense (Income)

 

 

241,743 

 

 

- 

 

 

- 

 

 

- 

 

 

18,700 

 

 

223,043 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

241,743 

Other Expenses

 

 
(182)

 

 
(35,000)

 

 
(182)

 

 

- 

 

 

35,000 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 
(182)

Income Before Taxes

 

 
(4,174,455)

 

 

119,377 

 

 
(1,468,544)

 

 

- 

 

 
(2,540,007)

 

 
(647,001)

 

 

173,723 

 

 

121,534 

 

 

84,718 

 

 
(18,255)

 

 

- 

 

 
(6,282,853)

Income Tax Expenses

 

 

5,472 

 

 

- 

 

 

- 

 

 

- 

 

 

5,472 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

3,689 

Net Income From Continuing Operations

 

 
(4,179,927)

 

 

119,377 

 

 
(1,468,544)

 

 

- 

 

 
(2,545,479)

 

 
(647,001)

 

 

173,723 

 

 

121,534 

 

 

84,718 

 

 
(18,255)

 

 

- 

 

 
(6,286,542)

Net Income

 

$
(4,179,927)

 

$

119,377 

 

$
(1,468,544)

 

$

- 

 

$
(2,545,479)

 

$
(647,001)

 

$

173,723 

 

$

121,534 

 

$

84,718 

 

$
(18,255)

 

$

- 

 

$
(6,286,542)

 

 

 

MOR-2: Statement of Operations

 

 

CONSOLIDATING BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

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

    

Real Alloy
Mexico
Holding LLC

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash & Equivalents

 

$

8,366,043 

 

$

- 

 

$

2,547,898 

 

$

- 

 

$

- 

 

$

5,817,702 

 

$

- 

 

$

- 

 

$

444 

 

$

- 

 

$

- 

Net Accounts Receivable

 

 

83,853,578 

 

 

- 

 

 

3,203 

 

 

- 

 

 
(18,826)

 

 

30,340,587 

 

 

51,505,477 

 

 

886,069 

 

 

1,137,068 

 

 

- 

 

 

- 

Total Current Interco Receivable

 

 

3,016,419 

 

 
(409,557)

 

 

- 

 

 

- 

 

 
(41,214,600)

 

 
(44,145,706)

 

 

78,411,482 

 

 

10,298,783 

 

 

620,369 

 

 
(544,352)

 

 

- 

Net Inventories

 

 

54,004,853 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

20,955,913 

 

 

28,533,098 

 

 

3,902,900 

 

 

612,942 

 

 

- 

 

 

- 

Total Prepaid Expenses

 

 

18,618,357 

 

 

- 

 

 

1,710,271 

 

 

- 

 

 

- 

 

 

7,120,314 

 

 

9,694,768 

 

 

93,004 

 

 

- 

 

 

- 

 

 

- 

Total Other Current Assets

 

 

10,090,632 

 

 

- 

 

 

- 

 

 

- 

 

 

835,000 

 

 

6,128,648 

 

 

2,764,433 

 

 

362,551 

 

 

- 

 

 

- 

 

 

- 

Total Current Assets

 

 

177,949,882 

 

 
(409,557)

 

 

4,261,371 

 

 

- 

 

 
(40,398,426)

 

 

26,217,458 

 

 

170,909,258 

 

 

15,543,307 

 

 

2,370,823 

 

 
(544,352)

 

 

- 

Property, Plant & Equipment, Net

 

 

149,968,650 

 

 

- 

 

 

29,407 

 

 

- 

 

 

- 

 

 

101,716,528 

 

 

40,541,135 

 

 

3,202,411 

 

 

2,560,295 

 

 

1,918,874 

 

 

- 

Other Intangibles, Net

 

 

10,119,048 

 

 

- 

 

 

- 

 

 

- 

 

 

10,119,048 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total Equity Investments in Subs

 

 

68,989,393 

 

 
(509,628,413)

 

 

156,586,028 

 

 

- 

 

 

303,469,839 

 

 

118,561,938 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

1 

Total L/T Deferred Tax Assets

 

 
(176,343)

 

 

- 

 

 
(176,343)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total L/T Interco Receivable

 

 

99,311,712 

 

 
(32,991)

 

 

27,964,376 

 

 

- 

 

 

25,909,105 

 

 

80,552,203 

 

 
(33,789,653)

 

 
(1,290,806)

 

 

13,951 

 

 
(14,473)

 

 

- 

Other L/T Assets, Net

 

 

7,702,575 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

7,531,735 

 

 

170,840 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total Assets

 

$

513,864,917 

 

$
(510,070,961)

 

$

188,664,839 

 

$

- 

 

$

299,099,566 

 

$

334,579,862 

 

$

177,831,580 

 

$

17,454,912 

 

$

4,945,069 

 

$

1,360,049 

 

$

1 

 

 

 

MOR-3: Balance Sheet

 

CONSOLIDATING BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

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

    

Real Alloy
Mexico
Holding LLC

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Accounts Payable

 

$

28,338,972 

 

$

- 

 

$

22,776 

 

$

- 

 

$

67,484 

 

$

10,611,201 

 

$

16,789,911 

 

$

487,821 

 

$

337,160 

 

$

22,619 

 

$

- 

Accrued & Other Current Liabilities (A)

 

 

7,077,309 

 

 
(141,259)

 

 

1,573,286 

 

 

- 

 

 

- 

 

 

3,959,223 

 

 

1,354,276 

 

 

84,666 

 

 

200,919 

 

 

46,198 

 

 

- 

Total F/V S/T Hedge Liab. Contracts

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Toll Liability

 

 

5,549,889 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

211,914 

 

 

5,337,975 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Accrued Interest

 

 

14,243,694 

 

 

- 

 

 

- 

 

 

- 

 

 

13,979,167 

 

 

264,527 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total Cur. Def. Tax Liability

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total Current Interco Payable

 

 

10,348,401 

 

 
(405,247)

 

 

248,404 

 

 

- 

 

 

10,516,560 

 

 

1,534,455 

 

 

1,889,616 

 

 

418,661 

 

 
(3,854,048)

 

 

- 

 

 

- 

Current Maturities of L/T Debt

 

 

406,826,785 

 

 

5,818 

 

 

- 

 

 

- 

 

 

299,545,392 

 

 

105,713,214 

 

 

1,424,140 

 

 

130,601 

 

 

7,620 

 

 

- 

 

 

- 

Liabilities of Discontinued Operations - Current

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total Current Liabilities

 

 

472,385,050 

 

 
(540,688)

 

 

1,844,466 

 

 

- 

 

 

324,108,603 

 

 

122,294,534 

 

 

26,795,918 

 

 

1,121,749 

 

 
(3,308,349)

 

 

68,817 

 

 

- 

Total Other L/T Liabilities (B)

 

 

12,369,482 

 

 

- 

 

 

2,002,320 

 

 

- 

 

 

- 

 

 

3,456,713 

 

 

6,812,799 

 

 

72,650 

 

 

25,000 

 

 

- 

 

 

- 

Total L/T Liabilities

 

 

12,369,482 

 

 

- 

 

 

2,002,320 

 

 

- 

 

 

- 

 

 

3,456,713 

 

 

6,812,799 

 

 

72,650 

 

 

25,000 

 

 

- 

 

 

- 

Total Liabilities - Subject to Compromise - External

 

 

74,002,827 

 

 
(39,935)

 

 

30,415,991 

 

 

- 

 

 

2,908 

 

 

19,879,755 

 

 

22,072,794 

 

 

1,109,096 

 

 

535,561 

 

 

26,657 

 

 

- 

Total Liabilities - Subject to Compromise - Internal

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total Liabilities - Subject to Compromise

 

 

74,002,827 

 

 
(39,935)

 

 

30,415,991 

 

 

- 

 

 

2,908 

 

 

19,879,755 

 

 

22,072,794 

 

 

1,109,096 

 

 

535,561 

 

 

26,657 

 

 

- 

Total Liabilities

 

 

558,757,360 

 

 
(580,623)

 

 

34,262,778 

 

 

- 

 

 

324,111,511 

 

 

145,631,002 

 

 

55,681,511 

 

 

2,303,495 

 

 
(2,747,788)

 

 

95,474 

 

 

- 

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock - Total

 

 

29,807 

 

 

- 

 

 

29,807 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Additional Paid-In Capital - Total

 

 

544,214,547 

 

 
(509,628,415)

 

 

544,214,548 

 

 

- 

 

 

173,259,645 

 

 

222,511,312 

 

 

99,016,761 

 

 

8,906,982 

 

 

3,940,748 

 

 

1,992,965 

 

 

1 

Retained Earnings

 

 
(577,902,720)

 

 

138,077 

 

 
(389,842,294)

 

 

- 

 

 
(187,037,513)

 

 
(33,562,452)

 

 

23,133,308 

 

 

6,244,435 

 

 

3,752,109 

 

 
(728,390)

 

 

- 

Total Other Comprehensive Income/(Loss)

 

 
(11,234,077)

 

 

- 

 

 

 

 

 

- 

 

 
(11,234,077)

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total Stockholders' Equity

 

 
(44,892,442)

 

 
(509,490,338)

 

 

154,402,062 

 

 

- 

 

 
(25,011,945)

 

 

188,948,860 

 

 

122,150,069 

 

 

15,151,417 

 

 

7,692,857 

 

 

1,264,575 

 

 

1 

Total Liabilities & Equity

 

$

513,864,917 

 

$
(510,070,961)

 

$

188,664,839 

 

$

- 

 

$

299,099,566 

 

$

334,579,862 

 

$

177,831,580 

 

$

17,454,912 

 

$

4,945,069 

 

$

1,360,049 

 

$

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

 

$

28,338,972 

 

 

 

MOR-4: Summary of Unpaid Post-Petition Debts

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

0-30 Days

    

31-60 Days

    

61-90 Days

    

91 Days +

    

Total

Accounts Receivable Aging

 

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

$

80,156,681 

 

$

4,813,789 

 

$

23,016 

 

$

14,386 

 

$

85,007,872 

Unapplied Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(863,294)

Allowance for Doubtful Accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(291,000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

83,853,578 

 

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