Attached files
| file | filename |
|---|---|
| 8-K - BORDERS GROUP 8-K 4-29-2011 - BORDERS GROUP INC | form8k.htm |
Exhibit 99.1
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United States Bankruptcy Court
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Southern District of New York
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X
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In re:
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:
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Chapter 11
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:
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Borders Group, Inc. et al.
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:
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Case No. 11-10614
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:
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Debtors
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:
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X
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Monthly Operating Report for the Period
From February 16, 2011 to March 26, 2011
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Debtors' Address:
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100 Phoenix Drive
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Ann Arbor, MI 48108-2202
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Telephone: 734-477-1100
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Debtors' Attorneys:
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David M. Friedman
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1633 Broadway
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New York, New York 10019
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Telephone: (212) 506-1700
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This Monthly Operating Report ("MOR") has been prepared solely for the purposes of complying with the monthly reporting requirements applicable in these Chapter 11 cases and is in a format that the Debtors believe is acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with accounting principles generally accepted in the United States ("GAAP").
I declare under penalty of perjury that this report and the attached documents are true and correct to the best of my knowledge and belief.
| /s/Glen Tomaszewski |
4/29/2011
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Glen Tomaszewski
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Vice President, Chief Accounting Officer and Controller
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Borders Group, Inc.
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UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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Federal Tax I.D. #
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38-3294588
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REQUIRED
DOCUMENTS
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FORM NO.
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DOCUMENT
ATTACHED
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EXPLANATION
ATTACHED
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Schedule of Cash Receipts and Disbursements
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MOR-1
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x
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||||
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Bank Reconciliation (or copies of debtor's bank reconciliations)
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MOR-1
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x
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Copies of bank statements
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x
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|||||
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Cash disbursements journals
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x
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|||||
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Statement of Operations
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MOR-2
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x
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Balance Sheet
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MOR-3
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x
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Status of Post-petition Taxes
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MOR-4
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x
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Copies of IRS Form 6123 or payment receipt
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x
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Copies of tax returns filed during reporting period
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x
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|||||
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Summary of Unpaid Post-petition Debts
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MOR-4
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x
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Listing of Aged Accounts Payable
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MOR-4
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x
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Accounts Receivable Reconciliation and Aging
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MOR-5
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x
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Taxes Reconciliation and Aging (See MOR-7)
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x
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|||||
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Payments to Insiders and Professionals
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MOR-6
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x
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Post Petition Status of Secured Notes, Leases Payable
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MOR-6
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x
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Debtor Questionnaire
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MOR-7
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x
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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NOTES TO MONTHLY OPERATING REPORT
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The Monthly Operating Report includes activity from the following Debtors:
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Debtor
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Case Number
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Borders Group, Inc.
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11-10614
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Borders, Inc.
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11-10615
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Borders International Services, Inc.
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11-10616
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Borders Direct, LLC
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11-10617
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Borders Properties, Inc.
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11-10618
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Borders Online, Inc.
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11-10619
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Borders Online, LLC
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11-10620
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BGP (UK) Limited
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11-10621
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General Notes:
The financial statements and supplemental information contained herein are preliminary, unaudited, and may not comply in all material respects with accounting principles generally accepted in the United States ("GAAP"). In addition, the financial statements and supplemental information contained herein represent condensed combined information.
The unaudited consolidated financial statements have been derived from the books and records of the Debtors and include the results of operations for non-Debtor affiliates, which amounts are immaterial. This information has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and upon application of such procedures the financial information could be subject to material change.
The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment.
The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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NOTES TO MONTHLY OPERATING REPORT
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MOR-1
Cash is received as described in the Debtors' motion to approve their cash management system and is consistent with the Debtors' cash management practices. Cash receipts and disbursements related to intercompany transfers among the Debtor entities have also been excluded from the analysis.
MOR - 4
The Debtors believe they are paying all undisputed taxes when due and timely preparing and filing all tax returns, or obtaining extensions where necessary.
MOR-6
The Debtors have not included any payments of normal course wages, benefits or the payment of board fees to insiders. The Debtors have also not reported payments to professionals utilized in the ordinary course of business.
MOR-7
The Debtors have paid certain pre-petition liabilities in accordance with orders approved by the Bankruptcy Court authorizing such payments. The Debtors believe that all undisputed post-petition accounts payable have been and are being paid according to agreed upon terms specific to each vendor and/or service provider. Any aged amounts represent items subject to valid disputes, and certain items which have been paid subsequent to the end of the reporting period.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 1
($000's)
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Debtor
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Cash Receipts
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|||
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Combined Debtors
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$ | 506,022 | ||
| Total Cash Receipts | $ | 506,022 | ||
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Debtor
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Case Number
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Cash Disbursements
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Borders Group, Inc.
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11-10614 | $ | (49,643 | ) | ||||
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Borders, Inc.
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11-10615 | (457,005 | ) | |||||
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Borders International Services, Inc.
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11-10616 | - | ||||||
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Borders Direct, LLC
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11-10617 | (8,314 | ) | |||||
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Borders Properties, Inc.
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11-10618 | (23 | ) | |||||
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Borders Online, Inc.
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11-10619 | - | ||||||
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Borders Online, LLC
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11-10620 | - | ||||||
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BGP (UK) Limited
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11-10621 | - | ||||||
| Total Cash Disbursements | $ | (514,985 | ) | |||||
Notes
1 - Amounts exclude receipts / disbursements made on behalf of the Debtors that did not flow through a Debtor bank account.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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BANK RECONCILIATIONS 1, 2, 3
($000's)
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Debtor
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Case Number
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Bank and Account Description
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Bank
Account No.
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Bank Balance
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Borders Group, Inc.
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11-10614 |
BGI Concentration Account
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1001738167 | $ | 224 | ||||||||
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Borders, Inc.
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11-10615 |
Bank of America Corporate Depository
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4427082445 | 4,061 | |||||||||
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Borders, Inc.
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11-10615 |
Borders Inc. Concentration Acct
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1001744196 | 277 | |||||||||
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Borders, Inc.
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11-10615 |
Waldenbooks Concentration Acct
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66724060 | 499 | |||||||||
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Borders, Inc.
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11-10615 |
Waldenbooks A/R
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66724126 | 6 | |||||||||
| $ | 5,067 | ||||||||||||
Notes
1 - The Debtors have not included copies of bank statements or cash disbursement journals due to the voluminous nature of these requests.
2 - The Debtors reconcile their bank accounts on a monthly basis.
3 - The Debtors have excluded accounts with no balance as of the end of the reporting period and have also excluded accounts that receive cash deposits from local stores, which amounts are regularly swept to the Debtors' primary accounts listed above.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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STATEMENT OF OPERATIONS 1
($MM)
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Feb-11
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||||
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Sales
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$ | 127.0 | ||
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Other revenue
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38.5 | |||
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Total revenue
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165.5 | |||
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Cost of merchandise sold (includes occupancy)
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139.9 | |||
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Gross margin
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25.6 | |||
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Selling, general and administrative expenses
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40.3 | |||
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Operating income (loss)
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(14.7 | ) | ||
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Interest expense (income)
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2.2 | |||
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Warrant/put expense (income)
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(1.5 | ) | ||
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Loss on extinguishment of debt
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19.6 | |||
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Total interest expense (income)
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20.3 | |||
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Income (loss) before reorganization items and income taxes
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(35.0 | ) | ||
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Reorganization items, net
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(6.7 | ) | ||
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Income (loss) before income taxes
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(28.3 | ) | ||
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Income tax provision (benefit)
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- | |||
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Net income (loss)
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$ | (28.3 | ) | |
Notes
1 - Statement reflects the results from operations for January 30, 2011 - February 26, 2011.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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STATEMENT OF OPERATIONS 1
($MM)
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Mar-11
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||||
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Sales
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$ | 91.4 | ||
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Other revenue
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73.8 | |||
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Total revenue
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165.2 | |||
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Cost of merchandise sold (includes occupancy)
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152.2 | |||
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Gross margin
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13.0 | |||
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Selling, general and administrative expenses
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34.1 | |||
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Operating income (loss)
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(21.1 | ) | ||
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Interest expense (income)
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2.1 | |||
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Warrant/put expense (income)
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- | |||
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Loss on extinguishment of debt
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- | |||
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Total interest expense (income)
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2.1 | |||
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Income (loss) before reorganization items and income taxes
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(23.2 | ) | ||
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Reorganization items, net
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1.1 | |||
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Income (loss) before income taxes
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(24.3 | ) | ||
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Income tax provision (benefit)
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- | |||
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Net income (loss)
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$ | (24.3 | ) | |
Notes
1 - Statement reflects the results from operations for February 27, 2011 - March 26, 2011.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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BALANCE SHEET 1
($MM)
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Feb-11
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||||
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Assets
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||||
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Current assets:
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Cash and cash equivalents
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$ | 80.9 | ||
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Merchandise inventories
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576.7 | |||
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Accounts receivable and other current assets
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48.3 | |||
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Total current assets
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705.9 | |||
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Property and equipment, net of accumulated depreciation
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203.1 | |||
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Other assets
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33.2 | |||
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Total assets
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$ | 942.2 | ||
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Liabilities
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||||
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Current liabilities:
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||||
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Short term debt-credit facility
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$ | 127.5 | ||
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Capital lease liability
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1.4 | |||
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Trade accounts payable
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2.6 | |||
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Accrued payroll and other liabilities
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314.1 | |||
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Taxes, including income taxes
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30.2 | |||
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Total current liabilities
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475.8 | |||
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Long-term debt
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1.0 | |||
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Other long-term liabilities
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264.5 | |||
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Liabilities subject to compromise
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383.0 | |||
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Total liabilities
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1,124.3 | |||
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Stockholders' equity:
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||||
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Common stock
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188.5 | |||
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Retained deficit
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(370.6 | ) | ||
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Total stockholders' equity
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(182.1 | ) | ||
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Total liabilities and stockholders' equity
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$ | 942.2 | ||
Notes
1 - Balance sheet reflects balances as of February 26, 2011.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
|
|
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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BALANCE SHEET 1
($MM)
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Mar-11
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||||
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Assets
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||||
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Current assets:
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||||
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Cash and cash equivalents
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$ | 41.8 | ||
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Merchandise inventories
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501.9 | |||
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Accounts receivable and other current assets
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88.0 | |||
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Total current assets
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631.7 | |||
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Property and equipment, net of accumulated depreciation
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181.5 | |||
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Other assets
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32.6 | |||
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Total assets
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$ | 845.8 | ||
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Liabilities
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||||
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Current liabilities:
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||||
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Short term debt-credit facility
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$ | 99.5 | ||
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Capital lease liability
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1.4 | |||
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Trade accounts payable
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4.8 | |||
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Accrued payroll and other liabilities
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258.0 | |||
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Taxes, including income taxes
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33.6 | |||
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Total current liabilities
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397.3 | |||
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Long-term debt
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1.0 | |||
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Other long-term liabilities
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258.2 | |||
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Liabilities subject to compromise
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395.5 | |||
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Total liabilities
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1,052.0 | |||
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Stockholders' equity:
|
||||
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Common stock
|
188.7 | |||
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Retained deficit
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(394.9 | ) | ||
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Total stockholders' equity
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(206.2 | ) | ||
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Total liabilities and stockholders' equity
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$ | 845.8 | ||
Notes
1 - Balance sheet reflects balances as of month end March 26, 2011.
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In re
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BORDERS GROUP INC., et al.
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Case No.
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11-10614
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Debtor
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Reporting Period:
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2/16/11 - 3/26/11
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STATUS OF POSTPETITION TAXES 1, 3
($000's)
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Federal
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Beginning
Tax
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Amount Withheld
and/or Accrued
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Amount
Paid
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Ending
Tax
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||||||||||||
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Withholding
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$ | - | $ | 3,036 | $ | 3,036 | $ | - | ||||||||
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FICA-Employee
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- | 1,729 | 1,729 | - | ||||||||||||
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FICA-Employer
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- | 2,341 | 2,341 | - | ||||||||||||
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Unemployment
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- | 167 | - | 167 | ||||||||||||
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Total Federal Taxes
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- | 7,273 | 7,106 | 167 | ||||||||||||
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State and Local
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||||||||||||||||
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Withholding
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$ | - | $ | 939 | $ | 796 | $ | 143 | ||||||||
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Sales
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23,683 | - | 23,683 | - | ||||||||||||
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Unemployment
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- | 867 | - | 867 | ||||||||||||
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Business Licenses
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249 | - | 249 | - | ||||||||||||
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Real Property 2
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- | - | - | - | ||||||||||||
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Personal Property
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55 | - | 55 | - | ||||||||||||
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Income/Franchise
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67 | - | 67 | - | ||||||||||||
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Total State and Local
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$ | 24,054 | $ | 1,806 | $ | 24,850 | $ | 1,010 | ||||||||
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Total Taxes
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$ | 24,054 | $ | 9,079 | $ | 31,956 | $ | 1,177 | ||||||||
Notes
1 - The Debtors have not included copies of Form 6123 and tax returns filed during this period due to the voluminous nature of these reports.
2 - The Debtors do not own any real property. Real estate taxes paid by the Debtors are paid as part of an underlying lease obligation and the failure to pay such lease payments would not result in claims by the taxing authority against the Debtors.
3 - The Debtors believe they are paying all undisputed taxes and preparing and filing all returns when due or obtaining extensions where necessary.
STATUS OF POSTPETITION DEBTS 1, 2, 3
($000's)
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Aged by Due Date
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||||||||||||||||||||||||||||
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Description
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Current
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0-30 | 31-60 | 61-90 | 91-120 |
Over 120
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Total
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|||||||||||||||||||||
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AP Merchandising 4
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$ | 6,669 | $ | (9,218 | ) | $ | (5,080 | ) | $ | - | $ | - | $ | - | $ | (7,629 | ) | |||||||||||
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AP Other
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1,503 | 3,859 | 4,682 | - | - | - | 10,044 | |||||||||||||||||||||
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Total Post Petition Debts 1
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$ | 8,172 | $ | (5,359 | ) | $ | (398 | ) | $ | - | $ | - | $ | - | $ | 2,415 | ||||||||||||
Explain how and when Debtor intends to pay any past due post-petition debts.
Notes
1 - The Debtors' net debit accounts payable balance is primarily due to prepayments made to publishers for postpetition orders.
2 - Accounts payable information is as of 3/26/2011.
3 - The Debtors believe they are paying all undisputed postpetition obligations according to terms. Aged amounts represent items subject to valid disputes, and certain items which have been paid subsequent to the end of the reporting period.
4 - The amounts in this table include payments made to vendors in advance of our receipt of goods. Because such payments are classified as “Accounts receivable and other current assets” in the accompanying Balance Sheet under Form MOR-3, the amounts reported under this table will differ from those reported as “Trade accounts payable” on the Balance Sheet. In addition, the “Trade accounts payable” amount includes accruals made for merchandise received prior to the Balance Sheet date, but for which no invoice had been received. Certain of these accruals are not included in the amounts shown under this Form MOR-4
|
In re
|
BORDERS GROUP INC., et al.
|
Case No.
|
11-10614
|
|
|
Debtor
|
Reporting Period:
|
2/16/11 - 3/26/11
|
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING 1, 2
($000's)
|
Accounts Receivable Reconciliation
|
Amount
|
|||
|
Total Accounts Receivable at the beginning of the reporting period
|
$ | 6,487 | ||
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Plus: Amounts billed during the period
|
1,244 | |||
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Less: Amounts collected during the period
|
(367 | ) | ||
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Less: Amounts written off or returned during the period
|
(983 | ) | ||
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Less: Bad Debt Estimate
|
(443 | ) | ||
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Change in store accounts receivable, net
|
(549 | ) | ||
|
Total Accounts Receivable at the end of the reporting period
|
$ | 5,938 | ||
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Accounts Receivable Aging
|
Mar-11
|
|||
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0-30 days old
|
$ | 1,644 | ||
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31-60 days old
|
899 | |||
|
61-90 days old
|
1,651 | |||
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91-120 days old
|
1,195 | |||
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121+ days old
|
992 | |||
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Total Aged Accounts Receivable
|
6,381 | |||
|
Less: Bad Debts (Amounts considered uncollectible)
|
(443 | ) | ||
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Net Accounts Receivable
|
$ | 5,938 | ||
Notes
1 - Accounts receivable information is as of 3/26/2011.
2 - “Accounts receivable and other current assets” in the accompanying Balance Sheet under Form MOR-3 includes certain items not included in this table, including various prepaid asset amounts (including prepaid debt issuance costs relating to our debtor-in-possession financing facility, prepaid merchandise inventories, and prepaid supplies).
|
In re
|
BORDERS GROUP INC., et al.
|
Case No.
|
11-10614
|
|
|
Debtor
|
Reporting Period:
|
2/16/11 - 3/26/11
|
PAYMENTS TO INSIDERS 1
|
Name
|
Type of Payment
|
Amount Paid
|
Total Paid to Date
|
||||||
|
None
|
$ | 0 | $ | 0 | |||||
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Total Payments to Insiders
|
$ | 0 | $ | 0 | |||||
Notes
1 - Payments to insiders excludes ordinary wages, board fees, benefits and expense reimbursements that occurred during the reporting period.
PAYMENTS TO PROFESSIONALS
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Name
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Date of Court Order Authorizing Payment
|
Amount Approved
|
Amount Paid
|
Total Paid To Date
|
Total Incurred & Unpaid
|
||||||||||||
| None | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
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Total Payments to Professionals
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE
AND ADEQUATE PROTECTION PAYMENTS
($000's)
|
Name of Creditor
|
Scheduled Monthly Payment Due
|
Amount Paid During Reporting Period
|
||||||
|
DIP Principal - Term Loan 1
|
N/A | $ | 6,025 | |||||
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DIP Principal - Revolver 2
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N/A | 27,812 | ||||||
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DIP Interest - Term Loan
|
$ | 225 | 225 | |||||
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DIP Interest - Revolver
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$ | 284 | 284 | |||||
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Leases Payable 3
|
$ | 34,894 | 45,474 | |||||
|
Adequate Assurance Payments - Utilities 4
|
N/A | 2,342 | ||||||
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Total Payments
|
$ | 82,162 | ||||||
Notes
1 - Principal payments on the DIP term loan are made based on proceeds from fixed assets sales, net of fees.
2 - Available funds are swept daily to repay principal under the DIP.
3 - Lease payments reflect certain payments made in late March 2011 for rent due in early April 2011.
4 - Adequate assurance payments reflect payments made up to and including 4/2/11.
|
In re
|
BORDERS GROUP INC., et al.
|
Case No.
|
11-10614
|
|
|
Debtor
|
Reporting Period:
|
2/16/11 - 3/26/11
|
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?
|
X
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||
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2
|
Have any funds been disbursed from any account other than a debtor-in-possession account this reporting period?
|
X
|
||
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3
|
Are the Debtors delinquent in the timely filing of any post-petition tax returns?
|
X
|
||
|
4
|
Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or have the Debtors received notice of expiration or cancellation of such policies?
|
X
|
||
|
5
|
Are the Debtors delinquent in paying any insurance premium payment?
|
X
|
||
|
6
|
Have any payments been made on pre-petition liabilities this reporting period?
|
X
|
||
|
7
|
Are any post-petition receivables (accounts, notes or loans) due from related parties?
|
X
|
||
|
8
|
Are any post-petition payroll taxes past due?
|
X
|
||
|
9
|
Are any post-petition State or Federal income taxes past due?
|
X
|
||
|
10
|
Are any post-petition real estate taxes past due?
|
X
|
||
|
11
|
Are any other post-petition taxes past due?
|
X
|
||
|
12
|
Have any pre-petition taxes been paid during this reporting period?
|
X
|
||
|
13
|
Are any amounts owed to post-petition creditors delinquent?
|
X
|
||
|
14
|
Are any wages payments past due?
|
X
|
||
|
15
|
Have any post-petition loans been received by the Debtors from any party?
|
X
|
||
|
16
|
Are the Debtors delinquent in paying any US Trustee fees?
|
X
|
||
|
17
|
Are the Debtors delinquent with any Court-ordered payments to attorneys or other professionals?
|
X
|
||
|
18
|
Have the owners or shareholders received any compensation outside of the normal course of business?
|
X
|
||
Explanations
|
1
|
The Debtors have sold assets pursuant to the Order Approving Agency Agreement, Store Closing Sales and Related Relief entered under Docket #91 on February 18, 2011.
|
|
6
|
The Debtors have made payments on account of pre-petition liabilities in accordance with Orders of the Bankruptcy Court specifically authorizing payment of such liabilities.
|
|
10
|
The Debtors do not own real property.
|
|
12
|
The Debtors have paid certain pre-petition taxes as permitted under the Final Order Pursuant to 11 U.S.C. Section 105(a), 363(b), 507(a)(8) and 541 and Fed. R. Bankr. P. 6003 and 6004 Authorizing Debtors to Pay Prepetition Taxes and Assessments entered under Docket #388 on March 15, 2011.
|
|
15
|
The Debtors entered into a debtor-in-possession financing arrangement with GA Capital and GE Capital during the reporting period.
|