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8-K - 8-K - GREAT ATLANTIC & PACIFIC TEA CO INCa11-13307_18k.htm

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

Debtors : The Great Atlantic & Pacific Tea Company, Inc. et al. (1)

Case Number: Jointly Administered 10-24549 (RDD)

 

Monthly Operating Report for the Period:

March 27, 2011 to April 23, 2011

 

Debtors’ Address:

2 Paragon Drive

Montvale, NJ 07645

 

 

 

Net Loss: $48.5 million

 

 

Debtors’ Attorneys:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Telephone: (212) 446-4800

Facsimile: (212) 446-4900

James H.M. Sprayregen, P.C.

Paul M. Basta

Ray C. Schrock

 

and

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

Telephone: (312) 862-2000

Facsimile: (312) 862-2200

James J. Mazza, Jr.

 

 

 

Report Preparer:

 

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies under the penalty of perjury that the information contained therein is complete, accurate and truthful to the best of my knowledge. (2)

 

 

Date: May 24, 2011

/s/ Frederic F. Brace

 

Frederic F. Brace

 

Chief Administrative Officer,

 

Chief Restructuring Officer and

 

Chief Financial Officer

 

(1)          See Schedule 1 for a listing of Debtor by case number

(2)          All amounts herein are unaudited and subject to revision.  The Debtors reserve all rights to revise this report.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 1 -



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR APRIL 2011

TABLE OF CONTENTS

 

 

 

PAGE

Unaudited Financial Statements as of and for the four weeks ended April 23, 2011

 

 

 

Consolidated Statement of Operations

3

 

 

Consolidated Balance Sheet

4

 

 

Consolidated Statement of Cash Flows

5

 

 

Notes to Monthly Operating Report

7

 

 

Schedules:

 

 

 

Schedule 1: Schedule of Disbursements

12

 

 

Schedule 2: Debtor Questionnaire

13

 

 

Schedule 3: Consolidating Statement of Operations for the four weeks ended April 23, 2011

14

 

 

Schedule 4: Consolidating Balance Sheet as of April 23, 2011

15

 

 

(1)          See Schedule 1 for a listing of Debtor by case number.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 2 -



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR APRIL 2011

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited – in thousands)

 

 

 

Four Weeks Ended

 

 

 

April 23, 2011

 

 

 

 

 

Sales

 

$

568,577

 

Cost of merchandise sold

 

(413,817

)

Gross margin

 

154,760

 

Store operating, general and administrative expense

 

(187,783

)

Loss from continuing operations before interest expense, reorganization items and income taxes

 

(33,023

)

Interest expense

 

(12,641

)

Reorganization items

 

(3,330

)

Loss from continuing operations before income taxes

 

(48,994

)

Provision for income taxes

 

(35

)

Loss from continuing operations

 

(49,029

)

Income from discontinued operations

 

557

 

Net loss

 

$

(48,472

)

 

(1) See Schedule 1 for a listing of Debtor by case number.

 

 

See accompanying notes to consolidated financial statements.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 3 -



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR APRIL 2011

CONSOLIDATED BALANCE SHEET

(Unaudited – in thousands)

 

 

 

As of

 

ASSETS

 

April 23, 2011

 

Current assets:

 

 

 

Cash and cash equivalents

 

$

365,049

 

Restricted cash

 

1,731

 

Accounts receivable, net of allowance for doubtful accounts of $6,101 at April 23, 2011

 

184,116

 

Inventories, net

 

408,099

 

Prepaid expenses and other current assets

 

32,539

 

Total current assets

 

991,534

 

 

 

 

 

Non-current assets:

 

 

 

Property:

 

 

 

Property owned, net

 

1,144,477

 

Property leased under capital leases, net

 

61,821

 

Property, net

 

1,206,298

 

Goodwill

 

110,412

 

Intangible assets, net

 

122,638

 

Other assets

 

139,153

 

Total assets

 

$

2,750,035

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ DEFICIT

 

 

 

Current liabilities:

 

 

 

Accounts payable

 

$

116,190

 

Book overdrafts

 

25,175

 

Accrued salaries, wages and benefits

 

112,305

 

Accrued taxes

 

28,736

 

Other accrued liabilities

 

86,690

 

Total current liabilities

 

369,096

 

 

 

 

 

Non-current liabilities:

 

 

 

Debtor-in-possession credit agreement

 

350,000

 

Other non-current liabilities

 

74,606

 

Total liabilities not subject to compromise

 

793,702

 

Liabilities subject to compromise

 

2,857,501

 

Total liabilities

 

3,651,203

 

 

 

 

 

Series A redeemable preferred stock – no par value, $1,000 redemption value;

 

 

 

authorized – 700,000 shares; issued – 179,020 shares

 

144,307

 

 

 

 

 

Stockholders’ deficit:

 

 

 

Common stock – $1 par value; authorized – 160,000,000 shares; issued and outstanding – 53,852,470 shares at April 23, 2011

 

53,852

 

Additional paid-in capital

 

510,115

 

Accumulated other comprehensive loss

 

(75,309

)

Accumulated deficit

 

(1,714,133

)

Total stockholders’ deficit

 

(1,225,475

)

Total liabilities and stockholders’ deficit

 

$

2,750,035

 

 

(1) See Schedule 1 for a listing of Debtor by case number.

 

See accompanying notes to consolidated financial statements.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 4 -



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR APRIL 2011

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited – in thousands)

 

 

 

Four Weeks Ended

 

 

 

April 23, 2011

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net loss

 

$

(48,472

)

Adjustments to reconcile net loss to net cash provided by operating activities (see next page)

 

18,562

 

Changes in assets and liabilities:

 

 

 

Decrease in receivables

 

19,321

 

Decrease in inventories

 

22,377

 

Decrease in prepaid expenses and other current assets

 

1,435

 

Decrease in other assets

 

127

 

Decrease in accounts payable

 

(135

)

Increase in accrued salaries, wages and benefits, and taxes

 

3,859

 

Increase in other accruals

 

2,636

 

Decrease in other non-current liabilities

 

(715

)

Payments for reorganization items

 

(5,289

)

Other operating activities, net

 

(83

)

Net cash provided by operating activities

 

13,623

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Expenditures for property

 

(3,904

)

Proceeds from disposal of property

 

845

 

Proceeds from sale of pharmacy assets

 

427

 

Net cash used in investing activities

 

(2,632

)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Principal payments on long term debt

 

(12

)

Principal payments on capital leases

 

(865

)

Payment of financing fees for debtor-in-possession financing

 

(319

)

Increase in book overdrafts

 

5,783

 

Net cash provided by financing activities

 

4,587

 

 

 

 

 

Net increase in cash and cash equivalents

 

15,578

 

Cash and cash equivalents at beginning of period

 

349,471

 

Cash and cash equivalents at end of period

 

$

365,049

 

 

(1) See Schedule 1 for a listing of Debtor by case number.

 

 

See accompanying notes to consolidated financial statements.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 5 -



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR APRIL 2011

CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED

(Unaudited – in thousands)

 

ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:

 

 

 

Four Weeks Ended

 

 

 

April 23, 2011

 

 

 

 

 

Depreciation and amortization

 

$

15,393

 

Loss on write down of property

 

74

 

Non-cash interest expense

 

285

 

Reorganization items

 

3,330

 

Amortization of deferred real estate income

 

(229

)

Gain on sale of pharmacy assets

 

(427

)

Financing fees for debtor-in-possession financing

 

136

 

Total adjustments to net loss

 

$

18,562

 

 

(1) See Schedule 1 for a listing of Debtor by case number.

 

 

See accompanying notes to consolidated financial statements.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 6 -



 

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

MONTHLY OPERATING REPORT FOR APRIL 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

1.              Background

 

General

The Great Atlantic & Pacific Tea Company, Inc. (“we,” “our,” “us” or “our Company”) is engaged in the retail food business.  Our Company operates stores under the following trade names: A&P®, SuperFresh®, Waldbaum’s®, Super Foodmart®, Food Basics®, The Food Emporium®, Best Cellars®, Best Cellars at A&P®, Pathmark® and Pathmark Sav-A-Center®.

 

Chapter 11 Reorganization Cases

On December 12, 2010 our Company and all of its U.S. subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Filing”) under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).   Our Company’s non-U.S. subsidiaries, which are immaterial on a consolidated basis and have no retail operations, were not part of the Bankruptcy Filing. The Debtors are authorized to operate their businesses and manage their properties as “Debtors-in-Possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

 

We are currently operating pursuant to the Bankruptcy Filing and continuation of our Company as a going-concern is contingent upon, among other things, our ability (i) to comply with the terms and conditions of the DIP Credit Agreement described in Note 4 to this Monthly Operating Report; (ii) to develop a plan of reorganization and obtain confirmation under the Bankruptcy Code; (iii) to reduce debt and other liabilities through the bankruptcy process; (iv) to return to profitability, including necessary near-term cost concession from our business and labor partners beginning as early as June 2011 with the benefits reflected in our results shortly thereafter; (v) to generate sufficient cash flow from operations; and (vi) to obtain financing sources to meet our future obligations.  The uncertainty regarding these matters raises substantial doubt about our ability to continue as a going concern.

 

2.              Basis of Presentation

 

Debtors-in-Possession Financial Statements

The unaudited consolidated financial statements and supplemental information contained herein represent the consolidated financial information for the Debtors as of and for the four weeks ended April 23, 2011. Non-Debtor subsidiaries are deemed to be immaterial on a consolidated basis and related income statement and balance sheet activity has been reported separately on Schedule 3 and Schedule 4 under the column “Foreign Non-Debtor”.

 

Our Company was required to apply the FASB’s provisions of Reorganizations effective on December 12, 2010, which is applicable to companies in chapter 11, which generally does not change the manner in which financial statements are prepared.  However, it does require that the financial statements for periods subsequent to the Bankruptcy Filing distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.

 

The unaudited consolidated financial statements have been derived from the books and records of our Company. Certain financial information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and upon the application of such procedures (such as tests for asset impairment), we believe that the financial information will be subject to changes, and these changes could be material. The financial information furnished in this report includes primarily normal recurring adjustments but does not include all of the adjustments that would typically be made for quarterly financial statements in accordance with U.S. GAAP. As of April 23, 2011, all balances are subject to further review and reclassification. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, this report should be read in conjunction with our Company’s audited consolidated financial statements on Form 10-K as of and for the period ended February 26, 2011.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 7 -



 

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

MONTHLY OPERATING REPORT FOR APRIL 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

The results of operations contained herein are not necessarily indicative of the results which may be expected for any other period or for the full year and may not necessarily reflect the combined results of operations, financial position and cash flows of our Company in the future.

 

Intercompany Transactions

Intercompany transactions between Debtor entities, as well as between Debtor and Non-Debtor subsidiaries, include, but are not limited to, intercompany cash sweep arrangements, intercompany financing arrangements, intercompany wages and intercompany inventory procurement.  The intercompany financing agreements include two loans from two of the Non-Debtor foreign subsidiaries to Shopwell, Inc., a Debtor of our Company; a 3.562% loan due on May 27, 2013 with an outstanding balance of principal and interest of approximately $94.0 million from A&P Bermuda Limited and a 2.85% loan due on January 15, 2014 with an outstanding balance of principal and interest of approximately $0.1 million from APTEA Hungry Liquidity Management Limited Liability Company. All payments between the Debtor and Non-Debtor entities have been stayed at this time and we did not record contractual interest expense subsequent to the Bankruptcy filing. The intercompany balances due to / from entities, as shown on individual entities’ balance sheets included in the accompanying Consolidating Balance Sheet, represent the accumulation of activity over time.  These balances between Debtor entities have not been eliminated in the accompanying Consolidating Balance Sheets. Certain intercompany transactions have been eliminated in the accompanying Consolidated Statement of Operations.  Intercompany balances between the Debtor and Non-Debtor entities have been shown net in the consolidated financial statements.

 

Interest Expense

We recorded all contractual interest on secured debt for the four weeks ended April 23, 2011. We recorded interest accretion expense for capital leases and real estate liabilities, self-insurance reserves, GHI and corporate owned life insurance (“COLI”) obligations. Although we have recorded interest accretion expense, we have not made a final determination as to the value of any underlying assets or the rejection/assumption of any of the obligations.  Once a determination is made, the accretion of the interest expense may change. We did not record contractual interest expense of $3.5 million for unsecured debt which is subject to compromise for the four weeks ended April 23, 2011.  Debt discounts and deferred financing fees for all debt which is subject to compromise were reclassified into the carrying value of the respective indebtedness upon the Bankruptcy Filing and the balances were then adjusted to the face value of the debt.  As a result of this reclassification, we ceased amortization of deferred financing fees and discounts effective as of the Bankruptcy Filing date. Such amounts may need to be adjusted in future periods.

 

Taxes and Insurance

We received approval to pay pre-petition employee withholding obligations in addition to employment and wage related taxes, sales and use taxes, and certain other taxes due in the normal course of business through certain court orders. As such, we have paid the applicable taxes when due except for amounts that are in dispute.

 

All post-petition tax obligations to the proper taxing authorities are current.  Deferred tax liabilities of $28.3 million are included within “Other accrued liabilities” in the Consolidated Balance Sheet.  Pre-petition amounts owed for our pro-rata portion of certain taxes for which we reimburse third parties have not been paid.

 

Additionally, all insurance premiums are current and all insurance policies are in force as of April 23, 2011.

 

Other non-current liabilities

Other non-current liabilities are comprised of $62.0 million for Non-Debtor obligations for COLI, $11.6 million for self-insurance reserves and $1.0 million for deferred income that were incurred subsequent to the Bankruptcy Filing.  These amounts are not subject to compromise under the Bankruptcy Filing.

 

3.              Proceeds from Disposal of Property

 

In February 2011, our Company filed a motion seeking approval from the United States Trustee to close 32 stores in six states as we continue to fully implement our comprehensive financial and operational restructuring.  In connection with these store closures, our Company sold certain fixed assets within these stores for cash proceeds of approximately $0.8 million, which were received during our second period ended April 23, 2011.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 8 -



 

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

MONTHLY OPERATING REPORT FOR APRIL 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

4.              DIP Credit Agreement

 

In connection with the Bankruptcy Filing, on December 13, 2010, the Bankruptcy Court entered its interim financing order, among other things, permitting us to enter into a Superpriority Debtor-in-Possession Credit Agreement (as amended and restated by that certain Amended and Restated Superpriority Debtor-in-Possession Credit Agreement dated as of December 21, 2010 and further amended by that certain First Amendment thereto dated January 10, 2011, the “DIP Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent (in such capacity, the “Agent”), the lenders from time to time party thereto (collectively, the “DIP Lenders”) and our Company and certain subsidiaries as borrowers thereunder. On December 14, 2010, we satisfied all of the conditions to the effectiveness of the DIP Credit Agreement and consummated the transactions contemplated thereunder including the refinancing in full of our Company’s and its applicable subsidiaries’ obligations under the pre-existing first lien credit facility. Pursuant to the terms of the DIP Credit Agreement:

 

·                 the DIP Lenders agreed to lend up to $800.0 million in the form of a $350.0 million term loan and a $450.0 million revolving credit facility with a $250.0 million sublimit for letters of credit, in each case subject to the terms and conditions therein;

 

·                 our Company’s and the Subsidiary Borrower’s obligations under the DIP Credit Agreement and the other specified loan documents are guaranteed by our Company’s certain other subsidiaries that are Debtors (“Subsidiary Guarantors” and, together with our Company and the Subsidiary Borrowers, the “Loan Parties”); and

 

·                 the Loan Parties’ obligations under the DIP Credit Agreement and such other specified loan documents are secured by a security interest in, and lien upon, substantially all of the Loan Parties’ existing and after-acquired personal and real property, having the priority and subject to the terms therein and in the order(s) entered into by the Bankruptcy Court, as applicable.

 

Our Company will have the option to have interest on the revolving loans under the revolving credit facility provided under the DIP Credit Agreement accrue at an alternate base rate plus 200 basis points or at adjusted LIBOR plus 300 basis points. Our Company will have the option to have interest on the term loan provided under the DIP Credit Agreement accrue at an alternate base rate plus 600 basis points or at adjusted LIBOR (with a floor of 175 basis points) plus 700 basis points. The DIP Credit Agreement limits, among other things, our Company’s and the other Loan Parties’ ability to (i) incur indebtedness, (ii) incur or create liens, (iii) dispose of assets, (iv) prepay certain indebtedness and make other restricted payments, (v) enter into sale and leaseback transactions and (vi) modify the terms of certain indebtedness and certain material contracts. The DIP Credit Agreement also contains certain financial covenants, including a minimum excess availability covenant of $100.0 million, minimum liquidity covenant of $100.0 million and minimum cumulative EBITDA covenant as defined in the DIP Credit Agreement.  Minimum cumulative EBITDA measured beginning on April 24, 2011 is as follows (in millions):

 

Date

Minimum Cumulative EBITDA

August 13, 2011

$          -

September 10, 2011

10.0

October 8, 2011

20.0

November 5, 2011

35.0

December 3, 2011

50.0

December 31, 2011

65.0

January 28, 2012

90.0

February 25, 2012

100.0

March 24, 2012

110.0

April 21, 2012

125.0

May 19, 2012

150.0

June 16, 2012

175.0

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 9 -



 

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

MONTHLY OPERATING REPORT FOR APRIL 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

We are currently in compliance with all covenants.  Meeting our EBITDA covenant requires increasing levels of performance throughout the year.  Achieving this improving performance will require our Company to successfully implement our business improvement initiatives beginning as early as June 2011 with the benefits reflected in our results shortly thereafter. The DIP Credit Agreement matures upon the earliest to occur of (a) June 14, 2012, (b) the acceleration of the loans and the termination of the commitment thereunder, and (c) the substantial consummation (as defined in Section 1101(2) of the Bankruptcy Code, which for purposes hereof shall be no later than the effective date thereof) of a plan of reorganization that is confirmed pursuant to an order entered by the Bankruptcy Court. The Bankruptcy Court entered a final order approving the DIP Credit Agreement on January 11, 2011.

 

5.              Reorganization Items

 

Reorganization items represent amounts incurred as a direct result of the Bankruptcy Filing and was comprised of the following:

 

 

 

Four Weeks Ended

 

 

 

April 23, 2011

 

 

 

(in thousands)

 

 

 

 

 

Professional fees

 

$

(3,330)

 

Total reorganization items

 

$

(3,330)

 

 

Professional fees of approximately $3.3 million were accrued and $0.3 million were paid for the four weeks ended April 23, 2011.  We paid approximately $5.0 million for Professional fees that were previously accrued related to our Bankruptcy Filing.

 

6.              Liabilities Subject to Compromise

 

As a result of the Bankruptcy Filing, the payment of pre-petition indebtedness is subject to compromise or other treatment under a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-Bankruptcy Filing liabilities are stayed. Although payment of pre-petition claims generally is not permitted, the Bankruptcy Court granted the Debtor authority to pay certain pre-petition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of our Company’s businesses and assets. Among other things, the Bankruptcy Court authorized us to pay certain pre-petition claims relating to employee wages and benefits, customers, vendors, and suppliers.

 

We have been paying and intend to continue to pay undisputed post-petition claims in the ordinary course of business. In addition, we may reject pre-petition executory contracts and unexpired leases with respect to our operations, with the approval of the Bankruptcy Court. Any damages resulting from rejection of executory contracts and unexpired leases are treated as general unsecured claims and will be classified as “Liabilities subject to compromise” on the Consolidated Balance Sheet. We will notify all known claimants subject to the bar date of their need to file a proof of claim with the Bankruptcy Court. A bar date is the date by which claims against our Company must be filed if the claimants disagree with the amounts included in our schedule of assets and liabilities filed with the United States Trustee and wish to receive any distribution in the Bankruptcy Filing. A bar date of June 17, 2011 has been set by the Bankruptcy Court. Differences between liability amounts estimated by our Company and claims filed by creditors will be investigated and, if necessary, the Bankruptcy Court will make a final determination of the allowable claims. The ultimate amount of such liabilities is not determinable at this time.

 

Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts.  The amounts currently classified as “Liabilities subject to compromise” may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, or other events.  We expect that certain amounts currently classified as “Liabilities subject to compromise” may in fact be paid in the ordinary course as they come due.  Any resulting changes in classification will be reflected in subsequent monthly operating reports.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 10 -



 

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

MONTHLY OPERATING REPORT FOR APRIL 2011

NOTES TO MONTHLY OPERATING REPORT (UNAUDITED)

 

Liabilities subject to compromise consist of the following:

 

 

 

As of April 23, 2011

 

 

 

(in thousands)

 

Accounts payable

 

$

212,607

 

Accrued salaries, wages, and benefits

 

10,941

 

Self-insurance reserves

 

387,457

 

Closed store and warehouse reserves

 

155,924

 

Pension withdrawal liabilities

 

97,947

 

GHI contractual liability for employee benefits

 

94,281

 

Accrued occupancy related costs for open stores

 

24,033

 

Deferred income

 

68,551

 

Deferred real estate income

 

86,811

 

Accrued audit, legal and other

 

7,251

 

Accrued interest

 

38,472

 

Other postretirement and postemployment benefits

 

41,644

 

Other accruals

 

8,318

 

Pension plan benefits

 

127,226

 

Deferred rent liabilities

 

56,405

 

Unfavorable lease liabilities

 

4,060

 

Other noncurrent liabilities

 

11,237

 

5.125% Convertible Senior Notes, due June 15, 2011

 

165,000

 

Related Party Promissory Note, due August 18, 2011

 

10,000

 

9.125% Senior Notes, due December 15, 2011

 

12,840

 

6.750% Convertible Senior Notes, due December 15, 2012

 

255,000

 

11.375% Senior Secured Notes, due August 4, 2015

 

260,000

 

9.375% Notes, due August 1, 2039

 

200,000

 

Other debt

 

2,688

 

Obligations under capital leases

 

119,328

 

Real estate liabilities

 

399,480

 

Total liabilities subject to compromise

 

$

2,857,501

 

 

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

 

Rejected Leases

We have rejected 98 of our leases through the bankruptcy process and reduced the reserve balance associated with these leases by $192.7 million, net to the allowable claim for damages of $130.2 million. The remaining closed store reserve balance of $27.0 million relates to locations for which the leases have not been rejected as of April 23, 2011.

 

Non-Debtor Financing Agreements

Intercompany financing agreements with foreign Non-Debtor subsidiaries of $94.1 million are not reflected in the above liabilities subject to compromise table as these amounts were eliminated on a consolidated basis.

 

7.              Post-petition Accounts Payable and Accrued Expenses

 

To the best of our knowledge, all undisputed post-petition accounts payable and accrued expenses have been paid, or are being paid under agreed-upon payment terms.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 11 -



 

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

MONTHLY OPERATING REPORT FOR APRIL 2011

SCHEDULE 1: SCHEDULE OF DISBURSEMENTS

 

Case
Number:

 

Debtor Name:

 

Disbursements for the
four weeks ended
April 23, 2011:

 

087-10-24548

 

APW SUPERMARKETS, INC.

 

$

 28,066,745.55

 

087-10-24549

 

THE GREAT ATLANTIC & PACIFIC

 

126,804,850.51

 

087-10-24550

 

2008 BROADWAY, INC.

 

-

 

087-10-24551

 

AAL REALTY CORPORATION

 

-

 

087-10-24552

 

ADBRETT CORPORATION

 

-

 

087-10-24553

 

AMSTERDAM TRUCKING CORPORATION

 

-

 

087-10-24554

 

APW SUPERMARKET CORPORATION

 

-

 

087-10-24555

 

BERGEN STREET PATHMARK, INC.

 

-

 

087-10-24556

 

BEST CELLARS DC, INC.

 

-

 

087-10-24557

 

BEST CELLARS, INC.

 

160,381.82

 

087-10-24558

 

BEST CELLARS LICENSING, CORP.

 

-

 

087-10-24559

 

BEST CELLARS MASSACHUSETTS, INC.

 

8,940.09

 

087-10-24560

 

BEST CELLARS VA, INC.

 

24,464.20

 

087-10-24561

 

BEV, LTD

 

107,602.62

 

087-10-24562

 

BORMAN’S INC.

 

1,524,256.13

 

087-10-24563

 

BRIDGE STUART, INC.

 

-

 

087-10-24564

 

CLAY-PARK REALTY, CORP.

 

-

 

087-10-24565

 

COMPASS FOODS, INC.

 

-

 

087-10-24566

 

EAST BRUNSWICK STUART, LLC

 

-

 

087-10-24567

 

FARMER JACKS OF OHIO, INC.

 

-

 

087-10-24568

 

FOOD BASICS, INC.

 

6,846,194.85

 

087-10-24569

 

GRAMATAN FOODTOWN CORP.

 

-

 

087-10-24570

 

GRAPE FINDS AT DUPONT, INC.

 

-

 

087-10-24571

 

GRAPE FINDS LICENSING, CORP.

 

-

 

087-10-24572

 

GREENLAWN LAND DVLPMNT, CORP.

 

-

 

087-10-24573

 

HOPELAWN PROPERTY I, INC.

 

2,784.65

 

087-10-24574

 

KOHL’S FOOD STORES, INC.

 

-

 

087-10-24575

 

KWIK SAVE, INC.

 

-

 

087-10-24576

 

LANCASTER PIKE STUART, LLC

 

-

 

087-10-24577

 

LBRO REALTY, INC.

 

-

 

087-10-24578

 

MAC DADE BOULEVARD STUART, LLC

 

-

 

087-10-24579

 

MCLEAN AVENUE PLAZA, CORP.

 

-

 

087-10-24580

 

MILIK SERVICE COMPANY, LLC

 

-

 

087-10-24581

 

MONTVALE HOLDINGS, INC.

 

-

 

087-10-24582

 

N. JERSEY PROPERTIES, INC. VI

 

-

 

087-10-24583

 

ONPOINT, INC.

 

-

 

087-10-24584

 

PATHMARK STORE, INC.

 

99,907,967.13

 

087-10-24585

 

PLAINBRIDGE, LLC

 

296,031,117.24

 

087-10-24586

 

SEG STORES, INC.

 

11,651.61

 

087-10-24587

 

SHOPWELL, INC.

 

10,364,292.87

 

087-10-24588

 

SHOPWELL, INC.

 

-

 

087-10-24589

 

SPRING LANE PRODUCE CORP.

 

-

 

087-10-24590

 

SUPER FRESH FOOD MARKETS, INC.

 

17,055,190.28

 

087-10-24591

 

SUPER FRESH/SAV A CENTER, INC.

 

6,139.01

 

087-10-24592

 

SUPER MARKET SERVICES, CORP.

 

-

 

087-10-24593

 

SUPER PLUS FOOD WAREHOUSE, INC.

 

-

 

087-10-24594

 

SUPERMARKETS OIL COMPANY, INC.

 

-

 

087-10-24595

 

THE FOOD EMPORIUM, INC.

 

-

 

087-10-24596

 

THE OLD WINE EMPORIUM

 

185,561.21

 

087-10-24597

 

THE S. DAKOTA GREAT ATLANTIC

 

-

 

087-10-24598

 

TRADEWELL FOODS OF CONN., INC.

 

419,925.28

 

087-10-24599

 

UPPER DARBY STUART, LLC

 

-

 

087-10-24600

 

WALDBAUM, INC.

 

1,191,417.40

 

087-10-24601

 

LO-LO DISCOUNT STORES, INC.

 

122,780.16

 

 

 

GRAND TOTALS:

 

$

 588,842,262.61

 

 

Certain Debtor entities make disbursements on behalf of the other Debtor entities.  Every effort has been made to accurately represent the disbursements made on behalf of each affiliated debtor.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 12 -



 

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

MONTHLY OPERATING REPORT FOR APRIL 2011

SCHEDULE 2: DEBTOR QUESTIONNAIRE

 

 

 

Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.

Yes

No

1.

Have any assets been sold or transferred outside the normal course of business this reporting period?

 

ü

2.

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

ü(a)

ü

3.

Is the Debtor delinquent in the timely filing of any post-petition tax returns?

 

ü

4.

Are worker compensation, general liability or other necessary insurance coverage expired or cancelled, or has the Debtor received notice of expiration or cancellation of such policies?

 

ü

5.

Is the Debtor delinquent in paying any insurance premium payment?

 

ü

6.

Have any payments been made on pre-petition liabilities this reporting period?

ü(b)

 

7.

Are any post-petition receivables (accounts, notes, or loans) due from related parties?

 

ü

8.

Are any post-petition payroll taxes past due?

 

ü

9.

Are any post-petition State or Federal income taxes past due?

 

ü

10.

Are any post-petition real estate taxes past due?

 

ü

11.

Are any other post-petition taxes past due?

 

ü

12.

Have any pre-petition taxes been paid during this reporting period?

ü(b)

 

13.

Are any amounts owed to post-petition creditors delinquent?

 

ü

14.

Are any wage payments past due?

ü(c)

 

15.

Have any post-petition loans been received by the Debtor from any party?

 

ü

16.

Is the Debtor delinquent in paying any U.S. Trustee fees?

 

ü

17.

Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?

 

ü

18.

Have the owners or shareholder received any compensation outside of the normal course of business?

 

ü

 

Explanations to “Yes” answers:

 

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

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

(c)          Certain severance payments have not been made and have been classified as part of “liabilities subject to compromise”; however, wage payments for existing employees are current.

 

(1) See Schedule 1 for a listing of Debtor by case number.

 

 

Case No. 10-24549 (RDD) Jointly Administered

- 13 -



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR APRIL 2011

SCHEDULE 3: CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE FOUR WEEKS ENDED APRIL 23, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APW Supermarket

 

Bev LTD

 

Borman’s Inc

 

Kohl’s Food

 

Shopwell

 

Super Fresh/Sav

 

Super Fresh

 

The Great A&P

 

The Old Wine

 

 

 

 

 

 

 

 

 

Stores

 

 

 

-A-Center

 

Food Markets

 

Tea Co

 

Emporium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24548

 

10-24561

 

10-24562

 

10-24574

 

10-24587

 

10-24591

 

10-24590

 

10-245549

 

10-24596

 

Sales

 

89,798

 

142

 

-    

 

-    

 

21,335

 

-    

 

41,839

 

167,950

 

223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of merchandise sold

 

(64,890

)

(113

)

-    

 

-    

 

(11,953

)

-    

 

(31,164

)

(120,296

)

(169

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

24,908

 

29

 

-    

 

-    

 

9,382

 

-    

 

10,675

 

47,654

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store operating, general and administrative expense

 

(28,324

)

(50

)

(3

)

-    

 

(7,680

)

(7

)

(14,493

)

(59,305

)

(48

)

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

 

(3,416

)

(21

)

(3

)

-    

 

1,702

 

(7

)

(3,818

)

(11,651

)

6

 

Interest expense

 

(396

)

-    

 

-    

 

-    

 

-    

 

-    

 

(309

)

(9,158

)

-    

 

Reorganization items

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

(3,330

)

-    

 

(Loss) income from continuing operations before income taxes

 

(3,812

)

(21

)

(3

)

-    

 

1,702

 

(7

)

(4,127

)

(24,139

)

6

 

Provision for income taxes

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

(35

)

-    

 

(Loss) income from continuing operations

 

(3,812

)

(21

)

(3

)

-    

 

1,702

 

(7

)

(4,127

)

(24,174

)

6

 

(Loss) income from discontinued operations

 

-    

 

-    

 

(315

)

(5

)

-    

 

877

 

-    

 

-    

 

-    

 

Net (loss) income

 

(3,812

)

(21

)

(318

)

(5

)

1,702

 

870

 

(4,127

)

(24,174

)

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-245949 (RDD) Jointly Administered

-14-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradewell Foods

 

Waldbaums Inc

 

US Food Basics

 

Pathmark Inc

 

Plainbridge

 

E Brusnswick

 

Best Cellars

 

SEG

 

Best Cellars of

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virgina Inc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24598

 

10-24600

 

10-24568

 

10-24584

 

10-24585

 

10-24566

 

10-24557

 

10-24586

 

10-24560

 

 

 

1,235

 

2,881

 

18,205

 

224,735

 

-    

 

-    

 

177

 

-    

 

57

 

568,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(846

)

(2,017

)

(15,295

)

(166,935

)

-    

 

-    

 

(103

)

-    

 

(36

)

(413,817

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

389

 

864

 

2,910

 

57,800

 

-    

 

-    

 

74

 

-    

 

21

 

154,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(381

)

(816

)

(3,541

)

(72,778

)

(237

)

(15

)

(85

)

11

 

(31

)

(187,783

)

8

 

48

 

(631

)

(14,978

)

(237

)

(15

)

(11

)

11

 

(10

)

(33,023

)

-    

 

(509

)

(122

)

(2,147

)

-    

 

-    

 

-    

 

-    

 

-    

 

(12,641

)

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

(3,330

)

8

 

(461

)

(753

)

(17,125

)

(237

)

(15

)

(11

)

11

 

(10

)

(48,994

)

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

(35

)

8

 

(461

)

(753

)

(17,125

)

(237

)

(15

)

(11

)

11

 

(10

)

(49,029

)

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

557

 

8

 

(461

)

(753

)

(17,125

)

(237

)

(15

)

(11

)

11

 

(10

)

(48,472

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 10-245949 (RDD) Jointly Administered

-14-



 

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

(DEBTORS-IN-POSSESSION)

MONTHLY OPERATING REPORT FOR APRIL 2011

SCHEDULE 4: CONSOLIDATING BALANCE SHEETS

AS OF APRIL 23, 2011

(Unaudited - in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APW Supermarket

 

Bev LTD

 

Borman’s Inc

 

Farmer Jacks

 

Hopelawn

 

Kohl’s Food

 

Shopwell

 

Super Fresh/Sav

 

Super Fresh

 

The Great A&P

 

The Old Wine

 

Tradewell Foods

 

Waldbaums Inc

 

US Food Basics

 

Pathmark Inc

 

 

 

 

 

 

 

 

 

of Ohio

 

Property I Inc

 

Stores

 

 

 

-A-Center

 

Food Markets

 

Tea Co

 

Emporium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24548

 

10-24561

 

10-24562

 

10-24567

 

10-24573

 

10-24574

 

10-24587

 

10-24591

 

10-24590

 

10-245549

 

10-24596

 

10-24598

 

10-24600

 

10-24568

 

10-24584

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,488

 

$

13

 

$

-       

 

$

-       

 

$

-       

 

$

-       

 

$

736

 

$

-       

 

$

2,241

 

$

332,545

 

$

24

 

$

31

 

$

152

 

$

876

 

$

21,029

 

Restricted cash

 

201

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

1,406

 

-       

 

-       

 

-       

 

84

 

40

 

Accounts receivable, net

 

6,227

 

1

 

8

 

-       

 

-       

 

4

 

1,441

 

-       

 

6,084

 

107,137

 

2

 

39

 

568

 

714

 

47,601

 

Inventories, net

 

59,147

 

563

 

-       

 

-       

 

-       

 

-       

 

8,362

 

-       

 

29,726

 

152,441

 

521

 

747

 

2,145

 

9,436

 

144,467

 

Prepaid expenses and other current assets

 

3,336

 

3

 

-       

 

-       

 

-       

 

-       

 

2,744

 

-       

 

950

 

17,965

 

2

 

46

 

502

 

301

 

6,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

74,399

 

580

 

8

 

-       

 

-       

 

4

 

13,283

 

-       

 

39,001

 

611,494

 

549

 

863

 

3,367

 

11,411

 

219,636

 

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned, net

 

116,690

 

397

 

481

 

-       

 

-       

 

-       

 

30,843

 

-       

 

55,298

 

235,738

 

34

 

783

 

20,401

 

27,534

 

632,217

 

Property leased under capital leases, net

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

46

 

-       

 

-       

 

5,021

 

-       

 

-       

 

-       

 

-       

 

56,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, net

 

116,690

 

397

 

481

 

-       

 

-       

 

-       

 

30,889

 

-       

 

55,298

 

240,759

 

34

 

783

 

20,401

 

27,534

 

688,971

 

Goodwill

 

31,487

 

-       

 

-       

 

-       

 

-       

 

-       

 

12,110

 

-       

 

-       

 

33,042

 

-       

 

-       

 

27,798

 

4,147

 

-       

 

Intangible assets, net

 

-       

 

-        

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

122,638

 

Other assets

 

3,216

 

-       

 

-       

 

-       

 

-       

 

-       

 

460

 

450

 

678

 

128,844

 

-       

 

10

 

42

 

423

 

4,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

225,792

 

$

977

 

$

489

 

$

-       

 

$

-       

 

$

4

 

$

56,742

 

$

450

 

$

94,977

 

$

1,014,139

 

$

583

 

$

1,656

 

$

51,608

 

$

43,515

 

$

1,036,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

12,539

 

$

32

 

$

3

 

$

-       

 

$

-       

 

$

-       

 

$

4,778

 

$

-       

 

$

5,830

 

$

45,795

 

$

71

 

$

210

 

$

430

 

$

4,036

 

$

36,849

 

Book overdrafts

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

25,175

 

-       

 

-       

 

-       

 

-        

 

-       

 

Accrued salaries, wages and benefits

 

12,619

 

27

 

-       

 

-       

 

-       

 

-       

 

3,244

 

-       

 

6,583

 

56,666

 

47

 

151

 

297

 

919

 

31,435

 

Accrued taxes

 

2,637

 

1

 

-       

 

-       

 

-       

 

-       

 

1,136

 

-        

 

578

 

19,979

 

25

 

37

 

23

 

226

 

3,977

 

Other accruals

 

5,619

 

15

 

(2

)

-       

 

-       

 

-       

 

986

 

-       

 

2,639

 

161,423

 

13

 

29

 

233

 

638

 

9,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

33,414

 

75

 

1

 

-       

 

-        

 

-       

 

10,144

 

-       

 

15,630

 

309,038

 

156

 

427

 

983

 

5,819

 

81,292

 

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtor-in-possession financing

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-        

 

-       

 

350,000

 

-       

 

-       

 

-       

 

-       

 

-       

 

Other non-current liabilities

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

71,947

 

-       

 

-       

 

-       

 

-       

 

-       

 

Intercompany, net

 

(404,478

)

2,152

 

131,166

 

37,131

 

20,318

 

(281,330

)

(259,970

)

(30,501

)

210,994

 

(170,844

)

1,020

 

(8,697

)

(104,684

)

90,998

 

1,462,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities not subject to compromise

 

(371,064

)

2,227

 

131,167

 

37,131

 

20,318

 

(281,330

)

(249,826

)

(30,501

)

226,624

 

560,141

 

1,176

 

(8,270

)

(103,701

)

96,817

 

1,544,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

163,940

 

39

 

76,407

 

9,554

 

1,400

 

6,000

 

35,672

 

25,968

 

59,936

 

2,049,611

 

9

 

2,167

 

11,558

 

23,316

 

371,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

(207,124

)

2,266

 

207,574

 

46,685

 

21,718

 

(275,330

)

(214,154

)

(4,533

)

286,560

 

2,609,752

 

1,185

 

(6,103

)

(92,143

)

120,133

 

1,915,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock subject to compromise

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

144,307

 

-        

 

-       

 

-       

 

-       

 

-       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-        

 

53,852

 

-       

 

-       

 

-       

 

-       

 

-       

 

Additional paid-in capital

 

291,299

 

-       

 

78,031

 

-       

 

-       

 

31,200

 

70,209

 

-       

 

13,419

 

(334,467

)

-       

 

-       

 

685

 

-       

 

-       

 

Accumulated other comprehensive loss

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

(75,309

)

-       

 

-       

 

-       

 

-       

 

-       

 

Retained earnings (accumulated deficit)

 

141,617

 

(1,289

)

(285,116

)

(46,685

)

(21,718

)

244,134

 

200,687

 

4,983

 

(205,002

)

(1,369,298

)

(602

)

7,759

 

143,066

 

(76,618

)

(879,727

)

Accumulated translation adjustment

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

-       

 

(14,698

)

-       

 

-       

 

-       

 

-       

 

-       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity (deficit)

 

432,916

 

(1,289

)

(207,085

)

(46,685

)

(21,718

)

275,334

 

270,896

 

4,983

 

(191,583

)

(1,739,920

)

(602

)

7,759

 

143,751

 

(76,618

)

(879,727

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity (deficit)

 

$

225,792

 

$

977

 

$

489

 

$

-       

 

$

-       

 

$

4

 

$

56,742

 

$

450

 

$

94,977

 

$

1,014,139

 

$

583

 

$

1,656

 

$

51,608

 

$

43,515

 

$

1,036,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No 10-24549 (RDD) Jointly Administered

-15-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plainbridge

 

Delaware County

 

E Brusnswick

 

Best Cellars

 

SEG

 

Best Cellars

 

Best Cellars of

 

Grape Finds at

 

SMS

 

2008 B’Way

 

South Dakota

 

Bridge Stuart

 

Adbrett Corp

 

Bergen Street

 

Foreign

 

Total

 

 

 

Dairies

 

 

 

 

 

 

 

Mass Inc

 

Virgina Inc

 

Dupont, Inc

 

 

 

 

 

Great A&P Tea

 

Inc

 

 

 

Pathmark Inc

 

Non-Debtor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-24585

 

 

 

10-24566

 

10-24557

 

10-24586

 

10-24559

 

10-24560

 

10-24570

 

10-24592

 

10-24550

 

10-24597

 

10-24563

 

10-24552

 

10-24555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

-    

 

$

-    

 

$

-    

 

$

3

 

$

-    

 

$

-    

 

$

6

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

1,905

 

$

365,049

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

1,731

 

14,141

 

-    

 

-    

 

9

 

140

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

184,116

 

360

 

-    

 

-    

 

111

 

-    

 

-    

 

73

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

408,099

 

34

 

-    

 

-    

 

55

 

-    

 

-    

 

2

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

100

 

32,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,535

 

-    

 

-    

 

178

 

140

 

-    

 

81

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

2,005

 

991,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

443

 

-    

 

23,006

 

112

 

-    

 

-    

 

24

 

-    

 

-    

 

476

 

-    

 

-    

 

-    

 

-    

 

-    

 

1,144,477

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

61,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

443

 

-    

 

23,006

 

112

 

-    

 

-    

 

24

 

-    

 

-    

 

476

 

-    

 

-    

 

-    

 

-    

 

-    

 

1,206,298

 

-    

 

-    

 

-    

 

1,828

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

110,412

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

122,638

 

(9

)

-    

 

-    

 

40

 

-    

 

31

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

139,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

14,969

 

$

-    

 

$

23,006

 

$

2,158

 

$

140

 

$

31

 

$

105

 

$

-    

 

$

-    

 

$

476

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

2,005

 

$

2,570,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,447

 

$

-    

 

$

-    

 

$

122

 

$

-    

 

$

(2

)

$

7

 

$

(1

)

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

44

 

$

116,190

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

25,175

 

282

 

-    

 

-    

 

4

 

-    

 

-    

 

31

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

112,305

 

-    

 

-    

 

-    

 

69

 

-    

 

-    

 

3

 

-    

 

50

 

-    

 

-    

 

(3

)

-    

 

(2

)

-    

 

28,736

 

51

 

-    

 

-    

 

4

 

-    

 

-    

 

13

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

(94,002

)

86,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,780

 

-    

 

-    

 

199

 

-    

 

(2

)

54

 

(1

)

50

 

-    

 

-    

 

(3

)

-    

 

(2

)

(93,958

)

369,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

350,000

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

2,659

 

74,606

 

(32,220

)

(19

)

20,113

 

2,348

 

(441

)

321

 

483

 

121

 

(13,742

)

(1,209

)

(673,883

)

232

 

(1,821

)

782

 

2,835

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,440

)

(19

)

20,113

 

2,547

 

(441

)

319

 

537

 

120

 

(13,692

)

(1,209

)

(673,883

)

229

 

(1,821

)

780

 

(88,464

)

793,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,997

 

-    

 

-    

 

49

 

36

 

(7

)

25

 

1

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

2,857,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,443

)

(19

)

20,113

 

2,596

 

(405

)

312

 

562

 

121

 

(13,692

)

(1,209

)

(673,883

)

229

 

(1,821

)

780

 

(88,464

)

3,651,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

144,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

53,852

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

52

 

454

 

329,010

 

-    

 

-    

 

-    

 

30,223

 

510,115

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

(75,309

)

21,412

 

19

 

2,893

 

(438

)

545

 

(281

)

(457

)

(121

)

13,640

 

1,231

 

344,873

 

(229

)

1,821

 

(780

)

45,548

 

(1,714,133

)

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

-    

 

14,698

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,412

 

19

 

2,893

 

(438

)

545

 

(281

)

(457

)

(121

)

13,692

 

1,685

 

673,883

 

(229

)

1,821

 

(780

)

90,469

 

(1,225,475

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

14,969

 

$

-    

 

$

23,006

 

$

2,158

 

$

140

 

$

31

 

$

105

 

$

-    

 

$

-    

 

$

476

 

$

-    

 

$

-    

 

$

-    

 

$

-    

 

$

2,005

 

$

2,570,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No 10-24549 (RDD) Jointly Administered

-15-