Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ENERGY CONVERSION DEVICES INC | d377642d8k.htm |
| EX-99.3 - EX-99.3 - ENERGY CONVERSION DEVICES INC | d377642dex993.htm |
| EX-99.1 - EX-99.1 - ENERGY CONVERSION DEVICES INC | d377642dex991.htm |
| EX-99.4 - EX-99.4 - ENERGY CONVERSION DEVICES INC | d377642dex994.htm |
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED: April 30, 2012
| In re: United Solar Ovonic LLC | Case Number: 12-43167 | |
| Chapter 11 | ||
| Judge: Hon. Thomas J. Tucker | ||
| Debtor. |
||
United Solar Ovonic LLC/
As debtor in possession, I affirm:
| 1. | That I have reviewed the financial statements attached hereto, consisting of: |
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Operating Statement | (Form 2) | ||
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Balance Sheet | (Form 3) | ||
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Summary of Operations | (Form 4) | ||
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Monthly Cash Statement | (Form 5) | ||
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Statement of Compensation | (Form 6) | ||
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Schedule of In-Force Insurance | (Form 7) |
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated;
| 2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases, is in effect; and |
| (If not, attach a written explanation) | YES x | NO ¨ |
| 3. | That all post-petition taxes as described in Section 9 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases are current. |
| (If not, attach a written explanation) | YES x | NO ¨ |
| 4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
| (If not, attach a written explanation) | YES x | NO ¨ |
| 5. | All United States Trustee Quarterly fees have been paid and are current. |
| YES x | NO ¨ |
| 6. | Have you filed your pre-petition tax returns? |
| (If not, attach a written explanation) | YES x | NO ¨ |
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| Dated: May 21, 2012 | United Solar Ovonic LLC | |||||
| Debtor in Possession | ||||||
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| Title: | William C. Andrews | |||||
| Chief Financial Officer Phone: 248-299-6047 | ||||||
Form 1
OPERATING STATEMENT (P&L)(1)
Period Ending: April 30, 2012
Case No: 12-43167
| Current Month | Total Since Filing | |||||||
| Total Revenue |
$ | 1,578,065 | $ | 8,577,785 | ||||
| Cost of Sales(2) |
4,238,044 | 14,657,021 | ||||||
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| GROSS PROFIT |
(2,659,978 | ) | (6,079,236 | ) | ||||
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| EXPENSES: |
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| Officer Compensation |
26,667 | 66,667 | ||||||
| Salary/Wages Expenses |
878,348 | 1,929,611 | ||||||
| Employee Benefits & Pensions |
323,011 | 667,924 | ||||||
| Payroll Taxes |
104,589 | 234,579 | ||||||
| Other Taxes |
15,922 | 28,427 | ||||||
| Rent and Lease Expense |
212,059 | 502,655 | ||||||
| Interest Expense(3) |
2,170,969 | 5,477,837 | ||||||
| Property Insurance |
1,054 | 2,685 | ||||||
| Automobile and Truck Expense |
— | — | ||||||
| Utilities |
33,380 | 71,897 | ||||||
| Depreciation |
22,353 | 57,549 | ||||||
| Travel and Entertainment |
23,790 | 63,049 | ||||||
| Repairs and Maintenance |
13,377 | 16,295 | ||||||
| Advertising |
— | — | ||||||
| Other – Miscellaneous |
676,637 | 1,309,368 | ||||||
| Other – (Gain) Loss on Asset Disposal(5) |
(8,495,932 | ) | (7,049,242 | ) | ||||
| Other Specify – European Costs |
238,360 | 626,875 | ||||||
| Other Specify – Restructuring(6) |
1,913,363 | 2,276,805 | ||||||
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| TOTAL EXPENSES: |
(1,842,051 | ) | 6,282,979 | |||||
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| OPERATING PROFIT |
(817,927 | ) | (12,362,216 | ) | ||||
| Add: Non-Operating Income |
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| Total Interest Income |
— | — | ||||||
| Other (Income) / Expense |
226,217 | 361,798 | ||||||
| Less: Non-Operating Expenses |
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| Professional Fees(4) |
856,000 | 2,302,000 | ||||||
| Other – Income Taxes |
— | (216,206 | ) | |||||
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| NET INCOME/(LOSS) |
$ | (1,900,144 | ) | $ | (14,809,807 | ) | ||
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| (1) | The operating statement and balance sheet were prepared using accrual accounting. |
| (2) | Product sold during this period had an inventory value of $1,736,919. The balance of cost of sales is unabsorbed variance due to the production shutdown. |
| (3) | The effective annual interest rate for April 30, 2012 was 10.2%. |
| (4) | Professional fees are estimates. |
| (5) | Primarily included gain on rejection of lease. |
| (6) | Severance accrual for employees to be terminated. |
Form 2
BALANCE SHEET
Period Ending: April 30, 2012
Case No: 12-43167
| Current Month | Prior Month | At Filing | ||||||||||
| ASSETS: |
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| Cash and Cash Equivalents |
$ | 11,721,600 | $ | 5,420,063 | $ | 4,378,158 | ||||||
| Investments |
— | — | — | |||||||||
| Inventories, Net |
33,539,728 | 35,298,334 | 41,727,690 | |||||||||
| Accounts Receivable – Intercompany – USO CDN |
1,648,063 | 1,773,987 | 1,788,754 | |||||||||
| Accounts Receivable Intercompany SIT |
23,507,313 | 23,502,505 | 23,497,597 | |||||||||
| Accounts Receivable Trade – Net |
6,388,046 | 12,451,980 | 10,597,737 | |||||||||
| Land and Buildings |
17,517,111 | 24,397,111 | 29,010,567 | |||||||||
| Furniture, Fixtures & Equipment |
36,347,118 | 36,981,610 | 39,525,325 | |||||||||
| Accumulated Depreciation |
(7,285,109 | ) | (7,747,471 | ) | (12,471,130 | ) | ||||||
| Restricted Cash |
4,374,728 | 4,374,728 | 5,950,000 | |||||||||
| Prepaid |
794,253 | 742,863 | 664,094 | |||||||||
| Investment in Subsidiaries |
3,242,929 | 3,337,474 | 3,064,408 | |||||||||
| Other Assets |
2,517,018 | 2,473,455 | 2,053,060 | |||||||||
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| TOTAL ASSETS |
$ | 134,312,799 | $ | 143,006,640 | $ | 149,786,260 | ||||||
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| LIABILITIES: |
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| Post-petition Liabilities: |
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| Accounts Payable Trade – Net |
$ | 273,925 | $ | 199,135 | $ | — | ||||||
| Accounts Payable Intercompany ECD |
85,302 | — | — | |||||||||
| Accounts Payable Intercompany USO EU |
186,552 | 214,581 | — | |||||||||
| Accounts Payable Intercompany USO Mexico |
1,112,646 | — | — | |||||||||
| Lease Payable |
— | — | — | |||||||||
| Warranty |
118,089 | 119,244 | — | |||||||||
| Other Current Liabilities |
2,069,228 | 493,950 | — | |||||||||
| Accrued Salaries and Wages |
354,188 | 283,298 | — | |||||||||
| Accrued Taxes |
285,739 | 209,800 | — | |||||||||
| Accrued Other |
2,325,972 | 1,368,165 | — | |||||||||
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| TOTAL Post-petition Liabilities |
6,811,642 | 2,888,172 | — | |||||||||
| Secured Liabilities: |
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| Secured Loan – ECD |
5,000,000 | 5,000,000 | 5,000,000 | |||||||||
| Pre-petition Liabilities: |
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| Accounts Payable Trade – Net |
7,227,522 | 7,227,522 | 7,227,522 | |||||||||
| Accounts Payable Intercompany ECD |
797,596,837 | 795,485,836 | 792,119,291 | |||||||||
| Accounts Payable Intercompany SIT |
600,241 | 600,241 | 600,241 | |||||||||
| Accounts Payable Intercompany Mexico |
1,704,449 | — | — | |||||||||
| Accounts Payable Unsecured Liabilities |
— | — | — | |||||||||
| Lease Payable |
4,926,455 | 19,502,614 | 19,627,288 | |||||||||
| Warranty |
10,176,836 | 10,176,836 | 10,176,836 | |||||||||
| Other Current Liabilities |
637,324 | 637,324 | 637,324 | |||||||||
| Accrued Salaries and Wages |
677,100 | 677,100 | 677,100 | |||||||||
| Accrued Taxes |
636,431 | 636,431 | 636,431 | |||||||||
| Accrued Other |
4,331,705 | 4,331,705 | 4,331,705 | |||||||||
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| TOTAL Pre-petition Liabilities |
828,514,900 | 839,275,609 | 836,033,739 | |||||||||
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| TOTAL LIABILITIES |
840,326,542 | 847,163,781 | 841,033,739 | |||||||||
| EQUITY: |
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| Owners Capital |
65,000,000 | 65,000,000 | 65,000,000 | |||||||||
| Additional Paid-In-Capital |
(27,351,380 | ) | (27,351,380 | ) | (27,351,380 | ) | ||||||
| Retained Earnings-Pre Petition |
(728,852,555 | ) | (728,896,099 | ) | (728,896,099 | ) | ||||||
| Retained Earnings-Post Petition |
(14,809,807 | ) | (12,909,663 | ) | — | |||||||
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| TOTAL EQUITY |
(706,013,742 | ) | (704,157,142 | ) | (691,247,479 | ) | ||||||
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| TOTAL LIABILITIES AND EQUITY |
$ | 134,312,799 | $ | 143,006,640 | $ | 149,786,260 | ||||||
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Form 3
SUMMARY OF OPERATIONS
Period Ended: April 30, 2012
Case No: 12-43167
Schedule of Post-petition Taxes Payable
| Beginning Balance |
Accrued/ Withheld |
Payments/ Deposits |
Ending Balance |
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| Income Taxes Withheld |
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| Federal |
— | $ | 220,648.50 | $ | 220,648.50 | — | ||||||||||
| State |
— | 64,468.88 | 64,468.88 | — | ||||||||||||
| Local |
— | 72.15 | 72.15 | — | ||||||||||||
| FICA Withheld |
— | 82,555.97 | 82,555.97 | — | ||||||||||||
| Employers FICA |
— | 113,848.35 | 113,848.35 | — | ||||||||||||
| Unemployment Tax |
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| Federal |
— | 301.67 | 301.67 | — | ||||||||||||
| State |
— | 7,538.21 | 7,538.21 | — | ||||||||||||
| Sales, Use & Excise Taxes |
$ | 93,178.00 | 391.00 | — | $ | 93,569.00 | ||||||||||
| Property Taxes |
116,621.00 | 75,548.00 | — | 192,170.00 | ||||||||||||
| Workers’ Compensation(1) |
— | — | — | — | ||||||||||||
| Other |
— | — | — | — | ||||||||||||
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| TOTALS |
$ | 209,799.00 | $ | 565,372.73 | $ | 489,433.73 | $ | 285,739.00 | ||||||||
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| (1) | Fully insured. |
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
| Age in Days | 0-30 | 31-60 | Over 60 | |||||||||
| Post Petition |
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| Accounts Payable |
$ | 254,720.75 | $ | 6,322.78 | $ | 12,881.90 | ||||||
| Accounts Receivable |
$ | 2,703,518.40 | $ | 1,173,268.50 | $ | 2,511,259.10 | ||||||
For all post-petition accounts payable over 30 days old, please attach a sheet listing each such account, to whom the account is owed, the date the account was opened, and the reason for non-payment of the account.
Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization: None
Form 4
MONTHLY CASH STATEMENT
Period Ending: April 30, 2012
| Cash Activity Analysis (Cash Basis Only): | Case No: 12-43167 |
| General Account |
Foreign Collection Account(2) |
L/C Collateral Account |
Canadian Payroll Account(1) |
Petty Cash |
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| A. |
Beginning Balance |
$ | 5,706,639.20 | $ | — | $ | 4,374,728.04 | $ | 3,836.30 | $ | 803.29 | |||||||||||
| B. |
Receipts |
10,380,666.32 | — | — | 20,000.00 | 0.88 | ||||||||||||||||
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| (Attach separate schedule) |
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| C. |
Balance Available |
16,087,305.52 | — | 4,374,728.04 | 23,836.30 | 804.17 | ||||||||||||||||
| (A+B) |
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| D. |
Less Disbursements |
4,085,944.76 | — | — | 20,014.93 | — | ||||||||||||||||
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| (Attach separate schedule) |
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| E. |
ENDING BALANCE |
$ | 12,001,360.76 | $ | — | $ | 4,374,728.04 | $ | 3,821.37 | $ | 804.17 | |||||||||||
| (C-D) |
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| (1) | In Canadian Dollars |
| (2) | Account Closed 3/14/12 |
ATTENTION: Please enter the TOTAL DISBURSEMENT from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment: $4,105,959.69
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
General Account:
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. | Account Number | |||
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Foreign Collection Account: (account closed 3/14/12) | ||||
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. | Account Number | |||
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L/C Collateral Account: | ||||
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. | Account Number | |||
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Canadian Payroll Account: | ||||
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. Canada; Toronto, Ontario, Canada | ||
| 2. | Account Number | |||
Other monies on hand (specify type and location) i.e., CD’s, bonds, etc.):
None
Date: May 21, 2012
| United Solar Ovonic LLC |
| Debtor in Possession |
Form 5
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: April 30, 2012
Case No: 12-43167
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph P. Conroy, Executive Vice President, ECD; | Capacity: | x | Shareholder | ||||||
| Senior Vice President, USO Operations |
x | Officer | ||||||||
| ¨ | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides leadership to all operations and manufacturing related activity (Auburn Hills, Greenville 1&2, Tijuana, China JV and Marcegaglia) |
| • | Responsible for building new equipment to support the company’s technology efforts |
| • | Provides leadership to all manufacturing, engineering, quality functions (ensures the production of all manufacturing products) |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | 26,666.68 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 849.92 | ||||||||||
| Life Insurance |
72.15 | |||||||||||
| Accidental Death & Dismemberment Insurance |
9.62 | |||||||||||
| Long-Term and Short-Term Disability Insurance |
72.50 | |||||||||||
| Employee Assistance Program |
1.69 | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
417.36 | |||||||||||
| Entertainment |
— | |||||||||||
| Travel |
3,626.52 | |||||||||||
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| Total Benefits |
$ | 5,049.76 | ||||||||||
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| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
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| Loans |
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| Other (Describe) |
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| Other (Describe) |
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| Other (Describe) |
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| Total Other Payments |
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| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | 31,716.44 | ||||||||||
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(1)
| Dated: May 21, 2012 | Joseph P. Conroy |
Form 6
SCHEDULE OF IN-FORCE INSURANCE
Period Ending: April 30, 2012
Case No: 12-43167
| INSURANCE TYPE |
CARRIER |
EXPIRATION DATE | ||
| Workers’ Compensation |
Valley Forge Insurance Company | 02/01/2013 | ||
| Workers’ Compensation |
American Casualty Company of Reading PA | 02/01/2013 | ||
| General Liability |
American Casualty Company of Reading PA | 02/01/2013 | ||
| Property (1st Layer) |
Allianz Global Risk US Insurance Company | 02/01/2013 | ||
| Property (2nd Layer) |
Lexington Insurance Company | 02/01/2013 | ||
| Automobile Policy |
Continental Casualty Company | 02/01/2013 | ||
| Umbrella Policy |
Continental Casualty Company | 02/01/2013 | ||
| Foreign Package |
Continental Casualty Company | 02/01/2013 | ||
| Special Risk Coverage |
Great American Insurance Company | 03/18/2013 | ||
| Directors & Officers |
Allied World National Assurance Company | 09/30/2012 | ||
| Directors & Officers |
Illinois National Insurance Company | 09/30/2012 | ||
| Directors & Officers |
Beazley Insurance Company, Inc. (Lloyd’s of London) | 09/30/2012 | ||
| Employee Practices Liability |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fiduciary Liability |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fidelity Bond |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| Primary Directors & Officers |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| ERISA Bond |
Travelers Casualty and Surety Company of America | 11/16/2014 | ||
| Pollution Liability Coverage |
Chartis Specialty Insurance | 02/01/2014 | ||
Form 7