Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PAPERWEIGHT DEVELOPMENT CORP | d532476d8k.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MONTHLY OPERATING REPORT
Submit copy of report to any official committee appointed in the case.
| REQUIRED DOCUMENTS |
Form No. | Document Attached |
Explanation Attached |
Affidavit/ Supplement Attached |
||||||
| Schedule of Cash Receipts and Disbursements |
MOR - 1 | X | ||||||||
| Bank Reconciliation (or copies of debtor’s bank reconciliations) |
MOR -1A | X | ||||||||
| Schedule of Professional Fees Paid |
MOR - 1B | X | ||||||||
| Copies of bank statements |
X | |||||||||
| Cash disbursements journals |
X | |||||||||
| Statement of Operations |
MOR - 2 | X | ||||||||
| Balance Sheet |
MOR - 3 | X | ||||||||
| Status of Postpetition Taxes |
X | |||||||||
| Copies of IRS Form 6123 or payment receipt |
X | |||||||||
| Copies of tax returns filed during reporting period |
X | |||||||||
| Summary of Unpaid Postpetition Debts |
MOR - 4 | X | X | |||||||
| Listing of aged accounts payable |
MOR - 4 | X | X | |||||||
| Accounts Receivable Reconciliation and Aging |
MOR - 5 | X | ||||||||
| Debtor Questionnaire |
MOR -5A | X | ||||||||
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
|
2/23/2018 | |||
| Signature of Authorized Individual* | Date |
| Alan D. Holtz | Chief Restructuring Officer | |||
| Printed Name of Authorized Individual | Title of Authorized Individual |
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
Notes to the Monthly Operating Report
The Monthly Operating Report includes the activity for the following debtors:
| Debtor |
Case Number | |||
| Appvion, Inc. |
17 - 12082 | |||
| Paperweight Development Corp |
17 - 12083 | |||
| PDC Capital Corp |
17 - 12084 | |||
| Accounts Receivables Funding I LLC |
17 - 12085 | |||
| APVN Holdings LLC |
17 - 12086 | |||
General Notes:
The financial statements contained in this Monthly Operating Report (“MOR”) include, for each of the Debtors, the balance sheet as of January 28, 2018 and the statement of operations for the period from December 31, 2017 through January 28, 2018. The MOR has been prepared to fulfill the monthly reporting requirements applicable in these chapter 11 cases as set forth by the Office of the United States Trustee. The information contained herein is unaudited, is limited in scope, and is subject to change. Certain information and notes normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) have been omitted.
Notes to MOR 1:
Receipts
Receipts for Appvion, Inc. include collections from the sale of paper products as well as intercompany transfers from Accounts Receivable Funding I LLC (“ARF”), a Debtor, and Appvion Canada, Inc., a non-Debtor. Amounts transferred from Appvion Canada, Inc. reflect CAD-denominated collections less disbursements related to Appvion Canada, Inc. operations.
Disbursements
Categories of payments made during the period include both those which have cleared the bank and those which have not. For financial reporting purposes, outstanding checks are not deemed to be a disbursement, and thus the amount of such has been added back to the categorized amounts. This add-back is reflected in a single line item.
The “Unclassified” line item includes spend for vendors not specifically broken out in other categories.
Notes to MOR 1A:
The Debtors prepare bank reconciliations for all open and active bank accounts on a monthly basis. Check registers and/or disbursement journals are maintained for each disbursement account within the Debtors’ financial accounting systems. Bank statements and reconciliations for all open and active bank accounts are retained by the Debtors and are available upon request by the
United States Trustee’s office. See Notes to MOR 1 above regarding outstanding checks.
This schedule excludes the following restricted cash accounts:
| 1. | Fifth Third Bank Utility account xxxxxx2899 (balance at 1/28/18 of $800k) |
| 2. | Fifth Third Cash collateral for existing L/Cs xxxxxx2865 (balance at 1/28/18 of $4,775k) |
| 3. | US Bank cash P-Card account xxxxx1284 (balance at 1/28/18 of $500k) |
Notes to MOR 2:
Accrual Basis
The Statement of Operations is prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.
MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
Notes to the Monthly Operating Report
Notes to MOR 3:
The balance sheet is presented without intercompany eliminations. Receivable and payable balances related to affiliates include both Debtor and non-Debtor entities.
Prepetition and Postpetition Liabilities
Current liabilities at Appvion, Inc. reflect postpetition liabilities. The Debtors’ current estimate of prepetition liabilities of Appvion, Inc. is included in the “Liabilities Subject to Compromise.” These estimates for Appvion, Inc., as well as liabilities of other Debtors, remain subject to analysis for further reclassification as prepetition or postpetition.
Restricted Cash
Refer above to Notes to MOR 1A for detail of this balance
Notes to MOR 4:
Postpetition Taxes
The Debtors are current with respect to payment of all undisputed postpetition taxes.
Tax Returns
No tax returns, including IRS Form 6123, were filed during the reporting period.
Accounts Payable
The postpetition balances include:
| 1) | Open and outstanding invoices that have been entered into the Debtors’ accounts payable system, and |
| 2) | Estimates for amounts due but not yet invoiced |
All post-petition obligations are being paid when due. Amounts included in 0-30 DPD category represent payments awaiting matching against receiving documentation and/or reconciliation with cash-in-advance arrangements.
MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 1
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
For the Period December 31, 2017 through January 28, 2018
(Unaudited)
| In Thousands USD | Appvion, Inc. | Paperweight Development Corp |
PDC Capital Corp | Accounts Receivables Funding I LLC |
APVN Holdings LLC | |||||||||||||||
| Operating Receipts: |
||||||||||||||||||||
| Collections |
$ | 12,901 | $ | — | $ | — | $ | 37,854 | $ | — | ||||||||||
| Intercompany Transfer (Debtor) |
34,592 | — | — | — | — | |||||||||||||||
| Intercompany Transfer (non-Debtor) |
1,359 | — | — | — | — | |||||||||||||||
| Less Deposits in Transit |
— | — | — | — | — | |||||||||||||||
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| Total Operating Receipts |
$ | 48,853 | $ | — | $ | — | $ | 37,854 | $ | — | ||||||||||
| Operating Disbursements: |
||||||||||||||||||||
| Payroll & Taxes |
$ | (8,632 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
| Pension |
— | — | — | — | — | |||||||||||||||
| Materials |
(27,126 | ) | — | — | — | — | ||||||||||||||
| Repairs & Maintenance |
(533 | ) | — | — | — | — | ||||||||||||||
| Utilities |
(2,586 | ) | — | — | — | — | ||||||||||||||
| Freight |
(3,192 | ) | — | |||||||||||||||||
| Insurance |
(1,845 | ) | — | — | — | — | ||||||||||||||
| IT & Professional Services |
(497 | ) | — | — | — | — | ||||||||||||||
| Customer Rebates |
(3,902 | ) | — | — | — | — | ||||||||||||||
| Unclassified |
(3,891 | ) | — | — | — | — | ||||||||||||||
| Intercompany Transfer (Debtor) |
— | — | — | (34,592 | ) | — | ||||||||||||||
| Intercompany Transfer (non-Debtor) |
— | — | — | (2,462 | ) | — | ||||||||||||||
| Add outstanding checks and payments in transit |
141 | — | — | — | — | |||||||||||||||
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| Total OperatingDisbursements |
$ | (52,064 | ) | $ | — | $ | — | $ | (37,054 | ) | $ | — | ||||||||
| Non-Operating Cash Flows: |
||||||||||||||||||||
| Restructuring Professional Fees |
$ | (1,248 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
| KERP / KEIP |
— | — | — | — | — | |||||||||||||||
| CapEx |
(423 | ) | — | — | — | — | ||||||||||||||
| Cash Collateral and L/Cs |
— | — | — | — | — | |||||||||||||||
| Interest / Fees |
(1,488 | ) | — | — | — | — | ||||||||||||||
| A/R Securitization Payoff |
— | — | — | — | — | |||||||||||||||
| Other |
— | — | — | — | — | |||||||||||||||
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| Total Non-Operating Cash Flows |
$ | (3,159 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
| Total Disbursements |
$ | (55,223 | ) | $ | — | $ | — | $ | (37,054 | ) | $ | — | ||||||||
| Net Cash Flow |
$ | (6,370 | ) | $ | — | $ | — | $ | 800 | $ | — | |||||||||
| Beginning Cash Balance |
$ | 10,419 | $ | — | $ | — | $ | 746 | $ | — | ||||||||||
| Net Cash Flow |
(6,370 | ) | — | — | 800 | — | ||||||||||||||
| Drawdown/Paydown (+/-) |
6,000 | — | — | — | — | |||||||||||||||
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| Ending Cash Balance |
$ | 10,049 | $ | — | $ | — | $ | 1,546 | $ | — | ||||||||||
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MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 1A
BANK RECONCILIATIONS
As of January 28, 2018
Bank Account Reconciliations and Cash Disbursements
The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.
Bank Statements
The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors. The Debtors affirm that no bank accounts were closed during the current reporting period.
In Thousands USD
| Debtor |
Bank | Account No. | Cash (Book Balance) |
Outstanding Checks |
Outstanding Deposits |
Other | Cash (Bank Balance) |
|||||||||||||||||||||
| Appvion, Inc. |
Fifth Third Bank | xxxxxx2579 | $ | 9,207 | $ | 0 | $ | 0 | $ | 0 | $ | 9,207 | ||||||||||||||||
| Appvion, Inc. |
Fifth Third Bank | xxxxxx1944 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Appvion, Inc. |
Fifth Third Bank | xxxxxx7683 | 46 | 0 | 0 | (0 | ) | 46 | ||||||||||||||||||||
| Appvion, Inc. |
Fifth Third Bank | xxxxxx1886 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Appvion, Inc. |
Fifth Third Bank | xxxxxx1829 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Appvion, Inc. |
Citibank London | xxxx4967 | 548 | 0 | 0 | (3 | ) | 545 | ||||||||||||||||||||
| Appvion, Inc. |
Citibank London | xxxx1378 | 185 | 0 | 0 | (0 | ) | 185 | ||||||||||||||||||||
| Appvion, Inc. |
BMO Bank | xxx431 | 63 | 0 | 0 | 0 | 63 | |||||||||||||||||||||
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| Total |
$ | 10,049 | $ | 0 | $ | 0 | ($ | 3 | ) | $ | 10,046 | |||||||||||||||||
| Accounts Receivables Funding I LLC |
Royal Bank of Canada | xxx8812 | $ | 434 | $ | 0 | $ | 0 | $ | 0 | $ | 434 | ||||||||||||||||
| Accounts Receivables Funding I LLC |
Royal Bank of Canada | xxx4107 | 96 | 0 | 0 | 0 | 96 | |||||||||||||||||||||
| Accounts Receivables Funding I LLC |
Fifth Third Bank | xxxxxx8457 | 1,016 | 0 | 0 | 0 | 1,016 | |||||||||||||||||||||
| Accounts Receivables Funding I LLC |
Fifth Third Bank | xxxxxx8465 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
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| Total |
$ | 1,546 | $ | 0 | $ | 0 | $ | 0 | $ | 1,546 | ||||||||||||||||||
MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 1B
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
For the Period December 31, 2017 through January 28, 2018
| Amount | Check | Amount Paid | ||||||||||||||||||||||||
| Payee |
Period Covered | Approved | Payor | Number | Date | Fees | Expenses | |||||||||||||||||||
| AP SERVICES INC |
Dec 2017 | $ | 308,020 | Appvion, Inc. | ACH | 1/16/2018 | $ | 277,292 | $ | 30,728 | ||||||||||||||||
| PJT PARTNERS LP |
Jan 2018 | 150,904 | Appvion, Inc. | ACH | 1/17/2018 | 150,000 | 904 | |||||||||||||||||||
| LOWENSTEIN SANDLER LLP |
Nov 2017 | 105,921 | Appvion, Inc. | ACH | 1/18/2018 | 105,211 | 709 | |||||||||||||||||||
| O’MELVENY & MYERS LLP |
Dec 2017 | 103,779 | Appvion, Inc. | ACH | 1/18/2018 | 102,542 | 1,237 | |||||||||||||||||||
| US BANK (1) |
Thru Oct 2017 | 117,133 | Appvion, Inc. | 3002787 | 1/18/2018 | 115,391 | 1,742 | |||||||||||||||||||
| HOULIHAN LOKEY CAPITAL INC |
Dec ‘17 + Jan ‘18 | 332,645 | Appvion, Inc. | ACH | 1/22/2018 | 300,000 | 32,645 | |||||||||||||||||||
| PRIME CLERK LLC |
Dec 2017 | 84,967 | Appvion, Inc. | ACH | 1/24/2018 | 38,262 | 46,705 | |||||||||||||||||||
| US TRUSTEE |
Q4 2017 | 44,300 | Appvion, Inc. | Multiple | 1/24/2018 | 44,300 | 0 | |||||||||||||||||||
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| Total |
$ | 1,247,670 | ||||||||||||||||||||||||
1 - Includes fees for US Bank counsel (Foley & Lardner LLP) paid directly to US Bank
MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 2
STATEMENTS OF OPERATIONS
For the Period December 31, 2017 through January 28, 2018
| In Thousands USD | Appvion, Inc. | Paperweight Development Corp |
PDC Capital Corp | Accounts Receivables Funding I LLC |
APVN Holdings LLC | |||||||||||||||
| Net sales |
$ | 49,925 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Cost of sales |
45,869 | — | — | — | — | |||||||||||||||
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| Gross profit |
4,056 | — | — | — | — | |||||||||||||||
| Selling, general, and administrative expenses |
7,041 | — | — | — | — | |||||||||||||||
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| Operating income (loss) |
$ | (2,985 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
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| Other expense (income) |
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| Interest expense, net |
$ | 2,685 | $ | 111 | $ | — | $ | — | $ | — | ||||||||||
| Reorganization items, net |
2,610 | — | — | — | — | |||||||||||||||
| Other Pension Expense |
— | — | — | — | — | |||||||||||||||
| Foreign exchainge (gain) loss |
(196 | ) | — | — | (7 | ) | — | |||||||||||||
| Other expense (income) |
34 | — | — | — | — | |||||||||||||||
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| Total other expense (income) |
$ | 5,133 | $ | 111 | $ | — | $ | (7 | ) | $ | — | |||||||||
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| Income (loss) before income taxes |
$ | (8,118 | ) | $ | (111 | ) | $ | — | $ | 7 | $ | — | ||||||||
| Provision for income taxes |
— | — | — | — | — | |||||||||||||||
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| Net income (loss) |
$ | (8,118 | ) | $ | (111 | ) | $ | — | $ | 7 | $ | — | ||||||||
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MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 3
BALANCE SHEETS
As of January 28, 2018
| In Thousands USD | Appvion, Inc. | Paperweight Development Corp |
PDC Capital Corp | Accounts Receivables Funding I LLC |
APVN Holdings LLC | |||||||||||||||
| ASSETS |
||||||||||||||||||||
| CURRENT ASSETS |
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| Cash |
$ | 10,049 | $ | — | $ | — | $ | 1,546 | $ | — | ||||||||||
| Restricted Cash |
6,075 | — | — | — | — | |||||||||||||||
| Accounts receivable |
59,711 | — | — | — | — | |||||||||||||||
| Receivables—affiliated |
35,360 | — | — | — | — | |||||||||||||||
| Inventory |
92,681 | — | — | — | — | |||||||||||||||
| Other current assets |
21,183 | — | — | — | — | |||||||||||||||
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| Total current assets |
$ | 225,059 | $ | — | $ | — | $ | 1,546 | $ | — | ||||||||||
| Property, plant, and equipment, net |
$ | 190,959 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Intangible Assets |
34,417 | (2,181 | ) | — | — | — | ||||||||||||||
| Other Assets |
5,072 | (351,559 | ) | 12 | — | — | ||||||||||||||
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| Total assets |
$ | 455,507 | $ | (353,740 | ) | $ | 12 | $ | 1,546 | $ | — | |||||||||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| CURRENT LIABILITIES |
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| Current portion of long-term debt |
$ | 308,185 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Accounts payable |
32,693 | — | — | — | — | |||||||||||||||
| Payable to affiliated |
— | 31,057 | — | 4,519 | — | |||||||||||||||
| Accrued interest |
2,352 | — | — | — | — | |||||||||||||||
| Other accrued liabilities |
24,264 | — | — | — | — | |||||||||||||||
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| Total current liabilities |
$ | 367,494 | $ | 31,057 | $ | — | $ | 4,519 | $ | — | ||||||||||
| LONG-TERM LIABILITIES |
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| Long-term debt, net |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Postretirement benefits other than pension |
— | — | — | — | — | |||||||||||||||
| Accrued pension |
— | — | — | — | — | |||||||||||||||
| Liabilities subject to compromise |
433,507 | — | — | — | — | |||||||||||||||
| Other long-term liabilities |
50 | — | — | — | — | |||||||||||||||
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| Total liabilities |
$ | 801,051 | $ | 31,057 | $ | — | $ | 4,519 | $ | — | ||||||||||
| STOCKHOLDER’S EQUITY |
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| Common Stock, $.01 par value, 30,000,000 shares authorized; 5,823,112 shares issued and outstanding |
$ | 10,500 | $ | 91,760 | $ | — | $ | — | $ | — | ||||||||||
| Paid in Capital |
324,078 | — | 12 | — | — | |||||||||||||||
| Accumulated deficit |
(995,811 | ) | (476,557 | ) | — | (2,973 | ) | — | ||||||||||||
| Purch Price Adj—Affiliated |
299,227 | — | — | — | — | |||||||||||||||
| Accumulated other comprehensive income |
16,462 | — | — | — | — | |||||||||||||||
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| Total stockholder’s equity |
(345,544 | ) | (384,797 | ) | 12 | (2,973 | ) | — | ||||||||||||
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| Total liabilities and stockholder’s equity |
$ | 455,507 | $ | (353,740 | ) | $ | 12 | $ | 1,546 | $ | — | |||||||||
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MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 4
SUMMARY OF UNPAID POSTPETITION DEBTS
As of January 28, 2018
| In Thousands USD | Number of Days Past Due | |||||||||||||||||||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
| Appvion, Inc. |
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| Total |
$ | 31,574 | $ | 1,119 | $ | 0 | $ | 0 | $ | 0 | $ | 32,693 | ||||||||||||
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MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 5
ACCOUNTS RECEIVABLE AGING
As of January 28, 2018
| In Thousands USD | Days Aged | |||||||||||||||||||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 |
Total | |||||||||||||||||||
| Appvion, Inc. |
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| Trade |
$ | 52,733 | $ | 3,472 | $ | 136 | $ | 106 | $ | 429 | $ | 56,877 | ||||||||||||
| Other |
3,411 | 0 | 0 | 0 | 0 | 3,411 | ||||||||||||||||||
| Reserve |
0 | 0 | 0 | 0 | 0 | (576 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
$ | 56,144 | $ | 3,472 | $ | 136 | $ | 106 | $ | 429 | $ | 59,711 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
MOR
(04/07)
| In re: Appvion, Inc. et al., | Case No. 17-12082 (KJC) | |
| Debtors |
Reporting Period: 12/31/17 - 1/28/18 |
MOR - 5A
DEBTOR QUESTIONNAIRE
| Must be completed each month |
Yes | No | ||||
| 1. | Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | ||||
| 2. | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | ||||
| 3. | Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | ||||
| 4. | Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | ||||
| 5. | Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | ||||
MOR
(04/07)