In Re. GREGG APPLIANCES, INC.
|
§ § § § |
Case No. 17-01303 | ||
Lead Case No. 17-01302 | ||||
Debtor(s)
| ||||
☒ Jointly Administered |
Monthly Operating Report |
Chapter 11
|
Reporting Period Ended: 10/31/2022 |
Petition Date: 03/06/2017 |
Months Pending: 69 |
Industry Classification:
|
4
|
4
|
3
|
1
|
Reporting Method: | Accrual Basis ☒ | Cash Basis ☐ | ||||
Debtor's Full-Time Employees (current): | 1 | |||||
Debtor's Full-Time Employees (as of date of order for relief): | 3,500 | |||||
/s/ Jeffrey A. Hokanson
|
Jeffrey A. Hokanson
| |
Signature of Responsible Party
|
Printed Name of Responsible Party
| |
11/21/2022
| ||
Date
|
Ice Miller LLP
One American Square, Suite 2900
Indianapolis, IN 46282
| |
Address
|
Debtor's Name | GREGG APPLIANCES, INC. | Case No. 17-01303 |
Part 1: Cash Receipts and Disbursements
|
Current Month
|
Cumulative
| |
a. Cash balance beginning of month
|
$5,129,243
| ||
b. Total receipts (net of transfers between accounts)
|
$1,328,936
|
$37,843,437
| |
c. Total disbursements (net of transfers between accounts)
|
$22,046
|
$154,366,277
| |
d. Cash balance end of month (a+b-c)
|
$6,436,133
| ||
e. Disbursements made by third party for the benefit of the estate
|
$0
|
$0
| |
f. Total disbursements for quarterly fee calculation (c+e)
|
$22,046
|
$154,366,277
|
Part 2: Asset and Liability Status Current Month
(Not generally applicable to Individual Debtors. See Instructions.)
|
a. Accounts receivable (total net of allowance)
|
$5,954,425
| ||
b. Accounts receivable over 90 days outstanding (net of allowance) |
$5,954,425
| ||
c. Inventory (Book ☐ Market ☐ Other ☒ (attach explanation))
|
$0
| ||
d. Total current assets
|
$19,868,772
| ||
e. Total assets
|
$19,868,772
| ||
f. Postpetition payables (excluding taxes)
|
$10,900,326
| ||
g. Postpetition payables past due (excluding taxes)
|
$10,238,989
| ||
h. Postpetition taxes payable
|
$936,384
| ||
i. Postpetition taxes past due
|
$936,244
| ||
j. Total postpetition debt (f+h)
|
$11,836,710
| ||
k. Prepetition secured debt
|
$0
| ||
l. Prepetition priority debt
|
$0
| ||
m. Prepetition unsecured debt
|
$191,198,909
| ||
n. Total liabilities (debt) (j+k+l+m)
|
$203,035,619
| ||
o. Ending equity/net worth (e-n)
|
$-183,166,847
|
Part 3: Assets Sold or Transferred | Current Month | Cumulative | |
a. Total cash sales price for assets sold/transferred outside the ordinary
course of business
|
$0
|
$9,514,845
| |
b. Total payments to third parties incident to assets being sold/transferred
outside the ordinary course of business
| $0 |
$443,274
| |
c. Net cash proceeds from assets sold/transferred outside the ordinary
course of business (a-b)
|
$0
|
$9,071,571
| |
Part 4: Income Statement (Statement of Operations)
(Not generally applicable to Individual Debtors. See Instructions.)
|
Current Month
|
Cumulative
| |
a. Gross income/sales (net of returns and allowances)
|
$0
| ||
b. Cost of goods sold (inclusive of depreciation, if applicable)
|
$0
| ||
c. Gross profit (a-b)
|
$0
| ||
d. Selling expenses
|
$0
| ||
e. General and administrative expenses
|
$-22,372
| ||
f. Other expenses
|
$668,288
| ||
g. Depreciation and/or amortization (not included in 4b)
|
$0
| ||
h. Interest
|
$0
| ||
i. Taxes (local, state, and federal)
|
$0
| ||
j. Reorganization items
|
$0
| ||
k. Profit (loss)
|
$645,916
|
$-110,892,206
|
Debtor's Name | GREGG APPLIANCES, INC. | Case No. 17-01303 |
Part 5: Professional Fees and Expenses
|
a.
|
Approved Current Month
|
Approved
Cumulative
|
Paid Current
Month
|
Paid
Cumulative
| |||
Debtor's professional fees & expenses (bankruptcy) Aggregate Total
|
$0
|
$12,687,363
|
$0
|
$17,613,002
| |||
Itemized Breakdown by Firm
| |||||||
Firm Name
|
Role
| ||||||
i
|
MORGAN, LEWIS & BOCKIU
|
Lead Counsel
|
$0
|
$2,778,932
|
$0
|
$2,519,564
| |
ii
|
STIFEL, NICOLAUS & COMP
|
Financial Professional
|
$0
|
$0
|
$0
|
$700,000
| |
iii
|
BERKELEY RESEARCH GRO
|
Financial Professional
|
$0
|
$2,423,421
|
$0
|
$2,394,421
| |
iv
|
DONLIN, RECANO & COMPA
|
Other |
$0
|
$0
|
$0
|
$1,366,297
| |
v
|
ICE MILLER LLP
|
Local Counsel
|
$0
|
$2,007,146
|
$0
|
$1,992,794
| |
vi
|
BINGHAM GREENBAUM DO
|
Special Counsel
|
$0
|
$234,875
|
$0
|
$212,658
| |
vii
|
COOLEY LLP
|
Special Counsel
|
$0
|
$2,557,805
|
$0
|
$2,567,066
| |
viii
|
PROVINCE, INC.
|
Financial Professional
|
$0
|
$556,352
|
$0
|
$583,198
| |
ix
|
DLA PIPER LLP US
|
Other
|
$0
|
$5,452
|
$0
|
$2,549,550
| |
x
|
FAEGRE DRINKER BIDDLE
|
Special Counsel
|
$0
|
$0
|
$0
|
$424,058
| |
xi
|
CHOATE HALL & STEWART
|
Special Counsel
|
$0
|
$0
|
$0
|
$902,972
| |
xii
|
ASK LLP
|
Other
|
$0
|
$0
|
$0
|
$675,000
| |
xiii
|
GREAT AMERICAN GROUP
|
Other
|
$0
|
$0
|
$0
|
$368,689
| |
xiv
|
GAVIN SOLMENESE LLC
|
Other
|
$0
|
$136,472
|
$0
|
$21,648
| |
xv
|
CHIPMAN BROWN CICERO
|
Special Counsel
|
$0
|
$1,986,908
|
$0
|
$335,087
|
b.
c. |
Approved Current Month
|
Approved
Cumulative
|
Paid Current
Month
|
Paid
Cumulative
| |||
Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total
| |||||||
Itemized Breakdown by Firm
| |||||||
Firm Name
|
Role
| ||||||
i
| |||||||
ii
| |||||||
All professional fees and expenses (debtor & committees) |
Part 6: Postpetition Taxes
|
Current Month
|
Cumulative
| |
a. Postpetition income taxes accrued (local, state, and federal)
|
$0
|
$0
| |
b. Postpetition income taxes paid (local, state, and federal)
|
$0
|
$0
| |
c. Postpetition employer payroll taxes accrued
|
$259
|
$2,392,285
| |
d. Postpetition employer payroll taxes paid
|
$-242
|
$-2,831,648
| |
e. Postpetition property taxes paid
|
$0
|
$0
| |
f. Postpetition other taxes accrued (local, state, and federal)
|
$0
|
$0
| |
g. Postpetition other taxes paid (local, state, and federal)
|
$0
|
$0
|
Part 7: Questionnaire - During this reporting period:
| |
a. Were any payments made on prepetition debt? (if yes, see Instructions) | Yes ☐ No ☒ |
b. Were any payments made outside the ordinary course of business | Yes ☐ No ☒ |
without court approval? (if yes, see Instructions)
| |
c. Were any payments made to or on behalf of insiders? |
Yes ☐ No ☒ |
Debtor's Name | GREGG APPLIANCES, INC. | Case No. 17-01303 |
d. Are you current on postpetition tax return filings? | Yes ☒ No ☐ |
e. Are you current on postpetition estimated tax payments? | Yes ☒ No ☐ |
f. Were all trust fund taxes remitted on a current basis? | Yes ☒ No ☐ |
g. Was there any postpetition borrowing, other than trade credit? | Yes ☐ No ☒ |
(if yes, see Instructions)
| |
h. Were all payments made to or on behalf of professionals approved by
| Yes ☒ No ☐ N/A ☐ |
the court?
| |
i. Do you have: Worker's compensation insurance? | Yes ☒ No ☐ |
If yes, are your premiums current? | Yes ☒ No ☐ N/A ☐ (if no, see Instructions) |
Casualty/property insurance? | Yes ☒ No ☐ |
If yes, are your premiums current?
| Yes ☒ No ☐ N/A ☐ (if no, see Instructions) |
General liability insurance? | Yes ☒ No ☐ |
If yes, are your premiums current? | Yes ☒ No ☐ N/A ☐ (if no, see Instructions) |
j. Has a plan of reorganization been filed with the court? | Yes ☐ No ☒ |
k. Has a disclosure statement been filed with the court? | Yes ☒ No ☐ |
l. Are you current with quarterly U.S. Trustee fees as
| Yes ☒ No ☐ |
set forth under 28 U.S.C. § 1930?
|
Part 8: Individual Chapter 11 Debtors (Only)
| |||
a. Gross income (receipts) from salary and wages | $0 | ||
b. Gross income (receipts) from self-employment | $0 | ||
c. Gross income from all other sources | $0 | ||
d. Total income in the reporting period (a+b+c)
| $0 | ||
e. Payroll deductions | $0 | ||
f. Self-employment related expenses | $0 | ||
g. Living expenses | $0 | ||
h. All other expenses | $0 | ||
i. Total expenses in the reporting period (e+f+g+h)
| $0 | ||
j. Difference between total income and total expenses (d-i)
| $0 | ||
k. List the total amount of all postpetition debts that are past due | $0 | ||
l. Are you required to pay any Domestic Support Obligations as defined by 11
| Yes ☐ No ☒ | ||
U.S.C § 101(14A)?
| |||
m. If yes, have you made all Domestic Support Obligation payments? | Yes ☐ No ☐ N/A ☒ |
Debtor's Name | GREGG APPLIANCES, INC. | Case No. 17-01303 |
/s/ Kevin Kovacs
|
Kevin Kovacs
| |
Signature of Responsible Party
|
Printed Name of Responsible Party
| |
Chief Financial Officer
|
11/21/2022
| |
Title
|
Date | |
For the Period of
| ||||
October 1, 2022 to
| ||||
(In Thousands)
|
October 31, 2022
| |||
Net Sales
|
$
|
-
| ||
Cost of Goods Sold
|
-
| |||
Gross Profit/(Loss)
|
-
| |||
Operating Expenses:
| ||||
Advertising Expense, Net
|
-
| |||
Occupancy Costs
|
1
| |||
Data Communications
|
- | |||
Repair and Maintenance
|
-
| |||
Company Insurance (Non-Medical)
|
0
| |||
Employee Benefits
|
0 | |||
Wage Expense
|
3 | |||
Employee Services
| 4 | |||
Travel and Entertainment |
- | |||
Bank Transaction Fees
|
- | |||
Professional Fees
| 2 | |||
Stock Compensation Expense (Benefit), Net
|
-
| |||
Gain/Loss on Early Extinguishment of Debt
|
-
| |||
Depreciation and Amortization
|
-
| |||
Administrative and Sales Expense
|
12
| |||
Product Services Expense
|
-
| |||
Bad Debts
|
-
| |||
Total Operating Expenses
| 22 | |||
Operating Income/(Loss)
|
$
|
(22
|
)
| |
Interest Expense, net
|
-
| |||
Other Income/(Expense)
| 668 | |||
Income Before Taxes
|
$
|
(646
|
)
| |
Income Tax Expense/(Benefit)
|
-
| |||
Net Income/(Loss)
|
$
|
(646
|
) |
As of
| ||||
(In Thousands)
|
10/31/2022
| |||
Assets
| ||||
Cash
| 6,436 | |||
Credit Card and Trade Accounts Receivable, Net
|
5,954
| |||
Accounts Receivable - Other
|
7,453
| |||
Merchandise Inventories
|
-
| |||
Prepaid Expenses and Other Assets
|
26
| |||
Income Taxes Receivable
|
-
| |||
Total Current Assets
|
19,869
| |||
Property and Equipment, Net
|
-
| |||
Capitalized Financing Fees, Net
|
-
| |||
Goodwill
|
-
| |||
Trademarks, Net
|
-
| |||
Other Assets, Net
|
-
| |||
Total Assets
|
$
|
19,869
| ||
Liabilities and Stockholders' Deficit
| ||||
Accounts Payable
|
8,674
| |||
Oustanding Customer Deposits, Credits, Refunds
|
1,560
| |||
Unredeemed Gift Card Liability
|
15
| |||
Other Accrued Expenses
|
1,247
| |||
Deferred Tax Liability
|
-
| |||
DIP Loans
|
-
| |||
Total Current Liabilities
|
$
|
11,496
| ||
Deferred Rent
|
-
| |||
LT Deferred Compensation
|
234
| |||
Other Long-term Liabilities
|
107
| |||
Liabilities Subject to Compromise
|
191,199
| |||
Total Liabilities
|
$
| 203,036 | ||
Preferred Stock
|
-
| |||
Common Stock
|
4
| |||
Accumulated Deficit
|
(337,718
| ) | ||
T)reasury Stock
|
(150,228
|
)
| ||
Additional Paid-in Capital
|
304,775
| |||
Total Stockholders' Deficit
|
$
|
(183,167
|
)
| |
Total Liabilities and Stockholders' Deficit
|
$
|
19,869
|
For the Period of
| ||||
October 1, 2022 to
| ||||
(In Thousands)
|
October 31, 2022
| |||
Cash flows from operating activities:
| ||||
Net cash provided by (used in) operating activities
|
$
|
1,307
| ||
Cash flows from investing activities:
| ||||
Purchases of property and equipment
|
-
| |||
Proceeds from sale of property and equipment
|
-
| |||
Other
|
-
| |||
Net cash used in investing activities
|
-
| |||
Cash flows from financing activities:
| ||||
Net Borrowings (Repayments) on Debt Facility
|
-
| |||
- | ||||
Increase/(decrease) in cash and cash equivalents
| 1,307 | |||
Cash and cash equivalents at beginning of period
|
5,129
| |||
Cash and cash equivalents at end of period
|
$
|
6,436
|
G/L Acct
|
Account Name
|
Bank Acct #
|
Debtor
|
Description
|
Bank Balance
|
ADD: Deposits not credited
|
LESS: Outstanding Checks
|
ADD / (LESS): Other Reconciling Items
|
Ledger Balance
|
As of Date
|
Reconciled
| ||||||||||
1000
|
Master Operating Account |
xxxxx9174
|
Gregg Appliances, Inc. |
Operating Account
|
$ |
505 |
$ |
-
|
$ |
-
|
$ |
-
|
$ |
505 |
10/31/2022
|
Yes
| |||||
1001
|
Corporate Account
|
xxxxx9505
|
Gregg Appliances, Inc.
|
Corporate AR deposit account, All retail locations depository account
|
$ |
-
| $ |
-
|
$ |
-
| $ |
-
| $ |
-
|
10/31/2022
|
Yes
| |||||
1016
|
Cash Concentration
|
xxxxx9455
|
Gregg Appliances, Inc.
|
Cash Dominion
|
$ | 5,931 |
$ |
-
|
$ |
-
| $ |
-
| $ | 5,931 |
10/31/2022
|
Yes
| |||||
1051
|
Disbursements
|
xxxxx9729
|
Gregg Appliances, Inc.
|
Checking
|
$ |
- | $ |
-
|
$ |
-
| $ |
-
| $ |
-
|
10/31/2022
|
Yes
|
Attachments
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Disclaimer
hhgregg Inc. published this content on 22 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2022 16:51:19 UTC.