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: 3/31/2023 |
Petition Date: 03/06/2017 |
Months Pending: 74 |
Industry Classification:
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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
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Printed Name of Responsible Party
| |
04/18/2023
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Date
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Ice Miller LLP
One American Square, Suite 2900
Indianapolis, IN 46282
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Address
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Debtor's Name | GREGG APPLIANCES, INC. | Case No. 17-01303 |
Part 1: Cash Receipts and Disbursements
|
Current Month
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Cumulative
| |
a. Cash balance beginning of month
|
$7,322,391
| ||
b. Total receipts (net of transfers between accounts)
|
$10,200
|
$39,508,818
| |
c. Total disbursements (net of transfers between accounts)
|
$40,899
|
$155,176,098
| |
d. Cash balance end of month (a+b-c)
|
$7,291,692
| ||
e. Disbursements made by third party for the benefit of the estate
|
$0
|
$0
| |
f. Total disbursements for quarterly fee calculation (c+e)
|
$40,899
|
$155,176,098
|
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
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b. Accounts receivable over 90 days outstanding (net of allowance) |
$5,954,425
| ||
c. Inventory (Book ☐ Market ☐ Other ☒ (attach explanation))
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$0
| ||
d. Total current assets
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$20,723,847
| ||
e. Total assets
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$20,723,847
| ||
f. Postpetition payables (excluding taxes)
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$10,237,947
| ||
g. Postpetition payables past due (excluding taxes)
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$10,237,517
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h. Postpetition taxes payable
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$936,332
| ||
i. Postpetition taxes past due
|
$936,244
| ||
j. Total postpetition debt (f+h)
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$11,174,279
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k. Prepetition secured debt
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$0
| ||
l. Prepetition priority debt
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$0
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m. Prepetition unsecured debt
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$191,198,909
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n. Total liabilities (debt) (j+k+l+m)
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$202,373,188
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o. Ending equity/net worth (e-n)
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$-181,649,341
|
Part 3: Assets Sold or Transferred | Current Month | Cumulative | |
a. Total cash sales price for assets sold/transferred outside the ordinary
course of business
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$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.)
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Current Month
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Cumulative
| |
a. Gross income/sales (net of returns and allowances)
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$0
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b. Cost of goods sold (inclusive of depreciation, if applicable)
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$0
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c. Gross profit (a-b)
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$0
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d. Selling expenses
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$0
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e. General and administrative expenses
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$-22,733
| ||
f. Other expenses
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$0
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g. Depreciation and/or amortization (not included in 4b)
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$0
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h. Interest
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$10,200
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i. Taxes (local, state, and federal)
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$0
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j. Reorganization items
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$0
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k. Profit (loss)
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$-12,533
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$-109,374,699
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Debtor's Name | GREGG APPLIANCES, INC. | Case No. 17-01303 |
Part 5: Professional Fees and Expenses
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a.
|
Approved Current Month
|
Approved
Cumulative
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Paid Current
Month
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Paid
Cumulative
| |||
Debtor's professional fees & expenses (bankruptcy) Aggregate Total
|
$0
|
$12,687,363
|
$16,737
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$19,109,866
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Itemized Breakdown by Firm
| |||||||
Firm Name
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Role
| ||||||
i
|
MORGAN, LEWIS & BOCKIU
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Lead Counsel
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$0
|
$2,778,932
|
$0
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$2,519,564
| |
ii
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STIFEL, NICOLAUS & COMP
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Financial Professional
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$0
|
$0
|
$0
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$700,000
| |
iii
|
BERKELEY RESEARCH GRO
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Financial Professional
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$0
|
$2,423,421
|
$0
|
$2,394,421
| |
iv
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DONLIN, RECANO & COMPA
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Other |
$0
|
$0
|
$16,737
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$1,383,034
| |
v
|
ICE MILLER LLP
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Local Counsel
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$0
|
$2,007,146
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$0
|
$1,992,794
| |
vi
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BINGHAM GREENBAUM DO
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Special Counsel
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$0
|
$234,875
|
$0
|
$212,658
| |
vii
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COOLEY LLP
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Special Counsel
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$0
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$2,557,805
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$0
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$2,567,066
| |
viii
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PROVINCE, INC.
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Financial Professional
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$0
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$556,352
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$0
|
$583,198
| |
ix
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DLA PIPER LLP US
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Other
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$0
|
$5,452
|
$0
|
$2,549,550
| |
x
|
FAEGRE DRINKER BIDDLE
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Special Counsel
|
$0
|
$0
|
$0
|
$424,058
| |
xi
|
CHOATE HALL & STEWART
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Special Counsel
|
$0
|
$0
|
$0
|
$902,972
| |
xii
|
ASK LLP
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Other
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$0
|
$0
|
$0
|
$718,712
| |
xiii
|
GREAT AMERICAN GROUP
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Other
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$0
|
$0
|
$0
|
$368,689
| |
xiv
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GAVIN SOLMENESE LLC
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Other
|
$0
|
$136,472
|
$0
|
$21,648
| |
xv
|
CHIPMAN BROWN CICERO
|
Special Counsel
|
$0
|
$1,986,908
|
$0
|
$1,771,502
|
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
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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
|
$270
|
$2,393,761
| |
d. Postpetition employer payroll taxes paid
|
$-392
|
$-2,833,003
| |
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)
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$0
|
$0
|
Part 7: Questionnaire - During this reporting period:
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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
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Printed Name of Responsible Party
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Chief Financial Officer
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04/17/2023
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Title
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Date | |
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hhgregg Inc. published this content on 20 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2023 10:03:02 UTC.