01/19/2022 | Press release | Distributed by Public on 01/19/2022 08:31
In Re. GREGG APPLIANCES, INC.
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Case No. 17-01303
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Lead Case No. 17-01302
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Debtor(s)
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☒ Jointly Administered |
Monthly Operating Report |
Chapter 11
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Reporting Period Ended: 12/31/2021 |
Petition Date: 03/06/2017 |
Months Pending: 59
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Industry Classification:
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4
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4
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3
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1
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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
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Jeffrey A. Hokanson
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Signature of Responsible Party
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Printed Name of Responsible Party
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01/14/2022
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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
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GREGG APPLIANCES, INC. | Case No. 17-01303 |
Part 1: Cash Receipts and Disbursements
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Current Month
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Cumulative
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a. Cash balance beginning of month
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$1,011,094
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b. Total receipts (net of transfers between accounts)
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$0
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$32,085,018
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c. Total disbursements (net of transfers between accounts)
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$21,421
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$154,032,895
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d. Cash balance end of month (a+b-c)
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$989,673
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e. Disbursements made by third party for the benefit of the estate
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$0
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$0
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f. Total disbursements for quarterly fee calculation (c+e)
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$21,421
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$154,032,895
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Part 2: Asset and Liability Status Current Month
(Not generally applicable to Individual Debtors. See Instructions.)
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a. Accounts receivable (total net of allowance)
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$5,954,425
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b. Accounts receivable over 90 days outstanding (net of allowance) |
$5,954,425
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c. Inventory (Book ☐ Market ☐ Other ☒ (attach explanation))
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$0
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d. Total current assets
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$14,422,098
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e. Total assets
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$14,442,098
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f. Postpetition payables (excluding taxes)
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$10,260,945
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g. Postpetition payables past due (excluding taxes)
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$10,257,123
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h. Postpetition taxes payable
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$937,179
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i. Postpetition taxes past due
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$936,244
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j. Total postpetition debt (f+h)
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$11,198,124
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k. Prepetition secured debt
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$0
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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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$202,397,033
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o. Ending equity/net worth (e-n)
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$-187,974,935
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Part 3: Assets Sold or Transferred
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Current Month | Cumulative | |
a. Total cash sales price for assets sold/transferred outside the ordinary
course of business
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$0
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$9,514,845
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b. Total payments to third parties incident to assets being sold/transferred
outside the ordinary course of business
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$0 |
$443,274
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c. Net cash proceeds from assets sold/transferred outside the ordinary
course of business (a-b)
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$0
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$9,071,571
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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
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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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$0
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e. General and administrative expenses
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$-26,274
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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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$0
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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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$0
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k. Profit (loss)
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$-26,274
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$-115,700,294
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Debtor's Name
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GREGG APPLIANCES, INC. | Case No. 17-01303 |
Part 5: Professional Fees and Expenses
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a.
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Approved Current Month
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Approved
Cumulative
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Paid Current
Month
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Paid
Cumulative
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Debtor's professional fees & expenses (bankruptcy) Aggregate Total
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$0
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$12,687,363
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$0
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$17,540,831
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Itemized Breakdown by Firm
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Firm Name
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Role
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i
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MORGAN, LEWIS & BOCKIU
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Lead Counsel
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$0
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$2,778,932
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$0
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$2,519,564
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ii
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STIFEL, NICOLAUS & COMP
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Financial Professional
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$0
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$0
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$0
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$700,000
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iii
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BERKELEY RESEARCH GRO
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Financial Professional
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$0
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$2,423,421
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$0
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$2,394,421
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iv
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DONLIN, RECANO & COMPA
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Other |
$0
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$0
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$0
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$1,294,126
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v
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ICE MILLER LLP
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Local Counsel
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$0
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$2,007,146
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$0
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$1,992,794
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vi
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BINGHAM GREENBAUM DO
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Special Counsel
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$0
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$234,875
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$0
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$212,658
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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
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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
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$583,198
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ix
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DLA PIPER LLP US
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Other
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$0
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$5,452
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$0
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$2,549,550
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x
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FAEGRE DRINKER BIDDLE
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Special Counsel
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$0
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$0
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$0
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$424,058
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xi
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CHOATE HALL & STEWART
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Special Counsel
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$0
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$0
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$0
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$902,972
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xii
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ASK LLP
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Other
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$0
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$0
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$0
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$675,000
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xiii
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GREAT AMERICAN GROUP
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Other
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$0
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$0
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$0
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$368,689
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xiv
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GAVIN SOLMENESE LLC
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Other
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$0
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$136,472
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$0
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$21,648
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xv
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CHIPMAN BROWN CICERO
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Special Counsel
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$0
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$1,986,908
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$0
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$335,087
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b.
c.
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Approved Current Month
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Approved
Cumulative
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Paid Current
Month
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Paid
Cumulative
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Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total
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Itemized Breakdown by Firm
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Firm Name
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Role
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i
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ii
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All professional fees and expenses (debtor & committees)
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Part 6: Postpetition Taxes
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Current Month
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Cumulative
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a. Postpetition income taxes accrued (local, state, and federal)
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$0
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$0
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b. Postpetition income taxes paid (local, state, and federal)
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$0
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$0
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c. Postpetition employer payroll taxes accrued
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$430
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$2,385,632
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d. Postpetition employer payroll taxes paid
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$-112
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$-2,824,994
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e. Postpetition property taxes paid
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$0
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$0
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f. Postpetition other taxes accrued (local, state, and federal)
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$0
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$0
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g. Postpetition other taxes paid (local, state, and federal)
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$0
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$0
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Part 7: Questionnaire - During this reporting period:
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a. Were any payments made on prepetition debt? (if yes, see Instructions)
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Yes ☐ No ☒ |
b. Were any payments made outside the ordinary course of business
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Yes ☐ No ☒ |
without court approval? (if yes, see Instructions)
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c. Were any payments made to or on behalf of insiders?
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Yes ☐ No ☒ |
Debtor's Name
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GREGG APPLIANCES, INC. | Case No. 17-01303 |
d. Are you current on postpetition tax return filings?
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Yes ☒ No ☐ |
e. Are you current on postpetition estimated tax payments?
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Yes ☒ No ☐ |
f. Were all trust fund taxes remitted on a current basis?
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Yes ☒ No ☐ |
g. Was there any postpetition borrowing, other than trade credit?
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Yes ☐ No ☒ |
(if yes, see Instructions)
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h. Were all payments made to or on behalf of professionals approved by
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Yes ☒ No ☐ N/A ☐ |
the court?
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i. Do you have: Worker's compensation insurance?
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Yes ☒ No ☐ |
If yes, are your premiums current?
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Yes ☒ No ☐ N/A ☐ (if no, see Instructions) |
Casualty/property insurance?
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Yes ☒ No ☐ |
If yes, are your premiums current?
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Yes ☒ No ☐ N/A ☐ (if no, see Instructions) |
General liability insurance?
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Yes ☒ No ☐ |
If yes, are your premiums current?
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Yes ☒ No ☐ N/A ☐ (if no, see Instructions) |
j. Has a plan of reorganization been filed with the court?
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Yes ☐ No ☒ |
k. Has a disclosure statement been filed with the court?
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Yes ☒ No ☐ |
l. Are you current with quarterly U.S. Trustee fees as
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Yes ☒ No ☐ |
set forth under 28 U.S.C. § 1930?
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Part 8: Individual Chapter 11 Debtors (Only)
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a. Gross income (receipts) from salary and wages
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$0 |
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b. Gross income (receipts) from self-employment
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$0 |
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c. Gross income from all other sources
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$0 |
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d. Total income in the reporting period (a+b+c)
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$0 |
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e. Payroll deductions
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$0 |
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f. Self-employment related expenses
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$0 |
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g. Living expenses
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$0 |
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h. All other expenses
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$0 |
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i. Total expenses in the reporting period (e+f+g+h)
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$0 |
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j. Difference between total income and total expenses (d-i)
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$0 |
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k. List the total amount of all postpetition debts that are past due
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$0 |
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l. Are you required to pay any Domestic Support Obligations as defined by 11
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Yes ☐ No ☒ |
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U.S.C § 101(14A)?
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m. If yes, have you made all Domestic Support Obligation payments?
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Yes ☐ No ☐ N/A ☒ |
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Debtor's Name
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GREGG APPLIANCES, INC. | Case No. 17-01303 |
/s/ KEVIN KOVACS
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KEVIN KOVACS
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Signature of Responsible Party
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Printed Name of Responsible Party
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CHIEF FINANCIAL OFFICER
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01/08/2022
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Title
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Date
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