UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2015
COLT DEFENSE LLC
COLT FINANCE CORP.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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32-0031950 |
333-171547 |
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27-1237687 |
(Registration Number) |
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(IRS Employer Identification Number) |
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547 New Park Avenue, West Hartford, CT |
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06110 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (860) 232-4489
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
Modified SEC Reporting
As previously reported, on June 14, 2015, Colt Defense LLC (Colt Defense and together with Colt Finance Corp., Colt) and Colt Holding Company LLC and certain of their subsidiaries and affiliates (collectively, the Debtors) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). The Debtors are continuing to manage their properties and operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The chapter 11 cases (the Chapter 11 Cases) are being jointly administered by the Bankruptcy Court in the proceeding In re Colt Holding Company LLC, et al., Case No. 15-11296.
As previously reported, during the pendency of the Chapter 11 Cases, Colt has adopted a modified reporting program with respect to its reporting obligations under federal securities laws. In lieu of filing annual reports on Form 10-K and quarterly reports on Form 10-Q, each month Colt will file with the Securities and Exchange Commission (SEC) a current report on Form 8-K that will have attached to it the monthly financial report required by the Bankruptcy Court. Accordingly, Colt does not intend to file periodic reports while the Chapter 11 Cases are pending, but will continue to file current reports on Form 8-K as required by federal securities laws.
Monthly Operating Report
On October 30, 2015, the Debtors filed their monthly operating report for the period beginning August 31, 2015 and ending October 4, 2015 (the Monthly Operating Report) with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Cautionary Note Regarding the Monthly Operating Report
Colt cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of Colt. The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the Chapter 11 Cases. Colt is not required to publicly update the Monthly Operating Report to reflect more current facts or estimates or the occurrence of future events, including if the facts, estimates and assumptions upon which the Monthly Operating Report is based are erroneous. The Monthly Operating Report was not audited or reviewed by independent public accountants, does not contain all of the information and footnotes required by generally accepted accounting principles in the United States, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in Colts securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in Colts reports pursuant to the Securities Exchange Act of 1934 (the Exchange Act), and such information might not be indicative of Colts financial condition or operating results for the period that would be reflected in Colts financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. These statements about Colts expectations, beliefs, plans, objectives, assumptions and future events are not statements of historical fact and reflect only Colts current expectations regarding these matters. Colts actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including (i) the potential adverse impact of the chapter 11 filings on Colts liquidity or results of operations, (ii) changes in Colts ability to meet financial obligations during the chapter 11 process or to maintain contracts that are critical to Colts operations, (iii) the outcome or timing of the chapter 11 process, (iv) the effect of the chapter 11 filings on Colts relationships with third parties, regulatory authorities and employees, (v) proceedings that may be brought by third parties in connection with the chapter 11 process, (vi) the Bankruptcy Court approval, (vii) the increased administrative costs related to the chapter 11 process; (viii) Colts ability to maintain adequate liquidity to fund operations during the chapter 11 process and thereafter and (ix) other factors listed from time to time in Colts filings with the SEC. Forward-looking statements in this Current Report on Form 8-K speak only as of the date on which they are made and Colt undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
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DESCRIPTION |
99.1 |
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Monthly Operating Report for the period from August 31, 2015 to October 4, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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COLT DEFENSE LLC | |
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COLT FINANCE CORP. | |
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By: |
/s/ Scott Flaherty |
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Name: |
Scott Flaherty |
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Title: |
Senior Vice President and Chief Financial Officer |
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Dated: November 2, 2015 |
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Exhibit 99.1
Case 15-11296-LSS Doc 627 Filed 10/30/15
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re Colt Holding Company LLC |
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Case No. 15-11296 |
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Reporting Period: 8/31/15 10/4/15 |
MONTHLY OPERATING REPORT
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS |
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Form No. |
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Document |
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Explanation |
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Affidavit/ Supplement Attached |
Schedule of Cash Receipts and Disbursements |
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MOR-1 |
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Yes |
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Bank Reconciliation |
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MOR-1a |
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Yes |
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Schedule of Professional Fees Paid |
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MOR-1b |
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Yes |
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Copies of bank statements |
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Note 1 |
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Cash disbursements journals |
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Note 1 |
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Statement of Operations |
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MOR-2 |
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Yes |
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Balance Sheet |
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MOR-3 |
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Yes |
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Status of Post-petition Taxes |
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MOR-4 |
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Yes |
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Copies of IRS Form 6123 or payment receipt |
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Note 1 |
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Copies of tax returns filed during reporting period |
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Note 1 |
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Summary of Unpaid Post-petition Debts |
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MOR-4 |
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Yes |
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Listing of aged accounts payable |
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MOR-4 |
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Note 1 |
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Accounts Receivable Reconciliation and Aging |
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MOR-5 |
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Yes |
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Debtor Questionnaire |
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MOR-5 |
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Yes |
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(1) Due to system constraints and/or the volume of records, these items have not been submitted
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.
/s/ Dennis Veilleux |
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10/30/2015 |
Signature of Authorized Individual* |
Date | |
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Dennis Veilleux |
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Pres/CEO |
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.
Colt Holding Company LLC |
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Case No.: 15-11296 |
MOR-1: Schedule of Receipts & Disbursements (Unaudited) - Colt Defense - US |
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Reporting Period: 8/31/15-10/4/15 |
September 15 (August 31-October 4) |
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BANK ACCOUNTS - Colt Defense - US |
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CURRENT |
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Wells Fargo |
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Wells Fargo |
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Wells Fargo |
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Wells Fargo |
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Wells Fargo Utility |
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Wells Fargo |
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Wells Fargo CD |
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Wells Fargo |
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Wells Fargo |
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Wells Fargo- |
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Bank of |
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Bank of |
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Bank of |
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Bank of |
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Interaudi Bank- |
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JPMorgan- |
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BMO Harris Bank- |
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ACTUAL |
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BANK CASH BEGINNING OF MONTH |
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11,220,392 |
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107,000 |
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23,500 |
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23,000 |
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12,653 |
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2,500 |
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1,160 |
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484,755 |
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849,603 |
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1,340,769 |
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14,065,332 |
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RECEIPTS |
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Cash Sales |
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Accounts Receivable |
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13,503,339 |
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27,999 |
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29,763 |
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80 |
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13,561,181 |
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Loans and Advances |
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Sale of Assets |
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Other (attach list) |
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Transfers (from dip accts) |
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Intercompany Transfers |
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258,948 |
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258,948 |
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TOTAL RECEIPTS |
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$ |
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$ |
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$ |
13,762,287 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
27,999 |
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$ |
29,763 |
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$ |
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$ |
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$ |
80 |
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$ |
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$ |
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13,820,129 |
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Disbursements |
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Net Payroll |
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2,684,824 |
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51,222 |
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2,736,046 |
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Payroll Taxes |
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1,326,192 |
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25,626 |
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1,351,818 |
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401K |
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324,690 |
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5,892 |
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330,582 |
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Expense Reports |
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65,500 |
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65,500 |
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Insurance Claims |
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1,006,410 |
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238 |
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1,006,648 |
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Government Agencies |
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Bank Fees |
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45,200 |
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56 |
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37 |
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1,122 |
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499 |
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46,914 |
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Inventory |
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9,807,890 |
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9,807,890 |
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Freight |
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236,730 |
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236,730 |
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Maintenance |
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256,050 |
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256,050 |
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Supplies MRO |
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688,840 |
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688,840 |
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Outside Services |
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216,330 |
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216,330 |
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Utilities |
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269,650 |
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269,650 |
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Information Technology |
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74,520 |
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74,520 |
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International Comm |
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64,290 |
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64,290 |
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Domestic Comm |
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79,540 |
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79,540 |
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Administration |
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180,010 |
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180,010 |
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Insurance premiums |
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112,170 |
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987 |
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113,157 |
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Legal |
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32,091 |
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32,091 |
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Marketing |
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149,160 |
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149,160 |
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Consulting |
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97,690 |
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97,690 |
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Rent |
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143,060 |
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143,060 |
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Misc |
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110,163 |
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187,546 |
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297,709 |
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Property Tax |
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Restructuring, Legal & Advisors |
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601,048 |
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601,048 |
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Intercompany Transfer (Colt Canada) |
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120,134 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,134 |
| ||||||||||||||||||
Interest |
|
2,059,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,059,970 |
| ||||||||||||||||||
O/S checks & reconciling items |
|
5,187 |
|
64,360 |
|
|
|
2,106,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,176,486 |
| ||||||||||||||||||
TOTAL DISBURSEMENTS |
|
$ |
16,714,232 |
|
$ |
4,075,376 |
|
$ |
|
|
$ |
2,106,939 |
|
$ |
|
|
$ |
83,965 |
|
$ |
|
|
$ |
|
|
$ |
56 |
|
$ |
|
|
$ |
37 |
|
$ |
1,122 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
220,136 |
|
$ |
23,201,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Bank Account Transfers |
|
$ |
10,498,192 |
|
$ |
4,011,016 |
|
$ |
(13,762,287 |
) |
$ |
|
|
$ |
30,146 |
|
$ |
87,195 |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
(30,462 |
) |
$ |
1,340 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(835,140 |
) |
$ |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
NET CASH FLOW |
|
$ |
(6,216,040 |
) |
$ |
(64,360 |
) |
$ |
|
|
$ |
(2,106,939 |
) |
$ |
30,146 |
|
$ |
3,230 |
|
$ |
|
|
$ |
|
|
$ |
(56 |
) |
$ |
|
|
$ |
(2,500 |
) |
$ |
29,981 |
|
$ |
|
|
$ |
|
|
$ |
80 |
|
$ |
|
|
$ |
(1,055,276 |
) |
$ |
(9,381,735 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Cash - End of Month |
|
$ |
5,004,352 |
|
$ |
(64,360 |
) |
$ |
|
|
$ |
(2,106,939 |
) |
$ |
30,146 |
|
$ |
110,230 |
|
$ |
23,500 |
|
$ |
23,000 |
|
$ |
12,597 |
|
$ |
|
|
$ |
|
|
$ |
31,141 |
|
$ |
|
|
$ |
|
|
$ |
484,835 |
|
$ |
849,603 |
|
$ |
285,493 |
|
$ |
4,683,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-1: Schedule of Receipts & Disbursements (Unaudited) - Colt Defense - Canada |
|
Reporting Period: 8/31/15-10/04/15 |
Sep 15 (Aug 31 - Oct 4) |
|
|
|
|
BANK ACCOUNTS - CANADA (in USD) |
|
CURRENT MONTH |
| |||||||||||||||||||||||||||||||||||
|
|
BoA #3203 - A/R |
|
BoA #3211 - |
|
BoA #3104 - |
|
BoA #3112 - |
|
BoA #3419 - |
|
BoA #3401 - |
|
WF #7549 - A/R |
|
WF #7531 - A/P |
|
WF #8241 - A/R |
|
WF #8258 - A/P |
|
WF #7564 - A/R |
|
WF #7556 - A/P |
|
ACTUAL |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
CASH BEGINNING OF MONTH (1) |
|
155,564 |
|
867 |
|
|
|
2,566 |
|
5,587 |
|
56 |
|
0 |
|
1,015,554 |
|
|
|
394,237 |
|
|
|
102,129 |
|
1,676,560 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
RECEIPTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Cash Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accounts Receivable |
|
19,171 |
|
|
|
|
|
|
|
|
|
|
|
1,712,001 |
|
|
|
|
|
|
|
|
|
|
|
1,731,172 |
| |||||||||||||
Loans and Advances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Sale of Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Other (attach list) |
|
84,048 |
|
|
|
|
|
|
|
|
|
|
|
2,408 |
|
|
|
|
|
|
|
|
|
|
|
86,456 |
| |||||||||||||
Transfers (from dip accts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Intercompany Transfers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(137,992 |
) |
|
|
|
|
(137,992 |
) | |||||||||||||
TOTAL RECEIPTS |
|
$ |
103,219 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
1,714,409 |
|
$ |
|
|
$ |
|
|
$ |
(137,992 |
) |
$ |
|
|
$ |
|
|
1,679,637 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Payroll |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
460,287 |
|
|
|
|
|
|
|
|
|
460,287 |
| |||||||||||||
Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,641 |
|
|
|
|
|
|
|
|
|
37,641 |
| |||||||||||||
401K |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Expense Reports |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,834 |
|
|
|
|
|
|
|
|
|
28,834 |
| |||||||||||||
Insurance Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Government Agencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Bank Fees |
|
|
|
391 |
|
|
|
140 |
|
|
|
100 |
|
|
|
2,269 |
|
|
|
901 |
|
|
|
|
|
3,801 |
| |||||||||||||
Inventory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
368,506 |
|
|
|
556,936 |
|
|
|
22,782 |
|
948,225 |
| |||||||||||||
Freight |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,958 |
|
|
|
278 |
|
|
|
|
|
72,236 |
| |||||||||||||
Maintenance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,581 |
|
|
|
|
|
|
|
|
|
4,581 |
| |||||||||||||
Supplies MRO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Outside Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,939 |
|
|
|
|
|
|
|
|
|
20,939 |
| |||||||||||||
Information Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Comm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Domestic Comm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Administration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,713 |
|
|
|
225 |
|
|
|
|
|
83,938 |
| |||||||||||||
Insurance premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Legal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Marketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Consulting/Professional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,310 |
|
|
|
|
|
|
|
|
|
20,310 |
| |||||||||||||
Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,270 |
|
|
|
|
|
|
|
|
|
3,270 |
| |||||||||||||
MISC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,205 |
|
|
|
22,508 |
|
|
|
|
|
102,713 |
| |||||||||||||
Restructuring, Legal & Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
TOTAL DISBURSEMENTS |
|
$ |
|
|
$ |
391 |
|
$ |
|
|
$ |
140 |
|
$ |
|
|
$ |
100 |
|
$ |
|
|
$ |
1,182,513 |
|
$ |
|
|
$ |
580,848 |
|
$ |
|
|
$ |
22,782 |
|
$ |
1,786,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Bank Account Transfers |
|
$ |
(253,519 |
) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(5,525 |
) |
$ |
5,525 |
|
$ |
(1,714,409 |
) |
$ |
1,184,668 |
|
$ |
|
|
$ |
628,459 |
|
$ |
|
|
$ |
142,705 |
|
$ |
(12,096 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
NET CASH FLOW |
|
$ |
(150,300 |
) |
$ |
(391 |
) |
$ |
|
|
$ |
(140 |
) |
$ |
(5,525 |
) |
$ |
5,424 |
|
$ |
|
|
$ |
2,155 |
|
$ |
|
|
$ |
(90,381 |
) |
$ |
|
|
$ |
119,923 |
|
$ |
(119,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Cash - End of Month |
|
$ |
5,265 |
|
$ |
476 |
|
$ |
|
|
$ |
2,426 |
|
$ |
63 |
|
$ |
5,480 |
|
$ |
0 |
|
$ |
1,017,710 |
|
$ |
|
|
$ |
303,856 |
|
$ |
|
|
$ |
222,052 |
|
$ |
1,557,327 |
|
(1) Beginning balances are based on foreign exchange rates as of the end of the month
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-1: Schedule of Receipts & Disbursements - Summary |
|
Reporting Period: 8/31/15-10/4/15 |
Sep 15 (Aug 31 - Oct 4) |
|
|
Debtor Name |
|
Case No. |
|
Disbursements |
| |
Colt Defense LLC |
|
15-11287 |
|
|
| |
Colt Defense Technical Services LLC |
|
15-11288 |
|
|
| |
Colt Finance Corp. |
|
15-11289 |
|
|
| |
New Colt Holding Corp. |
|
15-11290 |
|
|
| |
Colt International Cooperatief U.A. |
|
15-11291 |
|
56 |
| |
Colts Manufacturing Company LLC |
|
15-11292 |
|
23,117,842 |
| |
Colt Security LLC |
|
15-11293 |
|
83,965 |
| |
Colt Canada Corporation |
|
15-11294 |
|
1,786,774 |
| |
CDH II Holding Inc. |
|
15-11295 |
|
|
| |
Colt Holding Company LLC |
|
15-11296 |
|
|
| |
TOTAL |
|
|
|
$ |
24,988,637 |
|
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-1a Bank Reconciliations |
|
Reporting Period: 8/31/15-10/4/15 |
September 15 (August 31-October 4) |
|
|
Bank Reconciliations
|
|
BANK ACCOUNTS Colt Defense (excl Canada) |
| ||||||||||||||||||||||||||||||||
|
|
Wells Fargo |
|
Wells Fargo |
|
Wells Fargo |
|
Wells Fargo |
|
Wells Fargo |
|
Wells Fargo |
|
Wells Fargo CD |
|
Wells Fargo |
|
Wells Fargo |
|
Wells Fargo- |
|
Bank of |
|
Bank of |
|
Bank of |
|
Bank of |
|
Interaudi Bank |
|
JP Morgan-1103 |
|
BMO Harris |
|
Account # |
|
1 |
|
2 |
|
3 |
|
4 |
|
5 |
|
6 |
|
7 |
|
8 |
|
9 |
|
10 |
|
11 |
|
12 |
|
13 |
|
14 |
|
15 |
|
16 |
|
17 |
|
Balance per Books |
|
5,004,352 |
|
(64,360 |
) |
|
|
(2,106,939 |
) |
30,146 |
|
110,230 |
|
23,500 |
|
23,000 |
|
12,597 |
|
|
|
|
|
31,141 |
|
|
|
|
|
484,835 |
|
849,603 |
|
285,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Balance |
|
5,009,539 |
|
|
|
|
|
|
|
30,146 |
|
110,230 |
|
23,500 |
|
23,000 |
|
12,597 |
|
|
|
|
|
31,141 |
|
|
|
|
|
484,835 |
|
849,603 |
|
285,493 |
|
+ Deposits in Transit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Outstanding Checks |
|
|
|
(64,360 |
) |
|
|
(2,106,939 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (2) |
|
(5,187 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Bank Balance (Book Balance) |
|
5,004,352 |
|
(64,350 |
) |
|
|
(2,106,939 |
) |
30,146 |
|
110,230 |
|
23,500 |
|
23,000 |
|
12.597 |
|
|
|
|
|
31,141 |
|
|
|
|
|
484,835 |
|
849,603 |
|
285,493 |
|
(1) ZBA accounts. Once the checks are cashed the funds will be transferred from the WF Operating Account (Acct #1)
(2) Consists of credit card adjustments and other reconciling items
|
|
BANK ACCOUNTS - Canada (in USD) |
| ||||||||||||||||||||||
|
|
BoA #3203 |
|
BoA #3211 - |
|
BoA #3104 - |
|
BoA #3112 -A/P |
|
BoA #3419 |
|
BoA #3401 - |
|
WF #7549 - A/R |
|
WF #7531 - A/P |
|
WF #8241 - A/R |
|
WF #8258 - A/P |
|
WF #7564 - A/R |
|
WF #7556 - A/P |
|
Account # |
|
1 |
|
2 |
|
3 |
|
4 |
|
5 |
|
6 |
|
7 |
|
8 |
|
9 |
|
10 |
|
11 |
|
12 |
|
Balance per Books |
|
5,265 |
|
476 |
|
|
|
2,426 |
|
63 |
|
5,480 |
|
0 |
|
1,017,710 |
|
|
|
303,856 |
|
|
|
222,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Balance |
|
5,265 |
|
476 |
|
|
|
2,426 |
|
63 |
|
5,480 |
|
|
|
1,182,170 |
|
|
|
360,254 |
|
|
|
222,052 |
|
+ Deposits in Transit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Outstanding Checks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(164,461 |
) |
|
|
(56,428 |
) |
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Bank Balance (Book Balance) |
|
5,265 |
|
476 |
|
|
|
2,426 |
|
63 |
|
5,480 |
|
|
|
1,017,710 |
|
|
|
303,856 |
|
|
|
222,052 |
|
I attest that each of the Debtors corporate bank accounts is reconciled to monthly bank statements. The Companys standard practice is to ensure that each corporate bank account is reconciled to monthly bank statements for each fiscal month.
/s/ Dennis Veilleux |
|
Dennis Veilleux |
Authorized Representative |
|
Printed Name of Authorized Representative |
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-1b Schedule of Professional Fees Paid |
|
Reporting Period: 8/31/15-10/4/15 |
September 15 (August 31-October 4) |
|
|
|
|
|
|
|
|
|
|
Current Month Amt Paid |
|
Inception -To-Date Amt Paid |
| ||||
PAYEE |
|
Period Covered |
|
Amount Approved |
|
Payor |
|
Fees |
|
Expenses |
|
Fees |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mackinac Partners, LLC |
|
June 15, 2015 - Oct 4, 2015 |
|
494,593 |
|
Colts Manufacturing LLC |
|
403,172 |
|
91,426 |
|
403,132 |
|
91,426 |
|
Kurtzman, Carson Consultants |
|
June 15, 2015 - Oct 4, 2015 |
|
106,450 |
|
Colts Manufacturing LLC |
|
60,891 |
|
45,559 |
|
60,891 |
|
45,559 |
|
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-2 Statement of Operations |
|
Reporting Period: 8/31/15-10/4/15 |
MOR - September 15 |
|
|
$ in Thousands |
|
|
Debtor Identification Number |
|
15-11287 |
|
15-11292 |
|
15-11290 |
|
15-11294 |
|
15-11291 |
|
15-11288 |
|
N/A |
|
N/A |
|
15-11295 |
|
15-11293 |
|
15-11296 |
|
N/A |
|
N/A |
| |||||||||||||
|
|
|
|
U.S. Operations |
|
|
|
Canadian Operations |
|
|
|
1% Owner Dutch |
|
|
|
|
|
Part of 4/9/15 |
|
Colt Security Guard |
|
Part of 4/9/15 |
|
Eliminates Colt |
|
Consolidated |
| |||||||||||||
Brief Description of Each Entity |
|
Holding Company |
|
Company |
|
Holding Company |
|
Company |
|
Dutch Coop |
|
Coop |
|
Elim Entity |
|
SEC Reporting Entity |
|
Reorganizaton |
|
Related Activity |
|
Reorganizaton |
|
Security LLC Activity |
|
Debtors |
| |||||||||||||
|
|
|
|
Colts Manufacturing |
|
New Colt Holding |
|
Colt Canada |
|
Colt International |
|
Colt Defense |
|
|
|
Colt Defense LLC |
|
|
|
|
|
Colt Holding |
|
|
|
Colt Holding |
| |||||||||||||
|
|
Colt Defense LLC |
|
Company LLC |
|
Corp. |
|
Corporation |
|
Cooperatief U.A. |
|
Technical Services LLC |
|
Elimination Entity #1 |
|
Total |
|
CDH II Holdco Inc. |
|
Colt Security LLC |
|
Company LLC |
|
Elimination Entity #2 |
|
Company LLC Total |
| |||||||||||||
Current Month |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Sales |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
18,007 |
|
$ |
|
|
$ |
1,105 |
|
$ |
|
|
$ |
19,112 |
|
$ |
|
|
$ |
69 |
|
$ |
|
|
$ |
(69 |
) |
$ |
19,112 |
|
Cost of sales |
|
|
|
|
|
|
|
15,961 |
|
|
|
808 |
|
|
|
16,769 |
|
|
|
68 |
|
|
|
(68 |
) |
16,769 |
| |||||||||||||
Gross profit $ |
|
|
|
|
|
|
|
2,046 |
|
|
|
297 |
|
|
|
2,343 |
|
|
|
1 |
|
|
|
(1 |
) |
2,343 |
| |||||||||||||
Gross Margin % |
|
0.0 |
% |
0.0 |
% |
0.0 |
% |
11.4 |
% |
0.0 |
% |
0.0 |
% |
0.0 |
% |
12.3 |
% |
|
|
1.4 |
% |
|
|
1.4 |
% |
12.3 |
% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Sales and Marketing |
|
|
|
|
|
|
|
696 |
|
|
|
120 |
|
|
|
816 |
|
|
|
|
|
|
|
|
|
816 |
| |||||||||||||
Commissions |
|
|
|
|
|
|
|
207 |
|
|
|
10 |
|
|
|
217 |
|
|
|
|
|
|
|
|
|
217 |
| |||||||||||||
General and Administrative |
|
|
|
|
|
7 |
|
1,368 |
|
|
|
158 |
|
21 |
|
1,554 |
|
|
|
|
|
|
|
|
|
1,554 |
| |||||||||||||
Research and development |
|
|
|
|
|
|
|
249 |
|
|
|
188 |
|
|
|
437 |
|
|
|
|
|
|
|
|
|
437 |
| |||||||||||||
Total SG&A |
|
|
|
|
|
7 |
|
2,520 |
|
|
|
476 |
|
21 |
|
3,024 |
|
|
|
|
|
|
|
|
|
3,024 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating income |
|
|
|
|
|
(7 |
) |
(474 |
) |
|
|
(179 |
) |
(21 |
) |
(681 |
) |
|
|
1 |
|
|
|
(1 |
) |
(681 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Interest expense |
|
|
|
|
|
(1,080 |
) |
|
|
(2,059 |
) |
|
|
|
|
(3,139 |
) |
|
|
|
|
|
|
|
|
(3,139 |
) | |||||||||||||
Foreign Currency Gain/(Loss) |
|
|
|
|
|
|
|
(21 |
) |
|
|
(9 |
) |
|
|
(30 |
) |
|
|
|
|
|
|
|
|
(30 |
) | |||||||||||||
Intercompany Interest |
|
|
|
|
|
(78 |
) |
(46 |
) |
108 |
|
17 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
1 |
| |||||||||||||
Royalty Expense |
|
|
|
|
|
|
|
|
|
|
|
(11 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
(11 |
) | |||||||||||||
Other income (expense) |
|
|
|
|
|
|
|
15 |
|
330 |
|
|
|
|
|
345 |
|
|
|
|
|
|
|
|
|
345 |
| |||||||||||||
Income before taxes - Cont. Ops |
|
|
|
|
|
(1,165 |
) |
(526 |
) |
(1,621 |
) |
(182 |
) |
(21 |
) |
(3,515 |
) |
|
|
1 |
|
|
|
(1 |
) |
(3,515 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Reorganization Items - Post Petition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Professional Fees |
|
|
|
|
|
|
|
5,061 |
|
|
|
44 |
|
|
|
5,105 |
|
|
|
|
|
|
|
|
|
5,105 |
| |||||||||||||
US Trustee Quarterly Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Other reorganization Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Reorganization Expenses |
|
|
|
|
|
|
|
5,061 |
|
|
|
44 |
|
|
|
5,105 |
|
|
|
|
|
|
|
|
|
5,105 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income tax expense (benefit) |
|
|
|
|
|
1 |
|
3 |
|
|
|
(39 |
) |
|
|
(35 |
) |
|
|
|
|
|
|
|
|
(35 |
) | |||||||||||||
Net Income (Loss) |
|
|
|
|
|
(1,166 |
) |
(5,590 |
) |
(1,621 |
) |
(187 |
) |
(21 |
) |
(8,585 |
) |
|
|
1 |
|
|
|
(1 |
) |
(8,585 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Taxes |
|
|
|
|
|
1 |
|
3 |
|
|
|
(39 |
) |
|
|
(35 |
) |
|
|
|
|
|
|
|
|
(35 |
) | |||||||||||||
Depreciation |
|
|
|
|
|
|
|
505 |
|
|
|
35 |
|
|
|
540 |
|
|
|
|
|
|
|
|
|
540 |
| |||||||||||||
Amortization |
|
|
|
|
|
|
|
200 |
|
|
|
26 |
|
|
|
226 |
|
|
|
|
|
|
|
|
|
226 |
| |||||||||||||
Interest Expense |
|
|
|
|
|
1,080 |
|
|
|
2,059 |
|
|
|
|
|
3,139 |
|
|
|
|
|
|
|
|
|
3,139 |
| |||||||||||||
Severance Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Restructuring Legal Entity (i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Restructuring Bankruptcy (ii) |
|
|
|
|
|
|
|
5,085 |
|
|
|
44 |
|
|
|
5,129 |
|
|
|
|
|
|
|
|
|
5,129 |
| |||||||||||||
Florida Lease Termination (iii) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Sciens Management Fees and Expenses |
|
|
|
|
|
|
|
86 |
|
|
|
|
|
|
|
86 |
|
|
|
|
|
|
|
|
|
86 |
| |||||||||||||
D&O incremental expense (iv) |
|
|
|
|
|
|
|
194 |
|
|
|
|
|
|
|
194 |
|
|
|
|
|
|
|
|
|
194 |
| |||||||||||||
Other income (expense) |
|
|
|
|
|
78 |
|
52 |
|
(438 |
) |
3 |
|
|
|
(305 |
) |
|
|
|
|
|
|
|
|
(305 |
) | |||||||||||||
Adjusted EBITDA |
|
$ |
|
|
$ |
|
|
$ |
(7 |
) |
$ |
535 |
|
$ |
|
|
$ |
(118 |
) |
$ |
(21 |
) |
$ |
389 |
|
$ |
|
|
$ |
1 |
|
$ |
|
|
$ |
(1 |
) |
$ |
389 |
|
Colt ERP System Legal Entity Number |
|
11 |
|
10/60 |
|
61 |
|
20 |
|
72 |
|
81 |
|
99 |
|
|
|
|
|
71 |
|
|
|
|
|
|
|
Debtor Identification Number |
|
15-11287 |
|
15-11292 |
|
15-11290 |
|
15-11294 |
|
15-11291 |
|
15-11288 |
|
N/A |
|
N/A |
|
15-11295 |
|
15-11293 |
|
15-11296 |
|
N/A |
|
N/A |
|
|
|
|
|
U.S. Operations |
|
|
|
Canadian Operations |
|
|
|
1% Owner Dutch |
|
|
|
|
|
Part of 4/9/15 |
|
Colt Security Guard |
|
Part of 4/9/15 |
|
Eliminates Colt |
|
Consolidated |
|
Brief Description of Each Entity |
|
Holding Company |
|
Company |
|
Holding Company |
|
Company |
|
Dutch Coop |
|
Coop |
|
Elim Entity |
|
SEC Reporting Entity |
|
Reorganizaton |
|
Related Activity |
|
Reorganizaton |
|
Security LLC Activity |
|
Debtors |
|
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-2 Statement of Operations |
|
Reporting Period: 8/31/15-10/4/15 |
MOR - September 15 |
|
|
$ in Thousands |
|
|
Debtor Identification Number |
|
15-11287 |
|
15-11292 |
|
15-11290 |
|
15-11294 |
|
15-11291 |
|
15-11288 |
|
N/A |
|
N/A |
|
15-11295 |
|
15-11293 |
|
15-11296 |
|
N/A |
|
N/A |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
U.S. Operations |
|
|
|
Canadian Operations |
|
|
|
1% Owner Dutch |
|
|
|
|
|
Part of 4/9/15 |
|
Colt Security Guard |
|
Part of 4/9/15 |
|
Eliminates Colt |
|
Consolidated |
| |||||||||||||
Brief Description of Each Entity |
|
Holding Company |
|
Company |
|
Holding Company |
|
Company |
|
Dutch Coop |
|
Coop |
|
Elim Entity |
|
SEC Reporting Entity |
|
Reorganizaton |
|
Related Activity |
|
Reorganizaton |
|
Security LLC Activity |
|
Debtors |
| |||||||||||||
|
|
|
|
Colts Manufacturing |
|
New Colt Holding |
|
Colt Canada |
|
Colt International |
|
Colt Defense |
|
|
|
Colt Defense LLC |
|
|
|
|
|
Colt Holding |
|
|
|
Colt Holding |
| |||||||||||||
|
|
Colt Defense LLC |
|
Company LLC |
|
Corp. |
|
Corporation |
|
Cooperatief U.A. |
|
Technical Services LLC |
|
Elimination Entity #1 |
|
Total |
|
CDH II Holdco Inc. |
|
Colt Security LLC |
|
Company LLC |
|
Elimination Entity #2 |
|
Company LLC Total |
| |||||||||||||
Post Petition YTD (includes full month of June) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Sales |
|
$ |
|
|
$ |
59,851 |
|
$ |
|
|
$ |
4,938 |
|
$ |
|
|
$ |
|
|
$ |
(544 |
) |
$ |
64,245 |
|
$ |
|
|
$ |
410 |
|
$ |
|
|
$ |
(410 |
) |
$ |
64,245 |
|
Cost of sales |
|
|
|
56,933 |
|
|
|
3,548 |
|
|
|
|
|
(488 |
) |
59,993 |
|
|
|
403 |
|
|
|
(410 |
) |
59,986 |
| |||||||||||||
Gross profit $ |
|
|
|
2,918 |
|
|
|
1,390 |
|
|
|
|
|
(56 |
) |
4,252 |
|
|
|
7 |
|
|
|
|
|
4,259 |
| |||||||||||||
Gross Margin % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.6 |
% |
|
|
1.7 |
% |
|
|
0.0 |
% |
6.6 |
% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Sales and Marketing |
|
|
|
2,076 |
|
|
|
422 |
|
|
|
|
|
|
|
2,498 |
|
|
|
|
|
|
|
|
|
2,498 |
| |||||||||||||
Commissions |
|
|
|
689 |
|
|
|
75 |
|
|
|
|
|
|
|
764 |
|
|
|
|
|
|
|
|
|
764 |
| |||||||||||||
General and Administrative |
|
27 |
|
5,835 |
|
1 |
|
769 |
|
79 |
|
|
|
(2 |
) |
6,709 |
|
|
|
|
|
|
|
|
|
6,709 |
| |||||||||||||
Research and development |
|
|
|
826 |
|
|
|
331 |
|
|
|
|
|
|
|
1,157 |
|
|
|
|
|
|
|
|
|
1,157 |
| |||||||||||||
Total SG&A |
|
27 |
|
9,426 |
|
1 |
|
1,597 |
|
79 |
|
|
|
(2 |
) |
11,128 |
|
|
|
|
|
|
|
|
|
11,128 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating income |
|
(27 |
) |
(6,508 |
) |
(1 |
) |
(207 |
) |
(79 |
) |
|
|
(54 |
) |
(6,876 |
) |
|
|
7 |
|
|
|
|
|
(6,869 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Interest expense |
|
(4,778 |
) |
|
|
(6,626 |
) |
|
|
|
|
|
|
|
|
(11,404 |
) |
|
|
|
|
|
|
|
|
(11,404 |
) | |||||||||||||
Foreign Currency Gain/(Loss) |
|
|
|
224 |
|
|
|
(7 |
) |
|
|
|
|
|
|
217 |
|
|
|
|
|
|
|
|
|
217 |
| |||||||||||||
Intercompany Interest |
|
(158 |
) |
(133 |
) |
218 |
|
75 |
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Royalty Expense |
|
|
|
|
|
|
|
(56 |
) |
|
|
|
|
57 |
|
1 |
|
|
|
|
|
|
|
|
|
1 |
| |||||||||||||
Other income (expense) |
|
1 |
|
52 |
|
1,321 |
|
|
|
|
|
|
|
(1,322 |
) |
52 |
|
|
|
|
|
|
|
|
|
52 |
| |||||||||||||
Income before taxes - Cont. Ops |
|
(4,962 |
) |
(6,365 |
) |
(5,088 |
) |
(195 |
) |
(79 |
) |
|
|
(1,321 |
) |
(18,010 |
) |
|
|
7 |
|
|
|
|
|
(18,003 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Reorganization Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Professional Fees |
|
|
|
13,041 |
|
|
|
173 |
|
|
|
|
|
|
|
13,214 |
|
|
|
|
|
|
|
|
|
13,214 |
| |||||||||||||
US Trustee Quarterly Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Other reorganization Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Reorganization Expenses |
|
|
|
13,041 |
|
|
|
173 |
|
|
|
|
|
|
|
13,214 |
|
|
|
|
|
|
|
|
|
13,214 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income tax expense (benefit) |
|
|
|
14 |
|
|
|
63 |
|
|
|
|
|
|
|
77 |
|
|
|
|
|
|
|
|
|
77 |
| |||||||||||||
Net Income (Loss) |
|
(4,962 |
) |
(19,420 |
) |
(5,088 |
) |
(431 |
) |
(79 |
) |
|
|
(1,321 |
) |
(31,301 |
) |
|
|
7 |
|
|
|
|
|
(31,294 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Taxes |
|
|
|
14 |
|
|
|
63 |
|
|
|
|
|
|
|
77 |
|
|
|
|
|
|
|
|
|
77 |
| |||||||||||||
Depreciation |
|
|
|
2,028 |
|
|
|
147 |
|
|
|
|
|
|
|
2,175 |
|
|
|
|
|
|
|
|
|
2,175 |
| |||||||||||||
Amortization |
|
|
|
800 |
|
|
|
106 |
|
|
|
|
|
|
|
906 |
|
|
|
|
|
|
|
|
|
906 |
| |||||||||||||
Interest Expense |
|
4,778 |
|
|
|
6,626 |
|
|
|
|
|
|
|
|
|
11,404 |
|
|
|
|
|
|
|
|
|
11,404 |
| |||||||||||||
Severance Costs |
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
8 |
| |||||||||||||
Restructuring Legal Entity (i) |
|
|
|
3,046 |
|
|
|
85 |
|
|
|
|
|
|
|
3,131 |
|
|
|
|
|
|
|
|
|
3,131 |
| |||||||||||||
Restructuring Bankruptcy (ii) |
|
|
|
11,546 |
|
|
|
173 |
|
|
|
|
|
|
|
11,719 |
|
|
|
|
|
|
|
|
|
11,719 |
| |||||||||||||
Florida Lease Termination (iii) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Sciens Management Fees and Expenses |
|
|
|
336 |
|
|
|
|
|
|
|
|
|
|
|
336 |
|
|
|
|
|
|
|
|
|
336 |
| |||||||||||||
D&O incremental expense (iv) |
|
|
|
777 |
|
|
|
|
|
|
|
|
|
|
|
777 |
|
|
|
|
|
|
|
|
|
777 |
| |||||||||||||
Other income (expense) |
|
157 |
|
(143 |
) |
(1,539 |
) |
(12 |
) |
|
|
|
|
1,267 |
|
(270 |
) |
|
|
|
|
|
|
|
|
(270 |
) | |||||||||||||
Adjusted EBITDA |
|
$ |
(27 |
) |
$ |
(1,016 |
) |
$ |
(1 |
) |
$ |
139 |
|
$ |
(79 |
) |
$ |
|
|
$ |
(54 |
) |
$ |
(1,038 |
) |
$ |
|
|
$ |
7 |
|
$ |
|
|
$ |
|
|
$ |
(1,031 |
) |
(i) Restructuring Legal Entity - Costs associated with Colts April 9, 2015 legal entity restructuring.
(ii) Restructuring Bankruptcy - Bankruptcy related costs: Pre-petition are included in General and Administrative expenses, Post-petition are included under Reorganzation items.
(iii) Florida Lease Termination - Costs associated with the termination of Colts Florida Facility lease of which approximately $50K were lease termination costs.
(iv) D&O Incremental Expense - Incremental D&O insurance costs associated with higher D&P premiums given Colts bankruptcy filing.
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-3 Balance Sheet |
|
Reporting Period: 8/31/15-10/4/15 |
MOR - September 15 |
|
|
$ in Thousands |
|
|
Debtor Identification Number |
|
15-11287 |
|
15-11292 |
|
15-11290 |
|
15-11294 |
|
15-11291 |
|
15-11288 |
|
N/A |
|
N/A |
|
15-11295 |
|
15-11293 |
|
15-11296 |
|
N/A |
|
N/A |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
U.S. Operations |
|
|
|
Canadian Operations |
|
|
|
1% Owner Dutch |
|
|
|
|
|
Part of 4/9/15 |
|
Colt Security Guard |
|
Part of 4/9/15 |
|
Eliminates Colt |
|
Consolidated |
| |||||||||||||
Brief Description of Each Entity |
|
Holding Company |
|
Company |
|
Holding Company |
|
Company |
|
Dutch Coop |
|
Coop |
|
Elim Entity |
|
SEC Reporting Entity |
|
Reorganizaton |
|
Related Activity |
|
Reorganizaton |
|
Security LLC Activity |
|
Debtors |
| |||||||||||||
|
|
|
|
Colts |
|
|
|
|
|
|
|
Colt Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
Manufacturing |
|
New Colt Holding |
|
Colt Canada |
|
Colt International |
|
Technical Services |
|
|
|
Colt Defense LLC |
|
|
|
|
|
Colt Holding |
|
|
|
Colt Holding |
| |||||||||||||
|
|
Colt Defense LLC |
|
Company LLC |
|
Corp. |
|
Corporation |
|
Cooperatief U.A. |
|
LLC |
|
Elimination Entity #1 |
|
Total |
|
CDH II Holdco Inc. |
|
Colt Security LLC |
|
Company LLC |
|
Elimination Entity #2 |
|
Company LLC Total |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Cash and Cash Equivalents |
|
$ |
24 |
|
$ |
2,933 |
|
$ |
23 |
|
$ |
1,558 |
|
$ |
13 |
|
$ |
|
|
$ |
|
|
4,551 |
|
$ |
|
|
$ |
115 |
|
$ |
|
|
$ |
|
|
$ |
4,666 |
| |
Restricted Cash |
|
|
|
1,048 |
|
|
|
|
|
|
|
|
|
|
|
1,048 |
|
|
|
|
|
|
|
|
|
1,048 |
| |||||||||||||
Accounts receivable |
|
|
|
15,018 |
|
|
|
2,578 |
|
|
|
|
|
|
|
17,596 |
|
|
|
16 |
|
|
|
(16 |
) |
17,596 |
| |||||||||||||
Inventories, net |
|
|
|
47,798 |
|
|
|
7,219 |
|
|
|
|
|
(94 |
) |
54,923 |
|
|
|
|
|
|
|
|
|
54,923 |
| |||||||||||||
Other current assets |
|
71 |
|
4,959 |
|
|
|
789 |
|
9 |
|
|
|
|
|
5,828 |
|
|
|
|
|
|
|
|
|
5,828 |
| |||||||||||||
Preferred Dividend Receivable |
|
|
|
|
|
1,064 |
|
|
|
|
|
|
|
(1,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Current Deferred Tax Asset |
|
|
|
|
|
|
|
146 |
|
|
|
|
|
|
|
146 |
|
|
|
|
|
|
|
|
|
146 |
| |||||||||||||
Total current assets |
|
95 |
|
71,756 |
|
1,087 |
|
12,290 |
|
22 |
|
|
|
(1,158 |
) |
84,092 |
|
|
|
131 |
|
|
|
(16 |
) |
84,207 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Property & Equipment - Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
| |||||||||||||
PP&E - Cost |
|
|
|
55,236 |
|
|
|
7,042 |
|
|
|
|
|
|
|
62,278 |
|
|
|
|
|
|
|
|
|
62,278 |
| |||||||||||||
PP&E - A/D |
|
|
|
(38,132 |
) |
|
|
(3,565 |
) |
|
|
|
|
|
|
(41,697 |
) |
|
|
|
|
|
|
|
|
(41,697 |
) | |||||||||||||
Net property and equipment |
|
|
|
17,104 |
|
|
|
3,477 |
|
|
|
|
|
|
|
20,581 |
|
|
|
|
|
|
|
|
|
20,581 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Other Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
| |||||||||||||
Intercompany (Pay) Rec |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Colt Defense |
|
|
|
(19,525 |
) |
11,214 |
|
|
|
|
|
|
|
8,311 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Colt Canada |
|
|
|
1,217 |
|
|
|
|
|
|
|
|
|
(1,217 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Colt International |
|
|
|
138 |
|
|
|
|
|
|
|
|
|
(138 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
CMC |
|
2,949 |
|
214 |
|
(1,308 |
) |
4,553 |
|
|
|
|
|
(6,408 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
NCHC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Tech Services |
|
|
|
(79 |
) |
|
|
|
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Investment in CMC/NCHC |
|
268,417 |
|
|
|
91,105 |
|
|
|
|
|
|
|
(359,522 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Investment in Canada |
|
|
|
|
|
|
|
|
|
49,000 |
|
|
|
(49,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Goodwill |
|
|
|
247,679 |
|
|
|
8,111 |
|
|
|
|
|
(247,679 |
) |
8,111 |
|
|
|
|
|
|
|
|
|
8,111 |
| |||||||||||||
Intangible assets, finite-lived |
|
|
|
4,983 |
|
|
|
2,473 |
|
|
|
|
|
|
|
7,456 |
|
|
|
|
|
|
|
|
|
7,456 |
| |||||||||||||
Trademarks |
|
|
|
38,350 |
|
|
|
|
|
|
|
|
|
|
|
38,350 |
|
|
|
|
|
|
|
|
|
38,350 |
| |||||||||||||
Deferred financing costs |
|
508 |
|
|
|
1,226 |
|
|
|
|
|
|
|
|
|
1,734 |
|
|
|
|
|
|
|
|
|
1,734 |
| |||||||||||||
Other assets |
|
|
|
3,016 |
|
|
|
|
|
|
|
|
|
|
|
3,016 |
|
|
|
|
|
|
|
|
|
3,016 |
| |||||||||||||
Archive inventory |
|
|
|
336 |
|
|
|
|
|
|
|
|
|
|
|
336 |
|
|
|
|
|
|
|
|
|
336 |
| |||||||||||||
Deferred leasing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Prepaid license fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Long-term deferred tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Long-term restricted cash |
|
|
|
572 |
|
|
|
|
|
|
|
|
|
|
|
572 |
|
|
|
|
|
|
|
|
|
572 |
| |||||||||||||
Total Other Assets |
|
271,874 |
|
276,901 |
|
102,237 |
|
15,137 |
|
49,000 |
|
79 |
|
(655,653 |
) |
59,575 |
|
0 |
|
0 |
|
0 |
|
0 |
|
59,575.00 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
| |||||||||||||
TOTAL ASSETS |
|
$ |
271,969 |
|
$ |
365,761 |
|
$ |
103,324 |
|
$ |
30,904 |
|
$ |
49,022 |
|
$ |
79 |
|
$ |
(656,811 |
) |
$ |
164,248 |
|
$ |
|
|
$ |
131 |
|
$ |
|
|
$ |
(16 |
) |
$ |
164,363 |
|
Colt Holding Company LLC |
|
Case No.: 15-11296 |
MOR-3 Balance Sheet |
|
Reporting Period: 8/31/15-10/4/15 |
MOR - September 15 |
|
|
$ in Thousands |
|
|
Debtor Identification Number |
|
15-11287 |
|
15-11292 |
|
15-11290 |
|
15-11294 |
|
15-11291 |
|
15-11288 |
|
N/A |
|
N/A |
|
15-11295 |
|
15-11293 |
|
15-11296 |
|
N/A |
|
N/A |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
U.S. Operations |
|
|
|
Canadian Operations |
|
|
|
1% Owner Dutch |
|
|
|
|
|
Part of 4/9/15 |
|
Colt Security Guard |
|
Part of 4/9/15 |
|
Eliminates Colt |
|
Consolidated |
| |||||||||||||
Brief Description of Each Entity |
|
Holding Company |
|
Company |
|
Holding Company |
|
Company |
|
Dutch Coop |
|
Coop |
|
Elim Entity |
|
SEC Reporting Entity |
|
Reorganizaton |
|
Related Activity |
|
Reorganizaton |
|
Security LLC Activity |
|
Debtors |
| |||||||||||||
|
|
|
|
Colts |
|
|
|
|
|
|
|
Colt Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
Manufacturing |
|
New Colt Holding |
|
Colt Canada |
|
Colt International |
|
Technical Services |
|
|
|
Colt Defense LLC |
|
|
|
|
|
Colt Holding |
|
|
|
Colt Holding |
| |||||||||||||
|
|
Colt Defense LLC |
|
Company LLC |
|
Corp. |
|
Corporation |
|
Cooperatief U.A. |
|
LLC |
|
Elimination Entity #1 |
|
Total |
|
CDH II Holdco Inc. |
|
Colt Security LLC |
|
Company LLC |
|
Elimination Entity #2 |
|
Company LLC Total |
| |||||||||||||
LIABILITIES and EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Lease Obligation Current |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Intercompany Payable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Colt Defense |
|
|
|
1,314 |
|
|
|
|
|
143 |
|
|
|
(1,457 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Colt Canada |
|
|
|
4,610 |
|
|
|
|
|
|
|
|
|
(4,610 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
CMC |
|
(19,525 |
) |
|
|
|
|
1,374 |
|
|
|
|
|
18,151 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
NCHC |
|
11,214 |
|
66,376 |
|
|
|
|
|
|
|
|
|
(77,590 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Revolver Advance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Current Debt |
|
38,511 |
|
|
|
83,788 |
|
|
|
|
|
|
|
|
|
122,299 |
|
|
|
|
|
|
|
|
|
122,299 |
| |||||||||||||
Accounts payable |
|
|
|
17,862 |
|
|
|
1,882 |
|
|
|
|
|
|
|
19,744 |
|
|
|
|
|
|
|
|
|
19,744 |
| |||||||||||||
Accrued Interest |
|
123 |
|
|
|
132 |
|
12 |
|
|
|
|
|
|
|
267 |
|
|
|
|
|
|
|
|
|
267 |
| |||||||||||||
Accrued Commissions |
|
|
|
1,577 |
|
|
|
89 |
|
|
|
|
|
|
|
1,666 |
|
|
|
|
|
|
|
|
|
1,666 |
| |||||||||||||
Accrued Compensation & Benefits |
|
|
|
3,581 |
|
|
|
602 |
|
|
|
|
|
|
|
4,183 |
|
|
|
|
|
|
|
|
|
4,183 |
| |||||||||||||
Accrued Taxes |
|
|
|
1,839 |
|
|
|
137 |
|
|
|
|
|
|
|
1,976 |
|
|
|
|
|
|
|
|
|
1,976 |
| |||||||||||||
Accrued warranty/M240 contract liab |
|
|
|
1,315 |
|
|
|
46 |
|
|
|
|
|
|
|
1,361 |
|
|
|
|
|
|
|
|
|
1,361 |
| |||||||||||||
Accrued expenses |
|
(1 |
) |
12,724 |
|
2 |
|
882 |
|
|
|
|
|
5 |
|
13,612 |
|
|
|
54 |
|
|
|
(16 |
) |
13,650 |
| |||||||||||||
Distributions payable to members |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Current Portion Deferred Inc |
|
|
|
3,842 |
|
|
|
|
|
|
|
|
|
|
|
3,842 |
|
|
|
|
|
|
|
|
|
3,842 |
| |||||||||||||
Current Portion of Empl Benefit Costs |
|
|
|
1,482 |
|
|
|
|
|
|
|
|
|
|
|
1,482 |
|
|
|
|
|
|
|
|
|
1,482 |
| |||||||||||||
Customer Advances |
|
|
|
2,856 |
|
|
|
6,247 |
|
|
|
|
|
|
|
9,103 |
|
|
|
|
|
|
|
|
|
9,103 |
| |||||||||||||
Preferred Dividend Payable |
|
|
|
1,064 |
|
|
|
|
|
|
|
|
|
(1,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total current liabilities |
|
30,322 |
|
120,442 |
|
83,922 |
|
11,271 |
|
143 |
|
|
|
(66,565 |
) |
179,535 |
|
|
|
54 |
|
|
|
(16 |
) |
179,573 |
| |||||||||||||
Long-Term Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Senior Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Term Loan - Long-term Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
L/T distributions payable to members |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated Post-Retirement Health |
|
|
|
25,257 |
|
|
|
|
|
|
|
|
|
|
|
25,257 |
|
|
|
|
|
|
|
|
|
25,257 |
| |||||||||||||
Pension Liabilities, less current portion |
|
|
|
12,317 |
|
|
|
|
|
|
|
|
|
|
|
12,317 |
|
|
|
|
|
|
|
|
|
12,317 |
| |||||||||||||
Other Long-term Liabilities |
|
|
|
4,788 |
|
1,110 |
|
|
|
|
|
|
|
|
|
5,898 |
|
|
|
|
|
|
|
|
|
5,898 |
| |||||||||||||
Deferred Taxes Payable |
|
|
|
|
|
12,381 |
|
1,149 |
|
1,297 |
|
|
|
|
|
14,827 |
|
|
|
|
|
|
|
|
|
14,827 |
| |||||||||||||
Deferred Income |
|
|
|
556 |
|
|
|
|
|
|
|
|
|
|
|
556 |
|
|
|
|
|
|
|
|
|
556 |
| |||||||||||||
Total Long-Term Liabilities |
|
|
|
42,918 |
|
13,491 |
|
1,149 |
|
1,297 |
|
|
|
|
|
58,855 |
|
|
|
|
|
|
|
|
|
58,855 |
| |||||||||||||
Liabilities Subject to Compromise |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Senior Note Accrued Interest * |
|
12,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,623 |
|
|
|
|
|
|
|
|
|
12,623 |
| |||||||||||||
Senior Notes, net of discount |
|
245,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
245,497 |
|
|
|
|
|
|
|
|
|
245,497 |
| |||||||||||||
Total Pre-Petition Liabilities |
|
258,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
258,120 |
|
|
|
|
|
|
|
|
|
258,120 |
| |||||||||||||
Total Liabilities |
|
288,442 |
|
163,360 |
|
97,413 |
|
12,420 |
|
1,440 |
|
|
|
(66,565 |
) |
496,510 |
|
|
|
54 |
|
|
|
(16 |
) |
496,548 |
| |||||||||||||
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Common Units Repurchased |
|
(64,538 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(64,538 |
) |
|
|
|
|
|
|
|
|
(64,538 |
) | |||||||||||||
Tax Distributions to LLC Members |
|
(69,759 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(69,759 |
) |
|
|
|
|
|
|
|
|
(69,759 |
) | |||||||||||||
Investment by Parent |
|
|
|
|
|
13,924 |
|
|
|
49,000 |
|
|
|
(62,924 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Members Equity |
|
127,430 |
|
190,090 |
|
4,393 |
|
33,252 |
|
(1,767 |
) |
|
|
(460,353 |
) |
(106,955 |
) |
|
|
71 |
|
|
|
|
|
(106,884 |
) | |||||||||||||
Preferred Stock |
|
|
|
66,048 |
|
|
|
|
|
|
|
|
|
(66,048 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Accumulated OCI - Pension & PRHP |
|
|
|
(21,564 |
) |
|
|
|
|
|
|
|
|
|
|
(21,564 |
) |
|
|
|
|
|
|
|
|
(21,564 |
) | |||||||||||||
Accumulated OCI - Other |
|
|
|
|
|
|
|
(5,737 |
) |
175 |
|
|
|
|
|
(5,562 |
) |
|
|
|
|
|
|
|
|
(5,562 |
) | |||||||||||||
Currency Translation |
|
|
|
|
|
|
|
|
|
(184 |
) |
|
|
2,039 |
|
1,855 |
|
|
|
|
|
|
|
|
|
1,855 |
| |||||||||||||
Net Income |
|
(17,530 |
) |
(37,605 |
) |
(6,974 |
) |
(567 |
) |
(103 |
) |
|
|
(2,960 |
) |
(65,739 |
) |
|
|
6 |
|
|
|
|
|
(65,733 |
) | |||||||||||||
Dividends Paid |
|
|
|
|
|
|
|
(8,464 |
) |
(8,003 |
) |
|
|
|
|
(16,467 |
) |
|
|
|
|
|
|
|
|
(16,467 |
) | |||||||||||||
Dividends Received |
|
7,924 |
|
5,432 |
|
(5,432 |
) |
|
|
8,464 |
|
79 |
|
|
|
16,467 |
|
|
|
|
|
|
|
|
|
16,467 |
| |||||||||||||
Total Members deficit |
|
(16,473 |
) |
202,401 |
|
5,911 |
|
18,484 |
|
47,582 |
|
79 |
|
(590,246 |
) |
(332,262 |
) |
|
|
77 |
|
|
|
|
|
(332,185 |
) | |||||||||||||
TOTAL LIABILITIES & MEMBERS DEFICIT |
|
$ |
271,969 |
|
$ |
365,761 |
|
$ |
103,324 |
|
$ |
30,904 |
|
$ |
49,022 |
|
$ |
79 |
|
$ |
(656,811 |
) |
$ |
164,248 |
|
$ |
|
|
$ |
131 |
|
$ |
|
|
$ |
(16 |
) |
$ |
164,363 |
|
* Senior Note Accrued Interest does not include post petition accrued interest.
Colt Holding Company LLC |
Case No.: 15-11296 |
MOR-4 Status of Postpetition Taxes |
Reporting Period: 8/31/15-10/4/15 |
MOR - September15 |
|
Consolidated |
|
STATUS OF POSTPETITION TAXES
|
|
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
Beginning Tax |
|
withheld or |
|
|
|
|
|
|
|
Ending Tax |
|
|
|
Liability |
|
acccrued |
|
Amount paid |
|
Date paid |
|
Check No. or EFT |
|
Liability |
|
Federal |
|
|
|
|
|
|
|
|
|
|
|
|
|
Withholding |
|
131,823 |
|
575,348 |
|
557,810 |
|
Various |
|
Various |
|
149,361 |
|
FICA- Employee |
|
64,094 |
|
333,751 |
|
332,432 |
|
Various |
|
Various |
|
65,413 |
|
FlCA-Employer |
|
79,913 |
|
308,745 |
|
306,677 |
|
Various |
|
Various |
|
81,981 |
|
Unemployment |
|
2,934 |
|
8,475 |
|
9,829 |
|
Various |
|
Various |
|
1,580 |
|
Income |
|
19,523 |
|
93,116 |
|
93,689 |
|
Various |
|
Various |
|
18,950 |
|
Other |
|
1,185,086 |
|
562,317 |
|
18,919 |
|
Various |
|
Various |
|
1,728,483 |
|
Total Federal Taxes |
|
1,483,373 |
|
1,881,752 |
|
1,319,357 |
|
|
|
|
|
2,045,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and Local |
|
|
|
|
|
|
|
|
|
|
|
|
|
Withholding |
|
38,601 |
|
190,790 |
|
188,161 |
|
Various |
|
Various |
|
41,229 |
|
Sales |
|
(64,416 |
) |
10,377 |
|
(67,431 |
) |
Various |
|
Various |
|
13,392 |
|
Excise |
|
1,514 |
|
605 |
|
|
|
Various |
|
Various |
|
2,119 |
|
Unemployment |
|
2,599 |
|
10,686 |
|
11,106 |
|
Various |
|
Various |
|
2,178 |
|
Real Property |
|
(2,752 |
) |
5,947 |
|
18,722 |
|
Various |
|
Various |
|
(15,527 |
) |
Personal Property |
|
61,842 |
|
35,483 |
|
16,577 |
|
Various |
|
Various |
|
80,748 |
|
Other (EHT) |
|
1,785 |
|
8,360 |
|
8,479 |
|
Various |
|
Various |
|
1,667 |
|
Total State and Local |
|
39,172 |
|
262,248 |
|
175,614 |
|
|
|
|
|
125,806 |
|
Total Taxes |
|
1,522,544 |
|
2,144,000 |
|
1,494,971 |
|
|
|
|
|
2,171,574 |
|
I attest that to the best of my knowledge, the Debtors have filed all necessary federal, state, and local tax returns and made all required post petition tax payments in connection therewith on a timely basis or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights
/s/ Dennis Veilleux |
|
Dennis Veilleux |
Authorized Representative |
|
Printed Name of Authorized Representative |
SUMMARY OF UNPAID POSTPETITION DEBTS
|
|
Number of Days Past Due |
| ||||||||||
|
|
Current |
|
0-30 |
|
31-60 |
|
61-90 |
|
Over 90 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administration |
|
92,373 |
|
69,293 |
|
38,610 |
|
29,167 |
|
1,362 |
|
230,804 |
|
Employee |
|
2,531 |
|
|
|
|
|
91 |
|
|
|
2,622 |
|
Government Agencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory |
|
5,319,442 |
|
3,390,967 |
|
3,758 |
|
(391 |
) |
|
|
8,713,777 |
|
Insurance Payable |
|
1,019 |
|
152,407 |
|
|
|
|
|
|
|
153,425 |
|
Information Tech -Computers |
|
14,731 |
|
16,091 |
|
|
|
|
|
|
|
30,822 |
|
Freight |
|
127,345 |
|
5,157 |
|
|
|
|
|
|
|
132,502 |
|
Lease Payable |
|
1,877 |
|
9,032 |
|
|
|
|
|
|
|
10,909 |
|
Marketing / Advertising |
|
59,717 |
|
36,407 |
|
32,824 |
|
7,155 |
|
|
|
136,102 |
|
Maintenance |
|
104,737 |
|
55,625 |
|
871 |
|
975 |
|
|
|
162,208 |
|
Outside Service |
|
69,013 |
|
86,110 |
|
6,909 |
|
|
|
|
|
162,032 |
|
MRO / Supplies |
|
731,098 |
|
135,926 |
|
1,688 |
|
|
|
|
|
868,712 |
|
Commission |
|
|
|
89,881 |
|
102,665 |
|
55,439 |
|
9,088 |
|
257,073 |
|
Legal |
|
7,881 |
|
69,329 |
|
59,731 |
|
|
|
|
|
136,940 |
|
Outside Consultants |
|
76,868 |
|
142,969 |
|
23,508 |
|
232,500 |
|
|
|
475,846 |
|
Restructuring |
|
|
|
201,008 |
|
735,086 |
|
|
|
|
|
936,094 |
|
Utilities |
|
16,480 |
|
|
|
|
|
|
|
|
|
16,480 |
|
Other |
|
|
|
920 |
|
|
|
|
|
|
|
920 |
|
Canada Accounts Payable |
|
515,908 |
|
368,933 |
|
237,089 |
|
30,446 |
|
807 |
|
1,153,182 |
|
Canada Commissions |
|
2,452 |
|
50,378 |
|
11,840 |
|
8,128 |
|
|
|
72,798 |
|
Total Postpetition Debts |
|
7,143,473 |
|
4,880,431 |
|
1,254,579 |
|
363,510 |
|
11,256 |
|
13,653,248 |
|
Colt Holding Company LLC |
Case No.: 15-11296 |
MOR-5 A/R Reconciliation & Aging |
Reporting Period: 8/31/15-10/4/15 |
MOR - September 15 |
|
Consolidated |
|
Accounts Receivable Reconciliation |
|
Amount |
|
|
| |
Total Accounts Receivable at the beginning of the reporting period |
|
$ |
14,344,060 |
|
|
|
+ Amounts billed during the period |
|
16,779,710 |
|
|
| |
- Amounts collected during the period |
|
(13,006,952 |
) |
|
| |
Total Accounts Receivable at the end of the reporting period |
|
$ |
18,116,817 |
|
|
|
Accounts Receivable Aging |
|
Amount |
|
|
| |
0 - 30 days old |
|
$ |
11,817,970 |
|
|
|
31 - 60 days old |
|
4,711,094 |
|
|
| |
61 - 90 days old |
|
752,679 |
|
|
| |
91+ days old |
|
835,074 |
|
|
| |
Total Accounts Receivable |
|
18,116,817 |
|
|
| |
Amount considered uncollectible (Bad Debt) |
|
(249,585 |
) |
|
| |
Accounts Receivable (Net) |
|
$ |
17,867,232 |
|
|
|
Note: Aging represents trade accounts receivable. Will not reconcile to total AR on balance sheet due to other items including advances, reserve for cash discounts and other receivables
|
|
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. (see note below and MOR-1(US) account 5957) |
|
X |
|
|
Note: The Debtor opened a utility deposit account in September with Wells Fargo (#5957). Additional information is available from the Debtors counsel upon request.