1-43
(Commission File Number)
|
DELAWARE
(State or other jurisdiction of
incorporation)
|
38-0572515
(I.R.S. Employer
Identification No.)
|
401 S. Old Woodward, Suite 370
Birmingham, Michigan
(Address of Principal Executive Offices)
|
48009
(Zip Code)
|
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)) |
Number
|
Description
|
99.1
|
Motors Liquidation Company Monthly Operating Report for the month ended February 28, 2011, filed with the United States Bankruptcy Court for the Southern District of New York on April 7, 2011
|
MOTORS LIQUIDATION COMPANY
(Registrant)
|
|||
April 13, 2011
|
By:
|
/s/ James Selzer
|
|
(Date)
|
James Selzer
|
||
Vice President and Treasurer
|
|||
Number
|
Description
|
99.1
|
Motors Liquidation Company Monthly Operating Report for the month ended February 28, 2011, filed with the United States Bankruptcy Court for the Southern District of New York on April 7, 2011
|
X
|
||
In re
|
:
|
Chapter 11 Case No.
|
:
|
||
:
|
||
MOTORS LIQUIDATION COMPANY, et al.,
f/k/a General Motors Corp., et al.
|
:
:
|
09-50026 (REG)
|
:
|
||
Debtors.
|
:
|
(Jointly Administered)
|
:
|
||
X
|
/s/ James Selzer
|
||
James Selzer
|
||
Vice President and Treasurer
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
LISTING OF DEBTORS
|
Debtor Name:
|
Case Number:
|
|
Motors Liquidation Company
|
09-50026
|
|
MLCS, LLC
|
09-50027
|
|
MLCS Distribution Corporation
|
09-50028
|
|
MLC of Harlem, Inc.
|
09-13558
|
|
Remediation and Liability Management Company, Inc.
|
09-50029
|
|
Environmental Corporate Remediation Company, Inc.
|
09-50030
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
INDEX TO CONDENSED COMBINED FINANCIAL STATEMENTS AND SCHEDULES
|
Page
|
||||||
Financial Statements:
|
||||||
Condensed Combined Debtors-In-Possession Statements of Operations
|
4 | |||||
for the month ended February 28, 2011 and the filing to date
|
||||||
period ended February 28, 2011
|
||||||
Condensed Combined Debtors-In-Possession Statement of Net Assets (Liabilities)
|
5 | |||||
as of February 28, 2011
|
||||||
Condensed Combined Debtors-In-Possession Statements of Cash Flows
|
6 | |||||
for the month ended February 28, 2011 and the filing to date
|
||||||
period ended February 28, 2011
|
||||||
Notes to Monthly Operating Report:
|
||||||
Note 1
|
Reorganization Proceedings
|
7 | ||||
Note 2
|
Basis of Presentation
|
9 | ||||
Note 3
|
DIP Facility
|
11 | ||||
Note 4
|
Liabilities Subject to Compromise
|
12 | ||||
Note 5
|
Reorganization Items
|
15 | ||||
Note 6
|
Post-petition Accounts Payable
|
15 | ||||
Schedules:
|
||||||
Schedule 1
|
Summary of Monthly Disbursements
|
|||||
for the month ended February 28, 2011
|
16 | |||||
Schedule 2
|
Payments to Insiders
|
17 | ||||
Schedule 3
|
Professional Fees Paid
|
18 | ||||
Schedule 4
|
Retainers Paid to Professionals
|
19 | ||||
Schedule 5
|
Status of Post-Petition Taxes Paid
|
20 | ||||
Schedule 6
|
Debtor Questionnaire
|
21 | ||||
Condensed Combining Debtors-In-Possession Statement of Operations
|
22 | |||||
for the month ended February 28, 2011
|
||||||
Condensed Combining Debtors-In-Possession Statement of Operations
|
23 | |||||
for the filing to date period ended February 28, 2011
|
||||||
Condensed Combining Debtor-In-Possession Statement of Net Assets (Liabilities)
|
24 | |||||
as of February 28, 2011
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
CONDENSED COMBINED DEBTORS-IN-POSSESSION STATEMENTS OF OPERATIONS
|
(Unaudited in thousands of U.S. Dollars)
|
Month Ended
February 28, 2011
|
Filing to Date | |||||||
Rental and other income
|
$ | 1,065 | $ | 31,687 | ||||
Selling, administrative and other expenses
|
5,323 | 159,220 | ||||||
Operating loss
|
(4,258 | ) | (127,533 | ) | ||||
Interest expense
|
4,932 | 101,285 | ||||||
Interest income
|
(871 | ) | (8,344 | ) | ||||
Loss before reorganization items and income taxes
|
(8,319 | ) | (220,474 | ) | ||||
Reorganization items (gain) / loss
|
(6,065 | ) | 2,047,346 | |||||
Loss before income taxes
|
(2,254 | ) | (2,267,820 | ) | ||||
Income taxes
|
- | 7 | ||||||
Net loss
|
$ | (2,254 | ) | $ | (2,267,827 | ) |
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
CONDENSED COMBINED DEBTORS-IN-POSSESSION STATEMENT OF NET ASSETS (LIABILITIES)
|
(Unaudited in thousands of U.S. Dollars)
|
February 28, 2011
|
|||||
Assets:
|
|||||
Cash and cash equivalents
|
$ | 247,320 | |||
Short term investments in U.S. Treasury securities
|
346,075 | ||||
Due from affiliates
|
27 | ||||
Other receivables
|
268 | ||||
Prepaid expenses
|
1,325 | ||||
Other current assets
|
20,673 | ||||
Total current assets
|
615,688 | ||||
Property, plant and equipment
|
|||||
Land and building
|
88,450 | ||||
Machinery and equipment
|
20,282 | ||||
Total property, plant and equipment
|
108,732 | ||||
Investment in GMC
|
- | ||||
Investments in U.S. Treasury securities
|
346,845 | ||||
Restricted cash
|
65,341 | ||||
Other assets
|
182 | ||||
Total assets
|
$ | 1,136,788 | |||
Liabilities:
|
|||||
Debtor-in-possession financing
|
$ | 1,268,184 | |||
Accounts payable
|
4,928 | ||||
Due to GM LLC
|
73 | ||||
Due to affiliates
|
959 | ||||
Accrued sales, use and other taxes
|
3,300 | ||||
Accrued professional fees
|
35,266 | ||||
Environmental reserves
|
521,110 | ||||
Other accrued liabilities
|
8,581 | ||||
Total current liabilities
|
1,842,401 | ||||
Liabilities subject to compromise
|
35,020,222 | ||||
Total liabilities
|
36,862,623 | ||||
Net assets (liabilities)
|
$ | (35,725,835 | ) | ||
See accompanying notes to condensed combined financial statements
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
CONDENSED COMBINED DEBTORS-IN-POSSESSION STATEMENTS OF CASH FLOWS
|
(Unaudited in thousands of U.S. Dollars)
|
Month Ended
February 28, 2011
|
Filing to Date
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (2,254 | ) | $ | (2,267,827 | ) | ||
Adjustments to reconcile net loss to net cash
|
||||||||
used in operating activities:
|
||||||||
Non cash interest expense
|
4,932 | 101,285 | ||||||
Amortization of premium / (discount) on
|
258 | (862 | ) | |||||
investments in U.S. Treasury securities
|
||||||||
Reorganization items (gain) / loss
|
(6,065 | ) | 2,047,346 | |||||
Net reorganization related receipts (payments)
|
5,651 | (192,421 | ) | |||||
Changes in assets and liabilities that used cash:
|
||||||||
Due from affiliates
|
(2 | ) | 1,246 | |||||
Prepaid expenses
|
293 | (1,325 | ) | |||||
Due to GM LLC
|
368 | (1,323 | ) | |||||
Other receivables
|
(211 | ) | (268 | ) | ||||
Other current assets
|
(661 | ) | (275 | ) | ||||
Other assets
|
16 | (182 | ) | |||||
Accounts payable
|
156 | 4,850 | ||||||
Accrued payroll and employee benefits
|
- | (163 | ) | |||||
Accrued sales, use and other taxes
|
(338 | ) | 3,300 | |||||
Environmental reserves
|
(2,484 | ) | (5,029 | ) | ||||
Other accrued liabilities
|
- | 827 | ||||||
Net cash used in operating activities
|
(341 | ) | (310,821 | ) | ||||
Cash flows from investing activities:
|
||||||||
Purchases of U.S. Treasury securities
|
(458 | ) | (5,249,313 | ) | ||||
Maturities of U.S. Treasury securities
|
- | 4,557,024 | ||||||
Proceeds from disposal of assets
|
5,520 | 66,055 | ||||||
Proceeds from sale and dissolution of subsidiaries
|
- | 19,183 | ||||||
Changes in restricted cash
|
- | (5,424 | ) | |||||
Net cash provided by (used in) investing activities
|
5,062 | (612,475 | ) | |||||
Increase (decrease) in cash and cash equivalents
|
4,721 | (923,296 | ) | |||||
Cash and cash equivalents at beginning of period
|
242,599 | 1,170,616 | ||||||
Cash and cash equivalents at end of period
|
$ | 247,320 | $ | 247,320 |
See accompanying notes to condensed combined financial statements
|
·
|
Motors Liquidation Company – MLC, a Delaware corporation, historically was the primary operating company of the Debtors, although certain operations were conducted through direct and indirect subsidiaries. As such, MLC now owns most of the assets, liabilities and contracts that were retained by the Debtors following the GM Asset Sale.
|
·
|
MLCS, LLC – MLCS, a Delaware limited liability company and a direct subsidiary of MLC, was formed in 1985 to develop, manufacture, and market a line of passenger cars under the “Saturn” brand.
|
·
|
MLCS Distribution Corporation – MLCS Distribution, a Delaware corporation and a direct subsidiary of MLCS, was formed in 1987 to distribute automobiles produced by MLCS and was the primary contracting entity with the Saturn retailer network.
|
·
|
MLC of Harlem, Inc. – MLC Harlem, a Delaware corporation and a direct subsidiary of MLC, was formed in 2004 to operate an automobile dealership in New York, New York.
|
·
|
Remediation and Liability Management Company, Inc. – REALM, a Michigan corporation and a direct subsidiary of MLC, was formed in 1984 to manage environmental
|
|
remediation liabilities, including assessing, investigating, and discharging environmental liabilities associated with domestic and international properties affiliated with MLC.
|
·
|
Environmental Corporate Remediation Company, Inc. – ENCORE, a Delaware corporation and a direct subsidiary of MLC, was formed in 1989 to manage environmental remediation liabilities, including assessing, investigating, and discharging environmental liabilities associated with domestic and international properties affiliated with MLC.
|
(amounts in thousands of U.S. Dollars)
|
|||||||||||||
Maturity
|
Expected Net Realizable Value
|
Current Market Value
|
Unrealized gain / (loss)
|
||||||||||
Due in one year or less
|
$ | 346,075 | $ | 346,939 | $ | 864 | |||||||
Due after one year through five years
|
14,460 | 14,024 | (436 | ) | |||||||||
Due after five years through 10 years
|
165,307 | 159,492 | (5,815 | ) | |||||||||
Due after 10 years
|
167,078 | 157,617 | (9,461 | ) | |||||||||
$ | 692,920 | $ | 678,072 | $ | (14,848 | ) |
·
|
IUE-CWA
|
·
|
USW
|
·
|
International Brotherhood of Electrical Workers
|
·
|
Michigan Regional Council of Carpenters, Local 687 and Interior Systems, Local 1045
|
·
|
International Brotherhood of Painters & Allied Trades of the U.S. and Canada, Sign & Display Union Local 59
|
·
|
International Union of Operating Engineers
|
·
|
United Catering Restaurant Bar & Hotel Workers
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED
FEBRUARY 28, 2011
|
SUMMARY OF MONTHLY DISBURSEMENTS
|
(Unaudited in thousands of U.S. Dollars)
|
Month Ended
|
||||
Legal Entity
|
February 28, 2011
|
|||
Motors Liquidation Company (f/k/a General Motors Corporation)
|
$ | 13,161 | ||
MLCS, LLC
|
- | |||
MLCS Distribution Corporation
|
- | |||
MLC of Harlem, Inc.
|
- | |||
Remediation and Liability Management Company, Inc.
|
193 | |||
Environmental Corporate Remediation Company, Inc.
|
38 | |||
Total disbursements
|
$ | 13,392 |
Note: | Payments made by Motors Liquidation Company on behalf of other Debtors are reflected in the disbursement totals for each respective Debtor. |
United States Bankruptcy Court for the Southern District of New York
|
In re: Motors Liquidation Company, et al.
|
Case No.: 09-50026 (REG) (Jointly Administered)
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
||
MONTHLY OPERATING REPORT FOR THE MONTH ENDED
FEBRUARY 28, 2011
|
||
PAYMENTS TO INSIDERS
|
||
(Unaudited in thousands of U.S. Dollars)
|
Month Ended
|
||||||||
Last Name
|
First Name
|
Type of Payment
|
February 28, 2011
|
|||||
Total payments to insiders
|
$ | - |
Note: The Debtors made no payments to insiders during the reporting period.
|
United States Bankruptcy Court for the Southern District of New York
|
In re: Motors Liquidation Company, et al.
|
Case No.: 09-50026 (REG) (Jointly Administered)
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH
ENDED FEBRUARY 28, 2011
|
SCHEDULE OF PROFESSIONAL FEES PAID
|
(Unaudited in thousands of U.S. Dollars)
|
Month Ended
|
||||
Retained Professional
|
February 28, 2011
|
|||
AP Services, LLC
|
$ | 2,724 | ||
Weil, Gotshal & Manges LLP
|
1,008 | |||
FTI Consulting, Inc.
|
406 | |||
Bates White, LLC
|
299 | |||
Caplin & Drysdale, Chartered
|
187 | |||
Togut, Segal & Segal LLP
|
187 | |||
Stutzman, Bromberg, Esserman & Plifka, P.C.
|
127 | |||
Legal Analysis Systems
|
115 | |||
Butzel Long, PC
|
93 | |||
Plante & Moran, PLLC
|
29 | |||
Hamilton, Rabinovitz & Associates, Inc.
|
9 | |||
Great American Group Advisory & Valuation Services, L.L.C.
|
4 | |||
Total professional fees paid
|
$ | 5,188 |
United States Bankruptcy Court for the Southern District of New York
|
In re: Motors Liquidation Company, et al.
|
Case No.: 09-50026 (REG) (Jointly Administered)
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED
FEBRUARY 28, 2011
|
|
SCHEDULE OF RETAINERS PAID TO PROFESSIONALS
|
(Unaudited in thousands of U.S. Dollars)
|
Retained Professional
|
Balance as of
February 28, 2011
|
|||
AP Services, LLC
|
$ | 16,571 | ||
Weil, Gotshal & Manges LLP
|
2,855 | |||
Honigman Miller LLP
|
312 | |||
Total outstanding retainers paid to professionals
|
$ | 19,738 |
United States Bankruptcy Court for the Southern District of New York
|
||||
In re: Motors Liquidation Company, et al.
|
||||
Case No.: 09-50026 (REG) (Jointly Administered)
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED
FEBRUARY 28, 2011
|
|
STATUS OF POST-PETITION TAXES PAID
|
(Unaudited in thousands of U.S. Dollars)
|
Month Ended
|
||||
February 28, 2011
|
||||
State and Local
|
||||
Sales and use
|
$ | - | ||
Real and personal property
|
847 | |||
Other
|
36 | |||
Total State and Local Taxes
|
$ | 883 | ||
Total post-petition taxes paid
|
$ | 883 |
United States Bankruptcy Court for the Southern District of New York
|
||||
In re: Motors Liquidation Company, et al.
|
||||
Case No.: 09-50026 (REG) (Jointly Administered)
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED
|
JANUARY 31, 2011
|
DEBTOR QUESTIONNAIRE
|
Must be completed each month. If the answer to any of the questions is “ Yes ” , provide a detailed explanation of each item. Attach additional sheets if necessary.
|
Yes
|
No
|
|
1
|
Have any assets been sold or transferred outside the normal course of business this reporting period?
|
X
|
|
2
|
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
|
X
|
|
3
|
Is the Debtor delinquent in the timely filing of any post-petition tax returns?
|
X
|
|
4
|
Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?
|
X
|
|
5
|
Is the Debtor delinquent in paying any insurance premium payment?
|
X
|
|
6
|
Have any payments been made on pre-petition liabilities this reporting period? |
|
X
|
7
|
Are any post-petition receivables (accounts, notes or loans) due from related parties?
|
X
|
|
8
|
Are any post-petition payroll taxes past due?
|
X
|
|
9
|
Are any post-petition State or Federal income taxes past due?
|
X
|
|
10
|
Are any post-petition real estate taxes past due?
|
X
|
|
11
|
Are any other post-petition taxes past due?
|
X
|
|
12
|
Have any pre-petition taxes been paid during this reporting period?
|
X
|
|
13
|
Are any amounts owed to post-petition creditors delinquent?
|
X
|
|
14
|
Are any wage payments past due?
|
X
|
|
15
|
Have any post-petition loans been received by the Debtor from any party?
|
X
|
|
16
|
Is the Debtor delinquent in paying any U.S. Trustee fees?
|
X
|
|
17
|
Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?
|
X
|
Notes:
|
[1] - Certain de minimis assets have been sold outside the ordinary course of business during this reporting period pursuant to the Order Pursuant to 11 U.S.C. §§ 105 and 363 (A) Establishing Procedures for the Disposition of De Minimis Assets, and (B) Authorizing the Debtors to (i) Pay Related Fees, and (ii) Assume, Assume and Assign, or Reject Related Executory Contracts or Unexpired Leases, dated August 18, 2009 [Docket No. 3830] (the “De Minimis Asset Sale Order”). Pursuant to the De Minimis Asset Sale Order, the Debtors are required to file quarterly reports listing certain assets sold thereunder. On January 31, 2011, MLC filed a quarterly report covering the period October 1, 2010 through December 31, 2010.
|
||
[7] - Post-petition receivables due from affiliates (debtors and non-debtors) were the result from ordinary course of business transactions. Receivables with Debtor entities have been eliminated in the Condensed Combined Debtors-in-Possession Statement of Net Assets (Liabilities).
|
|||
[15] - The Debtors entered into the Wind Down Facility with the DIP Lenders in connection with the closing of the GM Asset Sale. All loan proceeds were received on July 10, 2009.
|
United States Bankruptcy Court for the Southern District of New York
|
||||
In re: Motors Liquidation Company, et al.
|
||||
Case No.: 09-50026 (REG) (Jointly Administered)
|
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
CONDENSED COMBINING DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS
|
FOR THE MONTH ENDED FEBRUARY 28, 2011
|
(Unaudited in thousands of U.S. Dollars)
|
Case Number:
|
09-50026 | 09-50027 | 09-50028 | 09-13558 | 09-50029 | 09-50030 | ||||||||||||||||||||||||||
Motors Liquidation Company
|
MLCS, LLC
|
MLCS Distribution Corporation
|
MLC of Harlem, Inc.
|
Remediation and Liability Management Company, Inc.
|
Environmental Corporate Remediation Company, Inc.
|
Eliminations
|
Combined Debtors
|
|||||||||||||||||||||||||
Rental and other income
|
$ | 1,015 | $ | - | $ | - | $ | - | $ | 50 | $ | - | $ | - | $ | 1,065 | ||||||||||||||||
Selling, administrative and other expenses
|
5,097 | - | - | - | 191 | 35 | - | 5,323 | ||||||||||||||||||||||||
Operating loss
|
(4,082 | ) | - | - | - | (141 | ) | (35 | ) | - | (4,258 | ) | ||||||||||||||||||||
Interest expense
|
4,932 | - | - | - | - | - | - | 4,932 | ||||||||||||||||||||||||
Interest income
|
(871 | ) | - | - | - | - | - | - | (871 | ) | ||||||||||||||||||||||
Loss before reorganization items and income taxes
|
(8,143 | ) | - | - | - | (141 | ) | (35 | ) | - | (8,319 | ) | ||||||||||||||||||||
Reorganization items (gain) / loss
|
(6,067 | ) | - | - | - | - | 2 | - | (6,065 | ) | ||||||||||||||||||||||
Loss before income taxes
|
(2,076 | ) | - | - | - | (141 | ) | (37 | ) | - | (2,254 | ) | ||||||||||||||||||||
Income taxes
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Net loss
|
(2,076 | ) | $ | - | $ | - | $ | - | $ | (141 | ) | $ | (37 | ) | $ | - | $ | (2,254 | ) |
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
CONDENSED COMBINING DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS
|
FOR THE FILING TO DATE PERIOD ENDED FEBRUARY 28, 2011
|
(Unaudited in thousands of U.S. Dollars)
|
Case Number:
|
09-50026 | 09-50027 | 09-50028 | 09-13558 | 09-50029 | 09-50030 | ||||||||||||||||||||||||||
Motors Liquidation Company
|
MLCS, LLC
|
MLCS Distribution Corporation
|
MLC of Harlem, Inc.
|
Remediation and Liability Management Company, Inc.
|
Environmental Corporate Remediation Company, Inc.
|
Eliminations
|
Combined Debtors
|
|||||||||||||||||||||||||
Rental and other income
|
$ | 31,487 | $ | - | $ | - | $ | - | $ | 200 | $ | - | $ | - | $ | 31,687 | ||||||||||||||||
Selling, administrative and other expenses
|
156,254 | 8 | 9 | 1 | 1,897 | 1,051 | - | 159,220 | ||||||||||||||||||||||||
Operating loss
|
(124,767 | ) | (8 | ) | (9 | ) | (1 | ) | (1,697 | ) | (1,051 | ) | - | (127,533 | ) | |||||||||||||||||
Interest expense
|
101,285 | - | - | - | - | - | - | 101,285 | ||||||||||||||||||||||||
Interest income
|
(8,344 | ) | - | - | - | - | - | - | (8,344 | ) | ||||||||||||||||||||||
Loss before reorganization items and income taxes
|
(217,708 | ) | (8 | ) | (9 | ) | (1 | ) | (1,697 | ) | (1,051 | ) | - | (220,474 | ) | |||||||||||||||||
Reorganization items
|
2,025,434 | 35 | 10 | 10 | 14,965 | 6,892 | - | 2,047,346 | ||||||||||||||||||||||||
Loss before income taxes
|
(2,243,142 | ) | (43 | ) | (19 | ) | (11 | ) | (16,662 | ) | (7,943 | ) | - | (2,267,820 | ) | |||||||||||||||||
Income taxes
|
2 | 2 | 2 | - | 1 | - | - | 7 | ||||||||||||||||||||||||
Net loss
|
$ | (2,243,144 | ) | $ | (45 | ) | $ | (21 | ) | $ | (11 | ) | $ | (16,663 | ) | $ | (7,943 | ) | $ | - | $ | (2,267,827 | ) |
MOTORS LIQUIDATION COMPANY, ET AL.
|
MONTHLY OPERATING REPORT FOR THE MONTH ENDED FEBRUARY 28, 2011
|
CONDENSED COMBINING DEBTORS-IN-POSSESSION STATEMENT OF NET ASSETS (LIABILITIES)
|
AS OF FEBRUARY 28, 2011
|
(Unaudited in thousands of U.S. Dollars)
|
09-50026 | 09-50027 | 09-50028 | 09-13558 | 09-50029 | 09-50030 | |||||||||||||||||||||||||||
Motors Liquidation Company
|
MLCS, LLC
|
MLCS Distribution Corporation
|
MLC of Harlem, Inc.
|
Remediation and Liability Management Company, Inc.
|
Environmental Corporate Remediation Company, Inc.
|
Eliminations
|
Combined Debtors
|
|||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 247,320 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 247,320 | ||||||||||||||||
Short term investments in U.S. Treasury securities
|
346,075 | - | - | - | - | - | - | 346,075 | ||||||||||||||||||||||||
Due from affiliates
|
8,976 | - | - | - | - | - | (8,949 | ) | 27 | |||||||||||||||||||||||
Other receivables
|
268 | - | - | - | - | - | - | 268 | ||||||||||||||||||||||||
Prepaid expenses
|
1,325 | - | - | - | - | - | - | 1,325 | ||||||||||||||||||||||||
Other current assets
|
20,673 | - | - | - | - | - | - | 20,673 | ||||||||||||||||||||||||
Total current assets
|
624,637 | - | - | - | - | - | (8,949 | ) | 615,688 | |||||||||||||||||||||||
Property, plant and equipment
|
||||||||||||||||||||||||||||||||
Land and building
|
87,915 | - | - | - | 535 | - | - | 88,450 | ||||||||||||||||||||||||
Machinery and equipment
|
20,282 | - | - | - | - | - | - | 20,282 | ||||||||||||||||||||||||
Total property, plant and equipment
|
108,197 | - | - | - | 535 | - | - | 108,732 | ||||||||||||||||||||||||
Investment in GMC
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Investments in U.S. Treasury securities
|
346,845 | - | - | - | - | - | - | 346,845 | ||||||||||||||||||||||||
Restricted cash
|
65,341 | - | - | - | - | - | - | 65,341 | ||||||||||||||||||||||||
Other assets
|
182 | - | - | - | - | - | - | 182 | ||||||||||||||||||||||||
Total assets
|
$ | 1,145,202 | $ | - | $ | - | $ | - | $ | 535 | $ | - | $ | (8,949 | ) | $ | 1,136,788 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||
Debtor-in-possession financing
|
$ | 1,268,184 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,268,184 | ||||||||||||||||
Accounts payable
|
4,928 | - | - | - | - | - | - | 4,928 | ||||||||||||||||||||||||
Due to GM LLC
|
73 | - | - | - | - | - | - | 73 | ||||||||||||||||||||||||
Due to affiliates
|
959 | 15 | 16 | 6 | 4,438 | 1,374 | (5,849 | ) | 959 | |||||||||||||||||||||||
Accrued sales, use and other taxes
|
3,300 | - | - | - | - | - | - | 3,300 | ||||||||||||||||||||||||
Accrued professional fees
|
35,266 | - | - | - | - | - | - | 35,266 | ||||||||||||||||||||||||
Environmental reserves
|
487,412 | - | - | - | 28,766 | 4,932 | - | 521,110 | ||||||||||||||||||||||||
Other accrued liabilities
|
8,581 | - | - | - | - | - | - | 8,581 | ||||||||||||||||||||||||
Total current liabilities
|
1,808,703 | 15 | 16 | 6 | 33,204 | 6,306 | (5,849 | ) | 1,842,401 | |||||||||||||||||||||||
Liabilities subject to compromise
|
35,018,293 | - | - | - | 2,342 | 2,687 | (3,100 | ) | 35,020,222 | |||||||||||||||||||||||
Total liabilities
|
36,826,996 | 15 | 16 | 6 | 35,546 | 8,993 | (8,949 | ) | 36,862,623 | |||||||||||||||||||||||
Net assets (liabilities)
|
$ | (35,681,794 | ) | $ | (15 | ) | $ | (16 | ) | $ | (6 | ) | $ | (35,011 | ) | $ | (8,993 | ) | $ | - | $ | (35,725,835 | ) |