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CRDENTIA CORP., eta!., 1 Case No. 10-10926 (BLS) Debtors. THIS is the FIRST AMENDED supplement of the ABOVE-CAPTIONED Debtors FILED IN SUPPORT OF THE DEBTORS' JOINT CHAPTER 11 PLAN OF REORGANIZATION. IF the Plan is CONFIRMED, shall BE APPROVED in the CONFIRMATION ORDER.
CRDENTIA CORP., eta!., 1 Case No. 10-10926 (BLS) Debtors. THIS is the FIRST AMENDED supplement of the ABOVE-CAPTIONED Debtors FILED IN SUPPORT OF THE DEBTORS' JOINT CHAPTER 11 PLAN OF REORGANIZATION. IF the Plan is CONFIRMED, shall BE APPROVED in the CONFIRMATION ORDER.
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CRDENTIA CORP., eta!., 1 Case No. 10-10926 (BLS) Debtors. THIS is the FIRST AMENDED supplement of the ABOVE-CAPTIONED Debtors FILED IN SUPPORT OF THE DEBTORS' JOINT CHAPTER 11 PLAN OF REORGANIZATION. IF the Plan is CONFIRMED, shall BE APPROVED in the CONFIRMATION ORDER.
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Attribution Non-Commercial (BY-NC)
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Скачайте в формате PDF, TXT или читайте онлайн в Scribd
(146,000) (280,000) s 2,024,153 ' 3,033,000 (257,524) 19,081,955 18,824,431 ' 2,024,153 ' 3,033,000 10.8% 16.1% ' Recovery Dollw:s for Administmtivc and Priority Claims Recovery Percentage for Mministtative and Priority ro s NET PROCEEDS A V AlLABLE AFTER ADMlNISTRA TIVE AND PRIOR11Y CLAIMS Gcneml Unsecured Claims Recovery Dollw:s fM Un.ecurcd Claims Recovery Percentage for Un.wcured Claims NET PROCEEDS AV AJLABI.E AFTER GENERAL TJNSECURlll) CLAIMS 0% 0% $ ' 0% 0% ' Crdentia Corporation Liquidation Analysis Assumptions As of March 31, 2010 General Assumptions The liquidation analysis reflects the estimated cash proceeds, net of liquidation related costs, which would be realized if the debtors were to be liquidated in a Chapter 7 proceeding. Underlying the liquidation analysis are a number of assumptions that, although considered to be reasonable and accurate, are inherently subject to significant business, economic and competitive uncertainties and contingencies outside the control of the debtors and management. Given the preceding, there can be no assurance that the values reflected in the liquidation analysis would be realized in the event of such liquidation, and actual results could vary materially from those shown here. The liquidation analysis is based upon assumptions with respect to certain liquidation decisions which could be subject to change. The liquidation period would allow for the collection of accounts receivables, sale of licenses and the sale of fixed assets. The duration of the process is estimated to be 9 months. Below provides additional information related to assumptions used to generate the liquidation analysis. Specific recovery percentages are provided in the following pages of this report. 1) Cash Cash and cash equivalents are presented on a consolidated basis as represented by the Debtors' March 2010 unaudited financial statements. Cash and cash equivalents are assumed to be 100% recoverable. 2) Accounts Receivable The liquidation assumes recovery of accounts receivable balances in the 0 ->90 days level and is adjusted for risks of chargebacks, non-collection, cash discounts and other normal and ordinary course customer deductions. Based on the estimated age recovery percentages, the blended recovery ranges are from 70% to 90%. 3) Other Assets Some prepaid insurances and rents are assumed to have a liquidation recovery value or off-set to wind down expenses. Deferred debt issuance costs, deferred taxes, and other current assets are assumed to have no liquidation recovery value. The recovery ranges from 5% to 60%. 4) Furniture, Fixtures and Office Equipment The sale process of property and equipment would be a quick process with minimal recovery as it is comprised of mostly used office furniture and computer equipment. The blended recovery ranges from 15% to 25% of the net depreciated value. 5) Intangible Assets It is assumed that intangible assets will have no liquidation recovery value. Some sale of certain pieces of the business or customer lists may be possible and the ranges of 5% to 20%. 6) Wind Down Costs Operating expenses, including rent and personnel costs were estimated and assumed to decrease after the first month of the nine month wind down. The wind down costs also include estimates for the final tax return preparation, the cost of the US Trustee fees and financial advisory and legal support for the Debtor. 7) Claims- Administrative, Secured, Priority, Unsecured Secured claims are notes payable pre-petition and the debtor in possession financing. The liquidation analysis illustrates that after secured claims and the cost to administer the Chapter 7 process, all of the proceeds are exhausted. Given this analysis, no further net proceeds were available and no estimate was made for Administrative, Priority or Other classes of claims. Source: Internal estimated unaudited financial statements and trial balance as of March 31, 2010.