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Table of Contents
NOTE 4: REORGANIZATION ITEMS, NET
A summary of reorganization items, net is presented in the following table:
Subsequent to the Effective Date, costs directly attributable to the implementation of the Plan are reported as Reorganization items, net. The
cash payments for reorganization items for the eight months ended August 31, 2013 includes $84 million of claims paid related to liabilities
subject to compromise paid on the Effective Date. Refer to Note 3, “Fresh Start Accounting” for additional information on the net gain on
reorganization and fresh start adjustments.
NOTE 5: RECEIVABLES, NET
In connection with the application of fresh start accounting as of September 1, 2013, the carrying value of trade receivables was adjusted to fair
value, eliminating the allowance for bad debts as of that date.
Approximately $39 million and $77 million of the total trade receivable amounts as of December 31, 2013 and 2012, respectively, will
potentially be settled through customer deductions in lieu of cash payments. Such deductions represent rebates owed to customers and are
included in Other current liabilities as of December 31, 2013 and Other current liabilities and Liabilities subject to compromise December 31,
2012 in the accompanying Consolidated Statement of Financial Position.
PAGE 77
Successor
Predecessor
(in millions)
Four Months
Ended
December 31,
2013
Eight Months
Ended August 31,
2013
Year Ended
December 31,
2012
Professional fees
$
19
$
114
$
178
DIP credit agreement financing costs
—
—
47
Provision for expected allowed claims
—
133
856
Gain on settlement of other postemployment liabilities
—
—
238
)
Net gain on reorganization adjustments
—
(
1,957
)
—
Net gain on fresh start adjustments
—
(
302
)
—
Other items, net
(3
)
(14
)
—
Reorganization items, net
$
16
$
(2,026
)
$
843
Cash payments for reorganization items
$
85
$
210
$
167
Successor
Predecessor
(in millions)
As of December 31,
2013
As of December 31,
2012
Trade receivables
$
473
$
510
Miscellaneous receivables
98
101
Total (net of allowances of $6 and $30 as of
December 31, 2013 and December 31, 2012,
respectively)
$
571
$
611