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January 9, 2008 |
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MUSICLAND HOLDING: Posts US$296,000 Net Loss in November 2007 Musicland Holding Corp. Consolidated Balance Sheet As of November 30, 2007 ASSETS Current Assets Cash US$11,782,000 Letters of Credit/Other Deposits 415,000 Other Amounts due from TransWorld 0 Receivables from Sub-leases 774,000 Miscellaneous CC 29,000 Vendors Credit due from services 1,541,000 ------------- Total 14,541,000 Fixed Assets 0 Other assets Insurance Deposits 3,977,000 Utility and Tax Deposits 0 ------------- TOTAL ASSETS US$18,518,000 Liabilities & Shareholders' deficit Current liabilities Accounts payable Expense accruals US$2,840,000 Other accrued liabilities Insurance Reserve 3,380,000 5% Admin. Fee on Wachovia L/C 250,000 Miscellaneous 29,000 ------------- Total 6,499,000 ------------- DIP financing 0 Other LT Liabilities 0 Liabilities subject to compromise 315,047,000 Shareholders' deficit (303,028,000) ------------- TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT US$18,518,000 Musicland Holding Corp. Statement of Operations For the Month Ended November 30, 2007 Merchandise revenue 0 Non-merchandise revenue 0 Net sales 0 Cost of good sold 0 Gross Profit 0 Store operating expenses Payroll 0 Occupancy 0 Other (US$42,000) ------------- Store expenses 0 ------------- General & administrative (42,000) ------------- EBITDA (Loss) (42,000) Chapter 11 & related charges (302,000) ------------- Operating income (Loss) (344,000) Interest income (expense) 41,000 Other non-operating charges/income 7,000 ------------- Earnings before Taxes (296,000) ------------- Income tax 0 ------------- Net earnings (Loss) (US$296,000) Musicland Holding Corp. Statements of Cash Flow For the Month Ended November 30, 2007 Operating activities Net earnings (Loss) (US$296,000) Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: 0 Changes in operating assets and liabilities 0 Other Current Assets 0 ------------- Net cash provided by (used in) operating activities (296,000) Investing activities Net cash provided by (used in) investing activities 0 Financing activities 0 ------------- Increase/decrease in cash (296,000) ------------- Cash at the beginning of Period 12,079,000 ------------- Cash at the end of Period US$11,782,000 Headquartered in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products in the United States and Puerto Rico. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. At March 31, 2007, the Debtors disclosed US$20,121,000 in total assets and US$321,546,000 in total liabilities. On May 12, 2006, the Debtors filed their Joint Plan of Liquidation with the Court. On Sept. 14, 2006, they filed an amended Plan and a Second Amended Plan on Oct. 13, 2006. The Court approved the adequacy of the Amended Disclosure Statement on Oct. 13, 2006. The hearing to consider confirmation of the Second Amended Joint Plan started on Nov. 28, 2006. (Musicland Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/ or 215/945-7000) |
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