Exhibit 99.4
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Project Chelsea Confidential – Prepared at the Direction of Counsel Subject to NDA DIP Overview January 2018 1
Safe Harbor Statement Confidential – DRAFT – Subject to NDA In addition to results presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), we use certainnon-GAAP financial measures, including Adjusted EBITDA,non-GAAP income (loss) from continuing operations,non-GAAP operating income,non-GAAP operating income margin, and adjusted free cash flow.Non-GAAP operating income is defined as operating income excluding integration, acquisition and other charges,stock-based compensation provision, and restructuring and other charges.Non-GAAP operating income margin is calculated by dividingnon-GAAP operating income into net sales.Non-GAAP income (loss) from continuing operations excludes integration, acquisition and other charges,stock-based compensation provision, impairment of intangible assets, restructuring and other charges, (gain) loss on early extinguishment of debt, net, and an adjustment to income taxes to reflect an estimated cash tax rate. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, integration, acquisition and other charges,stock-based compensation provision, restructuring and other charges, impairment of intangible assets, gain on bargain purchase, (gain) loss on early extinguishment of debt, net, and (loss) income from discontinued operations, net of taxes. Adjusted free cash flow is defined as Adjusted EBITDA less cash interest, cash taxes, and capital expenditures, net of proceeds from the sale of plant, property and equipment. These arenon-GAAP financial measures, as defined herein, and should be read in conjunction with GAAP financial measures. A reconciliation of income (loss) from continuing operations tonon-GAAP income (loss) from continuing operations, operating income tonon-GAAP operating income, and net income (loss) to Adjusted EBITDA is included as a part hereof. Thesenon-GAAP financial measures are not presented as an alternative to cash flows from continuing operations, as a measure of our liquidity or as an alternative to reported net loss as an indicator of our operating performance. Thenon-GAAP financial measures as used herein may not be comparable to similarly titled measures reported by competitors. We believe the use of Adjusted EBITDA,non-GAAP income (loss) from continuing operations,non-GAAP operating income,non-GAAP operating income margin and adjusted free cash flow along with GAAP financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of our competitors and estimating our enterprise value. Adjusted EBITDA is also a useful tool in evaluating the core operating results of the Company given the significant variation that can result from, for example, the timing of capital expenditures, the amount of intangible assets recorded or the differences in assets’ lives. We also use Adjusted EBITDA internally to evaluate the operating performance of our segments, to allocate resources and capital to such segments, to measure performance for incentive compensation programs, and to evaluate future growth opportunities. Thenon-GAAP financial measures included in this presentation are reconciled to their most directly comparable GAAP financial measures in the tables included as part hereof. Statements made in this presentation, other than those concerning historical financial information, may be considered“forward-looking statements,” examples of which include statements relating to our 2017 outlook and future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Theseforward-looking statements are based upon current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from suchforward-looking statements. In view of such uncertainties, investors should not place undue reliance on ourforward-looking statements. Such statements speak only as of the date of this presentation, and we undertake no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information, future events or otherwise. Factors which could cause actual results to differ materially from management’s expectations include, without limitation: (i) our substantial level of indebtedness could materially adversely affect our financial condition, liquidity and ability to service or refinance our debt, and prevent us from fulfilling our business obligations; (ii) our ability to pay the principal of, or to reduce or refinance, our outstanding indebtedness; (iii) the terms of our indebtedness imposing significant restrictions on our operating and financial flexibility; (iv) additional borrowings available to us could further exacerbate our risk exposure from debt; (v) United States and global economic conditions have adversely affected us and could continue to adversely affect us; (vi) our ability to successfully integrate acquired businesses with our business; (vii) a decline in our consolidated profitability or profitability within one of our individual reporting units could result in the impairment of our assets, including goodwill and otherlong-lived assets; (viii) the industries in which we operate our business are highly competitive and extremely fragmented; (ix) a general absence oflong-term customer agreements in our industry, subjecting our business to quarterly and cyclical fluctuations; (x) factors affecting the United States postal services impacting demand for our products; (xi) the availability of the Internet and other electronic media adversely affecting our business; (xii) increases in paper costs and decreases in the availability of raw materials; (xiii) increases in energy and transportation costs; (xiv) our labor relations; (xv) our compliance with environmental laws; (xvi) our dependence on key management personnel; (xvii) any failure, interruption or security lapse of our information technology systems; and (xviii) the unassured effectiveness of our 2017 Profitability Improvement Plan. This list of factors is not exhaustive, and new factors may emerge or changes to the foregoing factors may occur that would impact our business. Additional information regarding these and other factors can be found in Cenveo, Inc.’s periodic filings with the SEC, which are available at www.cenveo.com. 2
DIP Budget Summary Confidential – DRAFT – Subject to NDA Cenveo, Inc. (the “Company”) and Zolfo Cooper (“ZC” or “Zolfo”) have developed the DIP Budget 1 (“DIP Budget”) through a thorough analysis of the Company’s collection and spending patterns The DIP Budget contemplates the impact of a Chapter 11 filing, but has been developed prior to the completion of an update to Cenveo’s business plan—Assumes DIP Budget FY18 Revenue of $1,218 million To size the amount of DIP Financing needed, the Company and Zolfo Cooper analyzed a number of operating and chapter 11 variables The DIP Budget is sized for a 9 month Chapter 11 case Source: Company and Zolfo Cooper estimates. 1. For purposes of evaluating restructuring alternatives, the DIP Budget contained within has been developed using numerous estimates and assumptions, it is highly likely that these estimates will change as management and ZC continue to refine assumptions and as actual business performance is updated. 3
Key Assumptions Confidential – DRAFT – Subject to NDA Key Assumptions Chapter 11 Filing January 28, 2018 Emergence Date Friday, October 26, 2018 (Week Ending 10/26/18) DIP Uses Proceeds used to fund general corporate purposes including funding for foreign operations, restructuring expenses, interest payments, financing fees and anticipated facility closures —Reduces current ABL outstanding Cash Receipts AR Collection DIP Budget revenue assumption for FY18 is $1,218 million —DIP Budget revenue forecast drives FY18 collections of $1,275 million AR collections is based of the prior quarter’s revenue and the current quarter’s revenue (equal weighting) Non trade and waste collections is forecasted as 4% of trade collections The adjusted quarterly collections figure is then subsequently spread weekly by applying historical weightings AR collections remove contribution from Quality Park (“QP”) through Q1 FY2018 Other Receipts Other cash receipts include vendor rebates and waste income Source: Company and Zolfo Cooper estimates. 4
Key Assumptions (cont.) Confidential – DRAFT – Subject to NDA Operating Disbursements AP /Vendor Vendor payments were forecast as a percentage of collections in the forecast period (FY18), while Disbursements taking into consideration historical actions such as divestitures, restructuring initiatives and business mix AP vendor spend removes contribution from Quality Park through Q1 FY2018 (refer to QP adjustment on next page) The Company’s critical vendors payments are deemed necessary to prevent the disruption of business operations—Prepetition payables are assumed to be unpaid unless they fall under certain first day motions. Sizing scenarios subject to ongoing review and revision—All vendors who deliver products within 20 days preceding the Chapter 11 filing are deemed to be 503(b)9 administrative claims and will be paid in the ordinary course—Vendors subject to 1st day MotionsPre-petition January payables contract moderately (by approximately $10 million between critical andnon-critical vendors)Post-petition payables return to current payment terms within 2 months after the filing date (assumes less than 100% of normal payments are paid out in the first four weeks of the Chapter 11 cases due to timing related to signing vendors up topost-petition trade agreements and the Court approval process)—Non-Critical VendorsPre-petition January payables contract moderatelyPost-petition,non-critical vendor AP is assumed to slowly build backpost-filing Source: Company and Zolfo Cooper estimates. 5
Key Assumptions (cont.) Confidential – DRAFT – Subject to NDA Operating Disbursements (cont.) Quality Park Per the LSC /Quality Park Transaction Services Agreement (TSA), Cenveo collects and disburses on Adjustments behalf of Quality Park, who has the option to extend the TSA on rolling 90 day basis It is assumed that all QP collections will be remitted to QP and that all disbursements for which QP has paid the Company will be reimbursed Payroll Payroll has been modeled using historical spend levels, while taking into consideration historical restructuring actions and quarterly KEIP /KERP payments Benefits Benefits based off historical payments and headcount changes OPEB is assumed to be funded as part of normal course of business operations Rent Analysis does not rent reductions from anticipated plant closures Other Payments Includes payments for insurance premiums, postage expenses, and other miscellaneous expenses Foreign Subsidiary Foreign subsidiary payments of $1.1 million /month continue to be paid to fund operations in India, Funding UK and Mauritius, which is predominately a cost center for the content processing business (Cadmus) Source: Company and Zolfo Cooper estimates. 6
Key Assumptions (cont.) Confidential – DRAFT – Subject to NDA Non Operating Activity Utility Deposit $2.0 million total being paid week 1 (covers heat, electric, gas, water, sewer and IT / infrastructure) Professional Fees Professional fee estimates of approximately $66 million over the43-week period These estimates include fees and expenses for all estate professionals and professionals for ABL, DIP Lenders, First Lien group, FILO, Brigade and the Official Committee of Unsecured Creditors Debt ServicesPre-petition Debt Assumes adequate protection payments made to the FILO at the same time and in an equivalent amount as existing interest payments 1 1L Notes, 2L Notes and Unsecured Notes interest and principal are not paid during chapter 11 DIP ABL Assumespre-petition ABL is rolled into DIP ABL [L+3.5%] interest rate; [1.0%] upfront fees; [0.375%] unused line fee DIP TL Sized for a9-month maturity Assumes chapter 11 process starting 1/28/18 with a target 10/26/18 emergence Assumes a $[100]million new money DIP term loan [L+6.00%] interest rate; [2.0%] upfront fees; [1.0%] OID Assumes $[50.0]million draw in week 1 of bankruptcy and $[50.0]million draw in week 3 Source: Company and Zolfo Cooper estimates. 1. Payment of FILO adequate protection and ultimate FILO treatment remains TBD and subject to further review. 7
Other Assumptions Confidential – DRAFT – Subject to NDA Other Assumptions Pension Plans Single Employer Pension Plan minimum funding contributions are accrued throughout the petition period and paid upon exit Multiemployer and supplemental pension plans assumed to be terminated and rejected to the extent rejection does not lead to an 1113 or 1114 process Minimum Cash Assumes $20.0 million of minimum cash through the Chapter 11 Assumes $1.75 million of liquidity in foreign cash ABL Borrowing Base Implied ABL Borrowing Base is calculated in the forecast beginning the week of January 20, 2018 which assumes the November Borrowing Base certificate blended advance rates Outstanding Check Assumes a total of $7.0 million of outstanding check float through the end of Q1 FY 2018 which Float decreases to $4.0 million with the expiration of the QP /LSC TSA with $3.0 million in checks outstanding clearing and the final payment of QP collections paid out Plant Closures DIP sizing assumes an incremental adjustment of $30.0 million to the DIP Budget (impact is not captured in operating cash flows) Plant closure implementation and cash flow specifics are currently being developed by the Company and are expected once Revised Business Plan is completed Letters of Credit Existing LC’s will roll into DIP ABL and Exit ABL facilities Source: Company and Zolfo Cooper estimates. 8
DIP Sizing Confidential – DRAFT – Subject to NDA Below is a detailed bridge which calculates the total DIP funding need for Cenveo assuming a 9 month chapter 11 case DIP Sizing Bridge Cash Outflows 1/1/18- 10/26/18 StartingPre-petition ABL Availability (1/1/18) $44.7 Operating Cash Flow $11.4 Financing Disbursements (Interest + Fees) (15.0) Utility Deposit (2.0) Plant Closure Estimates (30.0) LSC /QP Outstanding Payments (3.0) Professional Fees (57.1) Change in Liquidity ($95.6) ABL Borrowing Base Reduction (15.0) Ending Check Float (4.0) Minimum Liquidity (20.0) Ending Excess Liquidity Need ($89.9) Accrued Professional Fees (9.0) Accrued Interest (1.2) Liquidity Need ($100.1) DIP Sizing ($100.0) Source: Company and Zolfo Cooper estimates. 9
Exit Financing Assumptions Confidential – DRAFT – Subject to NDA Exit Cost Assumptions Refinancing of DIP Repay the DIP ABL and DIP Term Loan FILO 1 Ultimate treatment of FILO notes balance of $50 million TBD. For illustrative purposes only, calculations assume the FILO is refinanced in full. GUC Recovery2 Current estimate of $5.0 million. Subject to change based upon an ongoing analysis of potential GUC claim pool. Cure Costs Assumes $5.0 million – subject toon-going review and analysis Minimum Liquidity Assumes Company will require ~$65.0 million minimum liquidity target following its exit from Target Chapter 11 Utility Deposit Assumes rebate for $2.0 million utility deposit Professional Fees $9.0 million of accrued professional fees are paid on emergence Accrued Interest $1.2 million of accrued interest expenses are paid on emergence Pension Payments Single Employer Pension Plan contributions are accrued throughout the petition period and paid upon exit Exit Financing Costs Equal to 2.0% of assumed exit term loan and 1.0% of the $190 million exit ABL financing Priority Tax Claim Assumes $1.0 million – subject toon-going review and analysis Source: Company and Zolfo Cooper estimates. 1. The Debtors’ ability to “roll up” or refinance the FILO Notes through the DIP Facility, as well as to provide a new note pursuant to section 1129(b), remains subject to further review. 2. GUC recovery pool is inclusive of the 2024 Notes and assumes 1L and 2L waive deficiency claims. 10
Exit Financing Sizing Confidential – DRAFT – Subject to NDA The following details estimated exit costs assuming a 10/26/18 emergence Exit Financing Need Sources & Uses DIP ABL Balance on 10/26/18 $78.7 DIP Junior Term Loan 100.0 Sources Cure Costs 5.0 Exit ABL $77.2 Plant Closures 30.0 Capital leases 22.8 Accrued Professional Fees and Interest 10.2 Exit 1L Term Loan 277.2 Utility Deposit (2.0) Utility deposit 2.0 Pension Catch Up Payments 8.7 Cash on Balance Sheet – Exit Financing Costs 7.4 Total Sources: $379.2 Priority Tax Claims 1.0 GUC Cash Recovery 5.0 Uses Ending Check Float 4.0 DIP ABL Balance on 10/26/18 $78.7 Cash on Balance Sheet – Plant Closure and Float 34.0 Exit Financing Need $248.1 Cash Exit Costs 32.4 New Term Loan (170.9) GUC cash recovery 5.0 Exit ABL Balance $77.2 Capital leases 22.8 DIP Jr. TL repayment 100.0 PF Liquidity FILO Refinancing 50.0 ABL Borrowing Base on 10/26/18 $138.8 1L recovery 56.3 Less: Letters of Credit (16.6) Total Uses: $379.2 Less: Exit ABL Balance (77.2) Plus: Cash on Balance Sheet 20.0 PF Liquidity $65.0 Debt Capacity Analysis Total Debt Capacity (1) 377.2 Less: ABL balance (77.2) Less: Capital Leases (22.8) Exit 1L Term Loan $277.2 Less: FILO Refinancing (50.0) Less: New Term Loan (170.9) 1L Takeback Paper $56.3 Source: Company and Zolfo Cooper estimates. (1) Based on debt capacity of $377 based upon previously provided materials from professionals subject to change pending finalization of updated business plan. 11
13 Week CF – DIP Budget Confidential – DRAFT – Subject to NDA Week1 Week2 Week3 Week4 Week5 Week6 Week7Week8 Week9 Week10 Week11 Week12 Week13 Total 12/30 1/6 1/13 1/20 1/27 2/3 2/10 2/17 2/24 3/3 3/10 3/17 3/24 12/30 1/5 1/12 1/19 1/26 2/2 2/9 2/16 2/23 3/2 3/9 3/16 3/23 3/30 3/30 CONSOLIDATED Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast ARCollection $21,971 $23,396 $28,870 $27,970 $18,013 $21,762 $15,913 $15,538 $18,463 $24,155 $32,328 $27,229 $27,229 $302,836 CashNon-Trade 75 225 225 525 240 405 165 105 75 135 300 525 600 3,599 Receipts Waste-- 150-300- 30060075- 6006752,700- TotalCashReceipts 22,046 23,621 29,245 28,495 18,252 22,467 16,378 15,643 19,137 24,364 33,228 27,754 28,504 309,134 VendorPayments (21,306) (23,537) (18,656) (21,585) (4,300) (12,428) (10,263) (13,142) (15,484) (23,565) (21,048) (12,897) (9,132) (207,343) Payroll (6,100) (2,700) (6,100) (2,700) (11,400) (2,700) (6,100) (2,700) (11,400) (2,700) (6,100) (2,700) (11,400) (74,800) Operating Taxes- (100) (400) (1,400) (200) (100) (400) (1,000) (600) (100) (400) (1,000) (600) (6,300) Benefits (1,708) (1,108) (1,508) (1,608) (1,208) (1,708) (1,108) (608) (1,708) (1,708) (1,108) (708) (1,708) (17,500) Rent (1,300)--- (100) (1,300)-- (1,400)--- (100) (4,200) Disbursements OtherPayments (700) (500) (400) (1,500) (800) (500) (500) (400) (800) (500) (500) (500) (500) (8,100) TransferstoForeignSubsidiaries (1,300)--- (1,100)--- (1,100)---- (3,500) TotalOperatingCashDisbursements (32,414) (27,945) (27,064) (28,792) (19,108) (18,736) (18,371) (17,850) (32,491) (28,572) (29,155) (17,805) (23,440) (321,743) OPERATINGCASHFLOW (10,367) (4,324) 2,181 (298) (856) 3,730 (1,993) (2,207) (13,354) (4,208) 4,073 9,949 5,064 (12,609) ProceedsforIssuanceofDebt-------------- Debt Principal (600)------------ (600) Service InterestandFinancingFees-- (1,000) (2,450) (3,231)--- (817)--- (867) (8,365) TotalFinancingCashReceipts/Disbursement (600)- (1,000) (2,450) (3,231)--- (817)--- (867) (8,965) LSCVendorReimbursement 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 13,000 LSC/QPRelatedAP (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (13,000) LSCCustomerCollection 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 26,000 LSC/QPRelatedAR (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (26,000) LSC QP QPSaleProceeds-------------- TotalOtherDisbursements/Adjustments-------------- RestructuringProfessionalFees- (1,305)- (5,330)--- (160) (160)-- (160) (495) (7,610) BK Adjustmen ts UtilityDeposit DIPProceeds-------- 50,000 (2,000)-- 50,000------------- 100,000 (2,000) TotalBKDisbursements/Adjustments- (1,305)- (5,330) 48,000- 50,000 (160) (160)-- (160) (495) 90,390 NETOPERATINGCASHFLOW (10,967) (5,629) 1,181 (8,078) 43,914 3,730 48,007 (2,367) (14,331) (4,208) 4,073 9,789 3,702 68,816 ActualBorrowingBase 153,800 153,800 148,893 148,893 148,893 148,893 148,893 152,801 152,801 152,801 152,801 169,973 169,973 169,973 StartingABLOutstanding 92,484 103,451 109,080 107,900 115,977 92,064 88,333 40,326 42,693 57,024 61,232 57,159 47,370 92,484 ABLDraw/(Repayment) 10,9675,629 (1,181) 8,078 (23,914) (3,730) (48,007) 2,367 14,3314,208 (4,073) (9,789) (3,702) (48,816) EndingABLOutstanding 103,451 109,080 107,900 115,977 92,064 88,333 40,326 42,693 57,024 61,232 57,159 47,370 43,668 43,668 Plus:L/CsOutstanding 16,600 16,60016,600 16,600 16,600 16,600 16,600 16,600 16,60016,600 16,600 16,600 16,600 16,600 Liquidity Borrowings+L/Cs 120,051 125,680 124,500 132,577 108,664 104,933 56,926 59,293 73,62477,832 73,759 63,970 60,268 60,268 EndingABLAvailability 33,749 28,120 24,393 16,315 40,229 43,960 91,966 93,507 79,176 74,969 79,041 106,004 109,706 109,706 Less:OutstandingCheckFloat (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) Plus:UnrestrictedCash---- 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 LIQUIDITY 26,749 21,120 17,393 9,315 53,229 56,960 104,966 106,507 92,176 87,969 92,041 119,004 122,706 122,706 12
13 Week CF – DIP Budget Confidential – DRAFT – Subject to NDA Week14 Week15 Week16 Week17 Week18 Week19 Week20 Week21 Week22 Week23 Week24 Week25 Week26 3/31 4/7 4/14 4/21 4/28 5/5 5/12 5/19 5/26 6/2 6/9 6/16 6/23 4/6 4/13 4/20 4/27 5/4 5/11 5/18 5/25 6/1 6/8 6/15 6/22 6/29 CONSOLIDATED Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast ARCollection $27,467 $27,165 $28,427 $29,100 $23,386 $26,415 $18,675 $23,807 $20,863 $23,134 $25,574 $26,078 $20,274 CashNon-Trade 757 1,262 757 1,514 1,094 757 252 589 757 841 421 336 252 Receipts Waste336421- 505-- 589589- 33684- 505 TotalCashReceipts 28,224 28,764 29,605 31,119 24,480 27,172 19,517 24,396 22,209 24,312 26,078 26,415 21,031 VendorPayments (18,074) (15,841) (15,098) (16,734) (13,534) (15,468) (15,617) (13,906) (10,076) (14,427) (15,170) (11,675) (10,114) Payroll (2,700) (6,100) (2,700) (19,400) (2,700) (6,100) (2,700) (6,100) (8,000) (6,100) (2,700) (6,100) (8,000) Operating Taxes- (100) (1,300) (500) (200) (100) (400) (1,400) (200)- (500) (1,000) (600) Benefits (1,708) (1,708) (1,192) (1,608) (1,808) (808) (1,108) (1,608) (808) (1,108) (908) (908) (1,708) Rent (1,300)--- (1,400)--- (100) (1,300)-- (100) Disbursements OtherPayments (800) (500) (500) (500) (800) (500) (500) (500) (800) (500) (500) (500) (500) TransferstoForeignSubsidiaries (1,100)--- (1,100)---- (1,100)--- TotalOperatingCashDisbursements (25,682) (24,249) (20,789) (38,741) (21,542) (22,976) (20,324) (23,514) (19,984) (24,535) (19,778) (20,183) (21,021) OPERATINGCASHFLOW 2,542 4,515 8,816 (7,622) 2,938 4,196 (808) 882 2,225 (223) 6,300 6,232 10 ProceedsforIssuanceofDebt------------- Debt Principal------------- Service InterestandFinancingFees (500)--- (829)--- (851)--- (1,291) TotalFinancingCashReceipts/Disbursement (500)--- (829)--- (851)--- (1,291) LSCVendorReimbursement------------- LSC/QPRelatedAP (1,000)------------ LSCCustomerCollection------------- LSC/QPRelatedAR (2,000)------------ LSC QP QPSaleProceeds------------- TotalOtherDisbursements/Adjustments (3,000)------------ RestructuringProfessionalFees (425) (2,415) (975) (1,085) (495) (605) (2,025) (1,315) (495) (335) (2,260) (735) (410) BK Adjustmen ts UtilityDeposit DIPProceeds-------------------------- TotalBKDisbursements/Adjustments (425) (2,415) (975) (1,085) (495) (605) (2,025) (1,315) (495) (335) (2,260) (735) (410) NETOPERATINGCASHFLOW (1,383) 2,100 7,841 (8,707) 1,614 3,591 (2,833) (433) 878 (558) 4,040 5,497 (1,691) ActualBorrowingBase 169,973 169,973 169,973 159,240 159,240 159,240 159,240 143,145 143,145 143,145 143,145 138,773 138,773 StartingABLOutstanding 43,668 45,051 42,951 35,111 43,818 42,204 38,613 41,446 41,879 41,000 41,558 37,518 32,021 ABLDraw/(Repayment) 1,383 (2,100) (7,841) 8,707 (1,614) (3,591) 2,833433 (878) 558 (4,040) (5,497) 1,691 EndingABLOutstanding 45,051 42,951 35,111 43,818 42,204 38,613 41,446 41,879 41,000 41,558 37,518 32,021 33,712 Plus:L/CsOutstanding 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 Liquidity Borrowings+L/Cs 61,651 59,551 51,711 60,418 58,804 55,213 58,046 58,479 57,600 58,158 54,118 48,621 50,312 EndingABLAvailability 108,322 110,422 118,263 98,822 100,436 104,027 101,195 84,666 85,545 84,987 89,027 90,152 88,461 Less:OutstandingCheckFloat (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) Plus:UnrestrictedCash 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 LIQUIDITY 124,322 126,422 134,263 114,822 116,436 120,027 117,195 100,666 101,545 100,987 105,027 106,152 104,461 13
13 Week CF – DIP Budget Confidential – DRAFT – Subject to NDA Week27 Week28 Week29 Week30 Week31 Week32 Week33 Week34 Week35 Week36 Week37 Week38 Week39 6/30 7/7 7/14 7/21 7/28 8/4 8/11 8/18 8/25 9/1 9/8 9/15 9/22 7/6 7/13 7/20 7/27 8/3 8/10 8/17 8/24 8/31 9/7 9/14 9/21 9/28 CONSOLIDATED Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast ARCollection $24,686 $22,898 $22,217 $21,621 $24,941 $28,772 $21,196 $23,664 $20,515 $20,940 $22,217 $20,855 $27,665 CashNon-Trade 596 1,192 511 426 170 681 511 511 426 511 1,277 255 255 Receipts Waste511-- 17051134085340511255-- 766 TotalCashReceipts 25,282 24,601 22,728 22,217 25,622 29,793 21,792 24,516 21,451 21,451 23,749 21,111 28,687 VendorPayments (20,094) (18,931) (17,005) (14,659) (11,560) (16,334) (16,602) (16,418) (14,656) (14,827) (15,916) (9,131) (11,057) Payroll (6,100) (2,700) (6,100) (6,000) (12,100) (2,700) (6,100) (2,700) (11,400) (2,700) (6,100) (2,700) (11,400) Operating Taxes- (100) (1,300) (500) (200) (100) (400) (1,400) (200)- (500) (900) (500) Benefits (1,908) (708) (1,192) (1,708) (1,208) (1,608) (808) (1,608) (1,208) (1,408) (808) (1,325) (1,908) Rent (1,300)--- (1,400)--- (100) (1,300)-- (100) Disbursements OtherPayments (700) (500) (500) (500) (500) (500) (500) (500) (500) (500) (500) (500) (500) TransferstoForeignSubsidiaries (1,100)--- (1,100)---- (1,100)--- TotalOperatingCashDisbursements (31,202) (22,939) (26,096) (23,367) (28,067) (21,242) (24,410) (22,626) (28,063) (21,834) (23,823) (14,555) (25,465) OPERATINGCASHFLOW (5,920) 1,662 (3,368) (1,150) (2,445) 8,551 (2,619) 1,890 (6,612) (383) (74) 6,555 3,222 ProceedsforIssuanceofDebt------------- Debt Principal------------- Service InterestandFinancingFees---- (878)--- (862)--- (500) TotalFinancingCashReceipts/Disbursement---- (878)--- (862)--- (500) LSCVendorReimbursement------------- LSC/QPRelatedAP------------- LSCCustomerCollection------------- LSC/QPRelatedAR------------- LSC QP QPSaleProceeds------------- TotalOtherDisbursements/Adjustments------------- RestructuringProfessionalFees (520) (1,765) (855) (725) (495) (725) (3,870) (955) (495) (535) (3,060) (775) (3,285) BK Adjustmen ts UtilityDeposit DIPProceeds-------------------------- TotalBKDisbursements/Adjustments (520) (1,765) (855) (725) (495) (725) (3,870) (955) (495) (535) (3,060) (775) (3,285) NETOPERATINGCASHFLOW (6,440) (103) (4,223) (1,875) (3,818) 7,826 (6,489) 935 (7,970) (918) (3,134) 5,780 (563) ActualBorrowingBase 138,773 138,773 138,773 138,773 138,773 138,773 138,773 138,773 138,773 138,773 138,773 138,773 138,773 StartingABLOutstanding 33,712 40,152 40,255 44,479 46,353 50,171 42,345 48,834 47,899 55,869 56,787 59,921 54,141 ABLDraw/(Repayment) 1034,2236,440 1,8753,818 (7,826) 6,489 7,970(935) 9183,134 (5,780) 563 EndingABLOutstanding 40,152 40,255 44,479 46,353 50,171 42,345 48,834 47,899 55,869 56,787 59,921 54,141 54,704 Plus:L/CsOutstanding 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 16,600 Liquidity Borrowings+L/Cs 56,752 56,855 61,079 62,953 66,771 58,945 65,434 64,499 72,469 73,387 76,521 70,741 71,304 EndingABLAvailability 82,021 81,918 77,695 75,820 72,002 79,828 73,339 74,274 66,304 65,386 62,252 68,032 67,469 Less:OutstandingCheckFloat (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) (4,000) Plus:UnrestrictedCash 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 LIQUIDITY 98,021 97,918 93,695 91,820 88,002 95,828 89,339 90,274 82,304 81,386 78,252 84,032 83,469 14
13 Week CF – DIP Budget Confidential – DRAFT – Subject to Week40 Week41 Week42 Week43 Total 9/29 10/6 10/13 10/20 12/30 10/5 10/12 10/19 10/26 10/26 CONSOLIDATED Forecast Forecast Forecast Forecast Forecast ARCollection $22,166 $22,085 $21,438 $23,298 $1,014,375 CashNon-Trade 1,942 971 647 2,346 26,415 Receipts Waste 24381- 62 10,040 TotalCashReceipts 24,107 23,298 22,166 25,806 1,050,830 VendorPayments (16,833) (16,332) (16,913) (15,606) (655,950) Payroll (2,700) (6,100) (2,700) (11,433) (255,933) Operating Taxes (200) (100) (1,300) (500) (20,800) Benefits (1,808) (1,208) (692) (1,808) (57,400) Rent (1,300)--- (13,900) Disbursements OtherPayments (500) (500) (500) (500) (24,200) TransferstoForeignSubsidiaries (1,100)--- (11,200) TotalOperatingCashDisbursements (24,440) (24,240) (22,104) (29,847) (1,039,383) OPERATINGCASHFLOW (333) (941) 61 (4,041) 11,447 ProceedsforIssuanceofDebt----- Debt Principal---- (600) Service InterestandFinancingFees (877)--- (14,953) TotalFinancingCashReceipts/Disbursement (877)--- (15,553) LSCVendorReimbursement---- 13,000 LSC/QPRelatedAP---- (14,000) LSCCustomerCollection---- 26,000 LSC/QPRelatedAR---- (28,000) LSC QP QPSaleProceeds----- TotalOtherDisbursements/Adjustments---- (3,000) RestructuringProfessionalFees (695) (1,765) (855) (14,522) (57,082) BK Adjustmen ts UtilityDeposit DIPProceeds-------- 100,000 (2,000) TotalBKDisbursements/Adjustments (695) (1,765) (855) (14,522) 40,918 NETOPERATINGCASHFLOW (1,905) (2,706) (794) (18,563) 33,812 ActualBorrowingBase 138,773 138,773 138,773 138,773 138,773 StartingABLOutstanding 54,704 56,609 59,315 60,109 92,484 ABLDraw/(Repayment) 2,7061,905 794 18,563 (13,812) EndingABLOutstanding 56,609 59,315 60,109 78,672 78,672 Plus:L/CsOutstanding 16,600 16,600 16,600 16,600 16,600 Liquidity Borrowings+L/Cs 73,209 75,915 76,709 95,272 95,272 EndingABLAvailability 65,564 62,858 62,064 43,502 43,502 Less:OutstandingCheckFloat (4,000) (4,000) (4,000) (4,000) (4,000) Plus:UnrestrictedCash 20,000 20,000 20,000 20,000 20,000 LIQUIDITY 81,564 78,858 78,064 59,502 59,502 15