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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, December 5, 2020, Vol. 24, No. 339
Headlines
BRIGGS & STRATTON: Reports $466.22 Million Net Loss at Sept. 27
FRONTIER COMMUNICATIONS: Has $28.97 Million Net Income in September
LIBBEY GLASS: Posts $5.13 Million Net Loss in September
TAILORED BRANDS: Reports $33.51 Million Net Loss at Oct. 3
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BRIGGS & STRATTON: Reports $466.22 Million Net Loss at Sept. 27
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Briggs & Stratton Corporation, et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for the period from August 24, 2020 to September 27, 2020.
The Debtors' consolidated statement of operations showed a net loss
of $466.22 million on $110.67 million of net sales for the period.
As of September 27, 2020, the Debtors listed $253.37 million in
consolidated total assets, $675.11 million in consolidated total
liabilities, and -$421.74 million in consolidated total
shareholders' investment.
They listed total receipts of $211.50 million and total
disbursements of $137.17 million for the current reporting period.
A copy of the monthly operating report is available at the SEC at:
https://bit.ly/3qcJ6Qe
About Briggs & Stratton Corporation
Briggs & Stratton Corporation is a producer of gasoline engines for
outdoor power equipment and a designer, manufacturer and marketer
of power generation, pressure washer, lawn and garden, turf care,
and job site products. The Company's products are marketed and
serviced in more than 100 countries on six continents through
40,000 authorized dealers and service organizations. Visit
https://www.basco.com for more information.
Briggs & Stratton Corporation and four affiliates concurrently
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 20-43597) on July
20, 2020. The petitions were signed by Mark A. Schwertfeger, senior
vice president and chief financial officer. At the time of the
filing, Briggs & Stratton Corporation disclosed total assets of
$1,589,398,000 and total liabilities of $1,350,058,000 as of March
29, 2020.
Judge Barry S. Schermer oversees the cases.
The Debtors tapped Weil, Gotshal & Manges LLP as bankruptcy
counsel; Carmody MacDonald P.C. as local counsel; Foley & Lardner
LLP as corporate counsel; Houlihan Lokey Inc. as investment banker;
Ernst & Young, LLP as restructuring and tax advisor; Deloitte LLP
as auditor and tax consultant; and Kurtzman Carson Consultants, LLC
as claims and noticing agent.
The U.S. Trustee appointed a committee to represent unsecured
creditors in Debtors' Chapter 11 cases.
FRONTIER COMMUNICATIONS: Has $28.97 Million Net Income in September
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Frontier Communications Corporation, et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for September 2020.
The Debtors' statement of operations showed a net income of $28.97
million on $569.80 million of revenue in September.
As of September 30, 2020, the Debtors listed $16.78 billion in
total assets, $21.73 billion in total liabilities, and -$4.95
billion in total shareholders' equity.
They listed total cash receipts of $1.13 billion and total cash
disbursements of $1.84 billion for September.
A copy of the monthly operating report is available at the SEC at:
https://bit.ly/3o5uuju
About Frontier Communications
Frontier Communications Corporation (NASDAQ: FTR) offers a variety
of services to residential and business customers over its
fiber-optic and copper networks in 29 states, including video,
high-speed internet, advanced voice, and Frontier Secure digital
protection solutions.
Frontier Communications Corporation and 103 related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on
April 14, 2020. Judge Robert D. Drain oversees the cases.
The Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore
as financial advisor; and FTI Consulting, Inc., as restructuring
advisor. Prime Clerk is the claims agent, maintaining the page
http://www.frontierrestructuring.com/and
https://cases.primeclerk.com/ftr
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in Debtors' Chapter 11 cases. The committee
tapped Kramer Levin Naftalis & Frankel LLP as its counsel; Alvarez
& Marsal North America, LLC as financial advisor; and UBS
Securities LLC as investment banker.
LIBBEY GLASS: Posts $5.13 Million Net Loss in September
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Libbey Glass Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for September
2020.
Libbey Glass reflected a net loss of $5.13 million on $30.90
million of total revenues for the month.
As of September 30, 2020, Libbey Glass listed $683.30 million in
total assets, $817.70 million in total liabilities, and -$134.40
million in total shareholders' equity.
At September 1, 2020, the Debtors had $30.19 million beginning cash
balance. They listed total cash receipts of $32.97 million and
total cash disbursements of $42.54 million. Taking into account
draws/paydowns and other minimal amounts, the Debtors had $20.90
million ending cash balance at September 30, 2020.
A copy of the monthly operating report is available at the SEC at:
https://bit.ly/3q7OROU
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world. Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands. In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass. In 2019, Libbey's net sales totaled
$782.4 million. For more information, visit http://www.libbey.com/
Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
million to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Lazard Ltd as investment banker. Prime
Clerk LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/libbey
TAILORED BRANDS: Reports $33.51 Million Net Loss at Oct. 3
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Tailored Brands, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for the period from August
30, 2020 to October 3, 2020.
The Debtor's statement of operations showed a net loss of $33.51
million on $146.13 million of revenue for the reporting period.
As of October 3, 2020, the Debtor listed $1.89 billion in total
assets, $2.49 billion in total liabilities, and $603.21 million in
total shareholders' deficit.
The Debtor listed total cash receipts of $161.85 million and total
cash disbursements of $195.32 million for September 2020.
A copy of the monthly operating report is available at the SEC at:
https://bit.ly/3lgs4gf
About Tailored Brands
Tailored Brands, Inc., (NYSE: TLRD) is an omni-channel specialty
retailer of menswear, including suits, formal wear and a broad
selection of polished and business casual offerings. It delivers
personalized products and services through its convenient network
of over 1,400 stores in the United States and Canada as well as its
branded e-commerce websites at http://www.menswearhouse.com/and
http://www.josbank.com.Its brands include Men's Wearhouse, Jos. A.
Bank, Moores Clothing for Men and K&G.
Tailored Brands reported a net loss of $82.28 million for the year
ended Feb. 1, 2020, compared to net earnings of $83.24 million for
the year ended Feb. 2, 2019. As of Feb. 1, 2020, Tailored Brands
had $2.42 billion in total assets, $2.52 billion in total
liabilities, and a total shareholders' deficit of $98.31 million.
On Aug. 2, 2020, Tailored Brands and its subsidiaries sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-33900). As
of July 4, 2020, Tailored Brands disclosed $2,482,124,043 in
total assets and $2,839,642,691 in total liabilities.
The Hon. Marvin Isgur is the case judge.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Jackson Walker L.L.P., Stikeman Elliot LLP and Mourant
Ozannes as co-bankruptcy counsel; PJT Partners LP as financial
advisor; Alixpartners, LLP as restructuring advisor; Deloitte &
Touche LLP as auditor, and A&G Realty Partners, LLC as the real
estate consultant and advisor. Prime Clerk LLC is the claims agent.
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