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These excerpts taken from the XIDE 10-K filed Jun 4, 2009. Reorganization
Items
Reorganization items for fiscal 2009 and 2008 were
$2.2 million and $3.8 million, respectively. These
expenses include professional fees, consisting primarily of
legal services.
Reorganization
Items
Reorganization items for fiscal 2008 and 2007 were
$3.8 million and $4.3 million, respectively. These
expenses include professional fees, consisting primarily of
legal services.
This excerpt taken from the XIDE 10-K filed Jun 9, 2008. Reorganization
Items
Reorganization items for fiscal 2007 and 2006 were
$4.3 million and $6.2 million, respectively. These
items primarily include professional fees, consisting primarily
of legal services.
This excerpt taken from the XIDE 10-K filed Jun 11, 2007. Reorganization
Items
Reorganization items represent amounts the Company incurred as a
result of the Chapter 11 filing. Reorganization items for
fiscal 2006 and 2005 were $6.2 million and
$30 million, respectively.
This excerpt taken from the XIDE 10-K filed Jun 29, 2005. Reorganization Items
Reorganization items represent amounts the Company incurred as a result of the Chapter 11 filing and are presented separately in the Consolidated Statements of Operations. Reorganization items for fiscal 2004 and 2003 were $67,042 and $36,370, respectively. These items include professional fees including financial and legal services, employee retention costs for key members of management, costs associated with rejection of certain executory contracts and interest income earned as a result of having assumed excess cash balances due to the Chapter 11 filing. The increase in reorganization expenses for fiscal 2004 reflects a significant increase in legal costs associated with development of the Company’s Plan and preparation for Bankruptcy Court hearings. See Note 9 to the Consolidated Financial Statements.
This excerpt taken from the XIDE 10-K filed Mar 1, 2005. (8) REORGANIZATION ITEMS
Reorganization items represent amounts the Company incurred as a result of the Chapter 11 process and are presented separately in the consolidated statements of operations. For fiscal years 2004 and 2003 the following have been incurred:
F-20
Table of ContentsEXIDE TECHNOLOGIES AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Net cash paid for reorganization items during fiscal years 2004 and 2003 was $46,914 and $26,410, respectively.
The following paragraphs provide additional information relating to the above reorganization items for fiscal years 2004 and 2003:
Professional fees
In fiscal year 2004, the Company recorded $64,441 for professional fees. Professional fees include financial, legal and valuation services directly associated with the reorganization process, including fees incurred related to possible asset sales.
Employee costs
The Company has implemented a Bankruptcy Court-approved retention plan that provides for cash incentives to key members of the Company’s management team. The retention plan is a milestone-based plan expected to encourage employees to continue their employment through the reorganization process. During fiscal years 2004 and 2003, the Company recognized charges of $2,169 and $1,675 related to this program, respectively.
Interest income
Interest income represents interest income earned by the Debtors as a result of assumed excess cash balances due to the Chapter 11 filing.
Other
Other reorganization costs for fiscal year 2004 represents the net write-off of deposits and cash collateral associated with certain leases rejected under the Bankruptcy Code. Other reorganization costs for fiscal year 2003 represents contractual claims arising from termination of pre-petition financial instruments.
This excerpt taken from the XIDE 10-Q filed Feb 14, 2005. Reorganization items
Reorganization items, net, represent amounts the Company incurred as a result of the Chapter 11 filing and are presented separately in the unaudited condensed consolidated statements of operations. Reorganization items in the nine months of fiscal 2005 and 2004 were $24,088 and $45,917, respectively. These items comprise: professional fees including financial and legal services, success fees payable to the Company’s advisors related to Chapter 11 bankruptcy emergence, employee retention costs for key members of management, income from refund of preference payments made to suppliers prior to the bankruptcy filing, income associated with rejection of certain executory contracts and interest income earned as a result of having assumed excess cash balances due to the Chapter 11 filing. See Note 8 to the unaudited condensed consolidated financial statements.
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