Exhibit 99.2
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| | | | Monthly Operating Report |
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| CASE NAME: | | Pilgrim’s Pride Corporation | | ACCRUAL BASIS |
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| CASE NUMBER: | | 08-45664 | | |
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| JUDGE: LYNN | | |
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DIVISION 6
MONTHLY OPERATING REPORT
MONTHLY PERIOD: October 25, 2009 to November 28, 2009
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
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| RESPONSIBLE PARTY: | | | | |
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/s/ William Snyder | | | | Chief Restructuring Officer |
| ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | | | | TITLE |
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William Snyder | | | | December 9, 2009 |
| PRINTED NAME OF RESPONSIBLE PARTY | | | | DATE |
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| PREPARER: | | | | |
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/s/ Gary D. Tucker | | | | Senior Vice President Corporate Controller |
| ORIGINAL SIGNATURE OF PREPARER | | | | TITLE |
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Gary D. Tucker | | | | December 9, 2009 |
| PRINTED NAME OF PREPARER | | | | DATE |
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| | | | Monthly Operating Report |
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| CASE NAME: Pilgrim’s Pride Corporation | | General Notes |
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| CASE NUMBER: 08-45664 | | | | |
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| | | | MONTH: | | 10/25/09 to 11/28/09 |
General Notes
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| 1-1 | | The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on the information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This Monthly Operating Report (“MOR”) is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report. |
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| 1-2 | | This MOR is not prepared in accordance with U.S. generally accepted accounting principles (GAAP). This MOR should be read in conjunction with the previously filed financial statements and accompanying notes in the Company’s annual and quarterly reports that are filed with the United States Securities and Exchange Commission. Certain exceptions as listed below are not exhaustive of all non-GAAP compliance: • The financial statements are unaudited and will not be subject to audit or review by the Company’s external auditors at any time in the future and are subject to change. • The MOR does not reflect normal quarterly adjustments that are generally recorded by the Company upon review of major accounts prior to the end of each quarterly accounting period. • Certain items presented in this MOR are under research and may be accounted for differently in future monthly reports. • The MOR does not include explanatory footnotes such as disclosures required under GAAP. • The MOR is not presented in a GAAP-based SEC reporting format. |
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| 1-3 | | The monthly period ends on November 28, 2009 to correspond with Pilgrim’s Pride Corporation’s fiscal month end. |
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| 1-4 | | This MOR has been filed on a consolidated basis for Pilgrim’s Pride Corporation, Case No. 08-45664, PFS Distribution Company, Case No. 08-45661, PPC Transportation Company, Case No. 08-45665, To-Ricos, Ltd., Case No. 08-45669, To-Ricos Distribution, Ltd., Case No. 08-45670, Pilgrim’s Pride Corporation of West Virginia, Inc., Case No. 08-45673, and PPC Marketing, Ltd., Case No. 08-45676 (collectively, the “Debtors”). The Debtors use a centralized cash management system. See the Cash Management Order entered 12/03/08 for a full description of the Debtors’ cash management system. On December 1, 2008 (the “Petition Date”), the Debtors each filed a voluntary petition with the Bankruptcy Court for reorganization relief under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. (the “Bankruptcy Code”). The cases were consolidated for procedural purposes only under Case No. 08-45664. For financial reporting purposes, the Debtors generally prepare consolidated financial statements, which include financial information for all subsidiaries and affiliates (including the Debtors, the “Company”). Separate Schedules and Statements were filed for each of the Debtors on January 26, 2009; however, all amounts shown in the “schedule amounts” column remain subject to change. Each Debtor’s Schedules and Statements were prepared using the assets and liabilities of that Debtor pursuant to the Debtor’s accounting records. For purposes of this MOR, however, the financial statements are presented as consolidated. |
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| 1-5 | | The value of the assets listed on Schedule A for each debtor was based on an appraisal, if available, or book value if an appraisal was not available. However, for purposes of the balance sheet, the book values were used. Therefore, there is an adjustment in the real property values listed between “schedule amount” and the balance sheet amount. |
| | | | | | |
| | | | Monthly Operating Report |
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| CASE NAME: Pilgrim’s Pride Corporation | | ACCRUAL BASIS-1 |
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| CASE NUMBER: 08-45664 | | | | MONTH: | | 10/25/09 to 11/28/09 |
COMPARATIVE BALANCE SHEET
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| | | SCHEDULE
AMOUNT | | 24-Oct-09 | | | 28-Nov-09 | | | 27-Dec-09 |
ASSETS | | | | | | | | | | | | | |
1 | | UNRESTRICTED CASH | | $ | 21,544,687 | | $ | 224,882,684 | | | $ | 225,457,026 | | | |
2 | | RESTRICTED CASH | | | | | | | | | | | | | |
3 | | TOTAL CASH1 | | $ | 21,544,687 | | $ | 224,882,684 | | | $ | 225,457,026 | | | |
| | | | | | | | | | | | | | | |
4 | | ACCOUNTS RECEIVABLE | | $ | 311,847,778 | | $ | 267,966,796 | | | $ | 241,569,683 | | | |
5 | | INTERCOMPANY ACCOUNTS RECEIVABLE2 | | | | | $ | 32,708,082 | | | $ | 34,049,681 | | | |
6 | | INVENTORY | | $ | 777,704,878 | | $ | 677,817,662 | | | $ | 685,179,271 | | | |
7 | | NOTES RECEIVABLE | | | | | | | | | | | | | |
8 | | PREPAID EXPENSES | | $ | 10,327,765 | | $ | 12,327,840 | | | $ | 7,541,567 | | | |
9 | | OTHER (ATTACH LIST) | | | | | | | | | | | | | |
10 | | TOTAL CURRENT ASSETS | | $ | 1,121,425,108 | | $ | 1,215,703,064 | | | $ | 1,193,797,228 | | | |
| | | | | | | | | | | | | | | |
11 | | PROPERTY, PLANT & EQUIPMENT | | $ | 617,749,290 | | $ | 1,309,204,540 | | | $ | 1,312,632,457 | | | |
12 | | LESS: ACCUMULATED DEPRECIATION / DEPLETION | | | | | $ | 808,648,928 | | | $ | 823,900,085 | | | |
13 | | NET PROPERTY, PLANT & EQUIPMENT | | $ | 617,749,290 | | $ | 500,555,612 | | | $ | 488,732,372 | | | |
| | | | | | | | | | | | | | | |
14 | | DUE FROM INSIDERS | | | | | | | | | | | | | |
15 | | OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) | | | | | | | | | | | | | |
16 | | OTHER (ATTACH LIST) | | $ | 1,158,613,500 | | $ | 1,158,606,909 | | | $ | 1,212,023,635 | | | |
17 | | TOTAL ASSETS | | $ | 2,897,787,898 | | $ | 2,874,865,584 | | | $ | 2,894,553,235 | | | |
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POSTPETITION LIABILITIES | | | | | | | | | | | | | |
18 | | ACCRUED EXPENSES3 | | | | | | | | | | | | | |
19 | | TAXES PAYABLE | | | | | $ | 22,888,386 | | | $ | 27,478,650 | | | |
20 | | NOTES PAYABLE (DIP FINANCING) | | | | | $ | 0 | | | $ | 0 | | | |
21 | | PROFESSIONAL FEES (ACCRUED EST) | | | | | $ | 10,490,000 | | | $ | 7,880,000 | | | |
22 | | SECURED DEBT (ACCRUED INT) | | | | | $ | 27,956,854 | | | $ | 34,568,853 | | | |
23 | | OTHER (ATTACH LIST) | | | | | $ | 136,550,635 | | | $ | 126,546,711 | | | |
24 | | TOTAL POSTPETITION LIABILITIES | | | | | $ | 197,885,876 | | | $ | 196,474,215 | | | |
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PREPETITION LIABILITIES | | | | | | | | | | | | | |
25 | | SECURED DEBT4 | | $ | 1,437,193,843 | | $ | 1,363,669,194 | | | $ | 1,394,969,194 | | | |
26 | | PRIORITY DEBT5 | | $ | 6,780,266 | | $ | 283,775 | | | $ | 283,775 | | | |
27 | | UNSECURED DEBT5 | | $ | 922,357,077 | | $ | 830,456,016 | | | $ | 831,266,926 | | | |
28 | | OTHER (ATTACH LIST)6 | | | | | $ | 565,559,144 | | | $ | 572,900,785 | | | |
29 | | TOTAL PREPETITION LIABILITIES | | $ | 2,366,331,186 | | $ | 2,759,968,129 | | | $ | 2,799,420,680 | | | |
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30 | | TOTAL LIABILITIES | | $ | 2,366,331,186 | | $ | 2,957,854,005 | | | $ | 2,995,894,895 | | | |
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EQUITY | | | | | | | | | | | | | |
31 | | PREPETITION OWNERS’ EQUITY7 | | $ | 531,456,712 | | $ | 531,687,077 | | | $ | 531,687,077 | | | |
32 | | POSTPETITION CUMULATIVE PROFIT OR (LOSS)8 | | | | | $ | (10,796,069 | ) | | $ | (28,640,147 | ) | | |
33 | | DIRECT CHARGES TO EQUITY9 | | | | | $ | (603,879,428 | ) | | $ | (604,388,589 | ) | | |
34 | | TOTAL EQUITY | | $ | 531,456,712 | | $ | (82,988,420 | ) | | $ | (101,341,660 | ) | | |
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35 | | TOTAL LIABILITIES & OWNERS’ EQUITY | | $ | 2,897,787,898 | | $ | 2,874,865,584 | | | $ | 2,894,553,235 | | | |
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Footnotes:
| 1. | Total Cash is based on the unaudited balance sheet for the debtor entities. Amount will not tie to ending cash presented in Accrual Basis-3, see footnote 1 on Accrual Basis-3 for explanation. |
| 2. | Schedule amounts do not include Intercompany Accounts Receivable. |
| 3. | See Line Item 28 and Accrual Basis-1 Attachment for accrued expenses. |
| 4. | The Schedule Amount includes Letters of Credit which are not included on the balance sheet and have been removed for presentation in the MOR. Prepetition secured debt increased due to draws on various letters of credit, which increased the BMO prepetition revolver. |
| 5. | Pursuant to various “first day” orders of the Bankruptcy Court, certain priority debt and unsecured debt payments were made. |
| 6. | Other prepetition liabilities include accruals from pre- and post-petition periods. |
| 7. | Scheduled Amount adjusted to reflect amendments to the schedules. |
| 8. | Includes prior period and quarterly adjustments, which may have occurred subsequent to the filing of previous monthly operating reports. |
| 9. | The Direct Charges to Equity is an adjustment for liabilities and assets (accrued expenses, intercompany accounts payable, and others) not reflected in the prepetition scheduled amounts. |
| | | | | | |
| | | | | | Monthly Operating Report |
| | |
| CASE NAME: Pilgrim’s Pride Corporation | | | | ACCRUAL BASIS-1 |
| CASE NUMBER: 08-45664 (JOINTLY ADMINISTERED) | | | | Attachment |
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| | | | | SCHEDULE
AMOUNT | | November 28,
2009 |
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| 8 | | Prepaid Expenses | | | | |
| | Prepaid Insurance | | 475,615 | | 4,010,720 |
| | Prepaid Commodity Futures | | 1,664,158 | | 3,571 |
| | Prepaid Legal Services | | 5,491,523 | | 459,039 |
| | Prepaid - Other | | 2,068,363 | | 913,439 |
| | Security Deposits | | 628,107 | | 2,154,799 |
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| | Total Prepaid Expenses | | 10,327,765 | | 7,541,567 |
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| 16 | | Other Assets | | | | |
| | Real Property Assets (See General Note 1-5) | | 748,045,207 | | 786,141,133 |
| | Equipment Sold: Awaiting Sale Proceeds | | 2,147,191 | | 0 |
| | Income Taxes Receivable | | 16,240,997 | | 16,109,696 |
| | Interests in Insurance Policies | | 7,703,508 | | 0 |
| | Interests in Pension/Profit Sharing Plans | | 20,081,572 | | 21,183,958 |
| | Stock and Interests in Businesses | | 181,753,661 | | 179,252,614 |
| | Property Investment | | 3,252,736 | | 3,252,736 |
| | Investment in Loan Costs | | 23,021,185 | | 21,124,956 |
| | Assets Held for Sale | | 17,457,627 | | 1,278,038 |
| | Deferred Tax Asset | | 13,919,980 | | (22,808,893) |
| | Buildings/Equipment under Construction | | 59,335,632 | | 86,702,249 |
| | General Intangibles | | 65,654,205 | | 55,470,819 |
| | Utility Deposits | | | | 14,681,331 |
| | Other Assets | | | | 49,635,000 |
| | | | | | |
| | Total Other Assets | | 1,158,613,500 | | 1,212,023,635 |
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| 23 | | Other Postpetition Liabilities | | | | |
| | Estimated Postpetition Accounts Payable | | | | 126,546,711 |
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| | Total Postpetition Liabilities | | | | 126,546,711 |
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| 28 | | Other Prepetition Liabilities | | | | |
| | Accrued Expenses (Includes Prepetition and Postpetition) | | | | 274,701,073 |
| | Deferred Federal Income Taxes | | | | 13,029,415 |
| | Other Income Tax | | | | 25,119,250 |
| | Accrued PPC Pension | | | | 6,321,898 |
| | Accrued Sal-Retirement/Pension | | | | 66,973,422 |
| | Minority Interest | | | | 694,796 |
| | Unfavorable Lease Contract | | | | 866,134 |
| | Deferred Intercompany Gain | | | | 155,000,000 |
| | Miscellaneous - Other | | | | 30,194,796 |
| | | | | | |
| | Total Other Prepetition Liabilities | | | | 572,900,785 |
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| | | | | | |
| | | | Monthly Operating Report |
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| CASE NAME: Pilgrim’s Pride Corporation | | ACCRUAL BASIS-1 |
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| CASE NUMBER: 08-45664 | | | | MONTH: | | 10/25/09 to 11/28/09 |
INCOME STATEMENT1
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| | | 24-Oct-09 | | | 28-Nov-09 | | | 27-Dec-09 | | QUARTER
TOTAL | |
REVENUES | | | | | | | | | | | | | | |
1 | | GROSS REVENUE | | $ | 468,558,279 | | | $ | 551,167,926 | | | | | $ | 1,019,726,205 | |
2 | | LESS: RETURNS & DISCOUNTS | | $ | 8,610,912 | | | $ | 8,721,694 | | | | | $ | 17,332,606 | |
3 | | NET REVENUE | | $ | 459,947,367 | | | $ | 542,446,232 | | | | | $ | 1,002,393,599 | |
COST OF GOODS SOLD | | | | | | | | | | | | | | |
4 | | COST OF GOODS SOLD | | $ | 430,752,269 | | | $ | 509,734,619 | | | | | $ | 940,486,888 | |
5 | | TOTAL COST OF GOODS SOLD | | $ | 430,752,269 | | | $ | 509,734,619 | | | | | $ | 940,486,888 | |
| | | | | | | | | | | | | | | | |
6 | | GROSS PROFIT | | $ | 29,195,098 | | | $ | 32,711,613 | | | | | $ | 61,906,711 | |
OPERATING EXPENSES | | | | | | | | | | | | | | |
7 | | OFFICER / INSIDER COMPENSATION | | $ | 512,757 | | | $ | 661,009 | | | | | $ | 1,173,766 | |
8 | | GENERAL & ADMINISTRATIVE | | $ | 21,796,677 | | | $ | 28,446,523 | | | | | $ | 50,243,200 | |
9 | | OTHER | | $ | 12,318 | | | $ | (52,982 | ) | | | | $ | (40,664 | ) |
| | | | | | | | | | | | | | | | |
10 | | TOTAL OPERATING EXPENSES | | $ | 22,321,753 | | | $ | 29,054,550 | | | | | $ | 51,376,302 | |
| | | | | | | | | | | | | | | | |
11 | | INCOME BEFORE NON-OPERATING INCOME & EXPENSE | | $ | 6,873,345 | | | $ | 3,657,063 | | | | | $ | 10,530,409 | |
OTHER INCOME & EXPENSES | | | | | | | | | | | | | | |
12 | | FINANCING EXPENSES | | $ | 12,016,042 | | | $ | 13,302,809 | | | | | $ | 25,318,851 | |
13 | | OTHER | | $ | 667,232 | | | $ | 810,756 | | | | | $ | 1,477,988 | |
REORGANIZATION EXPENSES | | | | | | | | | | | | | | |
14 | | PROFESSIONAL FEES | | $ | 4,625,000 | | | $ | 4,495,750 | | | | | $ | 9,120,750 | |
15 | | U.S. TRUSTEE FEES | | $ | 0 | | | $ | 129,250 | | | | | $ | 129,250 | |
16 | | OTHER REORGANIZATION ITEMS2 | | $ | 2,625,979 | | | $ | 633,304 | | | | | $ | 3,259,283 | |
17 | | TOTAL REORGANIZATION EXPENSES | | $ | 7,250,979 | | | $ | 5,258,304 | | | | | $ | 12,509,283 | |
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18 | | INCOME TAX | | $ | 10,745 | | | $ | 11,265 | | | | | $ | 22,010 | |
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19 | | NET PROFIT (LOSS) | | $ | (13,071,654 | ) | | $ | (15,726,070 | ) | | | | $ | (28,797,724 | ) |
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Footnotes:
| 1. | The Income Statement includes debtor entities only. |
| 2. | Other Reorganization Items include severance and other miscellaneous items. |
| | | | | | |
| | | | Monthly Operating Report |
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| CASE NAME: Pilgrim’s Pride Corporation | | ACCRUAL BASIS-3 |
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| CASE NUMBER: 08-45664 | | | | MONTH: | | 10/25/09 to 11/28/09 |
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CASH RECEIPTS AND DISBURSEMENTS1 | | 24-Oct-09 | | 28-Nov-09 | | | 27-Dec-09 | | QUARTER
TOTAL |
| 1 | | CASH - BEGINNING OF MONTH2 | | $ | 201,960,991 | | $ | 235,221,382 | | | | | $ | 201,960,991 |
| RECEIPTS FROM OPERATIONS | | | | | | | | | | | | |
| 2 | | CASH SALES | | | | | | | | | | | | |
| COLLECTION OF ACCOUNTS RECEIVABLE | | | | | | | | | | | | |
| 3 | | TOTAL OPERATING RECEIPTS | | $ | 478,357,180 | | $ | 570,902,600 | | | | | $ | 1,049,259,780 |
| | NON - OPERATING RECEIPTS | | | | | | | | | | | | |
| 4 | | LOANS & ADVANCES | | $ | 0 | | $ | 0 | | | | | $ | 0 |
| 5 | | OTHER3 | | $ | 3,661,000 | | $ | 5,071,632 | | | | | $ | 8,732,632 |
| 6 | | TOTAL NON-OPERATING RECEIPTS | | $ | 3,661,000 | | $ | 5,071,632 | | | | | $ | 8,732,632 |
| | | | | | | | | | | | | | |
| 7 | | TOTAL RECEIPTS | | $ | 482,018,180 | | $ | 575,974,232 | | | | | $ | 1,057,992,412 |
| | | | | | | | | | | | | | |
| 8 | | TOTAL CASH AVAILABLE | | $ | 683,979,171 | | $ | 811,195,614 | | | | | $ | 1,259,953,403 |
| OPERATING DISBURSEMENTS | | | | | | | | | | | | |
| 9 | | CUSTOMER PROGRAMS | | $ | 8,304,572 | | $ | 6,555,267 | | | | | $ | 14,859,839 |
| 10 | | GROWING AND FEEDING4 | | $ | 195,519,166 | | $ | 235,053,967 | | | | | $ | 430,573,133 |
| 11 | | CONTRACTORS, REPAIR AND MAINTENANCE | | $ | 15,852,204 | | $ | 20,510,102 | | | | | $ | 36,362,307 |
| 12 | | FLEET AND FREIGHT | | $ | 27,017,348 | | $ | 34,043,123 | | | | | $ | 61,060,472 |
| 13 | | GENERAL INSURANCE5 | | $ | 3,289,021 | | $ | 6,134,300 | | | | | $ | 9,423,321 |
| 14 | | LEASES/RENTALS | | $ | 2,906,093 | | $ | 5,158,066 | | | | | $ | 8,064,159 |
| 15 | | MEAT/FOOD | | $ | 14,416,569 | | $ | 19,155,513 | | | | | $ | 33,572,083 |
| 16 | | PACKAGING/INGREDIENTS | | $ | 36,992,879 | | $ | 45,957,137 | | | | | $ | 82,950,016 |
| 18 | | GROSS PAYROLL6 | | $ | 97,557,647 | | $ | 121,391,860 | | | | | $ | 218,949,507 |
| 20 | | UTILITIES | | $ | 15,345,916 | | $ | 17,853,036 | | | | | $ | 33,198,951 |
| 21 | | OTHER | | $ | 27,494,565 | | $ | 29,361,198 | | | | | $ | 56,855,763 |
| 22 | | CAPITAL EXPENDITURE | | $ | 5,416,147 | | $ | 13,250,989 | | | | | $ | 18,667,136 |
| 23 | | TOTAL OPERATING DISBURSEMENTS | | $ | 450,112,127 | | $ | 554,424,559 | | | | | $ | 1,004,536,686 |
| REORGANIZATION EXPENSES | | | | | | | | | | | | |
| 23 | | PROFESSIONAL FEES | | $ | 4,365,162 | | $ | 5,027,420 | | | | | $ | 9,392,582 |
| 24 | | U.S. TRUSTEE FEES | | $ | 0 | | $ | 129,250 | | | | | $ | 129,250 |
| 25 | | OTHER REORGANIZATION7 | | $ | 14,898,920 | | $ | 4,209,308 | | | | | $ | 19,108,228 |
| 26 | | TOTAL REORGANIZATION EXPENSES | | $ | 19,264,082 | | $ | 9,365,978 | | | | | $ | 28,630,060 |
| | | | | | | | | | | | | | |
| 27 | | TOTAL DISBURSEMENTS | | $ | 469,376,209 | | $ | 563,790,537 | | | | | $ | 1,033,166,746 |
| | | | | | | | | | | | | | |
| 28 | | NET CASH FLOW | | $ | 12,641,971 | | $ | 12,183,695 | | | | | $ | 24,825,666 |
| | | | | | | | | | | | | | |
| 29 | | CHANGES IN CASH MANAGEMENT OBLIGATIONS8 | | $ | 20,618,420 | | $ | (13,066,720 | ) | | | | $ | 7,551,700 |
| | | | | | | | | | | | | | |
| 30 | | CASH - END OF MONTH2 | | $ | 235,221,382 | | $ | 234,338,357 | | | | | $ | 234,338,357 |
| | | | | | | | | | | | | | |
Footnotes:
| 1. | Cash Receipts and Disbursements represent consolidated U.S. Operations of Pilgrim’s Pride Corporation, which includes debtor and non-debtor entities. |
| 2. | Beginning and ending cash balances are based on the unaudited balance sheet for U.S. Operations of Pilgrim’s Pride Corporation. |
| 3. | Other receipts include $1 million related to non-core asset sale, $1.5 million related to a legal settlement and $2.6 million for insurance recovery reimbursement. |
| 4. | Growing and Feeding disbursements include: grain/feed ingredients, live op/pullets and grower pay. |
| 5. | Insurance disbursements reflect general liability, workers’ compensation and auto liability insurance. |
| 6. | Gross payroll includes net payroll, payroll taxes, unemployment taxes, garnishment and medical claim payment. |
| 7. | Other reorganization disbursements in Fiscal Month November 2009 include: |
- DIP unused facility fee = $151k
- Adequate protection payment to CoBank = $1.5 million
- Adequate protection payment to BMO = $18K
- Grower settlement = $2.5 million
| 8. | Changes in cash management obligations reflect accrual basis cash flow statement adjustments. |
| | | | | | |
| | | | Monthly Operating Report |
| |
| CASE NAME: Pilgrim’s Pride Corporation | | Disbursements by Debtor |
| | | |
| CASE NUMBER: 08-45664 | | | | MONTH: | | 10/25/09 to 11/28/09 |
Disbursement by Debtor1, 2
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Debtor | | Case Number | | 24-Oct-09 | | 28-Nov-09 | | 27-Dec-09 | | Quarter Total |
Pilgrim’s Pride Corporation | | 08-45664 | | 436,907,269 | | 520,228,890 | | | | 957,136,159 |
PPC Marketing, Ltd. | | 08-45676 | | 200,434 | | 469,088 | | | | 669,522 |
PFS Distribution Company | | 08-45661 | | 7,948,044 | | 11,075,627 | | | | 19,023,671 |
To-Ricos, Ltd. | | 08-45669 | | 3,352,680 | | 3,675,793 | | | | 7,028,473 |
PPC of West Virginia, Inc. | | 08-45673 | | 14,385,485 | | 19,249,216 | | | | 33,634,701 |
PPC Transportation Company | | 08-45665 | | 5,316,599 | | 7,452,382 | | | | 12,768,981 |
To-Ricos Distribution, Ltd. | | 08-45670 | | 608,626 | | 751,300 | | | | 1,359,926 |
| | | | | | | | | | |
| | | | 468,719,137 | | 562,902,296 | | | | 1,031,621,433 |
| | | | | | | | | | |
Footnotes:
| 1. | Pilgrim’s Pride’s Cash Management system disburses payments on a consolidated level (see Court order authorizing continued use of the existing centralized cash management system entered on December 3, 2008). In order to calculate the amount of disbursements made by each debtor, the payments applied through accounts payable were calculated for each debtor. In addition, payments that were not issued through accounts payable were added for each company, such as: payroll, wires, and other disbursements. Miscellaneous other disbursements were allocated on a percentage basis among the debtors. |
| 2. | Total Disbursements will not tie to the amount presented on Accrual Basis-3 because this schedule only includes debtor entities (see footnote 1 on Accrual Basis-3). |
| | | | |
| | | | Monthly Operating Report |
| | |
| CASE NAME: Pilgrim’s Pride Corporation | | | | ACCRUAL BASIS-4 |
| | |
| CASE NUMBER: 08-45664 | | MONTH: | | 10/25/09 to 11/28/09 |
| | | | | | | | | | | | | |
TRADE ACCOUNTS RECEIVABLE AGING | | SCHEDULE
AMOUNT | | 24-Oct-09 | | 28-Nov-09 | | 27-Dec-09 |
1. 0-30 | | | | | $ | 268,374,846 | | $ | 242,577,530 | | |
2. 31-60 | | | | | $ | 4,384,864 | | $ | 6,054,268 | | |
3. 61-90 | | | | | $ | 1,002,580 | | $ | 719,229 | | |
4. 91+ | | | | | $ | 2,370,281 | | $ | 3,083,455 | | |
| | | | | | | | | | | | | |
5. TRADE ACCOUNTS RECEIVABLE | | | | | $ | 276,132,572 | | $ | 252,434,482 | | |
6. AMOUNT CONSIDERED UNCOLLECTIBLE | | | | | $ | 2,881,412 | | $ | 2,537,724 | | |
| | | | | | | | | | | | | |
7. TRADE ACCOUNTS RECEIVABLE (NET)1 | | $ | 311,847,778 | | $ | 273,251,160 | | $ | 249,896,757 | | |
| | | | | | | | | | | | | |
| | | | | | | | | | |
| AGING OF POSTPETITION TAXES AND PAYABLES | | MONTH: | | 10/25/09 to 11/28/09 |
| | | | | | | | | | | | | | |
TAXES PAYABLE | | 0-30
DAYS | | 31-60
DAYS | | 61-90
DAYS | | 91+
DAYS | | TOTAL |
1. FEDERAL | | $ | 7,679,811 | | | | | | | | $ | 7,679,811 |
2. STATE & LOCAL | | $ | 19,798,839 | | | | | | | | $ | 19,798,839 |
3 OTHER (ATTACH LIST) | | $ | 0 | | | | | | | | $ | 0 |
| | | | | | | | | | | | | | |
4 TOTAL TAXES PAYABLE | | $ | 27,478,650 | | | | | | | | $ | 27,478,650 |
| | | | | | | | | | | | | | |
| | | | | |
5 ACCOUNTS PAYABLE2 | | $ | 126,546,711 | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | |
| STATUS OF POSTPETITION TAXES | | MONTH: | | 10/25/09 to 11/28/09 |
| | | | | | | | | | | | | | | |
| | | BEGINNING
TAX
LIABILITY* | | AMOUNT
WITHHELD AND/
OR ACCRUED | | AMOUNT
PAID | | | ENDING
TAX
LIABILITY |
FEDERAL | | | | | | | | | | | | | |
1. WITHHOLDING | | $ | 1,231,294 | | $ | 6,035,835 | | $ | (5,045,017 | ) | | $ | 2,222,112 |
2. FICA-EMPLOYEE | | $ | 1,417,418 | | $ | 7,043,100 | | $ | (5,806,419 | ) | | $ | 2,654,099 |
3. FICA-EMPLOYER | | $ | 1,417,418 | | $ | 7,043,100 | | $ | (5,806,419 | ) | | $ | 2,654,099 |
4. UNEMPLOYMENT | | $ | 73,328 | | $ | 76,173 | | $ | 0 | | | $ | 149,501 |
5. INCOME | | $ | 0 | | $ | 0 | | $ | 0 | | | $ | 0 |
6. OTHER (ATTACH LIST) | | $ | 0 | | $ | 0 | | $ | 0 | | | $ | 0 |
| | | | | | | | | | | | | | | |
7. TOTAL FEDERAL TAXES | | $ | 4,139,457 | | $ | 20,198,209 | | $ | (16,657,854 | ) | | $ | 7,679,811 |
| | | | | | | | | | | | | | | |
STATE AND LOCAL | | | | | | | | | | | | | | | |
8. WITHHOLDING | | $ | 1,322,612 | | $ | 2,324,047 | | $ | (2,254,758 | ) | | $ | 1,391,902 |
9. SALES | | $ | 597,977 | | $ | 632,255 | | $ | (517,270 | ) | | $ | 712,962 |
10. EXCISE | | $ | 6,900 | | $ | 6,900 | | $ | (6,900 | ) | | $ | 6,900 |
11. UNEMPLOYMENT | | $ | 141,500 | | $ | 136,266 | | $ | (322 | ) | | $ | 277,443 |
12. REAL PROPERTY | | $ | 7,361,103 | | $ | 830,270 | | $ | (593,473 | ) | | $ | 7,597,900 |
13. PERSONAL PROPERTY | | $ | 8,609,950 | | $ | 902,871 | | $ | (483,284 | ) | | $ | 9,029,537 |
14. FRANCHISE | | $ | 195,666 | | $ | 39,958 | | $ | (33,000 | ) | | $ | 202,624 |
15. INCOME | | $ | 513,221 | | $ | 66,350 | | $ | 0 | | | $ | 579,571 |
16 OTHER (ATTACH LIST) | | $ | 0 | | $ | 0 | | $ | 0 | | | $ | 0 |
17 TOTAL STATE & LOCAL | | $ | 18,748,929 | | $ | 4,938,917 | | $ | (3,889,007 | ) | | $ | 19,798,839 |
| | | | | | | | | | | | | | | |
16. TOTAL TAXES | | $ | 22,888,386 | | $ | 25,137,126 | | $ | (20,546,861 | ) | | $ | 27,478,650 |
| | | | | | | | | | | | | | | |
| * | The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. |
Footnotes:
| 1. | Amount will not tie to accounts receivable presented on balance sheet, as only certain trade receivable accounts are aged. |
| 2. | Due to the methodology used in determining the estimated postpetition accounts payable, this amount cannot be aged into the respective aging buckets. |
| | | | |
| | | | Monthly Operating Report |
| | |
| CASE NAME: Pilgrim’s Pride Corporation | | | | ACCRUAL BASIS-5 |
| | |
| CASE NUMBER: 08-45664 | | MONTH: | | 10/25/09 to 11/28/09 |
The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
| | | | |
| | |
| | MONTH: | | 10/25/09 to 11/28/09 |
| | | | | | | | | | |
| | | | |
BANK RECONCILIATIONS1 | | Account #1 | | Account #2 | | Account #3 | | |
A. BANK: | | | | | | | | |
B. ACCOUNT NUMBER: | | | | | | | | TOTAL |
C. PURPOSE (TYPE): | | | | | | | | |
1. BALANCE PER BANK STATEMENT | | | | | | | | |
2. ADD: TOTAL DEPOSITS NOT CREDITED | | | | | | | | |
3. SUBTRACT: OUTSTANDING CHECKS | | | | | | | | |
4. OTHER RECONCILING ITEMS | | | | | | | | |
5. MONTH END BALANCE PER BOOKS | | | | | | | | |
6. NUMBER OF LAST CHECK WRITTEN | | | | | | | | |
| | | | |
| INVESTMENT ACCOUNTS1 | | | | | | | | |
BANK, ACCOUNT NAME & NUMBER | | DATE OF
PURCHASE | | TYPE OF
INSTRUMENT | | PURCHASE
PRICE | | CURRENT
VALUE |
| 7. | | | | | | | | |
| 8. | | | | | | | | |
| 9. | | | | | | | | |
| 10. | | | | | | | | |
11. TOTAL INVESTMENTS | | | | | | | | |
| | | | |
| CASH | | | | | | | | |
| | | | |
12. CURRENCY ON HAND | | | | | | | | |
| | | | |
13. TOTAL CASH - END OF MONTH | | | | | | | | |
Footnote:
| 1. | Because of the voluminous nature of the bank and investment account reconciliations, they are not attached to the MOR, but are available upon request from the Debtors. |
| | | | |
| | | | Monthly Operating Report |
| | |
| CASE NAME: Pilgrim’s Pride Corporation | | | | ACCRUAL BASIS-6 |
| | |
| CASE NUMBER: 08-45664 | | MONTH: | | 10/25/09 to 11/28/09 |
PAYMENTS TO INSIDERS AND PROFESSIONALS
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS
| | | | | | | | | | |
NAME | | TYPE OF
PAYMENT | | AMOUNT
PAID | | TOTAL PAID
TO DATE |
| 1. | | See Attachment for Insider Payments | | | | | | | | |
| 2. | | | | | | | | | | |
| 3. | | | | | | | | | | |
| 4. | | | | | | | | | | |
| 5. | | | | | | | | | | |
| 6. | | TOTAL PAYMENTS TO INSIDERS | | | | $ | 661,009 | | $ | 11,240,225 |
| | | | | | | | | | |
PROFESSIONALS
| | | | | | | | | | | | | | | |
NAME | | DATE OF COURT ORDER AUTHORIZING
PAYMENT | | AMOUNT
APPROVED | | AMOUNT
PAID | | TOTAL PAID
TO DATE | | ESTIMATED
INCURRED
& UNPAID * |
| 1. | | CRG Partners | | 2/9/2009 | | | | $ | 478,365 | | $ | 6,346,136 | | $ | 300,000 |
| 2. | | Kurtzman Carson Consultants | | 12/31/2008 | | | | $ | 0 | | $ | 1,879,295 | | $ | 250,000 |
| 3. | | Baker & McKenzie | | 12/31/2008 | | | | $ | 1,808,224 | | $ | 8,611,029 | | $ | 2,300,000 |
| 4. | | Weil, Gotshal & Manges LLP | | 12/31/2008 | | | | $ | 459,010 | | $ | 5,610,559 | | $ | 1,000,000 |
| 5. | | Lazard, Freres, & Co. LLC | | 1/14/2009 | | | | $ | 0 | | $ | 1,573,719 | | $ | 1,050,000 |
| 6. | | Alvarez & Marsal | | 12/3/2008 (DIP Order) | | | | $ | 191,597 | | $ | 2,017,915 | | $ | 150,000 |
| 7. | | FTI Consulting | | 12/3/2008 (DIP Order) | | | | $ | 20,413 | | $ | 1,294,463 | | $ | 75,000 |
| 8. | | Fullbright & Jaworski | | 12/3/2008 (DIP Order) | | | | $ | 49,425 | | $ | 1,148,878 | | $ | 100,000 |
| 9. | | Morgan, Lewis & Bockius | | 12/3/2008 (DIP Order) | | | | $ | 0 | | $ | 115,114 | | $ | 10,000 |
| 10. | | Chapman & Cutler | | 12/3/2008 (DIP Order) | | | | $ | 0 | | $ | 739,575 | | $ | 75,000 |
| 11. | | Andrews Kurth LLP | | 1/12/2009 | | | | $ | 676,628 | | $ | 4,311,649 | | $ | 500,000 |
| 12. | | Moelis & Company LLC | | 2/3/2009 | | | | $ | 148,612 | | $ | 1,668,283 | | $ | 250,000 |
| 13. | | Campbell, Killian, Brittian & Ray | | 12/3/2008 (DIP Order) | | | | $ | 0 | | $ | 63,151 | | $ | — |
| 14. | | Carrington Coleman | | 12/3/2008 (DIP Order) | | | | $ | 33,072 | | $ | 406,135 | | $ | 75,000 |
| 15. | | Holland & Hart | | 12/3/2008 (DIP Order) | | | | $ | 0 | | $ | 543 | | $ | — |
| 16. | | OakTree | | 1/12/2009 | | | | $ | 0 | | $ | 888 | | $ | — |
| 17. | | Haynes & Boone LLP | | 12/3/2008 (DIP Order) | | | | $ | 0 | | $ | 137,878 | | $ | 5,000 |
| 18. | | Gardere Wynne Sewell LLP | | 1/28/2009 | | | | $ | 121,413 | | $ | 254,709 | | $ | 75,000 |
| 19. | | Lakeshore Food Advisors | | 8/19/2009 | | | | $ | 0 | | $ | 125,000 | | $ | — |
| 20. | | Nancy Rapoport & Committee Fees | | 4/28/2009 | | | | $ | 21,303 | | $ | 141,052 | | $ | 25,000 |
| 21. | | Brown Rudnick LLP | | 8/31/2009 | | | | $ | 737,465 | | $ | 737,465 | | $ | 500,000 |
| 22. | | Kelly Hart & Hallman LLP | | 8/7/2009 | | | | $ | 5,240 | | $ | 40,628 | | $ | 50,000 |
| 23. | | Houlihan, Lokey, Howard, & Zukin Capital, Inc. | | 10/27/2009 | | | | $ | 0 | | $ | 0 | | $ | 500,000 |
| 24. | | Stutzman, Bromberg, Esserman & Plifka | | 3/25/2009 | | | | $ | 7,676 | | $ | 123,770 | | $ | 15,000 |
| 25. | | Mayer Brown LLP | | 8/11/2009 | | | | $ | 0 | | $ | 737,390 | | $ | 300,000 |
| 26. | | Accuval | | 8/11/2009 | | | | $ | 0 | | $ | 218,942 | | $ | — |
| 27. | | Integrity Management Services | | 8/11/2009 | | | | $ | 68,977 | | $ | 237,432 | | $ | 75,000 |
| 28. | | Bryan Carrell Appraisal | | 8/11/2009 | | | | $ | 200,000 | | $ | 200,000 | | $ | 200,000 |
| 29 | | TOTAL PAYMENTS TO PROFESSIONALS | | | | | | $ | 5,027,420 | | $ | 38,741,597 | | $ | 7,880,000 |
| | | | | | | | | | | | | | | |
| * | INCLUDE ALL ESTIMATED FEES INCURRED OR ACCRUED, BOTH APPROVED AND UNAPPROVED |
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
| | | | | | | | | | | |
NAME OF CREDITOR | | SCHEDULED
MONTHLY
PAYMENTS
DUE | | AMOUNTS
PAID
DURING
MONTH | | TOTAL
UNPAID
POSTPETITION |
| 1. | | Bank of Montreal - DIP Payment | | $ | 150,694 | | $ | 150,694 | | $ | 0 |
| 2. | | CoBank - Adequate Protection payment | | $ | 1,527,058 | | $ | 1,527,058 | | $ | 0 |
| 3. | | Bank of Montreal - Adequate Protection payment | | $ | 18,260 | | $ | 18,260 | | $ | 0 |
| 4. | | See Leases Payable Attachment | | $ | 3,244,547 | | $ | 3,244,103 | | $ | 5,472,203 |
| 5. | | | | | | | | | | | |
| 6. | | TOTAL | | $ | 4,940,559 | | $ | 4,940,115 | | $ | 5,472,203 |
| | | | | | | | | | | |
| | |
| | Monthly Operating Report |
| |
| CASE NAME: Pilgrim’s Pride Corporation | | ACCRUAL BASIS - 6 |
| | Insider Attachment |
| CASE NUMBER: 08-45664 | | |
INSIDER PAYMENTS
| | | | | | | | |
NAME | | TYPE OF PAYMENT | | AMOUNT PAID | | TOTAL PAID TO DATE |
1 Lonnie “Bo” Pilgrim | | Grower Pay | | $ | 157,510 | | $ | 1,055,421 |
Lonnie “Bo” Pilgrim | | Lease Payment1 | | $ | 62,500 | | $ | 750,000 |
Lonnie “Bo” Pilgrim | | Automobile2 | | $ | 0 | | $ | 35,102 |
Lonnie “Bo” Pilgrim | | Personal Airplane Use3 | | $ | 0 | | $ | 247 |
Lonnie “Bo” Pilgrim | | Salary & Benefits4 | | $ | 115,466 | | $ | 1,483,167 |
2 Lonnie “Ken” Pilgrim | | Salary & Benefits4 | | $ | 19,404 | | $ | 301,396 |
Lonnie “Ken” Pilgrim | | Expense Reimbursement5 | | $ | 356 | | $ | 13,166 |
3 Pat Pilgrim | | Outside Services | | $ | 6,741 | | $ | 348,880 |
4 Don Jackson | | Salary & Benefits4 | | $ | 115,800 | | $ | 1,240,738 |
Don Jackson | | Sign-on Bonus | | $ | 0 | | $ | 3,000,000 |
Don Jackson | | Expense Reimbursement5 | | $ | 8,258 | | $ | 58,577 |
Don Jackson | | Sign-on Stock Grant6 | | $ | 0 | | $ | 0 |
5 Rick Cogdill | | Salary & Benefits4 | | $ | 61,672 | | $ | 798,512 |
Rick Cogdill | | Expense Reimbursement5 | | $ | 2,309 | | $ | 35,852 |
6 Clint Rivers | | Salary & Benefits4 | | $ | 0 | | $ | 258,268 |
Clint Rivers | | Expense Reimbursement5 | | $ | 0 | | $ | 651 |
Clint Rivers | | Consulting Fees7 | | $ | 0 | | $ | 334,000 |
7 Robert Wright | | Salary & Benefits4 | | $ | 0 | | $ | 216,623 |
Robert Wright | | Expense Reimbursement5 | | $ | 0 | | $ | 2,339 |
Robert Wright | | Consulting Fees7 | | $ | 0 | | $ | 150,000 |
8 Ted Lankford | | Salary & Benefits4 | | $ | 10,124 | | $ | 133,357 |
Ted Lankford | | Expense Reimbursement5 | | $ | 10,870 | | $ | 17,335 |
9 James Vetter, Jr. | | Director Fees | | $ | 9,000 | | $ | 96,000 |
10 Vance Miller | | Director Fees | | $ | 15,000 | | $ | 146,000 |
11 Charles Black | | Director Fees | | $ | 9,000 | | $ | 92,000 |
12 Donald Wass | | Director Fees | | $ | 9,000 | | $ | 96,000 |
13 Key Coker | | Director Fees | | $ | 9,000 | | $ | 118,000 |
14 Blake Lovette | | Director Fees | | $ | 9,000 | | $ | 114,000 |
Blake Lovette | | Expense Reimbursement5 | | $ | 0 | | $ | 8,683 |
15 Linda Chavez | | Director Fees | | $ | 15,000 | | $ | 150,000 |
Linda Chavez | | Expense Reimbursement5 | | $ | 0 | | $ | 6,604 |
16 Keith Hughes | | Director Fees | | $ | 15,000 | | $ | 164,000 |
Keith Hughes | | Expense Reimbursement5 | | $ | 0 | | $ | 15,309 |
TOTAL PAYMENTS TO INSIDERS | | | | $ | 661,009 | | $ | 11,240,225 |
| | | | | | | | |
Footnotes:
1. Lease payable to Pilgrim Poultry Ltd.
2. Non-cash form of compensation included on the W-2. Personal use of company vehicles.
3. Non-cash form of compensation included on the W-2. Personal use of company airplane.
4. Salary & Benefits include salary, benefits, company stock match, company 401(k) match, LTD earnings, and GTL imputed, if any.
5. Expense Reimbursements include travel, meals, lodging, mileage, transportation and other business related expenses.
6. 3,085,656 shares of common stock were granted pursuant to the Bankruptcy Court order, entered on January 27, 2009, authorizing Debtors to enter into employment agreement with Don Jackson. Stock will vest upon completion of conditions set forth in the employment agreement.
7. Consulting fees paid pursuant to the Bankruptcy Court order, entered on March 4, 2009, authorizing debtors to enter into a consulting agreement with Clint Rivers and Robert Wright.
| | | | |
| | | | Monthly Operating Report |
| |
| CASE NAME: Pilgrim’s Pride Corporation | | ACCRUAL BASIS - 6 |
| | | | Leases Payable Attachment |
| CASE NUMBER: 08-45664 | | | | |
| | |
| | MONTH: | | 10/25/09 to 11/28/09 |
POSTPETITION STATUS OF LEASES PAYABLE
| | | | | | | | | |
| NAME OF CREDITOR | | SCHEDULED
MONTHLY
PAYMENTS
DUE | | AMOUNTS
PAID
DURING
MONTH | | TOTAL
UNPAID
POSTPETITION1 |
1 Vernell Havard | | $ | 150 | | $ | 150 | | $ | 0 |
2 Pinnacle Towers | | $ | 189 | | $ | 189 | | $ | 0 |
3 Ascom Hasler | | $ | 218 | | $ | 218 | | $ | 0 |
4 Gilbert C Wilson | | $ | 325 | | $ | 325 | | $ | 0 |
5 Vincent and Joella Enna | | $ | 960 | | $ | 960 | | $ | 0 |
6 David Robinson | | $ | 1,000 | | $ | 1,000 | | $ | 0 |
7 Bill Crawford | | $ | 1,000 | | $ | 1,000 | | $ | 0 |
8 Creekside Village | | $ | 1,200 | | $ | 1,200 | | $ | 0 |
9 Contractor’s Supplies, Inc. | | $ | 1,250 | | $ | 1,250 | | $ | 0 |
10 Birchmore Inc. | | $ | 1,400 | | $ | 1,400 | | $ | 0 |
11 Taylor Farms Texas | | $ | 1,500 | | $ | 1,500 | | $ | 0 |
12 Patsy Simmons Limited Partnership | | $ | 4,113 | | $ | 4,113 | | $ | 0 |
13 Xerox Corporation | | $ | 6,433 | | $ | 6,433 | | $ | 0 |
14 Florence Powell | | $ | 7,370 | | $ | 7,370 | | $ | 0 |
15 NBS Eastpoint - Alter Group | | $ | 9,033 | | $ | 9,033 | | $ | 0 |
16 Avaya | | $ | 9,519 | | $ | 9,519 | | $ | 19,038 |
17 Emerito Colon | | $ | 12,000 | | $ | 12,000 | | $ | 0 |
18 Natomas Creek LLC | | $ | 12,271 | | $ | 12,271 | | $ | 0 |
19 Green Burgdorf | | $ | 12,400 | | $ | 12,400 | | $ | 0 |
20 Pelec Central City, LTD | | $ | 12,450 | | $ | 12,450 | | $ | 0 |
21 Cronin Company | | $ | 13,478 | | $ | 13,478 | | $ | 0 |
22 Belle Haven Realty Co. | | $ | 22,246 | | $ | 22,246 | | $ | 0 |
23 Americold | | $ | 27,863 | | $ | 27,863 | | $ | 0 |
24 BOKF Equipment Finance | | $ | 30,105 | | $ | 30,105 | | $ | 0 |
25 CIT Group | | $ | 33,282 | | $ | 33,282 | | $ | 66,564 |
26 Versacold | | $ | 32,984 | | $ | 32,984 | | $ | 0 |
27 Equaston Stemmons Place | | $ | 39,350 | | $ | 39,350 | | $ | 0 |
28 DL Peterson | | $ | 35,146 | | $ | 35,146 | | $ | 70,292 |
29 Bank of the West | | $ | 30,832 | | $ | 30,832 | | $ | 61,664 |
30 Pilgrim Poultry Ltd. | | $ | 62,500 | | $ | 62,500 | | $ | 0 |
31 Capital One | | $ | 72,741 | | $ | 72,741 | | $ | 0 |
32 First Union Commercial | | $ | 27,185 | | $ | 27,185 | | $ | 54,370 |
33 GC Properties | | $ | 117,141 | | $ | 117,141 | | $ | 0 |
34 Lasalle National Leasing | | $ | 0 | | $ | 0 | | $ | 0 |
35 Fifth Third Leasing | | $ | 0 | | $ | 0 | | $ | 0 |
36 GE Fleet Services | | $ | 219,063 | | $ | 219,063 | | $ | 438,126 |
37 De Lage Laden | | $ | 258,015 | | $ | 258,015 | | $ | 516,030 |
38 Farm Credit Leasing | | $ | 281,153 | | $ | 281,153 | | $ | 562,306 |
39 Farm Credit Leasing / Lease Plan | | $ | 106,182 | | $ | 106,182 | | $ | 212,364 |
40 Bank Trust / Lease Plan | | $ | 5,221 | | $ | 5,221 | | $ | 10,442 |
41 Bank of America Leasing / Lease Plan | | $ | 172,781 | | $ | 172,781 | | $ | 345,562 |
42 GE Capital / Lease Plan | | $ | 0 | | $ | 0 | | $ | 0 |
43 Fifth Third Leasing / Lease Plan | | $ | 0 | | $ | 0 | | $ | 0 |
44 Wells Fargo / Lease Plan | | $ | 0 | | $ | 0 | | $ | 0 |
45 Lease Plan USA | | $ | 80,120 | | $ | 80,120 | | $ | 160,241 |
46 GE Capital | | $ | 0 | | $ | 0 | | $ | 0 |
47 Wachovia Financial | | $ | 100,981 | | $ | 100,981 | | $ | 201,961 |
48 Bank of America Leasing | | $ | 531,563 | | $ | 531,563 | | $ | 1,063,126 |
49 Key Equipment Finance | | $ | 553,251 | | $ | 553,251 | | $ | 1,106,501 |
50 RBS Lombard | | $ | 227,317 | | $ | 227,317 | | $ | 454,633 |
51 FCS Mid Ameerica | | $ | 53,418 | | $ | 53,418 | | $ | 106,836 |
52 PNC Leasing | | $ | 9,107 | | $ | 9,107 | | $ | 9,107 |
53 GE Copiers | | $ | 6,385 | | $ | 5,940 | | $ | 12,325 |
54 Banc of America Copiers | | $ | 357 | | $ | 357 | | $ | 714 |
55 IKON | | $ | 0 | | $ | 0 | | $ | 0 |
56 TOTAL | | $ | 3,244,547 | | $ | 3,244,103 | | $ | 5,472,203 |
| | | | | | | | | |
Footnote:
1. Certain lease payments were not made due to the 60 day grace period after the Commencement Date or the Debtors are analyzing whether these leases are secured financings.
| | | | |
| | | | Monthly Operating Report |
| |
| CASE NAME: Pilgrim’s Pride Corporation | | ACCRUAL BASIS - 7 |
| | | | |
| CASE NUMBER: 08-45664 | | | | |
| | |
| | MONTH: | | 10/25/09 to 11/28/09 |
QUESTIONNAIRE
| | | | | | |
| | | | | YES | | NO |
| | | |
| 1. | | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | | X | | |
| | | |
| 2. | | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | | | | X |
| | | |
| 3. | | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? | | | | X |
| | | |
| 4. | | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? | | X | | |
| | | |
| 5. | | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? | | | | X |
| | | |
| 6. | | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | | | | X |
| | | |
| 7. | | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES | | | | |
| | | |
| | PAST DUE? | | | | X |
| | | |
| 8. | | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | | X | | |
| | | |
| 9. | | ARE ANY OTHER POSTPETITION TAXES PAST DUE? | | | | X |
| | | |
| 10. | | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | | | | X |
| | | |
| 11. | | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | | X | | |
| | | |
| 12. | | ARE ANY WAGE PAYMENTS PAST DUE? | | | | X |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
| | |
| 1. | | Pursuant to the order of the Bankruptcy Court entered on October 13, 2009, Pilgrim’s Pride Corporation sold its ownership interest in Valley Rail Service, Inc. as set forth in the purchase agreement. Proceeds from sale were received after closing on November 18, 2009. |
| 4. | | Pursuant to various “first day” orders of the Bankruptcy Court, certain payments were made on account of prepetition liabilities. |
| 8. | | As of November 28, 2009, the Debtors owed approximately $576,000 in real property taxes. These taxes will be paid on December 14, 2009. |
| 11. | | Pursuant to orders of the Bankruptcy Court authorizing payment of prepetition personal and real property taxes, the Debtors remitted certain outstanding prepetition personal and real property taxes to various taxing authorities. |
INSURANCE
| | | | | | |
| | | | | YES | | NO |
| 1. | | ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER | | | | |
| | NECESSARY INSURANCE COVERAGES IN EFFECT? | | X | | |
| 2. | | ARE ALL PREMIUM PAYMENTS PAID CURRENT? | | X | | |
| 3. | | PLEASE ITEMIZE POLICIES BELOW. | | | | |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
| | | | | | |
| | INSTALLMENT PAYMENTS | | |
TYPE OF POLICY | | CARRIER | | PERIOD COVERED | | PAYMENT AMOUNT &
FREQUENCY |
| See Attachment for Insurance Payments |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | |
| | | | Monthly Operating Report |
| |
| CASE NAME: Pilgrim’s Pride Corporation | | ACCRUAL BASIS - 7 |
| | | | Insurance Attachment |
| CASE NUMBER: 08-45664 | | | | |
INSURANCE INSTALLMENT PAYMENTS
| | | | | | |
TYPE OF POLICY | | CARRIER | | PERIOD COVERED | | ANNUAL PREMIUMS |
| Auto Liability | | Mayflower Insurance Company | | 11/1/09-10 | | — |
| Auto Liability | | Zurich American Insurance Company | | 1/1/09-01/01/10 | | 4,843,752.00 |
| Eighth Umbrella Layer | | RSUI Indemnity Company | | 11/01/09-01/01/10 | | 7,000.00 |
| Employment Practices Liability Insurance | | Max Bermuda, Ltd. | | 11/1/09-02/01/11 | | 552,156.30 |
| Excess Blanket Crime | | Chartis | | 11/30/09-02/01/11 | | 105,458.00 |
| Excess D&O | | Chartis | | 11/30/09-11/30/10 | | 208,888.00 |
| Excess D&O | | Chubb | | 11/30/09-11/30/10 | | 142,144.00 |
| Excess D&O | | Arch | | 11/30/09-11/30/10 | | 116,964.00 |
| Excess D&O | | CNA | | 11/30/09-11/30/10 | | 94,500.00 |
| Excess D&O | | Travelers | | 11/30/09-11/30/10 | | 74,655.00 |
| Excess D&O | | Liberty Insurance Underwriters, Inc. | | 11/30/09-11/30/10 | | 64,950.00 |
| Excess D&O | | XL Insurance of America, Inc. | | 11/30/09-11/30/10 | | 135,000.00 |
| Excess D&O | | Chartis | | 11/30/09-11/30/10 | | 63,450.00 |
| Excess D&O | | XL Insurance of America, Inc. | | 11/30/09-11/30/10 | | 54,000.00 |
| Excess D&O | | AWAC | | 11/30/09-11/30/10 | | 67,500.00 |
| Excess D&O | | Beazley | | 11/30/09-11/30/10 | | 45,000.00 |
| Excess Liability Walker Creek | | Scottsdale Insurance Company | | 11/9/09-10 | | 4,406.00 |
| Fifth Umbrella Layer (50%) | | Endurance American Insurance Company | | 11/01/09-01/01/10 | | 14,863.00 |
| Fifth Umbrella Layer (50%) | | XL Insurance of America, Inc. | | 11/01/09-01/01/10 | | 15,030.00 |
| Foreign Commercial GL, AL, WC | | AIG WorldSource | | 11/01/09-01/01/10 | | 11,801.00 |
| Fourth Umbrella Layer (50%) | | St. Paul Surplus Lines Insurance Company | | 11/01/09-01/01/10 | | 18,537.00 |
| Fourth Umbrella Layer (50%) | | Zurich American Insurance Company | | 11/01/09-01/01/10 | | 19,500.00 |
| General Liability | | Mayflower Insurance Company | | 11/1/09-02/01/11 | | 2,960,557.00 |
| General Liability Walker Creek | | Century Surety Company | | 11/9/09-10 | | 3,192.00 |
| ARISE | | B&M | | 11/1/09-10 | | 98,625.00 |
| Ocean Marine Cargo | | Indemnity Insurance Company of North America (ACE) | | 11/1/09-02/01/11 | | 128,142.00 |
| Primary Blanket Crime | | Chartis | | 11/30/09-11/30/10 | | 105,478.00 |
| Primary Fiduciary Liability | | St. Paul Mercury Insurance Company - Travelers | | 11/30/08-12/28/09 | | 3,145.50 |
| Primary Umbrella | | Lexington Insurance Company | | 11/9/09-10 | | 534,400.00 |
| Product Recall | | XL Europe Ltd. | | 11/01/09-10 | | 1,200,000.00 |
| Property | | Lloyd’s of London | | 11/1/09-02/01/11 | | 7,098,996.00 |
| Second Umbrella Layer | | Endurance American Insurance Company | | 11/01/09-01/01/10 | | 73,647.00 |
| Seventh Umbrella Layer | | Ohio Casualty Insurance Company | | 11/01/09-01/01/10 | | 44,162.00 |
| Sixth Umbrella Layer (50%) | | Fireman’s Fund Insurance Company | | 11/01/09-01/01/10 | | 11,708.00 |
| Sixth Umbrella Layer (50%) | | Great American Insurance Co. of NY | | 11/01/09-01/01/10 | | 11,708.00 |
| Special Crime (Kidnap & Ransom) | | Liberty Insurance Underwriters, Inc. (PIA) | | 11/30/09-11/30/12 | | 36,422.00 |
| Third Umbrella Layer | | Liberty Insurance Underwriters, Inc. | | 11/01/09-01/01/10 | | 58,660.00 |
| Wharfinger’s Legal Liability | | Indemnity Insurance Company of North America (ACE) | | 11/1/09-02/01/11 | | 5,000.00 |
| Workers’ Compensation—Arkansas | | Mayflower Insurance Company | | 01/01/09-01/01/10 | | 1,340,030.00 |
| Workers’ Compensation | | Mayflower Insurance Company | | 01/01/09-01/01/10 | | — |
| Workers’ Compensation | | Zurich American Insurance Company | | 01/01/09-01/01/10 | | — |
