Exhibit 99.3
Liquidity Forecast as of March 2023
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3 (Unless otherwise noted, USD in millions) Post-Emergence Liquidity Bridge Emergence Liquidity(3): February Settlement $305 (–) FABTL (25) Lower new foreign asset-backed term loan facility (“FABTL”) (+) Professional Fees 10 Lower transaction fees (–) Commitment Fees (2) Increase in FABTL fee from 3.5% to 5% and increase in ABL fee from 1.0% to 1.5% (+) Cure Costs 10 Latest estimate of ~$15MM (+) UCC Settlement 8 Class 9(d)’s portion of settlement trust (voted to reject Plan) (–) Other Emergence Items (5) Pro-rated retention programs and other fees / interest (–) Borrowing Base (12) Lower A/R Eligibility & lower advance rates on RE, offset by higher advance rates on M&E Emergence Liquidity(4): March Forecast $290 Emergence liquidity prior to application of the Excess Liquidity(1) is ~$290MM in the March forecast update (“March Forecast”) (~$15MM lower vs. February Settlement(2)) Decision to raise asset-backed loan facility (“ABL”), with or without a first-in, last-out facility (“FILO”), remains under review As defined in the terms and provisions in the Plan of Reorganization March 17th filing of 8-k disclosing the liquidity forecast as of February 2023 Includes $670MM of ERO; assumed to be paid down to $650MM after application of Excess Liquidity Includes $670MM of ERO; assumed to be paid down to $665MM after application of Excess Liquidity Decrease in Liquidity of ~$(15)MM
Post-Emergence Liquidity (through FY’24) 4 (Unless otherwise noted, USD in millions) February Settlement March Forecast Post-emergence liquidity is represented below under the following scenarios:
Sources & Uses – March Forecast 5 (Unless otherwise noted, USD in millions at FY’23 Budget F/X Rates based on 6/30/2022 spot) Notes Pre-Emergence Cash: Est. cash balance prior to Emergence 2016 Settlement Payments: Includes cash settlement payment and professional fees payable to 2016 lenders Accrued & Unpaid Professional Fees: Includes estimated transaction / success fees payable at emergence Other Restructuring Items: Amount reflects estimated other restructuring costs expected to be paid at Emergence Debt Paydown: Reflects repayments of debtor-in-possession financing (including term loan and ABL), Term B-1 Loans(2) (including make-whole payment), and prepetition FILO Accrued & Unpaid Interest: Estimate at Emergence Repayment & Transaction Fees: Exit fees per the DIP credit agreements and estimated transaction fees on new debt Post-Emergence Cash: Reflect post-emergence cash assumption Includes $670MM of ERO; assumed to be paid down to $665MM after application of Excess Liquidity As defined in the BrandCo credit agremeent, dated as of May 7, 2020