Accounting Issue In Bankruptcy

Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 2 A Chapter 11 filing is a voluntary action taken by a United States company to resolve financial ...
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Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 1 Accounting Issue in Bankruptcy Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 2 resolve its liabilities under a court-supervised process. Under a Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 3 undergoing a reorganization is to of the entity throughout this process. Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 4 Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 5 Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 6 Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 7 TOTAL LIABILITIES NOT SUBJECT TO COMPROMISE................. 2,924 1,971 Company obligated mandatorily redeemable convertible (redemption value of $648 and $898, respectively)......... 646 889 Common stock, $1 par value, 1,500,000,000 shares authorized; Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 8 Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 9 Changes in accounting principl Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 10 court approval, these funds are available to help ensure that the a master list of creditors can be developed. reorganization, which will provide economic value to the Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 11 At the end of the bankruptcy process is the need for exit Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 12 Company Bankruptcy First Executive Kmart Home Fed First City Bancorp Baldwin-United Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 13 The Asbestos Committee is comprised of representatives of the asbestos Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 14 and is used to fund post-filing trade and employee obligations as well as the The disclosure statement has sufficient information so that holders of claims reorganization plan. The exclusivity period may be extended or shortened A United States Trustee is appointed by the U.S. Attorney General to Barry M Frohlinger, Inc. copyright 2003 www.learnfrombarry.com page 15 1. What is bankruptcy?