Monthly Operating Report Chapter 11
- Date
- 2021-12-01
Summary
A Chapter 11 Monthly Operating Report (UST Form 11-MOR) for Vyaire Medical, Inc., Case No. 24-11217, filed December 23, 2024 as Doc 854 in the jointly administered cases in the U.S. Bankruptcy Court for the District of Delaware, for the reporting period ended November 30, 2024. It reports 88 current full-time employees against 950 at the order for relief, receipts of $47,968,237 and disbursements of $51,122,869 for the month, and an end-of-month cash balance of $10,917,911. It lists total assets of $4,120,123,247 and total liabilities of $21,094,908, and cash sales of assets outside the ordinary course of $46,978,807 for the month. Part 5 itemizes bankruptcy professional fees by firm, with $8,878,660 approved for the month. The report is signed by the plan administrator.
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Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 1 of 12
UNITED STATES BANKRUPTCY COURT
DISTRICT OF Delaware
In Re. Vyaire Medical, Inc. § Case No. 24-11217
§
§ Lead Case No. 24-11217
Debtor(s) §
Jointly Administered
Monthly Operating Report Chapter 11
Reporting Period Ended: 11/30/2024 Petition Date: 06/09/2024
Months Pending: 6 Industry Classification: 3 3 9 1
Reporting Method: Accrual Basis Cash Basis
Debtor's Full-Time Employees (current): 88
Debtor's Full-Time Employees (as of date of order for relief): 950
Supporting Documentation (check all that are attached):
(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)
Statement of cash receipts and disbursements
Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit
Statement of operations (profit or loss statement)
Accounts receivable aging
Postpetition liabilities aging
Statement of capital assets
Schedule of payments to professionals
Schedule of payments to insiders
All bank statements and bank reconciliations for the reporting period
Description of the assets sold or transferred and the terms of the sale or transfer
/s/ PATRICK REILLEY PATRICK REILLEY
Signature of Responsible Party Printed Name of Responsible Party
12/23/2024
500 Delaware Avenue, Suite 200
Date
Wilmington, DE 19801
Address
STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R.
§ 1320.4(a)(2) applies.
UST Form 11-MOR (12/01/2021) 1
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 2 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
Part 1: Cash Receipts and Disbursements Current Month Cumulative
a. Cash balance beginning of month $14,072,543
b. Total receipts (net of transfers between accounts) $47,968,237 $156,926,100
c. Total disbursements (net of transfers between accounts) $51,122,869 $129,590,979
d. Cash balance end of month (a+b-c) $10,917,911
e. Disbursements made by third party for the benefit of the estate $0 $0
f. Total disbursements for quarterly fee calculation (c+e) $51,122,869 $129,590,979
Part 2: Asset and Liability Status Current Month
(Not generally applicable to Individual Debtors. See Instructions.)
a. Accounts receivable (total net of allowance) $6,766,446
b. Accounts receivable over 90 days outstanding (net of allowance) $0
c. Inventory ( Book Market Other (attach explanation)) $-1,055
d Total current assets $3,088,857,961
e. Total assets $4,120,123,247
f. Postpetition payables (excluding taxes) $4,004,640
g. Postpetition payables past due (excluding taxes) $2,931,702
h. Postpetition taxes payable $-233,708
i. Postpetition taxes past due $0
j. Total postpetition debt (f+h) $3,770,932
k. Prepetition secured debt $1,371,388
l. Prepetition priority debt $0
m. Prepetition unsecured debt $15,952,588
n. Total liabilities (debt) (j+k+l+m) $21,094,908
o. Ending equity/net worth (e-n) $4,099,028,339
Part 3: Assets Sold or Transferred Current Month Cumulative
a. Total cash sales price for assets sold/transferred outside the ordinary
course of business $46,978,807 $94,394,864
b. Total payments to third parties incident to assets being sold/transferred
outside the ordinary course of business $0 $0
c. Net cash proceeds from assets sold/transferred outside the ordinary
course of business (a-b) $46,978,807 $94,394,864
Part 4: Income Statement (Statement of Operations) Current Month Cumulative
(Not generally applicable to Individual Debtors. See Instructions.)
a. Gross income/sales (net of returns and allowances) $0
b. Cost of goods sold (inclusive of depreciation, if applicable) $0
c. Gross profit (a-b) $0
d. Selling expenses $0
e. General and administrative expenses $26,600,218
f. Other expenses $-476,080,798
g. Depreciation and/or amortization (not included in 4b) $830,601
h. Interest $2,621
i. Taxes (local, state, and federal) $0
j. Reorganization items $0
k. Profit (loss) $448,647,358 $356,463,402
UST Form 11-MOR (12/01/2021) 2
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 3 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
Part 5: Professional Fees and Expenses
Approved Approved Paid Current Paid
Current Month Cumulative Month Cumulative
a. Debtor's professional fees & expenses (bankruptcy) Aggregate Total $8,878,660 $27,337,805 $7,511,035 $23,095,593
Itemized Breakdown by Firm
Firm Name Role
i Kirkland & Ellis LLP Co-Counsel $0 $9,358,331 $0 $7,494,657
ii Cole Schotz P.C. Co-Counsel $0 $1,558,249 $0 $1,247,805
iii AP Services, LLC Financial Professional $2,034,186 $5,924,176 $2,034,186 $5,924,176
iv PJT Partners LP Financial Professional $6,475,000 $6,954,266 $5,180,000 $5,564,772
v Omni Agent Solutions, Inc. Other $6,348 $144,824 $6,348 $144,824
vi BDO USA, P.C. Other $0 $1,181,375 $0 $945,100
vii McDermott Will & Emery LLP Other $0 $1,280,830 $0 $1,025,656
viii Berkeley Research Group Other $363,126 $935,753 $290,501 $748,602
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UST Form 11-MOR (12/01/2021) 3
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 4 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
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Approved Approved Paid Current Paid
Current Month Cumulative Month Cumulative
b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total $262 $5,442 $262 $5,442
Itemized Breakdown by Firm
Firm Name Role
i Morgan, Lewis & Bockius LLP Other $0 $0 $0 $0
ii Irwin Fritchie Urquhart Moore &Other $0 $0 $0 $0
iii Fox Rothschild, LLP Other $0 $0 $0 $0
iv Hyman, Phelps & McNamara P Other $0 $0 $0 $0
v Linklaters LLP Other $0 $0 $0 $0
vi Porzio, Bromberg & Newman, POther $0 $0 $0 $0
vii Hogan Lovells US LLP Other $0 $0 $0 $0
viii Littler Mendelson, P.C. Other $0 $0 $0 $0
ix Fragomen, Del Rey, Bernsen & Other $262 $5,442 $262 $5,442
x Gordon Rees Scully MansukhanOther $0 $0 $0 $0
xi Winston & Strawn LLP Other $0 $0 $0 $0
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UST Form 11-MOR (12/01/2021) 5
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 6 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
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UST Form 11-MOR (12/01/2021) 7
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Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
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c. All professional fees and expenses (debtor & committees) $8,878,923 $27,343,248 $7,511,298 $23,101,035
Part 6: Postpetition Taxes Current Month Cumulative
a. Postpetition income taxes accrued (local, state, and federal) $0 $-299,622
b. Postpetition income taxes paid (local, state, and federal) $0 $0
c. Postpetition employer payroll taxes accrued $26,485 $0
d. Postpetition employer payroll taxes paid $26,485 $207,384
e. Postpetition property taxes paid $0 $8,500
f. Postpetition other taxes accrued (local, state, and federal) $0 $-3,557
g. Postpetition other taxes paid (local, state, and federal) $0 $0
Part 7: Questionnaire - During this reporting period:
a. Were any payments made on prepetition debt? (if yes, see Instructions) Yes No
b. Were any payments made outside the ordinary course of business Yes No
without court approval? (if yes, see Instructions)
c. Were any payments made to or on behalf of insiders? Yes No
d. Are you current on postpetition tax return filings? Yes No
e. Are you current on postpetition estimated tax payments? Yes No
f. Were all trust fund taxes remitted on a current basis? Yes No
g. Was there any postpetition borrowing, other than trade credit? Yes No
(if yes, see Instructions)
h. Were all payments made to or on behalf of professionals approved by Yes No N/A
the court?
i. Do you have: Worker's compensation insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
Casualty/property insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
General liability insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
j. Has a plan of reorganization been filed with the court? Yes No
k. Has a disclosure statement been filed with the court? Yes No
l. Are you current with quarterly U.S. Trustee fees as Yes No
set forth under 28 U.S.C. § 1930?
UST Form 11-MOR (12/01/2021) 8
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 9 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
Part 8: Individual Chapter 11 Debtors (Only)
a. Gross income (receipts) from salary and wages $0
b. Gross income (receipts) from self-employment $0
c. Gross income from all other sources $0
d. Total income in the reporting period (a+b+c) $0
e. Payroll deductions $0
f. Self-employment related expenses $0
g. Living expenses $0
h. All other expenses $0
i. Total expenses in the reporting period (e+f+g+h) $0
j. Difference between total income and total expenses (d-i) $0
k. List the total amount of all postpetition debts that are past due $0
l. Are you required to pay any Domestic Support Obligations as defined by 11 Yes No
U.S.C § 101(14A)?
m. If yes, have you made all Domestic Support Obligation payments? Yes No N/A
Privacy Act Statement
28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C.
§§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28
U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress
through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is
being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information
is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign
law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be
made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the
Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated
Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://
www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or
conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).
I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting
documentation are true and correct and that I have been authorized to sign this report on behalf of the
estate.
/s/ DAVID BARSE DAVID BARSE
Signature of Responsible Party Printed Name of Responsible Party
PLAN ADMINISTRATOR 12/23/2024
Title Date
UST Form 11-MOR (12/01/2021) 9
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 10 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
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UST Form 11-MOR (12/01/2021) 10
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 11 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
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NonBankruptcy1to50
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UST Form 11-MOR (12/01/2021) 11
Case 24-11217-BLS Doc 854 Filed 12/23/24 Page 12 of 12
Debtor's Name Vyaire Medical, Inc. Case No. 24-11217
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UST Form 11-MOR (12/01/2021) 12
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