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12/8/2012 Chapter: Problem: 24 5 Duchon Industries had the following balance sheet at the time it defaulted on its interest payments and filed for liquidation under Chapter 7. Sale of the fixed assets, which were pledged as collateral to the mortgage bondholders, brought in $900 million, while the current assets were sold for another $400 million. Thus, the total proceeds from the liquidation sales were $1,300 million. Trustee's costs amounted to $1 million; no single worker was due more than $2,000 in wages; and there were no unfunded pension plan liabilities. Determine the amount available for distribution to all claimants. Balance Sheets (Millions of Dollars) Assets Current assets $700 Net fixed assets 1,300 Total assets $2,000 Liabilities and equity Accounts payable $80 Accrued taxes 80 Accrued wages 70 Notes payable 400 Total current liabilities First-mortgage bonds $630 700 a Second-mortgage bonds 300 a Debentures Subordinated debentures 500 200 b Common stock 100 Retained Earnings (430) Total claims $2,000 a All fixed assets are pledged as collateral to the mortgage bonds. b Subordinated to notes payable only. Other inputs (in thousands of dollars): Proceeds from sale of fixed assets = $900 Proceeds from sale of current assets = $401 Trustee's costs = $1 Total claims (including trustee expenses) Total cash from liquidation Amount available for distribution to shareholders Initital Distribution to Priority Claimants Priority claims: Trustee's expenses Worker's wages due Government taxes due Distribution to first mortgage (paid from sale of fixed assets) Remaining proceeds from sale of fixed assets after satisfying first mortgage holders Distribution to second mortgage (paid from sale of fixed assets after satisfying first mortgage holders) Remaining proceeds from sale of fixed assets after satisfying first and second mortgage holders Total preliminary distributions to priority claimaints Total of satisfied priority claims Total unsastified claims from all claimants Funds available for distribution to general creditors: Pro rata distribution percentage Distributions due to general claims: Amount of Claim Pro Rata Distribution Distribution Remaining after Unsatisfied Subordination Subordination Claim Adjustment Adjustment Unsatisfied first mortgage Unsatisfied second mortgage Accounts payable Notes payable Debentures Subordinated debentures Total Total distributions (including prior distributions to mortgage holders and subordination adjustment): Total Distribution First mortgage Second mortgage Accounts payable Notes payable Debentures Subordinated debentures Original Claim $700 $300 $80 $400 $500 $200 Percent of Claim Satisfied