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6. Reorganization plan Your task is to analyze Puyol Corp.'s reorganization plan. Puyol Corp. has reported losses for the past three years and has finally decided to file for bankruptcy. You know that the company has preferred stock A that has a par value of $124.00, pays a dividend of S6 per share, and that there are 1,400,000 shares of this class outstanding. Preferred stock B is callable at $175, has 70,000 shares outstanding, and pays a dividend of $10.50 per share. The company's common stock has a par value of $3.00 and has 7,000,000 shares outstanding. You have also collected the following data from the company's financial statements: Current assets Net fixed assets $1,080.00 1,032.00 $48.00 Goodwill 6.00 Puyol Corp. Data from Financial Statements (Millions of dollars) Balance Sheet Income Statement $336.00 Current liabilities $84.00 Net sales 305.00 Advance payments 156.00 Operating expense 30.00 Reserves 12.00 Net operating income Class A Preferred stock 173.60 Other income Class B Preferred stock 12.25 EBT Common stock 21.00 Taxes (50%) Retained earnings 213.15 Net Income Dividends on Class A Preferred stock Dividends on Class B Preferred stock $672.00 Total dalms $672.00 Income available to common stockholders $54.00 27.00 $27.00 14.40 1.20 Total assets $11.40 Puyol's creditors have agreed to a voluntary reorganization plan with the following settlements: Each share of preferred stock A will be exchanged for one share or preferred stock C with a par value of $41.33 that pays a dividend of $2.40 per share, plus one 11% subordinated income debenture that carries a par value of $82.67. Preferred stock B that pays a dividend of $10.50 per share will settled with cash at a call price of $175. Based on the information you have, calculate and fill in the values in the pro-forma financial statements of Puyol Corp. for the reorganization plan. (Note: Round your answers to two decimal places.) Puyol Corp. Pro-Forma Financial Statements Based on Reorganization Plan (Millions of dollars) Balance Sheet Income Statement Current assets $259.00 Current liabilities $84.00 Net sales $1,050.00 1,032.00 Net fixed 306.00 Advance payments 156.00 Operating expense assets Goodwill 30.00 Reserves 12.00 $48.00 Net operating income Other income 6.00 Subordinated debenture $2.40 preferred stock C claims EBIT $54.00 Common stock 21.00 Interest expense Retained earnings 213.15 EBT Taxes (50%) Net income Total assets Total daims Dividends on $2.40 preferred Income available to common stockholders Thus, income available for common stockholders will after the reorganization takes place. Grade It Now Save & Continue Continue without saving 6. Reorganization plan Your task is to analyze Puyol Corp.'s reorganization plan. Puyol Corp. has reported losses for the past three years and has finally decided to file for bankruptcy. You know that the company has preferred stock A that has a par value of $124.00, pays a dividend of S6 per share, and that there are 1,400,000 shares of this class outstanding. Preferred stock B is callable at $175, has 70,000 shares outstanding, and pays a dividend of $10.50 per share. The company's common stock has a par value of $3.00 and has 7,000,000 shares outstanding. You have also collected the following data from the company's financial statements: Current assets Net fixed assets $1,080.00 1,032.00 $48.00 Goodwill 6.00 Puyol Corp. Data from Financial Statements (Millions of dollars) Balance Sheet Income Statement $336.00 Current liabilities $84.00 Net sales 305.00 Advance payments 156.00 Operating expense 30.00 Reserves 12.00 Net operating income Class A Preferred stock 173.60 Other income Class B Preferred stock 12.25 EBT Common stock 21.00 Taxes (50%) Retained earnings 213.15 Net Income Dividends on Class A Preferred stock Dividends on Class B Preferred stock $672.00 Total dalms $672.00 Income available to common stockholders $54.00 27.00 $27.00 14.40 1.20 Total assets $11.40 Puyol's creditors have agreed to a voluntary reorganization plan with the following settlements: Each share of preferred stock A will be exchanged for one share or preferred stock C with a par value of $41.33 that pays a dividend of $2.40 per share, plus one 11% subordinated income debenture that carries a par value of $82.67. Preferred stock B that pays a dividend of $10.50 per share will settled with cash at a call price of $175. Based on the information you have, calculate and fill in the values in the pro-forma financial statements of Puyol Corp. for the reorganization plan. (Note: Round your answers to two decimal places.) Puyol Corp. Pro-Forma Financial Statements Based on Reorganization Plan (Millions of dollars) Balance Sheet Income Statement Current assets $259.00 Current liabilities $84.00 Net sales $1,050.00 1,032.00 Net fixed 306.00 Advance payments 156.00 Operating expense assets Goodwill 30.00 Reserves 12.00 $48.00 Net operating income Other income 6.00 Subordinated debenture $2.40 preferred stock C claims EBIT $54.00 Common stock 21.00 Interest expense Retained earnings 213.15 EBT Taxes (50%) Net income Total assets Total daims Dividends on $2.40 preferred Income available to common stockholders Thus, income available for common stockholders will after the reorganization takes place. Grade It Now Save & Continue Continue without saving