Quarterly report pursuant to Section 13 or 15(d)

Liabilities Subject to Compromise

v3.19.2
Liabilities Subject to Compromise
6 Months Ended
Jun. 30, 2019
Reorganizations [Abstract]  
Liabilities Subject to Compromise
Liabilities Subject to Compromise
 
As discussed in note 1, Basis of Presentation, beginning on the Petition Date, the Company has been operating as debtor in possession under the jurisdiction of the Bankruptcy Court and in accordance with provisions of the Bankruptcy Code. On the accompanying unaudited condensed consolidated balance sheets, the caption "Liabilities subject to compromise" reflects the expected allowed amount of the prepetition claims that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. Liabilities subject to compromise at June 30, 2019 consisted of the following (in thousands):
 
June 30,
2019
Current liabilities:
 
Accounts payable
$
10,471

Accrued payroll and related liabilities
5,276

Interest payable
56,534

Income taxes payable
1,449

Other accrued liabilities
7,373

Deferred revenue
11,802

Dealer holdback liability
12,673

Senior Notes
585,000

Credit Facility term loan
1,072,500

Total current liabilities subject to compromise
1,763,078

Non-current liabilities:
 
Long-term dealer holdback liability
1,817

Other liabilities
2,181

Total liabilities subject to compromise
1,767,076



Determination of the value at which liabilities will ultimately be settled cannot be made until the Bankruptcy Court approves the Plan. The Company will continue to evaluate the amount and classification of its pre-petition liabilities. Any additional liabilities that are subject to compromise will be recognized accordingly, and the aggregate amount of liabilities subject to compromise may change.