Some of True Value Co.'s newest filings in its bankruptcy case give a sense of the company's expenditures and priorities before it entered Chapter 11 bankruptcy status and worked to sell itself to Do it Best.
Here are some highlights from True Value Co. LLC's Statement of Financial Affairs, filed Nov. 5.:
The company has paid out nearly $16 million to lawyers, management advisors, and related firms as part of the bankruptcy process it entered into on Oct. 14. (See list above.)
Sixteen True Value executives were paid more than $9.5 million in salaries, retention bonuses, and expense repayments in the 12 months leading to Oct. 14. CEO Chris Kempa led the list with $1.3 million in payments, primarily from salary ($591,823), retention bonus ($568,150) and executive incentive ($142,037). All told, seven executives got $1.8 million in retention bonuses.
During its final three months before declaring bankruptcy, True Value paid vendors, landlords, and service providers $183.3 million to keep trucks rolling and products on shelves. Roughly 30 of those businesses got over $1 million apiece. Acon Equity Management, a unit of the private equity fund that holds a majority stake in True Value, has been paid $1.15 million over the 12-month period ending Oct. 14.
Meanwhile, the list of unpaid vendors grew to 893 claims worth $92.9 million as of late Nov. 7. Of that total, $87.8 million is unsecured.
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