| Schedule of condensed combined financial statements of the debtors |
Debtors’ Balance Sheet (In millions, except per share data) (Unaudited) | | | | | | June 30, | | | 2026 | Assets | | | | Current assets | | | | Cash and cash equivalents | | $ | 60.2 | Accounts receivable, net of allowances (June 30, 2026: $0.6) | | | 42.2 | Inventories | | | 134.5 | Due from affiliates | | | 2,701.1 | Other current assets | | | 70.1 | Total current assets | | | 3,008.1 | Investments in unconsolidated affiliate | | | — | Property, plant and equipment, net of accumulated depreciation (June 30, 2026: $220.5) | | | 158.4 | Other assets | | | | Goodwill | | | — | Other intangible assets, net | | | 259.2 | Right-of-use assets – operating, net | | | 25.2 | Deferred charges and other assets | | | 37.7 | Total other assets | | | 322.1 | Total assets | | $ | 3,488.6 | Liabilities and shareholders’ equity | | | | Current liabilities | | | | Short-term borrowings and current portion of long-term debt | | $ | 443.2 | Accounts payable | | | 72.5 | Current lease liabilities – operating | | | — | Income taxes payable | | | 0.4 | Accrued expenses and other current liabilities | | | 45.4 | Total current liabilities | | | 561.5 | Noncurrent liabilities | | | | Long-term debt, net of unamortized deferred financing fees | | | — | Noncurrent lease liabilities – operating | | | — | Deferred income tax liabilities | | | 17.5 | Other noncurrent obligations | | | 22.7 | Total noncurrent liabilities | | | 40.2 | Liabilities subject to compromise | | | 2,562.3 | Commitments and contingencies (Note 13) | | | | Shareholders’ equity | | | | Equity | | | 324.6 | Total shareholders’ equity | | | 324.6 | Total liabilities and shareholders’ equity | | $ | 3,488.6 |
Debtors’ Statements of Operations (In millions) (Unaudited) | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2026 | Net sales | | $ | 252.5 | | $ | 476.5 | Cost of sales | | | 219.3 | | | 405.3 | Gross profit | | | 33.2 | | | 71.2 | Selling, general and administrative expenses | | | 59.0 | | | 110.3 | Equity in earnings of unconsolidated affiliate | | | — | | | 2.1 | Operating loss | | | (25.8) | | | (37.0) | Interest expense, net | | | 69.7 | | | 146.4 | Reorganization items, net | | | 41.3 | | | 41.3 | Other expense (income), net | | | (15.7) | | | 3.7 | Loss before income taxes | | | (121.1) | | | (228.4) | Provision for (benefit from) income taxes | | | (2.0) | | | 2.7 | Net loss | | $ | (119.1) | | $ | (231.1) |
Debtors’ Statement of Cash Flows (In millions) (Unaudited) | | | | | | Six Months Ended | | | June 30, | | | 2026 | Cash flows from operating activities | | | | Net cash used in operating activities | | $ | (328.3) | Cash flows from investing activities | | | | Capital expenditures | | | (6.6) | Cash used in investing activities | | | (6.6) | Cash flows from financing activities | | | | Payments for debt issuance and extinguishment costs | | | (10.8) | Repurchases and repayments of long-term debt | | | (3.0) | Proceeds from Revolving Facility | | | 304.6 | Repayments of Revolving Facility | | | (41.2) | Borrowing under the DIP Facility | | | 142.5 | Cash provided by financing activities | | | 392.1 | Effect of exchange rates on cash | | | — | Net change in cash, cash equivalents, and restricted cash | | | 57.2 | Cash, cash equivalents, and restricted cash—beginning of period | | | 17.4 | Cash, cash equivalents, and restricted cash—end of period | | $ | 74.6 | Less: Restricted cash (included within "Other Current Assets") | | | 14.4 | Cash and cash equivalents—end of period | | $ | 60.2 |
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