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RLF1 6305285v.

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B26 (Official Form 26) (12/08)

United States Bankruptcy Court
District of Delaware

In re: Allied Systems Holdings, Inc., et al. Case No. 12-11564 (CSS)
Debtors Chapter 11

PERIODIC REPORT REGARDING VALUE, OPERATIONS AND PROFITABILITY OF
ENTITIES IN WHICH THE ESTATE OF AXIS GROUP, INC.
HOLDS A SUBSTANTIAL OR CONTROLLING INTEREST

This is the report as of December 2011 on the value, operations and profitability of those
entities in which the estate holds a substantial or controlling interest, as required by Bankruptcy
Rule 2015.3. The estate of Axis Group, Inc. holds a substantial or controlling interest in the
following entities:


Name of Entity

Interest of the Estate

Axis Logistica,
S. de R.L. de C.V.


100%
Arrendadora de Euipo para el
Transporte de Automoviles,
S. de R.L. de C.V.



100%

AX International, Limited


100%
Axis Operadora Hermosillo
S.A. de C.V.

100%
Axis Operadora Mexico

100%
Axis Traslados

100%
Axis Operadora Guadalajara

100%
Axis Operadora Monterrey

100%

This periodic report (the Periodic Report) contains separate reports (Entity Reports), to the
extent possible, on the value, operations, and profitability of each entity listed above.

Each Entity Report shall consist of three exhibits. Exhibit A contains a valuation estimate
for the entity as of a date not more than two years prior to the date of this report. It also contains a
B26 (Official Form 26) (12/08)- Cont. 2
description of the valuation method used. Exhibit B contains a balance sheet, a statement of
income (loss), a statement of cash flows, and a statement of changes in shareholders' or partners'
equity (deficit) for the period covered by the Entity Report, along with summarized footnotes.
Exhibit C contains a description of the entity's business operations.
THIS REPORT MUST BE SIGNED BY A REPRESENTATIVE OF THE TRUSTEE OR
DEBTOR IN POSSESSION.
The undersigned, having reviewed the above listing of entities in which the estate of Axis Group,
Inc. holds a substantial or controlling interest, and being familiar with the Debtor's financial
affairs, verifies under the penalty of perjury that the listing is complete, accurate and truthful to the
best of his/her knowledge.
Date: 7;{r 6c,/2- ~ ---.
S i ~ e of Authorized Individ?
5 e ~ " ,tl ,1/1 -4"-4<-E <-'f/
Name of Authorized Individual
Title of Authorized Individual
[If the Debtor is an individual or in a joint case]
Signature(s) ofDebtor(s) (Individual/Joint)
Signature ofDebtor
Signature of Joint Debtor
RLFl-3362823-1
B26 (Official Form 26) (12/08) Cont.


RLF1 6305285v. 1
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Exhibit A
Valuation Estimate for all Entities


The book value for all entities is as shown on the balance sheets attached as Exhibit B-1.
B26 (Official Form 26) (12/08) Cont.


RLF1 6305285v. 1
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Exhibit B
Financial Statements for all Entities Listed



















B26 (Official Form 26) (12/08) Cont.


RLF1 6305285v. 1
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Exhibit B-1
Balance Sheet for all Entities Listed
As of December 2010 and December 2011

See Attached
UNAUDITED
BALANCE SHEETS
As of December 31, 2010
AMOUNTS IN USD
Ammdadora dn Euipo Axis
para eiTransporte do Opo.rndora Axis Axis Axis
Axfa Loglsllcn, Automovlles, AX lnternntlonnl, Hennoslllo Opel'adom Operadont Opar.odora
S. de R.L. de C.V. S. de R.L do C.V. Urnlted S.A.do C.V. Moxlco Axis Tra.slados GuadalaJara Mornerrev
CURRENT ASSETS
CASH AND CASH EQUIVALENTS 903,766 1,081,034 80,187 2,082 29,441
SHORT-TERM INVESTMENTS 0 0 0 0
TRADE ACCOUNTS RECEIVABLE 838,338 0 0
OTHER RECEIVABLES 22,803 660,781 1,133 301 6,028 391 (D)
INVENTORIES 0 0 0 0
DEFERREDTAX ASSET 0 0
PREPAYMENTS 4,340 738
OTHERCURRENTASSIHS 0
TOTAL CURRENTASSETS 1,760d25 1,743,133 81,319 391 8,109 391 29.441
pROPERTY AND EQUIPMENT, NET 108041
OTHER ASSETS
INTANGIBLE ASSETS (D)
NOTES REG RELATED PARTIES
UFE INS CASH SURRENDERVAlUE
DEFERRED INCOMETAXES 0 0
OTHER ASSETS 12062 2 256 259 e.tos 0
TOTAL OTHER ASSETS 12062 2.256 250 6405
INTERCOMPANYRECEIVABLES 1,988 110561835 402,742 (3,580} 28,448
INVESTMENT IN RELATED PARTY 1202Z 0 8145109 8311
TOTAl ASSETS 1.055.724 4,001,380 7.201.944 498,867 (3,180) 36.661 (3.176) 2.1,016
CURRENT UABILITIES
CURRENT MATURITIES OF LT DEBT 0
TRADE ACCOUNTS PAYABLE t16,8B5 10,1&6 11,120 181,833 0 8,891 0 30,015
ACCRUED TAXES 0 0 0 0 0 0 0
ACCRUED LIABILITIES (272,643) (03,657) (23,273) 8,733 353
1\CC CLAIMS AND INSURRESERVES 0
ACCRUED WAGES AND BENEFITS 0

0
TOTAL CURRENTLIABILITIES (205,978} (83,501) 11,120 168,680 17,624 30,368
LONGTERMDEBT AND OTHER LIABILITieS
LONGTERM DEBT 0
BENEFITS
DEFERREDTAX LIABILITY
OTHERLIABILITIES 0 473109
TOTAL LONG TERMDEBT AND OTHER LIABILITIES 0 473199
INTERCOMPANYPAYABLES 0
TOTAL LIABILITIES (205,978) 389,698 11,120 158,560 17,624 301368
EQUITY
PREFERRED STOCK 0 0 0 0 0
COMMON STOCK 77,861 3,393,205 0 0 0 0
ADDITIONAL PAID IN CAPITAL 582,133 4,581,180 7,100,824 8,090 (510) (22,039) (510) (3,322)
RETAINED EARNINGS 641,460 {615,612) (0) 101,493 (2,878) 33,050 (2,807) (11,342)
CURRENT YEAR-TODATE INCOME 88,754 {2,670,700) 144,422 8,523 3,294
FOREIGN CURRENCYTRANSLATION (108,608) (1,087,300) (8,408) 100 (1.602) 141 2.019
UNEARNED COMPENSATION 0 0 0 0 0 0 0 0
TOTAL EQUITY 1.261,701 3,611,682 7,100,824 338,307 {3,100} 18,933 (3,178} {8,452}
TOTAL LIABILITIES AND EQUITY f 1055z724 4,0011380 496.807 (3,180) 36,657 {3,176} 21.916
UNAUDITED
BAlANCE SHEETS
As of December 31, 2011
AMOUNTS IN USD
Arrendadcra do Eulpo
para el Transporto de Axis Oparadora Pods Axis
. Axis Loglstloa, Aulomovllus, NJC. lntarnatlonal, Hormoslllo S.A. do Oporadora Axis Oparadara Oparadora
S. do R.l. do C.V. S. do R.L do C.V. Umitod c.v. Mexico Axis Traslados Guadalajara Monlorray
CURRENT ASSETS
CASH AND CASH EQUIVALENTS 1,229,436 20,953 60,435 3,670 51,325
SHORT-TERM INVESTMENTS 0 0 0
TRADE ACCOUNTS RECEIVABLE 797,732. 0 0 0 0 0 0
OTHER RECEIVABLES 35,354 11,192 1,001 345 5,324 345 (0)
INVENTORIES 0 0 0 0 0
DEFERRED TAX ASSET 0 0 0 0 0
PREPAYMENTS 6,161 (0) 0 0 0
OTHER CURRENT ASSETS 0 0
TOTAL CURRENT ASSETS 2,0&8,693 32,145 61,436 345 8,994 345
PROPERTY AND EQUIPMENT, NET 95848 o 0
OTHER ASSETS
INTANGIBLE ASSETS 0 0
NOTES REC RELATED PARTIES
LIFE INS CASH SURRENDER VALUE 0 0
DEFERRED INCOME TAXES 0 0
OTHER ASSETS 17602 582 639 8,981 429
TOTAL OTHER ASSETS 17502 502 639 8901 429
INTERCOMPANY RECEIVABLES (1J32,017} (129,409} 1,056,635 523,003 (3,162} 23,652 (3,150} 204,566
INVESTMENT IN RELATED PARTY i2622 6145109 6311
TOTAL ASSETS 962,648 485,376 7.201.943 509,732 (2,817) 32,648 (2.805) 256,320
CURRENT LIABU.ITIES .
CURRENT MATURITIES OF LT DEBT 0
TRADE ACCOUNTS PAYABLE 58,883 (17,721) 11,12_0 186,636 8,480 81,304
ACCRUED TAXES 0 0 0 0 0 0
ACCRUED LIABILITIES (227,621) (106,301) (66,603) (2,292) 48,742.
ACC ClAIMS AND INSUR RESERVES 0 0 0 0 0
ACCRUED WAGES AND BENEFITS 0 0 0 0 0
TOTAL CURRENT LIABILITIES (168,738} (123,022} 11,120 130,-133 6,167 130,046
LONG-TERM DEBT AND OTHER LIABILITIES
LONG TERM DEBT
POSTRETIREMENT BENEFITS 0
DEFERRED TAX UAiliLITY 0 0 0 0
OTtiER LIABUTIES 0 0 0
TOTAL LONG-TERM DEBT AND OTHER LIABILITIES 0
INTERCOMPANY PAY ABLES
TOTAL LiABILITIES (168,738} (123,022} H,120 130,133 8,187 0 130,048
EQUITY
PREFERRED STOCK 0
COMMON STOCK 77,881 3,303,205 0 0 0 0
ADDITIONAL PAID IN CAPITAL 682,133 1,&34,457 7,190,623 8,690 (510) (22,039) (510) (3,322)
RETAINED EARNINGS 710,214 (3,295,402) (0) 335,915 (2,878) 42,474 (2,607) (6,049)
CURRENT YEAR-TO-DATE INCOME 18,827 (83,673) 206,769 ll 10,445 0 156,854
FOREIGN CURRENCY TRANSLATION (257,649) ci.o4o,1e8) (61,976) 571 (4,421) 512 (21,210) .
UNEARNED COMPENSATION 0 (j 0 0
. TOTAL EQUITY 1,131,386 6081398 7,190,023 469,599 (2,8171 26.458 (2,605} 126,274
TOTAL LIABILITIES AND EQUITY 485,376 7.gD1,943 599,732 (2,805) 2561320
--- ------------- --------------------
B26 (Official Form 26) (12/08) Cont.


RLF1 6305285v. 1
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Exhibit B-2
Statement of Income (Loss) for all Entities Listed
Period Ending December 2010 and 2011

See Attached
UNAUDITED
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2010
AMOUNTS IN USD
Arrendadora de
Eulpo para el Axis
Transporte de Operadora Axis Axis Axis
Axis Loglslica, Automoviles, AX International, Hermosillo Operadora Operadora Operadora
S. de R.L de C.V. S. de R.L de C.V. Limi ted S.A. de C.V. Mexico Axis Traslados Guadalaj ara Monterrey
REVENUES 3,258,298 623,114 0 1614297 0 25,977 0 643 553
OPERATING EXPENSES
SALARIES & WAGE! & FRINGE BENEFITS 120,207 0 0 1,228,382 0 0 0 416,129
OPERATING SUPPLIES & EXPENSES 1,117,174 11,701 0 53,550 0 2,974 0 187,076
OPERATING TAXES & LICENSES 2,125 0 0 151 0 0 0 0
INSURANCE & CLAIMS 31,371 0 0 0 0 0 0 (j
COMMUNICATIONS & UTILITIES 113,211 0 0 936 0 0 0 15,378
DEPRECIATION & AMORTIZATION 82,668 2,720,963 0 0 0 0 0 0
PURCHASED TRANSPORTATION 1,614,297 0 0 76,587 0 0 0 0
RENTS 13,605 0 0 5,367 0 0 0 0
OTHER OPERATING I:XPENSES 22,227 1,252,422 0 9,467 0 0 0 7,216
TOTAL OPERATING EXPENSES 3,116,885 3 985,086 0 1 374 440 0 2,974 0 625,799
OPERATING INCOME {LOSS) 141,413 {3,361,971) 0 239,856 0 23,003 0 17,753
EBITDA 224,081 (641,009) 0 239,856 0 23,003 0 17,753
OTHER {INCOME)/EXPENSE
INTEREST EXPENSE 919 1,041 0 336 0 60 0 279
INTEREST INCOME (2,776) (3,913) 0 0 o 0 0 0
FOREIGN CURRENCY (GAiN)IlOSS 3,679 7,171 0 27 0 27 0 65
OTHER INCOME/EXPENSE 0 0 0 0 0 0 0 0
ASSET (GAIN)/ LOSS 0 (35,568) 0 0 0 0 0 0
TOTAL OTHER (INCOME) EXPENSE 1,822 {31,269) 0 362 0 87 0 345
INCOME (LOSS) BEFORE INCOME TAXES AND
CHANGE IN ACCOUNTING PRINCIPLE 139,591 (3,330,702) li 239,494 0 22,917 0 17,409
INCOME TAX BENEFIT/PROVISION 70,837 {650,912) 0 95,072 0 14,393 0 14,115
INCOME (LOSS) BEFORE CHANGE IN
ACCOUNTING PRINCIPLE 68,754 (2,679,790) 0 144,422 0 8,523 0 3,294
EXTRAORDINARY ITEM, NET OF TAX 0 0 0 0 0 0 0 0
NET INCOME (LOSS) 68,754 {2,679, 790) 0 144,422 0 8,523 0 3,294
--- - - - - - - - - - - - - - - ' - - - - - - - - - - - - - - - - - - ~ - - - - - - - - - - - - - - - - - - - - ~ - - - - -
UNAUDITED
STATEMENT OF OPERATIONS
For the Year Elided December 31, 2011
AMOUNTS IN USD
Arrendadora de Eulpo Axis
para ol Transporto de AX Oporadora Axis Axis Axis
Axis Logistlca, Automovlles, International, Hermosillo Operadora Operadora Operadora
S. do R.L. <le C.V. S. de R.L. de C.V. Limited S.A.deC.V. Mexico Axis Trastados Guadalajara Monterrey
REVENUES 3,860,634 0 0 1 835154 0 21,578 0 1,001,862
OPERATING EXPENSES
SALARIES & WAGE! & FRINGE BENEFITS 0 0 0 1,342,126 0 0 0 712,614
OPERATING SUPPLIES & EXPENSES 696,735 25,050 0 122,730 0 11,218 0 44,968
OPERATING TAXES & LICENSES 1,558 0 0 766 0 0 0 0
INSURANCE & CLAIMS 51,991 0 0 0 0 0 0 0
COMMUNICATIONS & UTILITIES 107,845 0 0 1,054 0 0 0 16,215
DEPRECIATION & AMORTIZATION 85,068 0 0 0 0 0 0 0
PURCHASED TRANSPORTATION 2,058,595 0 0 81,139 0 0 0 o.
RENTS 13,760 0 0 5,814 0 0 0 0
OTHER OPERATING EXPENSES 38,010 220,434 0 9,020 0 0 0 0
TOTAL OPERATING EXPENSES 3,853,560 245,484 0 1,562,649 0 11,218 0 na,797
OPERATING INCOME (LOSS) 7,074 {245,484) 0 272,505 0 10,360 0 228,065
EBITDA 92,141 (245,484) 0 272,505 0 10,360 0 228,065
OTHER (INCOME)/EXPENSE
INTEREST EXPENSE 923 1,135 0 371 0 247 0 116
INTEREST INCOME (12,711) (183,884) il 0 0 0 0 0
596000 GAIN/LOSS ON EXCHANGE 35 20,938 0 (60) 0 (69) 0 (376)
FOREIGN CURRENCY (GAIN)/LOSS 35 20,930 0 (60) 0 (69) 0 (376)
821400 REORGANIZATION COSTS 0 0 0 0 0 0 0 0
OTHER INCOME/EXPENSE 0 0 0 0 0 0 0 0
ASSET (GAIN)/LOSS 0 0 0 0 0 0 0 0
TOTAL OTHER (INCOME) EXPENSE {11,753) {161,811} 0 311 0 178 0 (261}
INCOME (LOSS) BEFORE INCOME TAXES AND
CHANGE IN ACCOUNTING PRINCIPLE 18,827 (83,673) 0 272,194 0 10,181 0 228,326
INCOME TAX BENEFIT/PROVISION 0 0 0 65,425 0 (263) 0 69,472
INCOME (LOSS) BEFORE CHANGE IN
ACCOUNTING PRINCIPLE 18,827 (83,673) 0 206,769 0 10,445 0 158,854
EXTRAORDINARY ITEM, NET OF TAX 0 0 0 0 0 0
'"'-
0 0
NET INCOME (LOSS) 18,827 {83,673! 0 2.06,769 0 10,445 0 158,854
- - -- -------- - ---- ------ ------
B26 (Official Form 26) (12/08) Cont.


RLF1 6305285v. 1
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Exhibit B-3
Statement of Cash Flows for all Entities Listed
Period Ending December 2012 and December 2011


In the normal course of the Debtors operations, Statements of Cash Flows are not prepared for the
individual entities; they are only prepared for Allied Systems Holdings, Inc. and its subsidiaries on
a consolidated basis.

See Attached
ALLIED SYSTEMS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
Net gain on Pension and Postretirement benefit curtailment and settlement
(Gain) loss on disposal of operating assets an.d other, net
Noncash interest expense
Unrealized gains on interest-rate swap agreements
Impairment of goodwill
Foreign exchange gains, net
Deferred income taxes
Stock-based compensation expense
Change in operating assets and liabilities:
Receivables, net of allowances
Inventories
Prepayments and other assets
Accrued interest
Accounts and notes payable
Accrued liabilities
Net cash (used in) provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
Proceeds from sales of property and equipment
Proceeds from sale of business unit
Decrease in restricted cash, cash equivalents and other time deposits
Funds deposited with insurance carriers and other
Funds returned from insurance carriers and other
Net cash (used in) provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility, net
Repayments of term borrowings
Payment of financing costs
. Proceeds from insurance and other financing arrangements
Repayments of insurance and other financing arrangements
Net cash (used in) provided by financing activities
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS
NET CHANGE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS AT END OF PERIOD
P:\Common\CONSOLIDATIONS\2011\AHI 12.11
For the Twelve Months Ended .
December 31,
2011 2010
($83,521)
25,916
(582)
501
1,897
60
609
14,684
1,408
12,297
22,983
(2,561)
(5,628)
(11 ,937)
(2,064)
1,388
6,272
(7,407)
645
(1,166)
3, 107
(3,100)
7
(4)
(13,100)
24,285
$11 ' 185
($25,876)
31 ,304
(8,056)
411
1,091
(6,665)
(3,261)
(584)
609
5,402
(604)
10,667

655
(19,544)
8,708
(38,991)
44
635
20,289
(1 ,207)
1,444 .
(17,786)
2,628
(3,867}
(1 ,239)
(195)
(10,512)
34,797
$24,285
6/14/201210:04AM
B26 (Official Form 26) (12/08) Cont.


RLF1 6305285v. 1
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Exhibit B-4
Statement of Changes in Shareholders/Partners Equity (Deficit) for all Entities Listed
Period Ending December 2010 and December 2011


In the normal course of the Debtors operations, Statements of Changes in
Shareholderss/Partners Equity (Deficit) for all Entities are not prepared for the individual
entities; they are only prepared for Allied Systems Holdings, Inc. and its subsidiaries on a
consolidated basis.

See Attached



































ALLIED SYSTEMS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
AND COMPREHENSIVE LOSS
(in thousands).
Accumulated
Additional Other
Comprehensive Prefered Stock Common Stock Paid-in Accumulated Comprehensive
Loss. Shares Amount Shares Amount . Ca(1ital Deficit Loss Total
Balance, December 31, 2009 21 $ 10,000 $ 100 $ 118,762 $ (229,767) $ (22,503) $ (133,408)
Net loss $ (25,876) (25,876) (25,876)
Other comprehensive loss:
Foreign currency translation adjustment
net of income taxes of $0 (2,013) (2,013) (2,013)
Reclassification adjustment of amounts
recognized as components of net
periodic benefit cost, net of income taxes of $0 866 866 866
Comprehensive Joss $ (27,023)
Stock-based compensation 609 609
Balance, December 31, 2010 21 $ 10,000 $ 100 $ 119,371 $ (255,643) $ (23,650) $ (159,822)
Per consolidated balance sheet 100 119,371 (255,643) (23,650) (159,822)
0.0 0.0
- - - - - - - - - - - - ~ - - - - - - - - - - - - - - ~ - - - ~ -
B26 (Official Form 26) (12/08) Cont.


RLF1 6305285v. 1
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Exhibit C
Description of Operations for all Entities Listed

The following companies perform vehicle logistics and yard management activities for automobile
manufacturing customers:


Axis Logistica, S. de R.L. de C.V.
Axis Operadora Hermosillo S.A. de C.V.
Axis Traslados
Axis Operadora Monterrey




The following enitites no longer have operations and are legal entities only at this time:

Arrendadora de Euipo para el Transporte de Automoviles, S. de R.L. de C.V.
AX International, Limited
Axis Operadora Mexico
Axis Operadora Guadalajara