[sheet: Cover]

Field	Value
Document Title	13-Week Cash Flow Budget (DIP Budget)
Exhibit	Exhibit A to Proposed Interim Order Authorizing Debtor-in-Possession Financing
Debtor	Greenfield Agricultural Partners LLC
Case No.	25-01147
Court	U.S. Bankruptcy Court for the Northern District of Iowa (Cedar Rapids Division)
Judge	Honorable Margaret R. Dunleavy
Petition Date	May 15, 2025
Budget Period	May 15, 2025 through August 13, 2025 (13 weeks)
Prepared By	Calderwood & Harkness LLP in coordination with Claridge Advisory Group LLC
C&H Engagement No.	1020-00002
Claridge Engagement Lead	Nolan Ashworth, Managing Director
Claridge Director	Rebecca Liu
Debtor CFO	Patricia Langford
Date Prepared	May 16, 2025
Status	Filed with Proposed Interim Order — Target Entry May 22, 2025
Confidentiality	Subject to Court filing; not privileged
DIP Facility Size	$175,000,000
DIP Administrative Agent	Ironclad Capital Partners LP
DIP Collateral Agent	Meridian Trust Company
DIP Lenders	Ironclad Capital Partners LP ($100M); Ridgeline Opportunity Fund III LP ($50M); Bramblewood Credit Advisors LLC ($25M)
Governing Law (Credit Agreement)	New York
Amounts	All amounts in thousands ($000s) unless otherwise noted

[sheet: Weekly Cash Flow]

Line Item

OPERATING RECEIPTS

Customer Collections — Crop Protection Products	6,800	7,200	7,500	7,100	28,600	8,200	8,500	8,800	8,400	33,900	8,900	9,200	9,500	9,100	8,800	45,500	108,000
Customer Collections — Seed Treatments & Adjuvants	1,200	1,300	1,400	1,200	5,100	1,100	1,200	1,300	1,100	4,700	600	500	400	300	200	2,000	11,800
Other Operating Receipts (rebates, freight recovery, misc.)	1,100	1,200	1,000	1,200	4,500	900	800	700	600	3,000	700	600	500	500	500	2,800	10,300
Subtotal — Operating Receipts (a)	9,100	9,700	9,900	9,500	38,200	10,200	10,500	10,800	10,100	41,600	10,200	10,300	10,400	9,900	9,000	49,800	129,600

OPERATING DISBURSEMENTS

Raw Materials & Chemical Inputs	5,200	5,400	5,600	5,300	21,500	5,000	4,800	4,600	4,400	18,800	4,200	4,000	3,800	3,600	3,400	19,000	59,300
Payroll & Benefits (~2,300 employees)	3,100	3,100	3,100	3,100	12,400	3,100	3,100	3,100	3,100	12,400	3,100	3,100	3,100	3,100	3,100	15,500	40,300
Manufacturing & Plant Operations (Cedar Falls, Decatur, Jonesboro)	1,200	1,200	1,300	1,200	4,900	1,100	1,100	1,000	1,000	4,200	1,000	900	900	800	800	4,400	13,500
Distribution & Logistics (14 regional centers)	600	650	700	650	2,600	600	550	500	450	2,100	500	500	500	500	500	2,500	7,200
SG&A (rent, insurance, IT, admin)	500	500	500	500	2,000	500	500	500	500	2,000	500	500	500	500	500	2,500	6,500
R&D Farm Operations (Ames, IA — 640 acres)	100	100	100	100	400	100	100	100	100	400	100	100	100	100	100	500	1,300
Taxes (property, sales, other non-income)	50	50	75	125	300	100	100	100	100	400	200	100	100	100	100	600	1,300
Utilities & Environmental Compliance	150	150	200	150	650	150	150	150	150	600	150	150	150	150	150	750	2,000
Insurance Premiums (excl. D&O — Stonebridge)	75	75	100	100	350	100	100	100	100	400	100	100	100	100	50	450	1,200
U.S. Trustee Quarterly Fees (Region 12)	0	0	0	0	0	0	0	0	0	0	0	0	325	0	0	325	325
Other Operating Disbursements	200	200	250	350	1,000	200	200	200	300	900	200	250	200	200	325	1,175	3,075
Subtotal — Operating Disbursements (b)	11,175	11,425	11,925	11,575	46,100	10,950	10,700	10,350	10,200	42,200	10,050	9,700	9,875	9,150	9,025	47,800	136,100
NET OPERATING CASH FLOW (a - b)	(2,075)	(1,725)	(2,025)	(2,075)	(7,900)	(750)	(200)	450	(100)	(600)	150	600	525	750	(25)	2,000	(6,500)

RESTRUCTURING PROFESSIONAL FEES

Calderwood & Harkness LLP (Debtor's Counsel)	800	750	700	650	2,900	600	550	500	500	2,150	500	500	500	450	450	2,400	7,450
Claridge Advisory Group LLC (Financial Advisor)	400	400	350	350	1,500	350	300	300	250	1,200	250	250	250	200	200	1,150	3,850
Harmon & Keach LLP (DIP Lender Counsel)	500	400	350	300	1,550	350	300	250	200	1,100	200	200	200	200	200	1,000	3,650
Holloway & Birch LLP (Auditor/Tax Advisor)	50	50	50	50	200	50	50	50	50	200	50	50	50	50	50	250	650
Bellwether Valuation Services Inc. (Appraiser)	0	0	25	25	50	50	50	50	0	150	50	50	50	0	0	150	350
Archer Grayson & Cole LLP (UCC Counsel — est.)	0	0	0	0	0	0	0	50	50	100	50	50	50	50	50	250	350
Other Professional Fees (incl. local counsel)	0	0	0	0	0	0	0	0	0	0	25	25	25	25	0	100	100
Subtotal — Restructuring Professional Fees (c)	1,750	1,600	1,475	1,375	6,200	1,400	1,250	1,200	1,050	4,900	1,125	1,125	1,125	975	950	5,300	16,400

DEBT SERVICE / ADEQUATE PROTECTION

Adequate Protection — First Lien (current-pay interest at SOFR + 450 bps to Prairie State Bank)	850	850	850	850	3,400	850	850	850	850	3,400	850	850	850	850	850	4,250	11,050
DIP Interest (SOFR + 850 bps; minimum all-in 12.50%) — accrued, paid-in-kind or current	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Subtotal — Debt Service / Adequate Protection (d)	850	850	850	850	3,400	850	850	850	850	3,400	850	850	850	850	850	4,250	11,050

CAPITAL EXPENDITURES

Maintenance Capex (3 plants)	300	350	400	350	1,400	300	300	300	300	1,200	200	200	200	150	150	900	3,500
R&D Farm Capex	25	25	25	25	100	0	0	0	0	0	0	0	0	0	0	0	100
Subtotal — Capital Expenditures (e)	325	375	425	375	1,500	300	300	300	300	1,200	200	200	200	150	150	900	3,600
TOTAL NET CASH FLOW (a - b - c - d - e)	(5,000)	(4,550)	(4,775)	(4,675)	(19,000)	(3,300)	(2,600)	(1,900)	(2,300)	(10,100)	(2,025)	(1,575)	(1,650)	(1,225)	(1,975)	(8,450)	(37,550)

FINANCING ACTIVITY

DIP Draw — Interim ($80M upon Interim Order entry 5/22/2025)	0	80,000	0	0	80,000	0	0	0	0	0	0	0	0	0	0	0	80,000
DIP Closing Fee (2.00% × $175M = $3,500,000; deducted from interim draw proceeds)	0	(3,500)	0	0	(3,500)	0	0	0	0	0	0	0	0	0	0	0	(3,500)
Net DIP Proceeds	0	76,500	0	0	76,500	0	0	0	0	0	0	0	0	0	0	0	76,500
BEGINNING CASH	11,800	6,800	78,750	73,975	11,800	69,300	66,000	63,400	61,500	69,300	59,200	57,175	55,600	53,950	52,725	59,200	11,800
ENDING CASH	6,800	78,750	73,975	69,300	69,300	66,000	63,400	61,500	59,200	59,200	57,175	55,600	53,950	52,725	50,750	50,750	50,750

COVENANT COMPLIANCE

Minimum Liquidity ($15,000 required)

N/A

PASS

Max Budget Variance (15% — rolling 4-wk)

N/A

PASS

Minimum EBITDA (($5,000) — rolling 4-wk)

N/A

PASS

Note: Ending cash reconciliation: $11,800 (opening) + $80,000 (DIP draw) - $3,500 (closing fee) - $37,550 (net cash outflow) = $50,750. See Summary Reconciliation sheet for full reconciliation.

[sheet: Summary Reconciliation]

Category	Weeks 1-4 ($000s)	Weeks 5-8 ($000s)	Weeks 9-13 ($000s)	13-Week Total ($000s)
Operating Receipts	38,200	41,600	49,800	129,600
Operating Disbursements	(46,100)	(42,200)	(47,800)	(136,100)
Net Operating Cash Flow	(7,900)	(600)	2,000	(6,500)
Restructuring Professional Fees	(6,200)	(4,900)	(5,300)	(16,400)
Debt Service / Adequate Protection	(3,400)	(3,400)	(4,250)	(11,050)
Capital Expenditures	(1,500)	(1,200)	(900)	(3,600)
Net Cash Flow	(19,000)	(10,100)	(8,450)	(37,550)
Beginning Cash	11,800	69,300	59,200	11,800
DIP Draws (Gross)	80,000	0	0	80,000
DIP Closing Fee	(3,500)	0	0	(3,500)
Net DIP Proceeds	76,500	0	0	76,500
Ending Cash	69,300	59,200	50,750	50,750

Reconciliation Check:

Opening Cash + Net DIP Proceeds + Net Cash Flow = Ending Cash

$11,800 + $76,500 + ($37,550) = $50,750

[sheet: Covenant Compliance]

Test Period / Week Ending	Ending Cash ($000s)	DIP Undrawn Availability ($000s)	Total Liquidity (Cash + Availability) ($000s)	Minimum Liquidity Covenant ($000s)	Liquidity Covenant — Pass/Fail	Budgeted Disbursements — Rolling 4-Week ($000s)	Actual Disbursements — Rolling 4-Week ($000s)	Variance ($000s)	Variance %	Max Variance Covenant	Budget Variance Covenant — Pass/Fail	Rolling 4-Week EBITDA ($000s)	Minimum EBITDA Covenant ($000s)	EBITDA Covenant — Pass/Fail
5/22/2025 (Wk 1)	6,800	0	6,800	15,000	N/A (pre-Interim Order funding)	N/A	N/A	N/A	N/A	15%	N/A	N/A	(5,000)	N/A
5/29/2025 (Wk 2)	78,750	95,000	173,750	15,000	PASS	N/A	N/A	N/A	N/A	15%	N/A	N/A	(5,000)	N/A
6/5/2025 (Wk 3)	73,975	95,000	168,975	15,000	PASS	N/A	N/A	N/A	N/A	15%	N/A	N/A	(5,000)	N/A
6/12/2025 (Wk 4)	69,300	95,000	164,300	15,000	PASS	46,100	46,100	0	0.0%	15%	PASS	(7,900)	(5,000)	PASS
6/19/2025 (Wk 5)	66,000	95,000	161,000	15,000	PASS	45,150	45,150	0	0.0%	15%	PASS	(6,575)	(5,000)	PASS
6/26/2025 (Wk 6)	63,400	95,000	158,400	15,000	PASS	44,750	44,750	0	0.0%	15%	PASS	(5,050)	(5,000)	PASS
7/3/2025 (Wk 7)	61,500	95,000	156,500	15,000	PASS	43,575	43,575	0	0.0%	15%	PASS	(3,100)	(5,000)	PASS
7/10/2025 (Wk 8)	59,200	95,000	154,200	15,000	PASS	42,200	42,200	0	0.0%	15%	PASS	(600)	(5,000)	PASS
7/17/2025 (Wk 9)	57,175	95,000	152,175	15,000	PASS	41,300	41,300	0	0.0%	15%	PASS	100	(5,000)	PASS
7/24/2025 (Wk 10)	55,600	95,000	150,600	15,000	PASS	40,750	40,750	0	0.0%	15%	PASS	900	(5,000)	PASS
7/31/2025 (Wk 11)	53,950	95,000	148,950	15,000	PASS	40,175	40,175	0	0.0%	15%	PASS	1,625	(5,000)	PASS
8/7/2025 (Wk 12)	52,725	95,000	147,725	15,000	PASS	39,075	39,075	0	0.0%	15%	PASS	2,025	(5,000)	PASS
8/13/2025 (Wk 13)	50,750	95,000	145,750	15,000	PASS	37,875	37,875	0	0.0%	15%	PASS	2,000	(5,000)	PASS

Notes:

(1) DIP Undrawn Availability of $95,000 reflects $175,000 total commitment less $80,000 interim draw. Final $95,000 available upon Final Order entry (target 6/19/2025).

(2) Rolling 4-week covenant tests begin Week 4. Budget = Forecast in base case; variance is 0% as actuals are assumed to track budget.

[sheet: DIP Facility Summary]

Term	Detail	Amount / Rate
Facility Size	Senior Secured Superpriority Revolving Credit Facility	$175,000,000
Ironclad Capital Partners LP — Commitment	Administrative Agent and Lead Lender (57.14%)	$100,000,000
Ridgeline Opportunity Fund III LP — Commitment	Co-Lender (28.57%)	$50,000,000
Bramblewood Credit Advisors LLC — Commitment	Co-Lender (14.29%)	$25,000,000
Interest Rate	SOFR + 850 basis points	SOFR + 8.50%
SOFR Floor	Minimum reference rate	4.00%
Effective Minimum All-In Rate	SOFR Floor + Spread	12.50%
Default Rate	Additional 200 bps above standard rate	SOFR + 1,050 bps
Closing Fee	2.00% of total commitments	$3,500,000
Exit Fee	1.00% of aggregate commitments, payable at maturity/termination	$1,750,000
Unused Line Fee	On undrawn commitments	0.50% per annum
Interim Draw	Available upon Interim Order (target 5/22/2025)	$80,000,000
Final Draw Availability	Available upon Final Order (target 6/19/2025)	$95,000,000
Collateral Agent	Meridian Trust Company
Security	Superpriority admin claim §364(c)(1); first-priority priming lien §364(d); first lien on unencumbered assets §364(c)(2)/(c)(3)
Minimum Liquidity Covenant	Cash + availability tested at all times	$15,000,000
Max Budget Variance Covenant	Rolling 4-week actual vs. budgeted disbursements, tested weekly	15%
Minimum EBITDA Covenant	Rolling 4-week period	($5,000,000)
Carve-Out (Post-Trigger)	Estate professionals + U.S. Trustee fees	$3,000,000 ($2,500,000 + $500,000)
Maturity	Earlier of 12 months from Petition Date, plan effective date, §363 sale closing, or Event of Default	May 15, 2026 (outside date)
Milestone — Interim Order	Petition Date + 5 business days	May 22, 2025
Milestone — Final Order	Petition Date + 35 days	June 19, 2025
Milestone — Plan / §363 Sale Motion	Petition Date + 150 days	October 12, 2025
Milestone — Confirmation / Sale Closing	Petition Date + 270 days	February 8, 2026

Adequate Protection — Pre-Petition First Lien	Replacement liens, §507(b) claim, current-pay interest at SOFR + 450 bps	To Prairie State Bank, N.A.
Pre-Petition ABL Roll-Up	Portion of ABL obligations rolled into DIP Facility	$20,000,000
Governing Law (Credit Agreement)	New York
DIP Budget Period	13 weeks with 4-week extensions upon lender approval	May 15, 2025 — August 13, 2025

[sheet: Pre-Petition Debt Summary]

Tranche	Agent / Trustee	Outstanding Amount ($000s)	Committed Amount ($000s)	Maturity	Interest Rate	Security
First Lien Term Loan	Prairie State Bank, N.A.	310,000	310,000	November 2026	SOFR + 450 bps	First-priority lien on substantially all assets
ABL Revolver	Prairie State Bank, N.A. (with Hawthorn National Bank and Northland Savings Bank, F.S.B.)	72,300	95,000	May 2026	SOFR + 275 bps	First-priority lien on receivables and inventory (split-collateral)
Senior Unsecured Notes (9.50% due 2027)	Meridian Trust Company (Indenture Trustee)	84,200	84,200	March 2027	9.50% fixed	Unsecured
Trade and Other Unsecured Claims	N/A	22,700	N/A	Various	Various	Unsecured
Total Funded Debt	489,200

Key Pre-Petition Metrics:

FY 2024 Revenue	612,400
FY 2024 EBITDA	38,700
LTM Adjusted EBITDA (per Credit Agreement)	37,700
Cash at Petition Date (May 15, 2025)	11,800
Total Net Leverage at 12/31/2024	9.82x	Max Covenant: 6.50x	Breach
Estimated Enterprise Value (mid-point)	310,000	Range: $280M-$340M
Pre-Petition Employees	~2,300
Missed Notes Interest (March 15, 2025)	3,681	Grace period expired April 14, 2025
Net Leverage Calculation	($310,000 + $72,300 - $11,800) / $37,700 = 9.82x

[sheet: Cover]
Field | Value
Document Title | 13-Week Cash Flow Budget (DIP Budget)
Exhibit | Exhibit A to Proposed Interim Order Authorizing Debtor-in-Possession Financing
Debtor | Greenfield Agricultural Partners LLC
Case No. | 25-01147
Court | U.S. Bankruptcy Court for the Northern District of Iowa (Cedar Rapids Division)
Judge | Honorable Margaret R. Dunleavy
Petition Date | May 15, 2025
Budget Period | May 15, 2025 through August 13, 2025 (13 weeks)
Prepared By | Calderwood & Harkness LLP in coordination with Claridge Advisory Group LLC
C&H Engagement No. | 1020-00002
Claridge Engagement Lead | Nolan Ashworth, Managing Director
Claridge Director | Rebecca Liu
Debtor CFO | Patricia Langford
Date Prepared | May 16, 2025
Status | Filed with Proposed Interim Order — Target Entry May 22, 2025
Confidentiality | Subject to Court filing; not privileged
DIP Facility Size | $175,000,000
DIP Administrative Agent | Ironclad Capital Partners LP
DIP Collateral Agent | Meridian Trust Company
DIP Lenders | Ironclad Capital Partners LP ($100M); Ridgeline Opportunity Fund III LP ($50M); Bramblewood Credit Advisors LLC ($25M)
Governing Law (Credit Agreement) | New York
Amounts | All amounts in thousands ($000s) unless otherwise noted
[sheet: Weekly Cash Flow]
Line Item | Week 1 ending 5/22/2025 ($000s) | Week 2 ending 5/29/2025 ($000s) | Week 3 ending 6/5/2025 ($000s) | Week 4 ending 6/12/2025 ($000s) | Weeks 1-4 Subtotal ($000s) | Week 5 ending 6/19/2025 ($000s) | Week 6 ending 6/26/2025 ($000s) | Week 7 ending 7/3/2025 ($000s) | Week 8 ending 7/10/2025 ($000s) | Weeks 5-8 Subtotal ($000s) | Week 9 ending 7/17/2025 ($000s) | Week 10 ending 7/24/2025 ($000s) | Week 11 ending 7/31/2025 ($000s) | Week 12 ending 8/7/2025 ($000s) | Week 13 ending 8/13/2025 ($000s) | Weeks 9-13 Subtotal ($000s) | 13-Week Total ($000s)
OPERATING RECEIPTS
Customer Collections — Crop Protection Products | 6,800 | 7,200 | 7,500 | 7,100 | 28,600 | 8,200 | 8,500 | 8,800 | 8,400 | 33,900 | 8,900 | 9,200 | 9,500 | 9,100 | 8,800 | 45,500 | 108,000
Customer Collections — Seed Treatments & Adjuvants | 1,200 | 1,300 | 1,400 | 1,200 | 5,100 | 1,100 | 1,200 | 1,300 | 1,100 | 4,700 | 600 | 500 | 400 | 300 | 200 | 2,000 | 11,800
Other Operating Receipts (rebates, freight recovery, misc.) | 1,100 | 1,200 | 1,000 | 1,200 | 4,500 | 900 | 800 | 700 | 600 | 3,000 | 700 | 600 | 500 | 500 | 500 | 2,800 | 10,300
Subtotal — Operating Receipts (a) | 9,100 | 9,700 | 9,900 | 9,500 | 38,200 | 10,200 | 10,500 | 10,800 | 10,100 | 41,600 | 10,200 | 10,300 | 10,400 | 9,900 | 9,000 | 49,800 | 129,600
OPERATING DISBURSEMENTS
Raw Materials & Chemical Inputs | 5,200 | 5,400 | 5,600 | 5,300 | 21,500 | 5,000 | 4,800 | 4,600 | 4,400 | 18,800 | 4,200 | 4,000 | 3,800 | 3,600 | 3,400 | 19,000 | 59,300
Payroll & Benefits (~2,300 employees) | 3,100 | 3,100 | 3,100 | 3,100 | 12,400 | 3,100 | 3,100 | 3,100 | 3,100 | 12,400 | 3,100 | 3,100 | 3,100 | 3,100 | 3,100 | 15,500 | 40,300
Manufacturing & Plant Operations (Cedar Falls, Decatur, Jonesboro) | 1,200 | 1,200 | 1,300 | 1,200 | 4,900 | 1,100 | 1,100 | 1,000 | 1,000 | 4,200 | 1,000 | 900 | 900 | 800 | 800 | 4,400 | 13,500
Distribution & Logistics (14 regional centers) | 600 | 650 | 700 | 650 | 2,600 | 600 | 550 | 500 | 450 | 2,100 | 500 | 500 | 500 | 500 | 500 | 2,500 | 7,200
SG&A (rent, insurance, IT, admin) | 500 | 500 | 500 | 500 | 2,000 | 500 | 500 | 500 | 500 | 2,000 | 500 | 500 | 500 | 500 | 500 | 2,500 | 6,500
R&D Farm Operations (Ames, IA — 640 acres) | 100 | 100 | 100 | 100 | 400 | 100 | 100 | 100 | 100 | 400 | 100 | 100 | 100 | 100 | 100 | 500 | 1,300
Taxes (property, sales, other non-income) | 50 | 50 | 75 | 125 | 300 | 100 | 100 | 100 | 100 | 400 | 200 | 100 | 100 | 100 | 100 | 600 | 1,300
Utilities & Environmental Compliance | 150 | 150 | 200 | 150 | 650 | 150 | 150 | 150 | 150 | 600 | 150 | 150 | 150 | 150 | 150 | 750 | 2,000
Insurance Premiums (excl. D&O — Stonebridge) | 75 | 75 | 100 | 100 | 350 | 100 | 100 | 100 | 100 | 400 | 100 | 100 | 100 | 100 | 50 | 450 | 1,200
U.S. Trustee Quarterly Fees (Region 12) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325 | 0 | 0 | 325 | 325
Other Operating Disbursements | 200 | 200 | 250 | 350 | 1,000 | 200 | 200 | 200 | 300 | 900 | 200 | 250 | 200 | 200 | 325 | 1,175 | 3,075
Subtotal — Operating Disbursements (b) | 11,175 | 11,425 | 11,925 | 11,575 | 46,100 | 10,950 | 10,700 | 10,350 | 10,200 | 42,200 | 10,050 | 9,700 | 9,875 | 9,150 | 9,025 | 47,800 | 136,100
NET OPERATING CASH FLOW (a - b) | (2,075) | (1,725) | (2,025) | (2,075) | (7,900) | (750) | (200) | 450 | (100) | (600) | 150 | 600 | 525 | 750 | (25) | 2,000 | (6,500)
RESTRUCTURING PROFESSIONAL FEES
Calderwood & Harkness LLP (Debtor's Counsel) | 800 | 750 | 700 | 650 | 2,900 | 600 | 550 | 500 | 500 | 2,150 | 500 | 500 | 500 | 450 | 450 | 2,400 | 7,450
Claridge Advisory Group LLC (Financial Advisor) | 400 | 400 | 350 | 350 | 1,500 | 350 | 300 | 300 | 250 | 1,200 | 250 | 250 | 250 | 200 | 200 | 1,150 | 3,850
Harmon & Keach LLP (DIP Lender Counsel) | 500 | 400 | 350 | 300 | 1,550 | 350 | 300 | 250 | 200 | 1,100 | 200 | 200 | 200 | 200 | 200 | 1,000 | 3,650
Holloway & Birch LLP (Auditor/Tax Advisor) | 50 | 50 | 50 | 50 | 200 | 50 | 50 | 50 | 50 | 200 | 50 | 50 | 50 | 50 | 50 | 250 | 650
Bellwether Valuation Services Inc. (Appraiser) | 0 | 0 | 25 | 25 | 50 | 50 | 50 | 50 | 0 | 150 | 50 | 50 | 50 | 0 | 0 | 150 | 350
Archer Grayson & Cole LLP (UCC Counsel — est.) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50 | 50 | 100 | 50 | 50 | 50 | 50 | 50 | 250 | 350
Other Professional Fees (incl. local counsel) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 25 | 25 | 0 | 100 | 100
Subtotal — Restructuring Professional Fees (c) | 1,750 | 1,600 | 1,475 | 1,375 | 6,200 | 1,400 | 1,250 | 1,200 | 1,050 | 4,900 | 1,125 | 1,125 | 1,125 | 975 | 950 | 5,300 | 16,400
DEBT SERVICE / ADEQUATE PROTECTION
Adequate Protection — First Lien (current-pay interest at SOFR + 450 bps to Prairie State Bank) | 850 | 850 | 850 | 850 | 3,400 | 850 | 850 | 850 | 850 | 3,400 | 850 | 850 | 850 | 850 | 850 | 4,250 | 11,050
DIP Interest (SOFR + 850 bps; minimum all-in 12.50%) — accrued, paid-in-kind or current | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Subtotal — Debt Service / Adequate Protection (d) | 850 | 850 | 850 | 850 | 3,400 | 850 | 850 | 850 | 850 | 3,400 | 850 | 850 | 850 | 850 | 850 | 4,250 | 11,050
CAPITAL EXPENDITURES
Maintenance Capex (3 plants) | 300 | 350 | 400 | 350 | 1,400 | 300 | 300 | 300 | 300 | 1,200 | 200 | 200 | 200 | 150 | 150 | 900 | 3,500
R&D Farm Capex | 25 | 25 | 25 | 25 | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100
Subtotal — Capital Expenditures (e) | 325 | 375 | 425 | 375 | 1,500 | 300 | 300 | 300 | 300 | 1,200 | 200 | 200 | 200 | 150 | 150 | 900 | 3,600
TOTAL NET CASH FLOW (a - b - c - d - e) | (5,000) | (4,550) | (4,775) | (4,675) | (19,000) | (3,300) | (2,600) | (1,900) | (2,300) | (10,100) | (2,025) | (1,575) | (1,650) | (1,225) | (1,975) | (8,450) | (37,550)
FINANCING ACTIVITY
DIP Draw — Interim ($80M upon Interim Order entry 5/22/2025) | 0 | 80,000 | 0 | 0 | 80,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80,000
DIP Closing Fee (2.00% × $175M = $3,500,000; deducted from interim draw proceeds) | 0 | (3,500) | 0 | 0 | (3,500) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (3,500)
Net DIP Proceeds | 0 | 76,500 | 0 | 0 | 76,500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76,500
BEGINNING CASH | 11,800 | 6,800 | 78,750 | 73,975 | 11,800 | 69,300 | 66,000 | 63,400 | 61,500 | 69,300 | 59,200 | 57,175 | 55,600 | 53,950 | 52,725 | 59,200 | 11,800
ENDING CASH | 6,800 | 78,750 | 73,975 | 69,300 | 69,300 | 66,000 | 63,400 | 61,500 | 59,200 | 59,200 | 57,175 | 55,600 | 53,950 | 52,725 | 50,750 | 50,750 | 50,750
COVENANT COMPLIANCE
Minimum Liquidity ($15,000 required) | N/A | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS
Max Budget Variance (15% — rolling 4-wk) | N/A | N/A | N/A | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS
Minimum EBITDA (($5,000) — rolling 4-wk) | N/A | N/A | N/A | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS
Note: Ending cash reconciliation: $11,800 (opening) + $80,000 (DIP draw) - $3,500 (closing fee) - $37,550 (net cash outflow) = $50,750. See Summary Reconciliation sheet for full reconciliation.
[sheet: Summary Reconciliation]
Category | Weeks 1-4 ($000s) | Weeks 5-8 ($000s) | Weeks 9-13 ($000s) | 13-Week Total ($000s)
Operating Receipts | 38,200 | 41,600 | 49,800 | 129,600
Operating Disbursements | (46,100) | (42,200) | (47,800) | (136,100)
Net Operating Cash Flow | (7,900) | (600) | 2,000 | (6,500)
Restructuring Professional Fees | (6,200) | (4,900) | (5,300) | (16,400)
Debt Service / Adequate Protection | (3,400) | (3,400) | (4,250) | (11,050)
Capital Expenditures | (1,500) | (1,200) | (900) | (3,600)
Net Cash Flow | (19,000) | (10,100) | (8,450) | (37,550)
Beginning Cash | 11,800 | 69,300 | 59,200 | 11,800
DIP Draws (Gross) | 80,000 | 0 | 0 | 80,000
DIP Closing Fee | (3,500) | 0 | 0 | (3,500)
Net DIP Proceeds | 76,500 | 0 | 0 | 76,500
Ending Cash | 69,300 | 59,200 | 50,750 | 50,750
Reconciliation Check:
Opening Cash + Net DIP Proceeds + Net Cash Flow = Ending Cash
$11,800 + $76,500 + ($37,550) = $50,750 | CHECK: PASS
[sheet: Covenant Compliance]
Test Period / Week Ending | Ending Cash ($000s) | DIP Undrawn Availability ($000s) | Total Liquidity (Cash + Availability) ($000s) | Minimum Liquidity Covenant ($000s) | Liquidity Covenant — Pass/Fail | Budgeted Disbursements — Rolling 4-Week ($000s) | Actual Disbursements — Rolling 4-Week ($000s) | Variance ($000s) | Variance % | Max Variance Covenant | Budget Variance Covenant — Pass/Fail | Rolling 4-Week EBITDA ($000s) | Minimum EBITDA Covenant ($000s) | EBITDA Covenant — Pass/Fail
5/22/2025 (Wk 1) | 6,800 | 0 | 6,800 | 15,000 | N/A (pre-Interim Order funding) | N/A | N/A | N/A | N/A | 15% | N/A | N/A | (5,000) | N/A
5/29/2025 (Wk 2) | 78,750 | 95,000 | 173,750 | 15,000 | PASS | N/A | N/A | N/A | N/A | 15% | N/A | N/A | (5,000) | N/A
6/5/2025 (Wk 3) | 73,975 | 95,000 | 168,975 | 15,000 | PASS | N/A | N/A | N/A | N/A | 15% | N/A | N/A | (5,000) | N/A
6/12/2025 (Wk 4) | 69,300 | 95,000 | 164,300 | 15,000 | PASS | 46,100 | 46,100 | 0 | 0.0% | 15% | PASS | (7,900) | (5,000) | PASS
6/19/2025 (Wk 5) | 66,000 | 95,000 | 161,000 | 15,000 | PASS | 45,150 | 45,150 | 0 | 0.0% | 15% | PASS | (6,575) | (5,000) | PASS
6/26/2025 (Wk 6) | 63,400 | 95,000 | 158,400 | 15,000 | PASS | 44,750 | 44,750 | 0 | 0.0% | 15% | PASS | (5,050) | (5,000) | PASS
7/3/2025 (Wk 7) | 61,500 | 95,000 | 156,500 | 15,000 | PASS | 43,575 | 43,575 | 0 | 0.0% | 15% | PASS | (3,100) | (5,000) | PASS
7/10/2025 (Wk 8) | 59,200 | 95,000 | 154,200 | 15,000 | PASS | 42,200 | 42,200 | 0 | 0.0% | 15% | PASS | (600) | (5,000) | PASS
7/17/2025 (Wk 9) | 57,175 | 95,000 | 152,175 | 15,000 | PASS | 41,300 | 41,300 | 0 | 0.0% | 15% | PASS | 100 | (5,000) | PASS
7/24/2025 (Wk 10) | 55,600 | 95,000 | 150,600 | 15,000 | PASS | 40,750 | 40,750 | 0 | 0.0% | 15% | PASS | 900 | (5,000) | PASS
7/31/2025 (Wk 11) | 53,950 | 95,000 | 148,950 | 15,000 | PASS | 40,175 | 40,175 | 0 | 0.0% | 15% | PASS | 1,625 | (5,000) | PASS
8/7/2025 (Wk 12) | 52,725 | 95,000 | 147,725 | 15,000 | PASS | 39,075 | 39,075 | 0 | 0.0% | 15% | PASS | 2,025 | (5,000) | PASS
8/13/2025 (Wk 13) | 50,750 | 95,000 | 145,750 | 15,000 | PASS | 37,875 | 37,875 | 0 | 0.0% | 15% | PASS | 2,000 | (5,000) | PASS
Notes:
(1) DIP Undrawn Availability of $95,000 reflects $175,000 total commitment less $80,000 interim draw. Final $95,000 available upon Final Order entry (target 6/19/2025).
(2) Rolling 4-week covenant tests begin Week 4. Budget = Forecast in base case; variance is 0% as actuals are assumed to track budget.
[sheet: DIP Facility Summary]
Term | Detail | Amount / Rate
Facility Size | Senior Secured Superpriority Revolving Credit Facility | $175,000,000
Ironclad Capital Partners LP — Commitment | Administrative Agent and Lead Lender (57.14%) | $100,000,000
Ridgeline Opportunity Fund III LP — Commitment | Co-Lender (28.57%) | $50,000,000
Bramblewood Credit Advisors LLC — Commitment | Co-Lender (14.29%) | $25,000,000
Interest Rate | SOFR + 850 basis points | SOFR + 8.50%
SOFR Floor | Minimum reference rate | 4.00%
Effective Minimum All-In Rate | SOFR Floor + Spread | 12.50%
Default Rate | Additional 200 bps above standard rate | SOFR + 1,050 bps
Closing Fee | 2.00% of total commitments | $3,500,000
Exit Fee | 1.00% of aggregate commitments, payable at maturity/termination | $1,750,000
Unused Line Fee | On undrawn commitments | 0.50% per annum
Interim Draw | Available upon Interim Order (target 5/22/2025) | $80,000,000
Final Draw Availability | Available upon Final Order (target 6/19/2025) | $95,000,000
Collateral Agent | Meridian Trust Company
Security | Superpriority admin claim §364(c)(1); first-priority priming lien §364(d); first lien on unencumbered assets §364(c)(2)/(c)(3)
Minimum Liquidity Covenant | Cash + availability tested at all times | $15,000,000
Max Budget Variance Covenant | Rolling 4-week actual vs. budgeted disbursements, tested weekly | 15%
Minimum EBITDA Covenant | Rolling 4-week period | ($5,000,000)
Carve-Out (Post-Trigger) | Estate professionals + U.S. Trustee fees | $3,000,000 ($2,500,000 + $500,000)
Maturity | Earlier of 12 months from Petition Date, plan effective date, §363 sale closing, or Event of Default | May 15, 2026 (outside date)
Milestone — Interim Order | Petition Date + 5 business days | May 22, 2025
Milestone — Final Order | Petition Date + 35 days | June 19, 2025
Milestone — Plan / §363 Sale Motion | Petition Date + 150 days | October 12, 2025
Milestone — Confirmation / Sale Closing | Petition Date + 270 days | February 8, 2026
Adequate Protection — Pre-Petition First Lien | Replacement liens, §507(b) claim, current-pay interest at SOFR + 450 bps | To Prairie State Bank, N.A.
Pre-Petition ABL Roll-Up | Portion of ABL obligations rolled into DIP Facility | $20,000,000
Governing Law (Credit Agreement) | New York
DIP Budget Period | 13 weeks with 4-week extensions upon lender approval | May 15, 2025 — August 13, 2025
[sheet: Pre-Petition Debt Summary]
Tranche | Agent / Trustee | Outstanding Amount ($000s) | Committed Amount ($000s) | Maturity | Interest Rate | Security
First Lien Term Loan | Prairie State Bank, N.A. | 310,000 | 310,000 | November 2026 | SOFR + 450 bps | First-priority lien on substantially all assets
ABL Revolver | Prairie State Bank, N.A. (with Hawthorn National Bank and Northland Savings Bank, F.S.B.) | 72,300 | 95,000 | May 2026 | SOFR + 275 bps | First-priority lien on receivables and inventory (split-collateral)
Senior Unsecured Notes (9.50% due 2027) | Meridian Trust Company (Indenture Trustee) | 84,200 | 84,200 | March 2027 | 9.50% fixed | Unsecured
Trade and Other Unsecured Claims | N/A | 22,700 | N/A | Various | Various | Unsecured
Total Funded Debt | 489,200
Key Pre-Petition Metrics:
FY 2024 Revenue | 612,400
FY 2024 EBITDA | 38,700
LTM Adjusted EBITDA (per Credit Agreement) | 37,700
Cash at Petition Date (May 15, 2025) | 11,800
Total Net Leverage at 12/31/2024 | 9.82x | Max Covenant: 6.50x | Breach
Estimated Enterprise Value (mid-point) | 310,000 | Range: $280M-$340M
Pre-Petition Employees | ~2,300
Missed Notes Interest (March 15, 2025) | 3,681 | Grace period expired April 14, 2025
Net Leverage Calculation | ($310,000 + $72,300 - $11,800) / $37,700 = 9.82x

[sheet: Cover]

OPERATING RECEIPTS

OPERATING DISBURSEMENTS

RESTRUCTURING PROFESSIONAL FEES

DEBT SERVICE / ADEQUATE PROTECTION

CAPITAL EXPENDITURES

FINANCING ACTIVITY

COVENANT COMPLIANCE

Record

Parties

Dates

Amounts