JELD-WEN's liquidation posture as of March 28, 2026 is deeply negative. MFFAIS reports a cash liquidation value of negative $703M and a liquid liquidation value of negative $274M; only the operating liquidation value registers marginally positive at $172M, which reflects going-concern value embedded in the asset base rather than genuine wind-down recovery. Applied haircuts confirm the structural problem: cash of $50M recovers at par; AR of $428M at 90-95% yields roughly $385-407M; inventory of $446M at 60% yields $268M. Against these, total liabilities stand at $2.07B at face value, with funded long-term debt plus current maturities of $1.22B alone consuming all tangible asset recovery before reaching operating liabilities. PP&E gross book of $2.10B carries accumulated depreciation of $1.38B, leaving net $724M; at a 50-70% recovery haircut, liquidation proceeds would be $362-507M. Intangibles of $93M and goodwill (not separately tagged but balance is zero after prior-period impairments) receive zero recovery. Operating ROU assets of $184M and the associated lease liabilities of $198M ($37M current plus $161M long-term) do not extinguish on wind-down and represent a fixed drag. The pension obligation of $24M (non-current) plus current portion is unfunded by design; it remains a face-value liability in liquidation. Self-insurance reserve of $74M and environmental liabilities of $21M combined ($7.5M current, $13.4M long-term) are additional non-extinguishing obligations. Compared to December 31, 2025 (prior 10-K), the balance sheet has deteriorated: unrestricted cash fell from approximately $136M to $50M, total liquidity dropped from $485M to $310M, and net debt increased by approximately $40M due to ABL revolving draws. Q1 2026 operating cash burn was $91M against $83M in Q1 2025. The $400M Senior Notes due December 2027 are explicitly flagged by management as unlikely to be repaid from operating cash flows, making near-term refinancing or asset sale the only credible path. The Steves litigation was settled in Q1 2026 for $8.5M recognized as SG&A expense; the Towanda divestiture closed January 2025 and removed a litigation-clouded asset from the balance sheet. Potential tariff refunds discussed in MD&A are unquantified and unrecognized in these statements. Filing does not separately tag the goodwill balance (zero post-impairment) or operating lease right-of-use assets in a way that reveals post-Q4 2025 movement, but the narrative confirms no additional goodwill impairment this quarter. Retained earnings deficit stands at negative $718M, up from prior year levels, reflecting cumulative losses. Equity totals only $12M against $2.07B in liabilities, leaving essentially no equity cushion in liquidation.
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