Pyxus International, Inc 10-Q for FY2022 Q1

Pyxus International, Inc. (PYYX)

10-Q 2021-08-13 For: 2021-06-30

Added on April 06, 2026

About this 10-Q

Pyxus International, Inc filed this 10-Q on August 13, 2021, covering the quarter ended June 30, 2021 (FY2022 Q1).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $333.29M; up 26.8% from $262.81M a year earlier
Net loss: $11.51M; compared with a net loss of $92.16M a year earlier
Diluted EPS: -$0.46; compared with -$9.24 a year earlier

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Pyxus International, Inc. and Subsidiaries
Table of Contents
			Page No.




Part I.	Financial Information
	Item 1.	Financial Statements (Unaudited)
		Condensed Consolidated Statements of Operations	3

		Condensed Consolidated Statements of Comprehensive Loss	4

		Condensed Consolidated Balance Sheets	5

		Condensed Statements of Consolidated Stockholders’ Equity	7

		Condensed Consolidated Statements of Cash Flows	8

		Notes to Condensed Consolidated Financial Statements	9
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	37
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	46
	Item 4.	Controls and Procedures	46

Part II.	Other Information
	Item 1.	Legal Proceedings	47
	Item 1A.	Risk Factors	47






	Item 5.	Other Information	47
	Item 6.	Exhibits	48

Signature			49


Pyxus International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

	Successor		Predecessor
(in thousands, except per share data)	Three months ended June 30, 2021		Three months ended June 30, 2020
Sales and other operating revenues	$	333,290	$	262,809
Cost of goods and services sold	291,170		243,183
Gross profit	42,120		19,626
Selling, general, and administrative expenses	33,845		60,757
Other income (expense), net	162		(2,392)
Restructuring and asset impairment charges	233		73

Operating income (loss)	8,204		(43,596)
Debt retirement expense	—		828

Interest expense, net	26,840		30,507

Reorganization items, net	—		(26,866)







Loss before income taxes and other items	(18,636)		(101,797)
Income tax benefit	(8,439)		(8,168)
(Loss) income from unconsolidated affiliates	(1,431)		820
Net loss	(11,628)		(92,809)
Net loss attributable to noncontrolling interests	(120)		(648)
Net loss attributable to Pyxus International, Inc.	$	(11,508)	$	(92,161)

Loss per share:
Basic and diluted	$	(0.46)	$	(9.24)


Weighted average number of shares outstanding:
Basic and diluted	25,000		9,976


See "Notes to Condensed Consolidated Financial Statements"


Pyxus International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)

	Successor		Predecessor
(in thousands)	Three months ended June 30, 2021		Three months ended June 30, 2020
Net loss	$	(11,628)	$	(92,809)

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	689		(140)
Pension and other postretirement benefit plans	—		494

Cash flow hedges	4,328		(531)

Total other comprehensive income (loss), net of tax	5,017		(177)
Total comprehensive loss	(6,611)		(92,986)
Comprehensive loss attributable to noncontrolling interests	(120)		(724)
Comprehensive loss attributable to Pyxus International, Inc.	$	(6,491)	$	(92,262)

See "Notes to Condensed Consolidated Financial Statements"


Pyxus International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)
	Successor		Predecessor		Successor
(in thousands)	June 30, 2021		June 30, 2020		March 31, 2021
Assets
Current assets
Cash and cash equivalents	$	79,593	$	172,795	$	92,705
Restricted cash	2,538		2,649		4,619
Trade receivables, net	198,241		159,392		175,912
Other receivables	33,711		15,777		27,920


Inventories, net	854,042		832,223		727,893
Advances to tobacco suppliers, net	36,706		32,535		43,569
Recoverable income taxes	10,894		16,873		4,781
Prepaid expenses	35,217		30,836		29,532
Other current assets	19,713		14,170		15,569
Total current assets	1,270,655		1,277,250		1,122,500
Restricted cash	389		389		389

Investments in unconsolidated affiliates	85,651		57,479		96,356
Goodwill	36,853		6,120		36,853
Other intangible assets, net	49,935		64,957		51,417
Deferred income taxes, net	10,179		—		7,063
Long-term recoverable income taxes	4,167		2,628		4,133

Other noncurrent assets	42,127		46,089		40,355
Right-of-use assets	41,540		39,602		40,259
Property, plant, and equipment, net	140,332		298,154		140,137
Total assets	$	1,681,828	$	1,792,668	$	1,539,462

Liabilities and Stockholders’ Equity
Current liabilities
Notes payable to banks	$	403,792	$	524,266	$	372,174
DIP financing	—		131,700		—
Accounts payable	88,807		103,853		125,876

Advances from customers	29,631		26,130		12,120

Accrued expenses and other current liabilities	91,426		91,989		71,656
Income taxes payable	4,110		2,735		8,254
Operating leases payable	8,961		10,978		9,529
Current portion of long-term debt	2,686		273,524		2,122
Total current liabilities	629,413		1,165,175		601,731
Long-term taxes payable	6,703		7,623		7,623
Long-term debt	669,793		3,238		551,235
Deferred income taxes	14,254		25,603		12,944
Liability for unrecognized tax benefits	15,883		12,229		14,835
Long-term leases	31,843		25,121		29,508
Pension, postretirement, and other long-term liabilities	66,610		73,869		67,646
Total liabilities not subject to compromise	1,434,499		1,312,858		1,285,522
Liabilities subject to compromise	—		649,107		—
Total liabilities	1,434,499		1,961,965		1,285,522


	Successor		Predecessor		Successor
(in thousands)	June 30, 2021		June 30, 2020		March 31, 2021
Commitments and contingencies
Stockholders’ equity
Common Stock—no par value:
Authorized shares (250,000 for all periods)
Issued shares (25,000, 9,976, and 25,000, respectively)	391,089		469,794		391,089
Retained deficit	(148,202)		(580,706)		(136,686)
Accumulated other comprehensive loss	(1,716)		(59,233)		(6,733)
Total stockholders’ equity (deficit) of Pyxus International, Inc.	241,171		(170,145)		247,670
Noncontrolling interests	6,158		848		6,270
Total stockholders’ equity (deficit)	247,329		(169,297)		253,940
Total liabilities and stockholders’ equity	$	1,681,828	$	1,792,668	$	1,539,462

See "Notes to Condensed Consolidated Financial Statements"


	Predecessor
Liabilities subject to compromise:
Debt subject to compromise	$	635,686
Accrued interest on debt subject to compromise	13,421
	$	649,107


	Predecessor
Reorganization Items:
Professional fees	$	(2,573)
United States trustee fees	(518)
Write-off of unamortized debt issuance costs and discount	(4,020)
DIP financing fees	(19,755)
	$	(26,866)


Enterprise value, excluding cash	$	1,252,379
Plus: cash, cash equivalents, and restricted cash	117,587
Less: fair value of debt	(974,205)
Fair value of Successor stockholders’ equity	$	395,761
Shares issued upon emergence	25,000
Per share value	$	15.83


(in thousands)	As of August 31, 2020
						Fresh Start Reporting Adjustments
	Predecessor		Reorganization Adjustments			As Reported at September 30, 2020		As Adjusted at December 31, 2020		Successor
Assets
Current assets
Cash and cash equivalents	$	111,427	$	(18,289)	(1)	$	—	$	—	$	93,138
Restricted cash	2,949		21,500		(2)	—		—		24,449
Trade receivables, net	152,309		—			—		—		152,309
Other receivables	13,227		—			—		—		13,227
Accounts receivable, related parties	2,780		—			—		—		2,780

Inventories, net	861,851		—			—		—		861,851
Advances to tobacco suppliers, net	44,061		—			—		—		44,061


Recoverable income taxes	5,830		—			—		—			5,830
Prepaid expenses	34,350		—			—		—			34,350
Other current assets	15,059		—			—		—			15,059
Total current assets	1,243,843		3,211			—		—			1,247,054
Restricted cash	389		—			—		—			389

Investments in unconsolidated affiliates	54,460		—			13,291		30,531		(13)	84,991
Goodwill	6,120		—			48,756		31,815		(14)	37,935
Other intangible assets, net	64,924		—			1,596		6,075		(15)	70,999
Deferred income taxes, net	125		—			9,638		7,484		(16)	7,609
Long-term recoverable income taxes	3,130		—			—		—			3,130

Other noncurrent assets	45,821		3,139		(3)	(310)		(310)		(17)	48,650
Right-of-use assets	39,576		—			(4,281)		(4,281)		(18)	35,295
Property, plant, and equipment, net	299,293		—			(124,965)		(125,820)		(19)	173,473
Total assets	$	1,757,681	$	6,350		$	(56,275)	$	(54,506)		$	1,709,525

Liabilities and Stockholders’ Equity
Current liabilities
Notes payable to banks	$	461,783	$	—		$	—	$	—		$	461,783
DIP financing	206,700		(206,700)		(4)	—		—			—
Accounts payable	58,813		334		(5)	25		25			59,172
Accounts payable, related parties	26,125		—			—		—			26,125
Advances from customers	23,967		—			—		—			23,967

Accrued expenses and other current liabilities	113,118		(31,853)		(6)	(1,792)		(1,792)		(20)	79,473
Income taxes payable	8,319		—			—		—			8,319
Operating leases payable	11,083		—			(992)		(992)		(21)	10,091
Current portion of long-term debt	90		—			—		—			90
Total current liabilities	909,998		(238,219)			(2,759)		(2,759)			669,020
Long-term taxes payable	7,623		—			—		—			7,623
Long-term debt	277,090		250,546		(7)	(15,304)		(15,304)		(22)	512,332
Deferred income taxes	20,749		91		(8)	(10,070)		(7,742)		(23)	13,098
Liability for unrecognized tax benefits	13,420		—			—		—			13,420
Long-term leases	25,728		—			(2,263)		(2,263)		(21)	23,465
Pension, postretirement, and other long-term liabilities	71,898		—			3,467		3,467		(24)	75,365
Total liabilities not subject to compromise	1,326,506		12,418			(26,929)		(24,601)			1,314,323
Liabilities subject to compromise
Debt subject to compromise	635,686		(635,686)		(9)	—		—			—
Accrued interest on debt subject to compromise	26,156		(26,156)		(9)	—		—			—
Total liabilities subject to compromise	661,842		(661,842)			—		—			—
Total liabilities	1,988,348		(649,424)			(26,929)		(24,601)			1,314,323

Stockholders’ equity
Common Stock—no par value:
Predecessor common stock (shares)	9,976		(9,976)			—		—			—
Successor common stock (shares)	—		25,000			—		—			25,000
Predecessor additional paid-in capital	468,147		(468,147)		(10)	—		—			—
Successor additional paid-in capital	—		391,402		(11)	—		(313)			391,089
Retained deficit	(644,250)		728,160		(12)	(83,910)		(83,910)		(25)	—
Accumulated other comprehensive loss	(54,484)		—			54,484		54,484		(26)	—
Total stockholders’ equity (deficit) of Pyxus International, Inc.	(230,587)		651,415			(29,426)		(29,739)			391,089


Noncontrolling interests	(80)		4,359		80		(166)		4,113
Total stockholders’ equity (deficit)	(230,667)		655,774		(29,346)		(29,905)		395,202
Total liabilities and stockholders’ equity	$	1,757,681	$	6,350	$	(56,275)	$	(54,506)	$	1,709,525


Proceeds from ABL Credit Facility, net of debt issuance costs	$	26,861
Repayment of DIP Facility	(213,418)
Proceeds from Term Loan Credit Facility	213,418
Proceeds from 10.0% first lien notes	280,844
Repayment of 8.5% first lien notes	(280,844)
Payment to fund professional fee escrow account	(21,500)
Payment of other professional and administrative fees	(11,828)
Payment of accrued interest on DIP Facility	(494)
Payment to holders of Predecessor second lien notes that elected the cash option	(1,199)
Payment to holders of Predecessor common stock	(1,000)
Payment of accrued interest on prepetition Predecessor first lien notes	(9,129)
	$	(18,289)


Payment of accrued interest on the DIP Facility	$	(494)
Payment of accrued interest on the Predecessor first lien notes	(9,129)
Settlement of accrued backstop fee through the issuance of common stock	(18,000)
Reclassification of DIP Facility exit fee to long-term debt	(6,718)
Recognition of accrued interest from the Effective Date to the Convenience Date	1,044
Accrual for professional fees	1,444
	$	(31,853)


Draw on the ABL Credit Facility	$	30,000
Issuance of the Term Loans (1)	213,418
Conversion of redemption fee on Predecessor first lien notes to Successor Notes	5,843
Derecognition of the original issue discount and the debt issuance costs on Predecessor first lien notes	1,285
	$	250,546
(1) Includes $6,718 related to the DIP Facility exit fee


Value of Successor common stock, second lien notes	$	198,339
Value of Successor common stock, other	193,063
	$	391,402


001-13684
(Commission File Number)


	Predecessor Historical Value		Fair Value Adjustment		Successor Fair Value
Land	$	33,562	$	(104)	$	33,458
Buildings	259,255		(195,797)		63,458
Machinery and equipment	198,708		(122,151)		76,557
Total	491,525		(318,052)		173,473
Less: Accumulated Depreciation	(192,232)		192,232		—
Total property, plant, and equipment, net	$	299,293	$	(125,820)	$	173,473


	Successor						Predecessor
	Three months ended June 30, 2021						Three months ended June 30, 2020
	Other Products and Services		Leaf - North America		Leaf - Other Regions		Leaf - North America		Leaf - Other Regions
Beginning balance	$	2,141	$	1,406	$	1,063	$	—	$	407
Period charges	14		—		133		—		40
Payments	(253)		(717)		(537)		—		(126)
Ending balance	$	1,902	$	689	$	659	$	—	$	321


	Successor		Predecessor		Successor
	June 30, 2021		June 30, 2020		March 31, 2021
Compensating balance for short-term borrowings	$	1,932	$	900	$	1,017

Escrow	493		1,363		3,459
Other	502		775		$	532
Total	$	2,927	$	3,038	$	5,008


Cash and cash equivalents	$	195
Accounts receivable	1,528
Advances to suppliers	1,043
Inventories	3,823
Other current assets	181
Property, plant, and equipment	5,060
Goodwill	6,120

Total assets acquired	17,950
Accounts payable	1,654
Notes payable	7,450
Other current liabilities	513

Total liabilities	9,617
Fair value of equity interest	$	8,333


	Location	Primary Purpose	The Company's Ownership Percentage		Basis Difference (1)
Adams International Ltd.	Thailand	purchase and process tobacco	49	%	$	(4,526)
Alliance One Industries India Private Ltd.	India	purchase and process tobacco	49	%	(5,770)
China Brasil Tobacos Exportadora SA	Brazil	purchase and process tobacco	49	%	46,651
Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş.	Turkey	process tobacco	50	%	(416)
Purilum, LLC	U.S.	produce flavor formulations and consumable e-liquids	50	%	4,589
Siam Tobacco Export Company	Thailand	purchase and process tobacco	49	%	(6,098)


	Successor
	Three months ended June 30, 2021
	Weighted Average Remaining Useful Life	Beginning Gross Carrying Amount		Additions		Accumulated Amortization (1)		Ending Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	10.86 years	$	29,200	$	—	$	(2,100)	$	27,100
Technology	6.50 years	15,080		—		(2,873)		12,207
Trade names	13.17 years	11,300		—		(673)		10,627
Intangibles not subject to amortization:
Goodwill		36,853		—		—		36,853
Total		$	92,433	$	—	$	(5,646)	$	86,787


	Successor
	Seven months ended March 31, 2021
	Weighted Average Remaining Useful Life	Beginning Gross Carrying Amount		Additions		Accumulated Amortization (1)		Deconsolidation of Canadian Cannabis Subsidiaries		Impairment		Ending Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	11.10 years	$	29,200	$	—	$	(1,470)	$	—	$	—	$	27,730

Technology	6.66 years	11,000		4,080		(2,222)		—		—		12,858
Licenses	0.00 years	19,000		—		(924)		(18,076)		—		—
Trade names	13.42 years	11,800		—		(497)		(474)		—		10,829
Intangibles not subject to amortization:
Goodwill		37,935		—		—		—		(1,082)		36,853
Total		$	108,935	$	4,080	$	(5,113)	$	(18,550)	$	(1,082)	$	88,270


For Fiscal Years Ended March 31	Customer Relationships		Technology		Trade Names		Total
2022 (excluding the three months ended June 30, 2021)	$	1,890	$	1,583	$	605	$	4,078
2023	2,519		1,970		807		5,296
2024	2,519		1,970		807		5,296
2025	2,519		1,819		807		5,145
2026	2,519		1,542		807		4,868
Thereafter	15,134		3,323		6,794		25,251
	$	27,100	$	12,207	$	10,627	$	49,934


	Outstanding				Lines and Letters Available		Interest Rate
	Successor		Successor		Successor
	March 31,		June 30,		June 30,
(in thousands)	2021		2021		2021
Senior secured credit facilities:

ABL Credit Facility	$	67,500	$	67,500	$	7,500	5.8	%	(1)
DDTL Facility (2)	—		117,353		—		10.5	%	(1)
Senior secured notes:


10.0% senior secured first lien notes (3)	267,353		268,168		—		10.0	%

Term Loan Credit Facility (4)	215,594		216,533		—		9.6	%	(1)
Other long-term debt	2,910		2,925		340		2.2	%	(1)
Notes payable to banks (5)	372,174		403,792		224,488		6.2	%	(1)
Total debt	$	925,531	$	1,076,271	$	232,328
Short-term	$	372,174	$	403,792
Long-term:
Current portion of long-term debt	$	2,122	$	2,686
Long-term debt	551,235		669,793
	$	553,357	$	672,479




Letters of credit	$	2,468	$	4,804	$	2,512
Total credit available					$	234,840

(1) Weighted average rate for the trailing twelve months ended June 30, 2021.
(2) Balance of $117,353 is net of original issue discount of $8,647. Total repayment will be $126,000, which includes an estimated $6,000 exit fee payable upon any repayment or termination.
(3) Balance of $268,168 is net of original issue discount of $12,676. Total repayment will be $280,844.
(4) Upon emergence from the Chapter 11 Cases on the Effective Date, the DIP Facility entered into at the Petition Date converted into the Term Loan Credit Facility. The aggregate balance of the Term Loan Credit Facility of $216,533 includes $3,115 of accrued paid-in-kind interest. The 9.6% interest rate does not include the paid-in-kind interest which is (a) 1.0% per annum from and after the first anniversary of the Effective Date until the second anniversary of the Effective Date, (b) 2.0% per annum from and after the second anniversary of the Effective Date until the third anniversary of the Effective Date, (c) 3.0% per annum from and after the third anniversary of the Effective Date until the fourth anniversary of the Effective Date and (d) from and after the fourth anniversary of the Effective Date, 4.0% per annum.
(5) Primarily foreign seasonal lines of credit.


Loan Repayment/Commitment Termination Date			Exit Fee
On or before September 30, 2021			1.00%
After September 30, 2021 and on or before December 31, 2021			2.50%
After December 31, 2021 and on or before March 31, 2022			3.50%
After March 31, 2022			5.00%


	Defined Benefit Plans
	Successor		Predecessor
	Three months ended June 30, 2021		Three months ended June 30, 2020
Operating expenses:
Service cost	$	99	$	106
Interest expense:
Interest expense	677		957
Expected return on plan assets	(728)		(740)
Amortization of prior service cost	(1)		10

Actuarial loss	4		521
Net periodic pension cost	$	51	$	854


	Other Postretirement Benefits
	Successor		Predecessor
	Three months ended June 30, 2021		Three months ended June 30, 2020
Operating expenses:
Service cost	$	2	$	2
Interest expense:
Interest expense	49		69
Amortization of prior service cost	—		(176)
Actuarial loss	(3)		94
Net periodic benefit cost (income)	$	48	$	(11)


Three Months Ended June 30, 2021 and 2020

	Successor		Predecessor		Change
(in millions)	Three months ended June 30, 2021		Three months ended June 30, 2020		$		%
Sales and other operating revenues	$	333.3	$	262.8	$	70.5	26.8
Cost of goods and services sold	291.2		243.2		48.0		19.7
Gross profit	42.1		19.6		22.5		114.8
Selling, general, and administrative expenses	33.8		60.8		(27.0)		(44.4)
Other income (expense), net	0.2		(2.4)		2.6		108.3
Restructuring and asset impairment charges	0.2		0.1		0.1		100.0

Operating income (loss)*	8.2		(43.6)		51.8		118.8
Debt retirement expense	—		0.8		(0.8)		(100.0)

Interest expense, net	26.8		30.5		(3.7)		(12.1)

Reorganization items	—		(26.9)		26.9		100.0
Income tax benefit	(8.4)		(8.2)		(0.2)		(2.4)
(Loss) income from unconsolidated affiliates	(1.4)		0.8		(2.2)		(275.0)
Net loss attributable to noncontrolling interests	(0.1)		(0.6)		0.5		83.3
Net loss attributable to Pyxus International, Inc.	$	(11.5)	$	(92.2)	$	80.7	87.5

* Amounts may not equal column totals due to rounding


Leaf - North America Supplemental Information

	Successor		Predecessor		Change
(in millions, except per kilo amounts)	Three months ended June 30, 2021		Three months ended June 30, 2020		$		%
Kilos sold	7.2		5.1		2.1		41.2
Tobacco sales and other operating revenues:
Sales and other operating revenues	$	46.3	$	25.9	$	20.4	78.8
Average price per kilo	6.43		5.08		1.35		26.6
Processing and other revenues	3.5		4.0		(0.5)		(12.5)
Total sales and other operating revenues	49.8		29.9		19.9		66.6
Tobacco cost of goods sold:
Tobacco costs	36.8		20.0		16.8		84.0
Transportation, storage, and other period costs	3.9		2.7		1.2		44.4
Derivative financial instrument and exchange losses	—		0.2		(0.2)		(100.0)
Total tobacco cost of goods sold	40.7		22.9		17.8		77.7
Average cost per kilo	5.65		4.49		1.16		25.8
Processing and other revenues cost of services sold	2.3		2.6		(0.3)		(11.5)
Total cost of goods and services sold	43.0		25.5		17.5		68.6
Gross profit	6.8		4.4		2.4		54.5
Selling, general, and administrative expenses	3.9		4.9		(1.0)		(20.4)
Other expense, net	(0.3)		(0.3)		—		—

Operating income (loss)	$	2.6	$	(0.8)	3.4		425.0


Leaf - Other Regions Supplemental Information

	Successor		Predecessor		Change
(in millions, except per kilo amounts)	Three months ended June 30, 2021		Three months ended June 30, 2020		$		%
Kilos sold	61.9		58.5		3.4		5.8
Tobacco sales and other operating revenues:
Sales and other operating revenues	$	265.5	$	218.3	$	47.2	21.6
Average price per kilo	4.29		3.73		0.56		15.0
Processing and other revenues	14.6		9.4		5.2		55.3
Total sales and other operating revenues	280.1		227.7		52.4		23.0
Tobacco cost of goods sold:
Tobacco costs	215.0		182.8		32.2		17.6
Transportation, storage, and other period costs	15.5		8.5		7.0		82.4
Derivative financial instrument and exchange losses (gains)	2.1		(1.5)		3.6		240.0
Total tobacco cost of goods sold	232.6		189.8		42.8		22.6
Average cost per kilo	3.76		3.24		0.52		16.0
Processing and other revenues cost of services sold	10.1		7.4		2.7		36.5
Total cost of goods and services sold	242.7		197.2		45.5		23.1
Gross profit	37.4		30.5		6.9		22.6
Selling, general, and administrative expenses	25.4		37.1		(11.7)		(31.5)
Other income, net	0.1		0.4		(0.3)		(75.0)
Restructuring and asset impairment charges	0.2		0.1		0.1		100.0
Operating income (loss)	$	11.9	$	(6.2)	$	18.1	291.9


Other Products and Services Supplemental Information

	Successor		Predecessor		Change
(in millions)	Three months ended June 30, 2021		Three months ended June 30, 2020		$		%
Sales and other operating revenues	$	3.4	$	5.2	$	(1.8)	(34.6)
Cost of goods and services sold	5.5		20.5		(15.0)		(73.2)
Gross loss	(2.1)		(15.3)		13.2		86.3
Selling, general, and administrative expenses	4.5		18.7		(14.2)		(75.9)
Other income (expense), net	0.3		(2.5)		2.8		112.0


Operating loss	$	(6.3)	$	(36.5)	$	30.2	82.7


2.01						Order dated August 21, 2020 of the U.S. Bankruptcy Court for the District of Delaware Approving the Adequacy of the Disclosure Statement and the Prepetition Solicitation Procedures and Confirming the Amended Joint Prepackaged Plan of Reorganization in Case No. 20-11570 (LSS), In re: Pyxus International, Inc. et al., incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Old Holdco, Inc., filed on August 24, 2020 (File No. 001-13684)
2.02						Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Pyxus International, Inc. and Its Affiliated Debtors dated August 13, 2020, incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-K of Old Holdco, Inc., filed on August 24, 2020 (File No. 001-13684)
10.01						Term Loan Credit Agreement dated as of April 23, 2021 among Intabex Netherlands B.V., Pyxus International, Inc., Pyxus Parent, Inc., Pyxus Holdings, Inc., Alliance One International, LLC, Alliance One International Holdings, Ltd, the Lenders party thereto, and Alter Domus (US) LLC, as administrative agent and collateral agent (filed herewith)
10.02						First Amendment, dated as of May 21, 2021, to the Term Loan Credit Agreement, dated as of April 23, 2021 among Intabex Netherlands B.V., Pyxus International, Inc., Pyxus Parent, Inc., Pyxus Holdings, Inc., Alliance One International, LLC, Alliance One International Holdings, Ltd, the Lenders party thereto, and Alter Domus (US) LLC, as administrative agent and collateral agent (filed herewith)
10.03						Amendment Agreement dated 24 June 2021 among Pyxus International, Inc., Pyxus Parent, Inc., Pyxus Holdings, Inc., Alliance One International Holdings, Ltd., Alliance One Tobacco (Kenya) Limited, Alliance One Tobacco (Malawi) Limited, Alliance One Tobacco (Tanzania) Limited, Alliance One Tobacco (Uganda) Limited, Alliance One Zambia Limited and Eastern and Southern African Trade and Development Bank, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pyxus International, Inc. filed on June 29, 2021 (File No. 001-13684)
10.04						Retention Agreement dated June 28, 2021 between Joel L. Thomas and Pyxus International, Inc., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pyxus International, Inc. filed on June 30, 2021 (File No. 001-13684)
31.01						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.02						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
101.INS						XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH						Inline XBRL Taxonomy Extension Schema (filed herewith)
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith)
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase (filed herewith)
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Interactive Data Files submitted as Exhibits 101.*)



SIGNATURE




Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						Pyxus International, Inc.



Date: August 13, 2021						/s/ Philip C. Garofolo
						Philip C. Garofolo
						Vice President - Chief Accounting Officer and Controller
						(Principal Accounting Officer)