| JONES DAY | HUNTON & WILLIAMS LLP | |||||
| North Point | Riverfront Plaza, East Tower | |||||
| 901 Lakeside Avenue | 951 East Byrd Street | |||||
| Cleveland, Ohio 44114 | Richmond, Virginia 23219 | |||||
| Telephone: (216) 586-3939 | Telephone: (804) 788-8200 | |||||
| Facsimile: (216) 579-0212 | Facsimile: (804) 788-8218 | |||||
David G. Heiman (admitted pro hac vice) | Tyler P. Brown (VSB No. 28072) | |||||
Carl E. Black (admitted pro hac vice) | J.R. Smith (VSB No. 41913) | |||||
Thomas A. Wilson (admitted pro hac vice) | Henry P. (Toby) Long, III (VSB No. 75134) | |||||
| Justin F. Paget (VSB No. 77949) | ||||||
| Attorneys for Debtors | ||||||
| and Debtors in Possession | ||||||
| IN THE UNITED STATES BANKRUPTCY COURT | ||||||
| FOR THE EASTERN DISTRICT OF VIRGINIA | ||||||
| RICHMOND DIVISION | ||||||
| In re: | Chapter 11 | |||||
Alpha Natural Resources, Inc., et al., | Case No. 15-33896 (KRH) | |||||
| Debtors. | (Jointly Administered) | |||||
| DEBTORS' MONTHLY OPERATING REPORT FOR THE | ||||||
PERIOD FROM APRIL 1, 2016 THROUGH APRIL 30, 2016 (1) | ||||||
| In accordance with Section 1746 of Title 28 of the United States Code, I declare under penalty of perjury that I have examined the following monthly operating report and the accompanying attachments and, to the best of my knowledge, these documents are true, correct and complete. | ||||||
| Authorized Person: | ||||||
| /s/ Andy Eidson | Dated: | May 20, 2016 | ||||
| Andy Eidson | ||||||
| Executive Vice President & | ||||||
| Chief Financial Officer | ||||||
| Table of Contents | ||||
| Page | ||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 2 | |
| CASH RECEIPTS & DISBURSEMENTS | ||
| (amounts in thousands) | ||
| Case No. | Debtor Entity | Cash Receipts | Cash Disbursements (2) | |||||
| 1 | 15-33963 (KRH) | AMFIRE Mining Company, LLC | $ | — | $ | 3 | ||
| 2 | 15-34032 (KRH) | Maxxum Carbon Resources, LLC | — | — | ||||
| 3 | 15-33939 (KRH) | Alpha Land and Reserves, LLC | — | 907 | ||||
| 4 | 15-33962 (KRH) | Esperanza Coal Co., LLC | — | — | ||||
| 5 | 15-33932 (KRH) | Dickenson-Russell Coal Company, LLC | — | 963 | ||||
| 6 | 15-33935 (KRH) | Dickenson-Russell Land and Reserves, LLC | — | — | ||||
| 7 | 15-34039 (KRH) | Paramont Coal Company Virginia, LLC | — | 9,873 | ||||
| 8 | 15-33960 (KRH) | Enterprise Mining Company, LLC | — | 1,840 | ||||
| 9 | 15-33970 (KRH) | Axiom Excavating and Grading Services, LLC | — | — | ||||
| 10 | 15-33904 (KRH) | Knox Creek Coal Corporation | — | 266 | ||||
| 11 | 15-33905 (KRH) | Mill Branch Coal Corporation | — | 232 | ||||
| 12 | 15-33908 (KRH) | Pigeon Creek Processing Corporation | — | 43 | ||||
| 13 | 15-33907 (KRH) | North Fork Coal Corporation | — | 63 | ||||
| 14 | 15-33910 (KRH) | Resource Land Company LLC | — | 1 | ||||
| 15 | 15-33903 (KRH) | Harlan Reclamation Services LLC | — | — | ||||
| 16 | 15-33909 (KRH) | Resource Development LLC | — | — | ||||
| 17 | 15-33929 (KRH) | Rawl Sales & Processing Co. | — | 24 | ||||
| 18 | 15-34015 (KRH) | Martin County Coal Corporation | — | 99 | ||||
| 19 | 15-33981 (KRH) | Sidney Coal Company, Inc. | — | 2,076 | ||||
| 20 | 15-33951 (KRH) | Road Fork Development Company, Inc. | — | 10 | ||||
| 21 | 15-33991 (KRH) | Sycamore Fuels, Inc. | — | — | ||||
| 22 | 15-33987 (KRH) | Long Fork Coal Company | — | 15 | ||||
| 23 | 15-34034 (KRH) | New Ridge Mining Company | — | 79 | ||||
| 24 | 15-34047 (KRH) | Pilgrim Mining Company, Inc. | — | 40 | ||||
| 25 | 15-34028 (KRH) | Crystal Fuels Company | — | — | ||||
| 26 | 15-33953 (KRH) | Lauren Land Company | — | 259 | ||||
| 27 | 15-34046 (KRH) | Peter Cave Mining Company | — | 7 | ||||
| 28 | 15-33975 (KRH) | Freeport Resources Company, LLC | — | — | ||||
| 29 | 15-34030 (KRH) | Cumberland Coal Resources, LP | — | 13,631 | ||||
| 30 | 15-33925 (KRH) | Alpha Coal Resources Company, LLC | — | — | ||||
| 31 | 15-34042 (KRH) | Pennsylvania Land Holdings Company, LLC | — | 6 | ||||
| 32 | 15-34043 (KRH) | Pennsylvania Land Resources Holding Company, LLC | — | — | ||||
| 33 | 15-34020 (KRH) | Pennsylvania Land Resources, LLC | 1,740 | 3,665 | ||||
| 34 | 15-33956 (KRH) | Emerald Coal Resources, LP | — | 941 | ||||
| 35 | 15-33964 (KRH) | Rostraver Energy Company | — | — | ||||
| 36 | 15-34044 (KRH) | Pennsylvania Services Corporation | — | 48 | ||||
| 37 | 15-33968 (KRH) | Foundation PA Coal Company, LLC | — | — | ||||
| 38 | 15-33973 (KRH) | Freeport Mining, LLC | — | — | ||||
| 39 | 15-33965 (KRH) | Foundation Mining, LLC | — | 47 | ||||
| 40 | 15-33955 (KRH) | Alpha PA Coal Terminal, LLC | — | 27 | ||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 3 | |
| CASH RECEIPTS & DISBURSEMENTS | ||
| (amounts in thousands) | ||
| Case No. | Debtor Entity | Cash Receipts | Cash Disbursements (2) | |||||
| 41 | 15-33936 (KRH) | River Processing Corporation | — | — | ||||
| 42 | 15-33961 (KRH) | Rockspring Development, Inc. | — | 364 | ||||
| 43 | 15-33946 (KRH) | Riverton Coal Production Inc. | — | — | ||||
| 44 | 15-34049 (KRH) | Pioneer Fuel Corporation | — | 2,474 | ||||
| 45 | 15-34040 (KRH) | Paynter Branch Mining, Inc. | — | 33 | ||||
| 46 | 15-33924 (KRH) | Kingston Mining, Inc. | — | 2,460 | ||||
| 47 | 15-33906 (KRH) | Neweagle Industries, Inc. | — | — | ||||
| 48 | 15-33986 (KRH) | Barbara Holdings Inc. | — | — | ||||
| 49 | 15-33967 (KRH) | Rum Creek Coal Sales, Inc. | — | 477 | ||||
| 50 | 15-33966 (KRH) | Aracoma Coal Company, Inc. | — | 2,736 | ||||
| 51 | 15-33978 (KRH) | Bandmill Coal Corporation | — | 834 | ||||
| 52 | 15-33996 (KRH) | Highland Mining Company | — | 1,914 | ||||
| 53 | 15-33919 (KRH) | Delbarton Mining Company | — | 2,108 | ||||
| 54 | 15-33982 (KRH) | Logan County Mine Services, Inc. | — | 19 | ||||
| 55 | 15-33990 (KRH) | Barnabus Land Company | — | — | ||||
| 56 | 15-34016 (KRH) | Brooks Run Mining Company, LLC | — | 3,548 | ||||
| 57 | 15-34033 (KRH) | McDowell-Wyoming Coal Company, LLC | — | — | ||||
| 58 | 15-33992 (KRH) | Herndon Processing Company, LLC | — | 8 | ||||
| 59 | 15-33976 (KRH) | Litwar Processing Company, LLC | — | 697 | ||||
| 60 | 15-34013 (KRH) | Kepler Processing Company, LLC | — | 723 | ||||
| 61 | 15-33943 (KRH) | Riverside Energy Company, LLC | — | 81 | ||||
| 62 | 15-33988 (KRH) | Stirrat Coal Company | — | 6 | ||||
| 63 | 15-33920 (KRH) | Premium Energy, LLC | — | 816 | ||||
| 64 | 15-34022 (KRH) | Brooks Run South Mining, LLC | — | 3,176 | ||||
| 65 | 15-34036 (KRH) | Nicewonder Contracting, Inc. | — | 11 | ||||
| 66 | 15-34011 (KRH) | Twin Star Mining, Inc. | — | 163 | ||||
| 67 | 15-33895 (KRH) | Buchanan Energy Company, LLC | — | — | ||||
| 68 | 15-33941 (KRH) | Kingwood Mining Company, LLC | — | 26 | ||||
| 69 | 15-34041 (KRH) | Peerless Eagle Coal Co. | — | 18 | ||||
| 70 | 15-34005 (KRH) | Jacks Branch Coal Company | — | 151 | ||||
| 71 | 15-33933 (KRH) | Republic Energy, Inc. | — | 6,735 | ||||
| 72 | 15-34021 (KRH) | White Buck Coal Company | — | 18 | ||||
| 73 | 15-33985 (KRH) | Green Valley Coal Company | — | 50 | ||||
| 74 | 15-33914 (KRH) | Power Mountain Coal Company | — | 333 | ||||
| 75 | 15-34010 (KRH) | Kanawha Energy Company | — | 64 | ||||
| 76 | 15-33984 (KRH) | Spartan Mining Company | — | 5,711 | ||||
| 77 | 15-33911 (KRH) | Alex Energy, Inc. | — | 2,308 | ||||
| 78 | 15-33948 (KRH) | Elk Run Coal Company, Inc. | — | 906 | ||||
| 79 | 15-34009 (KRH) | Marfork Coal Company, Inc. | — | 7,223 | ||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 4 | |
| CASH RECEIPTS & DISBURSEMENTS | ||
| (amounts in thousands) | ||
| Case No. | Debtor Entity | Cash Receipts | Cash Disbursements (2) | |||||
| 80 | 15-34045 (KRH) | Performance Coal Company | — | 93 | ||||
| 81 | 15-33979 (KRH) | Goals Coal Company | — | 31 | ||||
| 82 | 15-34008 (KRH) | Black King Mine Development Co. | — | 892 | ||||
| 83 | 15-34026 (KRH) | Clear Fork Coal Company | — | 3 | ||||
| 84 | 15-34038 (KRH) | Omar Mining Company | — | 44 | ||||
| 85 | 15-34002 (KRH) | Independence Coal Company, Inc. | — | 946 | ||||
| 86 | 15-34004 (KRH) | Black Castle Mining Company, Inc. | — | 4,292 | ||||
| 87 | 15-33969 (KRH) | Laxare, Inc. | — | 190 | ||||
| 88 | 15-34012 (KRH) | Boone East Development Co. | — | 1,248 | ||||
| 89 | 15-33949 (KRH) | Alpha Wyoming Land Company, LLC | — | 15 | ||||
| 90 | 15-34007 (KRH) | Jay Creek Holding, LLC | — | — | ||||
| 91 | 15-33923 (KRH) | Delta Mine Holding Company | — | — | ||||
| 92 | 15-34014 (KRH) | Wabash Mine Holding Company | — | 61 | ||||
| 93 | 15-33944 (KRH) | Alpha Midwest Holding Company | — | — | ||||
| 94 | 15-34017 (KRH) | Warrick Holding Company | — | — | ||||
| 95 | 15-33971 (KRH) | Foundation Royalty Company | — | 5 | ||||
| 96 | 15-33926 (KRH) | Alpha Coal Sales Co., LLC | — | 16,547 | ||||
| 97 | 15-33901 (KRH) | Appalachia Holding Company | — | 794 | ||||
| 98 | 15-33972 (KRH) | Russell Fork Coal Company | — | — | ||||
| 99 | 15-33896 (KRH) | Alpha Natural Resources, Inc. | 48 | 35 | ||||
| 100 | 15-33921 (KRH) | Alpha Appalachia Services, Inc. | — | 9 | ||||
| 101 | 15-33902 (KRH) | Black Mountain Cumberland Resources, Inc. | — | — | ||||
| 102 | 15-33900 (KRH) | Appalachia Coal Sales Company, Inc. | — | — | ||||
| 103 | 15-33974 (KRH) | Shannon-Pocahontas Coal Corporation | — | — | ||||
| 104 | 15-34025 (KRH) | Wyomac Coal Company, Inc. | — | — | ||||
| 105 | 15-34000 (KRH) | Big Bear Mining Company | — | 39 | ||||
| 106 | 15-33999 (KRH) | Hopkins Creek Coal Company | — | — | ||||
| 107 | 15-33995 (KRH) | T. C. H. Coal Co. | — | — | ||||
| 108 | 15-34006 (KRH) | Trace Creek Coal Company | — | — | ||||
| 109 | 15-33912 (KRH) | Dehue Coal Company | — | — | ||||
| 110 | 15-33947 (KRH) | Alpha Natural Resources, LLC | 167,591 | 1,279 | ||||
| 111 | 15-33954 (KRH) | AMFIRE, LLC | — | — | ||||
| 112 | 15-33938 (KRH) | DRIH Corporation | — | — | ||||
| 113 | 15-33958 (KRH) | AMFIRE Holdings, LLC | — | — | ||||
| 114 | 15-34023 (KRH) | Williams Mountain Coal Company | — | — | ||||
| 115 | 15-34001 (KRH) | Thunder Mining Company II, Inc. | — | — | ||||
| 116 | 15-33917 (KRH) | Alpha Appalachia Holdings, Inc. | — | 7 | ||||
| 117 | 15-33952 (KRH) | Alpha Natural Resources Services, LLC | 1 | 96,521 | ||||
| 118 | 15-34029 (KRH) | Maxxim Shared Services, LLC | — | 8,658 | ||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 5 | |
| CASH RECEIPTS & DISBURSEMENTS | ||
| (amounts in thousands) | ||
| Case No. | Debtor Entity | Cash Receipts | Cash Disbursements (2) | |||||
| 119 | 15-33913 (KRH) | Alpha American Coal Company, LLC | — | — | ||||
| 120 | 15-33915 (KRH) | Alpha American Coal Holding, LLC | — | — | ||||
| 121 | 15-33950 (KRH) | Alpha Natural Resources International, LLC | — | — | ||||
| 122 | 15-33937 (KRH) | Alpha India, LLC | — | — | ||||
| 123 | 15-33898 (KRH) | Alpha European Sales, Inc. | — | — | ||||
| 124 | 15-33977 (KRH) | Shannon-Pocahontas Mining Company | — | — | ||||
| 125 | 15-33994 (KRH) | Lynn Branch Coal Company, Inc. | — | — | ||||
| 126 | 15-33942 (KRH) | Duchess Coal Company | — | — | ||||
| 127 | 15-34019 (KRH) | West Kentucky Energy Company | — | — | ||||
| 128 | 15-33989 (KRH) | Greyeagle Coal Company | — | 3 | ||||
| 129 | 15-33957 (KRH) | Robinson-Phillips Coal Company | — | — | ||||
| 130 | 15-33945 (KRH) | Eagle Energy, Inc. | — | 41 | ||||
| 131 | 15-33983 (KRH) | Bandytown Coal Company | — | — | ||||
| 132 | 15-33993 (KRH) | Belfry Coal Corporation | — | 4 | ||||
| 133 | 15-34050 (KRH) | Plateau Mining Corporation | — | 8 | ||||
| 134 | 15-34024 (KRH) | Castle Gate Holding Company | — | — | ||||
| 135 | 15-34003 (KRH) | Maple Meadow Mining Company | — | — | ||||
| 136 | 15-33997 (KRH) | Tennessee Consolidated Coal Company | — | 38 | ||||
| 137 | 15-34027 (KRH) | Maxxim Rebuild Co., LLC | — | 656 | ||||
| 138 | 15-33928 (KRH) | DFDSTE Corp. | — | — | ||||
| 139 | 15-34035 (KRH) | New River Energy Corporation | — | 74 | ||||
| 140 | 15-34018 (KRH) | Coal Gas Recovery II, LLC | 157 | 206 | ||||
| 141 | 15-33940 (KRH) | Alpha Terminal Company, LLC | — | — | ||||
| 142 | 15-33959 (KRH) | Alpha Shipping and Chartering, LLC | — | — | ||||
| 143 | 15-33931 (KRH) | Alpha Coal West, Inc. | — | 12,864 | ||||
| 144 | 15-33916 (KRH) | Alpha Sub Eight, LLC | — | — | ||||
| 145 | 15-33918 (KRH) | Alpha Sub Eleven, Inc. | — | — | ||||
| 146 | 15-33922 (KRH) | Alpha Sub Nine, LLC | — | — | ||||
| 147 | 15-33927 (KRH) | Alpha Sub One, LLC | — | — | ||||
| 148 | 15-33930 (KRH) | Alpha Sub Ten, Inc. | — | — | ||||
| 149 | 15-33934 (KRH) | Alpha Sub Two, LLC | — | — | ||||
Total Debtors (3) | $ | 169,537 | $ | 226,959 | ||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 6 | |
| BANK ACCOUNT INFORMATION | ||
| (amounts in thousands) | ||
| Account Holder | Bank Name | Account Description | Last Digits of Account Number | Ending Bank Balance (4) | |||
| 1 | Alpha Natural Resources, LLC | Bank of America, N.A. | Main Concentration Account | 8595 | $ | 58,586 | |
| 2 | Alpha Natural Resources, LLC | Branch Banking and Trust Company | Concentration Account | 0601 | $ | 47 | |
| 3 | Alpha Natural Resources, Inc. | Citicorp North America, Inc. | Segregated Concentration Account | 8377 | $ | 324,940 | |
| 4 | Alpha Natural Resources, LLC | Bank of America, N.A. | Segregated Account | 8084 | $ | 230 | |
| 5 | Alpha Natural Resources, LLC | Bank of America, N.A. | ZBA Lockbox Account | 8603 | $ | — | |
| 6 | Alpha Natural Resources, Inc. | Bank of America, N.A. | ZBA Lockbox Account | 3314 | $ | — | |
| 7 | Alpha Natural Resources, Inc. | Bank of America, N.A. | ZBA Lockbox Account | 8967 | $ | — | |
| 8 | Alpha Natural Resources Services, LLC | Bank of America, N.A. | ZBA Payroll Account | 7851 | $ | — | |
| 9 | Bandmill Coal Corporation | Bank of America, N.A. | ZBA Payroll Account | 0891 | $ | — | |
| 10 | Cumberland Coal Resources, LP | Bank of America, N.A. | ZBA Payroll Account | 7899 | $ | — | |
| 11 | Dickenson-Russel Coal Company, LLC | Bank of America, N.A. | ZBA Payroll Account | 7912 | $ | — | |
| 12 | Emerald Coal Resources, LP | Bank of America, N.A. | ZBA Payroll Account | 7931 | $ | — | |
| 13 | Goals Coal Company | Bank of America, N.A. | ZBA Payroll Account | 0896 | $ | — | |
| 14 | Litwar Processing Company, LLC | Bank of America, N.A. | ZBA Payroll Account | 7979 | $ | — | |
| 15 | Power Mountain Coal Company | Bank of America, N.A. | ZBA Payroll Account | 0919 | $ | — | |
| 16 | Alpha Natural Resources Services, LLC | Bank of America, N.A. | ZBA Master Disbursement Account | 9502 | $ | — | |
| 17 | Maxxim Rebuild Co., LLC | Branch Banking and Trust Company | Maxxim Operating Account | 2706 | $ | 313 | |
| 18 | Foundation PA Coal Company, LLC | Bank of America, N.A. | Rice Proceeds Account | 7254 | $ | 68,707 | |
| 19 | Alpha Natural Resources Services, LLC | Bank of America, N.A. | Operating Account | 9311 | $ | — | |
| 20 | Alpha Natural Resources Services, LLC | Bank of America, N.A. | Operating Account | 9316 | $ | — | |
| 21 | Alpha India, LLC | Bank of America, N.A. | Operating Account | 5585 | $ | — | |
| 22 | New River Energy Corporation | First Community Bank | Operating Account | 6945 | $ | 53 | |
| 23 | Pennsylvania Land Resources, LLC | Wells Fargo | Operating Account | 7130 | $ | 1,161 | |
| 24 | Coal Gas Recovery II, LLC | Wells Fargo | Operating Account | 7155 | $ | 75 | |
| 25 | Alpha European Sales, Inc. | UBS Bank | Foreign Account | 1501T | $ | 8 | |
| 26 | Alpha European Sales, Inc. | UBS Bank | Foreign Account | 1560W | $ | — | |
| 27 | Alpha European Sales, Inc. | UBS Bank | Foreign Account | 1561Q | $ | — | |
| 28 | Alpha Appalachia Services, Inc. | Branch Banking and Trust Company | Petty Cash Account | 3914 | $ | 12 | |
| 29 | Alpha Appalachia Services, Inc. | Branch Banking and Trust Company | Petty Cash Account | 3949 | $ | 15 | |
| 30 | Alpha Appalachia Services, Inc. | United Bank | Petty Cash Account | 1965 | $ | 4 | |
| 31 | Alpha Coal West, Inc. | First National Bank | Petty Cash Account | 1657 | $ | 8 | |
| 32 | Alpha Natural Resources Services, LLC | Bank of America, N.A. | Payroll Petty Cash Account | 5234 | $ | 83 | |
| 33 | Logan County Mine Services, Inc. | Branch Banking and Trust Company | Petty Cash Account | 3930 | $ | 6 | |
| 34 | Brooks Run Mining Company, LLC | JP Morgan Chase | Petty Cash Account | 3496 | $ | 6 | |
| 35 | Brooks Run Mining Company, LLC | First Community | Petty Cash Account | 2576 | $ | 11 | |
| 36 | Marfork Coal Company, Inc. | Branch Banking and Trust Company | Petty Cash Account | 3957 | $ | 14 | |
| 37 | Cumberland Coal Resources, LP | First Federal | Petty Cash Account | 3816 | $ | 2 | |
| 38 | Lauren Land Company | Branch Banking and Trust Company | Petty Cash Account | 3841 | $ | 10 | |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 7 | |
| BANK ACCOUNT INFORMATION | ||
| (amounts in thousands) | ||
| Account Holder | Bank Name | Account Description | Last Digits of Account Number | Ending Bank Balance (4) | |||
| 39 | Alpha Appalachia Services, Inc. | Branch Banking and Trust Company | Petty Cash Account | 3922 | $ | 15 | |
| 40 | Kingston Mining, Inc. | Branch Banking and Trust Company | Petty Cash Account | 1972 | $ | 2 | |
| 41 | Kingwood Mining Company, LLC | ClearMountain Bank | Petty Cash Account | 7670 | $ | — | |
| 42 | Maxxim Shared Services, LLC | Branch Banking and Trust Company | Petty Cash Account | 6712 | $ | 3 | |
| 43 | Alpha Natural Resources Services, LLC | Global Cash Card | Payroll Petty Cash Account | 6652 | $ | 128 | |
| 44 | Alpha Natural Resources, Inc. | Citicorp North America, Inc. | Other Account (letters of credit collateral) | 5456 | $ | 42,583 | |
| 45 | Alpha Natural Resources, Inc. (5) | Citicorp North America, Inc. | Other Account (letters of credit collateral) | 5432 | $ | 15,319 | |
| 46 | Alpha Natural Resources, Inc. (5) | Citicorp North America, Inc. | Other Account (letters of credit collateral) | 5459 | $ | 123,407 | |
| 47 | Alpha Natural Resources, Inc. | United Bank, Inc. | Other Account (letters of credit collateral) | 1542 | $ | 5,237 | |
| 48 | Alpha Natural Resources, Inc. | Bank of America, N.A. | Money Market Account (inactive) | 0A10 | $ | — | |
| 49 | Alpha Natural Resources, Inc. | Bank of America, N.A. | Investment Account (inactive) | 8906 | $ | — | |
| 50 | Foundation PA Coal Company, LLC | Barclays | Corporate Equity Securities (Rice Shares) | N/A | $ | 28,562 | |
| 51 | Alpha Natural Resources, Inc. | Bank of America, N.A. | Rabbi Trust | 0388 | $ | 36 | |
| 52 | Alpha Natural Resources, Inc. | Bank of America, N.A. | Rabbi Trust | 0379 | $ | 422 | |
| 53 | Alpha Natural Resources, Inc. | Bank of America, N.A. | Rabbi Trust | 0387 | $ | 7,866 | |
| 54 | Alpha Appalachia Holdings Company | Bank of America, N.A. | Rabbi Trust | 0378 | $ | 698 | |
| 55 | Alpha Natural Resources, LLC | Wells Fargo | Managed Securities Account - BAML | 2600 | $ | 130,772 | |
| 56 | Alpha Natural Resources, LLC | Wells Fargo | Managed Securities Account - Morgan Stanley | 2602 | $ | 75,367 | |
| 57 | Alpha Natural Resources, LLC | Wells Fargo | Managed Securities Account - Deutsche | 2605 | $ | 75,489 | |
| 58 | Alpha Natural Resources, LLC | Wells Fargo | Managed Securities Account - PNC | 2606 | $ | 95,351 | |
| 59 | Alpha Natural Resources, LLC | Wells Fargo | Managed Securities Account - Sterling | 2607 | $ | 75,456 | |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 8 | |
PAYMENTS TO INSIDERS (6) | ||||||||
| (amounts in thousands) | ||||||||
| Name | Title / Capacity | Type of Payment | Amount Paid in Current Period | Total Paid to Date Postpetition | ||||
| E. Linn Draper, Jr. | Director | Quarterly Director Fees & Expense Reimbursement | $ | — | $ | 196 | ||
| William J. Crowley, Jr. | Director | Quarterly Director Fees & Expense Reimbursement | 28 | 173 | ||||
| Deborah M. Fretz | Director | Quarterly Director Fees & Expense Reimbursement | — | 201 | ||||
| L. Patrick Hassey | Director | Quarterly Director Fees & Expense Reimbursement | — | 200 | ||||
| P. Michael Giftos | Director | Quarterly Director Fees & Expense Reimbursement | — | 198 | ||||
| Joel Richards, III | Director | Quarterly Director Fees & Expense Reimbursement | 1 | 233 | ||||
| Various Employees | Various | Wages & Other Payroll Earnings, Allowances and Considerations | 1,226 | 8,224 | ||||
| Various Employees | Various | Expense Reimbursements | 8 | 134 | ||||
| Total Payments To Insiders | $ | 1,263 | $ | 9,559 | ||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 9 | |
| PAYMENTS TO PROFESSIONALS | ||||||||||
| (amounts in thousands) | ||||||||||
| Name | Role / Capacity | Amount Paid in Current Period | Total Paid to Date Postpetition | Total Accrued & Unpaid (7) | ||||||
| Jones Day | Debtors' Counsel | $ | 1,352 | $ | 7,812 | $ | 5,775 | |||
| Hunton & Williams LLP | Debtors' Local Counsel | — | 729 | 401 | ||||||
| Jackson Kelly PLLC | Debtors' Special Counsel | 230 | 1,119 | 2,166 | ||||||
| Quinn Emanuel Urquhart & Sullivan, LLP | Debtors' Special Counsel | — | 85 | 2 | ||||||
| Cleary Gottlieb Steen & Hamilton LLP | Debtors' Special Counsel | 354 | 808 | 879 | ||||||
| Rothschild Inc. | Debtors' Investment Banker | 269 | 3,171 | 506 | ||||||
| Alvarez & Marsal North America, LLC | Debtors' Financial Advisor | 1,116 | 4,657 | 966 | ||||||
| McKinsey Recovery & Transformation Services, US, LLC | Debtors' Turnaround Advisor | 1,464 | 9,589 | 5,987 | ||||||
| Kurtzman Carson Consultants, LLC | Debtors' Notice, Claims, and Solicitation Agent | 161 | 1,908 | 965 | ||||||
| Davis Polk & Wardwell LLP | First Lien Lender Counsel | 1,492 | 7,821 | 1,022 | ||||||
| McGuire Woods LLP | First Lien Lender Local Counsel | 197 | 804 | 196 | ||||||
| Stroock & Stroock & Lavan LLP | First Lien Lender Special Counsel | 142 | 371 | 75 | ||||||
| Ducera Partners LLC | First Lien Lender Investment Bankers | 364 | 1,461 | 184 | ||||||
| John T. Boyd | First Lien Coal Consultant | — | — | 61 | ||||||
| Kirkland & Ellis LLP | Second Lien Lender Counsel | 77 | 1,319 | 30 | ||||||
| Kutak Rock LLP | Second Lien Lender Local Counsel | 14 | 185 | 53 | ||||||
| Houlihan Lokey, Inc. | Second Lien Lender Investment Bankers | 160 | 1,434 | 300 | ||||||
| Milbank Tweed Hadley & McCloy LLP | UCC's Counsel | — | 4,788 | 5,333 | ||||||
| Sands Anderson PC | UCC's Local Counsel | — | 538 | 626 | ||||||
| Jefferies Group LLC | UCC's Investment Banker | 332 | 805 | 323 | ||||||
| Protiviti Inc. | UCC's Financial Advisor | — | 1,754 | 2,431 | ||||||
| Blackacre LLC | UCC's Coal Consultant | 38 | 161 | 154 | ||||||
| Prime Clerk, LLC | UCC's Information Agent | 29 | 29 | — | ||||||
| KPMG LLP | Debtors' Auditor | — | 972 | 848 | ||||||
| Deloitte Tax LLP | Debtors’ Tax Advisor | 395 | 834 | 878 | ||||||
| Ernst & Young LLP | Debtors’ Accounting/Tax/Valuation Advisor | — | 154 | 794 | ||||||
| Office of the United States' Trustee | Trustee | 646 | 1,900 | 215 | ||||||
| Innovative Compensation and Benefits Concepts | UCC's Compensation Consultant | — | 5 | — | ||||||
| Harman Clator & Wellman | REC's Special Counsel | 129 | 224 | 204 | ||||||
| Zolfo Cooper LLC | REC's Financial Advisor | 412 | 412 | 518 | ||||||
| Tavenner and Beran PLC | REC's Counsel | 83 | 184 | 225 | ||||||
Total Payments To Professionals (8) | $ | 9,456 | $ | 56,033 | $ | 32,117 | ||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 10 | |
| POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE | ||||||||||||
AND ADEQUATE PROTECTION PAYMENTS (9) | ||||||||||||
| (amounts in thousands) | ||||||||||||
| Principal | Beginning Balance | Advances | Repayments | Ending Balance (10) | ||||||||
| DIP Term Loan | $ | 300,000 | $ | — | $ | — | $ | 300,000 | ||||
1st Lien Revolver | 445,000 | — | — | 445,000 | ||||||||
1st Lien Term Loan | 610,938 | — | — | 610,938 | ||||||||
| Letter of Credit Borrowing | 3,624 | — | — | 3,624 | ||||||||
Aircraft Adequate Protection (11) | 5,038 | — | (57 | ) | 4,981 | |||||||
Equipment Adequate Protection (11) | 2,974 | — | (136 | ) | 2,838 | |||||||
| Total | $ | 1,367,574 | $ | — | $ | (193 | ) | $ | 1,367,381 | |||
| Accrued Interest/Fees | Beginning Balance | Interest and Fees Incurred | Payments | Ending Balance | ||||||||
| DIP Term Loan | $ | 10,951 | $ | 2,528 | $ | (10,167 | ) | $ | 3,312 | |||
1st Lien Revolver | 8,862 | 2,903 | (8,813 | ) | 2,952 | |||||||
1st Lien Term Loan | — | 1,782 | — | 1,782 | ||||||||
| Letter of Credit Borrowing | 39 | 19 | (38 | ) | 20 | |||||||
Equipment Adequate Protection (11) | — | 12 | (12 | ) | — | |||||||
| Total | $ | 19,852 | $ | 7,244 | $ | (19,030 | ) | $ | 8,066 | |||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 11 | |
| DEBTOR QUESTIONNAIRE | |||
| (amounts in thousands) | |||
| Yes | No | ||
| Have any assets been sold or transferred outside the normal course of business this reporting period? | X | ||
| Have any funds been disbursed from any account other than a debtor in possession account? | X | ||
| Are any postpetition receivables (accounts, notes, or loans) due from related parties? | X (12) | ||
| Have any payments been made on pre-petition liabilities this reporting period? | X (13) | ||
| Have any postpetition loans been received by the Debtor from any party? | X | ||
| Are any postpetition payroll taxes past due? | X | ||
| Are any postpetition State or Federal income taxes past due? | X | ||
| Are any postpetition real estate taxes past due? | X | ||
| Are any other postpetition taxes past due? | X | ||
| Are any amounts owed to postpetition creditors delinquent? | X (14) | ||
| Have any pre-petition taxes been paid during this reporting period? | X (13) (15) | ||
| Are any wage payments past due? | X | ||
| Are workers compensation, general liability or other necessary insurance coverages in effect? | X (16) | ||
| Are all premium payments paid current? | X (16) | ||
| Please itemize policies below | X (16) | ||
| Insurance Installment Payments | |||
| Type of Policy | Carrier | Period Covered | Payment Amount & Frequency (17) |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 12 | |
Appendix A
(Remainder of Page Intentionally Blank)
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 13 | |
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (18) | |||
| (amounts in thousands) | |||
April 30, 2016 (19) | |||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | $ | 549,487 | |
| Trade accounts receivable, net | 145,098 | ||
| Inventories, net | 159,090 | ||
| Short-term investments | 390,760 | ||
| Prepaid expenses and other current assets | 94,012 | ||
| Total current assets | 1,338,447 | ||
| Property, plant and equipment, net | 2,871,214 | ||
| Other acquired intangibles, net | 16,860 | ||
| Restricted cash | 186,546 | ||
| Other non-current assets | 88,256 | ||
| Total assets | $ | 4,501,323 | |
| Liabilities and Stockholders' Equity (Deficit) | |||
| Liabilities not subject to compromise | |||
| Current liabilities | |||
| Current portion of long-term debt | $ | 1,336,422 | |
| Trade accounts payable | 116,628 | ||
| Accrued expenses and other current liabilities | 394,493 | ||
| Total current liabilities | 1,847,543 | ||
| Long-term debt | 23,668 | ||
| Asset retirement obligations | 502,157 | ||
| Deferred income taxes | 13,380 | ||
| Other non-current liabilities | 385,492 | ||
| Total liabilities not subject to compromise | 2,772,240 | ||
| Liabilities subject to compromise | 4,747,560 | ||
| Total liabilities | 7,519,800 | ||
| Stockholders' Equity (Deficit) | |||
| Preferred stock - par value $0.01 | — | ||
| Common stock - par value $0.01 | 2,351 | ||
| Additional paid-in capital | 8,218,196 | ||
| Accumulated other comprehensive loss | (269,547 | ) | |
| Treasury stock, at cost | (273,620 | ) | |
| Accumulated deficit | (10,695,857 | ) | |
| Total stockholders' equity (deficit) | (3,018,477 | ) | |
| Total liabilities and stockholders' equity (deficit) | $ | 4,501,323 | |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 14 | |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
FOR THE MONTH AND FOUR MONTHS ENDED APRIL 30, 2016 (18) | |||||||
| (amounts in thousands) | |||||||
| MTD | YTD (19) | ||||||
| Revenues | |||||||
| Coal revenues | $ | 145,218 | $ | 595,308 | |||
| Freight and handling revenues | 19,924 | 79,331 | |||||
| Other revenues | 5,138 | 14,207 | |||||
| Total revenues | 170,280 | 688,846 | |||||
| Costs and expenses | |||||||
| Cost of coal sales (exclusive of items shown separately below) | 153,571 | 650,935 | |||||
| Freight and handling costs | 19,924 | 79,331 | |||||
| Other expenses | 1,675 | 7,705 | |||||
| Depreciation, depletion and amortization | 21,632 | 86,840 | |||||
| Amortization of acquired intangibles, net | (469 | ) | (1,594 | ) | |||
| Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 6,939 | 30,188 | |||||
| Asset impairment and restructuring | 812 | 13,157 | |||||
| Total costs and expenses | 204,084 | 866,562 | |||||
| Loss from operations | (33,804 | ) | (177,716 | ) | |||
| Other income (expense) | |||||||
| Interest expense | (11,682 | ) | (47,526 | ) | |||
| Interest income | 244 | 815 | |||||
| Gain on sale of marketable equity investments | — | 3,530 | |||||
| Miscellaneous income, net | 85 | 512 | |||||
| Total other income, net | (11,353 | ) | (42,669 | ) | |||
| Loss before reorganization items and income taxes | (45,157 | ) | (220,385 | ) | |||
| Reorganization items, net | (9,339 | ) | (28,696 | ) | |||
| Loss before income taxes | (54,496 | ) | (249,081 | ) | |||
| Income tax expense | — | (15 | ) | ||||
| Net loss | $ | (54,496 | ) | $ | (249,096 | ) | |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 15 | |
| SUMMARIZED AND CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
FOR THE MONTH AND FOUR MONTHS ENDED APRIL 30, 2016 (18) | |||||||
| (amounts in thousands) | |||||||
| MTD | YTD (19) | ||||||
| Net cash used in operating activities | $ | (46,762 | ) | $ | (61,197 | ) | |
| Investing activities: | |||||||
| Capital expenditures | (10,254 | ) | (49,624 | ) | |||
| Purchases of investments | (43,549 | ) | (216,039 | ) | |||
| Sales of investments | 25,820 | 255,402 | |||||
| Deposit of restricted cash | (31,165 | ) | (123,949 | ) | |||
| Receipts from deposit of restricted cash | — | 84,979 | |||||
| Proceeds from sale of property, plant and equipment | 216 | 1,723 | |||||
| Net cash used in investing activities | (58,932 | ) | (47,508 | ) | |||
| Financing activities: | |||||||
| Proceeds from borrowings on long-term debt | — | 3,624 | |||||
| Principal repayments of capital lease obligations | (488 | ) | (3,049 | ) | |||
| Debt issuance and modification costs | — | (278 | ) | ||||
| Other, net | (57 | ) | (229 | ) | |||
| Net cash (used in) provided by financing activities | (545 | ) | 68 | ||||
| Net decrease in cash and cash equivalents | (106,239 | ) | (108,637 | ) | |||
| Cash and cash equivalents at beginning of period | 655,726 | 658,124 | |||||
| Cash and cash equivalents at end of period | $ | 549,487 | $ | 549,487 | |||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 16 | |
ACCOUNTS RECEIVABLE AGING (18) | |||
| (amounts in thousands) | |||
| Accounts Receivable | Amount | ||
| 0-30 Days | $ | 139,689 | |
| 31-60 Days | 211 | ||
| 61-90 Days | 463 | ||
| 91+ Days | 10,257 | ||
| Other Non-Trade & Misc. Receivables | 3,525 | ||
| Accounts Receivable (Gross) | $ | 154,145 | |
| Reserve for Bad Debt | (9,047 | ) | |
| Amount Considered Uncollectible | — | ||
Accounts Receivable (Net) (20) | $ | 145,098 | |
AGING OF POSTPETITION TAXES & PAYABLES (18) | |||||||||||||||
| (amounts in thousands) | |||||||||||||||
| Taxes Payable | 0-30 Days | 31-60 Days | 61-90 Days | 91+ Days | Total | ||||||||||
| Federal | $ | 8,610 | $ | — | $ | — | $ | — | $ | 8,610 | |||||
| State and Local | 45,988 | — | — | — | 45,988 | ||||||||||
| Other | — | — | — | — | — | ||||||||||
Total Taxes Payable (21) | $ | 54,598 | $ | — | $ | — | $ | — | $ | 54,598 | |||||
Accounts Payable (22) | $ | 45,962 | $ | 553 | $ | 96 | $ | 991 | $ | 47,602 | |||||
| Total | $ | 100,560 | $ | 553 | $ | 96 | $ | 991 | $ | 102,200 | |||||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 17 | |
STATUS OF POSTPETITION TAXES (18) | ||||||||||||
| (amounts in thousands) | ||||||||||||
| Federal | Beginning Tax | Amount Withheld and/or Accrued | Amount (Paid) Received | Ending Tax | ||||||||
| Withholding | $ | — | $ | 7,755 | $ | (4,908 | ) | $ | 2,847 | |||
| FICA-Employee | 1,333 | 3,364 | (2,668 | ) | $ | 2,029 | ||||||
| FICA-Employer | 1,295 | 3,360 | (2,666 | ) | $ | 1,989 | ||||||
| Unemployment | 289 | — | (283 | ) | $ | 6 | ||||||
| Excise | 1,089 | 2,162 | (2,348 | ) | $ | 903 | ||||||
| Income | — | — | — | $ | — | |||||||
| Other (Office of Surface Mining) | 3,093 | 844 | (3,101 | ) | $ | 836 | ||||||
| Total Federal Taxes | $ | 7,099 | $ | 17,485 | $ | (15,974 | ) | $ | 8,610 | |||
| State and Local | ||||||||||||
| Withholding | $ | 605 | $ | 2,560 | $ | (1,782 | ) | $ | 1,383 | |||
| Sales / Use | 121 | 233 | (265 | ) | $ | 89 | ||||||
| Mineral Severance | 4,975 | 4,325 | (4,908 | ) | $ | 4,392 | ||||||
| Unemployment | 2,205 | 52 | (1,931 | ) | $ | 326 | ||||||
| Real Property | 17,164 | (363 | ) | — | $ | 16,801 | ||||||
| Personal Property | 6,403 | 2,102 | — | $ | 8,505 | |||||||
| Income/Franchise | 2,669 | 60 | (2,424 | ) | $ | 305 | ||||||
| Explosive Tax | 36 | 23 | (44 | ) | $ | 15 | ||||||
| Other Tax Payable | 20 | — | (22 | ) | $ | (2 | ) | |||||
| Sales Tax Collected | 14 | 5 | (8 | ) | $ | 11 | ||||||
| Other (Production Taxes) | 13,466 | 1,759 | (1,062 | ) | $ | 14,163 | ||||||
| Total State and Local | $ | 47,678 | $ | 10,756 | $ | (12,446 | ) | $ | 45,988 | |||
Total Taxes (21) | $ | 54,777 | $ | 28,241 | $ | (28,420 | ) | $ | 54,598 | |||
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 18 | |
NOTES
| (1) | On August 3, 2015 (the "Petition Date"), Alpha Natural Resources, Inc. and certain of its direct and indirect subsidiaries, as debtors and debtors in possession (collectively, the "Debtors") commenced their chapter 11 cases by filing voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division (the "Bankruptcy Court"). |
This Monthly Operating Report and the condensed consolidated financial statements included herein have been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court and the lenders under the Debtors' postpetition financing facility, as amended (the "DIP Facility"), and are in a format that the Debtors believe is acceptable to the Office of the United States Trustee for Region Four (the "U.S. Trustee"). The Monthly Operating Report is limited in scope and covers a limited time period. The schedules contained herein were not audited or reviewed by independent accountants nor are they intended to reconcile to any financial statements otherwise prepared or distributed by the Debtors or any of the Debtors' affiliates. Furthermore, because the Debtors generally produce their financial reporting on a consolidated basis, it is possible that not all assets, liabilities, cash receipts and disbursements have been recorded at the correct legal entity of either the Debtors or non-Debtor affiliates.
In addition, the assets, liabilities and results of operations of several non‑Debtor affiliates of the Debtors (Alpha Coal India Private Limited, Alpha Coal Sales International Limited, ANR Second Receivables Funding, LLC and Gray Hawk Insurance Company) are included in the Debtors' condensed consolidated financial statements. The Debtors reserve all rights to supplement or amend any schedules contained in this Monthly Operating Report.
The information presented herein is unaudited and subject to further review and potential adjustments, and may not have been subject to all procedures that would typically be applied to financial information presented in accordance with Generally Accepted Accounting Principles in the United States of America ("US GAAP"), including, but not limited to, accruals, tax provision, asset impairment testing and other recurring adjustments considered necessary by management to fairly state the financial position and results of operations for the interim period(s) presented. Furthermore, this Monthly Operating Report does not contain all disclosures that would be required for presentation in accordance with US GAAP, and there can be no assurance that, from the perspective of an investor or potential investor, the Monthly Operating Report is complete. As part of their restructuring efforts, the Debtors are reviewing their assets and liabilities on an ongoing basis, including without limitation with respect to intercompany claims and obligations, and nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors' rights with respect to such assets, liabilities, claims and obligations.
Certain prepetition liabilities have been reclassified as liabilities subject to compromise. Liabilities subject to compromise may include estimated or liquidated amounts for certain obligations arising prior to the Petition Date, including, among others, (a) debt-related obligations, (b) employee or retiree benefit-related obligations, (c) contractual obligations and (d) litigation and other contingent claims. The Debtors continue to analyze and reconcile these amounts, and, therefore, the amounts reflected herein are current estimates and subject to change as additional analysis is completed and decisions made.
The Debtors caution readers not to place undue reliance upon the information contained in this Monthly Operating Report. The results herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the combined results and financial position of the Debtors in the future.
| (2) | The Debtors are authorized to continue using their centralized cash management system pursuant to the Final Order, Pursuant to Sections 345, 363(c)(1), 503(b)(1) and 553 of the Bankruptcy Code and Bankruptcy Rules 6003(b) and 6004(h): (A) Approving the Continued Use of the Debtors' Cash Management System, Bank Accounts and Business Forms; (B) Granting a Waiver of the Requirements of Section 345(b) and Certain of the U.S. Trustee's Operating Guidelines; (C) Permitting Continued Intercompany Transactions; (D) Preserving and Permitting the Exercise of Intercompany Setoff Rights; and (E) Authorizing Banks to Honor Certain Transfers and Charge Certain Fees and Other Amounts (Docket No. 683) (the "Cash Management Order"). Disbursement |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 19 | |
activity is reported on behalf of the Debtor entity that incurred the corresponding obligation.
| (3) | Represents receipts and disbursements (excluding certain intercompany cash management activity by and among accounts of the Debtors and their non-Debtor affiliates) on a book basis for the period from April 1, 2016 through April 30, 2016. Receipts and disbursements exclude the Debtors' investing activities (e.g., purchases and sales of securities and investment income). |
| (4) | Represents ending bank balance as of April 30, 2016. As part of the Debtors' monthly close process, all bank accounts, which the Debtors are authorized to maintain pursuant to the Cash Management Order, are reconciled to the applicable bank statements. The bank accounts include cash accounts, managed security accounts, restricted cash and securities accounts, which are reflected on the balance sheet as cash and cash equivalents, short-term investments, long-term investments, and long-term restricted cash. |
| (5) | Ending balance includes amounts held in an overnight sweep account. |
| (6) | The Debtors have included net employee compensation and expense reimbursement amounts for this schedule. For purposes of this Monthly Operating Report, the Debtors have defined "insiders" as: (a) Kevin S. Crutchfield; (b) Gary W. Banbury; (c) Philip J. Cavatoni; (d) Andy Eidson (e) V. Keith Hainer; (f) Alan W. Jones Jr.; (g) Mark M. Manno; (h) Brian D. Sullivan; (i) Richard H. Verheij; (j) Bruce A. Hartshorn; (k) the members of each of the boards of directors or boards of managers of the Debtors and their non-Debtor affiliates, as applicable; (l) any individuals holding the title of (i) president or (ii) general manager of any of the Debtors or their non-Debtor affiliates; and (m) all relatives of the foregoing parties who have been disclosed pursuant to Section 16 of the Securities Exchange Act of 1934 (the "Section 16 Relatives"). The Debtors do not maintain records of family relationships other than with respect to the Section 16 Relatives. Mr. Verheij and Mr. Cavatoni left the Debtors' employment as of December 21, 2015 and March 23, 2016, respectively. Any payments Mr. Verheij or Mr. Cavatoni received following their departure have been excluded from this schedule. Mr. Eidson was promoted to the role of Chief Financial Officer of the Debtors as of March 23, 2016. Any payments Mr. Eidson received following this date have been included in this schedule. |
The parties identified as "insiders" have been included for informational purposes only. The inclusion of a party as an "insider" herein is not an acknowledgment or concession that such party is an insider under applicable bankruptcy law.
| (7) | Amounts include estimated incurred and uninvoiced amounts, which are based on assumptions and available information believed to be reasonable at the time. Actual results however could differ from these estimates. |
| (8) | Includes fees related to the DIP Facility. |
| (9) | Amounts disclosed exclude interest and fees incurred and any payments related to the termination of the accounts receivable securitization facility. |
| (10) | Disclosed amounts represent principal and do not include any related debt discounts. |
| (11) | On November 19, 2015, the Bankruptcy Court entered the Order Providing Adequate Protection to Citizens Asset Finance, Inc. (Docket No. 969) pursuant to which the Debtors are required to make monthly payments in the amount of $57,209.06, among other things, as adequate protection of the interests of Citizens Asset Finance, Inc. in certain collateral, including an aircraft. |
On February 17, 2016, the Bankruptcy Court entered the Order Providing Adequate Protection to PNC Equipment Finance, LLC (Docket No. 1545) pursuant to which the Debtors are required, among other things, to make monthly payments in the amount of $147,842.32 as adequate protection of the interests of PNC Equipment Finance, LLC in certain collateral.
| (12) | Intercompany receivables are created in the normal course among the Debtors and their non-Debtor affiliates as a |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 20 | |
result of their use of a centralized cash management system.
| (13) | Certain payments have been made on prepetition obligations, including certain (a) employee‑related obligations; (b) customer obligations; (c) sales & use, franchise, and other taxes and fees; and (d) obligations to trade creditors, in accordance with certain "first‑day" relief granted by the Bankruptcy Court. |
| (14) | Due to administrative issues and the process of reconciling claims, certain payments may periodically be delayed. |
| (15) | Pursuant to the Final Order, Pursuant to Sections 105(a),363(b),507(a) and 541 of the Bankruptcy Code, Authorizing the Debtors and Debtors in Possession to Pay Certain Prepetition Taxes (Docket No. 354), the Debtors are authorized to make payments on certain prepetition taxes. |
| (16) | Pursuant to the Final Order Authorizing the Debtors to: (A) Maintain, Continue and Renew Their Property, Casualty, Liability, Workers' Compensation and Other Insurance Programs, Policies and Agreements; and (B) Honor all Obligations in Respect Thereof (Docket No. 353), the Debtors are authorized to maintain their insurance programs and pay related obligations without interruption and in accordance with the same practices and procedures as were in effect prior to the Petition Date. The Debtors' insurance policies are identified in Exhibit C to the Motion of Debtors for Interim and Final Orders Authorizing the Debtors to (I) Maintain, Continue and Renew Their Property, Casualty, Liability, Workers' Compensation and Other Insurance Programs, Policies and Agreements and (II) Honor All Obligations in Respect Thereof (Docket No. 15) (the "Insurance Motion"). |
| (17) | Further information regarding the Debtors' insurance programs is provided in the Insurance Motion. |
| (18) | Represents consolidated balances of both Debtor and non-Debtor entities. |
| (19) | Amounts include prior period adjustments. |
| (20) | Represents accounts receivable (net) inclusive of accruals for bad debt, amounts considered uncollectible and other receivables. Represents ending balance as of April 30, 2016. |
| (21) | Disclosed amounts exclude foreign taxes. |
| (22) | Reflects postpetition trade-related payables (excluding payables related to goods and services received, but not yet invoiced, and other miscellaneous accruals during the reporting period). |
| Case Name: | Alpha Natural Resources, Inc., et al. | ||
| Case Number: | 15-33896 (KRH) (Jointly Administered) | Page 21 | |