Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
CORPORATE MONTHLY OPERATING REPORT
File with the Court and submit a copy to the United States Trustee within 30 days after the end of the month and submit a copy of the report to any official committee appointed in the case.
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | |||
Schedule of Cash Receipts | MOR-1a | x | ||||
Schedule of Disbursements | MOR-1b | x | ||||
Bank Account Information | MOR-1c | x | ||||
Copies of bank statements (See Notes to the MOR) | x | |||||
Cash disbursements journals (See Notes to the MOR) | x | |||||
Statement of Operations (Income Statement) | MOR-2 | x | ||||
Balance Sheet | MOR-3 | x | ||||
Status of Post-petition Taxes | MOR-4 | x | ||||
Copies of IRS Form 6123 or payment receipt (See Notes to the MOR) | x | |||||
Copies of tax returns filed during reporting period (See Notes to the MOR) | x | |||||
Summary of Unpaid Post-petition Debts (See Notes to the MOR) | MOR-4 | x | ||||
Listing of Aged Accounts Payable (See Notes to the MOR) | x | |||||
Accounts Receivable Reconciliation and Aging (See Notes to the MOR) | MOR-5 | x | x | |||
Taxes Reconciliation and Aging (See MOR-7) | MOR-5 | x | ||||
Payments to Insiders and Professional | MOR-6 | x | ||||
Post Petition Secured Notes Adequate Protection Payments | MOR-6 | x | ||||
Debtor Questionnaire | MOR-7 | x |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
/s/ James Bonsall | 3/31/2009 | |||
Signature of Authorized Individual* | Date | |||
James Bonsall | ||||
Printed Name of Authorized Individual | ||||
Chief Restructuring Officer | ||||
Title |
* | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
MOR NOTES
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Notes to the Monthly Operating Report
GENERAL:
The report includes activity from the following Debtors and related case numbers:
Debtor | Case Number | |||
ASA Albion, LLC | 08-12607 | |||
ASA Bloomingburg, LLC | 08-12608 | |||
ASA Linden, LLC | 08-12609 | |||
ASA OpCo Holdings, LLC | 08-12610 | |||
US Bio Marion, LLC | 08-12611 | |||
US BioEnergy Corporation | 08-12612 | |||
VeraSun Albert City, LLC | 08-12613 | |||
VeraSun Aurora Corporation | 08-12614 | |||
VeraSun BioDiesel, LLC | 08-12605 | |||
VeraSun Central City, LLC | 08-12615 | |||
VeraSun Charles City, LLC | 08-12616 | |||
VeraSun Dyersville, LLC | 08-12617 | |||
VeraSun Energy Corporation | 08-12606 | |||
VeraSun Fort Dodge, LLC | 08-12618 | |||
VeraSun Granite City, LLC | 08-12619 | |||
VeraSun Hankinson, LLC | 08-12620 | |||
VeraSun Hartley, LLC | 08-12621 | |||
VeraSun Janesville, LLC | 08-12622 | |||
VeraSun Litchfield, LLC | 08-12623 | |||
VeraSun Marketing, LLC | 08-12624 | |||
VeraSun Ord, LLC | 08-12625 | |||
VeraSun Reynolds, LLC | 08-12626 | |||
VeraSun Tilton, LLC | 08-12627 | |||
VeraSun Welcome, LLC | 08-12628 | |||
VeraSun Woodbury, LLC | 08-12629 |
MOR NOTES
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Notes to the Monthly Operating Report
Notes to MOR-1a:
Cash receipts related to intercompany transfers among the various Debtor entities jointly administered under case number 08-12606 (each a “Debtor” and, collectively, the “Debtors”) are not included in this schedule except transfers of funding from VeraSun Energy Corporation (“VEC”) and ASA Opco Holdings, LLC (“ASA Opco”) to subsidiary Debtor entities and transfers of payments from VeraSun Marketing, LLC (“VeraSun Marketing”) to other VeraSun legacy Debtor entities.
Notes to MOR-1b:
All cash disbursements exclude intercompany transfers among the Debtor entities except transfers of funding from VEC and ASA OpCo to subsidiary debtor entities and transfers of payments from VeraSun Marketing to other VeraSun legacy Debtor entities.
Notes to MOR-1c:
All amounts listed are the bank balances as of the end of the month.
Notes to MOR-2:
The Statement of Operations (Income Statement) reflects revenue and expenses that directly correspond to the Debtor legal entity except VeraSun Tilton, LLC, which does not maintain separate accounting records.
In accordance with Statements of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”, the Debtors performed an impairment evaluation of all their long-lived and other identifiable intangible assets as of the end of fiscal 2008 due to factors deemed by management to have constituted an impairment triggering event. The Debtors’ preliminary conclusions were that the carrying value of the long-lived and other identifiable assets exceeded the expected cash flows of these assets. As such, the Debtor entities impaired these assets to their estimated fair values. The impact of the Debtors’ preliminary impairment evaluation appears on MOR-2 on the line captioned “Long-lived asset impairment”.
The Statement of Operations (Income Statement) reflects “mark to market” adjustments for corn contracts outstanding at Debtor entity facilities that were in “hot idle” rather than production. In certain cases, this may result in negative “Cost of Goods Sold” on MOR-2.
Any changes to prior period income/expense amounts will be reflected in the current Monthly Operating Report (the “MOR”).
Notes to MOR-3:
The Balance Sheet reflects assets, liabilities, and shareholders’ equity that directly correspond to the Debtor legal entity except VeraSun Tilton, LLC, which does not maintain separate accounting records. The accounting records of the parent VEC includes land owned by VeraSun Tilton, LLC, carried at approximately $4.3 million.
As noted within “Notes to MOR-2” above, the Debtors performed an impairment evaluation of all their long-lived and other identifiable intangible assets as of the end of fiscal 2008 in accordance with Statements of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”. The impact of Debtors’ preliminary impairment evaluation appears in reduced values of such assets on MOR-3 on the line captioned “Assets Held for Sale” as compared to the values that appeared primarily on the line captioned “Property and Equipment, net” on MOR-3 at January 31, 2009. The net non-cash impact appears on MOR-2 on the line captioned “Long-lived asset impairment”.
MOR NOTES
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Notes to the Monthly Operating Report
On February 19, 2009, the Bankruptcy Court entered the Order Pursuant to 11 U.S.C. §§ 105(A), 363, 365 and Fed. R. Bankr. P. 2002, 6004, 6006 Establishing Bidding and Auction Procedures Related to the Sale of Some or All of the Debtors’ Assets. Accordingly, VEC and its subsidiary Debtor entities reclassified the long-lived assets to the line captioned “Assets Held for Sale” on MOR-3 and ceased depreciating such assets in accordance with Statements of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.”
On January 7, 2009, the Bankruptcy Court entered the Order Under 11 U.S.C. §§ 105 and 363 Approving Procedures to Sell Certain De Minimis Assets Free and Clear of Liens Claims, and Encumbrances Without Further Order of the Court (Docket No. 453). Pursuant to paragraph 2 of the De Minimis Asset Sale Order, the Debtors are required to disclose all de minimis asset sales with an aggregate sale price of less than $50,000 (the “Level 1 Sales”) consummated during any given month in their MOR. No Level 1 Sales were consummated in the month of February 2009.
Certain accruals are recorded monthly at VEC, ASA OpCo, and US BioEnergy Corporation and allocated to other Debtor entities when paid.
Because the debtor entities file a joint Federal Income Tax return, individual Debtor entity balances would reflect assets and liabilities that net to the financial statement line on a combined basis. However, VEC recorded a full valuation allowance against deferred tax assets and liabilities; thus, these captions do not appear on MOR-3 as of February 28, 2009.
Intercompany balances subject to compromise and not subject to compromise are shown net by Debtor entity.
Any changes to prior period balances will be reflected in the current month MOR.
Notes to MOR-4:
The tax walk forward reflects both pre-petition and post-petition taxes, and the beginning balance for this MOR reflects accrued taxes as of October 31, 2008.
VEC and related Debtors are current on all post petition payments other than disputes that arise in the ordinary course of business transactions.
Notes to MOR-5:
Ending third party accounts receivable balances by Debtor legal entity are listed on MOR-3, which balances differ from the Accounts Receivable Aging primarily due to the following: (a) certain aged receivables are included on the line “Prepaid expenses and other assets” on MOR-3 while (b) accrued sales are recorded on MOR-3 but will not be part of the aging until the subsequent month.
Notes to MOR-6:
Payments to insiders exclude intercompany payments between Debtor entities.
Notes to MOR-7:
The Debtor entities have made certain payments on account of pre-petition liabilities in accordance with orders of the Bankruptcy Court specifically authorizing payment of certain pre-petition liabilities.
Debtor entities from time to time have sold product to insider CHS, Inc and to its 100% owned subsidiary Provista LLC.
VEC and related Debtor entities entered into Debtor-in-possession (DIP) loans and have made required draws against the DIP loans.
MOR-1a
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Schedule of Cash Receipts
(000’s)
TIME PERIOD: | ||||||
2/1/2009 - 2/28/2009 | ||||||
(see Notes to the MOR related to MOR-1a) |
Debtor | Case Number | Cash Receipts | ||||
ASA Albion, LLC | 08-12607 | $ | 1,296 | |||
ASA Bloomingburg., LLC | 08-12608 | 1,237 | ||||
ASA Linden, LLC | 08-12609 | 1,204 | ||||
ASA OpCo Holdings, LLC | 08-12610 | 726 | ||||
US Bio Marion, LLC | 08-12611 | 298 | ||||
US BioEnergy Corporation | 08-12612 | 20 | ||||
VeraSun Albert City, LLC | 08-12613 | 883 | ||||
VeraSun Aurora Corporation | 08-12614 | 18,359 | ||||
VeraSun BioDiesel, LLC | 08-12605 | — | ||||
VeraSun Central City, LLC | 08-12615 | 1,100 | ||||
VeraSun Charles City, LLC | 08-12616 | 14,062 | ||||
VeraSun Dyersville, LLC | 08-12617 | 926 | ||||
VeraSun Energy Corporation(a) | 08-12606 | (932 | ) | |||
VeraSun Fort Dodge, LLC | 08-12618 | 14,912 | ||||
VeraSun Granite City, LLC | 08-12619 | — | ||||
VeraSun Hankinson, LLC | 08-12620 | 2,739 | ||||
VeraSun Hartley, LLC | 08-12621 | 14,120 | ||||
VeraSun Janesville, LLC | 08-12622 | 200 | ||||
VeraSun Litchfield, LLC | 08-12623 | — | ||||
VeraSun Marketing, LLC | 08-12624 | 12,598 | ||||
VeraSun Ord, LLC | 08-12625 | 333 | ||||
VeraSun Reynolds, LLC | 08-12626 | — | ||||
VeraSun Tilton, LLC | 08-12627 | — | ||||
VeraSun Welcome, LLC | 08-12628 | 234 | ||||
VeraSun Woodbury, LLC | 08-12629 | 1,044 | ||||
Total Cash Receipts | $ | 85,359 | ||||
(a) | Funding received in prior period(s) that are moved to Debtor entity subsidiaries in February 2009. |
MOR-1b
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Schedule of Disbursements
(000’s)
TIME PERIOD: | ||||||
2/1/2009 - 2/28/2009 | ||||||
(see Notes to the MOR related to MOR-1b) |
Debtor | Case Number | Disbursements | |||
ASA Albion, LLC | 08-12607 | $ | 1,296 | ||
ASA Bloomingburg, LLC | 08-12608 | 1,237 | |||
ASA Linden, LLC | 08-12609 | 1,206 | |||
ASA OpCo Holdings, LLC | 08-12610 | 479 | |||
US Bio Marion, LLC | 08-12611 | 1,061 | |||
US BioEnergy Corporation | 08-12612 | 1 | |||
VeraSun Albert City, LLC | 08-12613 | 1,920 | |||
VeraSun Aurora Corporation | 08-12614 | 18,354 | |||
VeraSun BioDiesel, LLC | 08-12605 | — | |||
VeraSun Central City, LLC | 08-12615 | 1,443 | |||
VeraSun Charles City, LLC | 08-12616 | 14,056 | |||
VeraSun Dyersville, LLC | 08-12617 | 2,019 | |||
VeraSun Energy Corporation | 08-12606 | 1,813 | |||
VeraSun Fort Dodge, LLC | 08-12618 | 14,879 | |||
VeraSun Granite City, LLC | 08-12619 | — | |||
VeraSun Hankinson, LLC | 08-12620 | 1,868 | |||
VeraSun Hartley, LLC | 08-12621 | 14,979 | |||
VeraSun Janesville, LLC | 08-12622 | 198 | |||
VeraSun Litchfield, LLC | 08-12623 | — | |||
VeraSun Marketing, LLC | 08-12624 | 4,660 | |||
VeraSun Ord, LLC | 08-12625 | 807 | |||
VeraSun Reynolds, LLC | 08-12626 | 23 | |||
VeraSun Tilton, LLC | 08-12627 | — | |||
VeraSun Welcome, LLC | 08-12628 | 229 | |||
VeraSun Woodbury, LLC | 08-12629 | 865 | |||
Total Disbursements | $ | 83,393 | |||
MOR-1c
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Bank Account Information
(000’s)
Legal Entity | Case No. | Bank and account description | Bank Account No. | Bank Balance | |||||
ASA Albion, LLC | 08-12607 | First National Bank Omaha - O&M | 110118507 | $ | 14 | ||||
ASA Bloomingburg, LLC | 08-12608 | First National Bank Omaha - O&M | 110118497 | 73 | |||||
ASA Linden, LLC | 08-12609 | First National Bank Omaha - O&M | 110118484 | 30 | |||||
ASA OpCo Holdings, LLC | 08-12610 | First National Bank Omaha - O&M | 110118510 | 904 | |||||
08-12610 | First National Bank Omaha - FSA | 110119647 | — | ||||||
08-12610 | First National Bank Omaha - Debt Service | 110118617 | — | ||||||
US Bio Marion, LLC(a) | 08-12611 | First Bank and Trust | 1100101471 | 3,416 | |||||
08-12611 | Bank of America | 3755551267 | 208 | ||||||
(d) | 08-12611 | First Bank and Trust | 51266 | 177 | |||||
US BioEnergy Corporation | 08-12612 | Bank of America | 3755551199 | 86 | |||||
08-12612 | Bank of America | 3755551209 | — | ||||||
VeraSun Albert City, LLC | 08-12613 | Bank of America | 3755551131 | 797 | |||||
VeraSun Aurora Corporation | 08-12614 | First National Bank Omaha - O&M | 110197793 | 795 | |||||
(b) | 08-12614 | Bank of America | 3755551843 | 5 | |||||
VeraSun BioDiesel, LLC | 08-12605 | First National Bank Omaha - O&M | 110193548 | — | |||||
VeraSun Central City, LLC | 08-12615 | Bank of America | 3755551144 | 3,564 | |||||
VeraSun Charles City, LLC | 08-12616 | First National Bank Omaha - O&M | 110211417 | 435 | |||||
(b) | 08-12616 | Bank of America | 3755551814 | 5 | |||||
VeraSun Dyersville, LLC | 08-12617 | Bank of America | 3755551160 | 1,515 | |||||
VeraSun Energy Corporation | 08-12606 | First National Bank Omaha - O&M | 110193438 | 1,067 | |||||
08-12606 | Bank of America Utility Account | 3755551429 | 3,641 | ||||||
08-12606 | Bank of America DIP Account | 3755551461 | 6,337 | ||||||
08-12606 | Bank of America Payroll | 3755551241 | 7 | ||||||
08-12606 | Wilmington Trust | 091810-000 | — | ||||||
08-12606 | First Bank & Trust | 1081888 | 6 | ||||||
08-12606 | First National Bank Omaha Money | 201651766-20 | 1,541 | ||||||
08-12606 | Morgan Stanley | 14-78ER2 | 5 | ||||||
VeraSun Fort Dodge, LLC | 08-12618 | First National Bank Omaha - O&M | 110118073 | 328 | |||||
(b) | 08-12618 | Bank of America | 3755551856 | 5 | |||||
VeraSun Granite City, LLC | 08-12619 | First National Bank Omaha - O&M | 110211145 | 0 | |||||
VeraSun Hankinson, LLC | 08-12620 | Bank of America Account | 3755551186 | 1,115 | |||||
(c) | 08-12620 | Bank of America | 3755552541 | 953 | |||||
VeraSun Hartley, LLC | 08-12621 | First National Bank Omaha - O&M | 110210845 | 14 | |||||
(b) | 08-12621 | Bank of America | 3755551830 | 5 | |||||
VeraSun Janesville, LLC | 08-12622 | Bank of America | 3755551173 | 182 | |||||
VeraSun Litchfield, LLC | 08-12623 | NONE | NONE | — | |||||
VeraSun Marketing, LLC | 08-12624 | First National Bank Omaha - Revenue | 110203784 | 98,845 | |||||
08-12624 | First National Bank Omaha - O&M | 110203690 | 145 | ||||||
08-12624 | Bank of America Transportation Vendor | 3755551270 | 4 | ||||||
08-12624 | Bank of America Marketing Payroll | 3755551254 | 5 | ||||||
VeraSun Ord, LLC | 08-12625 | Bank of America | 3755551157 | 825 | |||||
VeraSun Reynolds, LLC | 08-12626 | First National Bank Omaha - O&M | 110211404 | 281 | |||||
VeraSun Tilton, LLC | 08-12627 | NONE | NONE | — | |||||
VeraSun Welcome, LLC | 08-12628 | First National Bank Omaha - O&M | 110203920 | 49 | |||||
(b) | 08-12628 | Bank of America | 3755551827 | 5 | |||||
VeraSun Woodbury, LLC | 08-12629 | Bank of America | 3755551128 | 1,471 | |||||
$ | 128,860 | ||||||||
(a) | Dougherty & Company LLC maintains in its name an escrow account set up to fund construction of the Marion plant. Balance in this escrow a/c at February 28, 2009 was $3.856 million |
(b) | Bank account was opened for VSE legacy plant in February 2009. |
(c) | Bank account was opened for Hankinson North Dakota incentive credits in February 2009. |
(d) | Bank account identified in February as restricted cash deposited to back Letter of Credit. |
MOR-2
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Statement of Operations (Income Statement)
(000’s)
Case Number | VeraSun Energy Corporation 08-12606 | Aurora 08-12614 | Fort Dodge 08-12618 | Charles City 08-12616 | Bio Diesel 08-12605 | Marketing 08-12624 | Litchfield 08-12623 | Welcome 08-12628 | ||||||||||||||||||||||
Net Revenue | $ | — | $ | 18,503 | $ | 17,525 | $ | 16,986 | $ | — | $ | 62,460 | $ | — | $ | — | ||||||||||||||
Cost of goods sold | — | 17,364 | 17,110 | 15,876 | — | 64,479 | — | (261 | ) | |||||||||||||||||||||
Gross profit (loss) | — | 1,139 | 415 | 1,110 | — | (2,019 | ) | — | 261 | |||||||||||||||||||||
Selling, general and administrative expenses | (607 | ) | 436 | 354 | 333 | — | 316 | — | 775 | |||||||||||||||||||||
Long-lived asset impairment | 152 | 43,126 | 34,356 | 74,337 | — | — | — | 151,999 | ||||||||||||||||||||||
Operating income (loss) | 454 | (42,423 | ) | (34,295 | ) | (73,560 | ) | — | (2,335 | ) | — | (152,514 | ) | |||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||
Interest expense | (9,717 | ) | 8 | — | — | — | — | — | — | |||||||||||||||||||||
Interest income | 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other income (expense) | — | 39 | — | — | — | 6 | — | — | ||||||||||||||||||||||
Reorganization items, net | 904 | (176 | ) | (162 | ) | (152 | ) | — | (194 | ) | — | — | ||||||||||||||||||
(8,812 | ) | (129 | ) | (162 | ) | (152 | ) | — | (188 | ) | — | — | ||||||||||||||||||
Income (loss) | (8,357 | ) | (42,552 | ) | (34,457 | ) | (73,712 | ) | — | (2,523 | ) | — | (152,514 | ) | ||||||||||||||||
Income tax expense (benefit) | (2,865 | ) | (9 | ) | — | — | — | (97 | ) | — | — | |||||||||||||||||||
Net income (loss) | $ | (5,492 | ) | $ | (42,543 | ) | $ | (34,457 | ) | $ | (73,712 | ) | $ | — | $ | (2,426 | ) | $ | — | $ | (152,514 | ) | ||||||||
MOR-2
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Statement of Operations (Income Statement)
(000’s)
Case Number | Hartley 08-12621 | Granite City 08-12619 | Reynolds 08-12626 | Opco 08-12610 | Linden 08-12609 | Albion 08-12607 | Bloomingburg 08-12608 | VSE-USB Corporate 08-12612 | |||||||||||||||||||||||
Net Revenue | $ | 17,491 | $ | — | $ | — | $ | — | $ | 94 | $ | (9 | ) | $ | 9 | $ | — | ||||||||||||||
Cost of goods sold | 16,084 | — | — | — | 930 | 1,151 | 25 | (51 | ) | ||||||||||||||||||||||
Gross profit (loss) | 1,407 | — | — | — | (836 | ) | (1,160 | ) | (16 | ) | 51 | ||||||||||||||||||||
Selling, general and administrative expenses | 361 | — | 23 | 17 | 314 | 310 | 298 | 218 | |||||||||||||||||||||||
Long-lived asset impairment | 144,236 | — | — | — | 118,512 | 121,576 | 131,781 | — | |||||||||||||||||||||||
Operating income (loss) | (143,190 | ) | — | (23 | ) | (17 | ) | (119,662 | ) | (123,045 | ) | (132,095 | ) | (167 | ) | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||
Interest expense | — | — | — | (468 | ) | (1,182 | ) | (1,193 | ) | (1,198 | ) | (67 | ) | ||||||||||||||||||
Interest income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Other income (expense) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Reorganization items, net | (152 | ) | — | (17 | ) | (236 | ) | (439 | ) | (439 | ) | (439 | ) | 696 | |||||||||||||||||
(152 | ) | — | (17 | ) | (704 | ) | (1,621 | ) | (1,632 | ) | (1,638 | ) | 630 | ||||||||||||||||||
Income (loss) | (143,342 | ) | — | (40 | ) | (721 | ) | (121,283 | ) | (124,678 | ) | (133,733 | ) | 463 | |||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | 2,971 | |||||||||||||||||||||||
Net income (loss) | $ | (143,342 | ) | $ | — | $ | (40 | ) | $ | (721 | ) | $ | (121,283 | ) | $ | (124,678 | ) | $ | (133,733 | ) | $ | (2,509 | ) | ||||||||
MOR-2
In re Verasun Energy Corporation et al.
| ||||
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Statement of Operations (Income Statement)
(000’s)
Case Number | Marion 08-12611 | Hankinson 08-12620 | Albert City 08-12613 | Woodbury 08-12629 | Central City 08-12615 | Ord 08-12625 | Dyersville 08-12617 | Janesville 08-12622 | ||||||||||||||||||||||||
Net Revenue | $ | — | $ | 1,867 | $ | — | $ | — | $ | — | $ | — | $ | 24 | $ | — | ||||||||||||||||
Cost of goods sold | 1,592 | 2,146 | 904 | 1,528 | 1,486 | 564 | 582 | 1,108 | ||||||||||||||||||||||||
Gross profit (loss) | (1,592 | ) | (279 | ) | (904 | ) | (1,528 | ) | (1,486 | ) | (564 | ) | (558 | ) | (1,108 | ) | ||||||||||||||||
Selling, general and administrative expenses | 89 | 189 | 168 | 213 | 142 | 71 | 196 | 111 | ||||||||||||||||||||||||
Long-lived asset impairment | 91,710 | 119,932 | 103,349 | 37,857 | 124,865 | 50,310 | 117,855 | 92,843 | ||||||||||||||||||||||||
Operating income (loss) | (93,392 | ) | (120,400 | ) | (104,421 | ) | (39,598 | ) | (126,492 | ) | (50,945 | ) | (118,609 | ) | (94,061 | ) | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest expense | (1,004 | ) | (709 | ) | (686 | ) | (380 | ) | (748 | ) | (329 | ) | (618 | ) | (283 | ) | ||||||||||||||||
Interest income | 6 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other income (expense) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reorganization items, net | (452 | ) | (672 | ) | (651 | ) | (185 | ) | (591 | ) | (292 | ) | (649 | ) | (8 | ) | ||||||||||||||||
(1,451 | ) | (1,381 | ) | (1,337 | ) | (565 | ) | (1,338 | ) | (621 | ) | (1,268 | ) | (291 | ) | |||||||||||||||||
Income (loss) before income taxes | (94,842 | ) | (121,781 | ) | (105,758 | ) | (40,163 | ) | (127,831 | ) | (51,566 | ) | (119,876 | ) | (94,352 | ) | ||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income (loss) | $ | (94,842 | ) | $ | (121,781 | ) | $ | (105,758 | ) | $ | (40,163 | ) | $ | (127,831 | ) | $ | (51,566 | ) | $ | (119,876 | ) | $ | (94,352 | ) | ||||||||
MOR-3
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Balance Sheet
(000’s)
Case Number | VeraSun Energy Corporation 08-12606 | Aurora 08-12614 | Fort Dodge 08-12618 | Charles City 08-12616 | Bio Diesel 08-12605 | Marketing 08-12624 | Litchfield 08-12623 | Welcome 08-12628 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,176 | $ | 7 | $ | 33 | $ | 17 | $ | — | $ | 98,854 | $ | — | $ | 6 | |||||||||||||||
Restricted cash | 5,182 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Receivables | — | — | — | — | — | 23,737 | — | — | |||||||||||||||||||||||
Inventories | — | 7,724 | 7,481 | 7,293 | — | 54,780 | — | 1,192 | |||||||||||||||||||||||
Prepaid expenses and other assets | 2,995 | 1,582 | 1,654 | 2,290 | — | 5,040 | — | 3 | |||||||||||||||||||||||
Assets Held for Sale | 7,556 | 59,333 | 54,397 | 54,456 | 235 | 313 | 2,741 | 54,544 | |||||||||||||||||||||||
Total current assets | 22,909 | 68,645 | 63,565 | 64,056 | 235 | 182,725 | 2,741 | 55,746 | |||||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||||||||
Other Long-Term Assets | 2,630 | 27 | — | 1,513 | — | 2,982 | — | — | |||||||||||||||||||||||
Investment in subsidiaries | 1,450,373 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total other assets | 1,453,003 | 27 | — | 1,513 | — | 2,982 | — | — | |||||||||||||||||||||||
Total Assets | $ | 1,475,911 | $ | 68,672 | $ | 63,565 | $ | 65,569 | $ | 235 | $ | 185,707 | $ | 2,741 | $ | 55,746 | |||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable | $ | 1,107 | $ | 3,909 | $ | 3,703 | $ | 4,124 | $ | — | $ | 8,196 | $ | — | $ | 894 | |||||||||||||||
Accrued expenses and other liabilities | 14,396 | 825 | 411 | 936 | — | 308 | — | 637 | |||||||||||||||||||||||
Debtor in possession financing | 196,540 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Intercompany (receivable)/payable | (64,891 | ) | (6,579 | ) | (6,113 | ) | (3,732 | ) | — | 102,048 | 19 | 1,208 | |||||||||||||||||||
Total current liabilities | 147,152 | (1,846 | ) | (1,999 | ) | 1,327 | — | 110,552 | 19 | 2,739 | |||||||||||||||||||||
Long-Term Liabilities | |||||||||||||||||||||||||||||||
Other long-term liabilities | 744 | — | — | 375 | — | — | — | — | |||||||||||||||||||||||
Total long-term liabilities | 744 | — | — | 375 | — | — | — | — | |||||||||||||||||||||||
Total Liabilities Not Subject to Compromise | 147,896 | (1,846 | ) | (1,999 | ) | 1,702 | — | 110,552 | 19 | 2,739 | |||||||||||||||||||||
Liabilities Subject to Compromise | 631,850 | 10,684 | 4,899 | 9,844 | — | 49,895 | — | 9,494 | |||||||||||||||||||||||
Intercompany (receivable)/payable Subject to Compromise | (781,156 | ) | (31,687 | ) | 29,291 | 148,376 | 1,497 | 10,483 | 12,774 | 220,428 | |||||||||||||||||||||
Total Liabilities Subject to Compromise | (149,306 | ) | (21,003 | ) | 34,191 | 158,220 | 1,497 | 60,378 | 12,774 | 229,922 | |||||||||||||||||||||
Total liabilities | (1,410 | ) | (22,848 | ) | 32,191 | 159,923 | 1,497 | 170,930 | 12,793 | 232,661 | |||||||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||||||||||||||
Common Stock | 1,581 | — | 20,924 | — | — | — | — | — | |||||||||||||||||||||||
Additional paid-in capital | 1,406,878 | 25,263 | — | — | — | — | — | — | |||||||||||||||||||||||
Retained earnings | 68,863 | 66,257 | 10,450 | (94,353 | ) | (1,263 | ) | 14,777 | (10,052 | ) | (176,915 | ) | |||||||||||||||||||
Total Shareholders’ Equity | 1,477,322 | 91,520 | 31,374 | (94,353 | ) | (1,263 | ) | 14,777 | (10,052 | ) | (176,915 | ) | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,475,911 | $ | 68,672 | $ | 63,565 | $ | 65,569 | $ | 235 | $ | 185,707 | $ | 2,741 | $ | 55,746 | |||||||||||||||
MOR-3
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Balance Sheet
(000’s)
Case Number | Hartley 08-12621 | Granite City 08-12619 | Reynolds 08-12626 | Opco 08-12610 | Linden 08-12609 | Albion 08-12607 | Bloomingburg 08-12608 | VSE-USB Corporate 08-12612 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 6 | $ | — | $ | 279 | $ | 882 | $ | — | $ | 1 | $ | 1 | $ | 58 | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Receivables | — | — | — | — | 6,694 | 8,501 | 7,390 | 180 | ||||||||||||||||||||||||
Inventories | 6,245 | — | — | — | 3,737 | 3,486 | 4,166 | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 3,762 | — | 1 | 549 | 1,535 | 2,696 | 686 | 4,658 | ||||||||||||||||||||||||
Assets Held for Sale | 54,527 | 1,760 | 7,746 | — | 54,483 | 54,475 | 54,538 | 3,349 | ||||||||||||||||||||||||
Total current assets | 64,540 | 1,760 | 8,026 | 1,430 | 66,449 | 69,160 | 66,780 | 8,246 | ||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||||||
Other Long-Term Assets | 200 | — | — | — | 1,203 | 571 | 621 | 716 | ||||||||||||||||||||||||
Investment in subsidiaries | — | — | — | 1,837 | — | — | — | 734,371 | ||||||||||||||||||||||||
Total other assets | 200 | — | — | 1,837 | 1,203 | 571 | 621 | 735,087 | ||||||||||||||||||||||||
Total Assets | $ | 64,740 | $ | 1,760 | $ | 8,026 | $ | 3,268 | $ | 67,652 | $ | 69,731 | $ | 67,401 | $ | 743,332 | ||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||||||
Accounts payable | $ | 2,505 | $ | — | $ | 6 | $ | 9 | $ | 265 | $ | 497 | $ | 158 | $ | — | ||||||||||||||||
Accrued expenses and other liabilities | 286 | — | — | 433 | 4,682 | 5,549 | 4,323 | 833 | ||||||||||||||||||||||||
Debtor in possession financing | — | — | — | 15,100 | — | — | — | — | ||||||||||||||||||||||||
Intercompany (receivable)/payable | (3,144 | ) | (19 | ) | 2 | (13,998 | ) | 2,785 | 4,341 | 6,310 | (327 | ) | ||||||||||||||||||||
Total current liabilities | (353 | ) | (19 | ) | 8 | 1,544 | 7,732 | 10,387 | 10,791 | 506 | ||||||||||||||||||||||
Long-Term Liabilities | ||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | — | — | — | — | — | 2,971 | ||||||||||||||||||||||||
Total long-term liabilities | — | — | — | — | — | — | — | 2,971 | ||||||||||||||||||||||||
Total Liabilities Not Subject to Compromise | (353 | ) | (19 | ) | 8 | 1,544 | 7,732 | 10,387 | 10,791 | 3,477 | ||||||||||||||||||||||
Liabilities Subject to Compromise | 10,519 | 0 | 3,762 | 434 | 92,916 | 94,620 | 93,757 | 4,901 | ||||||||||||||||||||||||
Intercompany (receivable)/payable Subject to Compromise | 231,698 | 11,172 | 89,074 | (440,302 | ) | 189,019 | 167,348 | 183,042 | (78,845 | ) | ||||||||||||||||||||||
Total Liabilities Subject to Compromise | 242,217 | 11,172 | 92,837 | (439,868 | ) | 281,935 | 261,968 | 276,799 | (73,944 | ) | ||||||||||||||||||||||
Total liabilities | 241,864 | 11,153 | 92,845 | (438,324 | ) | 289,667 | 272,354 | 287,590 | (70,467 | ) | ||||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||||||||||
Common Stock | — | — | — | — | — | — | — | 648 | ||||||||||||||||||||||||
Additional paid-in capital | — | — | — | 439,626 | — | — | — | 751,266 | ||||||||||||||||||||||||
Retained earnings | (177,124 | ) | (9,393 | ) | (84,818 | ) | 1,966 | (222,015 | ) | (202,624 | ) | (220,189 | ) | 61,886 | ||||||||||||||||||
Total Shareholders’ Equity | (177,124 | ) | (9,393 | ) | (84,818 | ) | 441,592 | (222,015 | ) | (202,624 | ) | (220,189 | ) | 813,799 | ||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 64,740 | $ | 1,760 | $ | 8,026 | $ | 3,268 | $ | 67,652 | $ | 69,731 | $ | 67,401 | $ | 743,332 | ||||||||||||||||
MOR-3
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Balance Sheet
(000’s)
Case Number | Marion 08-12611 | Hankinson 08-12620 | Albert City 08-12613 | Woodbury 08-12629 | Central City 08-12615 | Ord 08-12625 | Dyersville 08-12617 | Janesville 08-12622 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,531 | $ | 2,067 | $ | 797 | $ | 1,467 | $ | 3,565 | $ | 794 | $ | 1,511 | $ | 183 | ||||||||||||||||
Restricted cash | 3,950 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Receivables | 133 | 299 | — | 9 | 57 | 13 | 21 | — | ||||||||||||||||||||||||
Inventories | 4,032 | 3,570 | 2,884 | 1,190 | 2,002 | 1,317 | 2,204 | 394 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 591 | 1,115 | 3,418 | 171 | 683 | 673 | 352 | 3,363 | ||||||||||||||||||||||||
Assets Held for Sale | 54,527 | 54,533 | 54,584 | 24,810 | 49,625 | 24,818 | 54,535 | 54,528 | ||||||||||||||||||||||||
Total current assets | 66,765 | 61,585 | 61,684 | 27,647 | 55,931 | 27,615 | 58,624 | 58,468 | ||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||||||
Other Long-Term Assets | 6 | 58 | 370 | 87 | — | — | 1,977 | — | ||||||||||||||||||||||||
Investment in subsidiaries | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total other assets | 6 | 58 | 370 | 87 | — | — | 1,977 | — | ||||||||||||||||||||||||
Total Assets | $ | 66,770 | $ | 61,643 | $ | 62,054 | $ | 27,734 | $ | 55,931 | $ | 27,615 | $ | 60,600 | $ | 58,468 | ||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,195 | $ | 384 | $ | 208 | $ | 495 | $ | 427 | $ | 94 | $ | 370 | $ | 106 | ||||||||||||||||
Accrued expenses and other liabilities | 1,514 | 957 | 950 | 413 | 1,843 | 1,847 | 758 | 1,623 | ||||||||||||||||||||||||
Debtor in possession financing | — | 19,515 | 17,793 | 12,495 | 11,368 | 7,235 | 12,940 | 2,344 | ||||||||||||||||||||||||
Intercompany (receivable)/payable | (521 | ) | (4,852 | ) | (5,494 | ) | (3,697 | ) | (2,253 | ) | 473 | (1,706 | ) | 139 | ||||||||||||||||||
Total current liabilities | 2,188 | 16,004 | 13,456 | 9,707 | 11,384 | 9,649 | 12,362 | 4,212 | ||||||||||||||||||||||||
Long-Term Liabilities | ||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total long-term liabilities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total Liabilities Not Subject to Compromise | 2,188 | 16,004 | 13,456 | 9,707 | 11,384 | 9,649 | 12,362 | 4,212 | ||||||||||||||||||||||||
Liabilities Subject to Compromise | 101,842 | 87,593 | 67,988 | 35,686 | 81,617 | 39,282 | 92,769 | 93,796 | ||||||||||||||||||||||||
Intercompany (receivable)/payable Subject to Compromise | 9,257 | 8,527 | 8 | 820 | 11,543 | (1,786 | ) | 8,057 | 1,363 | |||||||||||||||||||||||
Total Liabilities Subject to Compromise | 111,099 | 96,120 | 67,995 | 36,506 | 93,159 | 37,495 | 100,826 | 95,159 | ||||||||||||||||||||||||
Total liabilities | 113,287 | 112,124 | 81,451 | 46,213 | 104,544 | 47,144 | 113,188 | 99,371 | ||||||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||||||||||
Common Stock | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Additional paid-in capital | 120,899 | 110,308 | 110,272 | 48,119 | 104,363 | 57,911 | 98,480 | 83,542 | ||||||||||||||||||||||||
Retained earnings | (167,416 | ) | (160,789 | ) | (129,669 | ) | (66,598 | ) | (152,976 | ) | (77,440 | ) | (151,068 | ) | (124,446 | ) | ||||||||||||||||
Total Shareholders’ Equity | (46,517 | ) | (50,481 | ) | (19,397 | ) | (18,479 | ) | (48,613 | ) | (19,529 | ) | (52,588 | ) | (40,904 | ) | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 66,770 | $ | 61,643 | $ | 62,054 | $ | 27,734 | $ | 55,931 | $ | 27,615 | $ | 60,600 | $ | 58,468 | ||||||||||||||||
MOR-4
In re Verasun Energy Corporation et al.
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Status of Post-petition Taxes
(000’s)
Verasun Energy Corporation et al. | Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Ending Tax Liability | |||||||||||
Payroll taxes | $ | — | $ | (1,013 | ) | $ | 1,013 | $ | — | ||||||
Real Estate and Personal Property | (7,999 | ) | (1,127 | ) | — | (9,126 | ) | ||||||||
Sales and Use | (619 | ) | (312 | ) | 126 | (805 | ) | ||||||||
Other | (655 | ) | (181 | ) | 185 | (651 | ) | ||||||||
Total Taxes | $ | (9,273 | ) | $ | (2,633 | ) | $ | 1,324 | $ | (10,582 | ) |
MOR-5
In re Verasun Energy Corporation et al.
Case No. | 08-12606 | |||
Reporting Period: | February 28, 2009 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
(000’s)
Accounts Receivable Aging | 0-30 Days | 31-60 Days | 61-90 Days | 91+ Days | Total | ||||||||||
0 - 30 days old | $ | 16,274 | $ | 16,274 | |||||||||||
31 - 60 days old | $ | 13,411 | $ | 13,411 | |||||||||||
61 - 90 days old(a) | $ | 10,671 | $ | 10,671 | |||||||||||
91+ days old(b) | $ | 9,019 | $ | 9,019 | |||||||||||
Total Accounts Receivable | $ | 16,274 | $ | 13,411 | $ | 10,671 | $ | 9,019 | $ | 49,375 |
(a) | “61-90 days” category includes approximately $9.3 million being disputed by customer of VEC’s plant facilities at ASA Albion, LLC, ASA Bloomingburg, LLC, and ASA Linden, LLC. |
(b) | “91 and over” category includes approximately $8.0 million of VeraSun Marketing, LLC receivable of which approximately $6.0 million is being disputed by two of its customers. In addition, US BioEnergy Corporation has approximately $1 million of railcar sublease receivable that is being disputed by sublessee. |
MOR-6
In re Verasun Energy Corporation et al. | ||||
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Payments to Insiders and Professional
(000’s)
Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1b) list the amount paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid (e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.
Insiders
Name | Amount Paid During Month | Total Paid to Date | ||||
Barry Schaps, Senior Vice President, Sales and Logistics | $ | — | $ | 39 | ||
Bryan D. Meier, Vice President, Finance and Chief Accounting Officer | 25 | 87 | ||||
Chad D. Hatch, Vice President of Corporate Development(b) | 25 | 25 | ||||
Danny Herron, President and Chief Financial Officer | — | 107 | ||||
Donald L. Endres, Chief Executive Officer and Director | 38 | 154 | ||||
Duane Gilliam, Board Director | — | 17 | ||||
Jack Huggins, Board Director | — | 18 | ||||
James Dauwalter, Board Director | — | 15 | ||||
Joel West, Vice President, Commodity Management | 14 | 56 | ||||
Mark D. Dickey, Senior Vice President, General Counsel, and Corporate Secretary | 24 | 88 | ||||
Paul J. Caudill, Senior Vice President, Operations | — | 112 | ||||
Paul Schock, Board Director | — | 15 | ||||
Robert L. Antoine, Jr., Senior Vice President, Human Resources | 20 | 79 | ||||
Steven Kirby, Board Director | — | 17 | ||||
Virg Garbers, Vice President and Corporate Controller | 12 | 48 | ||||
William L. Honnef, Senior Vice President, Sales and Marketing and Strategic Initiatives | 29 | 118 | ||||
CHS, Inc., Shareholder(a) | 111 | 178 | ||||
Total Payments to Insiders | $ | 298 | $ | 1,173 | ||
(a) | Paid approximately $66,000 of pre-petition corn for VeraSun Charles City, LLC and VeraSun Ord, LLC. Paid approximately $111,000 for November and December rent in conjunction with office lease rejection . |
(b) | Paid Hatch Financial for due diligence and consulting on USBio facilities. |
Professionals
Name | Amount Paid During Month | Total Paid to Date | ||||
Akin Gump Strauss Hauer & Feld, LLP | $ | 628 | $ | 628 | ||
AP Services, LLP | 1,577 | 4,690 | ||||
Deloitte Tax LLP | 149 | 149 | ||||
Houlihan, Lokey, Howard and Zukin Capital, Inc. | 294 | 294 | ||||
McGladrey & Pullen, LLP | 333 | 333 | ||||
Skadden, Arps, Slate, Meagher, & Flom, LLP | 2,501 | 2,501 | ||||
Total Payments to Professionals | $ | 5,482 | $ | 8,595 | ||
Post Petition Secured Notes Adequate Protection Payments
Name of Creditor | Amount Paid During Month | Total Paid to Date | ||||
AgStar Financial Services - Albert City | $ | 281 | $ | 1,439 | ||
AgStar Financial Services - Central City | 283 | 1,412 | ||||
AgStar Financial Services - Dyersville | 377 | 1,847 | ||||
AgStar Financial Services - Ord | 140 | 717 | ||||
AgStar Financial Services - Woodbury | 127 | 691 | ||||
AgStar Financial Services - Hankinson | 322 | 1,354 | ||||
AgStar Financial Services - Janesville | — | 1 | ||||
9 7/8% senior secured notes due 2012 | — | 10,327 | ||||
UBS | — | 1,337 | ||||
Dougherty Funding | — | 1,769 | ||||
First Bank and Trust - Marion | 32 | 175 | ||||
Total Payments | $ | 1,562 | $ | 21,069 | ||
MOR-7
In re Verasun Energy Corporation et al. | ||||
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
Debtor Questionnaire
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional | Yes | No | ||||
1 | Have any assets been sold or transferred outside the normal course of business this reporting period? | X | ||||
2 | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? | X | ||||
3 | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | X | ||||
4 | Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the Debtor received notice of expiration or cancellation of such policies? | X | ||||
5 | Is the Debtor delinquent in paying any insurance premium payment? | X | ||||
6 | Have any payments been made on pre-petition liabilities this reporting period? | X* | ||||
7 | Are any post petition receivables (accounts, notes or loans) due from related parties? | X | ||||
8 | Are any post petition payroll taxes past due? | X | ||||
9 | Are any post petition State or Federal income taxes past due? | X | ||||
10 | Are any post petition real estate taxes past due? | X | ||||
11 | Are any other post petition taxes past due? | X | ||||
12 | Have any pre-petition taxes been paid during this reporting period? | X | ||||
13 | Are any amounts owed to post petition creditors delinquent? | X | ||||
14 | Are any wage payments past due? | X | ||||
15 | Have any post petition loans been received by the Debtor from any party? | X | ||||
16 | Is the Debtor delinquent in paying any U.S. Trustee fees? | X | ||||
17 | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | X | ||||
18 | Have the owners or shareholders received any compensation outside of the normal course of business? | X |
* | The Debtors have made certain payments on account of prepetition liabilities in accordance with orders of the Bankruptcy Court specifically authorizing payment of certain prepetition liabilities. |
In re Verasun Energy Corporation et al. | ||||
Case No. (Jointly Administered) | 08-12606 | |||
Reporting Period: | February 28, 2009 | |||
Federal Tax I.D. # | 20-3430241 |
If additional information is required for the current or any future Monthly Operating Reports, please send the request to: | ||||||
Verasun Energy Corporation | ||||||
110 N. Minnesota Ave. | ||||||
Suite 300 | ||||||
Sioux Falls, SD 57104 | ||||||
Attn: Jim Bonsall |