Exhibit 99.1
UNITED STATES BANKRUPTCY COURT | ||||
DISTRICT OF DELAWARE | ||||
In re: Cal Dive International, Inc. et al (1) | Case No. 15-10458 (CSS) | |||
Reporting Period: 3/4/15 - 3/31/15 | ||||
MONTHLY OPERATING REPORT | ||||
Document | Explanation | Affidavit/Supplement Attached | ||
REQUIRED DOCUMENTS | Form No. | Attached | Attached | |
Schedule of Cash Receipts and Disbursements | MOR-1 | X | ||
Bank Reconciliation (or copies of debtor's bank reconciliations) | MOR-1a | X | ||
Schedule of Professional Fees Paid | MOR-1b | X | ||
Copies of bank statements | X | |||
Cash disbursements journals | X | |||
Statement of Operations | MOR-2 | X | ||
Balance Sheet | MOR-3 | X | ||
Status of Postpetition Taxes | MOR-4 | X | ||
Copies of IRS Form 6123 or payment receipt | X | |||
Copies of tax returns filed during reporting period | X | |||
Summary of Unpaid Postpetition Debts | MOR-4 | X | ||
Listing of aged accounts payable | MOR-4 | X | ||
Accounts Receivable Reconciliation and Aging | MOR-5 | X | ||
Debtor Questionnaire | MOR-5 | 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/ Quinn J. Hébert__ ____________ | 5/5/2015 | |||
Signature of Authorized Individual | Date | |||
Quinn J. Hébert | President, CEO and CFO | |||
Printed Name of Authorized Individual | Title of Authorized Individual | |||
Notes: | ||||
(1) The Debtors are Cal Dive International, Inc. 15-10458, Cal Dive Offshore Contractors, Inc. 15-10459, Affiliated Marine Contractors, Inc. 15-10460, Fleet Pipeline Services, Inc. 15-10461, CDI Renewables, LLC 15-10462 and Gulf Offshore Construction, Inc. 15-10463. | ||||
1
UNITED STATES BANKRUPTCY COURT | |
DISTRICT OF DELAWARE | |
In re: Cal Dive International, Inc. et al (1) | Case No. 15-10458 (CSS) |
Reporting Period: 3/4/15-3/31/15 | |
General Notes | |
Debtor‐in‐Possession Financial Statements – The financial statements and supplemental information contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America ("U.S. GAAP") in all material respects. In addition, the financial statements and supplemental information contained herein represent the financial information for the Debtors only and exclude certain Non‐Debtor subsidiaries(1). | |
American Institute of Certified Public Accountants Statement of Position 90‐7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code" ("SOP 90‐7"), which is applicable to companies in chapter 11, generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. The Debtors' financial statements contained herein have been prepared in accordance with the guidance in SOP 90‐7. The unaudited financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon the application of such procedures, the Debtors believe that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would typically be made in accordance with U.S. GAAP. | |
The results of operations contained 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 results of operations, financial position, and cash flows of the Debtors in the future. | |
Intercompany Transactions – Receivables and payables between the Debtors and Non‐Debtors have not been eliminated in the financial statements contained herein. No conclusion as to the legal obligation related to these intercompany transactions is made by the presentation herein. | |
Liabilities Subject to Compromise – As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under applicable provisions of the Bankruptcy Code. The determination of how liabilities will ultimately be settled and treated cannot be made at this time. Accordingly, the ultimate amount of such liabilities is not determinable at this time. SOP 90‐7 requires prepetition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as Liabilities Subject to Compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation or other events. The existing senior secured, super-priority Debtor-In-Possession obligations have not been classified as Liabilities Subject to Compromise. | |
Bank Account Reconciliations & Cash Disbursement Journals - The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account. | |
Post-Petition Taxes - The Debtors affirm that all necessary federal, state and local tax returns have been filed and all required post petition tax payments in connection therewith have been made on a timely basis. | |
Notes: | |
(1) The Debtors are Cal Dive International, Inc. 15-10458, Cal Dive Offshore Contractors, Inc. 15-10459, Affiliated Marine Contractors, Inc. 15-10460, Fleet Pipeline Services, Inc. 15-10461, CDI Renewables, LLC 15-10462 and Gulf Offshore Construction, Inc. 15-10463. |
2
In re: Cal Dive International, Inc. | Case No. 15-10458 | ||||||||||||||||||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | ||||||||||||||||||
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS | |||||||||||||||||||
BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | |||||||||||||||||
OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | ||||||||||||
CASH BEGINNING OF MONTH | $ | 167,935 | $ | - | $ | - | $ | - | $ | 167,935 | $ | - | $ | - | $ | - | |||
RECEIPTS | |||||||||||||||||||
CASH SALES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
ACCOUNTS RECEIVABLE | $ | 1,981,792 | $ | - | $ | - | $ | - | $ | 1,981,792 | $ | - | $ | - | $ | - | |||
DIP BORROWINGS | $ | 109,000,000 | $ | - | $ | - | $ | - | $ | 109,000,000 | $ | - | $ | - | $ | - | |||
SALE OF ASSETS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
OTHER | $ | 119,177 | $ | - | $ | - | $ | - | $ | 119,177 | $ | - | $ | - | $ | - | |||
TRANSFERS FROM DEBTORS | $ | 8,197,005 | $ | - | $ | - | $ | - | $ | 8,197,005 | $ | - | $ | - | $ | - | |||
TRANSFERS FROM NON DEBTORS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
TOTAL RECEIPTS | $ | 119,297,974 | $ | - | $ | - | $ | - | $ | 119,297,974 | $ | - | $ | - | $ | - | |||
DISBURSEMENTS | |||||||||||||||||||
DIP REPAYMENTS | $ | 1,500,000 | $ | - | $ | - | $ | - | $ | 1,500,000 | $ | - | $ | - | $ | - | |||
PREPETITION 1ST LIEN FACILITY REPAYMENT | $ | 99,800,000 | $ | - | $ | - | $ | - | $ | 99,800,000 | $ | - | $ | - | $ | - | |||
INSURANCE | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
EMPLOYEE AND BENEFITS | $ | 196,122 | $ | - | $ | - | $ | - | $ | 196,122 | $ | - | $ | - | $ | - | |||
CLOSING FEES | $ | 3,895,553 | $ | - | $ | - | $ | - | $ | 3,895,553 | $ | - | $ | - | $ | - | (1) | ||
OTHER | $ | 5,166 | $ | - | $ | - | $ | - | $ | 5,166 | $ | - | $ | - | $ | - | (2) | ||
TRANSFERS TO DEBTORS | $ | 12,064,842 | $ | - | $ | - | $ | - | $ | 12,064,842 | $ | - | $ | - | $ | - | |||
TRANSFERS TO NON DEBTORS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
PROFESSIONAL FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
U.S. TRUSTEE QUARTERLY FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
COURT COSTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
TOTAL DISBURSEMENTS | $ | 117,461,683 | $ | - | $ | - | $ | - | $ | 117,461,683 | $ | - | $ | - | $ | - | |||
NET CASH FLOW | $ | 1,836,291 | $ | - | $ | - | $ | - | $ | 1,836,291 | $ | - | $ | - | $ | - | |||
(RECEIPTS LESS DISBURSEMENTS) | |||||||||||||||||||
CASH - END OF MONTH | $ | 2,004,226 | $ | - | $ | - | $ | - | $ | 2,004,226 | $ | - | $ | - | $ | - | |||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | |||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 117,461,683 | |||||||||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | 12,064,842 | |||||||||||||||||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | - | |||||||||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 105,396,841 | |||||||||||||||||
Notes: | |||||||||||||||||||
(1) Fees associated with the closing of the DIP Credit Agreement and interest accrued on the prepetition first lien facility. | |||||||||||||||||||
(2) Commercial Banking Fees. |
3
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||||||||||||||||||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | ||||||||||||||||||
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS | |||||||||||||||||||
BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | |||||||||||||||||
OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | ||||||||||||
CASH BEGINNING OF MONTH | $ | (5,840) | $ | (22,313) | $ | - | $ | - | $ | (28,153) | $ | - | $ | - | $ | - | |||
RECEIPTS | |||||||||||||||||||
CASH SALES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
ACCOUNTS RECEIVABLE | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
NOTE RECEIVABLE | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
SALE OF ASSETS | $ | 72,750 | $ | - | $ | - | $ | - | $ | 72,750 | $ | - | $ | - | $ | - | (1) | ||
OTHER | $ | 329,687 | $ | - | $ | - | $ | - | $ | 329,687 | $ | - | $ | - | $ | - | |||
TRANSFERS FROM DEBTORS | $ | 9,682,650 | $ | 2,382,192 | $ | - | $ | - | $ | 12,064,842 | $ | - | $ | - | $ | - | |||
TRANSFERS FROM NON DEBTORS | $ | 8,361,529 | $ | - | $ | - | $ | - | $ | 8,361,529 | $ | - | $ | - | $ | - | |||
TOTAL RECEIPTS | $ | 18,446,616 | $ | 2,382,192 | $ | - | $ | - | $ | 20,828,808 | $ | - | $ | - | $ | - | |||
DISBURSEMENTS | |||||||||||||||||||
NET PAYROLL | $ | - | $ | 1,977,089 | $ | - | $ | - | $ | 1,977,089 | $ | - | $ | - | $ | - | |||
PAYROLL TAXES | $ | - | $ | 401,835 | $ | - | $ | - | $ | 401,835 | $ | - | $ | - | $ | - | |||
SALES, USE, & OTHER TAXES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
INVENTORY PURCHASES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
SECURED/ RENTAL/ LEASES | $ | 159,082 | $ | - | $ | - | $ | - | $ | 159,082 | $ | - | $ | - | $ | - | |||
INSURANCE | $ | 193,163 | $ | - | $ | - | $ | - | $ | 193,163 | $ | - | $ | - | $ | - | |||
EMPLOYEE and BENEFITS | $ | 691,596 | $ | - | $ | - | $ | - | $ | 691,596 | $ | - | $ | - | $ | - | |||
SELLING | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
OTHER | $ | 5,084,637 | $ | - | $ | - | $ | - | $ | 5,084,637 | $ | - | $ | - | $ | - | |||
TRANSFERS TO DEBTORS | $ | 8,197,005 | $ | - | $ | - | $ | - | $ | 8,197,005 | $ | - | $ | - | $ | - | |||
TRANSFERS TO NON DEBTORS | $ | 4,527,731 | $ | - | $ | - | $ | - | $ | 4,527,731 | $ | - | $ | - | $ | - | |||
PROFESSIONAL FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
U.S. TRUSTEE QUARTERLY FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
COURT COSTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||
TOTAL DISBURSEMENTS | $ | 18,853,213 | $ | 2,378,924 | $ | - | $ | - | $ | 21,232,137 | $ | - | $ | - | $ | - | |||
NET CASH FLOW | $ | (406,597) | $ | 3,268 | $ | - | $ | - | $ | (403,330) | $ | - | $ | - | $ | - | |||
(RECEIPTS LESS DISBURSEMENTS) | |||||||||||||||||||
CASH - END OF MONTH | $ | (412,437) | $ | (19,045) | $ | - | $ | - | $ | (431,483) | $ | - | $ | - | $ | - | (2) | ||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | |||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 21,232,137 | |||||||||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | 8,197,005 | |||||||||||||||||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | - | |||||||||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 13,035,132 | |||||||||||||||||
Notes: | |||||||||||||||||||
(1) Miscellaneous asset sales. | |||||||||||||||||||
(2) The Operating and Checking and Payroll Accounts of Cal Dive Offshore Contractors, Inc. are zero balance accounts and are funded by the Holding Account of Cal Dive International, Inc. The negative cash balance represents outstanding checks written on the accounts which will be funded by the Holding Account. |
4
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | |||||||||||||||||
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | |||||||||||||||||
In re: CDI Renewables, LLC | Case No. 15-10462 | |||||||||||||||||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||||||||||||||||
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS | ||||||||||||||||||
NO BANK ACCOUNTS OR CASH ACTIVITY FOR THESE DEBTORS | ||||||||||||||||||
BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||
OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||
CASH BEGINNING OF MONTH | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
RECEIPTS | ||||||||||||||||||
CASH SALES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
ACCOUNTS RECEIVABLE | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
LOANS AND ADVANCES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SALE OF ASSETS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
OTHER | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TRANSFERS (FROM DIP ACCTS) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TOTAL RECEIPTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
DISBURSEMENTS | ||||||||||||||||||
NET PAYROLL | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
PAYROLL TAXES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SALES, USE, & OTHER TAXES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
INVENTORY PURCHASES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SECURED/ RENTAL/ LEASES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
INSURANCE | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
EMPLOYEE and BENEFITS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SELLING | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
OTHER | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TRANSFERS (TO DIP ACCTS) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
PROFESSIONAL FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
U.S. TRUSTEE QUARTERLY FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
COURT COSTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TOTAL DISBURSEMENTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
NET CASH FLOW | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
(RECEIPTS LESS DISBURSEMENTS) | ||||||||||||||||||
CASH - END OF MONTH | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||||||||||||||||||
TOTAL DISBURSEMENTS | $ | - | ||||||||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | - | ||||||||||||||||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | - | ||||||||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | - |
5
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | |||||||||||||||||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||||||||||||||||
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS | ||||||||||||||||||
NO ACTIVITY IN MONTH | ||||||||||||||||||
BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||
OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | ROJECTED | |||||||||||
CASH BEGINNING OF MONTH | $ | 10 | $ | - | $ | - | $ | - | $ | 10 | $ | - | $ | - | $ | - | ||
RECEIPTS | ||||||||||||||||||
CASH SALES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
ACCOUNTS RECEIVABLE | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
LOANS AND ADVANCES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SALE OF ASSETS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
OTHER | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TRANSFERS (FROM DIP ACCTS) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TOTAL RECEIPTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
DISBURSEMENTS | ||||||||||||||||||
NET PAYROLL | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
PAYROLL TAXES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SALES, USE, & OTHER TAXES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
INVENTORY PURCHASES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SECURED/ RENTAL/ LEASES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
INSURANCE | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
EMPLOYEE and BENEFITS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
SELLING | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
OTHER | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TRANSFERS (TO DIP ACCTS) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
PROFESSIONAL FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
U.S. TRUSTEE QUARTERLY FEES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
COURT COSTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
TOTAL DISBURSEMENTS | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
NET CASH FLOW | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
(RECEIPTS LESS DISBURSEMENTS) | ||||||||||||||||||
CASH - END OF MONTH | $ | 10 | $ | - | $ | - | $ | - | $ | 10 | $ | - | $ | - | $ | - | ||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||||||||||||||||||
TOTAL DISBURSEMENTS | $ | - | ||||||||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | - | ||||||||||||||||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | - | ||||||||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | - |
6
In re: Cal Dive International, Inc. | Case No. 15-10458 | ||||
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||||
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | ||||
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | ||||
In re: CDI Renewables, LLC | Case No. 15-10462 | ||||
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | ||||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | ||||
BANK ACCOUNT INFORMATION | |||||
Continuation Sheet for MOR-1 | |||||
Legal Entity | Bank | Bank Account | Bank Balance | ||
Cal Dive International, Inc. | Amegy | xxxx3955 | $ | 1,903,672 | |
Cal Dive International, Inc. | Wells Fargo | xxxx5186 | $ | 100,000 | |
Cal Dive International, Inc. | Wells Fargo | xxxx8915 | $ | 553 | |
$ | 2,004,225 | ||||
Cal Dive Offshore Contractors, Inc. | Amegy | xxxx5492 | $ | - | |
Cal Dive Offshore Contractors, Inc. | Amegy | xxxx7557 | $ | - | |
Cal Dive Offshore Contractors, Inc. | Amegy | xxxx5876 | $ | - | |
$ | - | (1) | |||
Affiliated Marine Contractors | N/A | N/A | N/A | ||
Fleet Pipeline Services, Inc. | N/A | N/A | N/A | ||
CDI Renewables, LLC | N/A | N/A | N/A | ||
Gulf Offshore Construction, Inc. | Amegy | xxxx9900 | $ | 10 | |
$ | 10 | ||||
Notes: | |||||
(1) Cal Dive Offshore Contractors, Inc. accounts are zero balance accounts. |
7
In re: Cal Dive International, Inc. | Case No. 15-10458 | |||||||||||||||
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | |||||||||||||||
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | |||||||||||||||
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | |||||||||||||||
In re: CDI Renewables, LLC | Case No. 15-10462 | |||||||||||||||
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | |||||||||||||||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||||||||||||||
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID - CASH BASIS ONLY (1) | ||||||||||||||||
This schedule includes all retained professional payments from case inception to current month. | ||||||||||||||||
Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||
Payee | Service | Covered | Approved | Payor | Number | Date | Fees | Expenses | Fees | Expenses | ||||||
CARL MARKS ADVISORY GROUP LLC | Crisis Managers & C.R.O. | $ | - | $ | - | $ | - | $ | - | |||||||
JONES,WALKER,WAECHTR,POITEVENT, CARRERE & DENEGRE LLP | Corporate Counsel | $ | - | $ | - | $ | - | $ | - | |||||||
KURTZMAN CARSON CONSULTANTS LLC | Claims, noticing, and administrative agent | $ | - | $ | - | $ | - | $ | - | |||||||
O'MELVENY & MYERS LLP | Debtors' Co-Counsel | $ | - | $ | - | $ | - | $ | - | |||||||
RICHARDS, LAYTON & FINGER P A | Debtors' Co-Counsel | $ | - | $ | - | $ | - | $ | - | |||||||
$ | - | $ | - | $ | - | $ | - | |||||||||
Notes: | ||||||||||||||||
(1) This schedule includes only professional firms retained by debtors' estate and schedule is on a cash basis only. | ||||||||||||||||
The Debtors will report compensation paid to ordinary course professionals within 30 days after the conclusion of each fiscal quarter, per the terms of the Court's order authorizing retention of ordinary course professionals [D.I. 197]. |
8
In re: Cal Dive International, Inc. | Case No. 15-10458 | |||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||
STATEMENT OF OPERATIONS | ||||
(Income Statement) | ||||
The Statement of Operations is prepared on an accrual basis. | ||||
Cumulative | ||||
REVENUES | Month | Filing to Date | ||
Gross Revenues | $ | - | $ | - |
Net Revenue | $ | - | $ | - |
COST OF SALES | ||||
Direct Costs | $ | - | $ | - |
Operations Support | $ | - | $ | - |
Gross Profit (Loss) | $ | - | $ | - |
OPERATING EXPENSES | ||||
General and administrative expenses | $ | 23,682 | $ | 23,682 |
Other items | $ | - | $ | - |
Provision for doubtful accounts | $ | - | $ | - |
Asset impairment | $ | - | $ | - |
(Gain) loss on sale of assets, net | $ | - | $ | - |
Operating Profit (Loss) | $ | (23,682) | $ | (23,682) |
OTHER INCOME AND EXPENSES | ||||
Interest expense, net | $ | 3,331,555 | $ | 3,331,555 |
Loss on early extinguishment of debt | $ | 349,747 | $ | 349,747 |
Other (income) & expense, net | $ | - | $ | - |
Profit (Loss) before income taxes | $ | (3,704,984) | $ | (3,704,984) |
INCOME TAXES | ||||
Income tax (benefit) expense | $ | (1,345,482) | $ | (1,345,482) |
Net Profit (Loss) | $ | (2,359,502) | $ | (2,359,502) |
9
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | ||||
STATEMENT OF OPERATIONS | |||||
(Income Statement) | |||||
The Statement of Operations is prepared on an accrual basis. | |||||
Cumulative | |||||
REVENUES | Month | Filing to Date | |||
Gross Revenues | $ | 696,194 | $ | 696,194 | |
Net Revenue | $ | 696,194 | $ | 696,194 | |
COST OF SALES | |||||
Direct Costs | $ | 3,217,844 | $ | 3,217,844 | |
Operations Support | $ | 436,735 | $ | 436,735 | |
Gross Profit (Loss) | $ | (2,958,385) | $ | (2,958,385) | |
OPERATING EXPENSES | |||||
General and administrative expenses | $ | 1,603,341 | $ | 1,603,341 | |
Other items | $ | - | $ | - | |
Provision for doubtful accounts | $ | - | $ | - | |
Asset impairment | $ | - | $ | - | |
(Gain) loss on sale of assets, net | $ | (72,750) | $ | (72,750) | |
Operating Profit (Loss) | $ | (4,488,976) | $ | (4,488,976) | |
OTHER INCOME AND EXPENSES | |||||
Interest expense, net | $ | 4,526 | $ | 4,526 | |
Loss on early extinguishment of debt | $ | - | $ | - | |
Other (income) & expense, net | $ | 1,895,964 | $ | 1,895,964 | (1) |
Profit (Loss) before income taxes | $ | (6,389,466) | $ | (6,389,466) | |
INCOME TAXES | |||||
Income tax (benefit) expense | $ | - | $ | - | |
Net Profit (Loss) | $ | (6,389,466) | $ | (6,389,466) | |
Notes: | |||||
(1) Includes $1.75 million in accrued professional fees associated with the bankruptcy. |
10
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | |||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||
STATEMENT OF OPERATIONS | ||||
(Income Statement) | ||||
The Statement of Operations is prepared on an accrual basis. | ||||
Cumulative | ||||
REVENUES | Month | Filing to Date | ||
Gross Revenues | $ | - | $ | - |
Net Revenue | $ | - | $ | - |
COST OF SALES | ||||
Direct Costs | $ | - | $ | - |
Operations Support | $ | - | $ | - |
Gross Profit (Loss) | $ | - | $ | - |
OPERATING EXPENSES | ||||
General and administrative expenses | $ | - | $ | - |
Other items | $ | - | $ | - |
Provision for doubtful accounts | $ | - | $ | - |
Asset impairment | $ | - | $ | - |
(Gain) loss on sale of assets, net | $ | - | $ | - |
Operating Profit (Loss) | $ | - | $ | - |
OTHER INCOME AND EXPENSES | ||||
Interest expense, net | $ | - | $ | - |
Loss on early extinguishment of debt | $ | - | $ | - |
Other (income) & expense, net | $ | - | $ | - |
Profit (Loss) before income taxes | $ | - | $ | - |
INCOME TAXES | ||||
Income tax (benefit) expense | $ | - | $ | - |
Net Profit (Loss) | $ | - | $ | - |
11
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | |||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||
STATEMENT OF OPERATIONS | ||||
(Income Statement) | ||||
The Statement of Operations is prepared on an accrual basis. | ||||
Cumulative | ||||
REVENUES | Month | Filing to Date | ||
Gross Revenues | $ | - | $ | - |
Net Revenue | $ | - | $ | - |
COST OF SALES | ||||
Direct Costs | $ | - | $ | - |
Operations Support | $ | - | $ | - |
Gross Profit (Loss) | $ | - | $ | - |
OPERATING EXPENSES | ||||
General and administrative expenses | $ | - | $ | - |
Other items | $ | - | $ | - |
Provision for doubtful accounts | $ | - | $ | - |
Asset impairment | $ | - | $ | - |
(Gain) loss on sale of assets, net | $ | - | $ | - |
Operating Profit (Loss) | $ | - | $ | - |
OTHER INCOME AND EXPENSES | ||||
Interest expense, net | $ | - | $ | - |
Loss on early extinguishment of debt | $ | - | $ | - |
Other (income) & expense, net | $ | - | $ | - |
Profit (Loss) before income taxes | $ | - | $ | - |
INCOME TAXES | ||||
Income tax (benefit) expense | $ | - | $ | - |
Net Profit (Loss) | $ | - | $ | - |
12
In re: CDI Renewables, Inc. | Case No. 15-10462 | |||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||
STATEMENT OF OPERATIONS | ||||
(Income Statement) | ||||
The Statement of Operations is prepared on an accrual basis. | ||||
Cumulative | ||||
REVENUES | Month | Filing to Date | ||
Gross Revenues | $ | - | $ | - |
Net Revenue | $ | - | $ | - |
COST OF SALES | ||||
Direct Costs | $ | - | $ | - |
Operations Support | $ | - | $ | - |
Gross Profit (Loss) | $ | - | $ | - |
OPERATING EXPENSES | ||||
General and administrative expenses | $ | - | $ | - |
Other items | $ | - | $ | - |
Provision for doubtful accounts | $ | - | $ | - |
Asset impairment | $ | - | $ | - |
(Gain) loss on sale of assets, net | $ | - | $ | - |
Operating Profit (Loss) | $ | - | $ | - |
OTHER INCOME AND EXPENSES | ||||
Interest expense, net | $ | - | $ | - |
Loss on early extinguishment of debt | $ | - | $ | - |
Other (income) & expense, net | $ | - | $ | - |
Profit (Loss) before income taxes | $ | - | $ | - |
INCOME TAXES | ||||
Income tax (benefit) expense | $ | - | $ | - |
Net Profit (Loss) | $ | - | $ | - |
13
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | |||
Debtor | Reporting Period: 3/4/15 - 3/31/15 | |||
STATEMENT OF OPERATIONS | ||||
(Income Statement) | ||||
The Statement of Operations is prepared on an accrual basis. | ||||
Cumulative | ||||
REVENUES | Month | Filing to Date | ||
Gross Revenues | $ | 567,845 | $ | 567,845 |
Net Revenue | $ | 567,845 | $ | 567,845 |
COST OF SALES | ||||
Direct Costs | $ | 427,963 | $ | 427,963 |
Operations Support | $ | - | $ | - |
Gross Profit (Loss) | $ | 139,882 | $ | 139,882 |
OPERATING EXPENSES | ||||
General and administrative expenses | $ | - | $ | - |
Other items | $ | - | $ | - |
Provision for doubtful accounts | $ | - | $ | - |
Asset impairment | $ | - | $ | - |
(Gain) loss on sale of assets, net | $ | - | $ | - |
Operating Profit (Loss) | $ | 139,882 | $ | 139,882 |
OTHER INCOME AND EXPENSES | ||||
Interest expense, net | $ | - | $ | - |
Loss on early extinguishment of debt | $ | - | $ | - |
Other (income) & expense, net | $ | - | $ | - |
Profit (Loss) before income taxes | $ | 139,882 | $ | 139,882 |
INCOME TAXES | ||||
Income tax (benefit) expense | $ | - | $ | - |
Net Profit (Loss) | $ | 139,882 | $ | 139,882 |
14
In re: Cal Dive International, Inc. | Case No. 15-10458 | ||
Debtor | Reporting Period: March 31, 2015 | ||
BALANCE SHEET | |||
The Balance Sheet is completed on an accrual basis only. Prepetition liabilities are classified separately from postpetition obligations. | |||
BOOK VALUE AT END OF | |||
ASSETS | CURRENT REPORTING MONTH | ||
CURRENT ASSETS | |||
Cash and Equivalents | $ | 2,004,225 | |
Accounts Receivable Trade | $ | - | |
Contracts in progress | $ | - | |
Intercompany receivable, net | $ | 198,604,003 | (1) |
Income tax receivable | $ | - | |
Deferred income taxes | $ | 596,733 | |
Other current assets | $ | 6,741,516 | (2) |
TOTAL CURRENT ASSETS | $ | 207,946,477 | |
PROPERTY AND EQUIPMENT | |||
Property and equipment | $ | - | |
Less - Accumulated depreciation | $ | - | |
TOTAL PROPERTY & EQUIPMENT | $ | - | |
OTHER ASSETS | |||
Deferred drydock costs, net | $ | - | |
Investments in subsidiaries | $ | 8,033,919 | |
Other assets, net | $ | 49,540 | (3) |
TOTAL OTHER ASSETS | $ | 8,083,459 | |
TOTAL ASSETS | $ | 216,029,936 | |
BOOK VALUE AT END OF | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | ||
LIABILITIES AND OWNER EQUITY | |||
Accounts Payable | $ | - | |
Advanced billings on contracts | $ | - | |
Accrued liabilities | $ | - | |
Income tax payable | $ | 1,356,836 | (4) |
Current maturities of long-term debt | $ | 107,500,000 | (5) |
Intercompany payable, net | $ | - | |
TOTAL CURRENT LIABILITIES | $ | 108,856,836 | |
OTHER LIABILITIES | |||
Long-term debt | $ | - | |
Deferred income taxes | $ | 887,726 | |
Other long-term liabilities | $ | 29,832 | (6) |
LIABILITIES NOT SUBJECT TO COMPROMISE | $ | 109,774,394 | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | |||
Liabilities subject to compromise | $ | 185,871,325 | (7) |
TOTAL LIABILITIES | $ | 295,645,719 | |
OWNER EQUITY | |||
Common stock | $ | 985,775 | |
Additional Paid-In Capital | $ | 445,429,455 | |
Accumulated other comprehensive loss | $ | 11,909 | |
Retained earnings - prepetition | $ | (523,683,419) | |
Retained earnings - postpetition | $ | (2,359,503) | |
NET OWNER EQUITY | $ | (79,615,783) | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | 216,029,936 |
15
Notes: | |||
(1) Represents: | |||
Intercompany balance due from (to) debtor affiliate | $ | 191,472,488 | |
Intercompany balance due from (to) non debtor affiliate | $ | 7,131,515 | |
Total | $ | 198,604,003 | |
(2) $6.2 million of deferred financing costs associated with indebtedness and carried at cost and amortized to interest expense. $0.5 million of current deposits. | |||
(3) Non current deposits. | |||
(4) Represents expected alternative minimum tax payable for fiscal year 2015. | |||
�� | |||
(5) Represents the outstanding borrowings of the Debtor pursuant to the Senior Secured, Super-Priority Debtor-in-Possession Credit Agreement dated March 3, 2015, as amended. | |||
(6) Represents the liability for outstanding performance share units. | |||
(7) Comprised of: | |||
Second lien debt, including accrued interest | $ | 109,524,288 | |
Convertible notes, net of debt discount, including accrued interest | $ | 76,347,037 | |
Total | $ | 185,871,325 |
16
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||
Debtor | Reporting Period: March 31, 2015 | ||
BALANCE SHEET | |||
The Balance Sheet is completed on an accrual basis only. Prepetition liabilities are classified separately from postpetition obligations. | |||
BOOK VALUE AT END OF | |||
ASSETS | CURRENT REPORTING MONTH | ||
CURRENT ASSETS | |||
Cash and Equivalents | $ | (429,791) | (1) |
Accounts Receivable Trade | $ | 7,138,189 | |
Contracts in progress | $ | 778,638 | |
Intercompany receivable, net | $ | - | |
Income tax receivable | $ | 288,497 | |
Deferred income taxes | $ | - | |
Other current assets | $ | 16,982,720 | (2) |
TOTAL CURRENT ASSETS | $ | 24,758,253 | |
PROPERTY AND EQUIPMENT | |||
Property and equipment | $ | 255,063,233 | |
Less - Accumulated depreciation | $ | (118,906,205) | |
TOTAL PROPERTY & EQUIPMENT | $ | 136,157,028 | |
OTHER ASSETS | |||
Deferred drydock costs, net | $ | 6,713,220 | |
Investments in subsidiaries | $ | 64,330,823 | |
Other assets, net | $ | 6,530,908 | (3) |
TOTAL OTHER ASSETS | $ | 77,574,951 | |
TOTAL ASSETS | $ | 238,490,232 | |
BOOK VALUE AT END OF | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | ||
LIABILITIES AND OWNER EQUITY | |||
Accounts Payable | $ | 578,835 | |
Advanced billings on contracts | $ | 54,860 | |
Accrued liabilities | $ | 5,759,348 | (4) |
Income tax payable | $ | - | |
Current maturities of long-term debt | $ | - | |
Intercompany payable, net | $ | 182,507,929 | (5) |
TOTAL CURRENT LIABILITIES | $ | 188,900,972 | |
OTHER LIABILITIES | |||
Long-term debt | $ | - | |
Deferred income taxes | $ | 50,000 | |
Other long-term liabilities | $ | - | |
LIABILITIES NOT SUBJECT TO COMPROMISE | $ | 188,950,972 | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | |||
Liabilities subject to compromise | $ | 34,000,971 | (6) |
TOTAL LIABILITIES | $ | 222,951,943 | |
OWNER EQUITY | |||
Common stock | $ | - | |
Additional Paid-In Capital | $ | 643,544,341 | |
Accumulated other comprehensive loss | $ | - | |
Retained earnings - prepetition | $ | (621,616,586) | |
Retained earnings - postpetition | $ | (6,389,466) | |
NET OWNER EQUITY | $ | 15,538,289 | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | 238,490,232 |
17
Notes: | |||
(1) The Operating and Checking and Payroll Accounts of Cal Dive Offshore Contractors, Inc. are zero balance accounts and are funded by the Holding Account of Cal Dive International, Inc. The negative cash balance represents outstanding checks written on the accounts which will be funded by the Holding Account. Balance includes petty cash of $1,692. | |||
(2) Comprised of: | |||
Assets held for sale | $ | 6,774,096 | |
Current note receivable | $ | 2,651,116 | |
Prepaids | $ | 3,285,892 | |
Insurance receivable | $ | 2,356,855 | |
Prepaid insurance | $ | 1,544,074 | |
Other | $ | 370,687 | |
Total | $ | 16,982,720 | |
(3) Comprised of: | |||
Long term notes receivable | $ | 4,167,908 | |
Equity investment | $ | 2,363,000 | |
Total | $ | 6,530,908 | |
(4) Comprised of: | |||
Accrued payroll and benefits | $ | 1,577,150 | |
Accrued job costs | $ | 1,027,752 | |
Accrued professional fees | $ | 1,750,000 | |
Accrued taxes other than income taxes | $ | 1,110,281 | |
Other | $ | 294,165 | |
Total | $ | 5,759,348 | |
(5) Represents: | |||
Intercompany balance due from (to) debtor affiliate | $ | (168,405,325) | |
Intercompany balance due from (to) non debtor affiliate | $ | (14,102,604) | |
Total | $ | (182,507,929) | |
(6) Comprised of: | |||
Accounts payable | $ | 23,980,951 | |
Accrued liabilities | $ | 10,020,019 | |
Total | $ | 34,000,970 |
18
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | ||
Debtor | Reporting Period: March 31, 2015 | ||
BALANCE SHEET | |||
The Balance Sheet is completed on an accrual basis only. Prepetition liabilities are classified separately from postpetition obligations. | |||
BOOK VALUE AT END OF | |||
ASSETS | CURRENT REPORTING MONTH | ||
CURRENT ASSETS | |||
Cash and Equivalents | $ | - | |
Accounts Receivable Trade | $ | - | |
Contracts in progress | $ | - | |
Intercompany receivable, net | $ | - | |
Income tax receivable | $ | - | |
Deferred income taxes | $ | - | |
Other current assets | $ | - | |
TOTAL CURRENT ASSETS | $ | - | |
PROPERTY AND EQUIPMENT | |||
Property and equipment | $ | - | |
Less - Accumulated depreciation | $ | - | |
TOTAL PROPERTY & EQUIPMENT | $ | - | |
OTHER ASSETS | |||
Deferred drydock costs, net | $ | - | |
Investments in subsidiaries | $ | - | |
Other assets, net | $ | - | |
TOTAL OTHER ASSETS | $ | - | |
TOTAL ASSETS | $ | - | |
BOOK VALUE AT END OF | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | ||
LIABILITIES AND OWNER EQUITY | |||
Accounts Payable | $ | - | |
Advanced billings on contracts | $ | - | |
Accrued liabilities | $ | - | |
Income tax payable | $ | 212,627 | |
Current maturities of long-term debt | $ | - | |
Intercompany payable, net | $ | 223,206 | (1) |
TOTAL CURRENT LIABILITIES | $ | 435,833 | |
OTHER LIABILITIES | |||
Long-term debt | $ | - | |
Deferred income taxes | $ | - | |
Other long-term liabilities | $ | - | |
LIABILITIES NOT SUBJECT TO COMPROMISE | $ | 435,833 | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | |||
Liabilities subject to compromise | $ | - | |
TOTAL LIABILITIES | $ | 435,833 | |
OWNER EQUITY | |||
Common stock | $ | - | |
Additional Paid-In Capital | $ | 10 | |
Accumulated other comprehensive loss | $ | - | |
Retained earnings - prepetition | $ | (435,843) | |
Retained earnings - postpetition | $ | - | |
NET OWNER EQUITY | $ | (435,833) | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | - | |
Notes: | |||
(1) Represents: | |||
Intercompany balance due from (to) debtor affiliate | $ | (29,048,334) | |
Intercompany balance due from (to) non debtor affiliate | $ | 28,825,128 | |
Total | $ | (223,206) |
19
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | ||
Debtor | Reporting Period: March 31, 2015 | ||
BALANCE SHEET | |||
The Balance Sheet is completed on an accrual basis only. Prepetition liabilities are classified separately from postpetition obligations. | |||
BOOK VALUE AT END OF | |||
ASSETS | CURRENT REPORTING MONTH | ||
CURRENT ASSETS | |||
Cash and Equivalents | $ | - | |
Accounts Receivable Trade | $ | - | |
Contracts in progress | $ | - | |
Intercompany receivable, net | $ | 576,546 | (1) |
Income tax receivable | $ | - | |
Deferred income taxes | $ | - | |
Other current assets | $ | - | |
TOTAL CURRENT ASSETS | $ | 576,546 | |
PROPERTY AND EQUIPMENT | |||
Property and equipment | $ | - | |
Less - Accumulated depreciation | $ | - | |
TOTAL PROPERTY & EQUIPMENT | $ | - | |
OTHER ASSETS | |||
Deferred drydock costs, net | $ | - | |
Investments in subsidiaries | $ | - | |
Other assets, net | $ | - | |
TOTAL OTHER ASSETS | $ | - | |
TOTAL ASSETS | $ | 576,546 | |
BOOK VALUE AT END OF | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | ||
LIABILITIES AND OWNER EQUITY | |||
Accounts Payable | $ | - | |
Advanced billings on contracts | $ | - | |
Accrued liabilities | $ | - | |
Income tax payable | $ | - | |
Current maturities of long-term debt | $ | - | |
Intercompany payable, net | $ | - | |
TOTAL CURRENT LIABILITIES | $ | - | |
OTHER LIABILITIES | |||
Long-term debt | $ | - | |
Deferred income taxes | $ | - | |
Other long-term liabilities | $ | - | |
LIABILITIES NOT SUBJECT TO COMPROMISE | $ | - | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | |||
Liabilities subject to compromise | $ | - | |
TOTAL LIABILITIES | $ | - | |
OWNER EQUITY | |||
Common stock | $ | - | |
Additional Paid-In Capital | $ | 10 | |
Accumulated other comprehensive loss | $ | - | |
Retained earnings - prepetition | $ | 576,536 | |
Retained earnings - postpetition | $ | - | |
NET OWNER EQUITY | $ | 576,546 | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | 576,546 | |
Notes: | |||
(1) Represents: | |||
Intercompany balance due from (to) debtor affiliate | $ | 1,237,652 | |
Intercompany balance due from (to) non debtor affiliate | $ | (661,106) | |
Total | $ | 576,546 |
20
In re: CDI Renewables, LLC | Case No. 15-10462 | ||
Debtor | Reporting Period: March 31, 2015 | ||
BALANCE SHEET | |||
The Balance Sheet is completed on an accrual basis only. Prepetition liabilities are classified separately from postpetition obligations. | |||
BOOK VALUE AT END OF | |||
ASSETS | CURRENT REPORTING MONTH | ||
CURRENT ASSETS | |||
Cash and Equivalents | $ | - | |
Accounts Receivable Trade | $ | - | |
Contracts in progress | $ | - | |
Intercompany receivable, net | $ | - | |
Income tax receivable | $ | - | |
Deferred income taxes | $ | - | |
Other current assets | $ | - | |
TOTAL CURRENT ASSETS | $ | - | |
PROPERTY AND EQUIPMENT | |||
Property and equipment | $ | - | |
Less - Accumulated depreciation | $ | - | |
TOTAL PROPERTY & EQUIPMENT | $ | - | |
OTHER ASSETS | |||
Deferred drydock costs, net | $ | - | |
Investments in subsidiaries | $ | - | |
Other assets, net | $ | - | |
TOTAL OTHER ASSETS | $ | - | |
TOTAL ASSETS | - | ||
BOOK VALUE AT END OF | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | ||
LIABILITIES AND OWNER EQUITY | |||
Accounts Payable | $ | - | |
Advanced billings on contracts | $ | - | |
Accrued liabilities | $ | - | |
Income tax payable | $ | - | |
Current maturities of long-term debt | $ | - | |
Intercompany payable, net | $ | - | |
TOTAL CURRENT LIABILITIES | $ | - | |
OTHER LIABILITIES | |||
Long-term debt | $ | - | |
Deferred income taxes | $ | - | |
Other long-term liabilities | $ | - | |
LIABILITIES NOT SUBJECT TO COMPROMISE | $ | - | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | |||
Liabilities subject to compromise | $ | - | |
TOTAL LIABILITIES | $ | - | |
OWNER EQUITY | |||
Common stock | $ | - | |
Additional Paid-In Capital | $ | - | |
Accumulated other comprehensive loss | $ | - | |
Retained earnings - prepetition | $ | ||
Retained earnings - postpetition | $ | - | |
NET OWNER EQUITY | $ | - | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | - | |
21
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | ||
Debtor | Reporting Period: March 31, 2015 | ||
BALANCE SHEET | |||
The Balance Sheet is completed on an accrual basis only. Prepetition liabilities are classified separately from postpetition obligations. | |||
BOOK VALUE AT END OF | |||
ASSETS | CURRENT REPORTING MONTH | ||
CURRENT ASSETS | |||
Cash and Equivalents | $ | 10 | |
Accounts Receivable Trade | $ | 2,486,007 | |
Contracts in progress | $ | - | |
Intercompany receivable, net | $ | 3,331,021 | (1) |
Income tax receivable | $ | - | |
Deferred income taxes | $ | - | |
Other current assets | $ | - | |
TOTAL CURRENT ASSETS | $ | 5,817,038 | |
PROPERTY AND EQUIPMENT | |||
Property and equipment | $ | - | |
Less - Accumulated depreciation | $ | - | |
TOTAL PROPERTY & EQUIPMENT | $ | - | |
OTHER ASSETS | |||
Deferred drydock costs, net | $ | - | |
Investments in subsidiaries | $ | - | |
Other assets, net | $ | - | |
TOTAL OTHER ASSETS | $ | - | |
TOTAL ASSETS | $ | 5,817,038 | |
BOOK VALUE AT END OF | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | ||
LIABILITIES AND OWNER EQUITY | |||
Accounts Payable | $ | - | |
Advanced billings on contracts | $ | 1,312,590 | |
Accrued liabilities | $ | 150,000 | |
Income tax payable | $ | - | |
Current maturities of long-term debt | $ | - | |
Intercompany payable, net | $ | - | |
TOTAL CURRENT LIABILITIES | $ | 1,462,590 | |
OTHER LIABILITIES | |||
Long-term debt | $ | - | |
Deferred income taxes | $ | - | |
Other long-term liabilities | $ | - | |
LIABILITIES NOT SUBJECT TO COMPROMISE | $ | 1,462,590 | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | |||
Liabilities subject to compromise | $ | - | |
TOTAL LIABILITIES | $ | 1,462,590 | |
OWNER EQUITY | |||
Common stock | $ | - | |
Additional Paid-In Capital | $ | 10 | |
Accumulated other comprehensive loss | $ | - | |
Retained earnings - prepetition | $ | 4,214,556 | |
Retained earnings - postpetition | $ | 139,882 | |
NET OWNER EQUITY | $ | 4,354,448 | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | 5,817,038 | |
Notes: | |||
(1) Represents: | |||
Intercompany balance due from (to) debtor affiliate | $ | 3,338,001 | |
Intercompany balance due from (to) non debtor affiliate | $ | (6,980) | |
Total | $ | 3,331,021 |
22
In re: Cal Dive International, Inc. | Case No. 15-10458 | ||||||||||||
Debtor | Reporting Period: March 31, 2015 | ||||||||||||
STATUS OF POSTPETITION TAXES | |||||||||||||
Beginning | Amount | Ending | |||||||||||
Tax | Withheld or | Amount | Date | Check No. | Tax | ||||||||
Liability | Accrued | Paid | Paid | or EFT | Liability | ||||||||
Federal | |||||||||||||
Withholding | |||||||||||||
FICA-Employee | |||||||||||||
FICA-Employer | |||||||||||||
Unemployment | |||||||||||||
Income | $ | - | $ | 1,356,836 | $ | - | $ | $ | $ | 1,356,836 | (1) | ||
Other: | |||||||||||||
Total Federal Taxes | $ | - | $ | 1,356,836 | $ | - | $ | $ | $ | 1,356,836 | |||
State and Local | |||||||||||||
Withholding | |||||||||||||
Sales | |||||||||||||
Excise | |||||||||||||
Unemployment | |||||||||||||
Real Property | |||||||||||||
Personal Property | |||||||||||||
Other: | |||||||||||||
Total State and Local | $ | - | $ | - | $ | - | $ | $ | $ | - | |||
Total Taxes | $ | - | $ | 1,356,836 | $ | - | $ | $ | $ | 1,356,836 | |||
SUMMARY OF UNPAID POSTPETITION DEBTS | |||||||||||||
Number of Days Past Due | |||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | ||||||||
Accounts Payable | $ | - | |||||||||||
Wages Payable | $ | - | |||||||||||
Other: | $ | - | |||||||||||
Total Postpetition Debts | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
Notes: | |||||||||||||
(1) Represents expected alternative minimum tax payable for fiscal year 2015. |
23
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||||||||||||
Debtor | Reporting Period: March 31, 2015 | ||||||||||||
STATUS OF POSTPETITION TAXES | |||||||||||||
Beginning | Amount | Ending | |||||||||||
Tax | Withheld or | Amount | Date | Check No. | Tax | ||||||||
Liability | Accrued | Paid | Paid | or EFT | Liability | ||||||||
Federal | |||||||||||||
Withholding | $ | - | $ | 539,856 | $ | (211,790) | 3/16/2015 | EFT | $ | 328,066 | |||
FICA-Employee | $ | - | $ | 226,750 | $ | (95,023) | 3/16/2015 | EFT | $ | 131,728 | |||
FICA-Employer | $ | - | $ | 226,750 | $ | (95,023) | 3/16/2015 | EFT | $ | 131,728 | |||
Unemployment | $ | 16,246 | $ | 839 | $ | - | $ | 17,085 | |||||
Foreign Based US Employee Tax Equalization | $ | 457,319 | $ | 22,759 | $ | - | $ | 480,077 | |||||
Other: | $ | - | |||||||||||
Total Federal Taxes | $ | 473,565 | $ | 1,016,954 | $ | (401,835) | $ | 1,088,684 | |||||
State and Local | |||||||||||||
Withholding | $ | - | $ | 32,239 | $ | 32,239 | |||||||
Sales | $ | 60,766 | $ | (12,500) | $ | 48,266 | |||||||
Excise | $ | - | |||||||||||
Unemployment | $ | 199,705 | $ | 12,257 | $ | 211,963 | |||||||
Personal Property | $ | 639,562 | $ | 34,000 | $ | 673,562 | |||||||
Franchise | $ | 158,199 | $ | (20,583) | $ | 137,616 | |||||||
Other: | $ | - | $ | 6,636 | $ | 6,636 | |||||||
Total State and Local | $ | 1,058,232 | $ | 52,049 | $ | - | $ | 1,110,281 | |||||
Total Taxes | $ | 1,531,797 | $ | 1,069,003 | $ | (401,835) | $ | 2,198,965 | (1) | ||||
SUMMARY OF UNPAID POSTPETITION DEBTS | |||||||||||||
Number of Days Past Due | |||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | ||||||||
Accounts Payable | $ | 384,584 | $ | 194,251 | $ | 578,835 | |||||||
Wages Payable | $ | 488,466 | $ | 488,466 | (1) | ||||||||
Other: Accrued Liabilities | $ | 1,321,917 | $ | 1,321,917 | (1) | ||||||||
Other: Professional Fees | $ | 1,750,000 | $ | 1,750,000 | (1) | ||||||||
Total Postpetition Debts | $ | 3,944,967 | $ | 194,251 | $ | - | $ | - | $ | - | $ | 4,139,218 | |
Notes: | |||||||||||||
(1) Sum of these equal $5,759,348 (Accrued Liabilities) on the balance sheet. |
24
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | |||||||||||
Debtor | Reporting Period: March 31, 2015 | |||||||||||
STATUS OF POSTPETITION TAXES | ||||||||||||
Beginning | Amount | Ending | ||||||||||
Tax | Withheld or | Amount | Date | Check No. | Tax | |||||||
Liability | Accrued | Paid | Paid | or EFT | Liability | |||||||
Federal | ||||||||||||
Withholding | ||||||||||||
FICA-Employee | ||||||||||||
FICA-Employer | ||||||||||||
Unemployment | ||||||||||||
Income | $ | 212,627 | $ | - | $ | - | $ | 212,627 | ||||
Other: | ||||||||||||
Total Federal Taxes | $ | 212,627 | $ | - | $ | - | $ | 212,627 | ||||
State and Local | ||||||||||||
Withholding | ||||||||||||
Sales | ||||||||||||
Excise | ||||||||||||
Unemployment | ||||||||||||
Real Property | ||||||||||||
Personal Property | ||||||||||||
Other: | ||||||||||||
Total State and Local | $ | - | $ | - | $ | - | $ | - | ||||
Total Taxes | $ | 212,627 | $ | - | $ | - | $ | 212,627 | ||||
SUMMARY OF UNPAID POSTPETITION DEBTS | ||||||||||||
Number of Days Past Due | ||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||
Accounts Payable | $ | - | ||||||||||
Wages Payable | $ | - | ||||||||||
Other: | $ | - | ||||||||||
Total Postpetition Debts | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
25
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | |||||||||||
Debtor | Reporting Period: March 31, 2015 | |||||||||||
STATUS OF POSTPETITION TAXES | ||||||||||||
Beginning | Amount | Ending | ||||||||||
Tax | Withheld or | Amount | Date | Check No. | Tax | |||||||
Liability | Accrued | Paid | Paid | or EFT | Liability | |||||||
Federal | ||||||||||||
Withholding | ||||||||||||
FICA-Employee | ||||||||||||
FICA-Employer | ||||||||||||
Unemployment | ||||||||||||
Income | ||||||||||||
Other: | ||||||||||||
Total Federal Taxes | $ | - | $ | - | $ | - | $ | - | ||||
State and Local | ||||||||||||
Withholding | ||||||||||||
Sales | ||||||||||||
Excise | ||||||||||||
Unemployment | ||||||||||||
Real Property | ||||||||||||
Personal Property | ||||||||||||
Other: | ||||||||||||
Total State and Local | $ | - | $ | - | $ | - | $ | - | ||||
Total Taxes | $ | - | $ | - | $ | - | $ | - | ||||
SUMMARY OF UNPAID POSTPETITION DEBTS | ||||||||||||
Number of Days Past Due | ||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||
Accounts Payable | $ | - | ||||||||||
Wages Payable | $ | - | ||||||||||
Other: | $ | - | ||||||||||
Total Postpetition Debts | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
26
In re: CDI Renewables, LLC | Case No. 15-10462 | |||||||||||
Debtor | Reporting Period: March 31, 2015 | |||||||||||
STATUS OF POSTPETITION TAXES | ||||||||||||
Beginning | Amount | Ending | ||||||||||
Tax | Withheld or | Amount | Date | Check No. | Tax | |||||||
Liability | Accrued | Paid | Paid | or EFT | Liability | |||||||
Federal | ||||||||||||
Withholding | ||||||||||||
FICA-Employee | ||||||||||||
FICA-Employer | ||||||||||||
Unemployment | ||||||||||||
Income | ||||||||||||
Other: | ||||||||||||
Total Federal Taxes | $ | - | $ | - | $ | - | $ | - | ||||
State and Local | ||||||||||||
Withholding | ||||||||||||
Sales | ||||||||||||
Excise | ||||||||||||
Unemployment | ||||||||||||
Real Property | ||||||||||||
Personal Property | ||||||||||||
Other: | ||||||||||||
Total State and Local | $ | - | $ | - | $ | - | $ | - | ||||
Total Taxes | $ | - | $ | - | $ | - | $ | - | ||||
SUMMARY OF UNPAID POSTPETITION DEBTS | ||||||||||||
Number of Days Past Due | ||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||
Accounts Payable | $ | - | ||||||||||
Wages Payable | $ | - | ||||||||||
Other: | $ | - | ||||||||||
Total Postpetition Debts | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
27
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | |||||||||||
Debtor | Reporting Period: March 31, 2015 | |||||||||||
STATUS OF POSTPETITION TAXES | ||||||||||||
Beginning | Amount | Ending | ||||||||||
Tax | Withheld or | Amount | Date | Check No. | Tax | |||||||
Liability | Accrued | Paid | Paid | or EFT | Liability | |||||||
Federal | ||||||||||||
Withholding | ||||||||||||
FICA-Employee | ||||||||||||
FICA-Employer | ||||||||||||
Unemployment | ||||||||||||
Income | ||||||||||||
Other: | ||||||||||||
Total Federal Taxes | $ | - | $ | - | $ | - | $ | - | ||||
State and Local | ||||||||||||
Withholding | ||||||||||||
Sales | ||||||||||||
Excise | ||||||||||||
Unemployment | ||||||||||||
Real Property | ||||||||||||
Personal Property | ||||||||||||
Other: | ||||||||||||
Total State and Local | $ | - | $ | - | $ | - | $ | - | ||||
Total Taxes | $ | - | $ | - | $ | - | $ | - | ||||
SUMMARY OF UNPAID POSTPETITION DEBTS | ||||||||||||
Number of Days Past Due | ||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||
Accounts Payable | $ | - | ||||||||||
Wages Payable | $ | - | ||||||||||
Other: Accrued Liabilities | $ | 150,000 | $ | 150,000 | ||||||||
Other: | $ | - | ||||||||||
Total Postpetition Debts | $ | 150,000 | $ | - | $ | - | $ | - | $ | - | $ | 150,000 |
28
In re: Cal Dive International, Inc. | Case No. 15-10458 | ||||||||
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||||||||
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | ||||||||
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | ||||||||
In re: CDI Renewables, LLC | Case No. 15-10462 | ||||||||
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | ||||||||
Debtor | Reporting Period: March 31, 2015 | ||||||||
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING | |||||||||
Other Debtors (1) | GOCI | CDOCI | |||||||
Accounts Receivable Reconciliation | Amount | Amount | Amount | ||||||
Total Accounts Receivable at the beginning of the reporting period | $ | - | $ | 15,830,007 | $ | 9,331,411 | |||
+ Amounts billed during the period | $ | - | $ | - | $ | 2,916,301 | |||
- Amounts collected during the period | $ | - | $ | - | $ | (2,184,272) | (2) | ||
Total Accounts Receivable at the end of the reporting period | $ | - | $ | 15,830,007 | $ | 10,063,440 | |||
Accounts Receivable Aging | Amount | Amount | Amount | ||||||
0 - 30 days old | $ | - | $ | 862,548 | $ | 9,659,787 | |||
31 - 60 days old | $ | - | $ | - | $ | 43,895 | |||
61 - 90 days old | $ | - | $ | - | $ | 98,733 | |||
91+ days old | $ | - | $ | 14,967,460 | $ | 261,024 | |||
Total Accounts Receivable | $ | - | $ | 15,830,007 | $ | 10,063,440 | |||
Amount considered uncollectible (Bad Debt) | $ | - | $ | 13,344,000 | $ | 2,925,252 | |||
Accounts Receivable (Net) | $ | - | $ | 2,486,007 | $ | 7,138,188 | |||
DEBTOR QUESTIONNAIRE (3) | |||||||||
Must be completed each month | Yes | No | |||||||
1. Have any assets been sold or transferred outside the normal course of business | X | ||||||||
this reporting period? If yes, provide an explanation below. | |||||||||
2. Have any funds been disbursed from any account other than a debtor in possession | X | ||||||||
account this reporting period? If yes, provide an explanation below. | |||||||||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation | X | ||||||||
below. | |||||||||
4. Are workers compensation, general liability and other necessary insurance | X | ||||||||
coverages in effect? If no, provide an explanation below. | |||||||||
5. Has any bank account been opened during the reporting period? If yes, provide | X | ||||||||
documentation identifying the opened account(s). If an investment account has been opened | |||||||||
provide the required documentation pursuant to the Delaware Local Rule 4001-3. | |||||||||
Notes: | |||||||||
(1) The Other Debtors are Cal Dive International, Inc. 15-10458, Affiliated Marine Contractors, Inc. 15-10460, Fleet Pipeline Services, Inc. 15-10461, and CDI Renewables, LLC 15-10462. | |||||||||
(2) Cash Collections: | |||||||||
(a) Received in debtor Cal Dive International, Inc. Case 15-10458 | $ | 1,981,792 | |||||||
(b) Received in non debtor affiliate and credited through Intercompany | $ | 129,729 | |||||||
(c) Received in debtor account but described as "Sale of Assets" in MOR-1 | $ | 72,750 | |||||||
$ | 2,184,272 | ||||||||
(3) Answers to Debtor Questionnaire are the same for all 6 debtors. |
29