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: 5/1/15 - 5/31/15 | ||||
MONTHLY OPERATING REPORT | ||||
Document | Explanation | Affidavit/Supplement | ||
REQUIRED DOCUMENTS | Form No. | Attached | 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 | 6/30/2015 | ||||
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: 5/1/15 - 5/31/15 | |
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: 5/1/15 - 5/31/15 | ||||||||||
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 | $ 4,713,725 | $ - | $ - | $ - | $ 4,713,725 | $ - | $ 167,935 | $ - | |||
RECEIPTS | |||||||||||
CASH SALES | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | |||
ACCOUNTS RECEIVABLE | - | - | - | - | - | - | 2,140,942 | - | |||
DIP BORROWINGS | - | - | - | - | - | - | 114,500,000 | - | |||
SALE OF ASSETS | - | - | - | - | - | - | - | - | |||
OTHER | 43,442 | - | - | - | 43,442 | - | 162,619 | - | |||
TRANSFERS FROM DEBTORS | 6,565,704 | - | - | - | 6,565,704 | - | 24,467,793 | - | |||
TRANSFERS FROM NON DEBTORS | - | - | - | - | - | - | - | - | |||
TOTAL RECEIPTS | $ 6,609,146 | $ - | $ - | $ - | $ 6,609,146 | $ - | $ 141,271,354 | $ - | |||
DISBURSEMENTS | |||||||||||
DIP REPAYMENTS | $ - | $ - | $ - | $ - | $ - | $ - | $ 1,500,000 | $ - | |||
PREPETITION 1ST LIEN FACILITY REPAYMENT | - | - | - | - | - | - | 99,800,000 | - | |||
INSURANCE | 514,411 | - | - | - | 514,411 | - | 1,039,721 | - | (1) | ||
EMPLOYEE AND BENEFITS | 188,743 | - | - | - | 188,743 | - | 524,715 | - | |||
CLOSING FEES | - | - | - | - | - | - | 3,895,553 | - | (2) | ||
OTHER | 5,328 | - | - | - | 5,328 | - | 16,342 | - | (3) | ||
TRANSFERS TO DEBTORS | 7,209,698 | - | - | - | 7,209,698 | - | 31,258,267 | - | |||
TRANSFERS TO NON DEBTORS | - | - | - | - | - | - | - | - | |||
PROFESSIONAL FEES | - | - | - | - | - | - | - | - | |||
U.S. TRUSTEE QUARTERLY FEES | - | - | - | - | - | - | - | - | |||
COURT COSTS | - | - | - | - | - | - | - | - | |||
TOTAL DISBURSEMENTS | $ 7,918,180 | $ - | $ - | $ - | $ 7,918,180 | $ - | $ 138,034,598 | $ - | |||
NET CASH FLOW | $ (1,309,034) | $ - | $ - | $ - | $ (1,309,034) | $ - | $ 3,236,756 | $ - | |||
(RECEIPTS LESS DISBURSEMENTS) | |||||||||||
CASH - END OF MONTH | $ 3,404,691 | $ - | $ - | $ - | $ 3,404,691 | $ - | $ 3,404,691 | $ - | |||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | |||||||||||
TOTAL DISBURSEMENTS | $ 7,918,180 | ||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | 7,209,698 | ||||||||||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | - | ||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ 708,482 |
Notes: | |||||||||||
(1) Monthly installment relating to the company's general insurance policy. | |||||||||||
(2) Fees associated with the closing of the DIP Credit Agreement and interest accrued on the prepetition first lien facility. | |||||||||||
(3) Commercial Banking Fees. |
3
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||||||||||
Debtor | Reporting Period: 5/1/15 - 5/31/15 | ||||||||||
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 | $ (785,977) | $ (54,184) | $ - | $ - | $ (840,161) | $ - | $ (28,153) | $ - | |||
RECEIPTS | |||||||||||
CASH SALES | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | |||
ACCOUNTS RECEIVABLE | 1,291,117 | - | - | - | 1,291,117 | - | 2,233,856 | - | |||
NOTE RECEIVABLE | 679,985 | - | - | - | 679,985 | - | 679,985 | - | |||
SALE OF ASSETS | - | - | - | - | - | - | 108,750 | - | (1) | ||
OTHER | 264,481 | - | - | - | 264,481 | - | 648,837 | - | |||
TRANSFERS FROM DEBTORS | 5,109,694 | 2,100,004 | - | - | 7,209,698 | - | 31,258,267 | - | |||
TRANSFERS FROM NON DEBTORS | 7,818,593 | - | - | - | 7,818,593 | - | 26,842,758 | - | |||
TOTAL RECEIPTS | $ 15,163,870 | $ �� 2,100,004 | $ - | $ - | $ 17,263,874 | $ - | $ 61,772,453 | $ - | |||
DISBURSEMENTS | |||||||||||
NET PAYROLL | $ - | $ 1,519,731 | $ - | $ - | $ 1,519,731 | $ - | $ 4,944,785 | $ - | |||
PAYROLL TAXES | - | 546,936 | - | - | 546,936 | - | 2,485,140 | - | |||
SALES, USE, & OTHER TAXES | 72,000 | - | - | - | 72,000 | - | 72,000 | - | |||
INVENTORY PURCHASES | - | - | - | - | - | - | - | - | |||
SECURED/ RENTAL/ LEASES | 205,786 | - | - | - | 205,786 | - | 533,214 | - | |||
INSURANCE | 118,613 | - | - | - | 118,613 | - | 589,400 | - | |||
EMPLOYEE and BENEFITS | 315,662 | - | - | - | 315,662 | - | 1,307,520 | - | |||
SELLING | - | - | - | - | - | - | - | ||||
OTHER | 2,926,761 | - | - | - | 2,926,761 | - | 12,264,787 | - | |||
TRANSFERS TO DEBTORS | 6,565,704 | - | - | - | 6,565,704 | - | 24,467,793 | - | |||
TRANSFERS TO NON DEBTORS | 3,419,714 | - | - | - | 3,419,714 | - | 14,045,675 | - | |||
PROFESSIONAL FEES | 968,062 | - | - | - | 968,062 | - | 1,224,943 | - | (2) | ||
U.S. TRUSTEE QUARTERLY FEES | - | - | - | - | - | - | 44,300 | - | |||
COURT COSTS | - | - | - | - | - | - | - | - | |||
TOTAL DISBURSEMENTS | $ 14,592,302 | $ 2,066,667 | $ - | $ - | $ 16,658,969 | $ - | $ 61,979,557 | $ - | |||
NET CASH FLOW | $ 571,568 | $ 33,337 | $ - | $ - | $ 604,905 | $ - | $ (207,104) | $ - | |||
(RECEIPTS LESS DISBURSEMENTS) | |||||||||||
CASH - END OF MONTH | $ (214,409) | $ (20,847) | $ - | $ - | $ (235,256) | $ - | $ (235,257) | $ - | (3) | ||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | |||||||||||
TOTAL DISBURSEMENTS | $ 16,658,969 | ||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | 6,565,704 | ||||||||||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | - | ||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ 10,093,265 |
Notes: | |||||||||||
(1) Miscellaneous asset sales. | |||||||||||
(2) Cumulative payments $1,224,943 includes a $7,476 check issued to Jones Walker in April but voided in June. Refer to Schedule of Professional Fees MOR-1 (b). | |||||||||||
(3) 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: 5/1/15 - 5/31/15 | |||||||||
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: 5/1/15 - 5/31/15 | |||||||||
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 | $ 10 | $ - | $ - | $ - | $ 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 | $ - | $ 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: 5/1/15 - 5/31/15 | |||
BANK ACCOUNT INFORMATION | ||||
Continuation Sheet for MOR-1 | ||||
Legal Entity | Bank | Bank Account | Bank Balance | |
Cal Dive International, Inc. | Amegy | xxxx3955 | $ 3,240,018 | |
Cal Dive International, Inc. | Amegy | xxxx8884 | $ 50,213 | (1) |
Cal Dive International, Inc. | Wells Fargo | xxxx5186 | $ 100,000 | |
Cal Dive International, Inc. | Wells Fargo | xxxx8915 | $ 14,461 | |
$ 3,404,691 | ||||
Cal Dive Offshore Contractors, Inc. | Amegy | xxxx5492 | $ - | |
Cal Dive Offshore Contractors, Inc. | Amegy | xxxx7557 | $ - | |
Cal Dive Offshore Contractors, Inc. | Amegy | xxxx5876 | $ - | |
$ - | (2) | |||
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) Utility deposit account established per Final Order (I) Prohibiting Utilities from Altering, Refusing, or Discontinuing Service; (II) Approving Debtors' Proposed Form of Adequate Assurance of Payment to Utilities; and (III) Establishing Procedures for Resolving Objections to Debtors' Proposed Form of Adequate Assurance (D.I. 161). | ||||
(2) 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: 5/1/15 - 5/31/15 | ||||||||||
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID - CASH BASIS ONLY (1) | |||||||||||
This schedule includes all retained professional payments from case inception to current month. |
Payee | Period Covered | Amount Approved | Payor | Check | Amount Paid | Year-To-Date | ||||||
Number | Date | Fees | Expenses | Fees | Expenses | |||||||
CARL MARKS ADVISORY GROUP LLC | Crisis Managers & C.R.O. | 4/1/15 - 4/30/15 | $ 315,000 | Cal Dive Offshore Contractors, Inc. | 12947 | 5/28/2015 | $ 315,000 | $ - | $ 553,226 | $ - | ||
CARL MARKS ADVISORY GROUP LLC | Crisis Managers & C.R.O. | 3/13/15 - 5/2/15 | $ 63,508 | Cal Dive Offshore Contractors, Inc. | 12947 | 5/28/2015 | $ - | $ 63,508 | $ - | $ 74,687 | ||
JONES,WALKER,WAECHTR, POITEVENT, CARRERE & DENEGRE LLP | Corporate Counsel | $ - | Cal Dive Offshore Contractors, Inc. | $ - | $ - | $ 6,831 | $ 645 | (2) | ||||
KURTZMAN CARSON CONSULTANTS LLC | Claims, noticing, and administrative agent | $ - | $ - | $ - | $ - | |||||||
O'MELVENY & MYERS LLP | Debtors' Co-Counsel | March 2015 | $ 446,386 | Cal Dive Offshore Contractors, Inc. | 12946 | 5/28/2015 | $ 431,698 | $ 14,688 | $ 431,698 | $ 14,688 | ||
RICHARDS, LAYTON & FINGER P A | Debtors' Co-Counsel | March 2015 | $ 143,168 | Cal Dive Offshore Contractors, Inc. | 12945 | 5/28/2015 | $ 119,132 | $ 24,036 | $ 119,132 | $ 24,036 | ||
$ 865,830 | $ 102,232 | $ 1,110,887 | $ 114,056 | |||||||||
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]. | |||||||||||
(2) The check for this payment ($7,476) was voided in June accounting records pending the filing and court approval of Jones Walker's fee application. A credit removing the payment will be reflected in June MORs. |
8
In re: Cal Dive International, Inc. | Case No. 15-10458 | ||
Debtor | Reporting Period: 5/1/15 - 5/31/15 | ||
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 | 5,532 | 35,062 | |
Other items | - | - | |
Provision for doubtful accounts | - | - | |
Asset impairment | - | - | |
(Gain) loss on sale of assets, net | - | - | |
Operating Profit (Loss) | $ (5,532) | $ (35,062) | |
OTHER INCOME AND EXPENSES | |||
Interest expense, net | 3,353,445 | 10,042,794 | |
Loss on early extinguishment of debt | - | 349,747 | |
Other (income) & expense, net | - | - | |
Profit (Loss) before income taxes | $ (3,358,977) | $ (10,427,603) | |
INCOME TAXES | |||
Income tax (benefit) expense | (1,279,700) | (2,458,425) | (1) |
Net Profit (Loss) | $ (2,079,277) | $ (7,969,178) | |
Notes: | |||
(1) Cumulative income tax benefit includes the year-to-date effect of a May 2015 revision to the 2015 estimated United States effective tax rate. $2,576,606 of the tax benefit relates to prepetition losses. |
9
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||
Debtor | Reporting Period: 5/1/15 - 5/31/15 | ||
STATEMENT OF OPERATIONS | |||
(Income Statement) | |||
The Statement of Operations is prepared on an accrual basis. | |||
Cumulative | |||
REVENUES | Month | Filing to Date | |
Gross Revenues | 7,122,295 | 10,839,164 | (1) |
Net Revenue | $ 7,122,295 | $ 10,839,164 | |
COST OF SALES | |||
Direct Costs | 6,415,983 | 14,860,472 | |
Operations Support | 691,554 | 1,607,961 | |
Gross Profit (Loss) | $ 14,759 | $ (5,629,268) | |
OPERATING EXPENSES | |||
General and administrative expenses | 1,826,136 | 5,460,113 | |
Other items | - | - | |
Provision for doubtful accounts | - | - | |
Asset impairment | - | - | |
(Gain) loss on sale of assets, net | 118,953 | 46,203 | |
Operating Profit (Loss) | $ (1,930,330) | $ (11,135,584) | |
OTHER INCOME AND EXPENSES | |||
Interest expense, net | 4,546 | 13,289 | |
Loss on early extinguishment of debt | - | - | |
Other (income) & expense, net | 4,243,296 | 8,302,683 | (2) |
Profit (Loss) before income taxes | $ (6,178,172) | $ (19,451,555) | |
INCOME TAXES | |||
Income tax (benefit) expense | - | (50,000) | |
Net Profit (Loss) | $ (6,178,172) | $ (19,401,555) | |
Notes: | |||
(1) Current month revenue includes vessel charter fees billed to affiliated debtor Affiliated Marine Contractors, Inc. for: (i) February 2015 - $715,679 (ii) March 2015 - ($109,780) (iii) April 2015 - $1,698,411 (iv) May 2015 - $2,026,873 and management fees billed to non-debtor affiliates HOC Offshore S. de R.L. de C.V. and Cal Dive Offshore International, Ltd. for: (i) January 2015 - $328,334 (ii) February 2015 - $328,333 (ii) March 2015 - $328,333 (iv) April 2015 - $328,333 (v) May 2015 - $328,333 | |||
(2) Includes $7.2 million in Cumulative Filing to Date professional fees associated with the bankruptcy. |
10
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | ||
Debtor | Reporting Period: 5/1/15 - 5/31/15 | ||
STATEMENT OF OPERATIONS | |||
(Income Statement) | |||
The Statement of Operations is prepared on an accrual basis. | |||
Cumulative | |||
REVENUES | Month | Filing to Date | |
Gross Revenues | 4,812,425 | 4,812,425 | (1) |
Net Revenue | $ 4,812,425 | $ 4,812,425 | |
COST OF SALES | |||
Direct Costs | 4,331,183 | 4,331,183 | (2) |
Operations Support | - | - | |
Gross Profit (Loss) | $ 481,242 | $ 481,242 | |
OPERATING EXPENSES | |||
General and administrative expenses | - | - | |
Other items | - | - | |
Provision for doubtful accounts | - | - | |
Asset impairment | - | - | |
(Gain) loss on sale of assets, net | - | - | |
Operating Profit (Loss) | $ 481,242 | $ 481,242 | |
OTHER INCOME AND EXPENSES | |||
Interest expense, net | - | - | |
Loss on early extinguishment of debt | - | - | |
Other (income) & expense, net | - | - | |
Profit (Loss) before income taxes | $ 481,242 | $ 481,242 | |
INCOME TAXES | |||
Income tax (benefit) expense | 481,242 | 481,242 | (3) |
Net Profit (Loss) | $ - | $ - | |
Notes: | |||
(1) Current month revenue includes vessel charter fees billed to non-debtor affiliate HOC Offshore S. de R.L. de C.V. for: (i) February 2015 - $795,199 (ii) March 2015 - ($121,978) (iii) April 2015 - $1,887,123 (iv) May 2015 - $2,252,081 | |||
(2) Current month direct costs includes vessel charter fees from affiliated debtor Cal Dive Offshore Contractors, Inc. for: (i) February 2015 - $715,679 (ii) March 2015 - ($109,780) (iii) April 2015 - $1,698,411 (iv) May 2015 - $2,026,873 | |||
(3) Current month taxes represent foreign withholding tax on charter hire and includes February 2015 tax of $79,520, March 2015 tax of ($12,198), April 2015 tax of $188,712 and May 2015 tax of $225,208 related to transactions noted above. Actual payment of the foreign withholding taxes will be paid directly in Mexico by non-debtor affiliate HOC Offshore S. de R.L. de C.V. Therefore the tax liability is not reflected in Affiliated Marine Contractors, Inc. MOR-4. |
11
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | ||
Debtor | Reporting Period: 5/1/15 - 5/31/15 | ||
STATEMENT OF OPERATIONS | |||
(Income Statement) | |||
The Statement of Operations is prepared on an accrual basis. | |||
Cumulative | |||
REVENUES | Month | Filing to Date | |
Gross Revenues | - | 2,351,961 | |
Net Revenue | $ - | $ 2,351,961 | |
COST OF SALES | |||
Direct Costs | - | 2,351,961 | |
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, LLC | Case No. 15-10462 | ||
Debtor | Reporting Period: 5/1/15 - 5/31/15 | ||
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: 5/1/15 - 5/31/15 | ||
STATEMENT OF OPERATIONS | |||
(Income Statement) | |||
The Statement of Operations is prepared on an accrual basis. | |||
Cumulative | |||
REVENUES | Month | Filing to Date | |
Gross Revenues | 98,147 | 722,426 | |
Net Revenue | $ 98,147 | $ 722,426 | |
COST OF SALES | |||
Direct Costs | 351,907 | 639,529 | (1) |
Operations Support | - | - | |
Gross Profit (Loss) | $ (253,760) | $ 82,897 | |
OPERATING EXPENSES | |||
General and administrative expenses | - | - | |
Other items | - | - | |
Provision for doubtful accounts | - | - | |
Asset impairment | - | - | |
(Gain) loss on sale of assets, net | - | - | |
Operating Profit (Loss) | $ (253,760) | $ 82,897 | |
OTHER INCOME AND EXPENSES | |||
Interest expense, net | - | - | |
Loss on early extinguishment of debt | - | - | |
Other (income) & expense, net | - | - | |
Profit (Loss) before income taxes | $ (253,760) | $ 82,897 | |
INCOME TAXES | |||
Income tax (benefit) expense | - | - | |
Net Profit (Loss) | $ (253,760) | $ 82,897 | |
Notes: | |||
(1) May 2015 cost of sales includes prior period postpetition project costs previously recorded on non-debtor affiliate Cal Dive International, PTE, LTD. (i) March 2015 - $61,476.59 (ii) April 2015 - $200,496.70 |
14
In re: Cal Dive International, Inc. | Case No. 15-10458 | |
Debtor | Reporting Period: May 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 | $ 3,404,691 | |
Restricted Cash | 4,465,639 | (1) |
Accounts Receivable Trade | - | |
Contracts in progress | - | |
Intercompany receivable, net | 196,940,998 | (2) |
Income tax receivable | - | |
Deferred income taxes | 596,733 | |
Other current assets | 6,023,089 | (3) |
TOTAL CURRENT ASSETS | 211,431,150 | |
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 | 92,130 | (4) |
TOTAL OTHER ASSETS | 8,126,049 | |
TOTAL ASSETS | $ 219,557,199 | |
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 | 463,395 | (5) |
Current maturities of long-term debt | 113,000,000 | (6) |
Intercompany payable, net | - | |
TOTAL CURRENT LIABILITIES | 113,463,395 | |
OTHER LIABILITIES | ||
Long-term debt | - | |
Deferred income taxes | 668,224 | |
Other long-term liabilities | - | |
LIABILITIES NOT SUBJECT TO COMPROMISE | 114,131,619 | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | ||
Liabilities subject to compromise | 190,342,595 | (7) |
TOTAL LIABILITIES | 304,474,214 | |
OWNER EQUITY | ||
Common stock | 985,775 | |
Additional Paid-In Capital | 445,737,899 | |
Accumulated other comprehensive loss | 11,908 | |
Retained earnings - prepetition | (523,683,419) | |
Retained earnings - postpetition | (7,969,178) | |
NET OWNER EQUITY | (84,917,015) | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ 219,557,199 |
15
Notes: | ||
(1) Represents restricted collateral account held with Bank of America for all proceeds from debtor and non-debtor asset sales. During the month of May 2015 affiliated debtor Cal Dive Offshore Contractors, Inc. entered into a Purchase and Sale Agreement to sell marine vessel The Atlantic on May 1, 2015 and received approval to sell The Atlantic on May 27, 2015 pursuant to the Bankruptcy Court's Order. See MOR-5 footnote (4). | ||
(2) Represents: | ||
Intercompany balance due from (to) debtor affiliate | $ 189,829,310 | |
Intercompany balance due from (to) non-debtor affiliate | 7,111,688 | |
Total | $ 196,940,998 | |
(3) $5.7 million of deferred financing costs associated with indebtedness and carried at cost and amortized to interest expense. $0.3 million of current deposits. | ||
(4) Non current deposits. | ||
(5) Represents expected alternative minimum tax payable for fiscal year 2015. | ||
(6) 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. | ||
(7) Comprised of: | ||
Second lien debt, including accrued interest | $ 112,444,429 | |
Convertible notes, net of debt discount, including accrued interest | 77,898,166 | |
Total | $ 190,342,595 |
16
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | |
Debtor | Reporting Period: May 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 | $ (233,565) | (1) |
Accounts Receivable Trade | 6,578,008 | |
Contracts in progress | 228,569 | |
Intercompany receivable, net | - | |
Income tax receivable | 288,497 | |
Deferred income taxes | - | |
Other current assets | 14,876,862 | (2) |
TOTAL CURRENT ASSETS | 21,738,371 | |
PROPERTY AND EQUIPMENT | ||
Property and equipment | 238,430,868 | |
Less - Accumulated depreciation | (109,867,300) | |
TOTAL PROPERTY & EQUIPMENT | 128,563,568 | (3) |
OTHER ASSETS | ||
Deferred drydock costs, net | 5,729,103 | |
Investments in subsidiaries | 64,330,823 | |
Other assets, net | 6,530,908 | (4) |
TOTAL OTHER ASSETS | 76,590,834 | |
TOTAL ASSETS | $ 226,892,773 | |
BOOK VALUE AT END OF | ||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | |
LIABILITIES AND OWNER EQUITY | ||
Accounts Payable | $ 2,708,769 | |
Advanced billings on contracts | 54,860 | |
Accrued liabilities | 11,317,551 | (5) |
Income tax payable | - | |
Current maturities of long-term debt | - | |
Intercompany payable, net | 181,920,148 | (6) |
TOTAL CURRENT LIABILITIES | 196,001,328 | |
OTHER LIABILITIES | ||
Long-term debt | - | |
Deferred income taxes | - | |
Other long-term liabilities | 917,597 | |
LIABILITIES NOT SUBJECT TO COMPROMISE | 196,918,925 | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | ||
Liabilities subject to compromise | 27,448,526 | (7) |
TOTAL LIABILITIES | 224,367,451 | |
OWNER EQUITY | ||
Common stock | - | |
Additional Paid-In Capital | 643,543,463 | |
Accumulated other comprehensive loss | - | |
Retained earnings - prepetition | (621,616,586) | |
Retained earnings - postpetition | (19,401,555) | |
NET OWNER EQUITY | 2,525,322 | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ 226,892,773 |
17
(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 | $ 6,694,096 | |
Current note receivable | 1,971,131 | |
Prepaids | 2,745,388 | |
Insurance receivable | 2,640,341 | |
Prepaid insurance | 511,825 | |
Other | 314,081 | |
Total | $ 14,876,862 | |
(3) Cal Dive Offshore Contractors, Inc. entered into a Purchase and Sale Agreement to sell marine vessel The Atlantic on May 1, 2015 and received approval to sell The Atlantic on May 27, 2015 pursuant to the Bankruptcy Court's Order. The decrease from prior month reflects the sale and disposal of The Atlantic. | ||
(4) Comprised of: | ||
Long term notes receivable | $ 4,167,908 | |
Equity investment | 2,363,000 | |
Total | $ 6,530,908 | |
(5) Comprised of: | ||
Accrued payroll and benefits | $ 1,455,332 | |
Accrued job costs | 2,837,288 | |
Accrued professional fees | 5,362,428 | |
Accrued taxes other than income taxes | 918,213 | |
Other | 744,290 | |
Total | $ 11,317,551 | |
(6) Represents: | ||
Intercompany balance due from (to) debtor affiliate | $ (158,581,278) | |
Intercompany balance due from (to) non-debtor affiliate | (23,338,870) | |
Total | $ (181,920,148) | |
(7) Comprised of: | ||
Accounts payable | $ 19,901,113 | |
Accrued liabilities | 7,547,413 | |
Total | $ 27,448,526 |
18
In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | |
Debtor | Reporting Period: May 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 | $ - |
19
Notes: | ||
(1) Represents: | ||
Intercompany balance due from (to) debtor affiliate | $ (33,379,517) | |
Intercompany balance due from (to) non-debtor affiliate | 33,156,311 | |
Total | $ (223,206) |
20
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | |
Debtor | Reporting Period: May 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 |
21
Notes: | ||
(1) Represents: | ||
Intercompany balance due from (to) debtor affiliate | $ (1,114,308) | |
Intercompany balance due from (to) non-debtor affiliate | 1,690,854 | |
Total | $ 576,546 |
22
In re: CDI Renewables, LLC | Case No. 15-10462 | |
Debtor | Reporting Period: May 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 | $ - |
23
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | |
Debtor | Reporting Period: May 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 | 2,969,455 | (1) |
Income tax receivable | - | |
Deferred income taxes | �� - | |
Other current assets | - | |
TOTAL CURRENT ASSETS | 5,455,472 | |
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 | $ 5,455,472 | |
BOOK VALUE AT END OF | ||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | |
LIABILITIES AND OWNER EQUITY | ||
Accounts Payable | $ - | |
Advanced billings on contracts | 1,158,009 | |
Accrued liabilities | - | |
Income tax payable | - | |
Current maturities of long-term debt | - | |
Intercompany payable, net | - | |
TOTAL CURRENT LIABILITIES | 1,158,009 | |
OTHER LIABILITIES | ||
Long-term debt | - | |
Deferred income taxes | - | |
Other long-term liabilities | - | |
LIABILITIES NOT SUBJECT TO COMPROMISE | 1,158,009 | |
LIABILITIES SUBJECT TO COMPROMISE (Prepetition) | ||
Liabilities subject to compromise | - | |
TOTAL LIABILITIES | 1,158,009 | |
OWNER EQUITY | ||
Common stock | - | |
Additional Paid-In Capital | 10 | |
Accumulated other comprehensive loss | - | |
Retained earnings - prepetition | 4,214,556 | |
Retained earnings - postpetition | 82,897 | |
NET OWNER EQUITY | 4,297,463 | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $ 5,455,472 |
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- | ||
Notes: | ||
(1) Represents: | ||
Intercompany balance due from (to) debtor affiliate | $ 3,245,792 | |
Intercompany balance due from (to) non-debtor affiliate | (276,337) | |
Total | $ 2,969,455 |
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In re: Cal Dive International, Inc. | Case No. 15-10458 | ||||||
Debtor | Reporting Period: May 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 | $ (893,441) | $ - | $ 463,395 | (1) | ||
Other: | |||||||
Total Federal Taxes | $ 1,356,836 | $ (893,441) | $ - | $ 463,395 | |||
State and Local | |||||||
Withholding | |||||||
Sales | |||||||
Excise | |||||||
Unemployment | |||||||
Real Property | |||||||
Personal Property | |||||||
Other: | |||||||
Total State and Local | $ - | $ - | $ - | $ - | |||
Total Taxes | $ 1,356,836 | $ (893,441) | $ - | $ 463,395 | |||
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 current expected alternative minimum tax payable for fiscal year 2015. |
26
In re: Cal Dive Offshore Contractors, Inc. | Case No. 15-10459 | ||||||
Debtor | Reporting Period: May 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 | $ - | $ 372,375 | $ (286,770) | 5/15/15, 5/18/15 and 5/27/15 | EFT | $ 85,605 | |
FICA-Employee | - | 164,470 | (130,001) | 5/15/15, 5/18/15 and 5/27/15 | EFT | 34,469 | |
FICA-Employer | - | 164,032 | (129,784) | 5/15/15, 5/18/15 and 5/27/15 | EFT | 34,249 | |
Unemployment | 137 | 224 | - | 361 | |||
Foreign Based US Employee Tax Equalization | 139,739 | 22,759 | - | 162,498 | |||
Other: | - | - | - | - | |||
Total Federal Taxes | $ 139,876 | $ 723,860 | $ (546,554) | $ 317,182 | |||
State and Local | |||||||
Withholding | $ - | $ 30,367 | $ - | $ 30,367 | |||
Sales | 52,433 | - | - | 52,433 | |||
Excise | - | - | - | - | |||
Unemployment | 5,456 | 5,287 | - | 10,742 | |||
Personal Property | 726,562 | - | - | 726,562 | |||
Franchise | 81,442 | 16,667 | - | 98,109 | |||
Other: | (2,494) | 2,494 | - | - | |||
Total State and Local | 863,398 | 54,815 | - | 918,213 | |||
Total Taxes | $ 1,003,274 | $ 778,675 | $ (546,554) | $ 1,235,395 | (1) | ||
SUMMARY OF UNPAID POSTPETITION DEBTS | |||||||
Number of Days Past Due | |||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | ||
Accounts Payable | $ 1,540,215 | $ 878,822 | $ 273,532 | $ 16,199 | $ - | $ 2,708,769 | |
Wages Payable | 754,120 | - | - | - | - | $ 754,120 | (1) |
Other: Accrued Liabilities | 3,965,609 | - | - | - | - | $ 3,965,609 | (1) |
Other: Professional Fees | 2,182,918 | 2,457,247 | 722,263 | - | - | $ 5,362,428 | (1) |
Total Postpetition Debts | $ 8,442,862 | $ 3,336,069 | $ 995,795 | $ 16,199 | $ - | $ 12,790,926 | |
Notes: | |||||||
(1) Sum of these equal $11,317,552 (Accrued Liabilities) on the balance sheet. |
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In re: Affiliated Marine Contractors, Inc. | Case No. 15-10460 | ||||||
Debtor | Reporting Period: May 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 | $ - | $ - | $ - | $ - | $ - | $ - |
28
In re: Fleet Pipeline Services, Inc. | Case No. 15-10461 | ||||||
Debtor | Reporting Period: May 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 | ��$ - | $ - | $ - | $ - | $ - | $ - |
29
In re: CDI Renewables, LLC | Case No. 15-10462 | ||||||
Debtor | Reporting Period: May 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 | $ - | $ - | $ - | $ - | $ - | $ - |
30
In re: Gulf Offshore Construction, Inc. | Case No. 15-10463 | ||||||
Debtor | Reporting Period: May 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 | $ - | $ - | $ - | $ - | $ - | $ - | |
Other | $ - | ||||||
Total Postpetition Debts | $ - | $ - | $ - | $ - | $ - | $ - |
31
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: May 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 | $ 9,284,160 | ||
+ Amounts billed during the period | - | - | 1,809,012 | ||
- Credit memo issued during the period | - | - | (384,019) | (2) | |
- Amounts collected during the period | - | - | (1,291,117) | ||
Total Accounts Receivable at the end of the reporting period | $ - | $ 15,830,007 | $ 9,418,036 | ||
Accounts Receivable Aging | Amount | Amount | Amount | ||
0 - 30 days old | $ - | $ - | $ 2,017,339 | ||
31 - 60 days old | - | - | 1,521,822 | ||
61 - 90 days old | - | 862,548 | 5,532,616 | ||
91+ days old | - | 14,967,460 | 346,259 | ||
Total Accounts Receivable | - | 15,830,007 | 9,418,036 | ||
Amount considered uncollectible (Bad Debt) | - | 13,344,000 | 2,840,028 | ||
Accounts Receivable (Net) | $ - | $ 2,486,007 | $ 6,578,008 | ||
DEBTOR QUESTIONNAIRE (3) | ||||
Must be completed each month | Yes | No | ||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | (4) | ||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | |||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||
5. Has any bank account been opened during the reporting period? If yes, provide 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. | X | |||
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) Credit memo to reflect client direct payment to accounts payable vendors on client project per right of offset provisions in contract. Offsetting reduction is recorded in prepetition liabilities on balance sheet. | ||||
(3) Answers to Debtor Questionnaire are the same for all six Debtors, other than the response to Question 1, which only applies to Cal Dive Offshore Contractors, Inc. See note 4 below for further detail. | ||||
(4) Cal Dive Offshore Contractors, Inc. entered into a Purchase and Sale Agreement (the "PSA") to sell marine vessel The Atlantic on May 1, 2015 and received approval to enter into the PSA and sell The Atlantic on May 27, 2015 pursuant to the Bankruptcy Court's Order (I) Authorizing Cal Dive Offshore Contractors, Inc. to Sell The Atlantic and Related Assets Free and Clear of All Liens, Claims and Encumbrances and (ii) Granting Related Relief [D.I. 394]. |
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