Exhibit 99.3
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
Allied Nevada Gold Corp.,et al. Debtors | Case No. 15-10503 |
MONTHLY OPERATING REPORT
For the Period July 1, 2015 through July 31, 2015
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Attestation Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | X | ||||||
Bank Account Reconciliations | MOR-1a | X | ||||||
Bank Account Balances | MOR-1a | X | ||||||
Schedule of Professional Fees Paid | MOR-1b | X | ||||||
Statement of Operations | MOR-2 | X | ||||||
Balance Sheet | MOR-3 | X | ||||||
Status of Postpetition Taxes | MOR-4 | X | ||||||
Summary of Unpaid Postpetition Debts | 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/ Stephen M. Jones
| August 26, 2015 | |||||
| Signature of Authorized Individual* | Date | |||||
Stephen M. Jones | Executive VP, CFO, and Secretary | |||||
| Printed Name of Authorized Individual | Title of Authorized Individual | |||||
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
General Notes
| 1. | Introduction |
On March 10, 2015 (the “Commencement Date”), Allied Nevada Gold Corp. (“Allied”) and certain affiliates (collectively with Allied, the “Debtors”), each filed a voluntary petition for relief commencing cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware. The Debtors continue to operate their business and manage their properties as debtors in possession pursuant to Bankruptcy Code sections 1107 and 1108. On March 19, 2015, the United States Trustee for the District of Delaware appointed a statutory committee of creditors pursuant to Bankruptcy Code section 1102(a) and 1102(b). On April 10, 2015, the U.S. Trustee appointed a statutory committee of equity security holders pursuant to Bankruptcy Code section 1102. Information contained herein may differ from that contained in the pleadings filed by the Debtors on the Commencement Date due to more accurate information having become available since the Commencement Date.
| 2. | GAAP |
The financial statements and supplemental information contained herein are preliminary and unaudited, and may not comply with generally accepted accounting principles in the United States of America (“GAAP”) in all material respects. In addition, the financial statements and supplemental information contained herein represent information for the Debtors only and exclude all non-Debtor affiliates.
The unaudited financial statements have been derived from the Debtors’ books and records. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP. Upon application of such procedures, the Debtors believe that the financial information could be subject to change, which could be material. The information furnished in this report includes primarily normal recurring adjustments but does not include all adjustments that would typically be made for financial statements in accordance with GAAP.
| 3. | General Methodology |
The Debtors prepared this Monthly Operating Report (“MOR”) relying primarily upon the information set forth in their books and records. Consequently, certain transactions that are not identified in the normal course of business in the Debtors’ books and records may not be included in this MOR. Nevertheless, in preparing this MOR, the Debtors made reasonable efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been identified therein.
| 4. | Past Performance |
The results of operations contained herein are not necessarily indicative of results that may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.
| 5. | Prepetition vs. Postpetition Liabilities |
The Debtors allocated liabilities between prepetition and postpetition periods based upon the information available at the time of, and research conducted in connection with, the preparation of this MOR. As additional information becomes available and further research is conducted, the Debtors’ allocation of liabilities between prepetition and postpetition periods may change. The liability information, except as otherwise noted, is listed as of the close of business as of the end of July 2015. Accordingly, the Debtors reserve all rights to amend, supplement or otherwise modify this MOR as necessary and appropriate.
| 6. | Insurance |
To the best of the Debtors’ knowledge, all premiums for insurance policies are current.
| 7. | Book Value of Assets |
Unless otherwise indicated, the values for the assets contained in this MOR are book values as of the end of July 2015. Amounts ultimately realized from the disposition of the Debtors’ assets may materially vary from the stated book value. Thus, unless otherwise noted, this MOR reflects the carrying values of the assets as recorded on the Debtors’ books and records as of the end of July 2015 and are not based upon any estimate of such assets’ current market values. The Debtors reserve the right to amend or adjust the value of each asset herein.
| 8. | Liabilities Subject to Compromise |
As a result of commencing the Chapter 11 Cases, the payment of prepetition indebtedness is subject to compromise or other treatment under a chapter 11 reorganization plan. Generally, actions to enforce or otherwise effect payment of prepetition liabilities are stayed.
The filing of the Chapter 11 Cases constituted an event of default under, or otherwise triggered repayment obligations with respect to, a number of debt instruments and agreements relating to direct and indirect financial obligations of the Debtors (collectively, the “Prepetition Debt”). As a result, obligations under the Prepetition Debt became automatically and immediately due and payable. The Debtors believe that any efforts to enforce the payment obligations under the Prepetition Debt have been stayed as a result of the filing of the Chapter 11 Cases. However, the automatic stay has been lifted in the following situations:
| a. | Atlas Copco, lessor of certain drill rigs, has been granted the right to repossess the drill rigs which secured the related capital lease obligations of the Debtors. Atlas Copco has |
| been granted an allowed secured claim for the sale price of the drill rigs (the “Atlas Allowed Secured Claim”), which Atlas Allowed Secured Claim would be a part of the Class 3 Other Secured Claims as set forth in the Amended Plan and which shall be fully and finally satisfied by the return of the drill rigs. Atlas Copco shall not be entitled to any other or further distribution from the Debtors and their estates on account of the Atlas Allowed Secured Claim. |
| b. | Caterpillar Financial Services Corporation (“CAT”), lessor of certain mining equipment, has been granted the right to repossess the identified mining equipment which secured the related term loan and capital lease obligations of the Debtors. CAT has been granted an allowed secured claim for the sales prices of the identified mining equipment (the “CAT Allowed Secured Claim”), which CAT Allowed Secured Claim would be a part of the Class 3 Other Secured Claims as set forth in the Amended Plan and which shall be fully and finally satisfied by the surrender of the identified mining equipment. CAT shall not be entitled to any other or further distribution from the Debtors and their estates on account of the CAT Allowed Secured Claim. |
| c. | Bank of America Leasing & Capital, LLC , People’s Capital and Leasing Corp., MB Financial Bank, N.A., Key Equipment Finance, a division of KeyBank National, Washington Federal, a national banking association, and Western Alliance Bank dba Alliance Bank of Arizona (all of the foregoing, collectively, the “BAL Group”), lessors of certain mining equipment, have been granted the right to repossess the identified mining equipment which secured the related capital lease obligations of the Debtors. The BAL Group has been granted an allowed secured claim for the sales prices of the identified mining equipment (the “BAL Allowed Secured Claim”), which BAL Allowed Secured Claim would be a part of the Class 3 Other Secured Claims as set forth in the Amended Plan and which shall be fully and finally satisfied by the surrender of the identified mining equipment. The BAL Group shall not be entitled to any other or further distribution from the Debtors and their estates on account of the BAL Allowed Secured Claim. |
The Debtors are currently discussing with their other lessors the return of certain additional equipment and expect to enter into similar arrangements to those outlined above with respect to the mining equipment that secures the related capital lease obligations.
| 9. | Liabilities Not Subject to Compromise |
The Debtors have been paying and intend to continue to pay undisputed postpetition claims in the ordinary course of business.
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-1
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS1
For the Period July 1, 2015 through July 31, 2015
| Bank Accounts | Current Month | Cumulative Filing to Date | ||||||||||||||
| Hycroft Resources & Development Inc. | Allied Nevada Gold Corp. | ACTUAL | ACTUAL | |||||||||||||
CASH BEGINNING OF PERIOD | 3,792,269.69 | 4,790,285.45 | 8,582,555.14 | 3,722,605.63 | ||||||||||||
RECEIPTS | ||||||||||||||||
CASH SALES | 8,426,609.43 | 8,426,609.43 | 58,780,984.59 | |||||||||||||
ACCOUNTS RECEIVABLE | 2,005,057.85 | 2,005,057.85 | 8,555,805.35 | |||||||||||||
TRANSFERS BETWEEN ACCOUNTS | 2,000,000.00 | -2,000,000.00 | 0.00 | 0.00 | ||||||||||||
SALE OF ASSETS | 0.00 | 17,500,000.00 | ||||||||||||||
OTHER (ATTACH LIST) | 1,418,839.84 | 1,418,839.84 | 1,749,579.93 | |||||||||||||
TRANSFERS (FROM DIP ACCTS) | 10,000,162.38 | 10,000,162.38 | 60,000,162.38 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL RECEIPTS | 12,431,667.28 | 9,419,002.22 | 21,850,669.50 | 146,586,532.25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISBURSEMENTS | ||||||||||||||||
NET PAYROLL | 1,600,918.92 | 184,981.30 | 1,785,900.22 | 9,789,858.56 | ||||||||||||
PAYROLL TAXES | 674,151.92 | 78,098.01 | 752,249.93 | 4,087,040.57 | ||||||||||||
BENEFITS (INS, 401K, FSA) | 293,063.98 | 533,231.74 | 826,295.72 | 4,214,262.90 | ||||||||||||
SALES, USE, & OTHER TAXES | 0.00 | 1,243,805.20 | ||||||||||||||
SECURED/ RENTAL/ LEASES | 241,133.31 | 241,133.31 | 13,776,940.70 | |||||||||||||
BANK FEES (INCLUDING DIP FEES) | 3,505.80 | 3,505.80 | 843,975.34 | |||||||||||||
LOAN INTEREST | 759,456.18 | 759,456.18 | 2,232,873.66 | |||||||||||||
VENDOR DISBURSEMENTS | 11,868,918.65 | 726,138.55 | 12,595,057.20 | 75,903,678.33 | ||||||||||||
OTHER (ATTACH LIST) | 0.00 | 17,817,000.00 | ||||||||||||||
TRANSFERS (TO DIP ACCTS) | 0.00 | 0.00 | ||||||||||||||
PROFESSIONAL FEES | 2,089,891.54 | 2,089,891.54 | 8,990,067.88 | |||||||||||||
U.S. TRUSTEE QUARTERLY FEES | 44,300.00 | 44,300.00 | 74,200.00 | |||||||||||||
COURT COSTS | 0.00 | 0.00 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL DISBURSEMENTS | 14,678,186.78 | 4,419,603.12 | 19,097,789.90 | 138,973,703.14 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET CASH FLOW | -2,246,519.50 | 4,999,399.10 | 2,752,879.60 | 7,612,829.11 | ||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | ||||||||||||||||
CASH - END OF PERIOD | 1,545,750.19 | 9,789,684.55 | 11,335,434.74 | 11,335,434.74 | ||||||||||||
| 1 | There was no activity in the reporting period for the following Debtors: Victory Exploration Inc., Victory Gold Inc., Allied Nevada Gold Holdings LLC, Allied VGH Inc., Allied VNC Inc., Hasbrouck Production Company LLC, ANG Pony LLC, ANG Northeast LLC, ANG North LLC, ANG Eureka LLC, ANG Cortez LLC, and ANG Central LLC. |
THE FOLLOWING SECTION MUST BE COMPLETED
Allied Nevada Gold Corp.
| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | 4,419,603.12 | |||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | 0.00 | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | 0.00 | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | 4,419,603.12 | |||
Hycroft Resources & Development, Inc.
| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | 14,678,186.78 | |||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | 0.00 | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | 0.00 | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | 14,678,186.78 | |||
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-1
SCHEDULE OF CASH RECEIPTS & DISBURSEMENTS - OTHER EXPLANATIONS
For the Period July 1, 2015 through July 31, 2015
BREAKDOWN OF “OTHER” CATEGORY | Current Month | Cumulative Filing to Date | ||||||
Hycroft Resources & Development, Inc. Other Deposits | ||||||||
United States Treasury | 0.00 | 1,161.47 | ||||||
Napa Rebate | 0.00 | 4,214.06 | ||||||
Southwest Gas Refund | 0.00 | 169.13 | ||||||
ADP Payroll Refund | 0.00 | 1,033.16 | ||||||
Northern Nevada Recycling Inc. | 0.00 | 3,267.50 | ||||||
|
|
|
| |||||
| 0.00 | 9,845.32 | |||||||
|
|
|
| |||||
Allied Nevada Gold Corp. Other Deposits | ||||||||
United States Treasury | 0.00 | 5,470.55 | ||||||
Discovery Benefits Cobra Reimbursements | 0.00 | 1,594.60 | ||||||
Advanced Mineral Royalty Reciept | 0.00 | 3,000.00 | ||||||
National Bank of Canada Interest | 0.00 | 165.05 | ||||||
Transfer from Adequate Insurance Account | 0.00 | 309,000.00 | ||||||
NV Energy Refund | 0.00 | 5.09 | ||||||
Fedex Refund | 0.00 | 64.88 | ||||||
Discovery Benefits-COBRA Payment | 0.00 | 1,594.60 | ||||||
Nevada Net Proceeds Tax Refund | 1,418,839.84 | 1,418,839.84 | ||||||
|
|
|
| |||||
| 1,418,839.84 | 1,739,734.61 | |||||||
|
|
|
| |||||
Allied Nevada Gold Corp. Other Disbursements | ||||||||
Transfer to Adequate Insurance Account | 0.00 | 317,000.00 | ||||||
Transfer to Restricted Cash Account | 0.00 | 17,500,000.00 | ||||||
|
|
|
| |||||
| 0.00 | 17,817,000.00 | |||||||
|
|
|
| |||||
August 26, 2015
Office of the United States Trustee
Subject:Attestation Regarding Bank Account Reconciliations
The Debtors hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank statements and copies of all reconciliations.
The Debtors have, on a timely basis, performed all bank account reconciliations in the ordinary course of its business. Copies of the bank account statements and reconciliations are available for inspection upon request by the office of the United States Trustee.
/s/ Stephen M. Jones | ||
| Name: | Stephen M. Jones | |
| Position: | Executive Vice President, Chief Financial Officer and Secretary | |
Sworn to and Subscribed Before me on this 26th Day of August, 2015 | ||||
/s/ Jacqueline Martinez | ||||
| Notary Public | ||||
| My Commission Expires: 2-2-2019 |  | |||
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-1a
SCHEDULE OF BANK ACCOUNTS AND BALANCES
As of July 31, 2015
Case # | Related Entity | Bank Name | Bank Account Ending In: | Balance1 | ||||||||
| 15-10503 | Allied Nevada Gold Corp. | Wells Fargo Bank | 6528 | 0.00 | ||||||||
| 15-10503 | Allied Nevada Gold Corp. | Wells Fargo Bank | 6536 | 9,780,684.55 | ||||||||
| 15-10503 | Allied Nevada Gold Corp. | Wells Fargo Bank | 9536 | 9,000.00 | ||||||||
| 15-10503 | Allied Nevada Gold Corp. | Scotiabank | 1210 | 0.00 | ||||||||
| 15-10514 | Hycroft Resources & Development, Inc. | Wells Fargo Bank | 6544 | 0.00 | ||||||||
| 15-10514 | Hycroft Resources & Development, Inc. | Wells Fargo Bank | 6551 | 1,545,750.19 | ||||||||
|
| |||||||||||
| Total | 11,335,434.74 | |||||||||||
| 15-10503 | Allied Nevada Gold Corp. - restr. cash | Wells Fargo Bank | 9615 | 0.00 | ||||||||
| 1 | Book balance per the Debtors’ general ledger. |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-1b
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
For the Period July 1, 2015 through July 31, 2015
Payee | Period Covered | Amount Approved | Check | Current Month | Cumulative Filing to Date | |||||||||||||||||||||||
| Payor | Number | Date | Fees | Expenses | Fees | Expenses | ||||||||||||||||||||||
Stroock & Stroock & Lavan | 5/01/2015 - 5/31/2015 | 503,935.97 | Allied Nevada | 52143 | 7/6/2015 | 499,263.00 | 2,672.97 | |||||||||||||||||||||
| 2,241,364.75 | 11,549.35 | |||||||||||||||||||||||||||
Wachtell, Lipton, Rosen, & Katz | 6/01/2015 - 6/30/2015 | 120,392.80 | Allied Nevada | 52204 | 7/27/2015 | 117,182.50 | 3,210.30 | |||||||||||||||||||||
| 571,393.74 | 9,476.84 | |||||||||||||||||||||||||||
RPA Advisors LLC | 5/01/2015 - 5/31/2015 | 74,228.78 | Allied Nevada | 52142 | 7/6/2015 | 74,049.75 | 179.03 | |||||||||||||||||||||
| 473,936.00 | 9,685.03 | |||||||||||||||||||||||||||
Houlihan Lokey Capital Inc. | 5/24/2015 - 6/23/2015 | 126,495.70 | Allied Nevada | 52141 | 7/6/2015 | 125,000.00 | 1,495.70 | |||||||||||||||||||||
| 525,000.00 | 12,036.04 | |||||||||||||||||||||||||||
Paul Hastings LLP | 3/01/2015 - 3/31/2015 | 10,783.01 | Allied Nevada | 52220 | 7/30/2015 | 10,248.75 | 534.26 | |||||||||||||||||||||
| 4/01/2015 - 4/30/2015 | 29,370.00 | Allied Nevada | 52220 | 7/30/2015 | 29,370.00 | 0.00 | ||||||||||||||||||||||
| 5/01/2015 - 5/31/2015 | 41,252.50 | Allied Nevada | 52220 | 7/30/2015 | 41,252.50 | 0.00 | ||||||||||||||||||||||
| 470,490.00 | 17,873.69 | |||||||||||||||||||||||||||
Prime Clerk | 6/01/2015 - 6/30/2015 | 95,014.98 | Allied Nevada | Wire | 7/24/2015 | 95,014.98 | 0.00 | |||||||||||||||||||||
| 503,616.87 | 90,214.76 | |||||||||||||||||||||||||||
Fennemore Craig | 27,467.10 | 0.00 | ||||||||||||||||||||||||||
Wilmington Savings Fund | 800.00 | 0.00 | ||||||||||||||||||||||||||
Morris, Nichols, Arsht & Tunnell | 6/01/2015 - 6/30/2015 | 4,156.17 | Allied Nevada | 52171 | 7/21/2015 | 3,973.00 | 183.17 | |||||||||||||||||||||
| 16,053.29 | 608.20 | |||||||||||||||||||||||||||
Akin Gump Strauss | 5/01/2015 - 5/31/2015 | 664,574.90 | Allied Nevada | Wire | 7/24/2015 | 653,861.00 | 10,713.90 | |||||||||||||||||||||
| 2,371,451.00 | 19,688.02 | |||||||||||||||||||||||||||
Blank Rome, LLP | 5/01/2015 - 5/31/2015 | 43,920.02 | Allied Nevada | Wire | 7/24/2015 | 43,674.00 | 246.20 | |||||||||||||||||||||
| 235,565.20 | 28,294.75 | |||||||||||||||||||||||||||
Young Conaway Stargatt & Taylor | 5/01/2015 - 5/31/2015 | 28,421.68 | Allied Nevada | 52172 | 7/21/2015 | 28,147.00 | 274.68 | |||||||||||||||||||||
| 129,223.50 | 2,651.57 | |||||||||||||||||||||||||||
Fasken Martineau | 25,459.60 | 0.00 | ||||||||||||||||||||||||||
Polsinelli PC | 5/01/2015 - 5/31/2015 | 14,144.40 | Allied Nevada | Wire | 7/24/2015 | 14,144.40 | 0.00 | |||||||||||||||||||||
| 58,328.64 | 494.00 | |||||||||||||||||||||||||||
Zolfo Cooper, LLC | 5/01/2015 - 5/31/2015 | 38,349.50 | Allied Nevada | 52205 | 7/27/2015 | 38,146.80 | 202.70 | |||||||||||||||||||||
| 184,889.20 | 550.95 | |||||||||||||||||||||||||||
FTI Consulting, Inc. | 5/01/2015 - 5/31/2015 | 40,448.40 | Allied Nevada | Wire | 7/24/2015 | 40,448.40 | 0.00 | |||||||||||||||||||||
| 284,400.40 | 17,042.63 | |||||||||||||||||||||||||||
Arent Fox, LLP | 5/01/2015 - 5/31/2015 | 118,753.79 | Allied Nevada | Wire | 7/24/2015 | 118,635.20 | 118.59 | |||||||||||||||||||||
| 459,138.80 | 1,543.30 | |||||||||||||||||||||||||||
JDS Energy & Mining | 5,131.08 | 230.83 | ||||||||||||||||||||||||||
Broadridge | 6/17/2015 | 2,394.97 | Allied Nevada | 52161 | 7/21/2015 | 2,394.97 | 0.00 | |||||||||||||||||||||
| 6/11/2015 | 1,621.89 | Allied Nevada | 52161 | 7/21/2015 | 1,621.89 | 0.00 | ||||||||||||||||||||||
| 26,539.94 | 0.00 | |||||||||||||||||||||||||||
Upshot Services, LLC | 4,646.91 | 0.00 | ||||||||||||||||||||||||||
Erwin & Thompson, LLP | 19,600.00 | 0.00 | ||||||||||||||||||||||||||
Moelis & Company | 5/01/2015 - 5/31/2015 | 133,631.90 | Allied Nevada | Wire | 7/24/2015 | 120,000.00 | 13,631.90 | 120,000.00 | 13,631.90 | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
| 2,056,428.14 | 33,463.40 | 8,754,496.02 | 235,571.86 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-2
STATEMENTS OF OPERATIONS1
For the Period July 1, 2015 through July 31, 2015
(Unaudited)
| Allied Nevada Gold Holdings LLC | Allied Nevada Gold Corp. | Hycroft Resources & Development, Inc. | Allied VNC, Inc. | Victory Gold, Inc. | Elimination | Debtors Consolidated | ||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 10,832,841 | $ | — | $ | — | $ | — | $ | 10,832,841 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||
Production costs | — | — | 7,963,522 | — | — | — | 7,963,522 | |||||||||||||||||||||
Depreciation and amortization | — | 23,249 | 2,202,129 | — | — | — | 2,225,378 | |||||||||||||||||||||
Write-down of production inventories | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total cost of sales | — | 23,249 | 10,165,651 | — | — | — | 10,188,900 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Exploration, development, and land holding | — | 34,329 | 127,173 | — | — | — | 161,502 | |||||||||||||||||||||
Accretion | — | — | 84,527 | — | — | — | 84,527 | |||||||||||||||||||||
General and administrative | — | 870,505 | — | — | — | — | 870,505 | |||||||||||||||||||||
Separation and severance costs | — | — | 1,388,673 | — | — | — | 1,388,673 | |||||||||||||||||||||
Asset impairments, dispositions, and loss on assets classified as held for sale, net | — | — | — | — | — | — | — | |||||||||||||||||||||
Reorganization items, net: | ||||||||||||||||||||||||||||
Currency swap valuation adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||
Notes carrying value adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||
Legal and professional fees | — | 4,397,966 | — | — | — | — | 4,397,966 | |||||||||||||||||||||
Diesel swaps valuation adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||
Warrant liability adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Loss from operations | — | (5,326,049 | ) | (933,183 | ) | — | — | — | (6,259,232 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest income | — | 1,176 | — | — | — | — | 1,176 | |||||||||||||||||||||
Interest expense | — | (1,095,548 | ) | (91,546 | ) | — | — | — | (1,187,094 | ) | ||||||||||||||||||
Other, net | — | 72,271 | — | — | — | — | 72,271 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Loss before income taxes | — | (6,348,150 | ) | (1,024,729 | ) | — | — | — | (7,372,878 | ) | ||||||||||||||||||
Income taxes | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net loss | $ | — | $ | (6,348,150 | ) | $ | (1,024,729 | ) | $ | — | $ | — | $ | — | $ | (7,372,878 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 1 | There was no activity in the reporting period for the following Debtors: Victory Exploration Inc., Allied VGH Inc., Hasbrouck Production Company LLC, ANG Pony LLC, ANG Northeast LLC, ANG North LLC, ANG Eureka LLC, ANG Cortez LLC, and ANG Central LLC. |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-3
BALANCE SHEETS1
As of July 31, 2015
(Unaudited)
| Allied Nevada Gold Holdings LLC | Allied Nevada Gold Corp. | Hycroft Resources & Development, Inc. | Allied VNC, Inc. | Victory Gold, Inc. | Elimination | Debtors Consolidated | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 9,789,685 | $ | 1,545,750 | $ | — | $ | — | $ | — | $ | 11,335,435 | ||||||||||||||
Accounts receivable | — | — | 2,446,051 | — | — | — | 2,446,051 | |||||||||||||||||||||
Inventories | — | — | 16,361,711 | — | — | — | 16,361,711 | |||||||||||||||||||||
Ore on leachpads, current | — | — | 195,072,571 | — | — | — | 195,072,571 | |||||||||||||||||||||
Prepaids and other | — | 1,303,322 | 2,419,701 | — | — | — | 3,723,024 | |||||||||||||||||||||
Assets held for sale | — | — | 3,162,137 | — | — | — | 3,162,137 | |||||||||||||||||||||
Deferred tax assets, current | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Current assets | — | 11,093,007 | 221,007,921 | — | — | — | 232,100,927 | |||||||||||||||||||||
Restricted cash | — | — | 38,147,218 | — | — | — | 38,147,218 | |||||||||||||||||||||
Ore on leachpads, non-current | — | — | 83,602,530 | — | — | — | 83,602,530 | |||||||||||||||||||||
Other assets, non-current | — | 590,739 | 286,344 | — | — | — | 877,083 | |||||||||||||||||||||
Plant, equipment, and mine development, net | — | 176,055 | 266,176,518 | — | — | — | 266,352,573 | |||||||||||||||||||||
Mineral properties, net | — | — | 13,731,196 | — | — | — | 13,731,196 | |||||||||||||||||||||
Investment in subsidiary | 66,549,819 | 25,000 | (9,071,738 | ) | (3,807,909 | ) | (2,860,022 | ) | (50,835,150 | ) | — | |||||||||||||||||
Deferred tax assets, non-current | — | — | — | — | — | — | — | |||||||||||||||||||||
Intercompany receivable | — | 1,011,124,193 | — | 2,003,610 | 3,501,338 | (1,016,629,141 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total assets | 66,549,819 | 1,023,008,993 | 613,879,988 | (1,804,299 | ) | 641,316 | (1,067,464,291 | ) | 634,811,527 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities not subject to compromise: | ||||||||||||||||||||||||||||
Accounts payable | — | 8,868,951 | 14,153,865 | — | — | — | 23,022,816 | |||||||||||||||||||||
Interest payable | — | 673,044 | — | — | — | — | 673,044 | |||||||||||||||||||||
Other liabilities, current | — | 76,911,689 | 1,953,903 | — | — | — | 78,865,592 | |||||||||||||||||||||
Debt, current | — | 118,401,772 | 6,405,523 | — | — | — | 124,807,295 | |||||||||||||||||||||
Deferred tax liabilities, current | — | — | — | — | — | — | — | |||||||||||||||||||||
Asset retirement obligation, current | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Current liabilities not subject to compromise | — | 204,855,456 | 22,513,291 | — | — | — | 227,368,747 | |||||||||||||||||||||
Other liabilities, non-current | — | 55,595 | 1,188,329 | — | — | — | 1,243,924 | |||||||||||||||||||||
Debt, non-current | — | — | — | — | — | — | — | |||||||||||||||||||||
Asset retirement obligation, non-current | — | — | 20,524,930 | — | — | — | 20,524,930 | |||||||||||||||||||||
Deferred tax liabilities, non-current | — | — | — | — | — | — | — | |||||||||||||||||||||
Intercompany payable | 68,318,961 | — | 948,310,180 | — | — | (1,016,629,141 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total liabilities not subject to compromise | 68,318,961 | 204,911,052 | 992,536,730 | — | — | (1,016,629,141 | ) | 249,137,602 | ||||||||||||||||||||
Liabilities subject to compromise: | ||||||||||||||||||||||||||||
Senior notes | — | 316,640,001 | — | — | — | — | 316,640,001 | |||||||||||||||||||||
Accounts payable | — | 1,708,403 | 14,191,597 | — | — | — | 15,900,000 | |||||||||||||||||||||
Term and security deposit loan | — | — | 17,974,000 | — | — | — | 17,974,000 | |||||||||||||||||||||
Interest payable | — | 7,515,000 | 1,621,000 | — | — | — | 9,136,000 | |||||||||||||||||||||
Accrued compensation and benefits | — | 26,000 | 156,000 | — | — | — | 182,000 | |||||||||||||||||||||
Currency swap derivative instrument | — | 891,000 | — | — | — | — | 891,000 | |||||||||||||||||||||
Capital leases | — | — | 118,984,244 | — | — | — | 118,984,244 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total liabilities subject to compromise | — | 326,780,404 | 152,926,841 | — | — | — | 479,707,245 | |||||||||||||||||||||
Total Liabilities | 68,318,961 | 531,691,455 | 1,145,463,572 | — | — | (1,016,629,141 | ) | 728,844,847 | ||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||
Common stock | — | 125,990 | — | — | — | — | 125,990 | |||||||||||||||||||||
Additional paid-in capital | 77,328,475 | 749,643,150 | 62,037,260 | — | 309,583 | (116,008,140 | ) | 773,310,328 | ||||||||||||||||||||
Accumulated other comprehensive income | — | — | — | — | — | — | — | |||||||||||||||||||||
(Accumulated deficit) retained earnings | (79,097,617 | ) | (258,451,603 | ) | (593,620,843 | ) | (1,804,299 | ) | 331,733 | 65,172,990 | (867,469,638 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total stockholders’ equity | (1,769,142 | ) | 491,317,538 | (531,583,583 | ) | (1,804,299 | ) | 641,316 | (50,835,150 | ) | (94,033,320 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total liabilities and stockholders’ equity | $ | 66,549,819 | $ | 1,023,008,993 | $ | 613,879,988 | $ | (1,804,299 | ) | $ | 641,316 | $ | (1,067,464,291 | ) | $ | 634,811,527 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 1 | There was no activity in the reporting period for the following Debtors: Victory Exploration Inc., Allied VGH Inc., Hasbrouck Production Company LLC, ANG Pony LLC, ANG Northeast LLC, ANG North LLC, ANG Eureka LLC, ANG Cortez LLC, and ANG Central LLC. |
August 26, 2015
Office of the United States Trustee
Subject:Attestation Regarding Postpetition Taxes
The Debtors hereby submit this attestation regarding postpetition taxes.
The Debtors are current on all of their postpetition tax obligations to the extent that the taxes are not in dispute or subject to reconciliation. To the best of my knowledge, there are no material tax disputes or reconciliations.
/s/ Stephen M. Jones | ||
| Name: | Stephen M. Jones | |
| Position: | Executive Vice President, Chief Financial Officer and Secretary | |
| Sworn to and Subscribed | ||||||
| Before me on this 26th | ||||||
| Day of August, 2015 | ||||||
/s/ Jacqueline Martinez | ||||||
| Notary Public | ||||||
| My Commission Expires: 2-2-2019 |  | |||||
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-4
UNPAID POSTPETITION PAYABLES1
As of July 31, 2015
| Number of Days Past Due | ||||||||||||||||||||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
Allied Nevada Gold Corp. Accounts Payable | $ | 8,868,951 | 0 | 0 | 0 | 0 | $ | 8,868,951 | ||||||||||||||||
Hycroft Resources & Development, Inc. Accounts Payable2 | $ | 14,153,865 | 0 | 0 | 0 | 0 | $ | 14,153,865 | ||||||||||||||||
Total Postpetition Debts | $ | 23,022,816 | 0 | 0 | 0 | 0 | $ | 23,022,816 | ||||||||||||||||
| 1 | Other than the Debtors referenced above, no other Debtors had unpaid postpetition accounts payable balances as of July 31, 2015. |
| 2 | Amount includes $4 million due to Jacobs in April 2016 that has been reclassified from noncurrent accounts payable. |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: | Chapter 11 | |||
| Allied Nevada Gold Corp.,et al. | Case No. 15-10503 | |||
| Debtors |
MOR-5
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING1
For the Period July 1, 2015 through July 31, 2015
Hycroft Resources & Development, Inc. Accounts Receivable Reconciliation | Amount | |||
Total Accounts Receivable at the beginning of the reporting period | 2,124,581 | |||
+ Amounts billed during the period | 12,222,060 | |||
- Amounts collected during the period | -11,900,590 | |||
|
| |||
Total Accounts Receivable at the end of the reporting period | 2,446,051 | |||
|
| |||
Hycroft Resources & Development, Inc. Accounts Receivable Aging | Amount | |||
0 - 30 days old | 1,477,927 | |||
31 - 60 days old | 199,485 | |||
61 - 90 days old | 253,489 | |||
91+ days old | 515,150 | |||
Total Accounts Receivable | 2,446,051 | |||
Amount considered uncollectible (Bad Debt) | 0 | |||
|
| |||
Accounts Receivable (Net) | 2,446,051 | |||
|
| |||
Accounts Receivable are routinely collected from 60 to 180 days after sales due to significant time to agree on the final assays.
| 1 | Hycroft Resources & Development, Inc. is the only Debtor with revenues and related accounts receivable. |
Debtor Questionnaire
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 | |||||||
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 | |||||||