EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Abitibibowater Inc., et al., | Chapter 11 |
Monthly Operating Report
For the Period April 16, 2009 to May 31, 2009
REQUIRED DOCUMENTS | Form No. |
Debtors Consolidating Schedule of Receipts and Disbursements | MOR-1 |
Debtors Consolidating Schedule of Operating Receipts and Disbursements | MOR-1a |
Schedule of Cash Disbursements by Debtor Entity | MOR-2 |
Schedule of Debtors Bank Account Book Balances | MOR-3 |
Schedule of Professional Fees Paid | MOR-4 |
Declaration Regarding the Reconciliation of the Debtors Bank Accounts | MOR-5 |
Debtors Consolidating Balance Sheet | MOR-6 |
Debtors Consolidating Statement of Operations | MOR-7 |
Declaration Regarding the Status of Post-Petition Taxes of the Debtors | MOR-8 |
Combined Listing of Post-Petition Aged Accounts Payable | MOR-9 |
Combined Listing of Aged Accounts Receivable | MOR-10 |
Summary of Debtors Post-Petition Inter-Company Receivables and Payables | MOR-11 |
Debtors Questionnaire | MOR-12 |
Supplement to Debtors Questionnaire | MOR-12a |
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/ William G. Harvey |
| June 30, 2009 |
Signature of Authorized Individual* |
| Date |
|
| Senior Vice President & |
Print Name of Authorized Individual |
| Title of Authorized Individual |
*Authorized Individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
In re: Abitibibowater Inc., et al.,
NOTES TO THE MONTHLY OPERATING REPORT
1. | Background and Basis of Presentation: On April 16, 2009, Abitibibowater, Inc. (“ABI” or the “Company”) and certain of its U.S. and Canadian subsidiaries (collectively, the "Debtor Entities") filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the "U.S. Court") seeking relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The following day, April 17, 2009, certain of the Company's Canadian subsidiaries also filed to reorganize (the "Canadian Petition") under the Companies' Creditors Arrangement Act ("CCAA") in the Superior Court of Justice in Canada, Province of Quebec, District of Montreal (the "Canadian Court"). Certain U.S. and Canadian legal entities, as well as some operations, ("Non-Debtor Affiliates") were not included in the Chapter 11 filings and will continue to operate outside of the Chapter 11 process. |
The unaudited financial statements included herein include the accounts and results of operations of the U.S. filed debtors. The information contained in this Monthly Operating Report ("MOR") is provided to fulfill the reporting requirements set forth by the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustment.
In accordance with U.S. generally accepted accounting principles (GAAP), the Company has applied American Institute of Certified Public Accountant's Statement of Position ("SOP") 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code" ("SOP 90-7"), in preparing the financial statements. SOP 90-7 requires that the financial statements, for periods subsequent to the Chapter 11 filing, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses (including professional fees), realized gains and losses and provisions for losses that are realized or incurred in the bankruptcy proceedings are recorded in reorganization items on the accompanying unaudited statements of operations. In addition, pre-petition obligations that may be impacted by the bankruptcy reorganization process have been classified on the unaudited balance sheet at May 31, 2009 as liabilities subject to compromise.
These financial statements are not intended to be prepared in conformity with U.S. GAAP, because they do not include all of the information and footnote disclosures required by U.S. GAAP for complete financial statements. The information contained in this MOR (a) has not been audited or reviewed by independent registered public accountants, (b) is limited to the time period indicated and (c) is not intended to reconcile to the consolidated financial statements filed by the Company in its Annual Report on Form 1O-K for the Year ended December 31, 2008 ("2008 Form 1O-K") filed with the Securities and Exchange Commission ("SEC") on April 30, 2009, or with consolidated financial statements in subsequently filed Quarterly Reports on Form 10-Q.
Preparation of the MOR requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. The Company cannot determine future events and their effects with certainty, particularly while the Chapter 11 cases are proceeding. Therefore, the determination of estimates requires the exercise of judgment based on various assumptions, and other factors such as historical experience, current and expected economic conditions, and in some cases, actuarial calculations. The Company constantly reviews these significant factors and makes adjustments when appropriate.
The statement of operations and cash flows presented in the MOR for any interim period are not necessarily indicative of the results that may be expected for a full quarter, full year, or any future interim period. While every effort has been made to assure the accuracy and completeness of this MOR, errors or omissions may have inadvertently occurred and the Company reserves the right to amend the MOR as necessary. In particular, the Company is in the process of reconciling its pre-petition and post-petition liabilities, as well as its liabilities subject to compromise and not subject to compromise, and such amounts are subject to reclassification and/or adjustment in the future.
For the reasons discussed above, the Company cautions readers not to place undue reliance upon information contained in the MOR. For further information, refer to the Company's consolidated financial statements and footnotes included in its 2008 Form 10-K filed with the SEC on April 30, 2009 and other filings with the SEC.
2. | DIP Credit Facility: In connection with the commencement of the Chapter 11 proceedings, on April 16, 2009 the Company and certain of its affiliates filed a motion with the U.S. Court seeking approval to enter into a post petition credit agreement (the "DIP Credit Agreement"). On April 17, 2009, the U.S. Court granted interim approval of the DIP Credit Agreement. Final approval of the DIP Credit Agreement was granted by the U.S. Court on June 4, 2009. |
The DIP Credit Agreement, as amended, provides for a term loan in the aggregate principal amount of up to USD $360,000,000 (consisting of a USD $166,000,000 for term loan borrowings of the US Borrowers, and a USD $40,000,000 term loan for borrowings of Bowater Canada ( the “Initial Loan”), plus subject to further approval from the Bankruptcy Court only after notice and a further hearing, an incremental USD $154,000,000 which may be advanced after the date of this order, (the Incremental Facility).
The use of proceeds under the DIP Credit Agreement may be used for (a) working capital; (b) other general corporate purposes of the Bowater Debtors; (c) payment of any related transaction costs, fees and expenses; (d) the payment of Adequate Protection Obligations; and (e) the costs of administration of these cases. On April 20th and 21st, the company drew down the current available amount of the DIP agreement.
3. | MOR-1 and MOR-1A: The detail presented in MOR-1 represents the total receipts and disbursements, taken directly from the debtors’ bank statements for the period April 16th, 2009 through May 31st 2009. The beginning and ending balances are also reported directly from the bank statements. Due to the nature of the debtor’s cash management system, the actual operating receipts and disbursement are captured within the numbers presented. MOR-1A breaks out the typical operating receipts and disbursements. Major categories of disbursements have been listed. The Company continues to refine the process by which items in the “Other” category are identified. These refinements will appear in subsequent month MORs. |
4. | Significant Accounting Policies: The significant accounting policies are consistent with those listed in the Company's 2008 Form 10-K filed with the SEC on April 30, 2009. |
5. | Liabilities Subject to Compromise: 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 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, or other events. Certain accounts included in the liabilities subject to compromise may be entitled to administrative expense priority under section 503(b)(9) of the Bankruptcy Code. As of May 31, 2009, the components of liabilities subject to compromise consisted of: |
| Unsecured debt | $ 2,889,793,980 |
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| Accounts Payable | 105,614,151 |
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| OPEB & Pension | 480,958,322 |
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| Liabilities subject to compromise | $ 3,476,366,453 |
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Under the Bankruptcy Code, the Debtors generally must assume or reject pre-petition executory contracts, including but not limited to real property leases, subject to the approval of the Bankruptcy Courts and certain other conditions. In this context, "assumption" means that the company agrees to perform its obligations and cure all existing defaults under the contract or lease, and "rejection" means that it is relieved from its obligations to perform further under the contract or lease, but is subject to a pre-petition claim for damages for the breach thereof subject to certain limitations. Any damages resulting from rejection of executory contracts that are permitted to be recovered under the Bankruptcy Code, will be treated as liabilities subject to compromise unless such claims were secured prior to the Petition Date.
Since the Petition Date, the Company has received Court approval to reject a number of leases and other executory contracts of various types. The Company is reviewing all of its executory contracts and unexpired leases to determine which additional contracts and leases it will reject. The Company expects that additional liabilities subject to compromise will arise due to rejection of executory contracts, including leases, and from the determination of the U.S. Court (or agreement by parties in interest) of allowed claims for contingencies and other disputed amounts. The Company also expects that the assumption of additional executory contracts and unexpired leases will convert certain of the liabilities shown on the accompanying financial statements as subject to compromise to post-petition liabilities. Due to the uncertain nature of many of the potential claims, the Company cannot project the magnitude of such claims with any degree of certainty.
In re: Abitibibowater Inc., et al., | Chapter 11 | |||||||||||
MOR-1 | ||||||||||||
Debtors Consolidating Schedule of Receipts and Disbursements (1) | ||||||||||||
For the period of April 16, 2009 through May 31, 2009 | ||||||||||||
(Dollars in Thousands) | ||||||||||||
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| All Debtor's | AbitibiBowater Inc. | AbitibiBowater US Holding LLC | Donohue Corp. | Abitibi Consolidated Sales Corporation (ACSC) | Abitibi- Consolidated Alabama Corporation | Alabama River Newsprint Company (ARNC) | Abitibi- Consolidated Corporation | Augusta Woodlands, LLC | Tenex Data Inc. | Abitibi- Consolidated Finance LP | |
| Grand Totals | 09-11296 | 09-11297 | 09-11298 | 09-11299 | 09-11300 | 09-11301 | 09-11302 | 09-11303 | 09-11304 | 09-11305 | |
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| No Accounts | No Accounts |
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| No Accounts |
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| No Accounts | No Accounts | |
Beginning Cash Balance | $ 55,793 | $ - | $ - | $ 1 | $ 23,145 | $ - | $ 2,569 | $ 134 | $ 273 | $ - | $ - | |
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Total Cash Receipts | $ 3,111,037 | $ - | $ - | $ - | $ 567,269 | $ - | $ 671 | $ 2,901 | $ - | $ - | $ - | |
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Total Cash Disbursements | $ (2,825,966) | $ - | $ - | $ - | $ (577,421) | $ - | $ (1,254) | $ (2,567) | $ - | $ - | $ - | |
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Ending Cash Balance | $ 340,865 | $ - | $ - | $ 1 | $ 12,993 | $ - | $ 1,986 | $ 469 | $ 273 | $ - | $ - | |
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| Bowater Newsprint South LLC | Bowater Newsprint South Operations LLC | Bowater Finance II, LLC | Bowater Alabama LLC | Coosa Pines Golf Club, LLC | Bowater Incorporated | Catawba Property Holdings LLC | Bowater Finance Company Inc. | Bowater South American Holdings, Inc. | Bowater America Inc. (BAI) | Lake Superior Forest Products Inc. | |
| 09-11306 | 09-11307 | 09-11308 | 09-11309 | 09-11310 | 09-11311 | 09-11312 | 09-11314 | 09-11315 | 09-11316 | 09-11317 | |
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| No Accounts |
| No Accounts |
| No Accounts |
| No Accounts | No Accounts |
| |
Beginning Cash Balance | $ 1 | $ 4 | $ - | $ 230 | $ - | $ 12,866 | $ - | $ 3 | $ - | $ - | $ 2 | |
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Total Cash Receipts | $ - | $ 58 | $ - | $ 340 | $ - | $ 2,306,573 | $ - | $ - | $ - | $ - | $ 56 | |
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Total Cash Disbursements | $ (0) | $ (61) | $ - | $ (500) | $ - | $ (2,046,787) | $ - | $ (0) | $ - | $ - | $ - | |
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Ending Cash Balance | $ 1 | $ 1 | $ - | $ 71 | $ - | $ 272,652 | $ - | $ 1 | $ - | $ - | $ 58 | |
In re: Abitibibowater Inc., et al., | Chapter 11 | ||||||||||
MOR-1 (Continued) | |||||||||||
Debtors Consolidating Schedule of Receipts and Disbursements (1) | |||||||||||
For the period of April 16, 2009 through May 31, 2009 | |||||||||||
(Dollars in Thousands) | |||||||||||
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| Bowater Canada Finance Corporation | Bowater Canadian Holdings Incorporated | AbitibiBowater Canada Inc. | Bowater Canadian Forest Products Inc. | Bowater Maritimes Inc. | Bowater LaHave Corporation | Bowater Canadian Limited | Bowater Nuway Inc. | Bowater Nuway Mid- States Inc. | Bowater Ventures Inc. | AbitibiBowater US Holding 1 Corp |
| 09-11319 | 09-11320 | 09-11321 | 09-11322 | 09-11324 | 09-11325 | 09-11326 | 09-11328 | 09-11329 | 09-11330 | 09-11331 |
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| No Accounts |
| No Accounts |
Beginning Cash Balance | $ 2 | $ 3 | $ 2 | $ 15,348 | $ 522 | $ 46 | $ 643 | $ 1 | $ - | $ 1 | $ - |
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Total Cash Receipts | $ 15,003 | $ - | $ - | $ 217,182 | $ 917 | $ - | $ 66 | $ - | $ - | $ - | $ - |
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Total Cash Disbursements | $ (0) | $ (0) | $ (0) | $ (196,477) | $ (897) | $ (0) | $ (0) | $ (0) | $ | $ (0) | $ - |
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Ending Cash Balance | $ 15,005 | $ 2 | $ 2 | $ 36,052 | $ 541 | $ 45 | $ 709 | $ 1 | $ | $ 1 | $ - |
Notes:
(1) | The debtors accounting systems are designed to provide operating reports in accordance with GAAP. The accounting systems are not designed to produce reports that are consistent with the requirements of the U.S. Trustee. As a result, the information |
(2) | Receipts and disbursements include all cash transactions from bank statements including all activity within the accounts of a Debtor, and activity to and from affiliated Debtors. |
(3) | Cash receipts include proceeeds from the D.I.P. financing of $155.3 million in debtor #09-11311, and $40 million in debtor #09-11322. |
(4) | MOR 1-a represents a the cash flow of the current operating accounts used by the Debtors, and excludes lockbox accounts, investment accounts, and ZBAs. |
(5) | All amounts are stated in U.S. Dollars. Accounts normally stated in Canadian Dollars, British Pounds, or Euros have been converted to USD at May 31, 2009 foreign exchange rates. |
In re: AbitibiBowater Inc., et al., | Chapter 11 | |||||||||||
MOR-1a | ||||||||||||
Debtors Consolidated Schedule of Receipts and Disbursements (1) | ||||||||||||
For the period of April 16, 2009 through May 31, 2009 | ||||||||||||
(Dollars in Thousands) | ||||||||||||
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| All Debtor's | AbitibiBowater Inc. | AbitibiBowater US Holding LLC | Donohue Corp. | Abitibi Consolidated Sales Corporation (ACSC) | Abitibi- Consolidated Alabama Corporation | Alabama River Newsprint Company (ARNC) | Abitibi- Consolidated Corporation | Augusta Woodlands, LLC | Tenex Data Inc. | Abitibi- Consolidated Finance LP | |
| Grand Totals | 09-11296 | 09-11297 | 09-11298 | 09-11299 | 09-11300 | 09-11301 | 09-11302 | 09-11303 | 09-11304 | 09-11305 | |
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| No Accounts | No Accounts |
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| No Accounts |
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| No Accounts | No Accounts | |
Beginning Cash Balance | ` | $ - | $ - | $ 1 | $ 1 | $ - | $ 78 | $ 133 | $ 273 | $ - | $ - | |
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Total Cash Receipts | $ 513,455 | $ - | $ - | $ - | $ 88,077 | $ - | $ 671 | $ 749 | $ - | $ - | $ - | |
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Disbursements: |
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Payroll & Payroll Taxes | $ (64,645) |
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| $ (6,101) |
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Non-Payroll Labor | $ (2,579) |
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| $ (0) |
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Raw Materials | $ (52,343) |
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| $ (0) |
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Utilities | $ (16,996) |
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Freight | $ (63,473) |
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| $ (28,217) |
| $ (2) |
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SG&A | $ (10,444) |
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| $ (1,910) |
| $ (67) |
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Supplies | $ (9,553) |
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| $ (67) |
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Wire Transfers to 3rd Parties | $ (75,218) |
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| $ (5,929) |
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Rent | $ (64) |
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Other (5) | $ (97,320) |
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| $ (43,293) |
| $ (548) | $ (457) |
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Total Cash Disbursements | $ (392,635) | $ - | $ - | $ - | $ (85,450) | $ - | $ (685) | $ (457) | $ - | $ - | $ - | |
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Ending Cash Balance | $ 141,726 | $ - | $ - | $ 1 | $ 2,629 | $ - | $ 64 | $ 425 | $ 273 | $ - | $ - | |
Notes:
(1) | MOR 1-a represents the cash flow of the current operating accounts used by the debtors and excludes lockbox accounts, investment accounts, and ZBAs. |
(2) | MOR 1-a also excludes D.I.P. financing cash receipts of $155.7 million in debtor #09-11311 and $40.0 million in debtor #09-11322. Also MOR 1-a excludes $46.0 million of currency exchange transactions, and also excludes $37.6 million of inter-company cash settlements. |
(3) | The debtors' accounting systems are designed to provide operating reports in accordance with GAAP. The accounting systems are not designed to produce reports that are consistent with the requirements of the U.S. Trustee. As a result, the information presented in this schedule was prepared using bank account statements as supplied to the debtors from the banks. The numbers |
presented in the cash flow are subject to change as additional information is made available. The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustments.
(4) | All amounts are stated in U.S. Dollars. All accounts normally stated in Canadian Dollars, British Pounds, or Euros have been converted to USD at May 31, 2009 foreign exchange rates. |
(5) | The amounts listed in Other are in the process of still being identified so in the future they can be accurately shown in one of the existing disbursement categories. |
In re: AbitibiBowater Inc., et al., | Chapter 11 | |||||||||||
MOR-1a (continued) | ||||||||||||
Debtors Consolidated Schedule of Receipts and Disbursements (1) | ||||||||||||
For the period of April 16, 2009 through May 31, 2009 | ||||||||||||
(Dollars in Thousands) | ||||||||||||
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| Bowater Newsprint South LLC | Bowater Newsprint South Operations LLC | Bowater Finance II, LLC | Bowater Alabama LLC | Coosa Pines Golf Club, LLC | Bowater Incorporated | Catawba Property Holdings LLC | Bowater Finance Company Inc. | Bowater South American Holdings, Inc. | Bowater America Inc. (BAI) | Lake Superior Forest Products Inc. | |
| 09-11306 | 09-11307 | 09-11308 | 09-11309 | 09-11310 | 09-11311 | 09-11312 | 09-11314 | 09-11315 | 09-11316 | 09-11317 | |
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| No Accounts |
| No Accounts |
| No Accounts |
| No Accounts | No Accounts |
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Beginning Cash Balance
| $ 1 | $ 1 | $ - | $ 230 | $ - | $ 6,591 | $ - | $ 3 | $ - | $ - | $ 1 | |
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Total Cash Receipts | $ - | $ 58 | $ - | $ 340 | $ - | $ 274,216 | $ - | $ - | $ - | $ - | $ 56 | |
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Disbursements: |
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Payroll & Payroll Taxes |
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| $ (37,402) |
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Non-Payroll Labor |
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| $ (62) |
| $ (1,727) |
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Raw Materials |
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| $ (37,405) |
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Utilities |
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| $ (16,916) |
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Freight |
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| $ (62) |
| $ (19,086) |
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SG&A | $ (0) |
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| $ (9) |
| $ (2,324) |
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Supplies |
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| $ (178) |
| $ (7,295) |
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Wire Transfers to 3rd Parties |
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| $ (38,669) |
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Rent |
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| $ (39) |
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Other (5) | $ (61) |
| $ (150) |
| $ (28,333) |
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Total Cash Disbursements | $ (0) | $ (61) | $ - | $ (500) | $ - | $( 189,158) | $ - | $ - | $ - | $ - | $ 1 | |
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Ending Cash Balance | $ 1 | $ 1 | $ - | $ 71 | $ - | $ 91,650 | $ - | $ 3 | $ - | $ - | $ 58 | |
Notes:
(1) | MOR 1-a represents the cash flow of the current operating accounts used by the debtors and excludes lockbox accounts, investment accounts, and ZBAs. |
(2) | MOR 1-a also excludes D.I.P. financing cash receipts of $155.7 million in debtor #09-11311 and $40.0 million in debtor #09-11322. Also MOR 1-a excludes $46.0 million of currency exchange transactions, and also excludes $37.6 million of inter-company cash settlements. |
(3) | The debtors' accounting systems are designed to provide operating reports in accordance with GAAP. The accounting systems are not designed to produce reports that are consistent with the requirements of the U.S. Trustee. As a result, the information presented in this schedule was prepared using bank account statements as supplied to the debtors from the banks. The numbers presented in the cash flow are subject to change as additional information is made available. The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustments. |
(4) | All amounts are stated in U.S. Dollars. All accounts normally stated in Canadian Dollars, British Pounds, or Euros have been converted to USD at May 31, 2009 foreign exchange rates. |
(5) | The amounts listed in Other are in the process of still being identified so in the future they can be accurately shown in one of the existing disbursement categories. |
In re: AbitibiBowater Inc., et al., | Chapter 11 | |||||||||||
MOR-1a (continued) | ||||||||||||
Debtors Consolidated Schedule of Receipts and Disbursements (1) | ||||||||||||
For the period of April 16, 2009 through May 31, 2009 | ||||||||||||
(Dollars in Thousands) | ||||||||||||
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| Bowater Canada Finance Corporation | Bowater Canadian Holdings Incorporated | AbitibiBowater Canada Inc. | Bowater Canadian Forest Products Inc. | Bowater Maritimes Inc. | Bowater LaHave Corporation | Bowater Canadian Limited | Bowater Nuway Inc. | Bowater Nuway Mid- States Inc. | Bowater Ventures Inc. | AbitibiBowater US Holding 1 Corp | |
| 09-11319 | 09-11320 | 09-11321 | 09-11322 | 09-11324 | 09-11325 | 09-11326 | 09-11328 | 09-11329 | 09-11330 | 09-11331 | |
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| No Accounts |
| No Accounts | |
Beginning Cash Balance | $ 2 | $ 3 | $ 1 | $ 12,371 | $ 522 | $ 46 | $ 643 | $1 | $ - | $ 1 | $ - | |
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Total Cash Receipt | $ 2 | $ - | $ - | $ 148,302 | $ 917 | $ - | $ 66 | $ - | $ - | $ - | $ - | |
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Disbursements: |
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Payroll & Payroll Taxes |
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| $ (21,125) | $ (17) |
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Non-Payroll Labor�� |
|
|
| $ (790) |
|
|
|
|
|
|
| |
Raw Materials |
|
|
| $ (14,938) |
|
|
|
|
|
|
| |
Utilities |
|
|
| $ (80) |
|
|
|
|
|
|
| |
Freight |
|
|
| $ (16,106) |
|
|
|
|
|
|
| |
SG&A | $ (0) | $ (0) | $ (0) | $ (6,130) |
| $ (0) | $ (0) | $ (0) |
| $ (0) |
| |
Supplies |
|
|
| $ (2,014) |
|
|
|
|
|
|
| |
Wire Transfers to 3rd Parties |
|
| $ (30,619) |
|
|
|
|
|
|
| ||
Rent |
|
|
| $ (25) |
|
|
|
|
|
|
| |
Other (5) |
|
|
| $ (23,600) | $ (880) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Total Cash Disbursements | $ (0) | $ (0) | $ (0) | $ (115,426) | $ (897) | $ (0) | $ (0) | $ (0) | $ - | $ (0) | $ - | |
|
|
|
|
|
|
|
|
|
|
|
| |
Ending Cash Balance | $ 4 | $ 2 | $ 2 | $ 45,246 | $ 541 | $ 45 | $ 709 | $ 0 | $ - | $ 1 | $ - | |
Notes:
(1) | MOR 1-a represents the cash flow of the current operating accounts used by the debtors and excludes lockbox accounts, investment accounts, and ZBAs. |
(2) | MOR 1-a also excludes D.I.P. financing cash receipts of $155.7 million in debtor #09-11311 and $40.0 million in debtor #09-11322. Also MOR 1-a excludes $46.0 million of currency exchange transactions, and also excludes $37.6 million of inter-company cash settlements. |
(3) | The debtors' accounting systems are designed to provide operating reports in accordance with GAAP. The accounting systems are not designed to produce reports that are consistent with the requirements of the U.S. Trustee. As a result, the information presented in this schedule was prepared using bank account statements as supplied to the debtors from the banks. The numbers |
presented in the cash flow are subject to change as additional information is made available. The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustments.
(4) | All amounts are stated in U.S. Dollars. All accounts normally stated in Canadian Dollars, British Pounds, or Euros have been converted to USD at May 31, 2009 foreign exchange rates. |
(5) | The amounts listed in Other are in the process of still being identified so in the future they can be accurately shown in one of the existing disbursement categories. |
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-2
Schedule of Cash Disbursements by Debtor Entity
(Dollars in Thousands)
Debtor Entity | Notes | Bankruptcy Case Number | Disbursements for the Period April 16, 2009 to May 31, 2009 (1) |
AbitibiBowater Inc. | (2) | 09-11296 | $ 0 |
AbitibiBowater US Holding LLC | (2) | 09-11297 | $ 0 |
Donohue Corp. | (2) | 09-11298 | $ 0 |
Abitibi Consolidated Sales Corporation (ACSC) |
| 09-11299 | $ 85,450 |
Abitibi-Consolidated Alabama Corporation | (2) | 09-11300 | $ 0 |
Alabama River Newsprint Company (ARNC) |
| 09-11301 | $ 685 |
Abitibi-Consolidated Corporation |
| 09-11302 | $ 457 |
Augusta Woodlands, LLC | (2) | 09-11303 | $ - |
Tenex Data Inc. | (2) | 09-11304 | $ - |
Abitibi-Consolidated Finance LP | (2) | 09-11305 | $ - |
Bowater Newsprint South LLC | (2) | 09-11306 | $ - |
Bowater Newsprint South Operations LLC |
| 09-11307 | $ 0 |
Bowater Finance II, LLC | (2) | 09-11308 | $ 61 |
Bowater Alabama LLC |
| 09-11309 | $ 500 |
Coosa Pines Golf Club, LLC | (2) | 09-11310 | $ - |
Bowater Incorporated |
| 09-11311 | $ 189,158 |
Catawba Property Holdings LLC | (2) | 09-11312 | $ - |
Bowater Finance Company, Inc. | (2) | 09-11314 | $ - |
Bowater South American Holdings, Inc. | (2) | 09-11315 | $ - |
Bowater America Inc. (BAI) | (2) | 09-11316 | $ - |
Lake Superior Forest Products Inc. | (2) | 09-11317 | $ - |
Bowater Canada Finance Corporation | (2) | 09-11319 | $ 0 |
Bowater Canadian Holdings Incorporated | (2) | 09-11320 | $ 0 |
AbitibiBowater Canada Inc. | (2) | 09-11321 | $ 0 |
Bowater Canadian Forest Products Inc. |
| 09-11322 | $ 115,426 |
Bowater Maritimes Inc. |
| 09-11324 | $ 897 |
Bowater LaHave Corporation | (2) | 09-11325 | $ 0 |
Bowater Canadian Limited | (2) | 09-11326 | $ 0 |
Bowater Nuway Inc. | (2) | 09-11328 | $ 0 |
Bowater Nuway Mid-States Inc. | (2) | 09-11329 | $ - |
Bowater Ventures Inc. | (2) | 09-11330 | $ 0 |
AbitibiBowater US Holding 1 Corp | (2) | 09-11331 | $ - |
|
| Total Disbursements | $ 392,635 |
Notes:
(1) | Disbursement amounts in the main operating accounts include all payments issued during the period, excluding inter-company cash settlements of $37.6 million, and $46.0 million in currency exchange. Also, transfers between bank accounts are not included. |
(2) | Indicates Debtor entities that have no disbursements or have disbursements of $500 or less to report during the period. |
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-3
Schedule of Debtors Bank Account Balances
(Dollars in Thousands)
| ||||||
Case # | Debtor Entity | Bank Name | Bank Account Ending In: | Curr $ | Bank Balance @ | |
09 | 11298 | Donohue Corp (DNC) | Bank of America | 6296 | USD | $ 1 |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 1568 | USD | $ 9,244 |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Citibank | 7095 | USD | $ 1,109 |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 1576 | USD | $ 4 |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 6171 | USD | $ 77 |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 2316 | USD | $ (0) |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 2696 | USD | $ 2,558 |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 0862 | USD | $ - |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 0870 | USD | $ - |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 3463 | USD | $ - |
09 | 11299 | Abitibi Cons Sales Corp (ACSC) | Bank of America | 6598 | USD | $ - |
09 | 11301 | Alabama River Newsprint Company | Regions | 8852 | USD | $ 908 |
09 | 11301 | Alabama River Newsprint Company | Regions | 6609 | USD | $ 1,075 |
09 | 11301 | Alabama River Newsprint Company | Regions | 2789 | USD | $ 3 |
09 | 11301 | Alabama River Newsprint Company | Regions | 5391 | USD | $ 1 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 6482 | USD | $ 44 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 9128 | USD | $ 2 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 2704 | USD | $ - |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 8511 | USD | $ 3 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 0430 | USD | $ 329 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 0429 | USD | $ 16 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 7832 | USD | $ 56 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 9656 | USD | $ 0 |
09 | 11302 | Abitibi-Consolidated Corporation | Bank of America | 2388 | USD | $ 19 |
09 | 11303 | Augusta Woodlands LLC | Wachovia | 7669 | USD | $ 273 |
09 | 11306 | Bowater Newsprint South LLC | Wachovia | 7229 | USD | $ 1 |
09 | 11307 | Bowater Newsprint South Ops (BNSO) | Union Planters | 9429 | USD | $ 1 |
09 | 11309 | Bowater Alabama (BALI) | Coosa Pines Federal Credit Union | 2022 | USD | $ 71 |
09 | 11311 | Bowater Incorporated (BI) | Wachovia | 9066 | USD | $ 207,312 |
09 | 11311 | Bowater Incorporated (BI) | Wachovia London | 8036 | GBP | $ 6,636 |
09 | 11311 | Bowater Incorporated (BI) | Wachovia London | 8166 | EUR | $ 3,727 |
09 | 11311 | Bowater Incorporated (BI) | Bank of America | 2618 | USD | $ 2,289 |
09 | 11311 | Bowater Incorporated (BI) | Wells Fargo | 0687 | USD | $ 228 |
09 | 11311 | Bowater Incorporated (BI) | Bank of New York | 3002 | USD | $ (1) |
09 | 11311 | Bowater Incorporated (BI) | AM South | 3536 | USD | $ 41 |
09 | 11311 | Bowater Incorporated (BI) | BB&T | 1324 | USD | $ 155 |
09 | 11311 | Bowater Incorporated (BI) | SunTrust | 1261 | USD | $ 42 |
09 | 11311 | Bowater Incorporated (BI) | JPMorgan Chase | 4478 | USD | $ 37 |
09 | 11311 | Bowater Incorporated (BI) | BB&T | 6446 | USD | $ 25 |
09 | 11311 | Bowater Incorporated (BI) | SunTrust | 4394 | USD | $ 69 |
09 | 11311 | Bowater Incorporated (BI) | Wachovia London | 8026 | USD | $ 1 |
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-3 (continued)
Schedule of Debtors Bank Account Balances
(Dollars in Thousands)
| ||||||
Case # | Debtor Entity | Bank Name | Bank Account Ending In: | Curr $ | Bank Balance @ | |
09 | 11311 | Bowater Incorporated (BI) | Bank of America | 5097 | USD | $ - |
09 | 11311 | Bowater Incorporated (BI) | Wachovia | 7224 | USD | $ 2 |
09 | 11311 | Bowater Incorporated (BI) | Arrowpoint Fed CU | 2195 | USD | $ 0 |
09 | 11311 | Bowater Incorporated (BI) | Carolina First Investment | 3946 | USD | $ 46,246 |
09 | 11311 | Bowater Incorporated (BI) | Carolina First | 2882 | USD | $ 183 |
09 | 11314 | Bowater Finance Company Inc. | Wachovia | 7062 | USD | $ 1 |
09 | 11317 | Lake Superior Forest Products Inc. | Bank of America | 1105 | USD | $ 58 |
09 | 11319 | Bowater Canada Finance Corporation | Wachovia | 7892 | USD | $ 15,002 |
09 | 11319 | Bowater Canada Finance Corporation | Wachovia | 9074 | USD | $ 2 |
09 | 11319 | Bowater Canada Finance Corporation | Wachovia | 7143 | USD | $ 1 |
09 | 11320 | Bowater Canadian Holdings Incorporated | Wachovia | 9382 | USD | $ 2 |
09 | 11321 | AbitibiBowater Canada Inc. | Wachovia | 7711 | USD | $ 2 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 0135 | USD | $ 21,284 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 2181 | CAD | $ 5,689 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 0811 | CAD | $ 12 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 5945 | CAD | $ - |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 8603 | CAD | $ - |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 8611 | CAD | $ - |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 5990 | USD | $ 870 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 9511 | CAD | $ 1,080 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 7609 | CAD | $ 314 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 1445 | USD | $ 849 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Montreal | 2392 | USD | $ 234 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Toronto Dominion | 4845 | USD | $ 97 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of America | 0351 | USD | $ 619 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Toronto Dominion | 6782 | CAD | $ 2,888 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Banque Nationale du Canada | 0027 | CAD | $ 84 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Toronto Dominion | 8039 | CAD | $ - |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Toronto Dominion | 3089 | CAD | $ 385 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Wachovia | 9531 | USD | $ 2 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Bank of Nova Scotia- Maniwaki Ops | 5412 | CAD | $ 0 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Wachovia London | 8036 | GBP | $ 705 |
09 | 11322 | Bowater Canadian Forest Products (BCFPI) | Lloyds of London | 2394 | GBP | $ 359 |
09 | 11324 | Bowater Maritime Inc (DAL) | Bank of Montreal | 5982 | USD | $ 42 |
09 | 11324 | Bowater Maritime Inc (DAL) | Bank of Montreal | 5889 | CAD | $ 545 |
09 | 11325 | Bowater LaHave Corporation | Wachovia | 6638 | USD | $ 45 |
09 | 11326 | Bowater Canadian Limited | CIBC | 5917 | CAD | $ 20 |
09 | 11326 | Bowater Canadian Limited | CIBC | 6918 | CAD | $ 753 |
09 | 11328 | Bowater Nuway Inc (BEN) | Wachovia | 6806 | USD | $ 1 |
09 | 11330 | Bowater Ventures Inc | Wachovia | 9612 | USD | $ 1 |
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-4
Schedule of Professional Fees and Expenses Paid
For the Period April 16, 2009 to May 31, 2009
NONE
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-5
Declaration Regarding the Reconciliation of the Debtors’ Bank Accounts
| As of May 31, 2009 |
William G. Harvey hereby declares under penalty of perjury:
| • | I am the Senior Vice President and Chief Financial Officer for Abitibibowater Inc, et at., the above-captioned debtors and debtors in possession (collectively, the “Debtors”). I am familiar with the Debtors’ day-to-day operations, business, affairs and books and records. |
| • | I am authorized to submit this Declaration of behalf of the Debtors. |
| • | I hereby certify that the Debtor and all affiliated Debtors are reconciled on a regular and timely basis. |
Dated: June 30, 2009 | Respectfully submitted, |
|
|
|
|
| By: William G. Harvey |
|
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-6
Debtor Consolidating Balance Sheet
As of May 31, 2009
| AbitibiBowater Inc. | AbitibiBowater US Holding LLC | Donohue Corp. | Abitibi Consolidated Sales Corporation | Abitibi- Consolidated Alabama Corporation | Alabama River Newsprint Company | Abitibi- Consolidated Corporation | Augusta Woodlands, LLC | Tenex Data Inc. | Abitibi- Consolidated Finance LP |
| 09-11296 | 09-11297 | 09-11298 | 09-11299 | 09-11300 | 09-11301 | 09-11302 | 09-11303 | 09-11304 | 09-11305 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents | $ - | $ - | $ 568 | $ 10,565,091 | $ - | $ 1,955,993 | $ (625,863) | $ 273,430 | $ - | $ 51,117 |
Receivables - Net | $ - | $ - | $ - | $ 132,438 | $ 4,452,534 | $ 392,041 | $ 7,544,695 | $ - | $ - | $ - |
Inventories | $ - | $ - | $ - | $ 48,795,822 | $ - | $ 7,891,848 | $ 2,015,222 | $ - | $ - | $ - |
Prepaid Expense and Other | $ 256,570 | $ - | $ - | $ (506,813) | $ - | $ 853,000 | $ (32,386) | $ - | $ - | $ - |
Notes Receivable from Affiliates | $ 379,757,776 | $ - | $ 499,163,279 | $ 268,284,065 | $ - | $ - | $ 92,000,000 | $ - | $ - | $ 36,309,799 |
Income Tax Receivable | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Deferred Income Taxes | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Total Current Assets | $ 380,014,346 | $ - | $ 499,163,279 | $ 327,270,603 | $ 4,452,534 | $ 11,092,882 | $ 100,901,668 | $ 273,430 | $ - | $ 36,360,916 |
|
|
|
|
|
|
|
|
|
|
|
Plant and Equipment | $ - | $ - | $ - | $ 8,958,057 | $ 898,483 | $ 437,398,966 | $ 529,692,019 | $ 24,877 | $ - | $ - |
Less Accumulated Depreciation | $ - | $ - | $ - | $ 6,669,288) | $ (898,483) | $ (274,564,706) | $ (493,203,797) | $ - | $ - | $ - |
Plant and Equipment - Net | $ - | $ - | $ - | $ 2,288,769 | $ - | $ 162,834,260 | $ 36,488,222 | $ 24,877 | $ - | $ - |
|
|
|
|
|
|
|
|
|
|
|
Goodwill/Intangible Assets | $ - | $ - | $ - | $ 46,733 | $ - | $ - | $ 52,884 | $ - | $ - | $ - |
Investment in Subsidiaries | 3,151,234,500 | $ 688,900,001 | $1,257,832,309 | $ 354,938,998 | $221,189,750 | $ - | $ 31,483,052 | $ - | $ - | $ - |
Other Assets | 12,758,957 | $ - | $ - | $ 17,181,715 | $ - | $ - | $ 32,950,168 | $ - | $ - | $ - |
Total Assets | 3,544,007,803 | $ 688,900,001 | $1,756,996,156 | $ 701,726,818 | $225,642,284 | $ 173,927,142 | $ 201,875,994 | $ 298,307 | $ - | $ 36,360,916 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Trade Accounts Payable | $ - | $ - | (236,787) | $ 6,210,260 | $ (4,302,873) | $ (7,151) | $ 4,610,117 | $ (2) | $ - | $ - |
Accrued Liabilites | $ 2,457,472 | $ - | $ (40,990,249) | $ 72,974,066 | $ 2,741 | $ 15,161,639 | $ 6,387,546 | $ - | $ - | $ - |
Current Portion of Long Term Debt | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Due to (from) Affiliates | $ 71,212,357 | $ - | $ 35,670,858 | $(1,814,068,067) | $ (12,470,997) | $ - | $ 314,054,997 | $ (4,371,680) | $ - | $ - |
Income Tax Payable (Receivable) | $ (30,739,868) | $ (11,987,501) | $ 8,568,264 | $ 14,105,093 | $ (3,999,490) | $ - | $ (29,724,923) | $ (17,890) | $ - | $ - |
Total Current Liabilities | $ 42,929,961 | $ (11,987,501) | $ 3,012,086 | $(1,720,778,648) | $ (20,770,619) | $ 15,154,488 | $ 295,327,737 | $ (4,389,572) | $ - |
|
|
|
|
|
|
|
|
|
|
|
|
Long Term Debt | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Reclassification to Current Portion | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Long Term Debt Net of Current Installments | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Loans from Affiliates | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Other Liabilities | $ (2) | $ - | $ 1 | $ 419,957 | $ - | $ 456,908 | $ 130,794,923 | $ - | $ - | $ (1) |
Deferred Income Taxes (Assets) | $ (1,670,339) | $ (11,797,935) | $ (8,927,186) | $ (41,114,383) | $ 26,782,890 | $ - | $ (202,989,475) | $ - | $ - | $ - |
Liabilities Subject to Compromise |
|
|
|
|
|
|
|
|
|
|
Debt | $ 296,279,094 | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ 7,841,810 |
Affiliate Debt | $ 725,156,300 | $ 790,291,273 | $ - | $ 452,468,669 | $253,247,307 | $ - | $ - | $ - | $ - | $ 130,252 |
Accounts Payable | $ - | $ - | $ 236,787 | $ 7,359,1281 | $ - | $ 1,683,779 | $ 4,006,583 | $ - | $ - | $ - |
Other | $ - | $ - | $ - | $ 21,813,064 | $ - | $ 3,764,212 | $ 11,099,295 | $ - | $ - | $ - |
Total Liabilities | $ 1,062,695,014 | $ 766,505,837 | $ (5,678,312) | $(1,279,832,160) | $259,259,578 | $ 21,059,387 | $ 238,239,063 | $ (4,389,572) | $ - | $ (6,196,478) |
|
|
|
|
|
|
|
|
|
|
|
Shareholder Equity - Net | $ 2,481,312,789 | $ (77,605,836) | $1,762,674,468 | $ 1,981,558,978 | $ (33,617,294) | $ 152,867,755 | $ (36,363,069) | $ 4,687,879 | $ - | $ 42,557,394 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity | $ 3,544,007,803 | $ 688,900,001 | $1,756,996,156 | $ 701,726,818 | $225,642,284 | $ 173,927,142 | $ 201,975,994 | $ 298,307 | $ - | $ 36,360,916 |
NOTE: The information contained herein is provided to fulfill the requirements of the Office of the U. S Trustee. All information is unaudited and subject to further adjustment.
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-6 (continued)
Debtor Consolidating Balance Sheet
As of May 31, 2009
| Bowater Newsprint South LLC | Bowater Newsprint South Operations LLC | Bowater Finance II LLC | Bowater Alabama LLC | Coosa Pines Golf Club LLC | Bowater Incorporated | Catawba Property Holdings LLC | Bowater Finance Company Inc. | Bowater South American Holdings Inc. | Bowater America Inc. | Lake Superior Forest Products Inc. |
| 09-11306 | 09-11307 | 09-11308 | 09-11309 | 09-11310 | 09-11311 | 09-11312 | 09-11314 | 09-11315 | 09-11316 | 09-11317 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents | $ - | $ 3,870 | $ - | $ 72,830 | $ - | $ 275,205,646 | $ - | $ 2,714 | $ - | $ - | $ 45,096 |
Receivables - Net | $ - | $ 9,551,886 | $ - | $ 3,255,461 | $ - | $ 105,851,150 | $ - | $ - | $ - | $ 124,922,462 | $ - |
Inventories | $ - | $ 10,006,165 | $ - | $ 47,283,605 | $ - | $ 109,577,966 | $ - | $ - | $ - | $ 3,444,674 | $ - |
Prepaid Expense and Other | $ - | $ 135,944 | $ - | $ 3,691,392 | $ - | $ 36,727,966 | $ - | $ - | $ - | $ - | $ - |
Notes Receivable from Affiliates | $ - | $ - | $ - | $ - | $ - | $ 1,257,094,712 | $ - | $ 30,060,355 | $ - | $ - | $ - |
Income Tax Receivable | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Deferred Income Taxes | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Total Current Assets | $ - | $ 19,697,865 | $ - | $ 54,303,288 | $ - | $ 1,784,457,440 | $ - | $ 30,063,069 | $ - | $ - | $ 45,096 |
|
|
|
|
|
|
|
|
|
|
|
|
Plant and Equipment | $ - | $ 75,789,653 | $ - | $ 466,016,027 | $ 1,792,022 | $ 2,732,063,135 | $ - | $ - | $ - | $ 3,403,000 | $ - |
Less Accumulated Depreciation | $ - | $(180,270,495) | $ - | $(195,399,095) | $(1,532,014) | $(1,994,180,982) | $ - | $ - | $ - | $ (3,403,000) | $ - |
Plant and Equipment - Net | $ - | $ 195,519,158 | $ - | $ 270,616,943 | $ 260,008 | $ 737,882,153 | $ - | $ - | $ - | $ - | $ - |
|
|
|
|
|
|
|
|
|
|
| $ - |
Goodwill/Intangible Assets | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ 9,100,000 | $ - |
Investment in Subsidiaries | $ - | $ - | $ - | $ - | $ - | $ 2,644,014,429 | $ - | $ (3,010,119) | $ - | $ 10,259,164 | $ 93,928,061 |
Other Assets | $ - | $ 139,443 | $ - | $ - | $ - | $ 54,889,838 | $ - | $ - | $ - | $ - | $ - |
Total Assets | $ - | $ 215,356,466 | $ - | $324,920,200 | $ 260,008 | $ 5,221,243,860 | $ - | $ 27,052,950 | $ - | $ 147,726,300 | $ 93,973,157 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Trade Accounts Payable | $ (2,605,999) | $ 1,772,976 | $ - | $ 732,196 | $ - | $ 20,860,051 | $ - | $ - | $ - | $ - | $ - |
Accrued Liabilites | $ - | $ 4,709,134 | $ - | $ 14,530,904 | $ 11,600 | $ 79,081,774 | $ - | $ - | $ - | $ 4,384,515 | $ (11,980,000) |
Current Portion of Long Term Debt | $ - | $ - | $ - | $ - | $ - | $ 163,940,000 | $ - | $ - | $ - | $ - | $ - |
Due to (from) Affiliates | $ 20,800,000 | $ 24,081,629 | $ - | $(138,812,149) | $ (233,894) | $ (513,910,384) | $ - | $ (11,188) | $ - | $ 728,767,039 | $ 77,530,184 |
Income Tax Payable (Receivable) | $ - | $ - | $ - | $ - | $ - | $ 44,215,037 | $ - | $ - | $ - | $ - | $ - |
Total Current Liabilities | $ 18,194,001 | $ 30,563,739 | $ - |
| $ (222,294) | $ (205,813,522) | $ - | $ (11,188) | $ - | $ 733,151,554 | $ 65,550,184 |
|
|
|
|
|
|
|
|
|
|
|
|
Long Term Debt |
$ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Reclassification to Current Portion | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Long Term Debt Net of Current Installments | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Loans from Affiliates | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Other Liabilities | $ 2,000,000 | $ - | $ - | $ 773,567 | $ (1) | $ 31,114,508 | $ - | $ (1) | $ - | $ - | $ 1 |
Deferred Income Taxes (Assets) | $ 77,447,000 | $ (5,396,946) | $ - | $ 57,051,055 | $ (55,865) | $ 4,765,141 | $ - | $ - | $ - | $ 3,708,399 | $ 10,063,421 |
Liabilities Subject to Compromise |
|
|
|
|
|
|
|
|
|
| |
Debt | $ - | $ 4,632,100 | $ - | $ - | $ - | $ 1,607,060,613 | $ - | $ - | $ - | $ - | $ - |
Affiliate Debt | $ - | $ - | $ - | $ - | $ - | $ 515,392,561 | $ - | $ - | $ - | $ - | $ - |
Accounts Payable | $ 2,605,999 | $ - | $ - | $ 14,899,313 | $ - | $ 39,352,470 | $ - | $ - | $ - | $ - | $ - |
Other | $ - | $ 7,885,246 | $ - | $ 60,619,871 | $ - | $ 269,370,144 | $ - | $ - | $ - | $ - | $ - |
Total Liabilities | $ 100,247,000 | $ 37,684,139 | $ - | $ 9,794,757 | $ (278,160) | $ 2,261,241,914 | $ - | $ (11,189) | $ - | $ 736,859,953 | $ 75,613,606 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder Equity - Net | $(100,247,000) | $ 177,672,327 | $ - | $ 315,125,463 | $ 538,168 | $ 2,960,001,945 | $ - | $ 27,064,139 | $ - | $(589,133,653 | $ 18,359,551 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity | $ - | $ 215,356,466 | $ - | $ 324,920,220 | $ 260,008 | $ 5,221,243,860 | $ - | $ 27,052,950 | $ - | $ 147,726,300 | $ 93,973,157 |
NOTE: The information contained herein is provided to fulfill the requirements of the Office of the U. S Trustee. All information is unaudited and subject to further adjustment.
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-6 (continued) Debtor Consolidating Balance Sheet As of May 31, 2009
| Bowater Canada Finance Corporation | Bowater Canadian Holdings Incorporated | AbitibiBowater Canada Inc. | Bowater Canadian Forest Products Inc. | Bowater Maritimes Inc. | Bowater LaHave Corporation | Bowater Canadian Limited | Bowater Nuway Inc. | Bowater Nuway Mid- states Inc. | Bowater Ventures Inc. | Abitibi US Holding 1 Corp. | Grand Total |
| 09-11319 | 09-11320 | 09-11321 | 09-11322 | 09-11324 | 09-11325 | 09-11326 | 09-11328 | 09-11328 | 09-11330 | 09-11331 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
| $ 13,868 | $ 2,197 | $ 32,847,889 | $ 551,769 | $ 45,530 | $ 708,742 | $ 1,268 | $ - | $ 1,632 | $ - | $ 336,725,336 |
Receivables - Net | $ 15,001,949 | $ - | $ - | $ 94,740,398 | $ 139,005 |
| $ - | $ - | $ (13,896) | $ - | $ - | $ 350,968,174 |
Inventories | $ - | $ - | $ - | $ 110,717,410 | $ 234,849 | $ - | $ - | $ 37,097 | $ 341,578 | $ - | $ - | $ 340,346,236 |
Prepaid Expense and Other | $ - | $ - | $ - | $ 15,195,180 | $ - | $ - | $ - | $ 55,000 | $ 94,022 | $ - | $ - | $ 56,469,875 |
Notes Receivable from Affiliates | $ - | $ 47,384,048 | $ - | $ 470,924,118 | $ - | $ - | $ - | $ 483,363,744 | $ - | $ - | $ - | $ 3,564,341,896 |
Income Tax Receivable | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Deferred Income Taxes | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Total Current Assets |
| $ 47,397,916 | $ 2,197 | $ 724,424,995 | $ 925,623 | $ 45,530 | $ 708,742 | $483,457,109 | $ 421,704 | $ 1,632 | $ - | $ 4,648,851,517 |
|
|
|
|
| $ - |
|
|
|
|
|
|
|
Plant and Equipment | $ - | $ - | $ - | $ 1,686,849,163 | $ 6,909,478 | $ - | $ - | $ 363,434 | $ 23,243,694 | $ - | $ - | $ 6,273,402,008 |
Less Accumulated Depreciation | $ - | $ - | $ - | $(1,013,965,695) | $ (1,746,740) | $ - | $ - | $ (160,481) | $(18,322.325) | $ - | $ - | $ (4,184,317,101) |
Plant and Equipment - Net | $ - | $ - | $ - | $ 672,883,468 | $ 5,162,738 | $ - | $ - | $ 202,953 | $ 4,921,369 | $ - | $ - | $ 2,089,084,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill/Intangible Assets | $ - | $ - | $ - | $ 46,889,000 | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ 56,098,617 |
Investment in Subsidiaries | $ 818,915,952 | $2,789,245,026 | $1,641,734,410 | $ 967,621,734 | $ - | $ - | $7,132,489 | $ 5,100,000 | $ - | $ 820,283 | $ - | $ 14,761,149,348 |
Other Assets | $ 1,225,459 | $ - | $ - | $ 80,816,125 | $ 9,606,341 | $79,809,309 | $ - | $ - | $ - | $ - | $ - | $ 209,568,046 |
Total Assets | $ 835,143,360 | $2,836,642,942 | $1,641,736,607 | $ 2,492,645,322 | $ 15,694,702 | $79,809,309 | $7,841,231 | $488,760,062 | $ 5,343,073 | $ 821,915 | $ - | $ 21,764,752.435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Trade Accounts Payable | $ - | $ - | $ - | $ 4,013,083 | $ (851,764) | $ - | $ - | $ (65,844) | $ (27,692) | $ (213,841) | $ - | $ 29,886,730 |
Accrued Liabilites | $ - | $ (348,885) | $ 5,585 | $ 95,470,630 | $ 3,330,757 | $ - | $ - | $ 423,375 | $ 345,884 | $ - | $ - | $ 245,958,488 |
Current Portion of Long Term Debt | $ - | $ - | $ - | $ 42,060,000 | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ 206,000,000 |
Due to (from) Affiliates | $ 15,457,837 | $ 794,168 | $ 5,675,750 | $ (380,220,852) | $ 50,437,125 | $ - | $ 13,743 | $ (2,572,302) | $ 72,924,591 | $ 128,110 | $ - | $(1,463,209,664) |
Income Tax Payable (Receivable) | $ - | $ (1) | $ - | $ 229,059 | $ 10,277 | $ - | $ 110,645 | $ - | $ - | $ - | $ - | $ (9,231,298) |
Total Current Liabilities | $ 15,457,837 | $ 445,282 | $ 5,681,335 | $ (238,448,080) | $ 52,926,395 | $ - | $ 124,388 | $ (2,214,771) | $ 73,243,783 | $ (85,731) | $ - | $ (990,676,744) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Term Debt | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Reclassification to Current Portion | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Long Term Debt Net of Current Installments | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Loans from Affiliates | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Other Liabilities | $ (3) | $ (2) | $ (2) | $ 36,607,814 | $ 6,091,326 | $ - | $ (1) | $ 2,552,509 | $ 100,003 | $ - | $ - | $ 210,911,508 |
Deferred Income Taxes (Assets) | $ 9,598,923 | $ (1,866,981) |
| $ 33,025 | $ 127,969 | $ - | $ (108,351) | $ (794,126) | $ 8,388,413 | $ - | $ - | $ (65,360,962) |
Liabilities Subject to Compromise |
|
|
|
|
|
|
|
|
|
|
| |
Debt | $ 619,405,721 | $ - | $ - | $ 354,574,642 | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ 2,889,793,980 |
Affiliate Debt | $ - | $ 100,912,003 | $ 346,410,436 | $ 565,689,946 | $ 142,801,139 | $ - | $ - | $ - | $ - | $ - | $ - | $ 3,875,424,164 |
Accounts Payable | $ - | $ - | $ - | $ 34,075,272 | $ 1,125,914 | $ - | $ - | $ 55,012 | $ - | $ 213,841 | $ - | $ 150,614,151 |
Other | $ - | $ - | $ - | $ 68,585,536 | $ 37,820,954 | $ - | $ - | $ - | $ - | $ - | $ - | $ 480,958,322 |
Total Liabilities | $ 644,462,478 | $ 99,490,306 | $ 346,410,436 | $ 821,118,155 | $ 240,983,697 | $ - | $ 16,036 | $ (401,376) | $ 81,732,199 | $ 128,110 | $ - | $ 6,506,664,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder Equity - Net | $ 190,680,882 | $2,737,152,636 | $ 1,295,326,171 | $ 1,671,527,167 | $(225,198,995) | $79,854,839 | $7,825,195 | $489,161,438 | $(76,389,126) | $ 693,805 | $ - | $15,258,088,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity | $ 835,143,360 | $2,836,642,942 | $ 1,641,736.607 | $ 2,492,645,322 | $ 15,694,702 | $79,854,839 | $7,841,231 | $488,760,062 | $ 5,343,073 | $ 821,915 | $ - | $21,764,752,435 |
NOTE: The information contained herein is provided to fulfill the requirements of the Office of the U. S Trustee. All information is unaudited and subject to further adjustments.
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-7
Debtor Consolidating Statement of Operations
For the Period April 16, 2009 to May 31, 2009
| AbitibiBowater Inc. | AbitibiBowater US Holding LLC | Donohue Corp. | Abitibi Consolidated Sales Corporation | Abitibi-Consolidated Alabama Corporation | Alabama River Newsprint Company | Abitibi-Consolidated Corporation | Augusta Woodlands, LLC | Tenex Data Inc. | Abitibi- Consolidated Finance LP |
| 09-11296 | 09-11297 | 09-11298 | 09-11299 | 09-11300 | 09-11301 | 09-11302 | 09-11303 | 09-11304 | 09-11305 |
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
Sales – Net | $ - | $ - | $ - | $ 137,321,701 | $ (46,389) | $ (45,924) | $ 45,946 | $ - | $ - | $ - |
Cost of Sales | $ - | $ - | $ - | $ 137,929,672 | $ (45,924) | $ 4,288,442 | $ 5,444,821 | $ - | $ - | $ - |
Gross Profit (Loss) | $ - | $ - | $ - | $ (607,972) | $ (465) | $ (4,334,366) | $ (5,398,876) | $ - | $ - | $ - |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative | $ 1,532,905 | $ - | $ - | $ 1,503,979 | $ - | $ - | $ - | $ - | $ - | $ - |
Research and Development | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Restructuring and Other Costs | $ 6,700,000 | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Total Operating Expenses | $ 8,232,905 | $ - | $ - | $ 1,503,979 | $ - | $ - | $ 25 | $ - | $ - | $ - |
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) | $ (8,232,905) | $ - | $ - | $ (2,111,950) | $ (465) | $ (4,334,366) | $ (5,398,901) | $ - | $ - | $ - |
|
|
|
|
|
|
|
|
|
|
|
Interest Income (Expense) | $ (36,777,400) | $ (27,872,713) | $ 629,369) | $ 2,555,593 | $ (1,960,929) | $ (360,065) | $ (6,034) | $ - | $ - | $ (13,723) |
Other Income (Expense) Net | $ (620,853) | $ - | $ - | $ (5,796,187) | $ - | $ - | $ (3,630) | $ - | $ - | $ 45,559 |
Equity in Earnings of Subs | $ - | $ - | $ - | $ (353,377) | $ - | $ - | $ - | $ - | $ - | $ - |
Income Before Taxes | $ (45,631,158) | $ (27,872,713) | $ (629,369) | $ (5,705,922) | $ (1,961,394) | $ (4,694,431) | $ (5,408,564) | $ - | $ - | $ 131,836 |
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
|
|
|
|
|
|
|
|
|
|
|
Net Income before Discontinued Operations | $ (45,631,158) | $ (27,872,713) | $ (629,369) | $ (5,705,922) | $ (1,961,394) | $ (4,694,431) | $ (5,412,597) | $ - | $ - | $ 31,836 |
Discontinued Operations | $ - | $ - | $ - | - | $ - | $ - | $ - | $ - | $ - | $ - |
Net Income (Loss) | $ (45,631,158) | $ (27,872,713) | $ (629,369) | $ (5,705,922) | $ (1,961,394) | $ (4,694,431) | $ (5,412,597) | $ - | $ - | $ 131,836 |
NOTE: The information contained herein is provided to fulfill the requirements of the Office of the U. S Trustee. All information is unaudited and subject to further adjustments.
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-7 (continued)
Debtor Consolidating Statement of Operations
For the Period April 16, 2009 to May 31, 2009
| Bowater Newsprint South LLC | Bowater Newsprint South Operations LLC | Bowater Finance II LLC | Bowater Alabama LLC | Coosa Pines Golf Club LLC | Bowater Incorporated | Catawba Property Holdings LLC | Bowater Finance Company Inc. | Bowater South American Holdings Inc. | Bowater America Inc. | Lake Superior Forest Products Inc. |
| 09-11306 | 09-11307 | 09-11308 | 09-11309 | 09-11310 | 09-11311 | 09-11312 | 09-11314 | 09-11315 | 09-11316 | 09-11317 |
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
Sales - Net | $ - | $ 6,340,692 | $ - | $ 36,681,256 | $ - | $ 92,993,870 | $ - | $ - | $ - | $ 141,633,912 | $ - |
Cost of Sales | $ - | $ 8,151,873 | $ - | $ 37,158,786 | $ (1,343) | $ 53,998,679 | $ - | $ - | $ - | $ 143,840,876 | $ - |
Gross Profit (Loss) | $ - | $ (1,811,181) | $ - | $ (477,530) | $ 1,343 | $ 48,995,192 | $ - | $ - | $ - | $ (2,206,964) | $ - |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative | $ - | $ (2,162) | $ - | $ 280,654 | $ - | $ 16,322,068 | $ - | $ - | $ - | $ 27,709 | $ - |
Research and Development | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Restructuring and Other Costs | $ - | $ - | $ - | $ - | $ - | $ (357,020) | $ - | $ - | $ - | $ - | $ - |
Total Operating Expenses | $ - | $ (2,162) | $ - | $ 280,654 | $ - | $ 15,965,048 | $ - | $ - | $ - | $ 27,709 | $ - |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) | $ - | $ (1,809,020) | $ - | $ (758,184) | $ 1,343 | $ 33,030,144 | $ - | $ - | $ - | $ (5,139,445) | $ - |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income (Expense) | $ - | $ (48,751) | $ - | $ (255) | $ - | $ 34,199,325 | $ - | $ - | $ - | $ (224) | $ (25) |
Other Income (Expense) Net | $ - | $ (8,504) | $ - | $ (485,788) | $ - | $ 5,792,895 | $ - | $ - | $ - | $ (2,904,549) | $ 3,480 |
Equity in Earnings of Subs | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ (195,200) |
Income Before Taxes | $ - | $ (1,866,274) | $ - | $ (1,244,227) | $ 1,343 | $ 73,022,364 | $ - | $ - | $ - | $ (5,139,445) | $ (121,745) |
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ 31,667 | $ - |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income before Discontinued Operations | $ - | $ (1,866,274) | $ - | $ (1,244,227) | $ 1,343 | $ 73,022,364 | $ - | $ - | $ - | $ (5,091,945) | $ (121,745) |
Discontinued Operations | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Net Income (Loss) | $ - | $ (1,866,274) | $ - | $ (1,244,227) | $ 1,343 | $ 73,022,364 | $ - | $ - | $ - | $ (5,091,945) | $ (121,745) |
NOTE: The information contained herein is provided to fulfill the requirements of the Office of the U. S Trustee. All information is unaudited and subject to further adjustments.
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-7 (continued)
Debtor Consolidating Statement of Operations
For the Period April 16, 2009 to May 31, 2009
| Bowater Canada Finance Corporation | Bowater Canadian Holdings Incorporated | AbitibiBowater Canada Inc. | Bowater Canadian Forest Products Inc. | Bowater Maritimes Inc. | Bowater LaHave Corporation | Bowater Canadian Limited | Bowater Nuway Inc. | Bowater Nuway Mid-states Inc. | Bowater Ventures Inc. | AbitibiBowater US Holding 1 Corp. | Grand Total |
| 09-11319 | 09-11320 | 09-11321 | 09-11322 | 09-11324 | 09-11325 | 09-11326 | 09-11328 | 09-11328 | 09-11330 | 09-11331 |
|
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Sales - Net | $ - | $ - | $ - | $ 78,384,044 | $ (20,297) | $ - | $ - | $ - | $ (101,616) | $ - | $ - | $ 493,187,195 |
Cost of Sales | $ - | $ - | $ - | $ 83,694,970 | $ 299,431 | $ - | $ - | $ 58,636 | $ 89,824 | $ - | $ - | $ 465,008,741 |
Gross Profit (Loss) | $ - | $ - | $ - | $ (5310,926) | $ (319,728) | $ - | $ ��- | $ (58,636) | $ (291,439) | $ - | $ - | $ 28,178,454 |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative | $ - | $ - | $ - | $ 4,244,579 | $ - | $ - | $ - | $ - | $ 1,906 | $ - | $ - | $ 23,911,662 |
Research and Development | $ - | $ - | $ - | $ (225,486) | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ (225,486) |
Restructuring and Other Costs | $ - | $ - | $ - | $ (372,178) | $ (8,707) | $ - | $ - | $ - | $ - | $ - | $ - | $ 5,962,096 |
Total Operating Expenses | $ - | $ - | $ - | $ 3,646,916 | $ (8,707) | $ - | $ - | $ - | $ 1,906 | $ - | $ - | $ 9,648,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) | $ - | $ - | $ - | $ (8,957,842) | $ (311,021) | $ - | $ - | $ (58,636) | $ (293,345) | $ - | $ - | $ (1,469,818) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income (Expense) | $ (264) | $ 90,464 | $ (47) | $ 1,600,244) | $ (551,112) | $ (1,526) | $ (4) | $ 524,820 | $ - | $ (47) | $ - | $ (32,452,529) |
Other Income (Expense) Net | $ (1,099,800) | $ (726,058) | $ (1,854,694) | $ (4,793,757) | $ (15,876,843) | $ - | $ - | $ (25,850) | $ (3,745) | $ - | $ - | $ (28,188,321) |
Equity in Earnings of Subs | $ - | $ - | $ - | $ 14,003 | $ - | $ - | $ - | $ - | $ | $ - | $ - | $ (534,575) |
Income Before Taxes | $ (1,100,064) | $ (635,594) | $ (1,854,741) | $ 15,337,840 | $ (16,738,975) | $ (1,526) | $ (4) | $ 440,335 | $ (297,090) | $ (47) | $ - | $ (62,645,242) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ 31,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income before Discontinued Operations | $ (1,100,064) | $ (635,594) | $ (1,854,741) | $ (15,337,840) | $ (16,738,975) | $ (1,526) | $ (4) | $ 440,335 | $ (297,090) | $ (47) | $ - | $ (62,613,575) |
Discontinued Operations | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
Net Income (Loss) | $ (1,100,064) | $ (635,594) | $ (1,854,741) | $ (15,337,840) | $ (16,738,975) | $ (1,526) | $ (4) | $ 440,335 | $ (297,090) | $ (47) | $ - | $ (62,613,575) |
NOTE: The information contained herein is provided to fulfill the requirements of the Office of the U. S Trustee. All information is unaudited and subject to further adjustment.
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-8
Declaration Regarding the Status of Post-Petition Taxes of the Debtors
As of May 31, 2009
Joel P. Ihrig hereby declares under penalty of perjury:
| • | I am the Vice President of Taxation for Abitibibowater Inc, et at., the above-captioned debtors and debtors in possession (collectively, the “Debtors”). I am familiar with the Debtors’ day-to-day operations, business, affairs and books and records. |
| • | I am authorized to submit this Declaration of behalf of the Debtors. |
| • | To the best of my knowledge, I certify that the Debtor and all affiliated Debtors have paid all taxes from April 16, 2009, the petition date, through May 31, 2009, the end of this reporting period. |
Dated: June 30, 2009 | Respectfully submitted, |
|
|
|
|
| By: Joel P. Ihrig |
|
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-9
Combined Listing of Post-Petition Aged Accounts Payable
As of May 31, 2009
(Dollars in Thousands)
|
| Number of Days Outstanding | ||||||||
| Notes | 0-30 |
| 31-60 |
| 61-90 |
| Over 90 |
| Totals |
Accounts Payable | (1) | $ 16,139 |
| $ 13,748 |
| $ - |
| $ - |
| $ 29,887 |
|
|
|
|
|
|
|
|
|
| 0 |
|
|
|
|
|
|
|
|
|
| 0 |
Total Post-Petition Payables |
| $ 16,139 |
| $ 13,748 |
| $ - |
| $ - |
| $ 29,887 |
Notes:
(1) | The post-petition accounts payable reported represents open and outstanding trade vendor invoices, based on invoice date, that have been entered into the Debtors' accounts payable system. These amounts do not include any payables based on accruals for which invoices have not been received nor services performed. |
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-10
Combined Listing of Aged Accounts Receivable
As of May 31, 2009
(Dollars in Thousands)
| Number of Days Outstanding | |||||||||||
| Notes | Current |
| 0-30 |
| 31-60 |
| 61-90 |
| Over 90 |
| Totals |
Accounts Receivable | (1) | $ 213,422 |
| $ 56,115 |
| $ 13,186 |
| $ 8,586 |
| $ 15,332 |
| $ 306,641 |
Other Receivables | (2) (4) | 33,257 |
| 0 |
| 0 |
| 0 |
| 25,252 |
| 58,509 |
|
|
|
|
|
|
|
|
|
|
|
| 0 |
|
|
|
|
|
|
|
|
|
|
|
| 0 |
Totals | (3) | $ 246,679 |
| $ 56,115 |
| $ 13,186 |
| $ 8,586 |
| 40,584 |
| $ 365,150 |
Notes:
| (1) | All amounts have been converted to U.S. Dollars. |
| (2) | Other receivables primarily include: |
-- A/R Excise/Commodity Taxes | $2.0 million |
-- A/R Black Liquid Fuel Credit Program | $19.2 million |
-- A/R Logging/Roads/Bridges Credit | $25.3 million |
-- A/R Other | $12.0 |
(3) | The accounts receivable stated above do not include any provisions for bad debt or amounts due to customers for trade rebates. The allowance for bad debt is approximately $11.4 million, and the trade rebate reserve is approximately $2.7 million. |
(4) | The Logging/Roads/Bridges Credit of $25.3 mil relates to 2008 and is expected to be paid in September, 2009. |
7
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-11
Summary of Debtors Pos-Petition Intercompany Receivables and Payable
|
|
|
| March 31, 2009 |
| May 31, 2009 |
| Change | ||||||||||||
|
|
|
| Intercompany |
| Intercompany |
|
|
| Intercompany |
| Intercompany |
|
|
| Intercompany |
| Intercompany |
|
|
Case |
| Debtor Entity |
| Balances |
| Notes |
| Total |
| Balances |
| Notes |
| Total |
| Balances |
| Notes |
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-11296 | AbitibiBowater Incorporated |
| $ (64,988,470) |
| $ (345,811,671) |
| $ (410,800,141) |
| $ (69,214,581) |
| $ (345,398,524) |
| $ (414,613,105) |
| $ (4,226,111) |
| $ 413,147 |
| $ (3,812,964) | |
09-11297 | AbitibiBowater US Holding LLC |
| $ - |
| $ (784,698,055) |
| $ (784,698,005) |
| $ - |
| $ (780,291,273) |
| $ (790,291,273) |
| $ - |
| $ (5,593,218) |
| $ (5,593,218) | |
09-11298 | Donohue Corp. |
| $ (35,660,273) |
| $ 19,492,525 |
| $ 483,832,252 |
| $ (35,670,858) |
| $ 519,028,391 |
| $ 483,357,533 |
| $ (10,585) |
| $ (464,134) |
| $ (474,719) | |
09-11299 | Abitibi Consolidated Sales Corporation | $ 42,521,643 |
| $(188,078,290) |
| $ (145,556,647) |
| $ (14,704,410) |
| $ (184,221,362) |
| $ (198,925,772) |
| $ (57,226,053) |
| $ 3,856,928 |
| $( 53,369,125) | ||
09-11300 | Abitibi-Consolidated Alabama Corporation | $ 6,153,379 |
| $(250,649,117) |
| $ (244,495,738) |
| $ 6,150,997 |
| $ (253,247,307) |
| $ (247,096,310) |
| $ (2,382) |
| $ (2,598,190) |
| $ (2,600,572) | ||
09-11301 | Alabama River Newsprint Company | $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - | ||
09-11302 | Abitibi-Consolidated Corporation | $ (272,303,318) |
| $ 52,000,000 |
| $ (20,303,318) |
| $ (274,054,997) |
| $ 52,000,000 |
| $ (222,054,997) |
| $ (1,751,679) |
| $ - |
| $ (1,751,679) | ||
09-11303 | Augusta Woodlands, LLC |
| $ $4,371,680 |
| $ 40,000,000 |
| $ 44,371,680 |
| $ 4,371,680 |
| $ 40,000,000 |
| $ $44,371,680 |
| $ - |
| $ - |
| $ - | |
09-11304 | Tenex Data Inc. |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - | |
09-11305 | Abitibi- Consolidated Finance LP |
| $ 14,168,369 |
| $ 36,309,545 |
| $ 50,477,914 |
| $ 14,168,539 |
| $ 36,309,799 |
| $ 50,478,338 |
| $ 170 |
| $ 254 |
| $ 424 | |
09-11306 | Bowater Newsprint South LLC |
| $ (20,773,264) |
| $ - |
| $ (20,773,264) |
| $ (20,800,000) |
| $ - |
| $ (20,800,000) |
| $ (26,736) |
| $ - |
| $ (26,736) | |
09-11307 | Bowater Newsprint South Operations LLC | $ (22,935,836) |
| $ - |
| $ (22,935,836) |
| $ (24,081,629) |
| $ - |
| $ (24,081,629) |
| $ (1,145,793) |
| $ - |
| $ (1,145,793) | ||
09-11308 | Bowater Finance II LLC |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - | |
09-11309 | Bowater Alabama LLC |
| $ 123,704,597 |
| $ - |
| $ 123,704,597 |
| $ 138,812,149 |
| $ - |
| $ 138,812,149 |
| $ 15,107,552 |
| $ - |
| $ 15,107,552 | |
09-11310 | Coosa Pines Golf Club LLC |
| $ $224,694 |
| $ - |
| $ 224,694 |
| $ 190,995 |
| $ - |
| $ 190,995 |
| $ (33,699) |
| $ - |
| $ (33,699) | |
09-11311 | Bowater Incorporated |
| $ 60,426,475 |
| $ 638,842,976 |
| $1,239,269,451 |
| $ 516,671,090 |
| $693,779,434 |
| $ 1,210,450,524 |
| $ (83,755,385) |
| $ 54,936,458 |
| $ (28,818,927) | |
09-11312 | Catawba Property Holdings LLC |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - | |
09-11314 | Bowater Finance Company Inc. |
| $ 11,188 |
| $ 30,060,355 |
| $ 30,071,543 |
| $ 11,188 |
| $ 30,060,355 |
| $ 30,071,543 |
| $ - |
| $ - |
| $ - | |
09-11315 | Bowater South American Holdings Inc. | $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - | ||
09-11316 | Bowater America Inc. |
| $ (29,839,256) |
| $ - |
| $ (729,839,256) |
| $ (733,406,296) |
| $ - |
| $ (733,406,296) |
| $ (3,567,040) |
| $ - |
| $ (3,567,040) | |
09-11317 | Lake Superior Forest Products Inc. | $ (77,581,143) |
| $ - |
| $ (77,581,143) |
| $ (77,530,184) |
| $ - |
| $ (77,530,184) |
| $ 50,959 |
| $ - |
| $ 50,959 | ||
09-11319 | Bowater Canada Finance Corporation | $ (395,972) |
| $ - |
| $ (395,972) |
| $ (15,419,258) |
| $ - |
| $ (15,419,258) |
| $ (15,023,286) |
| $ - |
| $ (15,023,286) | ||
09-11320 | Bowater Canadian Holdings Incorporated | $ 391,645 |
| $ (51,341,206) |
| $ (50,949,561) |
| $ (42,542) |
| $ (51,472,050) |
| $ (51,514,592) |
| $ (434,187) |
| $ (130,844) |
| $ (565,031) | ||
09-11321 | AbitibiBowater Canada Inc. |
| $ (4,932,000) |
| $(329,334,714) |
| $ (334,266,714) |
| $ (5,204,325) |
| $(329,334,714) |
| $ (334,539,039) |
| $ (272,325) |
| $ - |
| $ (272,325) | |
09-11322 | Bowater Canadian Forest Products Inc. | $ 304,740,524 |
| $ (12,272,414) |
| $ 292,468,110 |
| $ 424,261,751 |
| $ (45,985,314) |
| $ 378,276,437 |
| $ 119,521,227 |
| $ (33,712,900) |
| $ 85,808,327 | ||
09-11324 | Bowater Maritimes Inc. |
| $ (50,979,322) |
| $(123,916,667) |
| $ (50,437,125) |
| $ (50,437,125) |
| $(142,801,139) |
| $ (193,238,264) |
| $ 542,197 |
| $ (18,884,472) |
| $ (18,342,275) | |
09-11325 | Bowater LaHave Corporation |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - | |
09-11326 | Bowater Canadian Limited |
| $ (11,900) |
| $ - |
| $ (11,900) |
| $ (13,743) |
| $ - |
| $ (13,743) |
| $ (1,843) |
| $ - |
| $ (1,843) | |
09-11328 | Bowater Nuway Inc. |
| $ 2,702,627 |
| $ 482,605,353 |
| $ 485,307,980 |
| $ 2,572,302 |
| $ 483,363,643 |
| $ 485,935,945 |
| $ (130,325) |
| $ 758,290 |
| $ 627,965 | |
09-11329 | Bowater Nuway Mid-states Inc. |
| $ (72,575,089) |
| $ - |
| $ (72,575,089) |
| $( 72,925,591) |
| $ - |
| $ (72,925,591) |
| $ (350,502) |
| $ - |
| $ (350,502) | |
09-11330 | Bowater Ventures Inc. |
| $ (128,110) |
| $ - |
| $ (128,110) |
| $ (128,110) |
| $ - |
| $ (128,110) |
| $ - |
| $ - |
| $ - | |
09-11331 | AbitibiBowater US Holding 1 Corp. | $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - | ||
|
|
| $ - |
| $ - |
|
|
| $ - |
| $ - |
|
|
|
|
|
|
|
| |
| Canadian Debtors |
| $ 298,142,606 |
| $360,145,231 |
| $ 658,287,837 |
| $ 336,448,829 |
| $ 360,615,908 |
| $697,064,737 |
| $ 38,306,223 |
| $ 470,677 |
| $ 38,776,900 | |
|
|
| $ - |
| $ - |
|
|
| $ - |
| $ - |
|
|
|
|
|
|
|
| |
| Non-Filing Companies |
| $ (44,455,474) |
| $(73,353,851) |
| $(117,809,325) |
| $(50,025,871) |
| $ (72,405,847) |
| $(122,431,718) |
| $ (5,570,397) |
| $ 948,004 |
| $ (4,622,393) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ - |
| $ (0) |
| $ - | ||
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-12
Debtors’ Questionnaire
For the Period April 16, 2009 to May 31, 2009
|
|
|
|
|
|
|
|
| Yes |
| No |
1. Have any assets been sold or transferred outside the normal course of business |
|
|
| X | |||||||
this period? If yes, provide an explanation below. |
|
|
|
|
| ||||||
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|
|
2. Have any funds been disbursed from any account other than a debtor in |
|
|
|
| X | ||||||
possession account this reporting period? If yes, provide an explanation below. |
|
| |||||||||
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|
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|
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|
|
3. Have all post-petition tax returns been timely filed? If no, provide an explanation |
| X |
|
| |||||||
below. |
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|
|
|
| |||
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|
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|
|
|
|
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|
|
4. Are workers compensation, general liability and other necessary Insurance |
|
| X |
|
| ||||||
coverage in effect? If no, provide an explanation below. |
|
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| |||||||
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|
|
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. |
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|
|
|
| |
| See MOR-12a for new account listing. |
In re: Abitibibowater Inc., et al., | Chapter 11 |
MOR-12a
Supplement to Debtors’ Questionnaire
For Period April 16, 2009 to May 31, 2009
Listing of bank accounts opened during the reporting period.
Debtor |
| Bank Name |
| Date Opened |
Debtor 09-11319, Bowater Canada Finance Corp |
| Wachovia 2003206897892 USD |
| May 2009 |
