Exhibit 99.1
UNITED STATES BANKRUPTCY COURT | ||||
FOR THE DISTRICT OF DELAWARE | ||||
In re Paragon Offshore PLC, et al. | ||||
Case No. 16-10386 (CSS) | ||||
Reporting Period: February 14 - 29, 2016 | ||||
Federal Tax I.D. # 98-1146017 | ||||
MONTHLY OPERATING REPORT | ||||
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | |
Schedule of Cash Receipts and Disbursements | MOR-1 | X | ||
Bank Reconciliation (or copies of Debtors' bank reconciliations) | MOR-1a | X | ||
Schedule of Professional Fees Paid | MOR-1b | X | ||
Copies of Bank Statements (See Notes to the MOR) | X | |||
Cash Disbursement Journals (See Notes to the MOR) | X | |||
Statement of Operations (Income Statement) | MOR-2 | X | ||
Balance Sheet | MOR-3 | X | ||
Status of Post-Petition Taxes (See Notes to the MOR) | MOR-4 | X | ||
Copies of IRS Form 6123 or payment receipt (See Notes to the MOR) | X | |||
Copies of tax returns filed during reporting period (See Notes to the MOR) | X | |||
Summary of Unpaid Post-Petition Debts (See Notes to the MOR) | MOR-4 | X | ||
Post-Petition Accounts Receivable Reconciliation and Aging (See Notes to the MOR) | MOR-5 | X | ||
Debtor Questionnaire (See Notes to the MOR) | 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/ A. Alejandra Veltmann | 3/31/2016 | |||
Signature of Authorized Individual* | Date | |||
A. Alejandra Veltmann | VP - Chief Accounting Officer | |||
Printed 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. |
MOR NOTES
In re Paragon Offshore PLC, et al. | |||
Case No. 16-10386 (CSS) | |||
Reporting Period: February 14 - 29, 2016 | |||
Federal Tax I.D. # 98-1146017 | |||
Notes to the Monthly Operating Report | |||
GENERAL: | |||
The report includes activity from the following Debtors and related Case Numbers: | |||
Debtor | Case Number | ||
Paragon Offshore Drilling LLC | 16-10385 | ||
Paragon Offshore plc | 16-10386 | ||
Paragon Drilling Services 7 LLC | 16-10387 | ||
Paragon Offshore Finance Company | 16-10388 | ||
Paragon Offshore Leasing (Switzerland) GmbH | 16-10389 | ||
Paragon Offshore do Brasil Ltda. | 16-10390 | ||
Paragon International Finance Company | 16-10391 | ||
Paragon Asset (ME) Ltd. | 16-10392 | ||
Paragon Offshore Holdings US Inc. | 16-10393 | ||
Paragon Asset (UK) Ltd. | 16-10394 | ||
Paragon FDR Holding Ltd. | 16-10395 | ||
Paragon Offshore International Ltd. | 16-10396 | ||
Paragon Offshore (North Sea) Ltd. | 16-10397 | ||
Paragon Duchess Ltd. | 16-10398 | ||
Paragon (Middle East) Limited | 16-10399 | ||
Paragon Offshore (Luxembourg) S.a r.l. | 16-10400 | ||
Paragon Holding NCS 2 S.a r.l. | 16-10401 | ||
Paragon Leonard Jones LLC | 16-10402 | ||
PGN Offshore Drilling (Malaysia) Sdn. Bhd. | 16-10403 | ||
Paragon Offshore (Nederland) B.V. | 16-10404 | ||
Paragon Offshore Contracting GmbH | 16-10405 | ||
Paragon Offshore (Labuan) Pte. Ltd. | 16-10406 | ||
Paragon Holding SCS 2 Ltd. | 16-10407 | ||
Paragon Asset Company Ltd. | 16-10408 | ||
Paragon Holding SCS 1 Ltd. | 16-10409 | ||
Paragon Offshore Leasing (Luxembourg) S.a r.l. | 16-10410 | ||
General Notes: | |||
The financial and supplemental information contained herein are preliminary, unaudited, and may not comply in all material respects with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Individual Debtor entities are presented in the accompanying statement of operations. | |||
The financial information has been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, which could be material. | |||
The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustments. | |||
The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the combined results of operations and financial position of the Debtors in the future. | |||
Intercompany activity/transactions have not been eliminated in the accompanying individual entities' statement of operations or individual balance sheets contained herein. |
MOR NOTES
In re Paragon Offshore PLC, et al. | |||
Case No. 16-10386 (CSS) | |||
Reporting Period: February 14 - 29, 2016 | |||
Federal Tax I.D. # 98-1146017 | |||
Notes to the Monthly Operating Report | |||
Certain amounts may appear to be clerically inaccurate as they are presented in thousands and are subject to rounding differences. | |||
Notes to MOR-1 and MOR-1a: | |||
Cash receipts and disbursements related to intercompany transfers among the Debtor entities have been excluded in this schedule. | |||
Attached to MOR-1 is a listing of the Debtors' bank accounts (see MOR-1a), by account number, and opening and closing bank balances for the reporting period. Such accounts were reconciled in accordance with the Debtors' ordinary course accounting practices during the reporting period. The disbursements reported in MOR-1a include outstanding checks and any reconciling items. | |||
Bank statements and disbursement journals are available as requested. | |||
Notes to MOR-2 and MOR-3: | |||
The financial information presented in the statement of operations and balance sheet are presented for the full month of February. | |||
Notes to MOR-4: | |||
The post-petition tax activity is presented for the full month of February. | |||
To the best of the Debtors' knowledge, and except as otherwise set forth in this Monthly Operating Report, all of the Debtors have filed all necessary federal, state and local tax returns and have timely made (or are in the process of remediating any immaterial late filings or prepayments) all related required post-petition tax payments. | |||
Notes to MOR-5: | |||
Earned revenue is considered "billed" to the customer on the date for which the invoice is physically mailed or electronically delivered to the customer. | |||
"Unbilled" Accounts Receivable consists of any earned revenue item which has not been billed to the customer. | |||
"Other" Accounts Receivable includes items such as (but not limited to) duplicate payments (which will be collected back from vendors), deposits, wire returns and dividend shares. | |||
Notes to MOR-5 Debtor Questionnaire: | |||
Question #2 - | |||
The Debtors have disbursed funds from certain non-Debtor accounts in accordance with the Interim Order Authorizing Debtors to (A) Continue Existing Cash Management System, (B) Maintain Business Forms and Existing Bank Accounts, and (C) Continue Intercompany Arrangements; (II) Waiver of the Requirements of Section 345(b) of the Bankruptcy Code; and (III) Granting Related Relief [D.I. No. 73]. | |||
Question #5 - Two bank accounts were opened during the reporting period: | |||
1. Paragon International Finance Company - Bank of America account ending in 4356, as required per the Final Order (I) Approving Debtors' Proposed Form of Adequate Assurance of Payment to Utility Companies, (II) Establishing Procedures for Resolving Objections by Utility Companies, and (III) Prohibiting Utility Companies from Altering, Refusing, or Discontinuing Service Pursuant to Sections 366 and 105(a) of the Bankruptcy Code and Bankruptcy Rules 6003 and 6004 [D.I. No. 136]. |
MOR NOTES
In re Paragon Offshore PLC, et al. | |||
Case No. 16-10386 (CSS) | |||
Reporting Period: February 14 - 29, 2016 | |||
Federal Tax I.D. # 98-1146017 | |||
Notes to the Monthly Operating Report | |||
2. Paragon Offshore (Nederland) B.V. with Paragon Offshore Plc as sole member - Bank of America account ending in 3027. | |||
Documentation is available upon request. |
MOR-1
In re Paragon Offshore PLC, et al. | |||
Case No. 16-10386 (CSS) | |||
Reporting Period: February 14 - 29, 2016 | |||
Federal Tax I.D. # 98-1146017 | |||
Schedule of Disbursements | |||
(000's) | |||
See Notes to the MOR related to MOR-1 | |||
Debtor | Case Number | Disbursements | |
Paragon Offshore Drilling LLC | 16-10385 | $ - | |
Paragon Offshore plc | 16-10386 | (0) | |
Paragon Drilling Services 7 LLC | 16-10387 | - | |
Paragon Offshore Finance Company | 16-10388 | - | |
Paragon Offshore Leasing (Switzerland) GmbH | 16-10389 | - | |
Paragon Offshore do Brasil Ltda. | 16-10390 | (1,550) | |
Paragon International Finance Company | 16-10391 | (3,676) | |
Paragon Asset (ME) Ltd. | 16-10392 | - | |
Paragon Offshore Holdings US Inc. | 16-10393 | - | |
Paragon Asset (UK) Ltd. | 16-10394 | - | |
Paragon FDR Holding Ltd. | 16-10395 | - | |
Paragon Offshore International Ltd. | 16-10396 | (2,046) | |
Paragon Offshore (North Sea) Ltd. | 16-10397 | - | |
Paragon Duchess Ltd. | 16-10398 | - | |
Paragon (Middle East) Limited | 16-10399 | - | |
Paragon Offshore (Luxembourg) S.a r.l. | 16-10400 | - | |
Paragon Holding NCS 2 S.a r.l. | 16-10401 | - | |
Paragon Leonard Jones LLC | 16-10402 | (180) | |
PGN Offshore Drilling (Malaysia) Sdn. Bhd. | 16-10403 | (0) | |
Paragon Offshore (Nederland) B.V. | 16-10404 | (556) | |
Paragon Offshore Contracting GmbH | 16-10405 | �� (226) | |
Paragon Offshore (Labuan) Pte. Ltd. | 16-10406 | (3) | |
Paragon Holding SCS 2 Ltd. | 16-10407 | - | |
Paragon Asset Company Ltd. | 16-10408 | - | |
Paragon Holding SCS 1 Ltd. | 16-10409 | - | |
Paragon Offshore Leasing (Luxembourg) S.a r.l. | 16-10410 | - | |
Total Disbursements | $ (8,236) |
MOR-1a
In re Paragon Offshore PLC, et al. | |||||
Case No. 16-10386 (CSS) | |||||
Reporting Period: February 14 - 29, 2016 | |||||
Federal Tax I.D. # 98-1146017 | |||||
Bank Reconciliation (or copies of Debtors' bank reconciliations) | |||||
(000's) | |||||
See Notes to the MOR related to MOR-1a | |||||
Entity | Case Number | Last 4 Digits of Account No. | Opening Balance | Closing Balance | Total Cash Receipts |
Paragon Offshore Drilling LLC | 16-10385 | $ - | $ - | $ - | |
Paragon Offshore plc | 16-10386 | 6704, 9694, 3774, 9069 | 343,644 | 343,641 | 76 |
Paragon Drilling Services 7 LLC | 16-10387 | 8977 | - | - | - |
Paragon Offshore Finance Company | 16-10388 | 2257 | - | - | - |
Paragon Offshore Leasing (Switzerland) GmbH | 16-10389 | 3991, 701L | 92 | 81 | - |
Paragon Offshore do Brasil Ltda. | 16-10390 | 4000, 7775, 5004 | 917 | 3,000 | 3,669 |
Paragon International Finance Company | 16-10391 | 4670, 4240, 7219, 7201, 7227, 7235, 4355, 1100, 3880, 9959, 4356, 7633 | 62,471 | 117,816 | 46,773 |
Paragon Asset (ME) Ltd. | 16-10392 | - | - | - | |
Paragon Offshore Holdings US Inc. | 16-10393 | - | - | - | |
Paragon Asset (UK) Ltd. | 16-10394 | - | - | - | |
Paragon FDR Holding Ltd. | 16-10395 | 3867 | 92 | 92 | - |
Paragon Offshore International Ltd. | 16-10396 | -001, 5110, 6490, 6500, 9901, 0000, 2501, 4001 | 1,221 | 956 | 3 |
Paragon Offshore (North Sea) Ltd. | 16-10397 | - | - | - | |
Paragon Duchess Ltd. | 16-10398 | - | - | - | |
Paragon (Middle East) Limited | 16-10399 | - | - | - | |
Paragon Offshore (Luxembourg) S.a r.l. | 16-10400 | 6362, 8969, 1728, 8000 | 213 | 211 | - |
Paragon Holding NCS 2 S.a r.l. | 16-10401 | 5235 | - | - | - |
Paragon Leonard Jones LLC | 16-10402 | 8256, 8032, 3350, 7021 | 84 | 360 | 1,902 |
PGN Offshore Drilling (Malaysia) Sdn. Bhd. | 16-10403 | 3875, 0775 | 517 | 473 | 1 |
Paragon Offshore (Nederland) B.V. | 16-10404 | 2286, 1106, 6254, NL2A, NL2A | 1,853 | 2,205 | 17,355 |
Paragon Offshore Contracting GmbH | 16-10405 | 8002, 2377, 8788, 8876, 4010, 403W | 2,998 | 3,316 | - |
Paragon Offshore (Labuan) Pte. Ltd. | 16-10406 | 7995, -101, -725 | 999 | 1,011 | - |
Paragon Holding SCS 2 Ltd. | 16-10407 | - | - | - | |
Paragon Asset Company Ltd. | 16-10408 | - | - | - | |
Paragon Holding SCS 1 Ltd. | 16-10409 | - | - | - | |
Paragon Offshore Leasing (Luxembourg) S.a r.l. | 16-10410 | - | - | - | |
Total | $ 415,100 | $ 473,163 | $ 69,779 |
MOR-1b
In re Paragon Offshore PLC, et al. | ||||||
Case No. 16-10386 (CSS) | ||||||
Reporting Period: February 14 - 29, 2016 | ||||||
Federal Tax I.D. # 98-1146017 | ||||||
Schedule of Professional Fees Paid | ||||||
(000's) | ||||||
Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1) list the amount paid to Retained Professionals. | ||||||
Professionals | ||||||
Name | Amount Paid During Month | Total Paid to Date | ||||
PricewaterhouseCoopers LLP | $ 28 | $ 28 | ||||
Total Payments to Professionals | $ 28 | $ 28 | ||||
MOR-2
In re Paragon Offshore PLC, et al. | ||||||
Case No. 16-10386 (CSS) | ||||||
Reporting Period: February 14 - 29, 2016 | ||||||
Federal Tax I.D. # 98-1146017 | ||||||
Unaudited Statement of Operations (Income Statement) | ||||||
(000's) | ||||||
Unaudited | ||||||
(See Notes to the MOR related to MOR-2) | ||||||
For Month Ending February 29, 2016 | ||||||
16-10385 | 16-10386 | 16-10387 | 16-10388 | 16-10389 | 16-10390 | |
Paragon Offshore Drilling LLC | Paragon Offshore plc | Paragon Drilling Services 7 LLC | Paragon Offshore Finance Company | Paragon Offshore Leasing (Switzerland) GmbH | Paragon Offshore do Brasil Ltda. | |
Operating Revenues | ||||||
Contract Drilling Revenue | $ 1,154 | $ - | $ - | $ - | $ - | $ 1,175 |
Reimbursable Revenues | 6 | - | - | - | - | 3,285 |
Labor Contract Revenues | - | - | - | - | - | - |
Other Revenues | - | - | 6,200 | - | - | - |
Operating revenues | 1,160 | - | 6,200 | - | - | 4,460 |
Operating Costs and Expenses | - | - | - | - | - | - |
Contract Drilling Expenses | (589) | - | (159) | - | (152) | (2,217) |
Labor Contract | - | - | - | - | - | - |
Reimbursable Expenses | (6) | - | - | - | - | (2,964) |
Depreciation and Amortization | (534) | (6) | (4,998) | - | (463) | (107) |
General & Administrative | - | (4,103) | - | - | (28) | - |
Corporate Operations | - | (963) | - | - | - | - |
Local Administrative Expense | (733) | - | - | - | (0) | (613) |
Unusual Event | - | - | - | - | - | - |
Operating costs and expenses | (1,862) | (5,072) | (5,157) | - | (642) | (5,901) |
Operating Income | (702) | (5,072) | 1,043 | - | (642) | (1,441) |
Other Income (Expense) | - | - | - | - | - | - |
Interest expense, net of amount capitalized | - | (4,788) | (1,668) | (2,137) | - | (71) |
Interest Income | 232 | 76 | 111 | - | 100 | - |
Reorganization Items | - | - | - | - | - | - |
Other, net | 98 | (30) | - | - | 45 | 974 |
Income before income taxes | (372) | (9,815) | (515) | (2,137) | (497) | (538) |
Income tax provision | (48) | - | - | - | - | - |
Net Income | (421) | (9,815) | (515) | (2,137) | (497) | (538) |
MOR-2
In re Paragon Offshore PLC, et al. | ||||||
16-10391 | 16-10392 | 16-10393 | 16-10394 | 16-10395 | 16-10396 | |
Paragon International Finance Company | Paragon Asset (ME) Ltd. | Paragon Offshore Holdings US Inc. | Paragon Asset (UK) Ltd. | Paragon FDR Holding Ltd. | Paragon Offshore International Ltd. | |
Operating Revenues | ||||||
Contract Drilling Revenue | $ - | $ - | $ - | $ 11,210 | $ - | $ 13,893 |
Reimbursable Revenues | - | - | - | 446 | - | 465 |
Labor Contract Revenues | - | - | - | - | - | - |
Other Revenues | - | - | - | - | - | 387 |
Operating revenues | - | - | - | 11,656 | - | 14,744 |
Operating Costs and Expenses | - | - | - | - | - | - |
Contract Drilling Expenses | - | (341) | - | (11,072) | - | (10,632) |
Labor Contract | - | - | - | - | - | - |
Reimbursable Expenses | - | - | - | (283) | - | (257) |
Depreciation and Amortization | - | (392) | - | - | - | (1,375) |
General & Administrative | (4) | - | (1,460) | (719) | (253) | (1) |
Corporate Operations | - | - | (379) | (187) | (66) | (42) |
Local Administrative Expense | - | (78) | - | (55) | - | (1,877) |
Unusual Event | - | - | - | - | - | - |
Operating costs and expenses | (4) | (811) | (1,840) | (12,316) | (319) | (13,998) |
Operating Income | (4) | (811) | (1,840) | (661) | (319) | 747 |
Other Income (Expense) | - | - | - | - | - | - |
Interest expense, net of amount capitalized | (230) | - | - | - | - | (10) |
Interest Income | 16 | - | - | - | 1,695 | - |
Reorganization Items | - | - | - | - | - | - |
Other, net | (927) | - | - | (5) | - | 176 |
Income before income taxes | (1,145) | (811) | (1,840) | (666) | 1,375 | 912 |
Income tax provision | - | - | 1,359 | - | - | (0) |
Net Income | (1,145) | (811) | (480) | (666) | 1,375 | 912 |
MOR-2
In re Paragon Offshore PLC, et al. | ||||||
16-10397 | 16-10398 | 16-10399 | 16-10400 | 16-10401 | 16-10402 | |
Paragon Offshore (North Sea) Ltd. | Paragon Duchess Ltd. | Paragon (Middle East) Limited | Paragon Offshore (Luxembourg) S.a r.l. | Paragon Holding NCS 2 S.a r.l. | Paragon Leonard Jones LLC | |
Operating Revenues | ||||||
Contract Drilling Revenue | $ 14,311 | $ - | $ 5,469 | $ - | $ - | $ 4,569 |
Reimbursable Revenues | 433 | (4) | 29 | - | - | - |
Labor Contract Revenues | - | - | - | - | - | - |
Other Revenues | - | - | 3,839 | - | - | 187 |
Operating revenues | 14,745 | (4) | 9,337 | - | - | 4,757 |
Operating Costs and Expenses | - | - | - | - | - | - |
Contract Drilling Expenses | (14,436) | (340) | (2,145) | - | (42) | (4,074) |
Labor Contract | - | - | - | - | - | - |
Reimbursable Expenses | (252) | - | (22) | - | - | - |
Depreciation and Amortization | - | (13) | (3,011) | - | (68) | - |
General & Administrative | - | - | - | (11) | (9) | (266) |
Corporate Operations | - | - | - | - | - | (69) |
Local Administrative Expense | (858) | - | (1) | - | - | (508) |
Unusual Event | - | - | (1,025) | - | - | - |
Operating costs and expenses | (15,547) | (353) | (4,130) | (11) | (119) | (4,917) |
Operating Income | (802) | (357) | 5,301 | (11) | (119) | (161) |
Other Income (Expense) | - | - | - | - | - | - |
Interest expense, net of amount capitalized | - | - | - | (0) | (77) | - |
Interest Income | - | - | - | - | 1 | 2 |
Reorganization Items | - | - | - | - | - | - |
Other, net | - | 0 | - | 0 | 0 | 6 |
Income before income taxes | (802) | (357) | 5,301 | (11) | (194) | (152) |
Income tax provision | - | - | (139) | - | - | - |
Net Income | (802) | (357) | 5,162 | (11) | (194) | (152) |
MOR-2
In re Paragon Offshore PLC, et al. | |||||
16-10403 | 16-10404 | 16-10405 | 16-10406 | 16-10407 | |
PGN Offshore Drilling (Malaysia) Sdn. Bhd. | Paragon Offshore (Nederland) B.V. | Paragon Offshore Contracting GmbH | Paragon Offshore (Labuan) Pte. Ltd. | Paragon Holding SCS 2 Ltd. | |
Operating Revenues | |||||
Contract Drilling Revenue | $ - | $ 17,764 | $ (34) | $ - | $ - |
Reimbursable Revenues | - | - | - | - | - |
Labor Contract Revenues | - | - | - | - | - |
Other Revenues | - | 1,846 | - | 1,328 | - |
Operating revenues | - | 19,610 | (34) | 1,328 | - |
Operating Costs and Expenses | - | - | - | - | - |
Contract Drilling Expenses | (217) | (17,000) | (15) | - | - |
Labor Contract | - | - | - | - | - |
Reimbursable Expenses | - | - | - | - | - |
Depreciation and Amortization | - | (0) | (27) | - | - |
General & Administrative | - | - | (294) | - | (5,193) |
Corporate Operations | - | (110) | (76) | - | (1,349) |
Local Administrative Expense | (61) | (732) | (118) | (1,319) | - |
Unusual Event | - | - | - | - | - |
Operating costs and expenses | (278) | (17,842) | (499) | (1,319) | (6,543) |
Operating Income | (278) | 1,768 | (533) | 9 | (6,543) |
Other Income (Expense) | - | - | - | - | - |
Interest expense, net of amount capitalized | - | 3 | (232) | - | (111) |
Interest Income | 46 | 20 | 25 | - | 77 |
Reorganization Items | - | - | - | - | - |
Other, net | (3) | 59 | 448 | (0) | - |
Income before income taxes | (235) | 1,850 | (293) | 9 | (6,577) |
Income tax provision | - | (275) | - | - | - |
Net Income | (235) | 1,575 | (293) | 9 | (6,577) |
MOR-2
In re Paragon Offshore PLC, et al. | |||
16-10408 | 16-10409 | 16-10410 | |
Paragon Asset Company Ltd. | Paragon Holding SCS 1 Ltd. | Paragon Offshore Leasing (Luxembourg) S.a r.l. | |
Operating Revenues | |||
Contract Drilling Revenue | $ - | $ - | $ - |
Reimbursable Revenues | - | - | - |
Labor Contract Revenues | - | - | - |
Other Revenues | 22,326 | - | 3,303 |
Operating revenues | 22,326 | - | 3,303 |
Operating Costs and Expenses | - | - | - |
Contract Drilling Expenses | �� (1,614) | - | (82) |
Labor Contract | - | - | - |
Reimbursable Expenses | - | - | - |
Depreciation and Amortization | (7,355) | - | (681) |
General & Administrative | - | (0) | (0) |
Corporate Operations | - | - | - |
Local Administrative Expense | (0) | - | - |
Unusual Event | - | - | - |
Operating costs and expenses | (8,970) | (0) | (763) |
Operating Income | 13,357 | (0) | 2,541 |
Other Income (Expense) | - | - | - |
Interest expense, net of amount capitalized | (1) | - | (39) |
Interest Income | - | 93 | - |
Reorganization Items | - | - | - |
Other, net | - | - | (2) |
Income before income taxes | 13,356 | 93 | 2,499 |
Income tax provision | - | - | (330) |
Net Income | 13,356 | 93 | 2,169 |
MOR-3
In re Paragon Offshore PLC, et al.
Case No. 16-10386 (CSS) | ||||
Reporting Period: February 14 - 29, 2016 | ||||
Federal Tax I.D. # 98-1146017 | ||||
Unaudited Balance Sheet | ||||
(000's) | ||||
Unaudited | ||||
(See Notes to the MOR related to MOR-3) | ||||
For Month Ending February 29, 2016 | ||||
16-10385 | 16-10386 | 16-10387 | 16-10388 | |
Paragon Offshore Drilling LLC | Paragon Offshore plc | Paragon Drilling Services 7 LLC | Paragon Offshore Finance Company | |
ASSETS | ||||
Current assets | ||||
Total Cash and Cash Equivalents | $ - | $ 343,641 | $ - | $ - |
Restricted Cash | - | - | - | - |
Accounts Receivable | 134,068 | 56,445 | 123,652 | - |
Natural Disasters Insurance Receivables | - | - | - | - |
Prepaid Expenses & Deposits | 57 | 9,826 | - | - |
Taxes Receivable | - | - | - | - |
Total Other Current Assets | 6,928 | 1,476 | 186,336 | 1,469 |
Total current assets | 141,053 | 411,389 | 309,988 | 1,469 |
Long Term Notes - 3rd Party | - | - | - | - |
Investments in Subsidiaries | 182,682 | 3,456,981 | - | 4,105,589 |
Intercompany Notes Receivable | 158,059 | - | - | - |
Joint Venture Investments | - | - | - | - |
Long Term Notes & Investments | 340,740 | 3,456,981 | - | 4,105,589 |
Gross PPE | 95,360 | 483 | 64,519 | - |
Accumulated Depreciation | (70,936) | (32) | (61,016) | - |
Property and Equipment | 24,424 | 451 | 3,502 | - |
Other Assets | 1,651 | 26,853 | 1,525 | 5,674 |
Deferred Financing Costs | - | 19,733 | - | 5,674 |
Deferred Regulatory Inspection | 821 | - | 1,525 | - |
Deferred Pension Costs | - | - | - | - |
Intangibles | - | - | - | - |
Other Long Term Assets | - | 7,119 | - | - |
Hedging Instruments - NonCurrent | - | - | - | - |
Long Term Prepaid Mob | 830 | - | - | - |
Long Term Prepaid Expense | - | - | - | - |
Total assets | 507,868 | 3,895,674 | 315,015 | 4,112,731 |
LIABILITIES AND SHAREHOLDERS' EQUITY | - | - | - | - |
Current liabilities | - | - | - | - |
Current Maturities & Short Term Debt | - | - | - | 6,500 |
Accounts Payable | 42,565 | 602,567 | 209,848 | 23,063 |
Payroll and Benefits Related Accruals | 941 | 5 | - | - |
Taxes Payable | 1,235 | 320 | - | - |
Dividends Payable | - | - | - | - |
Interest Payable | - | 903 | 1,841 | 3,961 |
Other Current Liabilities | 4,846 | 777 | - | 5,073 |
Total current liabilities | 49,587 | 604,573 | 211,689 | 38,597 |
Total Long-Term Debt | - | - | 210,000 | 632,899 |
Deferred Taxes | - | - | - | - |
Other NonCurrent Liabilities | 6,964 | 3,361 | - | - |
Liabilities Subject to Compromise | - | 1,734,480 | - | - |
Total liabilities | 56,551 | 2,342,414 | 421,689 | 671,496 |
Shareholders' equity | - | - | - | - |
Shareholders' Equity | 451,318 | 1,550,191 | (106,674) | 3,441,235 |
Ordinary Shares-par Val $ 10 per sh | - | 875 | - | - |
Capital in Excess of par value | (1,019,894) | 1,431,645 | (3,311) | 3,530,901 |
Retained Earnings | 1,471,211 | 120,739 | (103,363) | (89,665) |
Treasury Stock - at Cost | - | - | - | - |
Accumulated Other Comprehensive Loss | - | - | - | - |
Statutory Equity | - | - | - | - |
Noncontrolling Interests | - | - | - | - |
Total shareholders' equity | 451,318 | 1,550,191 | (106,674) | 3,441,235 |
Total liabilities and shareholders' equity | 507,868 | 3,895,674 | 315,015 | 4,112,731 |
MOR-3
In re Paragon Offshore PLC, et al.
16-10389 | 16-10390 | 16-10391 | 16-10392 | |
Paragon Offshore Leasing (Switzerland) GmbH | Paragon Offshore do Brasil Ltda. | Paragon International Finance Company | Paragon Asset (ME) Ltd. | |
ASSETS | ||||
Current assets | ||||
Total Cash and Cash Equivalents | $ 81 | $ 2,945 | $ 117,585 | $ - |
Restricted Cash | - | - | - | - |
Accounts Receivable | 159,683 | 28,419 | 2,400,197 | 72,203 |
Natural Disasters Insurance Receivables | - | - | - | - |
Prepaid Expenses & Deposits | 5 | 739 | - | - |
Taxes Receivable | 576 | 9,067 | - | - |
Total Other Current Assets | 208 | 41 | (48) | - |
Total current assets | 160,553 | 41,211 | 2,517,734 | 72,203 |
Long Term Notes - 3rd Party | - | - | - | - |
Investments in Subsidiaries | - | 593 | 3,893,946 | 50 |
Intercompany Notes Receivable | 55,350 | - | - | - |
Joint Venture Investments | - | - | - | - |
Long Term Notes & Investments | 55,350 | 593 | 3,893,946 | 50 |
Gross PPE | 152,819 | 2,783 | - | 81,478 |
Accumulated Depreciation | (126,077) | (2,215) | - | (40,291) |
Property and Equipment | 26,742 | 569 | - | 41,186 |
Other Assets | 860 | - | - | 530 |
Deferred Financing Costs | - | - | - | - |
Deferred Regulatory Inspection | 860 | - | - | 530 |
Deferred Pension Costs | - | - | - | - |
Intangibles | - | - | - | - |
Other Long Term Assets | - | - | - | - |
Hedging Instruments - NonCurrent | - | - | - | - |
Long Term Prepaid Mob | - | - | - | - |
Long Term Prepaid Expense | - | - | - | - |
Total assets | 243,505 | 42,373 | 6,411,679 | 113,969 |
LIABILITIES AND SHAREHOLDERS' EQUITY | - | - | - | - |
Current liabilities | - | - | - | - |
Current Maturities & Short Term Debt | - | 13,878 | 61,758 | - |
Accounts Payable | 210,564 | 101,441 | 3,255,571 | 1,885 |
Payroll and Benefits Related Accruals | 8 | 8,589 | - | 218 |
Taxes Payable | 682 | 2,489 | - | - |
Dividends Payable | - | - | - | - |
Interest Payable | - | 2,113 | 1,066 | - |
Other Current Liabilities | - | 5,915 | - | - |
Total current liabilities | 211,254 | 134,425 | 3,318,395 | 2,102 |
Total Long-Term Debt | - | 13,521 | 88,043 | - |
Deferred Taxes | - | - | - | - |
Other NonCurrent Liabilities | - | 500 | - | - |
Liabilities Subject to Compromise | - | 1,039 | 5,548 | - |
Total liabilities | 211,254 | 149,485 | 3,411,987 | 2,102 |
Shareholders' equity | - | - | - | - |
Shareholders' Equity | 32,251 | (107,113) | 2,999,693 | 111,867 |
Ordinary Shares-par Val $ 10 per sh | - | (9) | - | - |
Capital in Excess of par value | (72,168) | (4,158) | 2,928,906 | 44,301 |
Retained Earnings | 104,419 | (84,399) | 70,787 | 67,566 |
Treasury Stock - at Cost | - | - | - | - |
Accumulated Other Comprehensive Loss | - | (18,546) | - | - |
Statutory Equity | - | - | - | - |
Noncontrolling Interests | - | - | - | - |
Total shareholders' equity | 32,251 | (107,113) | 2,999,693 | 111,867 |
Total liabilities and shareholders' equity | 243,505 | 42,373 | 6,411,679 | 113,969 |
MOR-3
In re Paragon Offshore PLC, et al.
16-10393 | 16-10394 | 16-10395 | 16-10396 | |
Paragon Offshore Holdings US Inc. | Paragon Asset (UK) Ltd. | Paragon FDR Holding Ltd. | Paragon Offshore International Ltd. | |
ASSETS | ||||
Current assets | ||||
Total Cash and Cash Equivalents | $ - | $ - | $ 92 | $ 977 |
Restricted Cash | - | - | - | - |
Accounts Receivable | 90 | 45,290 | 228,178 | 923,979 |
Natural Disasters Insurance Receivables | - | - | - | - |
Prepaid Expenses & Deposits | - | - | - | 1,763 |
Taxes Receivable | 7,110 | 6,600 | - | 190 |
Total Other Current Assets | - | - | 35,165 | 12,009 |
Total current assets | 7,200 | 51,890 | 263,435 | 938,916 |
Long Term Notes - 3rd Party | - | - | - | - |
Investments in Subsidiaries | (1,339,443) | - | 410,651 | 7,433 |
Intercompany Notes Receivable | - | - | 210,000 | - |
Joint Venture Investments | - | - | - | - |
Long Term Notes & Investments | (1,339,443) | - | 620,651 | 7,433 |
Gross PPE | - | - | - | 212,479 |
Accumulated Depreciation | - | - | - | (148,158) |
Property and Equipment | - | - | - | 64,322 |
Other Assets | 14,751 | 2,204 | - | 607 |
Deferred Financing Costs | �� - | - | - | - |
Deferred Regulatory Inspection | - | - | - | 446 |
Deferred Pension Costs | - | - | - | - |
Intangibles | - | - | - | - |
Other Long Term Assets | 14,751 | 2,204 | - | - |
Hedging Instruments - NonCurrent | - | - | - | - |
Long Term Prepaid Mob | - | - | - | 161 |
Long Term Prepaid Expense | - | - | - | - |
Total assets | (1,317,492) | 54,094 | 884,086 | 1,011,278 |
LIABILITIES AND SHAREHOLDERS' EQUITY | - | - | - | - |
Current liabilities | - | - | - | - |
Current Maturities & Short Term Debt | - | - | 13,611 | - |
Accounts Payable | 13,116 | 32,351 | 28,603 | 756,595 |
Payroll and Benefits Related Accruals | - | 355 | - | 10,370 |
Taxes Payable | (1,836) | - | - | 7,194 |
Dividends Payable | - | - | - | - |
Interest Payable | - | - | 26 | - |
Other Current Liabilities | - | - | - | 3,273 |
Total current liabilities | 11,280 | 32,706 | 42,241 | 777,432 |
Total Long-Term Debt | - | - | - | - |
Deferred Taxes | - | - | - | 1,133 |
Other NonCurrent Liabilities | - | - | 1,803 | 875 |
Liabilities Subject to Compromise | - | - | - | 2 |
Total liabilities | 11,280 | 32,706 | 44,043 | 779,441 |
Shareholders' equity | - | - | - | - |
Shareholders' Equity | (1,328,772) | 21,387 | 840,043 | 231,835 |
Ordinary Shares-par Val $ 10 per sh | �� - | 5,000 | - | - |
Capital in Excess of par value | (538,589) | - | 829,425 | 293,022 |
Retained Earnings | (790,183) | 16,387 | 10,618 | (60,864) |
Treasury Stock - at Cost | - | - | - | - |
Accumulated Other Comprehensive Loss | - | - | - | (324) |
Statutory Equity | - | - | - | - |
Noncontrolling Interests | - | - | - | - |
Total shareholders' equity | (1,328,772) | 21,387 | 840,043 | 231,835 |
Total liabilities and shareholders' equity | (1,317,492) | 54,094 | 884,086 | 1,011,278 |
MOR-3
In re Paragon Offshore PLC, et al.
16-10397 | 16-10398 | 16-10399 | 16-10400 | |
Paragon Offshore (North Sea) Ltd. | Paragon Duchess Ltd. | Paragon (Middle East) Limited | Paragon Offshore (Luxembourg) S.a r.l. | |
ASSETS | ||||
Current assets | ||||
Total Cash and Cash Equivalents | $ - | $ - | $ - | $ 150 |
Restricted Cash | - | - | - | - |
Accounts Receivable | 74,963 | (109) | 242,788 | 298,349 |
Natural Disasters Insurance Receivables | - | - | - | - |
Prepaid Expenses & Deposits | 1,085 | - | 27 | 2 |
Taxes Receivable | 211 | - | - | 14 |
Total Other Current Assets | - | - | 1,294 | - |
Total current assets | 76,260 | (109) | 244,109 | 298,515 |
Long Term Notes - 3rd Party | - | - | - | - |
Investments in Subsidiaries | - | (47,110) | - | 208,494 |
Intercompany Notes Receivable | - | - | - | - |
Joint Venture Investments | - | - | - | - |
Long Term Notes & Investments | - | (47,110) | - | 208,494 |
Gross PPE | - | 2,030 | 368,480 | - |
Accumulated Depreciation | - | (990) | (276,788) | - |
Property and Equipment | - | 1,040 | 91,691 | - |
Other Assets | - | 91 | 3,278 | - |
Deferred Financing Costs | - | - | - | - |
Deferred Regulatory Inspection | - | 91 | 1,884 | - |
Deferred Pension Costs | - | - | - | - |
Intangibles | - | - | - | - |
Other Long Term Assets | - | - | - | - |
Hedging Instruments - NonCurrent | - | - | - | - |
Long Term Prepaid Mob | - | - | 1,394 | - |
Long Term Prepaid Expense | - | - | - | - |
Total assets | 76,260 | (46,088) | 339,078 | 507,008 |
LIABILITIES AND SHAREHOLDERS' EQUITY | - | - | - | - |
Current liabilities | - | - | - | - |
Current Maturities & Short Term Debt | - | - | - | - |
Accounts Payable | 44,372 | 7,124 | 9,070 | 296,765 |
Payroll and Benefits Related Accruals | 2,489 | (48) | 4,811 | - |
Taxes Payable | 223 | 152 | 568 | 17 |
Dividends Payable | - | - | - | - |
Interest Payable | - | - | - | - |
Other Current Liabilities | 62 | - | 999 | - |
Total current liabilities | 47,145 | 7,228 | 15,451 | 296,783 |
Total Long-Term Debt | - | - | - | - |
Deferred Taxes | - | - | - | - |
Other NonCurrent Liabilities | - | - | 1,068 | - |
Liabilities Subject to Compromise | - | - | - | - |
Total liabilities | 47,145 | 7,228 | 16,518 | 296,783 |
Shareholders' equity | - | - | - | - |
Shareholders' Equity | 29,115 | (53,317) | 322,560 | 210,226 |
Ordinary Shares-par Val $ 10 per sh | - | - | - | - |
Capital in Excess of par value | 9,565 | 37,043 | 68,267 | 583,633 |
Retained Earnings | 19,549 | (90,361) | 254,293 | (373,407) |
Treasury Stock - at Cost | - | - | - | - |
Accumulated Other Comprehensive Loss | - | - | - | - |
Statutory Equity | - | - | - | - |
Noncontrolling Interests | - | - | - | - |
Total shareholders' equity | 29,115 | (53,317) | 322,560 | 210,226 |
Total liabilities and shareholders' equity | 76,260 | (46,088) | 339,078 | 507,008 |
MOR-3
In re Paragon Offshore PLC, et al.
16-10401 | 16-10402 | 16-10403 | 16-10404 | |
Paragon Holding NCS 2 S.a r.l. | Paragon Leonard Jones LLC | PGN Offshore Drilling (Malaysia) Sdn. Bhd. | Paragon Offshore (Nederland) B.V. | |
ASSETS | ||||
Current assets | ||||
Total Cash and Cash Equivalents | $ - | $ 360 | $ 474 | $ 2,214 |
Restricted Cash | - | - | - | - |
Accounts Receivable | 53,071 | 95,937 | 4,550 | 266,252 |
Natural Disasters Insurance Receivables | - | - | - | - |
Prepaid Expenses & Deposits | - | 619 | 58 | 24 |
Taxes Receivable | 9 | - | 29 | 3,158 |
Total Other Current Assets | 33 | 10 | 218 | 14,526 |
Total current assets | 53,113 | 96,926 | 5,330 | 286,174 |
Long Term Notes - 3rd Party | - | - | - | - |
Investments in Subsidiaries | 42,808 | 35,000 | - | - |
Intercompany Notes Receivable | 300 | 2,383 | 32,694 | 7,959 |
Joint Venture Investments | - | - | - | - |
Long Term Notes & Investments | 43,108 | 37,383 | 32,694 | 7,959 |
Gross PPE | 20,462 | - | - | 1 |
Accumulated Depreciation | (17,480) | - | - | (1) |
Property and Equipment | 2,982 | - | - | 1 |
Other Assets | 747 | - | - | 862 |
Deferred Financing Costs | - | - | - | - |
Deferred Regulatory Inspection | 747 | - | - | - |
Deferred Pension Costs | - | - | - | 862 |
Intangibles | - | - | - | - |
Other Long Term Assets | - | - | - | - |
Hedging Instruments - NonCurrent | - | - | - | - |
Long Term Prepaid Mob | - | - | - | - |
Long Term Prepaid Expense | - | - | - | - |
Total assets | 99,951 | 134,309 | 38,024 | 294,994 |
LIABILITIES AND SHAREHOLDERS' EQUITY | - | - | - | - |
Current liabilities | - | - | - | - |
Current Maturities & Short Term Debt | - | - | - | - |
Accounts Payable | 59,925 | 61,370 | 67,307 | 102,977 |
Payroll and Benefits Related Accruals | - | 403 | 362 | 1,106 |
Taxes Payable | 39 | 2,788 | 164 | 525 |
Dividends Payable | - | - | - | - |
Interest Payable | 1,849 | - | - | - |
Other Current Liabilities | - | (13) | 24 | 5,776 |
Total current liabilities | 61,814 | 64,547 | 67,857 | 110,383 |
Total Long-Term Debt | - | - | - | - |
Deferred Taxes | - | - | - | 231 |
Other NonCurrent Liabilities | - | - | 3,037 | 5 |
Liabilities Subject to Compromise | - | 161 | 25 | 1,937 |
Total liabilities | 61,814 | 64,708 | 70,919 | 112,555 |
Shareholders' equity | - | - | - | - |
Shareholders' Equity | 38,137 | 69,602 | (32,895) | 182,440 |
Ordinary Shares-par Val $ 10 per sh | - | - | - | - |
Capital in Excess of par value | 96,279 | 136,179 | (47,620) | 12,794 |
Retained Earnings | (58,143) | (66,577) | 14,725 | 169,079 |
Treasury Stock - at Cost | - | - | - | - |
Accumulated Other Comprehensive Loss | - | - | - | 566 |
Statutory Equity | - | - | - | - |
Noncontrolling Interests | - | - | - | - |
Total shareholders' equity | 38,137 | 69,602 | (32,895) | 182,440 |
Total liabilities and shareholders' equity | 99,951 | 134,309 | 38,024 | 294,994 |
MOR-3
In re Paragon Offshore PLC, et al.
16-10405 | 16-10406 | 16-10407 | 16-10408 | |
Paragon Offshore Contracting GmbH | Paragon Offshore (Labuan) Pte. Ltd. | Paragon Holding SCS 2 Ltd. | Paragon Asset Company Ltd. | |
ASSETS | ||||
Current assets | ||||
Total Cash and Cash Equivalents | $ 3,708 | $ 1,011 | $ - | $ - |
Restricted Cash | - | - | - | - |
Accounts Receivable | 306,821 | 2,816 | 320 | 655,270 |
Natural Disasters Insurance Receivables | - | - | - | - |
Prepaid Expenses & Deposits | 95 | 12 | - | - |
Taxes Receivable | - | - | - | - |
Total Other Current Assets | 666 | - | 1,849 | - |
Total current assets | 311,290 | 3,839 | 2,170 | 655,270 |
Long Term Notes - 3rd Party | - | - | - | - |
Investments in Subsidiaries | 30,000 | - | 2,262,887 | 65,504 |
Intercompany Notes Receivable | 13,358 | - | - | - |
Joint Venture Investments | - | - | - | - |
Long Term Notes & Investments | 43,358 | - | 2,262,887 | 65,504 |
Gross PPE | 8,258 | - | - | 999,299 |
Accumulated Depreciation | (934) | - | - | (718,087) |
Property and Equipment | 7,324 | - | - | 281,212 |
Other Assets | - | - | - | 7,863 |
Deferred Financing Costs | - | - | - | - |
Deferred Regulatory Inspection | - | - | - | 2,051 |
Deferred Pension Costs | - | - | - | - |
Intangibles | - | - | - | - |
Other Long Term Assets | - | - | - | 5,812 |
Hedging Instruments - NonCurrent | - | - | - | - |
Long Term Prepaid Mob | - | - | - | - |
Long Term Prepaid Expense | - | - | - | - |
Total assets | 361,972 | 3,839 | 2,265,056 | 1,009,849 |
LIABILITIES AND SHAREHOLDERS' EQUITY | - | - | - | - |
Current liabilities | - | - | - | - |
Current Maturities & Short Term Debt | - | - | 186,107 | - |
Accounts Payable | 113,096 | 3,024 | 80,610 | 305,520 |
Payroll and Benefits Related Accruals | 1,263 | 1 | - | (96) |
Taxes Payable | 2,255 | - | (389) | - |
Dividends Payable | - | - | - | - |
Interest Payable | 6,575 | - | 229 | 33 |
Other Current Liabilities | (33) | - | - | (290) |
Total current liabilities | 123,155 | 3,025 | 266,557 | 305,166 |
Total Long-Term Debt | 158,059 | - | - | 300 |
Deferred Taxes | - | - | - | - |
Other NonCurrent Liabilities | - | - | 12,506 | - |
Liabilities Subject to Compromise | 134 | - | - | - |
Total liabilities | 281,348 | 3,025 | 279,063 | 305,466 |
Shareholders' equity | - | - | - | - |
Shareholders' Equity | 80,624 | 814 | 1,985,993 | 704,382 |
Ordinary Shares-par Val $ 10 per sh | 14 | - | - | - |
Capital in Excess of par value | 60,000 | 510 | 3,618,627 | 286,174 |
Retained Earnings | 20,523 | 304 | (1,632,634) | 418,208 |
Treasury Stock - at Cost | - | - | - | - |
Accumulated Other Comprehensive Loss | 86 | - | - | - |
Statutory Equity | - | - | - | - |
Noncontrolling Interests | �� - | - | - | - |
Total shareholders' equity | 80,624 | 814 | 1,985,993 | 704,382 |
Total liabilities and shareholders' equity | 361,972 | 3,839 | 2,265,056 | 1,009,849 |
MOR-3
In re Paragon Offshore PLC, et al.
16-10409 | 16-10410 | |||
Paragon Holding SCS 1 Ltd. | Paragon Offshore Leasing (Luxembourg) S.a r.l. | |||
ASSETS | ||||
Current assets | ||||
Total Cash and Cash Equivalents | $ - | $ 60 | ||
Restricted Cash | - | - | ||
Accounts Receivable | 120,925 | 102,347 | ||
Natural Disasters Insurance Receivables | - | - | ||
Prepaid Expenses & Deposits | - | - | ||
Taxes Receivable | - | 30 | ||
Total Other Current Assets | 110,898 | - | ||
Total current assets | 231,823 | 102,437 | ||
Long Term Notes - 3rd Party | - | - | ||
Investments in Subsidiaries | 1,020,952 | (72,168) | ||
Intercompany Notes Receivable | - | - | ||
Joint Venture Investments | - | - | ||
Long Term Notes & Investments | 1,020,952 | (72,168) | ||
Gross PPE | - | 123,994 | ||
Accumulated Depreciation | - | (94,868) | ||
Property and Equipment | - | 29,127 | ||
Other Assets | - | 3,018 | ||
Deferred Financing Costs | - | - | ||
Deferred Regulatory Inspection | - | 3,018 | ||
Deferred Pension Costs | - | - | ||
Intangibles | - | - | ||
Other Long Term Assets | - | - | ||
Hedging Instruments - NonCurrent | - | - | ||
Long Term Prepaid Mob | - | - | ||
Long Term Prepaid Expense | - | - | ||
Total assets | 1,252,776 | 62,414 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | - | - | ||
Current liabilities | - | - | ||
Current Maturities & Short Term Debt | - | - | ||
Accounts Payable | - | 17,796 | ||
Payroll and Benefits Related Accruals | - | - | ||
Taxes Payable | - | (61) | ||
Dividends Payable | - | - | ||
Interest Payable | - | 71,807 | ||
Other Current Liabilities | - | - | ||
Total current liabilities | - | 89,541 | ||
Total Long-Term Debt | - | - | ||
Deferred Taxes | - | - | ||
Other NonCurrent Liabilities | - | - | ||
Liabilities Subject to Compromise | - | - | ||
Total liabilities | - | 89,541 | ||
Shareholders' equity | - | - | ||
Shareholders' Equity | 1,252,775 | (27,128) | ||
Ordinary Shares-par Val $ 10 per sh | - | - | ||
Capital in Excess of par value | 1,179,831 | 1,519,680 | ||
Retained Earnings | 72,945 | (1,546,808) | ||
Treasury Stock - at Cost | - | - | ||
Accumulated Other Comprehensive Loss | - | - | ||
Statutory Equity | - | - | ||
Noncontrolling Interests | - | - | ||
Total shareholders' equity | 1,252,775 | (27,128) | ||
Total liabilities and shareholders' equity | 1,252,776 | 62,414 |
MOR-4
In re Paragon Offshore PLC, et al. | ||||||
Case No. 16-10386 (CSS) | ||||||
Reporting Period: February 14 - 29, 2016 | ||||||
Federal Tax I.D. # 98-1146017 | ||||||
Status of Post-Petition Taxes (See Notes to the MOR) | ||||||
(000's) | ||||||
Paragon Offshore PLC and its related debtor legal entities | Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Ending Tax Liability | ||
Corporate Income Tax | $ 8,047 | $ 1,555 | $ (1,346) | $ 8,256 | ||
Payroll Tax | 7,985 | 1,371 | (1,616) | 7,740 | ||
Withholding Tax | (13,837) | (100) | (4) | (13,941) | ||
Property Tax | - | - | - | - | ||
VAT Tax | (9,646) | 2,676 | 469 | (6,501) | ||
Other Tax | 2,768 | 588 | (521) | 2,835 | ||
Total Taxes | $ (4,684) | $ 6,090 | $ (3,017) | $ (1,611) | ||
Summary of Unpaid Post-Petition Debts (See Notes to the MOR) | ||||||
(000's) | ||||||
Debtor | Case Number | Current | 0-30 | 31-60 | Over 61 | Total |
Accounts Payable | ||||||
Paragon Offshore Drilling LLC | 16-10385 | $ 14 | $ - | $ - | $ - | $ 14 |
Paragon Offshore plc | 16-10386 | - | - | - | - | - |
Paragon Drilling Services 7 LLC | 16-10387 | - | - | - | - | - |
Paragon Offshore Finance Company | 16-10388 | - | - | - | - | - |
Paragon Offshore Leasing (Switzerland) GmbH | 16-10389 | - | - | - | - | - |
Paragon Offshore do Brasil Ltda. | 16-10390 | 234 | 3 | 1 | - | 238 |
Paragon International Finance Company | 16-10391 | 22 | 684 | - | 0 | 706 |
Paragon Asset (ME) Ltd. | 16-10392 | - | - | - | - | - |
Paragon Offshore Holdings US Inc. | 16-10393 | - | - | - | - | - |
Paragon Asset (UK) Ltd. | 16-10394 | 45 | 50 | 13 | - | 107 |
Paragon FDR Holding Ltd. | 16-10395 | - | - | - | - | - |
Paragon Offshore International Ltd. | 16-10396 | 233 | 21 | - | 79 | 334 |
Paragon Offshore (North Sea) Ltd. | 16-10397 | 158 | �� 14 | 0 | - | 172 |
Paragon Duchess Ltd. | 16-10398 | - | - | - | - | - |
Paragon (Middle East) Limited | 16-10399 | 29 | 0 | - | - | 29 |
Paragon Offshore (Luxembourg) S.a r.l. | 16-10400 | - | - | - | - | - |
Paragon Holding NCS 2 S.a r.l. | 16-10401 | - | - | - | - | - |
Paragon Leonard Jones LLC | 16-10402 | 12 | 65 | - | - | 76 |
PGN Offshore Drilling (Malaysia) Sdn. Bhd. | 16-10403 | 19 | - | - | - | 19 |
Paragon Offshore (Nederland) B.V. | 16-10404 | 29 | 130 | 2 | 0 | 161 |
Paragon Offshore Contracting GmbH | 16-10405 | 1 | 1 | - | - | 2 |
Paragon Offshore (Labuan) Pte. Ltd. | 16-10406 | - | - | - | - | - |
Paragon Holding SCS 2 Ltd. | 16-10407 | - | - | - | - | - |
Paragon Asset Company Ltd. | 16-10408 | 187 | 53 | - | - | 240 |
Paragon Holding SCS 1 Ltd. | 16-10409 | - | - | - | - | - |
Paragon Offshore Leasing (Luxembourg) S.a r.l. | 16-10410 | 1 | - | - | - | 1 |
Total Accounts Payable | $ 984 | $ 1,022 | $ 15 | $ 79 | $ 2,100 | |
MOR-5
In re Paragon Offshore PLC, et al. | ||||||||||||||||
Case No. 16-10386 (CSS) | ||||||||||||||||
Reporting Period: February 14 - 29, 2016 | ||||||||||||||||
Federal Tax I.D. # 98-1146017 | ||||||||||||||||
Post-Petition Accounts Receivable Reconciliation and Aging (See Notes to the MOR) | ||||||||||||||||
('000s) | ||||||||||||||||
Billed Accounts Receivable | Unbilled Accounts Receivable | Other Accounts Receivable | ||||||||||||||
Debtor | Case Number | 0-60 | 60-90 | >90 | Total Billed Accounts Receivable | 0-60 | 60-90 | >90 | Total Unbilled Accounts Receivable | 0-60 | 60-90 | >90 | Total Other Accounts Receivable | Total Accounts Receivable (Gross) | Allowance for Doubtful Accounts | Total Accounts Receivable (Net) |
Trade Receivables | ||||||||||||||||
Paragon Offshore Drilling LLC | 16-10385 | $ (1,407) | $ - | $ - | $ (1,407) | $ 1,118 | $ - | $ - | $ 1,118 | $ - | $ - | $ - | $ - | $ (289) | $ - | $ (289) |
Paragon Offshore plc | 16-10386 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Drilling Services 7 LLC | 16-10387 | (15) | - | - | (15) | - | - | - | - | - | - | - | - | (15) | - | (15) |
Paragon Offshore Finance Company | 16-10388 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Offshore Leasing (Switzerland) GmbH | 16-10389 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Offshore do Brasil Ltda. | 16-10390 | (1,877) | - | - | (1,877) | 10,318 | - | - | 10,318 | - | - | - | - | 8,440 | - | 8,440 |
Paragon International Finance Company | 16-10391 | (189) | - | - | (189) | (14) | - | - | (14) | - | - | - | - | (203) | - | (203) |
Paragon Asset (ME) Ltd. | 16-10392 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Offshore Holdings US Inc. | 16-10393 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Asset (UK) Ltd. | 16-10394 | (1,102) | - | - | (1,102) | 11,564 | - | - | 11,564 | - | - | - | - | 10,463 | - | 10,463 |
Paragon FDR Holding Ltd. | 16-10395 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Offshore International Ltd. | 16-10396 | 191 | - | - | 191 | 11,575 | - | - | 11,575 | - | - | - | - | 11,766 | - | 11,766 |
Paragon Offshore (North Sea) Ltd. | 16-10397 | 5,044 | - | - | 5,044 | 10,519 | - | - | 10,519 | - | - | - | - | 15,563 | - | 15,563 |
Paragon Duchess Ltd. | 16-10398 | (4) | - | - | (4) | - | - | - | - | - | - | - | - | (4) | - | (4) |
Paragon (Middle East) Limited | 16-10399 | (31) | - | - | (31) | 5,523 | - | - | 5,523 | - | - | - | - | 5,492 | (50) | 5,442 |
Paragon Offshore (Luxembourg) S.a r.l. | 16-10400 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Holding NCS 2 S.a r.l. | 16-10401 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Leonard Jones LLC | 16-10402 | 8,000 | - | - | 8,000 | (4,417) | - | - | (4,417) | - | - | - | - | 3,583 | - | 3,583 |
PGN Offshore Drilling (Malaysia) Sdn. Bhd. | 16-10403 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Offshore (Nederland) B.V. | 16-10404 | (71) | - | - | (71) | 20,903 | - | - | 20,903 | - | - | - | - | 20,832 | - | 20,832 |
Paragon Offshore Contracting GmbH | 16-10405 | 16,312 | - | - | 16,312 | (14,379) | - | - | (14,379) | - | - | - | - | 1,934 | - | 1,934 |
Paragon Offshore (Labuan) Pte. Ltd. | 16-10406 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Holding SCS 2 Ltd. | 16-10407 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Asset Company Ltd. | 16-10408 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Holding SCS 1 Ltd. | 16-10409 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Paragon Offshore Leasing (Luxembourg) S.a r.l. | 16-10410 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Trade Receivables | $ 24,851 | $ - | $ - | $ 24,851 | $ 52,710 | $ - | $ - | $ 52,710 | $ - | $ - | $ - | $ - | $ 77,561 | $ (50) | $ 77,511 |
MOR-5 CONT
In re Paragon Offshore PLC, et al. | |||
Case No. 16-10386 (CSS) | |||
Reporting Period: February 14 - 29, 2016 | |||
Federal Tax I.D. # 98-1146017 | |||
Debtor Questionnaire (See Notes to the MOR) | |||
Yes | No | ||
1. Have any assets been sold or transferred outside the normal course of business during 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 post petition 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 | ||