Exhibit 99.1
16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Pg 1 of 17 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re international Shipholding Corporation (Consolidated) Case No, 36-12220 Debtor Reporting Period: February-17 Federal Tax I.D. # 36-2989662 CORPORATE MONTHLY OPERATING REPORT File with the Court and submit a copy to the United States Trustee within 20 days after the end of the month and submit a copy of the report to any official committee appointed in the case. Signature of Debtor (Reports for Rochester and Buffalo Divisions of Western District of New York are due 15 days after the end of the month, as are the reports for Southern District of New York.) REQUIRED DOCUMENTS Form No. Document Attached Explanation Attached Schedule of Cash Receipts and Disbursements MOR-1X Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (CON'T) X Copies of bank statements Cash disbursements journals Statement of Operations MOR-2 X Balance Sheet MOR-3 X Status of Post-petition Taxes MOR-4 X Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Post-petition Debts MOR-4 X Listing of Aged Accounts Payable Accounts Receivable Reconciliation and Aging_ MOR-5 X Taxes Reconciliation and Aging MOR-5 X Payments to Insiders and Professional MOR-6 X Post Petition Status of Secured Notes, Leases Payable MOR-6 X Debtor Questionnaire MOR-7 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. Date Date Manuel G. Estrada, Vice President and Chief Financial Officer Date * 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
Entity Name: International Shipholdi g Corporation (Consolidating) 16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Case Number: 16-12220 Pg 2 of 17 Monthly Operating Report - Southern District of New York Schedule of Cash Receipts & Disbursements Reporting Period: February-17 Debtor Name Account # Beginning Balance Third Party Intercompany Deposits per Bank Net Deposits in Total Cash Intercompany Third Party Disbursements per Net Outstanding Total Cash FX Gain/(Loss) Ending Book (Last 4 digits) Deposits Deposits Statement Transit Receipts Disbursements Disbursements Bank Statement Checks Disbursements Balance International Shipholding Corporation 2907 $ 956.44 $ - $ - $ - $ - $ - $ - $ 1,584.37 $ 1,584.37 $ - $ 1,584.37 $ - $ (627.93) International Shipholding Corporation 1639 10,007.40 - - - - - - - - - - - 10,007.40 International Shipholding Corporation 1314 8,295.08 - 110,000.00 110,000.00 - 110,000.00 - 114,830.78 114,830.78 - 114,830.78 - 3,464.30 International Shipholding Corporation 4643 1,567,204.42 503,041.27 14,274,640.00 14,777,681.27 - 14,777,681.27 1,985,000.00 13,304,709.03 15,289,709.03 47,085.17 15,336,794.20 - 1,008,091.49 International Shipholding Corporation 6001 1,052.50 - - - - - - 75.00 75.00 - 75.00 - 977.50 International Shipholding Corporation 8174 24,147,375.87 - - - - - - - - - - - 24,147,375.87 International Shipholding Corporation 9131 24,411.41 0.94 - 0.94 - 0.94 - - - - - - 24,412.35 International Shipholding Corporation 3120 1,052,958.89 133.83 - 133.83 - 133.83 - - - - - - 1,053,092.72 N.W. Johnson & Co. Inc 8364 13,956.41 58,139.84 - 58,139.84 - 58,139.84 - - - - - - 72,096.25 Coastal Carriers, Inc. 4547 5,029.34 - - - - - 3,000.00 - 3,000.00 - 3,000.00 - 2,029.34 U.S. United Ocean Services, LLC 1715 4,430.91 - 8,500.00 8,500.00 - 8,500.00 - 12,367.62 12,367.62 - 12,367.62 - 563.29 U.S. United Ocean Services, LLC 3712 (3.58) - - - - - - - - - - - (3.58) U.S. United Ocean Services, LLC 1468 - - 6,646,172.11 6,646,172.11 - 6,646,172.11 6,645,000.00 1,172.11 6,646,172.11 - 6,646,172.11 - - U.S. United Ocean Services, LLC 2260 23,917.85 9,524,104.38 - 9,524,104.38 - 9,524,104.38 6,646,172.11 - 6,646,172.11 - 6,646,172.11 - 2,901,850.12 U.S. United Ocean Services, LLC 1715 - - - - - - - - - Frascati Shops, Inc. 9623 135,640.45 12,283.57 - 12,283.57 - 12,283.57 - - - - - - 147,924.02 Frascati Shops, Inc. 8552 11,037.18 64,923.35 5,000.00 69,923.35 - 69,923.35 - - - - - - 80,960.53 Waterman Steamship Corporation 9031 1,073.16 - - - - - - 10.00 10.00 - 10.00 - 1,063.16 Waterman Steamship Corporation 9058 8,959.35 - - - - - - 5,032.58 5,032.58 - 5,032.58 - 3,926.77 Waterman Steamship Corporation 9066 6,401.59 - 205,000.00 205,000.00 - 205,000.00 5,500.00 203,403.11 208,903.11 (434.37) 208,468.74 - 2,932.85 Waterman Steamship Corporation 3208 (10.00) 10.00 - 10.00 - 10.00 - 10.00 10.00 - 10.00 - (10.00) Waterman Steamship Corporation 2043 40,068.66 1,176,086.98 1,053,251.23 2,229,338.21 - 2,229,338.21 2,148,239.00 117,915.84 2,266,154.84 - 2,266,154.84 - 3,252.03 Waterman Steamship Corporation 1129 27,632.67 913,346.69 - 913,346.69 - 913,346.69 610,000.00 - 610,000.00 - 610,000.00 - 330,979.36 Waterman Steamship Corporation 8703 85,000.00 - - - - - - - - - - - 85,000.00 Waterman Steamship Corporation 2043-004 - 12.23 978,239.00 978,251.23 - 978,251.23 978,251.23 - 978,251.23 - 978,251.23 - - Sulphur Carriers, Inc. 1276 49,592.15 - 130,000.00 130,000.00 - 130,000.00 - 174,438.06 174,438.06 - 174,438.06 - 5,154.09 Sulphur Carriers, Inc. 1110 7,966.07 - 420,000.00 420,000.00 - 420,000.00 - 431,889.94 431,889.94 (9,398.20) 422,491.74 - 5,474.33 Sulphur Carriers, Inc. 1102 8,833.01 1,521,691.75 285,000.00 1,806,691.75 - 1,806,691.75 1,240,000.00 284,437.43 1,524,437.43 - 1,524,437.43 - 291,087.33 LMS Shipmanagement, Inc. 1292 10,945.95 - 50,000.00 50,000.00 - 50,000.00 57,334.89 57,334.89 - 57,334.89 - 3,611.06 LMS Shipmanagement, Inc. 7395 1,378.26 - 5,000.00 5,000.00 - 5,000.00 3,274.37 3,274.37 - 3,274.37 - 3,103.89 LMS Shipmanagement, Inc. 1099 7,623.95 848.54 - 848.54 - 848.54 - 322.05 322.05 - 322.05 - 8,150.44 Central Gulf Lines, Inc. 0586 1,000.00 - - - - - - - - - - - 1,000.00 Central Gulf Lines, Inc. 0997 127,054.51 224,796.41 595,000.00 819,796.41 235,000.00 1,054,796.41 535,000.00 243,835.12 778,835.12 - 778,835.12 - 403,015.80 Central Gulf Lines, Inc. 6645 3,902.09 - - - - - - - - - - - 3,902.09 Central Gulf Lines, Inc. 1005 10,499.46 - 323,000.00 323,000.00 - 323,000.00 - 330,267.15 330,267.15 - 330,267.15 - 3,232.31 Central Gulf Lines, Inc. 1021 8,970.84 - 186,000.00 186,000.00 - 186,000.00 - 185,780.00 185,780.00 4,800.00 190,580.00 - 4,390.84 Central Gulf Lines, Inc. 0998 5,775.51 4,178,782.41 - 4,178,782.41 - 4,178,782.41 2,715,000.00 299.76 2,715,299.76 - 2,715,299.76 - 1,469,258.16 Central Gulf Lines, Inc. 1013 4,843.44 - 441,000.00 441,000.00 - 441,000.00 441,640.84 441,640.84 - 441,640.84 - 4,202.60 Central Gulf Lines, Inc. 8844 3,969.67 516,218.57 - 516,218.57 - 516,218.57 515,000.00 - 515,000.00 - 515,000.00 - 5,188.24 Central Gulf Lines, Inc. 3652 411,386.39 594,524.61 - 594,524.61 (68,350.00) 526,174.61 475,000.00 308,900.28 783,900.28 - 783,900.28 - 153,660.72 Central Gulf Lines, Inc. 3660 149,561.74 - - - - - - - - - - - 149,561.74 Central Gulf Lines, Inc. 0997-004 - - - - - - - - - - - - - Enterprise Ship Company, Inc. 1064 20,644.67 - - - - 20,640.00 - 20,640.00 - 20,640.00 - 4.67 LCI Shipholdings, Inc. 2027 8,053.04 1,410.00 - 1,410.00 - 1,410.00 - - - - - - 9,463.04 LCI Shipholdings, Inc. 1080 14,325.05 449,523.90 - 449,523.90 - 449,523.90 452,000.00 - 452,000.00 - 452,000.00 - 11,848.95 LCI Shipholdings, Inc. 6001 3,820.85 - - - - - - 75.00 75.00 - 75.00 - 3,745.85 LCI Shipholdings, Inc. 9099 7,521.35 3,300,000.00 3,300,000.00 - 3,300,000.00 - 2,050,000.00 2,050,000.00 - 2,050,000.00 - 1,257,521.35 LCI Shipholdings, Inc. 2027-004 - - - - - - - - - - - - - LCI Shipholdings, Inc. 0947 42,890.93 4.94 - 4.94 - 4.94 - - - - - - 42,895.87 Dry Bulk Australia Ltd. 1731 13,060.35 - - - - - - - - - - - 13,060.35 Dry Bulk Americas Ltd. 1027 12,141.61 - - - - - - - - - - - 12,141.61 Marco Shipping Company (PTE) Ltd 5001 110,282.01 47.04 - 47.04 - 47.04 - - - - - - 110,329.05 Marco Shipping Company (PTE) Ltd 5002 12,515.80 1,551.47 - 1,551.47 - 1,551.47 - 69.06 69.06 - 69.06 220.79 14,219.00 Gulf South Shipping PTE Ltd 4001 10,510.64 - - - - - - - - - - - 10,510.64 Gulf South Shipping PTE Ltd 4002 5,649.42 1,315.54 - 1,315.54 - 1,315.54 - - - - - 114.95 7,079.91 Gulf South Shipping PTE Ltd 3659 35,429.94 757,313.18 - 757,313.18 - 757,313.18 742,000.00 - 742,000.00 - 742,000.00 - 50,743.12 Total $ 28,285,544.70 $ 23,800,111.44 $ 25,715,802.34 $ 49,515,913.78 $ 166,650.00 $ 49,682,563.78 $ 25,715,802.34 $ 18,273,674.39 $ 43,989,476.73 $ 42,052.60 $ 44,031,529.33 $ 335.74 $ 33,936,914.89
MOR-1
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Case Number:Pg3of16-1222017 Monthly Operating Report - Southern District of New York Bank Reconciliation (or Copies of Debtor's Bank Reconciliations) Reporting Period: February-17 Debtor Name Bank Account # Bank Balance Deposits in Transit Checks Outstanding Book Balance Notes/ Comments (Last 4 Digits) 4 1 International Shipholding Corporation 2907 $ (627.93) $ - $ - $ (627.93) International Shipholding Corporation 1639 10,007.40 - - 10,007.40 International Shipholding Corporation 1314 3,464.30 - - 3,464.30 International Shipholding Corporation 4643 1,543,690.52 - (535,599.03) 1,008,091.49 International Shipholding Corporation 6001 977.50 - - 977.50 International Shipholding Corporation 8174 24,147,375.87 - - 24,147,375.87 Restricted Cash International Shipholding Corporation 9131 24,412.35 - - 24,412.35 International Shipholding Corporation 3 3120 1,053,092.72 - - 1,053,092.72 Restricted Cash N.W. Johnson & Co. Inc 8364 72,096.25 - - 72,096.25 Coastal Carriers, Inc. 4547 2,029.34 - - 2,029.34 U.S. United Ocean Services, LLC 1715 563.29 - - 563.29 U.S. United Ocean Services, LLC 3712 - - (3.58) (3.58) U.S. United Ocean Services, LLC 1468 - - - - U.S. United Ocean Services, LLC 2260 2,901,850.12 - - 2,901,850.12 U.S. United Ocean Services, LLC2 1715 - - - - Frascati Shops, Inc. 9623 147,924.02 - - 147,924.02 Frascati Shops, Inc. 8552 80,960.53 - - 80,960.53 Waterman Steamship Corporation 9031 1,175.16 - (112.00) 1,063.16 Waterman Steamship Corporation 9058 3,926.77 - - 3,926.77 Waterman Steamship Corporation 9066 9,082.85 - (6,150.00) 2,932.85 Waterman Steamship Corporation 3208 (10.00) - - (10.00) Waterman Steamship Corporation 2043 3,252.03 - - 3,252.03 Waterman Steamship Corporation 1129 330,979.36 - - 330,979.36 Waterman Steamship Corporation 8703 85,000.00 - - 85,000.00 Waterman Steamship Corporation 5 2043-004 - - - - Sulphur Carriers, Inc. 1276 5,154.09 - - 5,154.09 Sulphur Carriers, Inc. 1110 5,924.33 - (450.00) 5,474.33 Sulphur Carriers, Inc. 1102 291,087.33 - - 291,087.33 LMS Shipmanagement, Inc. 1292 3,611.06 - - 3,611.06 LMS Shipmanagement, Inc. 7395 3,103.89 - - 3,103.89 LMS Shipmanagement, Inc. 1099 8,150.44 - - 8,150.44 Central Gulf Lines, Inc. 0586 1,000.00 - - 1,000.00 Central Gulf Lines, Inc. 0997 168,015.80 235,000.00 - 403,015.80 Central Gulf Lines, Inc. 6645 3,902.09 - - 3,902.09 Central Gulf Lines, Inc. 1005 3,232.31 - - 3,232.31 Central Gulf Lines, Inc. 1021 10,690.84 - (6,300.00) 4,390.84 Central Gulf Lines, Inc. 0998 1,469,258.16 - - 1,469,258.16
16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Case Number:Pg4of16-1222017 Monthly Operating Report - Southern District of New York Bank Reconciliation (or Copies of Debtor's Bank Reconciliations) Reporting Period: February-17 Debtor Name Bank Account # Bank Balance Deposits in Transit Checks Outstanding Book Balance Notes/ Comments (Last 4 Digits) 4 1 Central Gulf Lines, Inc. 1013 4,202.60 - - 4,202.60 Central Gulf Lines, Inc. 8844 5,188.24 - - 5,188.24 Central Gulf Lines, Inc. 3652 153,660.72 - - 153,660.72 Central Gulf Lines, Inc. 3660 149,561.74 - - 149,561.74 Restricted Cash Central Gulf Lines, Inc.2 0997-004 - - - - Enterprise Ship Company, Inc. 1064 4.67 - - 4.67 LCI Shipholdings, Inc. 2027 9,463.04 - - 9,463.04 LCI Shipholdings, Inc. 1080 11,848.95 - - 11,848.95 LCI Shipholdings, Inc. 6001 3,745.85 - - 3,745.85 LCI Shipholdings, Inc. 9099 1,257,521.35 - - 1,257,521.35 Restricted Cash LCI Shipholdings, Inc.2 2027-004 - - - - LCI Shipholdings, Inc. 0947 42,895.87 - - 42,895.87 Dry Bulk Australia Ltd. 1731 13,060.35 - - 13,060.35 Dry Bulk Americas Ltd. 1027 12,141.61 - - 12,141.61 Marco Shipping Company (PTE) Ltd 5001 110,329.05 - - 110,329.05 Marco Shipping Company (PTE) Ltd 5002 14,219.00 - - 14,219.00 Gulf South Shipping PTE Ltd 4001 10,510.64 - - 10,510.64 Gulf South Shipping PTE Ltd 4002 7,079.91 - - 7,079.91 Gulf South Shipping PTE Ltd 3659 50,743.12 - - 50,743.12 Total $ 34,250,529.50 $ 235,000.00 $ (548,614.61) $ 33,936,914.89 - 1 Outstanding check listing can be provided at request. 2 The Debtors did not receive statements from the bank in these overnight sweep accounts because the balance remains zero in February. 3 The bank balance reflects the balance from the January statement, which the Debtors believe remains accurate except for an immaterial amount of interest earned on the funds which was th only activity in this account each month. 4 The Debtors have not included copies of the bank statements due to the voluminous nature of such documents. Copies will be provided upon request. 5 The Debtors did not receive a statement from the bank for this overnight sweep account. Per review of the bank account, there was activity during the month of February, however the balance was zero at 2/28/17.
16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Pg 5 of 17 Case Number: 16- 2220 Monthly Operating Report - Southern District of New York MOR-1 Addendum: Disbursement Totals by Debtor Reporting Period: February-17 Debtor Name Account # International Shipholding Corporation (16-12220) Total N.W. Johnson & Co. Inc (16-12218) Total Coastal Carriers, Inc. (16-12222) Total U.S. United Ocean Services, LLC (16-12235) Total Frascati Shops, Inc. (16-12226) Total Waterman Steamship Corporation (16-12219) Total Sulphur Carriers, Inc. (16-12233) Total LMS Shipmanagement, Inc. (16-12229) Total Central Gulf Lines, Inc. (16-12221) Total Enterprise Ship Company, Inc. (16-12225) Total LCI Shipholdings, Inc. (16-12228) Total Dry Bulk Australia Ltd. (16-12224) Total Dry Bulk Americas Ltd. (16-12223) Total Marco Shipping Company (PTE) Ltd (16-12231) Total Gulf South Shipping PTE Ltd (16-12227) Total Grand Total Total cash disbursements Total cash disbursements per MOR-1 (w/ Interco) per MOR-1 (w/o Interco) $ 15,453,284.35 $ 13,468,284.35 - - 3,000.00 - 13,304,711.84 13,539.73 - - 4,067,927.39 325,937.16 2,121,367.23 881,367.23 60,931.31 60,931.31 5,755,523.15 1,515,523.15 20,640.00 - 2,502,075.00 2,050,075.00 - - - - 69.06 69.06 742,000.00 - $ 44,031,529.33 $ 18,315,726.99
16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Pg 6 of 17 Case Number: 16-12220 Monthly Operating Report - Southern District of New York Statement of Operations (Income Statement) Reporting Period: February-17 Statement Line Item Month Amount Cumulative - Filing To Date REVENUE Gross Revenues $ 15,127,567.89 $ 105,384,561.09 OPERATING EXPENSES Voyage Expenses 12,727,852.01 83,155,529.51 Amortization Expense 709,041.09 4,965,118.84 Depreciation Expense 1,241,129.20 8,905,694.18 Impairment Expense - 3,806,045.35 Administrative and General Expenses 916,099.96 7,876,542.99 Net Loss Before Other Income & Expenses $ (466,554.37) $ (3,324,369.78) OTHER INCOME AND EXPENSES Interest Expense 886,630.30 7,208,626.80 Interest Income (205.52) (1,949.23) (Gain) Loss from Consolidated Subsidiaries (312,635.95) 759,307.00 Net Loss Before Reorganization Items $ (1,040,343.20) $ (11,290,354.35) REORGANIZATION ITEMS Professional Fees 2,232,085.59 19,727,248.29 U. S. Trustee Quarterly Fees - 124,025.00 Interest Earned on Accumulated Cash from Chapter 11 (See MOR-2 - - Other Schedule tab) Gain (Loss) from Sale of Assets 7,466.98 (2,979,075.12) Other Reorganization Expenses (See MOR-2 Other Schedule tab) - 350,000.00 Income Taxes - 106,019.59 Net Loss $ (3,279,895.77) $ (28,618,572.11)
MOR-2
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Pg 7 of 17 Case Number: 16- 2220 Monthly Operating Report - Southern District of New York Statement of Operations (Income Statement)- Other Schedule Reporting Period: February-17 Other Category Description Month Amount Cumulative - Filing To Date Other Reorganization Expenses Reimbursements for expenses of unsuccessful bidders in connection $ - $ 350,000.00 with the sale of the Specialty Business Segment.
MOR-2b
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Case Number:Pg8of16-1222017 Monthly Operating Report - Southern District of New York Balance Sheet Reporting Period: February-17 Category Book Value At End Of Current Book Value At End Of Prior Book Value On Petition Date Reporting Month Reporting Month Or Scheduled Current Assets Cash on Hand $ 485,020.85 $ 325,862.04 $ 332,340.90 Unrestricted Cash and Equivalents 7,329,363.21 2,935,648.20 4,067,480.98 Restricted Cash and Cash Equivalents 26,607,551.68 25,349,896.50 1,997,025.04 Trade Accounts Receivable (Net) 9,178,323.51 9,010,465.77 8,620,036.00 Unbilled Accounts Receivable (Net) 10,443,585.32 14,803,973.42 10,099,426.00 Notes Receivable - - - Inventories 5,395,407.66 5,862,514.01 6,119,445.33 Prepaid Expenses 3,234,728.34 4,319,590.49 2,892,687.98 Professional Retainers 235,078.00 235,078.00 235,078.00 Assets Held for Sale - 3,300,000.00 - Other Current Assets (See MOR-3 Other Sch) - - - Property & Equipment Real Property and Improvements 2,419,781.27 2,419,781.27 2,707,867.22 Machinery and Equipment 204,525,738.71 205,228,819.12 217,456,370.74 Furniture, Fixtures and Office Equipment 4,687,285.29 4,687,285.29 4,103,934.83 Accumulated Depreciation (42,027,782.19) (40,786,652.99) (33,500,755.44) Other Assets (See MOR-3 Other Sch) 11,847,507.42 11,431,209.16 35,124,339.05 Total Assets $ 244,361,589.07 $ 249,123,470.28 $ 260,255,276.63 Liabilities Not Subject To Compromise (Post- Petition) Accounts Payable $ 693,100.13 $ 1,701,668.10 $ - Taxes Payable 210,643.84 211,037.26 - Accrued Expenses- Crew Payable 3,283,499.20 3,164,762.72 - Accrued Expenses- Professional Fees 8,008,152.61 8,047,091.47 - Accrued Expenses 15,963,612.99 13,798,409.57 - Billings in Excess of Cost 1,839,673.03 1,916,872.10 - Debtor in Possession Financing 18,100,000.00 18,100,000.00 - Other Post-Petition Liabilities (See MOR-3 Other Sch) - - Total Post-Petition Liabilities $ 48,098,681.80 $ 46,939,841.22 $ - Liabilities Subject to Compromise (Pre-Petition) Secured Debt1 $ 102,445,830.48 $ 106,971,643.48 $ 110,189,774.35 Priority Debt 1,385,011.92 1,401,527.99 2,980,642.00 Unsecured Debt1 45,509,613.16 43,413,450.11 66,052,919.48 Other Pre-Petition Liabilities (See MOR-3 Other Sch) 11,526,425.62 11,794,288.18 12,978,934.00 Total Pre-Petition Liabilities $ 160,866,881.18 $ 163,580,909.76 $ 192,202,269.83 Owner's Equity Capital Stock $ 9,469,745.81 $ 9,466,084.11 $ 9,413,754.21 Additional Paid-In Capital 141,891,429.80 141,878,667.49 141,794,639.63 Partners' Capital Account - - Owner's Equity Account (34,866,555.34) (34,923,333.89) (37,175,288.44) Retained Earnings - Pre-Petition (52,480,022.07) (52,480,022.07) (45,980,098.60) Retained Earnings - Post-Petition (28,618,572.11) (25,338,676.34) - Total Equity $ 35,396,026.09 $ 38,602,719.30 $ 68,053,006.80 Total Liabilities and Owner's Equity $ 244,361,589.07 $ 249,123,470.28 $ 260,255,276.63 1 In February 2017, LCI Shipholding, Inc. sold the Oslo Wave for $3.3 million in cash to Oslo Bulk Holding Pte Ltd., of which $2.05 million was used to pay down the related outstanding secured debt of approximately $5.8 million and an additional $1.25 million will be paid upon the effective date of emergence. The remaining balance of $2.5 million was reclassified as unsecured debt.
MOR-3
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Case PgNumber:9of16-1222017 Monthly Operating Report - Southern District of New York Balance Sheet - Other Schedule Reporting Period: February-17 Category Book Value At End Of Book Value At End Of Book Value On Petition Notes/ Comments Current Reporting Prior Reporting Month Date Month Assets Other Assets $ 2,930,351.41 $ 2,951,313.17 $ 2,528,749.06 LT deposits Other Assets (25,258,578.46) (25,457,671.40) (2,575,674.66) Due (to) from affiliates, net Other Assets 34,175,734.47 33,863,098.52 35,056,196.42 Investment in subsidiaries Other Assets - 74,468.87 115,068.23 LT deferred charge related to TECO contract Total Other Assets $ 11,847,507.42 $ 11,431,209.16 $ 35,124,339.05 Liabilities Liabilities Not Subject To Compromise (Pre-Petition) $ 4,789,309.94 $ 4,797,699.01 $ 4,071,824.00 Claims reserve Liabilities Not Subject To Compromise (Pre-Petition) 16,259.00 16,023.00 14,607.00 GAAP SL versus cash on escalating lease payments Liabilities Not Subject To Compromise (Pre-Petition) 6,605,500.68 6,865,210.17 8,423,467.00 Deferred gain - Sulphur and CGL/Green Lake Liabilities Not Subject To Compromise (Pre-Petition) 115,356.00 115,356.00 (64,103.00) Deferred tax Liabilities Not Subject To Compromise (Pre-Petition) - - 533,139.00 PT AMAS dry dock funding for Flores and Sawu Total Liabilities Not Subject To $ 11,526,425.62 $ 11,794,288.18 $ 12,978,934.00 Compromise (Pre-Petition)
MOR-3b
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Entity Name: International Shipholdi g Co poration (Consolidating) 16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Case Number: 16-12220 Pg 10 of 17 Monthly Operating Report - Southern District of New York Status of Post-Petition Taxes Reporting Period: February-17 Debtor Federal/ State & Description Beginning Tax Amount Withheld Amount Paid Date Paid1 Check # or Ending Tax Notes/ Comments Local and/or Accrued EFT1 International Shipholding Corporation Federal Withholding (46,080.17) (93,155.31) 94,583.51 (44,651.97) 941 Tax - To be Paid In March International Shipholding Corporation Federal FICA-Employee (24,711.82) (51,321.72) 51,873.30 (24,160.24) 941 Tax - To be Paid In March International Shipholding Corporation Federal FICA-Employer (24,711.82) (51,321.72) 51,873.30 (24,160.24) 941 Tax - To be Paid In March International Shipholding Corporation Federal Unemployment (3,141.82) (1,008.18) (4,150.00) FUTA to be Paid April 30, 2017 International Shipholding Corporation Federal Income - - - Form 1120 Estimated Tax - Tonnage Tax International Shipholding Corporation Federal 1042 Withholding - - - 1042 Withholding Tax International Shipholding Corporation State and Local Withholding (16,488.62) (21,740.79) 21,910.79 (16,318.62) February State Withholding paid in January International Shipholding Corporation State and Local Sales (114.76) (49.09) 114.76 (49.09) February Sales and Use Tax to paid January 20th International Shipholding Corporation State and Local Income tax - - International Shipholding Corporation State and Local Unemployment (7,089.25) (1,365.43) (8,454.68) SUTA to be Paid April 30, 2017 International Shipholding Corporation State and Local Real Property - - International Shipholding Corporation State and Local Personal Property - - International Shipholding Corporation State and Local Franchise Tax - (37,488.43) 37,488.43 - Delaware Franchise Tax International Shipholding Corporation State and Local Bankruptcy Accruals (88,699.00) (88,699.00) SCI Florida International Shipholding Corporation State and Local Business Licenses - (2,610.00) 2,610.00 - New Orleans and Daphne Business Licenses Total $ (211,037.26) $ (260,060.67) $ 260,454.09 $ (210,643.84) 1 The Debtors have not included copies of the tax payment receipts due to the voluminous nature of such documents. Copies will be provided upon request.
MOR-4
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) CasePgNumber:11 16of-1222017 Monthly Operating Report - Southern District of New York Summary of Unpaid Post-Petition Debts Reporting Period: February-17 Debtor Name Description Current Days Past Due: Days Past Due: Days Past Due: Days Past Due: Total Notes/ Comments 0-30 31-60 61-90 Over 91 Of the total trade accounts receivable balance, $261,561.73 was paid in early March. We expect the remaining balances to be paid in late March or early International Shipholding Corporation Accounts Payable $ 71,141.05 $ 154,203.06 $ 79,837.43 $ 49,199.11 $ 338,719.48 $ 693,100.13 April. International Shipholding Corporation Taxes Payable 57,912.16 57,912.16 Frascati Shops, Inc. Taxes Payable 8,025.40 8,025.40 LMS Shipmanagement, Inc. Taxes Payable 36,482.42 36,482.42 N.W. Johnsen & Company, Inc. Taxes Payable 11,483.16 11,483.16 Sulphur Carriers, Inc. Taxes Payable 88,699.00 88,699.00 U.S. United Ocean Services, LLC Taxes Payable 8,041.70 8,041.70 Total $ 281,784.89 $ 154,203.06 $ 79,837.43 $ 49,199.11 $ 338,719.48 $ 903,743.97
MOR-4b
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) CasePgNumber:12 16of-1222017 Monthly Operating Report - Southern District of New York Accounts Receivable Reconciliation and Aging Reporting Period: February-17 Debtor Name AR at the beginning Amount Billed during Amounts Collected AR at the end of the Bad Debts # Days Past Due: # Days Past Due: # Days Past Due: # Days Past Due: Total of the period Period during Period reporting period 0-30 31-60 61-90 Over 91 International Shipholding Corporation $ (74.35) $ 127,994.77 $ 127,954.33 $ (33.91) $ - $ - $ (33.91) $ - $ - $ (33.91) Sulphur Carriers, Inc. 1,502,160.74 1,228,789.53 1,237,541.47 1,493,408.80 - 1,493,408.80 - - - 1,493,408.80 Central Gulf Lines, Inc. 5,168,044.87 3,055,539.46 3,012,115.47 5,211,468.86 (17,248.64) 4,594,733.90 453,966.34 - 180,017.26 5,211,468.86 Waterman Steamship Corporation 2,016,459.79 1,793,134.29 1,895,576.69 1,914,017.39 - 1,775,990.18 - 138,027.21 - 1,914,017.39 N.W. Johnsen & Co. Inc. 1,056.14 58,139.84 58,139.84 1,056.14 - - - - 1,056.14 1,056.14 LMS Shipmanagement, Inc. - - - - - - - - - - U.S. United Ocean Services, LLC (6,192.74) 9,783,617.34 9,497,281.46 280,143.14 - 286,335.88 - - (6,192.74) 280,143.14 Frascati Shops, Inc. 251,511.32 104,007.13 77,255.36 278,263.09 (3,848.67) 118,567.19 47,288.71 34,758.08 81,497.78 278,263.09 Gulf South Shipping PTE LTD - 621,313.18 621,313.18 - - - - - - - LCI Shipholding, Inc. 77,500.00 - 77,500.00 - - - - - - - Dry Bulk Australia LTD - - - - - - - - - - Dry Bulk Americas LTD - - - - - - - - - - Marco Shipping Company (PTE) LTD - 1,410.00 1,410.00 - - - - - - - Total $ 9,010,465.77 $ 16,773,945.54 $ 16,606,087.80 $ 9,178,323.51 $ (21,097.31) $ 8,269,035.95 $ 501,221.14 $ 172,785.29 $ 256,378.44 $ 9,178,323.51
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Pg 13 of 17 Case Number: 16-12220 Monthly Operating Report - Southern District of New York Taxes Reconciliation and Aging Reporting Period: February-17 Debtor Name # Days Past Due: # Days Past Due: # Days Past Due: # Days Past Due: Total 0-30 31-60 61-90 Over 91 International Shipholding Corporation 57,912.16 $ 57,912.16 Frascati Shops, Inc. 8,025.40 8,025.40 LMS Shipmanagement, Inc. 36,482.42 36,482.42 N.W. Johnsen & Company, Inc. 11,483.16 11,483.16 Sulphur Carriers, Inc. 88,699.00 88,699.00 U.S. United Ocean Services, LLC 8,041.70 8,041.70 Total $ 210,643.84 $ - $ - $ - $ 210,643.84
MOR-5b
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Pg 14 of 17 Case Number: 16-12220 Monthly Operating Report - Southern District of New York Payments to Insiders Reporting Period: February-17 Debtor Name Type of Payment Amount Paid Total Paid to Date International Shipholding Corporation Beer, Kenneth H. Board of Director Fees $ 11,875.00 $ 23,750.00 LMS Shipmanagement, Inc. Caire, Peter J. Salary 8,934.02 62,538.14 LMS Shipmanagement, Inc. Caire, Peter J. Travel Expenses 401.64 1,251.31 LMS Shipmanagement, Inc. Cameron, William M. Salary 14,010.14 98,070.98 LMS Shipmanagement, Inc. Cameron, William M. Travel Expenses 92.86 3,075.25 N.W. Johnsen & Co. Inc. Chambers, Robert T. Salary 13,875.82 97,130.74 N.W. Johnsen & Co. Inc. Chambers, Robert T. Travel Expenses 4,820.95 14,712.11 N.W. Johnsen & Co. Inc. De Benedetto, Daniel T. Salary 6,470.98 45,296.86 N.W. Johnsen & Co. Inc. De Benedetto, Daniel T. Travel Expenses 470.48 1,680.52 International Shipholding Corporation Estrada, Manuel G. Salary 23,825.42 166,777.94 International Shipholding Corporation Estrada, Manuel G. Travel Expenses 1,260.15 6,823.11 LMS Shipmanagement, Inc. Grehan, Brooke Y. Salary 10,717.76 74,992.72 LMS Shipmanagement, Inc. Grehan, Brooke Y. Travel Expenses 554.69 3,576.33 N.W. Johnsen & Co. Inc. Hawkins, Nigel J. Salary - 86,518.80 N.W. Johnsen & Co. Inc. Hawkins, Nigel J. Contractor - 9,109.30 N.W. Johnsen & Co. Inc. Hawkins, Nigel J. Travel Expenses - 1,454.61 International Shipholding Corporation Higginbotham, James T. Salary 11,759.10 82,311.60 International Shipholding Corporation Higginbotham, James T. Travel Expenses - 2,756.11 International Shipholding Corporation Johnsen, Erik L. Salary 39,296.92 274,848.44 International Shipholding Corporation Johnsen, Erik L. Travel Expenses - 8,236.42 International Shipholding Corporation Johnsen, Neils M. Contractor 10,000.00 80,000.00 International Shipholding Corporation Johnsen, Neils M. Travel Expenses - 3,144.83 U.S. United Ocean Services, LLC Johnston, Peter M. Salary 18,056.48 126,395.36 U.S. United Ocean Services, LLC Johnston, Peter M. Travel Expenses - 5,402.87 International Shipholding Corporation Lane, H Merritt Board of Director Fees 11,875.00 23,750.00 International Shipholding Corporation Lupberger, Edwin A Board of Director Fees 11,875.00 23,750.00 International Shipholding Corporation McNamara, James J Travel Expenses - 127.90 International Shipholding Corporation McNamara, James J Board of Director Fees 11,875.00 23,750.00 International Shipholding Corporation Morrissette, Harris V Board of Director Fees 11,875.00 23,750.00 International Shipholding Corporation Nahas, George A. Salary 11,068.04 77,476.28 International Shipholding Corporation Nahas, George A. Travel Expenses 2,615.54 10,655.46 International Shipholding Corporation Robinson, Thomas L Board of Director Fees 11,875.00 23,750.00 International Shipholding Corporation Rosenbohm, Sheila D. Salary 12,049.20 84,335.37 International Shipholding Corporation Rosenbohm, Sheila D. Travel Expenses 801.27 6,882.97 International Shipholding Corporation Wild, Kevin M. Salary 12,406.12 86,803.24 International Shipholding Corporation Wild, Kevin M. Travel Expenses 1,714.88 9,498.51 International Shipholding Corporation Wilson, Kevin M. Salary 12,375.48 86,209.54 International Shipholding Corporation Wilson, Kevin M. Travel Expenses - 777.52
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16-12220-smb Monthly Operating Report - Southern District of New York Payments to Professionals Reporting Period: February-17 Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) CasePgNumber:15 16of-1222017 Debtor Name Date of Court Order Amount Approved Amount Paid Total Paid to Date Total Incurred and Authorizing Payment Unpaid International Shipholding Corporation McGlinchey Stafford PLLC 9/21/2016 $ - $ 52,330.20 $ 339,093.20 $ - International Shipholding Corporation Prime Clerk 8/4/2016 - 1,950.80 716,812.22 - International Shipholding Corporation Alix Partners LLP 9/21/2016 - 4,220.25 76,754.08 - International Shipholding Corporation Seward & Kissel LLP 9/21/2016 - 76,397.93 712,176.73 - International Shipholding Corporation Watson Farley & Williams LLP 9/21/2016 - 46,566.95 288,479.52 - International Shipholding Corporation Milbank 9/21/2016 - 410,952.23 1,881,892.60 - International Shipholding Corporation Moore & Van Allen PLLC 9/21/2016 - 44,694.27 403,739.85 - International Shipholding Corporation Vedder Price PC 9/21/2016 - 72,153.59 216,807.97 - International Shipholding Corporation Jones Walker LLP 12/15/2016 - 41,210.42 179,097.21 - International Shipholding Corporation Simpson Thacher - Bartlet 9/21/2016 - 89,346.50 433,463.77 - International Shipholding Corporation Gulf Atlantic Capital Corporation 9/21/2016 - 4,500.00 53,197.50 - International Shipholding Corporation AMA Capital Partners 11/18/2016 - 60,000.00 210,000.00 - International Shipholding Corporation Blackhill Partners LLC 10/24/2016 - 18,481.36 775,743.39 - International Shipholding Corporation Akin Gump Strauss Hauer & Feld LLP 10/24/2016 - 1,229,247.65 5,034,816.80 - International Shipholding Corporation Pachulski Stang Ziehl & Jones LLP 11/18/2016 - 107,655.42 379,123.37 - International Shipholding Corporation Postlethwaite & Netterville 10/24/2016 - 6,580.00 115,777.14 - International Shipholding Corporation BRV Consultoria1 9/21/2016 - 8,515.47 12,790.58 - International Shipholding Corporation North American Marine Consultants 9/21/2016 - 26,221.80 26,221.80 - Total $ - $ 2,301,024.84 $ 11,855,987.73 $ - 1 BRV Consultoria has not been included previously on this schedule. However, a payment was made in December 2016 in the amount of $4,275.11 that was inadvertently omitted from prior monthly operating reports and that has been included in the Total Paid to Date .
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) CasePgNumber:16 16of-1222017 Monthly Operating Report - Southern District of New York Post-Petition Status of Secured Notes, Leases Payable Reporting Period: February-17 Debtor Name Name of Creditor Scheduled Monthly Payment Amount Paid during Period Total Unpaid Post-Petition Notes/ Comments International Shipholding Corporation Regions Bank $ 314,919.73 $ 314,919.73 $ - Interest International Shipholding Corporation Regions Bank 182,207.42 182,207.42 - Interest International Shipholding Corporation Debtor in Possession Financing 172,569.87 - 172,569.87 Interest payment made on 3/1/17 LCI Shipholding Inc. Citizens Asset Finance 68,772.37 - 68,772.37 Interest payment made on 3/1/17 Central Gulf Lines DVB Bank 281,419.29 281,419.29 - Interest LCI Shipholding Inc. Capital One 2,050,000.00 2,050,000.00 - Principal payment - sale of Oslo Wave LCI Shipholding Inc. Capital One 25,000.00 25,000.00 - Adequate Protection Payment LCI Shipholding Inc. Citizens Asset Finance 50,000.00 - 50,000.00 Adequate protection payment made on 3/1/17 Total $ 3,144,888.68 $ 2,853,546.44 $ 291,342.24
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16-12220-smb Doc 680 Filed 03/15/17 Entered 03/15/17 23:50:19 Main Document Entity Name: International Shipholding Corporation (Consolidating) Pg 17 of 17 Case Number: 16-12220 Monthly Operating Report - Southern District of New York Debtor Questionnaire Reporting Period: February-17 Question # Must be completed each month. If the answer to any of the questions is “Yes”, Yes No provide a detailed explanation of each item. Attach additional sheets if necessary. 1 Have any assets been sold or transferred outside the normal course of business this reporting period? X 2 Have any funds been disbursed from any account other than a debtor in possession account this reporting period? X 3 Is the Debtor delinquent in the timely filing of any post-petition tax returns? X 4 Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? X 5 Is the Debtor delinquent in paying any insurance premium payment? X 6 Have any payments been made on pre-petition liabilities this reporting period? X 7 Are any post petition receivables (accounts, notes or loans) due from related parties? X 8 Are any post petition payroll taxes past due? X 9 Are any post petition State or Federal income taxes past due? X 10 Are any post petition real estate taxes past due? X 11 Are any other post petition taxes past due? X 12 Have any pre-petition taxes been paid during this reporting period? X 13 Are any amounts owed to post petition creditors delinquent? X 14 Are any wage payments past due? X 15 Have any post petition loans been received by the Debtor from any party? X 16 Is the Debtor delinquent in paying any U.S. Trustee fees? X 17 Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? X 18 Have the owners or shareholders received any compensation outside of the normal course of business? X 1. In February 2017, LCI Shipholding, Inc. sold the M/V Oslo Wave, an ice strengthened multi-purpose vessel, for $3.3 million in cash. 2. The Company has a subsidiary that was not a part of the filing that continues to operate and payments are being made in the ordinary course of business. 6. The Company has made pre-petition payments to critical vendors, lienholders, employees, and insurance providers as permitted in the approved interim motions.
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