Overseas Shipholding Group, Inc. - Ordinary Shares (OSG)
Filed: 15 Jul 14, 12:00am
Exhibit 99.1
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al.1 | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Monthly Operating Report
For the Period May 1, 2014 through May 31, 2014
Required Documents |
Form No. | Documents Complete | Explanation Attached | Debtors’ Statement | ||||
| Schedule of Operating Cash Flow | MOR-1 | X | ||||||
| Schedule of Disbursements by Legal Entity | MOR-1a | X | ||||||
| Schedule of Professional Fees and Expenses Paid | MOR-1b | X | ||||||
| Banks Account Reconciliations, Bank Statements and Cash Disbursements Journal | X | |||||||
| Statement of Operations | MOR-2 | X | ||||||
| Balance Sheets | MOR-3 | X | ||||||
| Status of Post-Petition Taxes | X | |||||||
| Summary of Unpaid Post-Petition Accounts Payable | MOR-4 | X | ||||||
| Trade Accounts Receivable and Aging | MOR-5 | X | ||||||
| Debtor Questionnaire | MOR-6 | X |
I declare under penalty of perjury (28 U.S.C. Section 1746) that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief.
| /s/ Ian T. Blackley | July 15, 2014 | |
| Ian T. Blackley | Date | |
| Senior Vice President, Chief Financial Officer and Treasurer | ||
| Overseas Shipholding Group, Inc. | ||
Notes:
| 1 | Refer to Appendix A for a full listing of the Debtors. |
| 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 adjustment. Overseas Shipholding Group, Inc. (the “Company”) maintains its books and records on a business unit reporting level and those units do not in all cases correspond to legal entities. Certain assumptions have been made as noted herein. In addition, the Company maintains certain liabilities on its balance sheet (such as administrative payroll, benefits, professional fees and tax related liabilities) that may relate to one or more of the Company’s subsidiaries and no conclusion as to the legal obligation is made by the presentation herein. Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 Proceedings (as defined herein), including, but not limited to, matters involving objections to claims, substantive consolidation, equitable subordination, defenses, characterization or re-characterization of contracts, assumption or rejection of contracts under the provisions of chapter 3 of Title 11 of the United States Code (the “Bankruptcy Code”) and/or causes of action under the provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover assets or avoid transfers. The statements contained herein (including estimates) other than historical data and information constitute forward-looking statements. These statements involve risks, assumptions and uncertainties that could cause the Debtors’ actual results to differ materially from those stated or implied by such forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements after the date of this Monthly Operating Report. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 1 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes
Introduction – On November 14, 2012, Overseas Shipholding Group, Inc. and its affiliated Debtors in the above referenced chapter 11 cases, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors are operating their business and managing their property as debtors-in-possession pursuant to the Bankruptcy Code. The Company prepared this Monthly Operating Report relying primarily upon the information set forth in its books and records. Consequently, certain transactions that are not identified in the normal course of business in its books and records may not be included in this Monthly Operating Report. Nonetheless, in preparing this Monthly Operating Report, the Company made reasonable efforts to supplement the information set forth in its books and records with additional information concerning transactions that may not have been identified therein. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented. No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR. Unless otherwise noted, all amounts are in thousands.
Unaudited Condensed Consolidated Financial Statements – The unaudited condensed consolidated financial statements and supplemental information contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects.
Accounting Standards Codification (“ASC”) Topic 852, “Reorganizations” (“ASC Topic 852”), which is applicable to companies in chapter 11, generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Overseas Shipholding Group, Inc.’s (the “Company”) unaudited condensed consolidated financial statements contained herein have been prepared in accordance with the guidance in ASC Topic 852 and have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. The unaudited condensed consolidated financial statements have been derived from the books and records of the Company. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Company believes that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would typically be made in accordance with U.S. GAAP.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 2 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position, and cash flows of the Company in the future. The financial statements do not reflect the Company’s potential termination cost of the OSG Ship Management (UK) Ltd. single employer pension plan or multi-employer pension plans should the plans be terminated on a full buy-out basis. The single employer plan termination liability is estimated to be approximately $32.6 million based on current interest rates, and the current estimated underfunding of the plan is estimated to be approximately $11.2 million as of December 31, 2013. The multi-employer pension plans approximate a solvency deficit estimated to be approximately $14.9 million as of March 31, 2011.
On February 11, 2013, the Internal Revenue Service (the “IRS”) filed a proof of claim, claim number 82, in the Overseas Shipholding Group, Inc. (“OSG”) bankruptcy case (Case 12-20000-PJW) in the aggregate liquidated amount of $463,013,177.63 that the Company believes was in respect of the tax effects of the cumulative potential deemed dividends, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8). On January 21, 2014, the IRS filed with the Bankruptcy Court-appointed claims agent claim number 1658, an amended proof of claim (the “Second Amended Proof of Claim”), a priority claim against OSG for corporate income tax and interest for the years 2004, 2005, 2009, 2010 and 2011, in the amount of $255,760,439.22. The Second Amended Proof of Claim amends claim 1654, in the amount of $264,277,962.29 filed by the IRS on December 19, 2013 (the “Amended Proof of Claim”), which amended claim number 82, in the amount of $463,013,177.63. More information regarding the Amended Proof of Claim is available in the Company’s Current Report on Form 8-K dated December 19, 2013.
Intercompany Balances – Receivables and payables between the Debtors and between Debtors and non-debtor subsidiaries are eliminated in the unaudited condensed consolidated financial statements. However, receivables and payables between Debtors and between Debtors and non-debtor subsidiaries are reflected as separate line items in the Company’s unaudited condensed consolidating balance sheets attached hereto in Appendix C. No conclusion as to the legal obligation related to the intercompany transactions resulting in these balances is made by the presentation herein. Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2013 were reflected in December 2013.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 3 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
Liabilities Subject to Compromise – As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under a plan of reorganization. The Company cannot provide assurance relating to the value of the claims that will ultimately be allowed by the Bankruptcy Court. ASC Topic 852 requires prepetition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts.
The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determination of the secured status of certain claims, the value of any collateral securing such claims, rejection of executory contracts or unexpired leases, continued reconciliation or other events. Included within liabilities subject to compromise as of May 31, 2014 are the estimations of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors, and the Debtors ceased performing under the charters prior to May 31, 2014.
Net Book Value of Assets – It would be an inefficient use of estate assets for the Debtors to obtain current market valuations of all of their assets. Accordingly, unless otherwise indicated, the values for assets contained in this Monthly Operating Report are net book values as of the end of the month. The net book values of the Company’s assets as of May 31, 2014 reflect impairment charges taken on goodwill and intangible assets and fifteen of the Company’s vessels in conjunction with held-for-use impairment testing performed by the Company during the preparation of its consolidated financial statements for the period ended December 31, 2013 under U.S. GAAP. The net book values as of the end of the month are subject to future adjustment for possible impairment based on conditions that existed as of the end of the reporting period. Consequently, amounts ultimately realized from a potential disposition of the Debtors’ assets may materially vary from the stated net book value. Unless otherwise noted, this Monthly Operating Report reflects the carrying value of the assets as currently recorded on the Debtors’ books and records as of the end of the reporting period and are not based upon any estimate of their current market value. The Debtors reserve their right to amend or adjust the value of each asset or liability set forth herein.
Costs Associated with Exit or Disposal Activities– On January 13, 2014, the Company announced that certain subsidiaries of OSG that own or charter-in 33 vessels (which was subsequently increased to 48 vessels) in OSG’s International Flag fleet (“Core International Flag Fleet”) intend to outsource certain management services, including, but not limited to, the technical management, certain aspects of commercial management and crew management of the Core International Flag Fleet to V. Ships UK
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 4 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
Limited. OSG expects to incur approximately $34,000 in total expenses related to the transition to the outsourcing arrangement. Of this estimated $34,000 amount, approximately $21,000 is expected to be related to employee transition and termination benefits and similar transition and termination costs, and is being accrued over the remaining service periods commencing in February 2014. Approximately $13,000 is expected to be related to set-up, wind-down and transitions costs. The estimates contained herein are subject to uncertainty. The financial statements contained in this Monthly Operating Report therefore do not reflect all of these costs.
Plan of Reorganization – As previously reported, on February 12, 2014, the Debtors and certain of the lenders (the “Consenting Lenders”) under the Company’s $1.5 billion credit agreement, dated as of February 9, 2006, entered into a plan support agreement (as amended, the “Plan Support Agreement”), and on February 28, 2014, the Debtors and the Consenting Lenders entered into an Equity Commitment Agreement (the “Lender ECA”). On March 7, 2014, the Debtors filed a plan of reorganization supported by the Consenting Lenders with the Bankruptcy Court (the “Lender Plan”). The Debtors retained the ability to terminate the Plan Support Agreement upon a determination by the Debtors that an alternative plan of reorganization was more favorable to the Debtors’ creditors and interest holders than the Lender Plan, upon which the Lender ECA terminates automatically pursuant to the April 4, 2014 order of the Bankruptcy Court authorizing the Debtors to enter into the Lender ECA.
On April 18, 2014, the Debtors received a proposal for an alternative plan of reorganization from certain holders of existing equity interests of the Company (each such holder of equity, a “Commitment Party”). Following discussion and analysis, the Debtors determined that the proposal received on April 18, 2014 (as described below, the “Equity Proposal”) to be more favorable to the Debtors’ creditors and interest holders than the Lender Plan. Accordingly, the Debtors terminated the Plan Support Agreement between the Debtors and the Consenting Lenders on May 2, 2014 and filed with the Bankruptcy Court a plan of reorganization that effectuates the terms of the Equity Proposal (the “Equity Plan”), together with a disclosure statement describing such Equity Proposal (the “Disclosure Statement”). In conjunction with the filing of the motion for approval of the Equity Plan and of the Exit Financing (as defined below), the Debtors exercised their right to terminate the Goldman Sachs Bank USA (“Goldman Sachs”) exit financing commitment to provide exit financing to support the Lender plan, because of the Debtors’ decision to support the Equity Plan.
On May 21, 2014, the Debtors filed with the Bankruptcy Court an amendment to the Equity Plan and Disclosure Statement (the “Amended Equity Plan” and “Amended Disclosure Statement”, respectively). The Amended Equity Plan reflects the resolution of disputes with three separate creditor constituents.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 5 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
On May 20, 2014, the Debtors and court-appointed lead plaintiffs in the consolidated securities class action styled In re OSG Securities Litigation (“Lead Plaintiffs”), pending in the United States District Court for the Southern District of New York (the “District Court”), entered into a stipulation (the “Securities Class Stipulation”) providing for settlement and resolution of Lead Plaintiffs’ claims against the Debtors pursuant to the Amended Equity Plan. Pursuant to the Securities Class Stipulation, the Debtors have agreed to provide in the Amended Equity Plan for allowance of the Lead Plaintiffs’ claims, on behalf of a class of persons who, between October 29, 2007 and October 19, 2012, purchased (i) 8.125% Senior Notes due 2018 issued or traceable to the $300 million public offering on or about March 24, 2010 or (ii) OSG common stock (together, the “Putative Class”). Such claims will be allowed, in full, final and complete settlement of any claims Lead Plaintiffs or members of the Putative Class have or could have asserted against the Debtors through the following distributions: (i) $7 million in cash, payable by the Debtors on the initial distribution date for the Amended Equity Plan; (ii) 15% of the Net Proceeds of the Debtors’ professional liability action against Proskauer Rose LLP and certain individual defendants (as defined in the Securities Class Stipulation, the “Professional Liability Action”); (iii) $5 million in cash, payable by Reorganized OSG (as defined in the Amended Equity Plan) upon resolution of the Professional Liability Action; (iv) $3 million in cash, payable by Reorganized OSG on the first anniversary of the effective date of the Amended Equity Plan; (v) proceeds of any of the Debtors’ residual interests in certain director and officer insurance policies; and (vi) any remaining cash in a $2 million reserve, after accounting for satisfaction or resolution of other subordinated claims (collectively, the “Settlement Consideration”). The Debtors will seek approval of the settlement, and certification of the Putative Class for settlement purposes, in connection with confirmation of the Amended Equity Plan. The Securities Class Stipulation will resolve only the Lead Plaintiffs’ and Putative Class members’ claims against the Debtors. The Lead Plaintiffs’ claims pending in the District Court against certain of the Debtors’ current and former officers, auditors and underwriters are unaffected. The Securities Class Stipulation provides for Lead Plaintiffs’ agreement to support and vote in favor of the Amended Equity Plan. Allocation and distribution to members of the Putative Class, as well as approval of legal fees and reimbursement of expenses to counsel for Lead Plaintiffs, will be resolved by the District Court, subject to approval by the Bankruptcy Court.
On April 23, 2014, the Debtors received notices from the lenders under their pre-petition secured loan facilities, the Export-Import Bank of China (“CEXIM”) and Danish Ship Finance (“DSF”), that CEXIM and DSF intended to object to the then current plan of reorganization on the basis, among other things, that it did not provide for payment of 2% contractual default interest as provided under their respective loan agreements. On May 21, 2014, the Debtors entered into stipulations (the “CEXIM and DSF Stipulations”) with CEXIM and DSF providing for settlement and resolution of all potential objections of CEXIM and DSF
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 6 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
to the Amended Equity Plan. Pursuant to the CEXIM and DSF Stipulations, the Debtors have agreed to provide in the Amended Equity Plan for allowance of default interest on the principal amount outstanding under the CEXIM and DSF facilities at the rate of 1% per annum from the Petition Date. The Debtors will seek approval of the settlement in connection with the confirmation of the Amended Equity Plan. The CEXIM and DSF Stipulations provide for CEXIM and DSF’s agreement to support and vote in factor of the Amended Equity Plan.
On May 26, 2014 the Debtors filed with the Bankruptcy Court a further amendment to the Equity Plan and Disclosure Statement (the “Amended Equity Plan” and “Amended Disclosure Statement,” respectively).
Pursuant to the Amended Equity Plan, each holder of the Company’s 7.5% Senior Notes due 2024 (the “7.5% 2024 Notes”) will have its 7.5% 2024 Notes reinstated and will receive a cash payment equal to the amount of unpaid and overdue interest, unless such holder elects to receive an alternative distribution (the “Alternative Distribution”) of new notes (the “Election Notes”) and cash instead. The Election Notes will be due February 15, 2021 and will otherwise have the same terms as the 7.5% 2024 Notes. Each holder that elects to receive the Alternative Distribution will receive Election Notes with a principal amount equal to that of the 7.5% 2024 Notes currently owned by that holder, together with a cash payment equal to 1.0% of the principal amount of the 7.5% 2024 Notes held by such holder and a cash payment equal to the amount of unpaid and overdue interest that would have been owed under the 7.5% 2024 Notes if they were reinstated (together with any interest that has accrued but is not due for payment as of the effective date of the Amended Equity Plan calculated at the applicable contract rate or default rate).
On May 27, 2014, following the resolution by the Bankruptcy Court of certain objections raised by the official committee of equity security holders appointed by the United States Trustee, the Amended Disclosure Statement was approved in an order by the Bankruptcy Court (the “Disclosure Statement Order”). Pursuant to such approval, the Debtors will solicit acceptances of the Amended Equity Plan, and seek its confirmation by the Bankruptcy Court in accordance with the Disclosure Statement Order. Among other things, the Disclosure Statement Order:
· sets a record date of June 6, 2014 (the “Voting Record Date”) for voting on the Amended Equity Plan and for the distribution of subscription rights in the Rights Offering (as defined below under Equity Commitment Agreement);
· sets a deadline of 5:00 p.m. (Prevailing Eastern Time) on July 7, 2014 for the receipt by Kurtzman Carson Consultants LLC of ballots accepting or rejecting the Amended Equity Plan;
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 7 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
· sets a deadline of 5:00 p.m. (Prevailing Eastern Time) on July 7, 2014 for the exercise of subscription rights in the Rights Offering;
· sets a deadline of 4:00 p.m. (Prevailing Eastern Time) on July 11, 2014 for filing of any objections to the confirmation of the Amended Equity Plan; and
· schedules the hearing for the confirmation of the Amended Equity Plan for 9:30 a.m. (Prevailing Eastern Time) on July 18, 2014.
The Amended Equity Plan and Amended Disclosure Statement are available electronically, on the internet website of the claims agent Kurtzman Carson Consultants, LLC at http://www.kccllc.net/osg.
Exit Financing -In April 2014, the Debtors selected Goldman Sachs to provide exit financing to support the Lender Plan, and filed a motion seeking authorization to enter into an exit financing commitment with Goldman Sachs. That commitment contemplated loans and facilities totaling in aggregate $935 million. Shortly after Goldman Sachs’ motion was filed, however, the Debtors received alternative exit financing proposals from three additional exit financing lenders designed to support the Equity Plan, including from Jefferies Finance LLC (“Jefferies”).
On May 2, 2014, Jefferies executed commitment documents whereby Jefferies agreed to provide secured debt financing to support the Equity Plan, consisting of a term loan of approximately $600 million secured by a first lien on substantially all the Debtors’ U.S. Flag assets other than certain specified assets and a second lien on these specified assets, a term loan of approximately $600 million secured by a first lien on substantially all the Debtors’ International Flag assets, which lien is pari passu to the lien securing the revolving facility below, an asset-based revolving loan facility of approximately $75 million secured by a first lien on certain specified U.S. Flag assets of the Debtors and a second lien on substantially all the Debtors’ U.S. Flag assets and a revolving loan facility of approximately $75 million secured by a pari passu first lien on substantially all the Debtors’ International Flag assets (the “Exit Financing”) that, collectively, will provide the Debtors with the funding necessary to satisfy the Equity Plan’s cash payment obligations, the expenses associated with closing the Exit Financing facilities and working capital to fund their operations after emergence from Chapter 11.
The commitment letter entered into in connection with the Exit Financing was approved by the Bankruptcy Court on May 27, 2014. The full terms of the Exit Financing are subject to approval by the Bankruptcy Court.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 8 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
Equity Commitment Agreement -On May 2, 2014, the Debtors entered into an equity commitment agreement with each Commitment Party (the “Equity Commitment Agreement”), which sets forth the terms of a rights offering (the “Rights Offering”) and additional sale of Holdback Securities (as defined below) for an aggregate offering amount of $1.5 billion, each relating to two separate classes of common stock (the “Class A shares” and the “Class B shares”, and collectively the “New Shares”) and penny warrants to purchase Class A shares and Class B shares (respectively “Class A warrants” and “Class B warrants”, and, together with the New Shares, the “Rights Offering Securities”) pursuant to subscription rights (each such right, a “Subscription Right”) to be distributed to holders of outstanding equity of the Company. One Subscription Right will be distributed in respect of each outstanding share of OSG common stock (each such share, an “Existing Share”) to the holder of record of such Existing Share as of a record date established by the Bankruptcy Court in its order approving the disclosure statement (the “Record Date”). The Equity Plan contemplated that the Record Date would be June 2, 2014. Subscription Rights would be distributed only to holders of record of Existing Shares outstanding as of 5:00 p.m. (New York Time) on the Record Date. From and after the last date which allows a Purchaser to become a holder of record on the June 2, 2014 Record Date (which date is May 28, 2014), OSG would halt all trading of the Existing Shares and intends to seek the removal of OSG’s trading symbol in respect of the Existing Shares from the over-the-counter “pink sheet” market. From and following the May 28, 2014, any purported transfers of Existing Shares would be disregarded by the Company. In addition, the Subscription Rights will not be transferrable, and any purported transfer will cause them to become void.
Each Subscription Right would entitle a holder thereof that is an accredited investor or a qualified institutional buyer (“QIB”) (as such terms are defined in Regulation D and Rule 144A, respectively, under the Securities Act of 1933) and that votes in favor, is deemed to vote in favor, to the extent eligible to vote, and does not file an objection to the Equity Plan (each, an “Eligible Holder”) to purchase 11.5 Class A shares or Class A warrants, as described in the Equity Plan, for $3.00 per security. Each Eligible Holder that timely elects to participate in the Rights Offering (each, a “Participating Eligible Holder”) may exercise some, all or none of the Subscription Rights it receives, but each Subscription Right may be exercised only in whole, and not in part.
All holders of Existing Shares of the Company as of the Record Date that are not Participating Eligible Holders (which will include (i) any holder of Existing Shares on the Record Date that is neither an accredited investor nor a QIB (an “Ineligible Holder”), and (ii) any Eligible Holder that decides for any reason not to participate in the Rights Offering) will receive, as described in the Equity Plan, one new Class B share or Class B warrant in respect of each Subscription Right distributed in respect of each Existing Share held of record by such holder on the Record Date. The Class B shares and Class B warrants
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 9 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
will have rights consistent with those of the Class A shares and Class A warrants, respectively, but holders of the Class B shares and Class B warrants will also have the future right to receive a pro rata share of up to ten percent of the net recoveries of the Company’s claims asserted against Proskauer Rose LLP and certain of its members (as described in the Equity Plan). The Class B shares and the Class B warrants are convertible, at the option of the holder at any time, into Class A shares and Class A warrants, respectively, and will automatically convert into Class A shares and Class A warrants, respectively, on the tenth business day after the entry of a final order with respect to such litigation and the distribution of any Net Litigation Recovery (as defined in the Equity Commitment Agreement) to the holders of Class B shares and Class B warrants, subject in each such case to certain customary anti-dilution provisions and Jones Act requirements (which refers to 46 U.S.C. Section 12103, 46 U.S.C. Section 50501, and related statutes and regulations respecting the United States coastwise trade, as the same may be amended from time to time).
Each Commitment Party has agreed in the Equity Commitment Agreement to exercise its Subscription Rights in full; to backstop a portion of any remaining securities related to unexercised Subscription Rights following completion of the Rights Offering (the “Backstop Securities”); and to purchase a portion of a further additional number of Class A shares and/or Class A warrants (the “Holdback Securities”) offered by OSG to such Commitment Party.
If the transactions contemplated by the Equity Commitment Agreement are consummated, following confirmation by the Bankruptcy Court and occurrence of the effective date of the Equity Plan, the Debtors will use the proceeds of the sale of the Rights Offering Securities and the Holdback Securities to satisfy certain of their obligations as described in the Equity Plan.
On May 20, 2014, the Debtors and each of the Commitment Parties entered into an amendment to the Equity Commitment Agreement (the “Equity Commitment Agreement Amendment”). The Equity Commitment Agreement Amendment increased the amount to be raised by the Company through the rights offering contemplated by the Equity Commitment Agreement (the “Rights Offering”) from $1.500 billion to $1.505 billion, pursuant to the issuance of additional Subscription Rights. The Rights Offering will be back-stopped by each Commitment Party or its designee on a several but not joint basis. The Equity Commitment Agreement also increased the number of Class A shares or Class A warrants that can be purchased for each share held of OSG common stock upon exercise of each Subscription Right by certain holders thereof, from 11.5 Class A shares or Class A warrants to 12 Class A shares or Class A warrants. The Equity Commitment Agreement, as amended, remained subject to the approval of the Bankruptcy Court.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 10 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
On May 26, 2014, the Debtors and each of the Commitment Parties entered into a second amendment to the Equity Commitment Agreement (the “Second Equity Commitment Agreement Amendment”). The Second Equity Commitment Agreement Amendment increased the amount to be raised by the Company through the Rights Offering contemplated by the Equity Commitment Agreement from $1.505 billion to $1.510 billion, pursuant to the issuance of additional subscription rights. In addition, the Second Equity Commitment Agreement Amendment joined certain additional parties to the Equity Commitment Agreement as Commitment Parties. Certain of those additional parties were holders of the 7.5% 2024 Notes and had previously filed objections to the Debtors’ proposed Amended Disclosure Statement and expressed an intention to oppose confirmation of the Debtors’ Amended Equity Plan. Pursuant to the terms of the Second Equity Commitment Agreement Amendment, those parties are now obligated to support and vote in favor of the Amended Equity Plan and have withdrawn their previously-filed objections. The Rights Offering will be back-stopped by each Commitment Party or its designee on a several but not joint basis, and each Commitment Party has agreed to purchase a portion of a further additional number of shares of Class A common stock and/or penny warrants to purchase shares of Class A common stock offered by OSG to such Commitment Party. The Equity Commitment Agreement, as amended, was approved by the Bankruptcy Court on May 27, 2014 and is available electronically, on the internet website of the claims agent Kurtzman Carson Consultants, LLC at http://www.kccllc.net/osg.
Registration Rights Agreement -On May 2, 2014, the Debtors entered into a registration rights agreement with each Commitment Party (the “Registration Rights Agreement”) setting forth, among other things, registration rights of each Commitment Party and, potentially, certain other holders of Class A shares and Class A warrants. Pursuant to the Registration Rights Agreement, subject to approval by the Bankruptcy Court, OSG will be required to register, on a registration statement to be filed with the Securities and Exchange Commission, the resale of certain Class A shares and Class A warrants for the benefit of the Commitment Parties and potentially certain other shareholders.
On May 26, 2014, the Debtors and each of the Commitment Parties entered into an amendment to the Registration Rights Agreement (the “Registration Rights Agreement Amendment”). The Registration Rights Agreement Amendment joined certain additional parties to the Registration Rights Agreement as Commitment Parties which have certain registration rights. The Registration Rights Agreement, as amended, was approved by the Bankruptcy Court on May 27, 2014 and is available electronically, on the internet website of the claims agent Kurtzman Carson Consultants, LLC at http://www.kccllc.net/osg.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 11 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
General Notes (Continued)
Subsequent Events
Pursuant to the Disclosure Statement Order, the Debtors suspended trading of the Company’s common stock and beneficial interests therein in the over-the-counter market on June 3, 2014 at 5:00 p.m. (Prevailing Eastern Time) in order to ensure that all trades in those securities will be able to settle (on a T+3 basis) no later than the June 6, 2014 Voting Record Date. In addition, the subscription rights issued pursuant to the Rights Offering will not be transferrable, and any purported transfer will cause such subscription rights to become void.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 12 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1
Overseas Shipholding Group, Inc.
Unaudited Consolidated Statement of Cash Receipts and Disbursements
For the Period May 1, 2014 through May 31, 2014
(in thousands of dollars)
| Beginning Cash Balance | 650,199 | |||
| Cash Receipts: | ||||
| Vessel Related Receipts | 82,257 | |||
| Other Receipts 1 | 6,494 | |||
| Total Receipts | 88,751 | |||
| Cash Disbursements: | ||||
| Vessel Related Disbursements 2 | 71,575 | |||
| General and Administrative: | ||||
| Compensation & Benefits | 5,110 | |||
| Other General & Administrative | 4,882 | |||
| Taxes | 267 | |||
| Restructuring Costs and Adequate Protection Payments | 9,277 | |||
| U.S. Trustee Fees | 0 | |||
| Other Disbursements | 139 | |||
| Total Disbursements | 91,250 | |||
| Ending Cash Balance 3 | 647,700 |
1Other Receipts includes items such as distributions from joint ventures, reimbursements from joint ventures for expenses paid on their behalf, pool commissions, insurance claim receipts and other miscellaneous refunds and receipts.
2Includes expenses paid on behalf of joint ventures.
3Includes approximately $36 million of cash restricted under secured debt facilities, but excludes approximately $10 million of additional restricted cash included in other current assets in the unaudited condensed consolidated balance sheets.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 13 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 1 | Overseas Shipholding Group, Inc. | 12-20000 | $ | 3,589,227 | ||||
| 2 | OSG International, Inc. | 12-20001 | 2,286,010 | |||||
| 3 | OSG Bulk Ships, Inc. | 12-20002 | 1,146,182 | |||||
| 4 | 1372 Tanker Corporation | 12-20003 | 618,456 | |||||
| 5 | Africa Tanker Corporation | 12-20004 | 161,457 | |||||
| 6 | Alcesmar Limited | 12-20005 | 173,727 | |||||
| 7 | Alcmar Limited | 12-20006 | 411,614 | |||||
| 8 | Alpha Suezmax Corporation | 12-20007 | 16,253 | |||||
| 9 | Alpha Tanker Corporation | 12-20008 | 214 | |||||
| 10 | Amalia Product Corporation | 12-20009 | 187,674 | |||||
| 11 | Ambermar Product Carrier Corporation | 12-20010 | 1,257,264 | |||||
| 12 | Ambermar Tanker Corporation | 12-20011 | 821 | |||||
| 13 | Andromar Limited | 12-20012 | 597,643 | |||||
| 14 | Antigmar Limited | 12-20013 | 273,345 | |||||
| 15 | Aqua Tanker Corporation | 12-20014 | 3,533 | |||||
| 16 | Aquarius Tanker Corporation | 12-20015 | 15,151 | |||||
| 17 | Ariadmar Limited | 12-20016 | 230,650 | |||||
| 18 | Aspro Tanker Corporation | 12-20017 | 970 | |||||
| 19 | Atalmar Limited | 12-20018 | 461,282 | |||||
| 20 | Athens Product Tanker Corporation | 12-20019 | 684,045 | |||||
| 21 | Atlas Chartering Corporation | 12-20020 | 16,775 | |||||
| 22 | Aurora Shipping Corporation | 12-20021 | 3,760,005 | |||||
| 23 | Avila Tanker Corporation | 12-20022 | 787 | |||||
| 24 | Batangas Tanker Corporation | 12-20023 | 308,014 | |||||
| 25 | Beta Aframax Corporation | 12-20024 | 359 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 14 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC.,et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 26 | Brooklyn Product Tanker Corporation | 12-20025 | 22,748 | |||||
| 27 | Cabo Hellas Limited | 12-20026 | 239,635 | |||||
| 28 | Cabo Sounion Limited | 12-20027 | 431,302 | |||||
| 29 | Caribbean Tanker Corporation | 12-20028 | 1,337,607 | |||||
| 30 | Carina Tanker Corporation | 12-20029 | 16,811 | |||||
| 31 | Carl Product Corporation | 12-20030 | 959,870 | |||||
| 32 | Concept Tanker Corporation | 12-20031 | 436,840 | |||||
| 33 | Crown Tanker Corporation | 12-20032 | 200 | |||||
| 34 | Delphina Tanker Corporation | 12-20033 | - | |||||
| 35 | Delta Aframax Corporation | 12-20034 | 2,721,047 | |||||
| 36 | DHT Ania Aframax Corp. | 12-20035 | 904 | |||||
| 37 | DHT Ann VLCC Corp. | 12-20036 | 19,098 | |||||
| 38 | DHT Cathy Aframax Corp. | 12-20037 | 10,008 | |||||
| 39 | DHT Chris VLCC Corp. | 12-20038 | 16,128 | |||||
| 40 | DHT Rebecca Aframax Corp. | 12-20039 | 1,111 | |||||
| 41 | DHT Regal Unity VLCC Corp. | 12-20040 | 9,055 | |||||
| 42 | DHT Sophie Aframax Corp. | 12-20041 | 6,743 | |||||
| 43 | Dignity Chartering Corporation | 12-20042 | 26,742 | |||||
| 44 | Edindun Shipping Corporation | 12-20043 | - | |||||
| 45 | Eighth Aframax Tanker Corporation | 12-20044 | 297,674 | |||||
| 46 | Epsilon Aframax Corporation | 12-20045 | 239,546 | |||||
| 47 | First Chemical Carrier Corporation | 12-20046 | 4,399 | |||||
| 48 | First LPG Tanker Corporation | 12-20047 | 4,200 | |||||
| 49 | First Union Tanker Corporation | 12-20048 | 351,485 | |||||
| 50 | Fourth Aframax Tanker Corporation | 12-20049 | 144,828 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 15 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC.,et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 51 | Front President Inc. | 12-20050 | 279,623 | |||||
| 52 | Goldmar Limited | 12-20051 | 383,174 | |||||
| 53 | GPC Aframax Corporation | 12-20052 | 18,106 | |||||
| 54 | Grace Chartering Corporation | 12-20053 | 5,620 | |||||
| 55 | International Seaways, Inc. | 12-20054 | 3,478,002 | |||||
| 56 | Jademar Limited | 12-20055 | 268,697 | |||||
| 57 | Joyce Car Carrier Corporation | 12-20056 | 12,784 | |||||
| 58 | Juneau Tanker Corporation | 12-20057 | 5,417 | |||||
| 59 | Kimolos Tanker Corporation | 12-20058 | 1,764,039 | |||||
| 60 | Kythnos Chartering Corporation | 12-20059 | 1,026,185 | |||||
| 61 | Leo Tanker Corporation | 12-20060 | 14,504 | |||||
| 62 | Leyte Product Tanker Corporation | 12-20061 | 480,354 | |||||
| 63 | Limar Charter Corporation | 12-20062 | 12,316 | |||||
| 64 | Luxmar Product Tanker Corporation | 12-20063 | 508,600 | |||||
| 65 | Luxmar Tanker LLC | 12-20064 | 26,762 | |||||
| 66 | Majestic Tankers Corporation | 12-20065 | 524,103 | |||||
| 67 | Maple Tanker Corporation | 12-20066 | 477,222 | |||||
| 68 | Maremar Product Tanker Corporation | 12-20067 | 35 | |||||
| 69 | Maremar Tanker LLC | 12-20068 | 60,391 | |||||
| 70 | Marilyn Vessel Corporation | 12-20069 | 283 | |||||
| 71 | Maritrans General Partner Inc. | 12-20070 | - | |||||
| 72 | Maritrans Operating Company L.P. | 12-20071 | 15,941 | |||||
| 73 | Milos Product Tanker Corporation | 12-20072 | 419,817 | |||||
| 74 | Mindanao Tanker Corporation | 12-20073 | 170,824 | |||||
| 75 | Mykonos Tanker LLC | 12-20074 | 1,130,282 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 16 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC.,et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 76 | Nedimar Charter Corporation | 12-20075 | 12,916 | |||||
| 77 | Oak Tanker Corporation | 12-20076 | 305,895 | |||||
| 78 | Ocean Bulk Ships, Inc. | 12-20077 | 4 | |||||
| 79 | Oceania Tanker Corporation | 12-20078 | 80,062 | |||||
| 80 | OSG 192 LLC | 12-20079 | 38,082 | |||||
| 81 | OSG 209 LLC | 12-20080 | 73,228 | |||||
| 82 | OSG 214 LLC | 12-20081 | 160,732 | |||||
| 83 | OSG 215 Corporation | 12-20082 | 74 | |||||
| 84 | OSG 242 LLC | 12-20083 | 96,951 | |||||
| 85 | OSG 243 LLC | 12-20084 | 108,592 | |||||
| 86 | OSG 244 LLC | 12-20085 | 64,020 | |||||
| 87 | OSG 252 LLC | 12-20086 | 364,539 | |||||
| 88 | OSG 254 LLC | 12-20087 | 91,278 | |||||
| 89 | OSG 300 LLC | 12-20088 | 25 | |||||
| 90 | OSG 400 LLC | 12-20089 | 8,764 | |||||
| 91 | OSG America L.P. | 12-20090 | 24 | |||||
| 92 | OSG America LLC | 12-20091 | 137 | |||||
| 93 | OSG America Operating Company LLC | 12-20092 | 835,421 | |||||
| 94 | OSG Car Carriers, Inc. | 12-20093 | 4,097 | |||||
| 95 | OSG Clean Products International, Inc. | 12-20094 | 30 | |||||
| 96 | OSG Columbia LLC | 12-20095 | 272,959 | |||||
| 97 | OSG Constitution LLC | 12-20096 | 1,680 | |||||
| 98 | OSG Courageous LLC | 12-20097 | 260,098 | |||||
| 99 | OSG Delaware Bay Lightering LLC | 12-20098 | 2,331,262 | |||||
| 100 | OSG Discovery LLC | 12-20099 | 807 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 17 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC.,et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 101 | OSG Endeavor LLC | 12-20100 | 147 | |||||
| 102 | OSG Endurance LLC | 12-20101 | 253,062 | |||||
| 103 | OSG Enterprise LLC | 12-20102 | 261,901 | |||||
| 104 | OSG Financial Corp. | 12-20103 | 6,028 | |||||
| 105 | OSG Freedom LLC | 12-20104 | 106 | |||||
| 106 | OSG Honour LLC | 12-20105 | 244,722 | |||||
| 107 | OSG Independence LLC | 12-20106 | 220,479 | |||||
| 108 | OSG Intrepid LLC | 12-20107 | 256,049 | |||||
| 109 | OSG Liberty LLC | 12-20108 | 6,031 | |||||
| 110 | OSG Lightering LLC | 12-20109 | 4,372,598 | |||||
| 111 | OSG Lightering Acquisition Corporation | 12-20110 | 1,189 | |||||
| 112 | OSG Lightering Solutions LLC | 12-20111 | 1,575 | |||||
| 113 | OSG Mariner LLC | 12-20112 | 147 | |||||
| 114 | OSG Maritrans Parent LLC | 12-20113 | 66,767 | |||||
| 115 | OSG Navigator LLC | 12-20114 | 268,238 | |||||
| 116 | OSG New York, Inc. | 12-20115 | 20,920 | |||||
| 117 | OSG Product Tankers AVTC, LLC | 12-20116 | 30 | |||||
| 118 | OSG Product Tankers Member LLC | 12-20117 | - | |||||
| 119 | OSG Product Tankers II, LLC | 12-20118 | 3 | |||||
| 120 | OSG Product Tankers I, LLC | 12-20119 | 3 | |||||
| 121 | OSG Product Tankers, LLC | 12-20120 | 5 | |||||
| 122 | OSG Quest LLC | 12-20121 | 92 | |||||
| 123 | OSG Seafarer LLC | 12-20122 | 407 | |||||
| 124 | OSG Ship Management, Inc. | 12-20123 | 4,296,416 | |||||
| 125 | OSG Valour LLC | 12-20124 | 665 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 18 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC.,et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 126 | Overseas Allegiance Corporation | 12-20125 | 1 | |||||
| 127 | Overseas Anacortes LLC | 12-20126 | 1,331,734 | |||||
| 128 | Overseas Boston LLC | 12-20127 | 1,412,235 | |||||
| 129 | Overseas Diligence LLC | 12-20128 | 237 | |||||
| 130 | Overseas Galena Bay LLC | 12-20129 | 1,578 | |||||
| 131 | Overseas Houston LLC | 12-20130 | 1,236,213 | |||||
| 132 | Overseas Integrity LLC | 12-20131 | 636 | |||||
| 133 | Overseas Long Beach LLC | 12-20132 | 1,273,047 | |||||
| 134 | Overseas Los Angeles LLC | 12-20133 | 1,148,338 | |||||
| 135 | Overseas Martinez LLC | 12-20134 | 1,364,706 | |||||
| 136 | Overseas New Orleans LLC | 12-20135 | 1,308 | |||||
| 137 | Overseas New York LLC | 12-20136 | 1,171,881 | |||||
| 138 | Overseas Nikiski LLC | 12-20137 | 1,865,693 | |||||
| 139 | Overseas Perseverance Corporation | 12-20138 | 226 | |||||
| 140 | Overseas Philadelphia LLC | 12-20139 | 539 | |||||
| 141 | Overseas Puget Sound LLC | 12-20140 | 5,085 | |||||
| 142 | Overseas Sea Swift Corporation | 12-20141 | 5 | |||||
| 143 | Overseas Shipping (GR) Ltd. | 12-20142 | 345,484 | |||||
| 144 | Overseas ST Holding LLC | 12-20143 | 1,178,976 | |||||
| 145 | Overseas Tampa LLC | 12-20144 | 4,856,114 | |||||
| 146 | Overseas Texas City LLC | 12-20145 | 1,137,432 | |||||
| 147 | Pearlmar Limited | 12-20146 | 219,751 | |||||
| 148 | Petromar Limited | 12-20147 | 1,030,720 | |||||
| 149 | Pisces Tanker Corporation | 12-20148 | 16,229 | |||||
| 150 | Polaris Tanker Corporation | 12-20149 | 16,051 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 19 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC.,et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 151 | Queens Product Tanker Corporation | 12-20150 | 36,988 | |||||
| 152 | Reymar Limited | 12-20151 | 1,378,617 | |||||
| 153 | Rich Tanker Corporation | 12-20152 | 1,433,836 | |||||
| 154 | Rimar Chartering Corporation | 12-20153 | 36,225 | |||||
| 155 | Rosalyn Tanker Corporation | 12-20154 | 228,901 | |||||
| 156 | Rosemar Limited | 12-20155 | 183,854 | |||||
| 157 | Rubymar Limited | 12-20156 | 27,037 | |||||
| 158 | Sakura Transport Corp. | 12-20157 | 420,697 | |||||
| 159 | Samar Product Tanker Corporation | 12-20158 | 432,806 | |||||
| 160 | Santorini Tanker LLC | 12-20159 | 1,862,893 | |||||
| 161 | Serifos Tanker Corporation | 12-20160 | 1,193,796 | |||||
| 162 | Seventh Aframax Tanker Corporation | 12-20161 | 432,969 | |||||
| 163 | Shirley Tanker SRL | 12-20162 | 1,413,526 | |||||
| 164 | Sifnos Tanker Corporation | 12-20163 | 379,710 | |||||
| 165 | Silvermar Limited | 12-20164 | 196,846 | |||||
| 166 | Sixth Aframax Tanker Corporation | 12-20165 | 476,831 | |||||
| 167 | Skopelos Product Tanker Corporation | 12-20166 | 833,228 | |||||
| 168 | Star Chartering Corporation | 12-20167 | 470,710 | |||||
| 169 | Suezmax International Agencies, Inc. | 12-20168 | 199,546 | |||||
| 170 | Talara Chartering Corporation | 12-20169 | 21,032 | |||||
| 171 | Third United Shipping Corporation | 12-20170 | 31,243 | |||||
| 172 | Tokyo Transport Corp. | 12-20171 | 742,903 | |||||
| 173 | Transbulk Carriers, Inc. | 12-20172 | 150 | |||||
| 174 | Troy Chartering Corporation | 12-20173 | 379,061 | |||||
| 175 | Troy Product Corporation | 12-20174 | 34,805 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 20 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC.,et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period May 1, 2014 through May 31, 2014
| 176 | Urban Tanker Corporation | 12-20175 | 444,427 | |||||||
| 177 | Vega Tanker Corporation | 12-20176 | 2,144 | |||||||
| 178 | View Tanker Corporation | 12-20177 | 1,041,875 | |||||||
| 179 | Vivian Tankships Corporation | 12-20178 | 10,582 | |||||||
| 180 | Vulpecula Chartering Corporation | 12-20179 | 17,806 | |||||||
| 181 | Wind Aframax Tanker Corporation | 12-20180 | 15 | |||||||
| Total Disbursements | $ | 83,951,052 | ||||||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 21 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1b
Schedule of Professional Fees and Expenses Paid1
For the Period May 1, 2014 through May 31, 2014
| Amounts Paid this Period | Cumulative Amount Paid Since Petition Date | |||||||||||||||||||||||
| Professional | Fees | Expenses | Total | Fees | Expenses | Total | ||||||||||||||||||
| Akin Gump Straus Hauer & Feld LLP | $ | 914,857 | $ | 19,705 | $ | 934,562 | $ | 7,635,998 | $ | 251,366 | $ | 7,887,364 | ||||||||||||
| Allen Miller LLP | 8,098 | - | 8,098 | 8,098 | - | 8,098 | ||||||||||||||||||
| Bowman Gilfillan, Inc. | - | - | - | 50,499 | 17,446 | 67,945 | ||||||||||||||||||
| Brown Rudnick LLP | - | - | - | - | - | - | ||||||||||||||||||
| Burke & Parsons | 8,228 | - | 8,228 | 630,073 | 15,860 | 645,933 | ||||||||||||||||||
| Chilmark Partners, LLC | 280,000 | 4,454 | 284,454 | 2,520,000 | 504,818 | 3,024,818 | ||||||||||||||||||
| Cleary Gottlieb Steen & Hamilton LLP | 1,943,412 | 17,494 | 1,960,906 | 23,109,484 | 697,879 | 23,807,363 | ||||||||||||||||||
| Deloitte Financial Advisory LLP | 100,565 | 4,663 | 105,228 | 100,565 | 4,663 | 105,228 | ||||||||||||||||||
| Deloitte & Touche LLP | 1,890,130 | 27,918 | 1,918,048 | 7,703,855 | 126,574 | 7,830,429 | ||||||||||||||||||
| Deloitte Tax LLP | 1,154,177 | 2,229 | 1,156,406 | 5,778,094 | 17,262 | 5,795,356 | ||||||||||||||||||
| Eversheds LLP | - | - | - | 435,744 | 8,106 | 443,850 | ||||||||||||||||||
| Fox Rothschild LLP | - | - | - | - | - | - | ||||||||||||||||||
| FTI Consulting, Inc. | 77,268 | - | 77,268 | 4,052,908 | 7,674 | 4,060,582 | ||||||||||||||||||
| Gellert, Scali, Busenkell & Brown, LLC | 9,431 | 193 | 9,624 | 27,083 | 668 | 27,751 | ||||||||||||||||||
| Heidrick & Struggles | - | - | - | 173,334 | - | 173,334 | ||||||||||||||||||
| Houlihan Lokey Capital, Inc. | 245,000 | 3,183 | 248,183 | 2,630,833 | 63,077 | 2,693,910 | ||||||||||||||||||
| Kurtzman Carson Consultants LLC | - | - | - | - | - | - | ||||||||||||||||||
| Mercer (US) Inc. | 67,328 | 3,370 | 70,698 | 286,689 | 75,807 | 362,496 | ||||||||||||||||||
| Morris, Nichols, Arsht & Tunnell LLP | 55,160 | - | 55,160 | 1,133,584 | 32,528 | 1,166,112 | ||||||||||||||||||
| Mullin Hoard & Brown LLP | 99,623 | 7,207 | 106,830 | 1,551,101 | 95,730 | 1,646,831 | ||||||||||||||||||
| Pepper Hamilton LLP | 13,750 | 644 | 14,394 | 260,633 | 12,181 | 272,814 | ||||||||||||||||||
| Peter J. Solomon Company | - | - | - | - | - | - | ||||||||||||||||||
| Pricewaterhouse Coopers LLP | 2,232,760 | 9,526 | 2,242,286 | 9,516,742 | 97,379 | 9,614,121 | ||||||||||||||||||
| Venable LLP | 35,500 | - | 35,500 | 445,592 | 9,304 | 454,896 | ||||||||||||||||||
| Total Professional Fees and Expenses | $ | 9,135,287 | $ | 100,585 | $ | 9,235,872 | $ | 68,050,909 | $ | 2,038,323 | $ | 70,089,232 | ||||||||||||
1Certain of the professionals listed in the table have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 22 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-1b
Schedule of Professional Fees and Expenses Paid (continued)1
For the Period May 1, 2014 through May 31, 2014
| Professional | Role | |
| Akin Gump Strauss Hauer & Feld LLP | Unsecured Creditors' Committee Co-Counsel | |
| Allen Miller LLP | Debtors' Special Litigation Counsel | |
| Bowman Gilfillan, Inc. | Debtors' Special Counsel for South African Matters | |
| Brown Rudnick LLP | Co-Counsel to the Official Committee of Equity Security Holders | |
| Burke & Parsons | Debtors' Special Counsel for United States Maritime Matters | |
| Chilmark Partners, LLC | Debtors' Financial and Restructuring Advisor | |
| Cleary Gottlieb Steen & Hamilton LLP | Debtors' Counsel | |
| Deloitte & Touche LLP | Debtors' Accounting Advisor | |
| Deloitte Financial Advisory Services LLP | Debtors' Fresh Start Accounting Services Provider | |
| Deloitte Tax LLP | Debtors' Tax Advisor | |
| Eversheds LLP | Debtors' Special Counsel For United Kingdom Maritime Matters | |
| Fox Rothschild LLP | Co-Counsel to the Official Committee of Equity Security Holders | |
| FTI Consulting, Inc. | Unsecured Creditors' Committee Financial Advisor | |
| Gellert, Scali, Busenkell & Brown, LLC | Debtors' Special Litigation Counsel | |
| Heidrick & Struggles | Board Search Advisors | |
| Houlihan Lokey Capital, Inc. | Unsecured Creditors' Committee Financial Advisor and Investment Banker | |
| Kurtzman Carson Consultants LLC | Claims and Noticing Agent | |
| Mercer (US) Inc. | Compensation Specialist | |
| Morris, Nichols, Arsht & Tunnell LLP | Debtors' Delaware Bankruptcy Co-Counsel | |
| Mullin Hoard & Brown, L.L.P. | Debtors' Special Litigation Counsel | |
| Pepper Hamilton LLP | Unsecured Creditors' Committee Co-Counsel | |
| Peter J. Solomon Company | Financial Advisor to the Official Committee of Equity Security Holders | |
| PricewaterhouseCoopers LLP | Debtors' Independent Auditor, Accountant and Tax Advisor | |
| Venable LLP | Debtors' Special Litigation Counsel |
1Certain of theprofessionals listed in the table below have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 23 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash
Disbursements Journal
For the Period May 1, 2014 through May 31, 2014
Bank Account Reconciliations & Cash Disbursement Journals
The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.
Bank Statements
The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.
Closed Bank Accounts
The Debtors affirm that the following bank account(s) were closed during the current reporting period.
| Debtor | Bank/Institution | Account # | Date of Closing | |||
| Cabo Sounion Limited | JPMorgan Chase Bank | XXXXXX614 | 5/16/2014 | |||
| Cabo Hellas Limited | JPMorgan Chase Bank | XXXXXX606 | 5/16/2014 | |||
| Rosemar Limited | JPMorgan Chase Bank | XXXXXX959 | 5/16/2014 | |||
| Rubymar Limited | JPMorgan Chase Bank | XXXXXX967 | 5/16/2014 |
Opened Bank Accounts
The Debtors affirm that the following bank account(s) were opened during the current reporting period.
| Debtor | Bank/Institution | Account # | Date of Opening | |||
| None |
Debtor Bank Account Balances
See Appendix B
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 24 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-2
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidated Statements of Operations
For the Periods May 1, 2014 through May 31, 2014, and
November 14, 2012 through May 31, 2014
(in thousands of dollars)
| May 1, 2014 through May 31, 2014 | November 14, 2012 through May 31, 2014 | |||||||
| Shipping Revenues: | ||||||||
| Pool revenues | $ | 9,219 | $ | 267,998 | ||||
| Time and bareboat charter revenues | 33,983 | 576,130 | ||||||
| Voyage charter revenues | 38,220 | 765,191 | ||||||
| 81,422 | 1,609,320 | |||||||
| Operating Expenses: | ||||||||
| Voyage expenses | 23,523 | 413,449 | ||||||
| Vessel expenses | 23,647 | 414,467 | ||||||
| Charter hire expenses | 13,487 | 323,018 | ||||||
| Depreciation and amortization | 13,143 | 268,714 | ||||||
| General and administrative | 9,015 | 158,722 | ||||||
| Goodwill and intangible assets impairment charge | - | 16,214 | ||||||
| (Gain)/loss on disposal of vessels, including impairments | (13 | ) | 643,181 | |||||
| Total Operating Expenses | 82,802 | 2,237,765 | ||||||
| Loss from Vessel Operations | (1,380 | ) | (628,446 | ) | ||||
| Equity in Income/(Loss) of Affiliated Companies | 3,283 | 62,552 | ||||||
| Operating Income/(Loss) | 1,903 | (565,895 | ) | |||||
| Other Income | 57 | 1,337 | ||||||
| Income/(loss) before Interest Expense and Income Taxes | 1,960 | (564,556 | ) | |||||
| Interest Expense | (10 | ) | (348 | ) | ||||
| Income/(loss) before Reorganization Items and Income Taxes | 1,950 | (564,905 | ) | |||||
| Reorganization Items, net | 11,902 | 418,103 | ||||||
| Loss before Income Taxes | (9,952 | ) | (983,008 | ) | ||||
| Income Tax Provision/(Benefit) | 595 | (13,933 | ) | |||||
| Net Loss | $ | (10,547 | ) | $ | (969,075 | ) | ||
See Notes to Unaudited Condensed Consolidated Statements of Operations on the following page
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 25 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-2
Overseas Shipholding Group, Inc.
Notes to Unaudited Condensed Consolidated Statements of Operations
For the Periods May 1, 2014 through May 31, 2014, and
November 14, 2012 through May 31, 2014
(in thousands of dollars)
| 1. | 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 adjustment. The Unaudited Condensed Consolidated Statements of Operations have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. |
| 2. | Reorganization Items consists of the following: |
| May 1, 2014 | November 14, 2012 | |||||||
| through | through | |||||||
| May 31, 2014 | May 31, 2014 | |||||||
| Professional fees, including Trustee Fees of $250 and $4,913 | $ | 11,902 | $ | 124,211 | ||||
| Expenses incurred on rejected executory contracts | - | 289,073 | ||||||
| Write-off of deferred financing costs | - | 4,603 | ||||||
| Other claims adjustments | - | 216 | ||||||
| $ | 11,902 | $ | 418,103 | |||||
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 26 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-3
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidated Balance Sheets
As of November 13, 2012 and May 31, 2014
(in thousands of dollars)
| November 13, 2012 | May 31, 2014 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 477,973 | $ | 647,700 | ||||
| Voyage receivables | 171,753 | 128,591 | ||||||
| Other receivables, including income taxes recoverable | 59,295 | 33,508 | ||||||
| Inventory | 14,150 | 33,219 | ||||||
| Prepaid expenses and other current assets | 46,636 | 34,219 | ||||||
| Total Current Assets | 769,807 | 877,237 | ||||||
| Vessels and other property, less accumulated depreciation | 3,135,823 | 2,311,622 | ||||||
| Deferred drydock expenditures, net | 73,898 | 55,580 | ||||||
| Total Vessels, Deferred Drydock and Other Property | 3,209,721 | 2,367,202 | ||||||
| Investments in Affiliated Companies | 247,964 | 327,738 | ||||||
| Intangible Assets, less accumulated amortization | 72,655 | 58,215 | ||||||
| Goodwill | 9,589 | - | ||||||
| Other Assets | 16,464 | 31,962 | ||||||
| Total Assets | $ | 4,326,200 | $ | 3,662,354 | ||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 93,170 | $ | 402,290 | ||||
| Total Current Liabilities | 93,170 | 402,290 | ||||||
| Noncurrent Liabilities: | ||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | 5,457 | - | ||||||
| Deferred Taxes and Other Liabilities | 758,736 | 450,508 | ||||||
| Liabilities Subject to Compromise | 2,623,588 | 2,881,742 | ||||||
| Total Noncurrent Liabilities | 3,387,781 | 3,332,250 | ||||||
| Total Liabilities | 3,480,951 | 3,734,540 | ||||||
| (Deficit)/Equity: | ||||||||
| Total Equity/(Deficit) | 845,249 | (72,186 | ) | |||||
| Total Liabilities and (Deficit)/Equity | $ | 4,326,200 | $ | 3,662,354 | ||||
See Notes to Unaudited Condensed Consolidated Balance Sheets on the following page
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 27 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-3
Overseas Shipholding Group, Inc.
Notes to Unaudited Condensed Consolidated Balance Sheets
As of November 13, 2012 and May 31, 2014
(in thousands of dollars)
| 1. | The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Unaudited Condensed Consolidated Balance Sheets have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. |
| 2. | The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect a complete analysis regarding potential claims under the Bankruptcy Code, however, the balance sheet as of May 31, 2014 does include the Debtors’ estimates of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors for which performance had also ceased by the end of the reporting period. |
| 3. | The Company allocated liabilities between pre-petition and post-petition periods based on the information available and research conducted in connection with the preparation of this Monthly Operating Report. As additional information becomes available, the allocation of liabilities between the pre-petition and post-petition periods may change. |
| 4. | As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is below the outstanding principal of the secured debt, and accordingly, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. The Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013. |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 28 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-3
Overseas Shipholding Group, Inc.
Notes to Unaudited Condensed Consolidated Balance Sheets (continued)
As of November 13, 2012 and May 31, 2014
(in thousands of dollars)
| 5. | Liabilities Subject to Compromise consist of the following: |
| November 13, 2012 | May 31, 2014 | |||||||
| Pre-petition accounts payable, accrued expenses and other liabilities | $ | 398 | $ | 4,675 | ||||
| Senior Notes | 500,780 | 500,780 | ||||||
| Unsecured revolver | 1,488,579 | 1,489,000 | ||||||
| Accrued interest and fees on unsecured revolver and senior notes | 10,878 | 10,878 | ||||||
| Secured debt and accrued interest | 578,024 | 563,857 | ||||||
| Derivative liabilities | 3,566 | 3,566 | ||||||
| Pension and other postretirement benefit plan liabilities | 41,363 | 26,387 | ||||||
| Accrued liabilities relating to rejected executory contracts | 0 | 282,599 | ||||||
| $ | 2,623,588 | $ | 2,881,742 | |||||
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 29 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Declaration Regarding the Status of Post-Petition Taxes of the Debtors
As of May 31, 2014
STATE OF NEW YORK
NEW YORK COUNTY
Jerry Miller hereby declares and states:
1. I am Controller for Overseas Shipholding Group, Inc., a corporation organized under the laws of the State of Delaware and the Debtor in the above-captioned chapter 11 cases (the “Debtors”). I am familiar with the Debtors’ day-to-day operations, business affairs and books and records.
2. All statements in this Declaration are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors’ operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents or opinion. I am authorized to submit this Declaration on behalf of the Debtors.
3. To the best of my knowledge, the Debtors have filed all necessary federal, state and local post-petition tax returns and made all required post-petition tax payments in connection therewith on a timely basis or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.1
| Dated: July 15, 2014 | Respectfully submitted, | |
| New York, New York | ||
| /s/ Jerry Miller | ||
| Jerry Miller | ||
| Controller, Overseas Shipholding Group, Inc. |
1The Debtors used ADP for the remittance of all payroll taxes.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 30 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-4
Overseas Shipholding Group, Inc.
Consolidated Summary of Unpaid Post-Petition Accounts Payable1
May 31, 2014
| Days Past Due | ||||||||||||||||||||||
| Current | 1-30 | 31-60 | 61-90 | >91 | Total | |||||||||||||||||
| $ | 16,101,467 | $ | 3,321,458 | $ | 719,994 | $ | (178,920 | ) | $ | 539,467 | $ | 20,503,466 | ||||||||||
| 79 | % | 16 | % | 4 | % | -1 | % | 2.00 | % | |||||||||||||
1The post-petition accounts payable is reported at a consolidated basis including both Debtors and non-Debtor subsidiaries to more completely reflect the liabilities of all Debtor entities, many of which utilize non-Debtor affiliates as their paying agent under the centralized cash management system of the Company. The accounts payable reported represent open trade vendor invoices that have been entered into the Company’s accounts payable system and pre-petition amounts that the Company intends to pay in accordance with various orders of the Bankruptcy Court. This summary does not include accruals for invoices not yet received or approved.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 31 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-5
Overseas Shipholding Group, Inc.
Consolidated Trade Accounts Receivable and Aging
May 31, 2014
| Days Aged1 | ||||||||||||||||||||||||||||
| 0-30 | 31-60 | 61-90 | 91-120 | 120-180 | >180 | Total | ||||||||||||||||||||||
| Trade Receivables: | ||||||||||||||||||||||||||||
| Trade - Invoiced 2 | $ | 13,221,999 | $ | 4,524,608 | $ | 2,451,737 | $ | 1,628,821 | $ | 2,335,592 | $ | 3,643,718 | $ | 27,806,475 | ||||||||||||||
| Trade - Accrued and Unbilled3 | $ | 25,198,511 | ||||||||||||||||||||||||||
| Trade - Pools4 | $ | 76,707,720 | ||||||||||||||||||||||||||
| Allowance for Doubtful Receivables | $ | (1,736,397 | ) | |||||||||||||||||||||||||
| Accounts Receivable | $ | 13,221,999 | $ | 4,524,608 | $ | 2,451,737 | $ | 1,628,821 | $ | 2,335,592 | $ | 3,643,718 | $ | 127,976,309 | ||||||||||||||
| Percentage of Trade-Invoiced 5 | 48 | % | 16 | % | 9 | % | 6 | % | 8 | % | 13 | % | 100 | % | ||||||||||||||
Notes:
1 Days Aged is based on the date of invoice
2 Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company.
3 Represents unbilled trade accounts receivables of the consolidated Company
4 Represents undistributed earnings receivable from the commercial pools in which the Company participates
5 Represents percentage of Trade-Invoiced amounts only
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 32 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
MOR-6
Debtor Questionnaire
For the Period May 1, 2014 through May 31, 2014
| Yes | No | |||||
| 1. | Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | ||||
| 2. | Have any funds been disbursed from any account other than a debtor in possession account this reporting period. If yes, provide an explanation below. | X1 | ||||
| 3. | Have all post-petition tax returns been timely filed? If no, provide an explanation. | X | ||||
| 4. | Are workers compensation, general liability and other necessary insurance coverage’s in effect? If no, provide an explanation. | X | ||||
| 5. | Have any bank accounts 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 Local Rule 4001-3 | X |
1As provided for in the Final Order Pursuant to 11 U.S.C. §§ 105(a), 345, 363(c)(1), 364(a), 364(c) and 503(b)(1), and Fed. R. Bankr. P. 6003: (A) Approving the Continued Use of the Cash Management System, Bank Accounts and Business Forms; (B) Permitting Continued Intercompany Transactions and Transfers and Granting Liens, Claims and Other Relief in Connection Therewith; (C) Authorizing Banks to Honor Certain Transfers and Charge Certain Fees and Other Amounts; and (D) Approving Limited Waiver of Section 345 dated January 24, 2013 [D.I. 0396] (the “Cash Management Order”), certain non-Debtor affiliates pay expenses to third parties on behalf of current or prior vessel-operating Debtors, including the payment of general and administrative expenses incurred by such non-Debtor affiliates. These non-Debtor affiliates are funded through Intercompany Revolvers, as defined in the Cash Management Order.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 33 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| Overseas Shipholding Group, Inc. | 12-20000 | |
| OSG International, Inc. | 12-20001 | |
| OSG Bulk Ships, Inc. | 12-20002 | |
| 1372 Tanker Corporation | 12-20003 | |
| Africa Tanker Corporation | 12-20004 | |
| Alcesmar Limited | 12-20005 | |
| Alcmar Limited | 12-20006 | |
| Alpha Suezmax Corporation | 12-20007 | |
| Alpha Tanker Corporation | 12-20008 | |
| Amalia Product Corporation | 12-20009 | |
| Ambermar Product Carrier Corporation | 12-20010 | |
| Ambermar Tanker Corporation | 12-20011 | |
| Andromar Limited | 12-20012 | |
| Antigmar Limited | 12-20013 | |
| Aqua Tanker Corporation | 12-20014 | |
| Aquarius Tanker Corporation | 12-20015 | |
| Ariadmar Limited | 12-20016 | |
| Aspro Tanker Corporation | 12-20017 | |
| Atalmar Limited | 12-20018 | |
| Athens Product Tanker Corporation | 12-20019 | |
| Atlas Chartering Corporation | 12-20020 | |
| Aurora Shipping Corporation | 12-20021 | |
| Avila Tanker Corporation | 12-20022 | |
| Batangas Tanker Corporation | 12-20023 | |
| Beta Aframax Corporation | 12-20024 | |
| Brooklyn Product Tanker Corporation | 12-20025 | |
| Cabo Hellas Limited | 12-20026 | |
| Cabo Sounion Limited | 12-20027 | |
| Caribbean Tanker Corporation | 12-20028 | |
| Carina Tanker Corporation | 12-20029 | |
| Carl Product Corporation | 12-20030 | |
| Concept Tanker Corporation | 12-20031 | |
| Crown Tanker Corporation | 12-20032 | |
| Delphina Tanker Corporation | 12-20033 | |
| Delta Aframax Corporation | 12-20034 | |
| DHT Ania Aframax Corp. | 12-20035 | |
| DHT Ann VLCC Corp. | 12-20036 | |
| DHT Cathy Aframax Corp. | 12-20037 | |
| DHT Chris VLCC Corp. | 12-20038 | |
| DHT Rebecca Aframax Corp. | 12-20039 |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 34 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| DHT Regal Unity VLCC Corp. | 12-20040 | |
| DHT Sophie Aframax Corp. | 12-20041 | |
| Dignity Chartering Corporation | 12-20042 | |
| Edindun Shipping Corporation | 12-20043 | |
| Eighth Aframax Tanker Corporation | 12-20044 | |
| Epsilon Aframax Corporation | 12-20045 | |
| First Chemical Carrier Corporation | 12-20046 | |
| First LPG Tanker Corporation | 12-20047 | |
| First Union Tanker Corporation | 12-20048 | |
| Fourth Aframax Tanker Corporation | 12-20049 | |
| Front President Inc. | 12-20050 | |
| Goldmar Limited | 12-20051 | |
| GPC Aframax Corporation | 12-20052 | |
| Grace Chartering Corporation | 12-20053 | |
| International Seaways, Inc. | 12-20054 | |
| Jademar Limited | 12-20055 | |
| Joyce Car Carrier Corporation | 12-20056 | |
| Juneau Tanker Corporation | 12-20057 | |
| Kimolos Tanker Corporation | 12-20058 | |
| Kythnos Chartering Corporation | 12-20059 | |
| Leo Tanker Corporation | 12-20060 | |
| Leyte Product Tanker Corporation | 12-20061 | |
| Limar Charter Corporation | 12-20062 | |
| Luxmar Product Tanker Corporation | 12-20063 | |
| Luxmar Tanker LLC | 12-20064 | |
| Majestic Tankers Corporation | 12-20065 | |
| Maple Tanker Corporation | 12-20066 | |
| Maremar Product Tanker Corporation | 12-20067 | |
| Maremar Tanker LLC | 12-20068 | |
| Marilyn Vessel Corporation | 12-20069 | |
| Maritrans General Partner Inc. | 12-20070 | |
| Maritrans Operating Company L.P. | 12-20071 | |
| Milos Product Tanker Corporation | 12-20072 | |
| Mindanao Tanker Corporation | 12-20073 | |
| Mykonos Tanker LLC | 12-20074 | |
| Nedimar Charter Corporation | 12-20075 | |
| Oak Tanker Corporation | 12-20076 | |
| Ocean Bulk Ships, Inc. | 12-20077 | |
| Oceania Tanker Corporation | 12-20078 | |
| OSG 192 LLC | 12-20079 | |
| OSG 209 LLC | 12-20080 |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 35 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| OSG 214 LLC | 12-20081 | |
| OSG 215 Corporation | 12-20082 | |
| OSG 242 LLC | 12-20083 | |
| OSG 243 LLC | 12-20084 | |
| OSG 244 LLC | 12-20085 | |
| OSG 252 LLC | 12-20086 | |
| OSG 254 LLC | 12-20087 | |
| OSG 300 LLC | 12-20088 | |
| OSG 400 LLC | 12-20089 | |
| OSG America L.P. | 12-20090 | |
| OSG America LLC | 12-20091 | |
| OSG America Operating Company LLC | 12-20092 | |
| OSG Car Carriers, Inc. | 12-20093 | |
| OSG Clean Products International, Inc. | 12-20094 | |
| OSG Columbia LLC | 12-20095 | |
| OSG Constitution LLC | 12-20096 | |
| OSG Courageous LLC | 12-20097 | |
| OSG Delaware Bay Lightering LLC | 12-20098 | |
| OSG Discovery LLC | 12-20099 | |
| OSG Endeavor LLC | 12-20100 | |
| OSG Endurance LLC | 12-20101 | |
| OSG Enterprise LLC | 12-20102 | |
| OSG Financial Corp. | 12-20103 | |
| OSG Freedom LLC | 12-20104 | |
| OSG Honour LLC | 12-20105 | |
| OSG Independence LLC | 12-20106 | |
| OSG Intrepid LLC | 12-20107 | |
| OSG Liberty LLC | 12-20108 | |
| OSG Lightering LLC | 12-20109 | |
| OSG Lightering Acquisition Corporation | 12-20110 | |
| OSG Lightering Solutions LLC | 12-20111 | |
| OSG Mariner LLC | 12-20112 | |
| OSG Maritrans Parent LLC | 12-20113 | |
| OSG Navigator LLC | 12-20114 | |
| OSG New York, Inc. | 12-20115 | |
| OSG Product Tankers AVTC, LLC | 12-20116 | |
| OSG Product Tankers Member LLC | 12-20117 | |
| OSG Product Tankers II, LLC | 12-20118 | |
| OSG Product Tankers I, LLC | 12-20119 | |
| OSG Product Tankers, LLC | 12-20120 | |
| OSG Quest LLC | 12-20121 |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 36 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| OSG Seafarer LLC | 12-20122 | |
| OSG Ship Management, Inc. | 12-20123 | |
| OSG Valour LLC | 12-20124 | |
| Overseas Allegiance Corporation | 12-20125 | |
| Overseas Anacortes LLC | 12-20126 | |
| Overseas Boston LLC | 12-20127 | |
| Overseas Diligence LLC | 12-20128 | |
| Overseas Galena Bay LLC | 12-20129 | |
| Overseas Houston LLC | 12-20130 | |
| Overseas Integrity LLC | 12-20131 | |
| Overseas Long Beach LLC | 12-20132 | |
| Overseas Los Angeles LLC | 12-20133 | |
| Overseas Martinez LLC | 12-20134 | |
| Overseas New Orleans LLC | 12-20135 | |
| Overseas New York LLC | 12-20136 | |
| Overseas Nikiski LLC | 12-20137 | |
| Overseas Perseverance Corporation | 12-20138 | |
| Overseas Philadelphia LLC | 12-20139 | |
| Overseas Puget Sound LLC | 12-20140 | |
| Overseas Sea Swift Corporation | 12-20141 | |
| Overseas Shipping (GR) Ltd. | 12-20142 | |
| Overseas ST Holding LLC | 12-20143 | |
| Overseas Tampa LLC | 12-20144 | |
| Overseas Texas City LLC | 12-20145 | |
| Pearlmar Limited | 12-20146 | |
| Petromar Limited | 12-20147 | |
| Pisces Tanker Corporation | 12-20148 | |
| Polaris Tanker Corporation | 12-20149 | |
| Queens Product Tanker Corporation | 12-20150 | |
| Reymar Limited | 12-20151 | |
| Rich Tanker Corporation | 12-20152 | |
| Rimar Chartering Corporation | 12-20153 | |
| Rosalyn Tanker Corporation | 12-20154 | |
| Rosemar Limited | 12-20155 | |
| Rubymar Limited | 12-20156 | |
| Sakura Transport Corp. | 12-20157 | |
| Samar Product Tanker Corporation | 12-20158 | |
| Santorini Tanker LLC | 12-20159 | |
| Serifos Tanker Corporation | 12-20160 | |
| Seventh Aframax Tanker Corporation | 12-20161 | |
| Shirley Tanker SRL | 12-20162 |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 37 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| Sifnos Tanker Corporation | 12-20163 | |
| Silvermar Limited | 12-20164 | |
| Sixth Aframax Tanker Corporation | 12-20165 | |
| Skopelos Product Tanker Corporation | 12-20166 | |
| Star Chartering Corporation | 12-20167 | |
| Suezmax International Agencies, Inc. | 12-20168 | |
| Talara Chartering Corporation | 12-20169 | |
| Third United Shipping Corporation | 12-20170 | |
| Tokyo Transport Corp. | 12-20171 | |
| Transbulk Carriers, Inc. | 12-20172 | |
| Troy Chartering Corporation | 12-20173 | |
| Troy Product Corporation | 12-20174 | |
| Urban Tanker Corporation | 12-20175 | |
| Vega Tanker Corporation | 12-20176 | |
| View Tanker Corporation | 12-20177 | |
| Vivian Tankships Corporation | 12-20178 | |
| Vulpecula Chartering Corporation | 12-20179 | |
| Wind Aframax Tanker Corporation | 12-20180 |
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 38 of 173 |
Appendix B
Overseas Shipholding Group, Inc.,et al.
Listing of Debtors' Bank Accounts and Book Balances as of May 31, 20141
(in USD)
| Debtor | EIN | Bank | Currency | Account Number | USD Balance per Books as of May 31, 2014 | |||||||
| Delta Aframax Corporation | 98-0489892 | HSBC | USD | XXXXX6729 | 1,000.00 | |||||||
| Epsilon Aframax Corporation | 98-0489895 | HSBC | USD | XXXXX6737 | 1,000.00 | |||||||
| Front President Inc. | 77-0681687 | HSBC | USD | XXXXX6745 | 1,000.00 | |||||||
| Maple Tanker Corporation | 98-0595229 | HSBC | USD | XXXX6753 | 1,000.00 | |||||||
| Oak Tanker Corporation | 98-0595234 | HSBC | USD | XXXX6761 | 1,000.00 | |||||||
| OSG America Operating Company LLC | 45-0575493 | Fifth Third Bank - Tampa | USD | XXXXXXX3987 | 291,361,706.78 | |||||||
| OSG Bulk Ships, Inc. | 13-2632600 | Fifth Third Bank - Tampa | USD | XXXXXXX4290 | 5,283,281.78 | |||||||
| OSG Bulk Ships, Inc. | 13-2632600 | JP Morgan Chase | USD | XXXX-XXXXX0-509 | (1,122,162.12 | ) | ||||||
| OSG Bulk Ships, Inc. | 13-2632600 | JP Morgan Chase | USD | XXX-X-XX7251 | 11,273,007.49 | |||||||
| OSG Financial Corp. | 13-3178639 | JP Morgan Chase | USD | XXX-X-XX3754 | 371,213.74 | |||||||
| OSG International, Inc. | 98-0467117 | HSBC | USD | XXXXX6923 | 14,226,412.63 | |||||||
| OSG International, Inc. | 98-0467117 | JP Morgan Chase | USD | XXX-X-XX5113 | 120,515,671.27 | |||||||
| OSG International, Inc. | 98-0467117 | JP Morgan Chase | USD | XXXXX7192 | 21,470,195.55 | |||||||
| OSG International, Inc. | 98-0467117 | JP Morgan Chase | USD | XXXXX0596 | - | |||||||
| OSG Lightering LLC | 98-0380553 | Bank of Oklahoma | USD | XXXXX9048 | 18,989,733.02 | |||||||
| OSG Lightering LLC | 98-0380553 | Bank of Texas - Houston | USD | XXXXXX9108 | (59,572.50 | ) | ||||||
| OSG Lightering LLC | 98-0380553 | Bank of Texas - Houston | USD | XXXXXX9174 | 1.00 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | JP Morgan Chase | USD | XXX-XX2788 | 10,000.30 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | Fifth Third Bank - Tampa | USD | XXXXXX2932 | 18,628.85 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | JP Morgan Chase | USD | XXX-XX6624 | 224,512.59 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | JP Morgan Chase | USD | XXX-XX5045 | 64,099.88 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | TD Bank, N.A. | USD | XXX-XXX6647 | 24,056,837.95 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | BlackRock | USD | X4888 | 36,009,615.05 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | Fidelity | USD | XXXXXXX7175 | 59,726,315.33 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | JP Morgan Chase | USD | XXX-X-XX5014 | 7,338,697.85 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | JP Morgan Chase | USD | XXX6306 | 16,005,848.60 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | JP Morgan Chase | USD | XXX-XX9772 | 5,000.00 | |||||||
| Shirley Tanker SRL | 98-0513551 | Cidel Bank & Trust, Inc. | USD | XXXXXX-XXX4290 | 27.54 | |||||||
| Shirley Tanker SRL | 98-0513551 | Cidel Bank & Trust, Inc. | CAD | XXXXXX-XXX9190 | - | |||||||
| Shirley Tanker SRL | 98-0513551 | Cidel Bank & Trust, Inc. | CAD | XXXXXX-XXX6490 | 0.66 | |||||||
| TOTAL | $ | 625,774,073.24 | ||||||||||
1Petty cash accounts with nominal balances maintained at certain office locations have been excluded from this list, but are reported in the Cash and Cash Equivalents line item in the balance sheets presented herein.
Preliminary and Unaudited
| Page 39 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Appendix C
Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets
These unaudited condensed consolidating financial statements are provided to fulfill the requirements of the Office of the United States Trustee. Amounts in the columns and rows in the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets may not sum to subtotal or total amounts due to rounding. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. The Company put forth significant efforts to attribute the results of operations to the proper legal entity. However, because the Company’s accounting systems, policies, and practices were developed with a view to producing consolidated reporting, rather than by legal entity, it is possible that not all assets and liabilities and/or results of operations have been recorded at the correct legal entity in the unaudited condensed consolidating financial statements. These statements should be read in conjunction with the General Notes contained within this Monthly Operating Report. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented. No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.
In accordance with normal Company practice, adjustments related to prior periods are recorded and reflected in the period in which it is determined that such adjustments are needed.
The Company is a publicly-held company that prepared and filed consolidated financial statements on a quarterly basis. In accordance with the Company’s historic policies and practices related to quarterly reporting, certain information contained in the Monthly Operating Reports is estimated in the first and second months of each calendar quarter, then reconciled to actual results and/or other analysis performed quarterly and adjusted accordingly in the final month of the calendar quarter.
Post-petition interest expense and interest income on intercompany loans from Non-Debtors to Debtors is included in Other Income in the accompanying Unaudited Condensed Consolidating Statements of Operations.
The Company owns a fleet of ten (10) articulated tug-barges (“ATB”). An ATB consists of a tug and a barge. Each tug and its respective barge are owned by a different Debtor. The revenue associated with the operation of an ATB is recorded on the related barge Debtor entity, whereas the operating expenses of the ATB are recorded on both the related tug and barge respective Debtor entities, based on the specific expenses incurred by each.
All of the Company's chartered in vessels are accounted for as operating leases. ASC Topic 840 states that if costs expected to be incurred under an operating sublease (that is, executory costs, which represent costs typically classified as voyage expenses, and charter hire expense - rental payments) exceed anticipated revenue on the operating sublease, a loss shall be recognized by the sublessor in the period it executed the sublease. The provision for a loss on a sublease would be based on the net expected future cash disbursements. Credits to charter hire expense arise, when terms of the sublease, time charter-out, are modified in a period subsequent to the period in which the provision is recorded.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 40 of 173 |
| UNITED STATES BANKRUPTCY COURT | |
| DISTRICT OF DELAWARE | |
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh | |
Appendix C
Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets (continued)
As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is below the outstanding principal of the secured debt, and accordingly, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date. The Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013.
Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2013 were reflected in December 2013.
Monthly Operating Report
May 1, 2014 through May 31, 2014
| Page 41 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Shipholding Group, Inc. | OSG International, Inc. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 45 | $ | 2 | $ | (28 | ) | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 45 | 2 | (28 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | (50 | ) | (94 | ) | (209 | ) | |||||||||
| Charter hire expenses | - | - | - | 49 | ||||||||||||
| Depreciation and amortization | - | - | 36 | 49 | ||||||||||||
| General and administrative | 587 | 11,754 | 293 | 29,747 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 0 | ||||||||||||
| Total Operating Expenses | 587 | 11,703 | 235 | 29,636 | ||||||||||||
| Income/(loss) from Vessel Operations | (587 | ) | (11,659 | ) | (233 | ) | (29,664 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | 416 | 912 | 10,054 | ||||||||||||
| Operating Income/(loss) | (587 | ) | (11,243 | ) | 679 | (19,610 | ) | |||||||||
| Other Income/(expense) | 556 | 9,729 | (1,528 | ) | (32,691 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (32 | ) | (1,515 | ) | (849 | ) | (52,301 | ) | ||||||||
| Interest Expense | - | 0 | - | 0 | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (32 | ) | (1,515 | ) | (849 | ) | (52,301 | ) | ||||||||
| Reorganization Items, net | 11,753 | 125,803 | - | 8 | ||||||||||||
| Income/(loss) before Income Taxes | (11,784 | ) | (127,317 | ) | (849 | ) | (52,310 | ) | ||||||||
| Income Tax (Benefit)/Provision | 550 | (19,343 | ) | 7 | 160 | |||||||||||
| Net Income/(Loss) | $ | (12,335 | ) | $ | (107,974 | ) | $ | (855 | ) | $ | (52,469 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 42 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Bulk Ships, Inc. | 1372 Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 3,415 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | 1,174 | 16,718 | ||||||||||||
| - | - | 1,174 | 20,134 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 904 | 11,545 | ||||||||||||
| Vessel expenses | (11 | ) | 444 | 279 | 4,994 | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 262 | 4,855 | ||||||||||||
| General and administrative | (3 | ) | 215 | - | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | (4 | ) | - | - | |||||||||||
| Total Operating Expenses | (13 | ) | 655 | 1,445 | 21,394 | |||||||||||
| Income/(loss) from Vessel Operations | 13 | (655 | ) | (270 | ) | (1,261 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 13 | (655 | ) | (270 | ) | (1,261 | ) | |||||||||
| Other Income/(expense) | (220 | ) | (3,557 | ) | (1 | ) | (14 | ) | ||||||||
| Income/(loss) before Interest Expense and Income Taxes | (207 | ) | (4,211 | ) | (271 | ) | (1,275 | ) | ||||||||
| Interest Expense | - | 0 | - | (17 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (207 | ) | (4,211 | ) | (271 | ) | (1,292 | ) | ||||||||
| Reorganization Items, net | - | - | 7 | 288 | ||||||||||||
| Income/(loss) before Income Taxes | (207 | ) | (4,211 | ) | (279 | ) | (1,580 | ) | ||||||||
| Income Tax (Benefit)/Provision | 1 | 1,027 | - | - | ||||||||||||
| Net Income/(Loss) | $ | (208 | ) | $ | (5,238 | ) | $ | (279 | ) | $ | (1,580 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 43 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Africa Tanker Corporation | Alcesmar Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 297 | $ | 7,112 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 4 | ||||||||||||
| - | - | 297 | 7,116 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | 7 | ||||||||||||
| Vessel expenses | 20 | 123 | 186 | 3,736 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 84 | 2,210 | ||||||||||||
| General and administrative | 11 | 337 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 18,737 | ||||||||||||
| Total Operating Expenses | 31 | 460 | 270 | 24,691 | ||||||||||||
| Income/(loss) from Vessel Operations | (31 | ) | (460 | ) | 27 | (17,575 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | 2,371 | 45,595 | - | - | ||||||||||||
| Operating Income/(loss) | 2,340 | 45,134 | 27 | (17,575 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 2,340 | 45,134 | 27 | (17,575 | ) | |||||||||||
| Interest Expense | - | - | - | (8 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 2,340 | 45,134 | 27 | (17,583 | ) | |||||||||||
| Reorganization Items, net | - | - | 7 | 119 | ||||||||||||
| Income/(loss) before Income Taxes | 2,340 | 45,134 | 20 | (17,702 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 2,340 | $ | 45,134 | $ | 20 | $ | (17,702 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 44 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Alcmar Limited | Alpha Suezmax Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 250 | $ | 7,210 | $ | 26 | $ | (102 | ) | |||||||
| Time and bareboat charter revenues | - | 0 | - | 1,276 | ||||||||||||
| Voyage charter revenues | - | 3 | - | 14 | ||||||||||||
| 250 | 7,213 | 26 | 1,188 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (30 | ) | (71 | ) | 185 | ||||||||||
| Vessel expenses | 206 | 4,128 | 0 | 423 | ||||||||||||
| Charter hire expenses | - | - | - | 1,580 | ||||||||||||
| Depreciation and amortization | 85 | 1,875 | - | 133 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 18,356 | - | - | ||||||||||||
| Total Operating Expenses | 291 | 24,329 | (70 | ) | 2,321 | |||||||||||
| Income/(loss) from Vessel Operations | (41 | ) | (17,116 | ) | 96 | (1,133 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (41 | ) | (17,116 | ) | 96 | (1,133 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (41 | ) | (17,116 | ) | 96 | (1,133 | ) | |||||||||
| Interest Expense | - | (8 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (41 | ) | (17,124 | ) | 96 | (1,133 | ) | |||||||||
| Reorganization Items, net | 7 | 119 | - | 15,492 | ||||||||||||
| Income/(loss) before Income Taxes | (49 | ) | (17,243 | ) | 96 | (16,625 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (49 | ) | $ | (17,243 | ) | $ | 96 | $ | (16,625 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 45 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Alpha Tanker Corporation | Amalia Product Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (2 | ) | $ | 27 | $ | 7,771 | |||||||
| Time and bareboat charter revenues | - | - | 438 | 1,921 | ||||||||||||
| Voyage charter revenues | - | - | 1 | 15 | ||||||||||||
| - | (2 | ) | 466 | 9,707 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 19 | (213 | ) | |||||||||||
| Vessel expenses | - | - | 182 | 3,679 | ||||||||||||
| Charter hire expenses | - | 131 | - | - | ||||||||||||
| Depreciation and amortization | - | - | 253 | 5,418 | ||||||||||||
| General and administrative | - | - | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 131 | 454 | 8,884 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (133 | ) | 13 | 823 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (133 | ) | 13 | 823 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (133 | ) | 13 | 823 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (133 | ) | 13 | 823 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (133 | ) | 13 | 823 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (133 | ) | $ | 13 | $ | 823 | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 46 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Ambermar Product Carrier Corporation | Ambermar Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 2,404 | - | - | ||||||||||||
| Voyage charter revenues | 415 | 10,772 | - | - | ||||||||||||
| 415 | 13,176 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 462 | 5,977 | - | (4 | ) | |||||||||||
| Vessel expenses | 318 | 4,260 | - | 12 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 79 | 1,607 | - | - | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 15,735 | - | - | ||||||||||||
| Total Operating Expenses | 859 | 27,579 | - | 8 | ||||||||||||
| Income/(loss) from Vessel Operations | (445 | ) | (14,403 | ) | - | (8 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (445 | ) | (14,403 | ) | - | (8 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (445 | ) | (14,403 | ) | - | (8 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (445 | ) | (14,403 | ) | - | (8 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (445 | ) | (14,403 | ) | - | (8 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (445 | ) | $ | (14,403 | ) | $ | - | $ | (8 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 47 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Andromar Limited | Antigmar Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 236 | $ | 7,095 | $ | (3 | ) | $ | 7,280 | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | (5 | ) | - | 51 | |||||||||||
| 236 | 7,089 | (3 | ) | 7,331 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (0 | ) | - | 73 | |||||||||||
| Vessel expenses | 176 | 3,724 | 560 | 4,005 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 86 | 1,950 | 87 | 1,742 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19,207 | - | 18,905 | ||||||||||||
| Total Operating Expenses | 262 | 24,882 | 648 | 24,726 | ||||||||||||
| Income/(loss) from Vessel Operations | (26 | ) | (17,793 | ) | (651 | ) | (17,395 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (26 | ) | (17,793 | ) | (651 | ) | (17,395 | ) | ||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (26 | ) | (17,793 | ) | (651 | ) | (17,395 | ) | ||||||||
| Interest Expense | - | (8 | ) | - | (8 | ) | ||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (26 | ) | (17,801 | ) | (651 | ) | (17,403 | ) | ||||||||
| Reorganization Items, net | 7 | 119 | 7 | 119 | ||||||||||||
| Income/(loss) before Income Taxes | (33 | ) | (17,920 | ) | (658 | ) | (17,522 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (33 | ) | $ | (17,920 | ) | $ | (658 | ) | $ | (17,522 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 48 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Aqua Tanker Corporation | Aquarius Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 3 | $ | (4 | ) | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 4,599 | ||||||||||||
| 3 | (4 | ) | - | 4,599 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | 2,695 | ||||||||||||
| Vessel expenses | - | - | - | 15 | ||||||||||||
| Charter hire expenses | - | (203 | ) | - | 1,918 | |||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | 3 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (200 | ) | - | 4,628 | |||||||||||
| Income/(loss) from Vessel Operations | 3 | 196 | - | (28 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 3 | 196 | - | (28 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 3 | 196 | - | (28 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 3 | 196 | - | (28 | ) | |||||||||||
| Reorganization Items, net | - | - | - | 2,343 | ||||||||||||
| Income/(loss) before Income Taxes | 3 | 196 | - | (2,372 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 3 | $ | 196 | $ | - | $ | (2,372 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 49 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Ariadmar Limited | Aspro Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 295 | $ | 7,482 | $ | - | $ | (3 | ) | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 295 | 7,482 | - | (3 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 26 | - | - | ||||||||||||
| Vessel expenses | 276 | 3,503 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | 57 | ||||||||||||
| Depreciation and amortization | 104 | 2,053 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19,082 | - | - | ||||||||||||
| Total Operating Expenses | 379 | 24,664 | - | 57 | ||||||||||||
| Income/(loss) from Vessel Operations | (84 | ) | (17,182 | ) | - | (60 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (84 | ) | (17,182 | ) | - | (60 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (84 | ) | (17,182 | ) | - | (60 | ) | |||||||||
| Interest Expense | - | (8 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (84 | ) | (17,190 | ) | - | (60 | ) | |||||||||
| Reorganization Items, net | 7 | 119 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (92 | ) | (17,309 | ) | - | (60 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (92 | ) | $ | (17,309 | ) | $ | - | $ | (60 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 50 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Atalmar Limited | Athens Product Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 572 | 17,773 | 673 | 18,372 | ||||||||||||
| 572 | 17,773 | 673 | 18,372 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 654 | 10,593 | 371 | 9,308 | ||||||||||||
| Vessel expenses | 240 | 3,469 | 171 | 3,006 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 98 | 1,944 | 136 | 2,479 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 18,960 | - | - | ||||||||||||
| Total Operating Expenses | 992 | 34,967 | 678 | 14,792 | ||||||||||||
| Income/(loss) from Vessel Operations | (420 | ) | (17,194 | ) | (5 | ) | 3,580 | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (420 | ) | (17,194 | ) | (5 | ) | 3,580 | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (420 | ) | (17,194 | ) | (5 | ) | 3,580 | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (420 | ) | (17,194 | ) | (5 | ) | 3,580 | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (420 | ) | (17,194 | ) | (5 | ) | 3,580 | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (420 | ) | $ | (17,194 | ) | $ | (5 | ) | $ | 3,580 | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 51 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Atlas Chartering Corporation | Aurora Shipping Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 3,459 | ||||||||
| Time and bareboat charter revenues | - | - | - | 2,808 | ||||||||||||
| Voyage charter revenues | - | 3,975 | 1,472 | 7,020 | ||||||||||||
| - | 3,975 | 1,472 | 13,287 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 2,058 | 978 | 4,833 | ||||||||||||
| Vessel expenses | - | 9 | 257 | 6,599 | ||||||||||||
| Charter hire expenses | - | 1,982 | - | - | ||||||||||||
| Depreciation and amortization | - | - | 244 | 4,399 | ||||||||||||
| General and administrative | - | - | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 4,050 | 1,479 | 15,830 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (75 | ) | (7 | ) | (2,543 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (75 | ) | (7 | ) | (2,543 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (75 | ) | (7 | ) | (2,543 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (75 | ) | (7 | ) | (2,543 | ) | |||||||||
| Reorganization Items, net | - | 4,376 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (4,451 | ) | (7 | ) | (2,543 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (4,451 | ) | $ | (7 | ) | $ | (2,543 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 52 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Avila Tanker Corporation | Batangas Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (3 | ) | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | 1,660 | 16,864 | ||||||||||||
| - | (3 | ) | 1,660 | 16,864 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 1,024 | 10,479 | ||||||||||||
| Vessel expenses | - | - | 182 | 2,206 | ||||||||||||
| Charter hire expenses | - | (81 | ) | - | - | |||||||||||
| Depreciation and amortization | - | - | 225 | 2,320 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (81 | ) | 1,431 | 15,006 | |||||||||||
| Income/(loss) from Vessel Operations | - | 78 | 229 | 1,858 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 78 | 229 | 1,858 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 78 | 229 | 1,858 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 78 | 229 | 1,858 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 78 | 229 | 1,858 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 78 | $ | 229 | $ | 1,858 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 53 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Beta Aframax Corporation | Brooklyn Product Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 2 | $ | (11 | ) | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | 1,708 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 22 | ||||||||||||
| 2 | 1,697 | - | 22 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 0 | (68 | ) | |||||||||||
| Vessel expenses | (13 | ) | 571 | (0 | ) | 63 | ||||||||||
| Charter hire expenses | - | 1,714 | - | - | ||||||||||||
| Depreciation and amortization | - | 26 | - | - | ||||||||||||
| General and administrative | - | 1 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | (20 | ) | |||||||||||
| Total Operating Expenses | (13 | ) | 2,311 | 0 | (25 | ) | ||||||||||
| Income/(loss) from Vessel Operations | 16 | (614 | ) | (0 | ) | 47 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 16 | (614 | ) | (0 | ) | 47 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 16 | (614 | ) | (0 | ) | 47 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 16 | (614 | ) | (0 | ) | 47 | ||||||||||
| Reorganization Items, net | - | 31,960 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 16 | (32,574 | ) | (0 | ) | 47 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 16 | $ | (32,574 | ) | $ | (0 | ) | $ | 47 | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 54 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Cabo Hellas Limited | Cabo Sounion Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 411 | 6,602 | 385 | 6,760 | ||||||||||||
| Voyage charter revenues | 1 | 12 | 6 | 19 | ||||||||||||
| 412 | 6,614 | 390 | 6,779 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 12 | 180 | 22 | 190 | ||||||||||||
| Vessel expenses | 184 | 3,923 | 236 | 3,935 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 154 | 3,441 | 160 | 3,616 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 17,172 | - | 18,004 | ||||||||||||
| Total Operating Expenses | 350 | 24,716 | 417 | 25,746 | ||||||||||||
| Income/(loss) from Vessel Operations | 62 | (18,102 | ) | (27 | ) | (18,967 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 62 | (18,102 | ) | (27 | ) | (18,967 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 62 | (18,102 | ) | (27 | ) | (18,967 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 62 | (18,102 | ) | (27 | ) | (18,967 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 62 | (18,102 | ) | (27 | ) | (18,967 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 62 | $ | (18,102 | ) | $ | (27 | ) | $ | (18,967 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 55 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Caribbean Tanker Corporation | Carina Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (5 | ) | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 943 | 17,149 | - | 4,818 | ||||||||||||
| 943 | 17,143 | - | 4,818 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 418 | 8,777 | 1 | 2,105 | ||||||||||||
| Vessel expenses | 193 | 5,533 | - | 14 | ||||||||||||
| Charter hire expenses | - | - | - | 2,146 | ||||||||||||
| Depreciation and amortization | 50 | 1,296 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 17,385 | - | - | ||||||||||||
| Total Operating Expenses | 661 | 32,991 | 1 | 4,265 | ||||||||||||
| Income/(loss) from Vessel Operations | 282 | (15,847 | ) | (1 | ) | 553 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 282 | (15,847 | ) | (1 | ) | 553 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 282 | (15,847 | ) | (1 | ) | 553 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 282 | (15,847 | ) | (1 | ) | 553 | ||||||||||
| Reorganization Items, net | - | - | - | 4,102 | ||||||||||||
| Income/(loss) before Income Taxes | 282 | (15,847 | ) | (1 | ) | (3,549 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 282 | $ | (15,847 | ) | $ | (1 | ) | $ | (3,549 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 56 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Carl Product Corporation | Concept Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 26 | $ | (9 | ) | $ | 306 | $ | 7,817 | |||||||
| Time and bareboat charter revenues | 445 | 7,345 | - | - | ||||||||||||
| Voyage charter revenues | 4 | 14 | - | - | ||||||||||||
| 475 | 7,350 | 306 | 7,817 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 28 | (178 | ) | - | 21 | |||||||||||
| Vessel expenses | 249 | 3,491 | 4 | 88 | ||||||||||||
| Charter hire expenses | - | - | 416 | 7,692 | ||||||||||||
| Depreciation and amortization | 253 | 5,344 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 531 | 8,657 | 420 | 7,801 | ||||||||||||
| Income/(loss) from Vessel Operations | (55 | ) | (1,307 | ) | (115 | ) | 15 | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (55 | ) | (1,307 | ) | (115 | ) | 15 | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (55 | ) | (1,307 | ) | (115 | ) | 15 | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (55 | ) | (1,307 | ) | (115 | ) | 15 | |||||||||
| Reorganization Items, net | - | - | - | 1,943 | ||||||||||||
| Income/(loss) before Income Taxes | (55 | ) | (1,307 | ) | (115 | ) | (1,927 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (55 | ) | $ | (1,307 | ) | $ | (115 | ) | $ | (1,927 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 57 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Crown Tanker Corporation | Delphina Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 39 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 39 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | 0 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 0 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | 39 | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 39 | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 39 | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 39 | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 39 | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 39 | $ | - | $ | - | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 58 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Delta Aframax Corporation | DHT Ania Aframax Corp. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 6 | $ | (70 | ) | $ | - | $ | (5 | ) | ||||||
| Time and bareboat charter revenues | - | 6,163 | - | - | ||||||||||||
| Voyage charter revenues | 1,218 | 3,200 | - | - | ||||||||||||
| 1,224 | 9,293 | - | (5 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 856 | 2,856 | - | - | ||||||||||||
| Vessel expenses | 270 | 4,952 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 155 | 3,412 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 24,359 | - | - | ||||||||||||
| Total Operating Expenses | 1,282 | 35,580 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (58 | ) | (26,286 | ) | - | (5 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (58 | ) | (26,286 | ) | - | (5 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (58 | ) | (26,286 | ) | - | (5 | ) | |||||||||
| Interest Expense | - | (34 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (58 | ) | (26,320 | ) | - | (5 | ) | |||||||||
| Reorganization Items, net | 21 | 427 | - | (12 | ) | |||||||||||
| Income/(loss) before Income Taxes | (79 | ) | (26,747 | ) | - | 7 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (79 | ) | $ | (26,747 | ) | $ | - | $ | 7 | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 59 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| DHT Ann VLCC Corp. | DHT Cathy Aframax Corp. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 586 | $ | 7 | $ | 219 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 586 | 7 | 219 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 101 | - | 24 | ||||||||||||
| Vessel expenses | - | 3 | - | (4 | ) | |||||||||||
| Charter hire expenses | - | 1,615 | - | 964 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 1,719 | - | 984 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (1,133 | ) | 7 | (765 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (1,133 | ) | 7 | (765 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (1,133 | ) | 7 | (765 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (1,133 | ) | 7 | (765 | ) | ||||||||||
| Reorganization Items, net | - | (119 | ) | - | (12 | ) | ||||||||||
| Income/(loss) before Income Taxes | - | (1,014 | ) | 7 | (752 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (1,014 | ) | $ | 7 | $ | (752 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 60 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| DHT Chris VLCC Corp. | DHT Rebecca Aframax Corp. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 43 | $ | - | $ | (6 | ) | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 43 | - | (6 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (0 | ) | - | - | |||||||||||
| Vessel expenses | - | (6 | ) | - | (0 | ) | ||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (6 | ) | - | (0 | ) | ||||||||||
| Income/(loss) from Vessel Operations | - | 48 | - | (5 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 48 | - | (5 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 48 | - | (5 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 48 | - | (5 | ) | |||||||||||
| Reorganization Items, net | - | 144 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (96 | ) | - | (5 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (96 | ) | $ | - | $ | (5 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 61 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| DHT Regal Unity VLCC Corp. | DHT Sophie Aframax Corp. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (22 | ) | $ | 6 | $ | (84 | ) | ||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | (22 | ) | 6 | (84 | ) | |||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | (3 | ) | |||||||||||
| Vessel expenses | - | 0 | - | 16 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 0 | - | 13 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (22 | ) | 6 | (97 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (22 | ) | 6 | (97 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (22 | ) | 6 | (97 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (22 | ) | 6 | (97 | ) | ||||||||||
| Reorganization Items, net | - | 258 | - | 17 | ||||||||||||
| Income/(loss) before Income Taxes | - | (280 | ) | 6 | (114 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (280 | ) | $ | 6 | $ | (114 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 62 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Dignity Chartering Corporation | Edindun Shipping Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 29 | $ | 379 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | (14 | ) | - | - | |||||||||||
| 29 | 365 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | (1 | ) | 16 | - | - | |||||||||||
| Vessel expenses | 4 | 361 | - | - | ||||||||||||
| Charter hire expenses | - | 1,059 | - | - | ||||||||||||
| Depreciation and amortization | - | 68 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 2 | 1,504 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | 27 | (1,139 | ) | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 27 | (1,139 | ) | - | - | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 27 | (1,139 | ) | - | - | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 27 | (1,139 | ) | - | - | |||||||||||
| Reorganization Items, net | - | 34,442 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 27 | (35,581 | ) | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 27 | $ | (35,581 | ) | $ | - | $ | - | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 63 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Eighth Aframax Tanker Corporation | Epsilon Aframax Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 2,012 | $ | - | $ | 1,947 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 1,762 | 16,267 | 423 | 12,646 | ||||||||||||
| 1,762 | 18,278 | 423 | 14,593 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 1,503 | 10,642 | 240 | 8,110 | ||||||||||||
| Vessel expenses | 258 | 4,353 | 505 | 4,363 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 139 | 2,540 | 130 | 3,317 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 24,905 | ||||||||||||
| Total Operating Expenses | 1,900 | 17,536 | 875 | 40,695 | ||||||||||||
| Income/(loss) from Vessel Operations | (138 | ) | 742 | (452 | ) | (26,103 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (138 | ) | 742 | (452 | ) | (26,103 | ) | |||||||||
| Other Income/(expense) | - | - | (2 | ) | (24 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (138 | ) | 742 | (455 | ) | (26,126 | ) | |||||||||
| Interest Expense | - | - | - | (29 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (138 | ) | 742 | (455 | ) | (26,155 | ) | |||||||||
| Reorganization Items, net | - | - | 21 | 426 | ||||||||||||
| Income/(loss) before Income Taxes | (138 | ) | 742 | (476 | ) | (26,581 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (138 | ) | $ | 742 | $ | (476 | ) | $ | (26,581 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 64 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| First Chemical Carrier Corporation | First LPG Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 3,888 | 148 | 139 | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 3,888 | 148 | 139 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 56 | - | - | ||||||||||||
| Vessel expenses | - | 46 | - | 0 | ||||||||||||
| Charter hire expenses | - | 2,976 | - | (8 | ) | |||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 3,078 | - | (8 | ) | |||||||||||
| Income/(loss) from Vessel Operations | - | 810 | 148 | 147 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 810 | 148 | 147 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 810 | 148 | 147 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 810 | 148 | 147 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 810 | 148 | 147 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 810 | $ | 148 | $ | 147 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 65 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| First Union Tanker Corporation | Fourth Aframax Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 373 | $ | 8,500 | $ | - | $ | (4 | ) | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 12 | (36 | ) | 15,632 | |||||||||||
| 373 | 8,512 | (36 | ) | 15,627 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 70 | 819 | 6 | 9,396 | ||||||||||||
| Vessel expenses | 305 | 6,022 | 24 | 3,825 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 163 | 3,238 | - | 1,510 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,903 | - | 14,211 | ||||||||||||
| Total Operating Expenses | 537 | 26,981 | 30 | 28,943 | ||||||||||||
| Income/(loss) from Vessel Operations | (164 | ) | (18,469 | ) | (66 | ) | (13,315 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (164 | ) | (18,469 | ) | (66 | ) | (13,315 | ) | ||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (164 | ) | (18,469 | ) | (66 | ) | (13,315 | ) | ||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (164 | ) | (18,469 | ) | (66 | ) | (13,315 | ) | ||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (164 | ) | (18,469 | ) | (66 | ) | (13,315 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (164 | ) | $ | (18,469 | ) | $ | (66 | ) | $ | (13,315 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 66 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Front President Inc. | Goldmar Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 531 | $ | 13,414 | $ | 585 | $ | 10,246 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 1 | ||||||||||||
| 531 | 13,414 | 585 | 10,247 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | (8 | ) | 497 | - | 10 | |||||||||||
| Vessel expenses | 179 | 4,537 | 248 | 4,056 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 368 | 6,680 | 161 | 3,615 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | (0 | ) | - | 16,753 | |||||||||||
| Total Operating Expenses | 539 | 11,715 | 409 | 24,435 | ||||||||||||
| Income/(loss) from Vessel Operations | (9 | ) | 1,699 | 176 | (14,188 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (9 | ) | 1,699 | 176 | (14,188 | ) | ||||||||||
| Other Income/(expense) | (2 | ) | (34 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (11 | ) | 1,666 | 176 | (14,188 | ) | ||||||||||
| Interest Expense | - | (53 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (11 | ) | 1,612 | 176 | (14,188 | ) | ||||||||||
| Reorganization Items, net | (12 | ) | 636 | - | - | |||||||||||
| Income/(loss) before Income Taxes | 1 | 977 | 176 | (14,188 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 1 | $ | 977 | $ | 176 | $ | (14,188 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 67 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| GPC Aframax Corporation | Grace Chartering Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 7 | $ | 907 | $ | - | $ | 1,555 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 7 | 907 | - | 1,555 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 25 | - | 6 | ||||||||||||
| Vessel expenses | - | 881 | - | 8 | ||||||||||||
| Charter hire expenses | - | 1,788 | - | 1,612 | ||||||||||||
| Depreciation and amortization | 4 | 117 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 4 | 2,811 | - | 1,626 | ||||||||||||
| Income/(loss) from Vessel Operations | 3 | (1,904 | ) | - | (71 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 3 | (1,904 | ) | - | (71 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 3 | (1,904 | ) | - | (71 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 3 | (1,904 | ) | - | (71 | ) | ||||||||||
| Reorganization Items, net | - | 21,847 | - | 881 | ||||||||||||
| Income/(loss) before Income Taxes | 3 | (23,751 | ) | - | (953 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 3 | $ | (23,751 | ) | $ | - | $ | (953 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 68 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| International Seaways, Inc. | Jademar Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (0 | ) | $ | 14,653 | $ | 593 | $ | 10,536 | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 5,750 | 98,399 | 1 | 12 | ||||||||||||
| 5,749 | 113,051 | 594 | 10,548 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 3,641 | 62,259 | 1 | 26 | ||||||||||||
| Vessel expenses | 328 | 5,420 | 232 | 3,600 | ||||||||||||
| Charter hire expenses | 1,789 | 40,243 | - | - | ||||||||||||
| Depreciation and amortization | 89 | 715 | 158 | 3,668 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 1 | - | 17,729 | ||||||||||||
| Total Operating Expenses | 5,847 | 108,639 | 390 | 25,024 | ||||||||||||
| Income/(loss) from Vessel Operations | (97 | ) | 4,413 | 203 | (14,476 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (97 | ) | 4,413 | 203 | (14,476 | ) | ||||||||||
| Other Income/(expense) | - | 2 | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (97 | ) | 4,415 | 203 | (14,476 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (97 | ) | 4,415 | 203 | (14,476 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (97 | ) | 4,415 | 203 | (14,476 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (97 | ) | $ | 4,415 | $ | 203 | $ | (14,476 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 69 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Joyce Car Carrier Corporation | Juneau Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | (61 | ) | - | - | |||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | (61 | ) | - | - | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 1 | 12 | - | - | ||||||||||||
| Vessel expenses | 2 | (7 | ) | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | (110 | ) | - | - | |||||||||||
| Total Operating Expenses | 2 | (105 | ) | - | - | |||||||||||
| Income/(loss) from Vessel Operations | (2 | ) | 43 | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (2 | ) | 43 | - | - | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (2 | ) | 43 | - | - | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (2 | ) | 43 | - | - | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (2 | ) | 43 | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (2 | ) | $ | 43 | $ | - | $ | - | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 70 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Kimolos Tanker Corporation | Kythnos Chartering Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 467 | 16,107 | 571 | 16,845 | ||||||||||||
| 467 | 16,107 | 571 | 16,845 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 453 | 9,393 | 506 | 9,048 | ||||||||||||
| Vessel expenses | 195 | 3,422 | 195 | 3,227 | ||||||||||||
| Charter hire expenses | 194 | 4,247 | - | - | ||||||||||||
| Depreciation and amortization | 29 | 560 | 122 | 2,187 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 870 | 17,622 | 823 | 14,462 | ||||||||||||
| Income/(loss) from Vessel Operations | (403 | ) | (1,515 | ) | (252 | ) | 2,384 | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (403 | ) | (1,515 | ) | (252 | ) | 2,384 | |||||||||
| Other Income/(expense) | - | - | - | 8 | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (403 | ) | (1,515 | ) | (252 | ) | 2,392 | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (403 | ) | (1,515 | ) | (252 | ) | 2,392 | |||||||||
| Reorganization Items, net | - | 14,130 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (403 | ) | (15,645 | ) | (252 | ) | 2,392 | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (403 | ) | $ | (15,645 | ) | $ | (252 | ) | $ | 2,392 | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 71 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Leo Tanker Corporation | Leyte Product Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 500 | $ | 8,046 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 4,696 | 6 | 3,417 | ||||||||||||
| - | 4,696 | 506 | 11,463 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 2,836 | 7 | 1,379 | ||||||||||||
| Vessel expenses | - | 18 | 274 | 3,458 | ||||||||||||
| Charter hire expenses | - | 2,213 | - | - | ||||||||||||
| Depreciation and amortization | - | - | 149 | 3,180 | ||||||||||||
| General and administrative | - | - | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 19,022 | ||||||||||||
| Total Operating Expenses | - | 5,067 | 430 | 27,039 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (371 | ) | 76 | (15,576 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (371 | ) | 76 | (15,576 | ) | ||||||||||
| Other Income/(expense) | - | - | (0 | ) | (4 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (371 | ) | 76 | (15,580 | ) | ||||||||||
| Interest Expense | - | - | (5 | ) | (14 | ) | ||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (371 | ) | 71 | (15,594 | ) | ||||||||||
| Reorganization Items, net | - | 2,416 | 7 | 286 | ||||||||||||
| Income/(loss) before Income Taxes | - | (2,787 | ) | 64 | (15,880 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (2,787 | ) | $ | 64 | $ | (15,880 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 72 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Limar Charter Corporation | Luxmar Product Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 255 | - | - | ||||||||||||
| Voyage charter revenues | - | 1,757 | 630 | 15,575 | ||||||||||||
| - | 2,012 | 630 | 15,575 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 834 | 350 | 9,039 | ||||||||||||
| Vessel expenses | 0 | 354 | 219 | 4,094 | ||||||||||||
| Charter hire expenses | - | 776 | - | - | ||||||||||||
| Depreciation and amortization | - | 437 | 92 | 1,975 | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 16,941 | ||||||||||||
| Total Operating Expenses | 0 | 2,402 | 661 | 32,048 | ||||||||||||
| Income/(loss) from Vessel Operations | (0 | ) | (390 | ) | (30 | ) | (16,474 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (0 | ) | (390 | ) | (30 | ) | (16,474 | ) | ||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (0 | ) | (390 | ) | (30 | ) | (16,474 | ) | ||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (0 | ) | (390 | ) | (30 | ) | (16,474 | ) | ||||||||
| Reorganization Items, net | - | 7,625 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (0 | ) | (8,014 | ) | (30 | ) | (16,474 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (0 | ) | $ | (8,014 | ) | $ | (30 | ) | $ | (16,474 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 73 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Luxmar Tanker LLC | Majestic Tankers Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 591 | $ | 8,591 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | 591 | 8,591 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 0 | (27 | ) | 72 | 957 | |||||||||||
| Vessel expenses | - | 170 | 350 | 6,909 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 179 | 3,593 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 20,232 | ||||||||||||
| Total Operating Expenses | 0 | 144 | 601 | 31,690 | ||||||||||||
| Income/(loss) from Vessel Operations | (0 | ) | (144 | ) | (10 | ) | (23,099 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (0 | ) | (144 | ) | (10 | ) | (23,099 | ) | ||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (0 | ) | (144 | ) | (10 | ) | (23,099 | ) | ||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (0 | ) | (144 | ) | (10 | ) | (23,099 | ) | ||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (0 | ) | (144 | ) | (10 | ) | (23,099 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (0 | ) | $ | (144 | ) | $ | (10 | ) | $ | (23,099 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 74 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Oak Tanker Corporation | Maremar Product Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 353 | $ | 11,123 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 3 | - | - | ||||||||||||
| 353 | 11,126 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 39 | 422 | - | - | ||||||||||||
| Vessel expenses | 200 | 4,169 | - | (3 | ) | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 292 | 7,474 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 61,052 | - | - | ||||||||||||
| Total Operating Expenses | 532 | 73,118 | - | (3 | ) | |||||||||||
| Income/(loss) from Vessel Operations | (179 | ) | (61,991 | ) | - | 3 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (179 | ) | (61,991 | ) | - | 3 | ||||||||||
| Other Income/(expense) | (3 | ) | (46 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (182 | ) | (62,038 | ) | - | 3 | ||||||||||
| Interest Expense | - | (67 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (182 | ) | (62,105 | ) | - | 3 | ||||||||||
| Reorganization Items, net | 21 | 1,388 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (203 | ) | (63,493 | ) | - | 3 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (203 | ) | $ | (63,493 | ) | $ | - | $ | 3 | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 75 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Maremar Tanker LLC | Marilyn Vessel Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 171 | 1,763 | - | - | ||||||||||||
| Voyage charter revenues | - | 5,816 | - | - | ||||||||||||
| 171 | 7,579 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 9 | 3,662 | - | - | ||||||||||||
| Vessel expenses | (3 | ) | 1,874 | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 46 | 1,337 | - | - | ||||||||||||
| General and administrative | - | 5 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,057 | - | - | ||||||||||||
| Total Operating Expenses | 52 | 22,934 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | 119 | (15,355 | ) | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 119 | (15,355 | ) | - | - | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 119 | (15,355 | ) | - | - | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 119 | (15,355 | ) | - | - | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 119 | (15,355 | ) | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 119 | $ | (15,355 | ) | $ | - | $ | - | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 76 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Maritrans General Partner Inc. | Maritrans Operating Company L.P. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 77 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Milos Product Tanker Corporation | Mindanao Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 984 | 18,008 | - | - | ||||||||||||
| 984 | 18,008 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 325 | 8,819 | - | - | ||||||||||||
| Vessel expenses | 182 | 3,083 | 13 | 26 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 140 | 2,542 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 647 | 14,445 | 13 | 26 | ||||||||||||
| Income/(loss) from Vessel Operations | 337 | 3,563 | (13 | ) | (26 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 337 | 3,563 | (13 | ) | (26 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 337 | 3,563 | (13 | ) | (26 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 337 | 3,563 | (13 | ) | (26 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 337 | 3,563 | (13 | ) | (26 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 337 | $ | 3,563 | $ | (13 | ) | $ | (26 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 78 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Mykonos Tanker LLC | Nedimar Charter Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 1,378 | 28,159 | - | 894 | ||||||||||||
| 1,378 | 28,159 | - | 894 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 542 | 11,045 | - | 455 | ||||||||||||
| Vessel expenses | 283 | 5,917 | (9 | ) | 444 | |||||||||||
| Charter hire expenses | - | - | - | 609 | ||||||||||||
| Depreciation and amortization | 173 | 3,141 | - | 172 | ||||||||||||
| General and administrative | 16 | 299 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19 | - | - | ||||||||||||
| Total Operating Expenses | 1,014 | 20,421 | (9 | ) | 1,680 | |||||||||||
| Income/(loss) from Vessel Operations | 364 | 7,739 | 9 | (786 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 364 | 7,739 | 9 | (786 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 364 | 7,739 | 9 | (786 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 364 | 7,739 | 9 | (786 | ) | |||||||||||
| Reorganization Items, net | - | - | - | 5,852 | ||||||||||||
| Income/(loss) before Income Taxes | 364 | 7,739 | 9 | (6,638 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 364 | $ | 7,739 | $ | 9 | $ | (6,638 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 79 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Maple Tanker Corporation | Ocean Bulk Ships, Inc. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 773 | $ | 12,782 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 773 | 12,782 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 19 | 620 | - | - | ||||||||||||
| Vessel expenses | 310 | 4,200 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 278 | 7,403 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 62,874 | - | - | ||||||||||||
| Total Operating Expenses | 607 | 75,098 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | 165 | (62,316 | ) | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 165 | (62,316 | ) | - | - | |||||||||||
| Other Income/(expense) | (2 | ) | (31 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 163 | (62,348 | ) | - | - | |||||||||||
| Interest Expense | - | (65 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 163 | (62,413 | ) | - | - | |||||||||||
| Reorganization Items, net | 21 | 1,374 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 142 | (63,787 | ) | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 142 | $ | (63,787 | ) | $ | - | $ | - | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 80 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Oceania Tanker Corporation | OSG 192 LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 796 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 915 | 14,270 | ||||||||||||
| Voyage charter revenues | - | - | - | 35 | ||||||||||||
| - | 796 | 915 | 14,305 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 310 | 13 | 216 | ||||||||||||
| Vessel expenses | 93 | 2,665 | 33 | 777 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 155 | 3,045 | 175 | 3,816 | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 31,352 | - | - | ||||||||||||
| Total Operating Expenses | 248 | 37,372 | 221 | 4,809 | ||||||||||||
| Income/(loss) from Vessel Operations | (248 | ) | (36,576 | ) | 693 | 9,496 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (248 | ) | (36,576 | ) | 693 | 9,496 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (248 | ) | (36,576 | ) | 693 | 9,496 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (248 | ) | (36,576 | ) | 693 | 9,496 | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (248 | ) | (36,576 | ) | 693 | 9,496 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (248 | ) | $ | (36,576 | ) | $ | 693 | $ | 9,496 | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 81 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG 209 LLC | OSG 214 LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 958 | 15,594 | 930 | 15,233 | ||||||||||||
| Voyage charter revenues | 4 | 164 | 94 | 1,105 | ||||||||||||
| 962 | 15,758 | 1,024 | 16,339 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 15 | 313 | 125 | 1,346 | ||||||||||||
| Vessel expenses | 48 | 742 | 62 | 965 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 187 | 3,408 | 133 | 4,184 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 250 | 4,463 | 320 | 6,495 | ||||||||||||
| Income/(loss) from Vessel Operations | 712 | 11,295 | 704 | 9,843 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 712 | 11,295 | 704 | 9,843 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 712 | 11,295 | 704 | 9,843 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 712 | 11,295 | 704 | 9,843 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 712 | 11,295 | 704 | 9,843 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 712 | $ | 11,295 | $ | 704 | $ | 9,843 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 82 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG 215 Corporation | OSG 242 LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 1,395 | 24,479 | ||||||||||||
| Voyage charter revenues | - | - | 4 | 983 | ||||||||||||
| - | - | 1,399 | 25,462 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 19 | 694 | ||||||||||||
| Vessel expenses | - | - | 39 | 770 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 166 | 3,739 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 225 | 5,203 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | 1,174 | 20,259 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | 1,174 | 20,259 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | 1,174 | 20,259 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | 1,174 | 20,259 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | 1,174 | 20,259 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | 1,174 | $ | 20,259 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 83 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG 243 LLC | OSG 244 LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,364 | 19,428 | 971 | 15,719 | ||||||||||||
| Voyage charter revenues | 18 | 5,918 | 36 | 348 | ||||||||||||
| 1,382 | 25,346 | 1,007 | 16,067 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 18 | 2,479 | 13 | 217 | ||||||||||||
| Vessel expenses | 57 | 900 | 24 | 634 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 246 | 4,452 | 244 | 4,757 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 322 | 7,831 | 281 | 5,608 | ||||||||||||
| Income/(loss) from Vessel Operations | 1,060 | 17,515 | 726 | 10,458 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 1,060 | 17,515 | 726 | 10,458 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 1,060 | 17,515 | 726 | 10,458 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 1,060 | 17,515 | 726 | 10,458 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 1,060 | 17,515 | 726 | 10,458 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 1,060 | $ | 17,515 | $ | 726 | $ | 10,458 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 84 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG 252 LLC | OSG 254 LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,054 | 16,200 | 1,054 | 9,761 | ||||||||||||
| Voyage charter revenues | 53 | 4,686 | - | 8,419 | ||||||||||||
| 1,107 | 20,886 | 1,054 | 18,180 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 16 | 1,461 | 16 | 269 | ||||||||||||
| Vessel expenses | 33 | 887 | 50 | 940 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 160 | 4,082 | 270 | 5,015 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 209 | 6,430 | 335 | 6,225 | ||||||||||||
| Income/(loss) from Vessel Operations | 898 | 14,456 | 719 | 11,955 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 898 | 14,456 | 719 | 11,955 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 898 | 14,456 | 719 | 11,955 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 898 | 14,456 | 719 | 11,955 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 898 | 14,456 | 719 | 11,955 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 898 | $ | 14,456 | $ | 719 | $ | 11,955 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 85 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG 300 LLC | OSG 400 LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | (226 | ) | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | (226 | ) | |||||||||||
| Income/(loss) from Vessel Operations | - | - | - | 226 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | 226 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | 226 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | 226 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | 226 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | 226 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 86 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG America L.P. | OSG America LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | 1 | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (1 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 87 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG America Operating Company LLC | OSG Car Carriers, Inc. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 100 | - | - | ||||||||||||
| - | 100 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | 2 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 383 | 7,117 | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 383 | 7,119 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (383 | ) | (7,019 | ) | - | - | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | 6,489 | - | - | ||||||||||||
| Operating Income/(loss) | (383 | ) | (531 | ) | - | - | ||||||||||
| Other Income/(expense) | 36 | 390 | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (347 | ) | (140 | ) | - | - | ||||||||||
| Interest Expense | - | 0 | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (347 | ) | (140 | ) | - | - | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (347 | ) | (140 | ) | - | - | ||||||||||
| Income Tax (Benefit)/Provision | - | 1 | - | - | ||||||||||||
| Net Income/(Loss) | $ | (347 | ) | $ | (141 | ) | $ | - | $ | - | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 88 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Clean Products International, Inc. | OSG Columbia LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | (0 | ) | |||||||||||
| Vessel expenses | - | - | 264 | 4,287 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 36 | 1,255 | ||||||||||||
| General and administrative | - | - | 8 | 127 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 308 | 5,669 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | (308 | ) | (5,669 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | (308 | ) | (5,669 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | (308 | ) | (5,669 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | (308 | ) | (5,669 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (308 | ) | (5,669 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (308 | ) | $ | (5,669 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 89 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Constitution LLC | OSG Courageous LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | (0 | ) | 3 | 288 | 4,366 | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 84 | 1,466 | ||||||||||||
| General and administrative | - | - | 8 | 131 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | (0 | ) | 3 | 380 | 5,963 | |||||||||||
| Income/(loss) from Vessel Operations | 0 | (3 | ) | (380 | ) | (5,963 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 0 | (3 | ) | (380 | ) | (5,963 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 0 | (3 | ) | (380 | ) | (5,963 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 0 | (3 | ) | (380 | ) | (5,963 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 0 | (3 | ) | (380 | ) | (5,963 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 0 | $ | (3 | ) | $ | (380 | ) | $ | (5,963 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 90 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Delaware Bay Lightering LLC | OSG Discovery LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 4,810 | 84,692 | - | - | ||||||||||||
| 4,810 | 84,692 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 860 | 14,432 | - | - | ||||||||||||
| Vessel expenses | 1,172 | 19,244 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 1,140 | 20,598 | - | - | ||||||||||||
| General and administrative | 25 | 426 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | (956 | ) | |||||||||||
| Total Operating Expenses | 3,197 | 54,701 | - | (956 | ) | |||||||||||
| Income/(loss) from Vessel Operations | 1,613 | 29,991 | - | 956 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 1,613 | 29,991 | - | 956 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 1,613 | 29,991 | - | 956 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 1,613 | 29,991 | - | 956 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 1,613 | 29,991 | - | 956 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 1,613 | $ | 29,991 | $ | - | $ | 956 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 91 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Endeavor LLC | OSG Endurance LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | 2 | ||||||||||||
| Vessel expenses | - | - | 284 | 4,099 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 86 | 1,551 | ||||||||||||
| General and administrative | - | - | 7 | 123 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 72 | - | - | ||||||||||||
| Total Operating Expenses | - | 72 | 377 | 5,775 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (72 | ) | (377 | ) | (5,775 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (72 | ) | (377 | ) | (5,775 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (72 | ) | (377 | ) | (5,775 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (72 | ) | (377 | ) | (5,775 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (72 | ) | (377 | ) | (5,775 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (72 | ) | $ | (377 | ) | $ | (5,775 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 92 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Enterprise LLC | OSG Financial Corp. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (1 | ) | - | - | |||||||||||
| Vessel expenses | 288 | 4,471 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 25 | 1,947 | - | - | ||||||||||||
| General and administrative | 8 | 124 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 320 | 6,541 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (320 | ) | (6,541 | ) | - | - | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (320 | ) | (6,541 | ) | - | - | ||||||||||
| Other Income/(expense) | - | - | - | (174 | ) | |||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (320 | ) | (6,541 | ) | - | (174 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (320 | ) | (6,541 | ) | - | (174 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (320 | ) | (6,541 | ) | - | (174 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (320 | ) | $ | (6,541 | ) | $ | - | $ | (174 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 93 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Freedom LLC | OSG Honour LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | 17 | 272 | 4,321 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | 290 | 60 | 1,105 | ||||||||||||
| General and administrative | - | - | 8 | 130 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 709 | - | - | ||||||||||||
| Total Operating Expenses | - | 1,016 | 340 | 5,556 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (1,016 | ) | (340 | ) | (5,556 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (1,016 | ) | (340 | ) | (5,556 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (1,016 | ) | (340 | ) | (5,556 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (1,016 | ) | (340 | ) | (5,556 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (1,016 | ) | (340 | ) | (5,556 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (1,016 | ) | $ | (340 | ) | $ | (5,556 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 94 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Independence LLC | OSG Intrepid LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 9 | - | - | ||||||||||||
| Vessel expenses | 257 | 4,205 | 281 | 4,400 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 62 | 1,268 | 79 | 1,589 | ||||||||||||
| General and administrative | 8 | 125 | 7 | 129 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 327 | 5,606 | 367 | 6,118 | ||||||||||||
| Income/(loss) from Vessel Operations | (327 | ) | (5,606 | ) | (367 | ) | (6,118 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (327 | ) | (5,606 | ) | (367 | ) | (6,118 | ) | ||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (327 | ) | (5,606 | ) | (367 | ) | (6,118 | ) | ||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (327 | ) | (5,606 | ) | (367 | ) | (6,118 | ) | ||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (327 | ) | (5,606 | ) | (367 | ) | (6,118 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (327 | ) | $ | (5,606 | ) | $ | (367 | ) | $ | (6,118 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 95 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Liberty LLC | OSG Lightering LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | 4,736 | 119,751 | ||||||||||||
| - | - | 4,736 | 119,751 | |||||||||||||
| Operating Expenses: | �� | |||||||||||||||
| Voyage expenses | - | - | 2,404 | 70,823 | ||||||||||||
| Vessel expenses | - | (9 | ) | 7 | 161 | |||||||||||
| Charter hire expenses | - | - | 1,294 | 40,797 | ||||||||||||
| Depreciation and amortization | - | - | 60 | 2,192 | ||||||||||||
| General and administrative | - | - | 286 | 4,607 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 14,726 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 470 | ||||||||||||
| Total Operating Expenses | - | (9 | ) | 4,052 | 133,778 | |||||||||||
| Income/(loss) from Vessel Operations | - | 9 | 684 | (14,027 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 9 | 684 | (14,027 | ) | |||||||||||
| Other Income/(expense) | - | - | 2 | 19 | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 9 | 686 | (14,008 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 9 | 686 | (14,008 | ) | |||||||||||
| Reorganization Items, net | - | - | - | (60 | ) | |||||||||||
| Income/(loss) before Income Taxes | - | 9 | 686 | (13,948 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 9 | $ | 686 | $ | (13,948 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 96 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Lightering Acquisition Corporation | OSG Lightering Solutions LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 1,567 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | 1,567 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | (1,567 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | (1,567 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | (1,567 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | (1,567 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | (1,567 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (1,567 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 97 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Mariner LLC | OSG Maritrans Parent LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 6 | 106 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 72 | - | - | ||||||||||||
| Total Operating Expenses | - | 72 | 6 | 106 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (72 | ) | (6 | ) | (106 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (72 | ) | (6 | ) | (106 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (72 | ) | (6 | ) | (106 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (72 | ) | (6 | ) | (106 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (72 | ) | (6 | ) | (106 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (72 | ) | $ | (6 | ) | $ | (106 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 98 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Navigator LLC | OSG New York, Inc. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 41 | $ | 9,341 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 4,034 | ||||||||||||
| - | - | 41 | 13,375 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | (150 | ) | 2,167 | |||||||||||
| Vessel expenses | 266 | 4,233 | 0 | 137 | ||||||||||||
| Charter hire expenses | - | - | 38 | 12,916 | ||||||||||||
| Depreciation and amortization | 31 | 1,154 | - | - | ||||||||||||
| General and administrative | 8 | 129 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 305 | 5,517 | (112 | ) | 15,220 | |||||||||||
| Income/(loss) from Vessel Operations | (305 | ) | (5,517 | ) | 153 | (1,845 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (305 | ) | (5,517 | ) | 153 | (1,845 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (305 | ) | (5,517 | ) | 153 | (1,845 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (305 | ) | (5,517 | ) | 153 | (1,845 | ) | |||||||||
| Reorganization Items, net | - | - | - | 306 | ||||||||||||
| Income/(loss) before Income Taxes | (305 | ) | (5,517 | ) | 153 | (2,151 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (305 | ) | $ | (5,517 | ) | $ | 153 | $ | (2,151 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 99 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Product Tankers AVTC, LLC | OSG Product Tankers I, LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 100 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Product Tankers II, LLC | OSG Product Tankers Member LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 101 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Product Tankers, LLC | OSG Quest LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 41 | ||||||||||||
| Total Operating Expenses | - | - | - | 41 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | (41 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | (41 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | (41 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | (41 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | (41 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (41 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 102 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Seafarer LLC | OSG Ship Management, Inc. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | (0 | ) | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 123 | 3,986 | ||||||||||||
| General and administrative | - | - | 4,340 | 55,271 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (0 | ) | 4,463 | 59,257 | |||||||||||
| Income/(loss) from Vessel Operations | - | 0 | (4,463 | ) | (59,257 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 0 | (4,463 | ) | (59,257 | ) | ||||||||||
| Other Income/(expense) | - | - | - | 36 | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 0 | (4,463 | ) | (59,221 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 0 | (4,463 | ) | (59,221 | ) | ||||||||||
| Reorganization Items, net | - | - | 5 | 2,283 | ||||||||||||
| Income/(loss) before Income Taxes | - | 0 | (4,468 | ) | (61,503 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | 2 | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 0 | $ | (4,468 | ) | $ | (61,506 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 103 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| OSG Valour LLC | Overseas Allegiance Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| �� | ||||||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 104 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Anacortes LLC | Overseas Boston LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 2,015 | 34,730 | 1,790 | 28,975 | ||||||||||||
| Voyage charter revenues | 3 | 33 | - | 60 | ||||||||||||
| 2,018 | 34,763 | 1,790 | 29,035 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 28 | 468 | 26 | 435 | ||||||||||||
| Vessel expenses | 555 | 10,311 | 667 | 10,804 | ||||||||||||
| Charter hire expenses | 785 | 14,457 | 773 | 14,212 | ||||||||||||
| Depreciation and amortization | 31 | 345 | 52 | 900 | ||||||||||||
| General and administrative | 17 | 310 | 18 | 316 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,416 | 25,891 | 1,536 | 26,667 | ||||||||||||
| Income/(loss) from Vessel Operations | 602 | 8,872 | 254 | 2,368 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 602 | 8,872 | 254 | 2,368 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 602 | 8,872 | 254 | 2,368 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 602 | 8,872 | 254 | 2,368 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 602 | 8,872 | 254 | 2,368 | ||||||||||||
| Income Tax (Benefit)/Provision | - | 22 | - | 7 | ||||||||||||
| Net Income/(Loss) | $ | 602 | $ | 8,850 | $ | 254 | $ | 2,362 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 105 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Diligence LLC | Overseas Galena Bay LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | (2 | ) | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (2 | ) | - | - | |||||||||||
| Income/(loss) from Vessel Operations | - | 2 | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 2 | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 2 | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 2 | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 2 | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 2 | $ | - | $ | - | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 106 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Houston LLC | Overseas Integrity LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,542 | 26,641 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 1,542 | 26,641 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 6 | 111 | - | - | ||||||||||||
| Vessel expenses | 574 | 10,299 | - | (3 | ) | |||||||||||
| Charter hire expenses | 735 | 13,567 | - | - | ||||||||||||
| Depreciation and amortization | 63 | 1,149 | - | - | ||||||||||||
| General and administrative | 17 | 314 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,395 | 25,440 | - | (3 | ) | |||||||||||
| Income/(loss) from Vessel Operations | 147 | 1,201 | - | 3 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 147 | 1,201 | - | 3 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 147 | 1,201 | - | 3 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 147 | 1,201 | - | 3 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 147 | 1,201 | - | 3 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 147 | $ | 1,201 | $ | - | $ | 3 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 107 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Long Beach LLC | Overseas Los Angeles LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,457 | 26,391 | 1,457 | 26,311 | ||||||||||||
| Voyage charter revenues | - | - | - | 7 | ||||||||||||
| 1,457 | 26,391 | 1,457 | 26,318 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 12 | 223 | 12 | 226 | ||||||||||||
| Vessel expenses | 579 | 10,242 | 569 | 10,564 | ||||||||||||
| Charter hire expenses | 736 | 13,526 | 739 | 13,588 | ||||||||||||
| Depreciation and amortization | 45 | 818 | 42 | 769 | ||||||||||||
| General and administrative | 18 | 310 | 17 | 312 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,389 | 25,120 | 1,379 | 25,459 | ||||||||||||
| Income/(loss) from Vessel Operations | 68 | 1,271 | 78 | 858 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 68 | 1,271 | 78 | 858 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 68 | 1,271 | 78 | 858 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 68 | 1,271 | 78 | 858 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 68 | 1,271 | 78 | 858 | ||||||||||||
| Income Tax (Benefit)/Provision | - | 1 | - | 1 | ||||||||||||
| Net Income/(Loss) | $ | 68 | $ | 1,270 | $ | 78 | $ | 857 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 108 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Martinez LLC | Overseas New Orleans LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,790 | 30,955 | - | - | ||||||||||||
| Voyage charter revenues | - | 61 | - | - | ||||||||||||
| 1,790 | 31,016 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 26 | 463 | - | - | ||||||||||||
| Vessel expenses | 601 | 10,953 | - | 5 | ||||||||||||
| Charter hire expenses | 784 | 14,294 | - | - | ||||||||||||
| Depreciation and amortization | 29 | 579 | - | - | ||||||||||||
| General and administrative | 17 | 316 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,457 | 26,606 | - | 5 | ||||||||||||
| Income/(loss) from Vessel Operations | 333 | 4,410 | - | (5 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 333 | 4,410 | - | (5 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 333 | 4,410 | - | (5 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 333 | 4,410 | - | (5 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 333 | 4,410 | - | (5 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | 7 | - | - | ||||||||||||
| Net Income/(Loss) | $ | 333 | $ | 4,404 | $ | - | $ | (5 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 109 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas New York LLC | Overseas Nikiski LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,449 | 25,397 | 1,651 | 27,768 | ||||||||||||
| Voyage charter revenues | - | - | - | 66 | ||||||||||||
| 1,449 | 25,397 | 1,651 | 27,834 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 6 | 106 | 22 | 430 | ||||||||||||
| Vessel expenses | 521 | 10,153 | 657 | 11,353 | ||||||||||||
| Charter hire expenses | 742 | 13,664 | 774 | 14,235 | ||||||||||||
| Depreciation and amortization | 37 | 715 | 43 | 1,118 | ||||||||||||
| General and administrative | 17 | 312 | 17 | 317 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,323 | 24,950 | 1,513 | 27,455 | ||||||||||||
| Income/(loss) from Vessel Operations | 126 | 447 | 138 | 379 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 126 | 447 | 138 | 379 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 126 | 447 | 138 | 379 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 126 | 447 | 138 | 379 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 126 | 447 | 138 | 379 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | 7 | ||||||||||||
| Net Income/(Loss) | $ | 126 | $ | 447 | $ | 138 | $ | 372 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 110 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Perseverance Corporation | Overseas Philadelphia LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | 3 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | 3 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | (3 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | (3 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | (3 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | (3 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | (3 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (3 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 111 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Puget Sound LLC | Overseas Sea Swift Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | 10 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | (0 | ) | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 9 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | (9 | ) | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (9 | ) | - | - | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (9 | ) | - | - | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (9 | ) | - | - | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (9 | ) | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (9 | ) | $ | - | $ | - | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 112 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Shipping (GR) Ltd. | Overseas ST Holding LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 4,548 | 79,944 | ||||||||||||
| Voyage charter revenues | - | - | - | 47 | ||||||||||||
| - | - | 4,548 | 79,991 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 34 | 638 | ||||||||||||
| Vessel expenses | - | 3 | 1,215 | 21,044 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 927 | 16,714 | ||||||||||||
| General and administrative | - | - | 36 | 633 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 3 | 2,212 | 39,029 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (3 | ) | 2,336 | 40,962 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (3 | ) | 2,336 | 40,962 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (3 | ) | 2,336 | 40,962 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (3 | ) | 2,336 | 40,962 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (3 | ) | 2,336 | 40,962 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (3 | ) | $ | 2,336 | $ | 40,962 | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 113 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Overseas Tampa LLC | Overseas Texas City LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,709 | 34,541 | 2,015 | 34,783 | ||||||||||||
| Voyage charter revenues | - | 71 | - | 24 | ||||||||||||
| 1,709 | 34,612 | 2,015 | 34,808 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 21 | 503 | 25 | 481 | ||||||||||||
| Vessel expenses | 818 | 10,706 | 540 | 10,651 | ||||||||||||
| Charter hire expenses | 811 | 14,786 | 747 | 13,613 | ||||||||||||
| Depreciation and amortization | 2 | 40 | 39 | 624 | ||||||||||||
| General and administrative | 17 | 315 | 17 | 313 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,669 | 26,350 | 1,369 | 25,681 | ||||||||||||
| Income/(loss) from Vessel Operations | 40 | 8,262 | 646 | 9,126 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 40 | 8,262 | 646 | 9,126 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 40 | 8,262 | 646 | 9,126 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 40 | 8,262 | 646 | 9,126 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 40 | 8,262 | 646 | 9,126 | ||||||||||||
| Income Tax (Benefit)/Provision | - | 13 | - | - | ||||||||||||
| Net Income/(Loss) | $ | 40 | $ | 8,249 | $ | 646 | $ | 9,126 | ||||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 114 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Pearlmar Limited | Petromar Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 584 | $ | 10,562 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 19 | 732 | 14,496 | ||||||||||||
| 584 | 10,581 | 732 | 14,496 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 16 | 454 | 8,392 | ||||||||||||
| Vessel expenses | 218 | 4,229 | 290 | 4,092 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 163 | 3,743 | 78 | 1,577 | ||||||||||||
| General and administrative | - | 0 | 3 | 1,134 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 17,346 | - | 14,775 | ||||||||||||
| Total Operating Expenses | 381 | 25,334 | 825 | 29,970 | ||||||||||||
| Income/(loss) from Vessel Operations | 202 | (14,754 | ) | (94 | ) | (15,474 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 202 | (14,754 | ) | (94 | ) | (15,474 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 202 | (14,754 | ) | (94 | ) | (15,474 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 202 | (14,754 | ) | (94 | ) | (15,474 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 202 | (14,754 | ) | (94 | ) | (15,474 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 202 | $ | (14,754 | ) | $ | (94 | ) | $ | (15,474 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 115 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Pisces Tanker Corporation | Polaris Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 3,940 | (1 | ) | 3,821 | |||||||||||
| - | 3,940 | (1 | ) | 3,821 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 2,381 | - | 2,370 | ||||||||||||
| Vessel expenses | - | 26 | - | 16 | ||||||||||||
| Charter hire expenses | - | 2,350 | - | 1,996 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 4,758 | - | 4,382 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (818 | ) | (1 | ) | (560 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (818 | ) | (1 | ) | (560 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (818 | ) | (1 | ) | (560 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (818 | ) | (1 | ) | (560 | ) | |||||||||
| Reorganization Items, net | - | 5,816 | - | 5,570 | ||||||||||||
| Income/(loss) before Income Taxes | - | (6,634 | ) | (1 | ) | (6,130 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (6,634 | ) | $ | (1 | ) | $ | (6,130 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 116 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Queens Product Tanker Corporation | Reymar Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 49 | $ | 6,172 | ||||||||
| Time and bareboat charter revenues | - | - | 434 | 1,991 | ||||||||||||
| Voyage charter revenues | - | 9 | 1 | 20 | ||||||||||||
| - | 9 | 484 | 8,182 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 3 | 9 | (460 | ) | |||||||||||
| Vessel expenses | (0 | ) | 70 | 324 | 4,813 | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 160 | 3,331 | ||||||||||||
| General and administrative | - | - | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 15,911 | ||||||||||||
| Total Operating Expenses | (0 | ) | 73 | 494 | 23,595 | |||||||||||
| Income/(loss) from Vessel Operations | 0 | (65 | ) | (10 | ) | (15,413 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 0 | (65 | ) | (10 | ) | (15,413 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 0 | (65 | ) | (10 | ) | (15,413 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 0 | (65 | ) | (10 | ) | (15,413 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 0 | (65 | ) | (10 | ) | (15,413 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 0 | $ | (65 | ) | $ | (10 | ) | $ | (15,413 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 117 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Rich Tanker Corporation | Rimar Chartering Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 455 | - | - | ||||||||||||
| Voyage charter revenues | 262 | 14,630 | - | 982 | ||||||||||||
| 262 | 15,086 | - | 982 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 553 | 8,691 | (5 | ) | 489 | |||||||||||
| Vessel expenses | 4 | 114 | (21 | ) | 289 | |||||||||||
| Charter hire expenses | 426 | 7,721 | - | 626 | ||||||||||||
| Depreciation and amortization | - | - | - | 80 | ||||||||||||
| General and administrative | - | - | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 984 | 16,527 | (27 | ) | 1,484 | |||||||||||
| Income/(loss) from Vessel Operations | (721 | ) | (1,441 | ) | 27 | (502 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (721 | ) | (1,441 | ) | 27 | (502 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (721 | ) | (1,441 | ) | 27 | (502 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (721 | ) | (1,441 | ) | 27 | (502 | ) | |||||||||
| Reorganization Items, net | - | 2,159 | - | 8,825 | ||||||||||||
| Income/(loss) before Income Taxes | (721 | ) | (3,600 | ) | 27 | (9,327 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (721 | ) | $ | (3,600 | ) | $ | 27 | $ | (9,327 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 118 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Rosalyn Tanker Corporation | Rosemar Limited | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 747 | $ | 10,972 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 411 | 6,628 | ||||||||||||
| Voyage charter revenues | - | (1 | ) | 1 | 16 | |||||||||||
| 747 | 10,972 | 412 | 6,644 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 7 | 335 | 12 | 182 | ||||||||||||
| Vessel expenses | 217 | 5,468 | 183 | 4,701 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 263 | 4,464 | 156 | 3,657 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 18,026 | ||||||||||||
| Total Operating Expenses | 486 | 10,267 | 350 | 26,567 | ||||||||||||
| Income/(loss) from Vessel Operations | 261 | 705 | 62 | (19,923 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 261 | 705 | 62 | (19,923 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 261 | 705 | 62 | (19,923 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 261 | 705 | 62 | (19,923 | ) | |||||||||||
| Reorganization Items, net | 7 | 53 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 254 | 652 | 62 | (19,923 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 254 | $ | 652 | $ | 62 | $ | (19,923 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 119 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Rubymar Limited | Sakura Transport Corp. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 295 | $ | 9,806 | ||||||||
| Time and bareboat charter revenues | 261 | 4,711 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 261 | 4,711 | 295 | 9,806 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (10 | ) | 4 | 473 | |||||||||||
| Vessel expenses | 1 | 63 | 267 | 6,380 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 156 | 3,539 | 278 | 5,192 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,563 | - | - | ||||||||||||
| Total Operating Expenses | 156 | 20,156 | 549 | 12,046 | ||||||||||||
| Income/(loss) from Vessel Operations | 105 | (15,445 | ) | (254 | ) | (2,240 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 105 | (15,445 | ) | (254 | ) | (2,240 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 105 | (15,445 | ) | (254 | ) | (2,240 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 105 | (15,445 | ) | (254 | ) | (2,240 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 105 | (15,445 | ) | (254 | ) | (2,240 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 105 | $ | (15,445 | ) | $ | (254 | ) | $ | (2,240 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 120 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Samar Product Tanker Corporation | Santorini Tanker LLC | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 348 | 7,312 | - | - | ||||||||||||
| Voyage charter revenues | 4 | 6 | 1,426 | 25,569 | ||||||||||||
| 353 | 7,318 | 1,426 | 25,569 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 10 | 222 | 669 | 9,877 | ||||||||||||
| Vessel expenses | 286 | 3,339 | 363 | 6,497 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 144 | 3,161 | 166 | 3,112 | ||||||||||||
| General and administrative | - | 0 | 18 | 295 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19,279 | - | - | ||||||||||||
| Total Operating Expenses | 440 | 26,002 | 1,215 | 19,781 | ||||||||||||
| Income/(loss) from Vessel Operations | (88 | ) | (18,684 | ) | 211 | 5,788 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (88 | ) | (18,684 | ) | 211 | 5,788 | ||||||||||
| Other Income/(expense) | (0 | ) | (3 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (88 | ) | (18,687 | ) | 211 | 5,788 | ||||||||||
| Interest Expense | (5 | ) | (14 | ) | - | - | ||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (93 | ) | (18,702 | ) | 211 | 5,788 | ||||||||||
| Reorganization Items, net | 7 | 286 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (100 | ) | (18,988 | ) | 211 | 5,788 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (100 | ) | $ | (18,988 | ) | $ | 211 | $ | 5,788 | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 121 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Serifos Tanker Corporation | Seventh Aframax Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 525 | $ | - | $ | 2,051 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 921 | 12,794 | 1,328 | 15,953 | ||||||||||||
| 921 | 13,320 | 1,328 | 18,005 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 610 | 7,549 | 990 | 10,215 | ||||||||||||
| Vessel expenses | 167 | 2,775 | 258 | 4,452 | ||||||||||||
| Charter hire expenses | 194 | 3,325 | - | - | ||||||||||||
| Depreciation and amortization | 17 | 308 | 143 | 2,605 | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 988 | 13,958 | 1,390 | 17,272 | ||||||||||||
| Income/(loss) from Vessel Operations | (67 | ) | (638 | ) | (63 | ) | 733 | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (67 | ) | (638 | ) | (63 | ) | 733 | |||||||||
| Other Income/(expense) | - | (13 | ) | - | - | |||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (67 | ) | (651 | ) | (63 | ) | 733 | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (67 | ) | (651 | ) | (63 | ) | 733 | |||||||||
| Reorganization Items, net | - | 15,145 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (67 | ) | (15,797 | ) | (63 | ) | 733 | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (67 | ) | $ | (15,797 | ) | $ | (63 | ) | $ | 733 | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 122 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Shirley Tanker SRL | Sifnos Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 2,004 | $ | 314 | $ | 7,470 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 316 | 14,441 | - | - | ||||||||||||
| 316 | 16,445 | 314 | 7,470 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 580 | 9,571 | - | 20 | ||||||||||||
| Vessel expenses | 312 | 5,225 | 174 | 3,640 | ||||||||||||
| Charter hire expenses | - | - | 194 | 4,247 | ||||||||||||
| Depreciation and amortization | 327 | 5,807 | 33 | 455 | ||||||||||||
| General and administrative | 0 | 79 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,218 | 20,681 | 401 | 8,363 | ||||||||||||
| Income/(loss) from Vessel Operations | (902 | ) | (4,236 | ) | (87 | ) | (893 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (902 | ) | (4,236 | ) | (87 | ) | (893 | ) | ||||||||
| Other Income/(expense) | - | 0 | - | (13 | ) | |||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (902 | ) | (4,236 | ) | (87 | ) | (906 | ) | ||||||||
| Interest Expense | - | (15 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (902 | ) | (4,251 | ) | (87 | ) | (906 | ) | ||||||||
| Reorganization Items, net | 7 | 245 | - | 13,781 | ||||||||||||
| Income/(loss) before Income Taxes | (909 | ) | (4,496 | ) | (87 | ) | (14,688 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (909 | ) | $ | (4,496 | ) | $ | (87 | ) | $ | (14,688 | ) | ||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 123 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Silvermar Limited | Sixth Aframax Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 596 | $ | 10,324 | $ | - | $ | 857 | ||||||||
| Time and bareboat charter revenues | - | - | - | 1,886 | ||||||||||||
| Voyage charter revenues | 4 | 17 | 1,727 | 16,164 | ||||||||||||
| 600 | 10,341 | 1,727 | 18,907 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 4 | 20 | 1,311 | 10,580 | ||||||||||||
| Vessel expenses | 168 | 3,344 | 289 | 4,732 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 164 | 3,684 | 151 | 2,602 | ||||||||||||
| General and administrative | - | 0 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,981 | - | - | ||||||||||||
| Total Operating Expenses | 336 | 24,030 | 1,751 | 17,915 | ||||||||||||
| Income/(loss) from Vessel Operations | 264 | (13,689 | ) | (24 | ) | 992 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 264 | (13,689 | ) | (24 | ) | 992 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 264 | (13,689 | ) | (24 | ) | 992 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 264 | (13,689 | ) | (24 | ) | 992 | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 264 | (13,689 | ) | (24 | ) | 992 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 264 | $ | (13,689 | ) | $ | (24 | ) | $ | 992 | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 124 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Skopelos Product Tanker Corporation | Star Chartering Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 465 | 8,008 | ||||||||||||
| Voyage charter revenues | 672 | 17,898 | - | - | ||||||||||||
| 672 | 17,898 | 465 | 8,008 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 641 | 11,200 | - | - | ||||||||||||
| Vessel expenses | 213 | 3,457 | 2 | 46 | ||||||||||||
| Charter hire expenses | - | - | 465 | 8,009 | ||||||||||||
| Depreciation and amortization | 113 | 2,040 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 968 | 16,698 | 467 | 8,055 | ||||||||||||
| Income/(loss) from Vessel Operations | (296 | ) | 1,200 | (2 | ) | (47 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (296 | ) | 1,200 | (2 | ) | (47 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (296 | ) | 1,200 | (2 | ) | (47 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (296 | ) | 1,200 | (2 | ) | (47 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (296 | ) | 1,200 | (2 | ) | (47 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (296 | ) | $ | 1,200 | $ | (2 | ) | $ | (47 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 125 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Suezmax International Agencies, Inc. | Talara Chartering Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 132 | $ | 10,864 | $ | 27 | $ | 1,398 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 8,101 | - | 7 | ||||||||||||
| 132 | 18,965 | 27 | 1,406 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 8 | 5,310 | 23 | (306 | ) | |||||||||||
| Vessel expenses | 2 | 133 | 0 | 543 | ||||||||||||
| Charter hire expenses | 1 | 16,577 | - | 1,730 | ||||||||||||
| Depreciation and amortization | - | - | - | 34 | ||||||||||||
| General and administrative | 58 | 1,410 | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 69 | 23,430 | 23 | 2,000 | ||||||||||||
| Income/(loss) from Vessel Operations | 63 | (4,465 | ) | 4 | (595 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 63 | (4,465 | ) | 4 | (595 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 63 | (4,465 | ) | 4 | (595 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 63 | (4,465 | ) | 4 | (595 | ) | ||||||||||
| Reorganization Items, net | - | - | - | 36,040 | ||||||||||||
| Income/(loss) before Income Taxes | 63 | (4,465 | ) | 4 | (36,634 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 63 | $ | (4,465 | ) | $ | 4 | $ | (36,634 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 126 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Third United Shipping Corporation | Tokyo Transport Corp. | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 299 | $ | 13,253 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | 299 | 13,253 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 27 | 456 | ||||||||||||
| Vessel expenses | - | - | 385 | 5,359 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 269 | 4,985 | ||||||||||||
| General and administrative | - | - | - | 0 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 681 | 10,801 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | (382 | ) | 2,452 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | (382 | ) | 2,452 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | (382 | ) | 2,452 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | (382 | ) | 2,452 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (382 | ) | 2,452 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (382 | ) | $ | 2,452 | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 127 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Transbulk Carriers, Inc. | Troy Chartering Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 2 | $ | 1,208 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 12 | ||||||||||||
| - | - | 2 | 1,220 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | (7 | ) | 42 | |||||||||||
| Vessel expenses | - | - | 0 | 462 | ||||||||||||
| Charter hire expenses | - | - | - | 1,676 | ||||||||||||
| Depreciation and amortization | - | - | - | 35 | ||||||||||||
| General and administrative | - | - | - | 1 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | (7 | ) | 2,215 | |||||||||||
| Income/(loss) from Vessel Operations | - | - | 9 | (996 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | 9 | (996 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | 9 | (996 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | 9 | (996 | ) | |||||||||||
| Reorganization Items, net | - | - | - | 37,194 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | 9 | (38,189 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | 9 | $ | (38,189 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 128 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Troy Product Corporation | Urban Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 309 | $ | 7,830 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | (8 | ) | |||||||||||
| - | - | 309 | 7,822 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | (1 | ) | (27 | ) | ||||||||||
| Vessel expenses | - | - | 4 | 112 | ||||||||||||
| Charter hire expenses | - | - | 426 | 7,818 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 430 | 7,903 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | (121 | ) | (81 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | (121 | ) | (81 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | (121 | ) | (81 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | (121 | ) | (81 | ) | ||||||||||
| Reorganization Items, net | - | - | - | 4,083 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (121 | ) | (4,164 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (121 | ) | $ | (4,164 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 129 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Vega Tanker Corporation | View Tanker Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 39 | ||||||||
| Time and bareboat charter revenues | - | - | 3 | 4,689 | ||||||||||||
| Voyage charter revenues | - | - | 992 | 6,423 | ||||||||||||
| - | - | 994 | 11,151 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 611 | 3,575 | ||||||||||||
| Vessel expenses | (1 | ) | 79 | 4 | 112 | |||||||||||
| Charter hire expenses | - | - | 426 | 7,344 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | 52 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | (1 | ) | 79 | 1,041 | 11,083 | |||||||||||
| Income/(loss) from Vessel Operations | 1 | (79 | ) | (47 | ) | 68 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 1 | (79 | ) | (47 | ) | 68 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 1 | (79 | ) | (47 | ) | 68 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 1 | (79 | ) | (47 | ) | 68 | ||||||||||
| Reorganization Items, net | - | - | - | 3,104 | ||||||||||||
| Income/(loss) before Income Taxes | 1 | (79 | ) | (47 | ) | (3,037 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 1 | $ | (79 | ) | $ | (47 | ) | $ | (3,037 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 130 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Vivian Tankships Corporation | Vulpecula Chartering Corporation | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 3,803 | ||||||||||||
| - | - | - | 3,803 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | 1,981 | ||||||||||||
| Vessel expenses | - | - | - | 8 | ||||||||||||
| Charter hire expenses | - | - | - | 1,831 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | 3,820 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | (17 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | (17 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | (17 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | (17 | ) | |||||||||||
| Reorganization Items, net | - | - | - | 4,357 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | (4,373 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (4,373 | ) | |||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 131 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Wind Aframax Tanker Corporation | Combined Debtors | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 9,214 | $ | 269,377 | ||||||||
| Time and bareboat charter revenues | - | - | 33,983 | 585,769 | ||||||||||||
| Voyage charter revenues | - | - | 38,220 | 765,358 | ||||||||||||
| - | - | 81,416 | 1,620,504 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 23,527 | 413,863 | ||||||||||||
| Vessel expenses | - | (0 | ) | 23,594 | 414,147 | |||||||||||
| Charter hire expenses | - | 10 | 13,487 | 333,994 | ||||||||||||
| Depreciation and amortization | - | - | 13,263 | 269,944 | ||||||||||||
| General and administrative | - | - | 5,906 | 110,439 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 16,293 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 643,111 | ||||||||||||
| Total Operating Expenses | - | 10 | 79,777 | 2,201,790 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (10 | ) | 1,639 | (581,286 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | 3,283 | 62,553 | ||||||||||||
| Operating Income/(loss) | - | (10 | ) | 4,923 | (518,734 | ) | ||||||||||
| Other Income/(expense) | - | - | (1,166 | ) | (26,419 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (10 | ) | 3,756 | (545,153 | ) | ||||||||||
| Interest Expense | - | - | (10 | ) | (348 | ) | ||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (10 | ) | 3,746 | (545,501 | ) | ||||||||||
| Reorganization Items, net | - | - | 11,902 | 418,103 | ||||||||||||
| Income/(loss) before Income Taxes | - | (10 | ) | (8,156 | ) | (963,604 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | 558 | (18,096 | ) | |||||||||||
| Net Income/(Loss) | $ | - | $ | (10 | ) | $ | (8,714 | ) | $ | (945,508 | ) | |||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 132 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Eliminations | Consolidated Debtors | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (1,554 | ) | $ | 9,214 | $ | 267,823 | |||||||
| Time and bareboat charter revenues | - | (9,756 | ) | 33,983 | 576,013 | |||||||||||
| Voyage charter revenues | - | - | 38,220 | 765,358 | ||||||||||||
| - | (11,310 | ) | 81,416 | 1,609,194 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 23,527 | 413,863 | ||||||||||||
| Vessel expenses | - | - | 23,594 | 414,147 | ||||||||||||
| Charter hire expenses | - | (11,310 | ) | 13,487 | 322,684 | |||||||||||
| Depreciation and amortization | - | - | 13,263 | 269,944 | ||||||||||||
| General and administrative | - | - | 5,906 | 110,439 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 16,293 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 643,111 | ||||||||||||
| Total Operating Expenses | - | (11,310 | ) | 79,776 | 2,190,480 | |||||||||||
| Income/(loss) from Vessel Operations | - | - | 1,640 | (581,286 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | 3,283 | 62,552 | ||||||||||||
| Operating Income/(loss) | - | - | 4,924 | (518,735 | ) | |||||||||||
| Other Income/(expense) | - | - | (1,166 | ) | (26,419 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | 3,757 | (545,154 | ) | |||||||||||
| Interest Expense | - | - | (10 | ) | (349 | ) | ||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | 3,747 | (545,503 | ) | |||||||||||
| Reorganization Items, net | - | - | 11,902 | 418,103 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (8,155 | ) | (963,606 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | 558 | (18,096 | ) | |||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (8,713 | ) | $ | (945,510 | ) | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 133 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Total Non-Debtors | Eliminations | |||||||||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 5 | $ | 175 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 117 | - | - | ||||||||||||
| Voyage charter revenues | - | (167 | ) | - | - | |||||||||||
| 5 | 125 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | (4 | ) | (415 | ) | - | - | ||||||||||
| Vessel expenses | 54 | 321 | - | - | ||||||||||||
| Charter hire expenses | - | 334 | - | - | ||||||||||||
| Depreciation and amortization | (120 | ) | (1,230 | ) | - | - | ||||||||||
| General and administrative | 3,109 | 48,283 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | (79 | ) | - | - | |||||||||||
| (Gain)/loss on disposal of vessels, including impairments | (13 | ) | 70 | - | - | |||||||||||
| Total Operating Expenses | 3,025 | 47,285 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (3,020 | ) | (47,160 | ) | - | - | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (3,020 | ) | (47,160 | ) | - | - | ||||||||||
| Other Income/(expense) | 1,224 | 27,757 | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (1,796 | ) | (19,403 | ) | - | - | ||||||||||
| Interest Expense | - | 0 | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (1,796 | ) | (19,403 | ) | - | - | ||||||||||
| Reorganization Items, net | - | 0 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (1,796 | ) | (19,403 | ) | - | - | ||||||||||
| Income Tax (Benefit)/Provision | 37 | 4,163 | - | - | ||||||||||||
| Net Income/(Loss) | $ | (1,833 | ) | $ | (23,566 | ) | $ | - | $ | - | ||||||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 134 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2014 and November 14, 2012 - May 31, 2014
| Consolidated Overseas Shipholding Group, Inc. | ||||||||
| (000's) | May 1 - 31, 2014 | November 14, 2012 - May 31, 2014 | ||||||
| Shipping Revenues: | ||||||||
| Pool revenues | $ | 9,219 | $ | 267,998 | ||||
| Time and bareboat charter revenues | 33,983 | 576,130 | ||||||
| Voyage charter revenues | 38,220 | 765,191 | ||||||
| 81,422 | 1,609,320 | |||||||
| Operating Expenses: | ||||||||
| Voyage expenses | 23,523 | 413,449 | ||||||
| Vessel expenses | 23,647 | 414,467 | ||||||
| Charter hire expenses | 13,487 | 323,018 | ||||||
| Depreciation and amortization | 13,143 | 268,714 | ||||||
| General and administrative | 9,015 | 158,722 | ||||||
| Goodwill and intangible assets impairment charge | - | 16,214 | ||||||
| (Gain)/loss on disposal of vessels, including impairments | (13 | ) | 643,181 | |||||
| Total Operating Expenses | 82,802 | 2,237,765 | ||||||
| Income/(loss) from Vessel Operations | (1,380 | ) | (628,446 | ) | ||||
| Equity in Income/(loss) of Affiliated Companies | 3,283 | 62,552 | ||||||
| Operating Income/(loss) | 1,903 | (565,895 | ) | |||||
| Other Income/(expense) | 57 | 1,337 | ||||||
| Income/(loss) before Interest Expense and Income Taxes | 1,960 | (564,556 | ) | |||||
| Interest Expense | (10 | ) | (348 | ) | ||||
| Income/(loss) before Reorganization Items and Income Taxes | 1,950 | (564,905 | ) | |||||
| Reorganization Items, net | 11,902 | 418,103 | ||||||
| Income/(loss) before Income Taxes | (9,952 | ) | (983,008 | ) | ||||
| Income Tax (Benefit)/Provision | 595 | (13,933 | ) | |||||
| Net Income/(Loss) | $ | (10,547 | ) | $ | (969,075 | ) | ||
| Preliminary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 135 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Overseas Shipholding Group, Inc. | OSG International, Inc. | OSG Bulk Ships, Inc. | 1372 Tanker Corporation | Africa Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 320,126 | $ | 143,142 | $ | 3,986 | $ | 156,212 | $ | 46,300 | $ | 15,434 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 530 | - | (990 | ) | (756 | ) | - | - | 2,611 | 4,377 | - | - | ||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 5,011 | 11,681 | 13,363 | 826 | 746 | 37 | 27 | 8 | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | 2,491 | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 16,696 | 7,042 | (133 | ) | 5 | - | - | 75 | 250 | 18 | 158 | |||||||||||||||||||||||||||||
| Total Current Assets | 342,364 | 161,865 | 16,227 | 156,287 | 47,046 | 15,471 | 2,713 | 7,126 | 18 | 157 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | 1,065 | - | - | 50,585 | 46,514 | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | 2,212 | 1,518 | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | 1,065 | - | - | 52,797 | 48,032 | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 38 | 453 | (2,998 | ) | 39,355 | - | - | - | - | 231,376 | 281,385 | |||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | 816,000 | 816,000 | 2,036,505 | 2,036,512 | 1,512,260 | 1,512,260 | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | 267,376 | 277,025 | 180,732 | 174,951 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 331,328 | 352,780 | 339,231 | 339,233 | 986,889 | 986,888 | 16,336 | 16,336 | 259,313 | 259,313 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 10,840 | 10,345 | 1,487,388 | 1,498,820 | 4,045 | 4,045 | - | - | 4,350 | 4,350 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | 525 | - | 22,421 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 29,318 | - | 51,363 | - | 42,229 | - | - | - | - | ||||||||||||||||||||||||||||||
| Other Assets | 0 | 9,173 | 6 | 340 | 237 | 523 | 21 | (91 | ) | - | - | |||||||||||||||||||||||||||||
| Total Assets | $ | 1,767,945 | $ | 1,657,483 | $ | 4,057,090 | $ | 4,320,347 | $ | 2,550,477 | $ | 2,561,416 | $ | 71,867 | $ | 71,404 | $ | 495,057 | $ | 545,206 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 8,019 | 281,167 | - | 204 | 55 | 1,723 | 1,150 | 443 | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 8,019 | 281,167 | - | 204 | 55 | 1,723 | 1,150 | 443 | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 80,790 | - | 53,860 | - | 504 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 62,638 | - | 5 | - | 824 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 16,049 | - | 213,197 | - | 9,447 | - | 1,669 | - | 385 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 724,132 | 407,252 | - | - | - | - | - | - | 43 | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 732,151 | 704,468 | - | 356,829 | 55 | 65,035 | 1,150 | 3,439 | 43 | 385 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | 227,716 | 152,549 | 50,033 | 33 | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 12,677 | 12,677 | 317,740 | 317,740 | 59,165 | 59,165 | 28,127 | 28,120 | 17 | 17 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 29,734 | 44,070 | 1,932,666 | 1,954,310 | 1,079,806 | 1,079,614 | - | - | 39 | 39 | ||||||||||||||||||||||||||||||
| Other liabilities | 2,018,557 | 2,022,640 | 509 | 771 | 2,210 | 3,675 | 47,035 | 45,474 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 2,060,968 | 2,079,387 | 2,478,631 | 2,425,371 | 1,191,215 | 1,142,488 | 75,161 | 73,594 | 56 | 56 | ||||||||||||||||||||||||||||||
| Total Liabilities | 2,793,118 | 2,783,855 | 2,478,631 | 2,782,200 | 1,191,270 | 1,207,523 | 76,311 | 77,033 | 99 | 441 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (1,025,174 | ) | (1,126,372 | ) | 1,578,459 | 1,538,147 | 1,359,207 | 1,353,893 | (4,444 | ) | (5,629 | ) | 494,959 | 544,765 | ||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 1,767,945 | $ | 1,657,483 | $ | 4,057,090 | $ | 4,320,347 | $ | 2,550,477 | $ | 2,561,416 | $ | 71,867 | $ | 71,404 | $ | 495,057 | $ | 545,206 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 136 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Alcesmar Limited | Alcmar Limited | Alpha Suezmax Corporation | Alpha Tanker Corporation | Amalia Product Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 1,547 | 1,267 | 153 | 1,183 | 2,957 | 48 | (62 | ) | (64 | ) | 2,562 | 1,488 | ||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 11 | 46 | (24 | ) | 48 | 2,741 | - | 131 | - | 6 | (26 | ) | ||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | 38 | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 21 | 81 | 21 | 95 | 528 | - | - | - | 388 | 114 | ||||||||||||||||||||||||||||||
| Total Current Assets | 1,579 | 1,394 | 150 | 1,325 | 6,226 | 48 | 69 | (64 | ) | 2,995 | 1,576 | |||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 34,822 | 14,696 | 34,750 | 14,985 | 228 | - | - | - | 51,954 | 47,264 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 674 | 879 | 401 | 886 | 1,800 | - | - | - | 1,747 | 1,019 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 35,496 | 15,575 | 35,151 | 15,871 | 2,028 | - | - | - | 53,701 | 48,283 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 300 | 300 | 600 | 300 | - | - | - | - | 601 | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 3,930 | 3,930 | 7,926 | 7,926 | 6,502 | 6,502 | 157 | 157 | 6,826 | 6,826 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 0 | 0 | - | - | 14 | 14 | 481 | 481 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,633 | - | 1,558 | - | 4,988 | - | - | - | 8,701 | ||||||||||||||||||||||||||||||
| Other Assets | (13 | ) | (14 | ) | 0 | (7 | ) | 55 | - | - | - | (1 | ) | (1 | ) | |||||||||||||||||||||||||
| Total Assets | $ | 41,292 | $ | 23,818 | $ | 43,827 | $ | 26,973 | $ | 14,825 | $ | 11,552 | $ | 707 | $ | 573 | $ | 64,121 | $ | 65,385 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 44 | 55 | 708 | 92 | 116 | 19 | - | - | 41 | 482 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 44 | 55 | 708 | 92 | 116 | 19 | - | - | 41 | 482 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 374 | - | 1,162 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 44 | 429 | 708 | 1,254 | 116 | 19 | - | - | 41 | 482 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 6,818 | 6,818 | 7,706 | 7,706 | 26,898 | 26,898 | - | - | 6,322 | 6,322 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 238 | 238 | 222 | 222 | 2,722 | 2,722 | 147 | 147 | 3 | 3 | ||||||||||||||||||||||||||||||
| Other liabilities | 19,883 | 19,726 | 19,883 | 19,726 | - | 13,450 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 26,940 | 26,783 | 27,811 | 27,654 | 29,620 | 43,070 | 147 | 147 | 6,325 | 6,325 | ||||||||||||||||||||||||||||||
| Total Liabilities | 26,984 | 27,212 | 28,519 | 28,908 | 29,736 | 43,089 | 147 | 147 | 6,366 | 6,807 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 14,308 | (3,394 | ) | 15,308 | (1,936 | ) | (14,912 | ) | (31,537 | ) | 560 | 427 | 57,755 | 58,579 | ||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 41,292 | $ | 23,818 | $ | 43,827 | $ | 26,973 | $ | 14,825 | $ | 11,552 | $ | 707 | $ | 573 | $ | 64,121 | $ | 65,385 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 137 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Ambermar Product Carrier Corporation | Ambermar Tanker Corporation | Andromar Limited | Antigmar Limited | Aqua Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 1,417 | 921 | (22 | ) | - | 1,480 | 1,465 | 270 | 1,017 | 455 | 451 | |||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 14 | 82 | - | - | 20 | 180 | (27 | ) | 8 | 3,779 | 4,038 | |||||||||||||||||||||||||||||
| Inventory | 318 | 592 | - | - | - | - | 484 | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 21 | 89 | 1,071 | - | 23 | 99 | 21 | 84 | 4,651 | 4,651 | ||||||||||||||||||||||||||||||
| Total Current Assets | 1,769 | 1,684 | 1,049 | - | 1,523 | 1,744 | 748 | 1,109 | 8,884 | 9,140 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 26,361 | 9,613 | - | - | 35,473 | 14,884 | 35,287 | 15,014 | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,657 | 1,063 | - | - | 534 | 963 | 395 | 150 | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 28,018 | 10,675 | - | - | 36,006 | 15,846 | 35,682 | 15,164 | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | 600 | 300 | 600 | 600 | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 16,108 | 16,108 | 102 | 102 | 14,837 | 14,837 | 15,228 | 15,228 | 199 | 199 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 783 | 783 | 1 | 1 | - | - | 440 | 440 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 3,733 | - | 1,317 | - | 2,960 | - | 2,857 | - | - | ||||||||||||||||||||||||||||||
| Other Assets | 33 | (1 | ) | - | (281 | ) | (20 | ) | (15 | ) | (24 | ) | - | - | - | |||||||||||||||||||||||||
| Total Assets | $ | 45,929 | $ | 32,199 | $ | 1,934 | $ | 1,922 | $ | 52,947 | $ | 35,672 | $ | 52,233 | $ | 34,958 | $ | 9,523 | $ | 9,779 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 374 | 1,048 | 4 | - | 928 | 389 | 469 | 466 | 57 | 113 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 374 | 1,048 | 4 | - | 928 | 389 | 469 | 466 | 57 | 113 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | 1,341 | - | 473 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 3 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 374 | 1,048 | 4 | - | 928 | 1,731 | 469 | 939 | 57 | 116 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 17,078 | 17,078 | - | - | 16,388 | 16,388 | 17,540 | 17,540 | 1,979 | 1,979 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 335 | 335 | 840 | 840 | 226 | 226 | 241 | 241 | 18 | 18 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | 19,883 | 19,726 | 19,950 | 19,726 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 17,413 | 17,413 | 840 | 840 | 36,498 | 36,340 | 37,731 | 37,507 | 1,997 | 1,997 | ||||||||||||||||||||||||||||||
| Total Liabilities | 17,787 | 18,461 | 844 | 840 | 37,426 | 38,071 | 38,200 | 38,446 | 2,053 | 2,113 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 28,142 | 13,739 | 1,090 | 1,082 | 15,521 | (2,399 | ) | 14,033 | (3,488 | ) | 7,470 | 7,666 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 45,929 | $ | 32,199 | $ | 1,934 | $ | 1,922 | $ | 52,947 | $ | 35,672 | $ | 52,233 | $ | 34,958 | $ | 9,523 | $ | 9,779 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 138 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Aquarius Tanker Corporation | Ariadmar Limited | Aspro Tanker Corporation | Atalmar Limited | Athens Product Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 2,193 | - | 1,578 | 1,316 | 330 | 326 | 1,936 | 1,596 | 1,699 | 1,232 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 15 | - | 6 | (8 | ) | 26 | - | 2 | (1 | ) | (4 | ) | 61 | |||||||||||||||||||||||||||
| Inventory | 150 | - | - | - | - | - | 182 | 435 | 323 | 514 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 273 | - | 29 | 85 | 31 | - | 23 | 86 | 19 | 99 | ||||||||||||||||||||||||||||||
| Total Current Assets | 2,631 | - | 1,612 | 1,393 | 386 | 326 | 2,143 | 2,116 | 2,037 | 1,907 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 35,133 | 14,707 | - | - | 35,037 | 14,731 | 41,872 | 39,393 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 762 | 104 | - | - | 726 | 224 | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 35,895 | 14,811 | - | - | 35,762 | 14,955 | 41,872 | 39,393 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 300 | 300 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 19,515 | 19,515 | 4,859 | 4,859 | 1,193 | 1,193 | 13,184 | 13,184 | 16 | 16 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 1 | 1 | 550 | 550 | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,126 | - | 4,298 | - | - | - | 3,507 | - | 6,275 | ||||||||||||||||||||||||||||||
| Other Assets | - | - | (37 | ) | - | - | - | (114 | ) | - | 2 | - | ||||||||||||||||||||||||||||
| Total Assets | $ | 22,146 | $ | 21,641 | $ | 42,631 | $ | 25,662 | $ | 2,130 | $ | 2,070 | $ | 50,976 | $ | 33,762 | $ | 43,926 | $ | 47,590 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 478 | 1 | 42 | 97 | - | - | 571 | 551 | 63 | 147 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 478 | 1 | 42 | 97 | - | - | 571 | 551 | 63 | 147 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 442 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 478 | 1 | 42 | 540 | - | - | 571 | 551 | 63 | 147 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 23,009 | 23,009 | 7,987 | 7,987 | - | - | 9,783 | 9,783 | 7,512 | 7,512 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 223 | 223 | 1,193 | 1,193 | 261 | 261 | 35,276 | 35,276 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 2,343 | 19,883 | 19,726 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 23,009 | 25,352 | 28,093 | 27,936 | 1,193 | 1,193 | 10,045 | 10,045 | 42,788 | 42,788 | ||||||||||||||||||||||||||||||
| Total Liabilities | 23,487 | 25,353 | 28,135 | 28,475 | 1,193 | 1,193 | 10,616 | 10,596 | 42,851 | 42,935 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (1,340 | ) | (3,712 | ) | 14,496 | (2,813 | ) | 936 | 876 | 40,360 | 23,166 | 1,075 | 4,655 | |||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 22,146 | $ | 21,641 | $ | 42,631 | $ | 25,662 | $ | 2,130 | $ | 2,070 | $ | 50,976 | $ | 33,762 | $ | 43,926 | $ | 47,590 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 139 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Atlas Chartering Corporation | Aurora Shipping Corporation | Avila Tanker Corporation | Batangas Tanker Corporation | Beta Aframax Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 904 | - | 3,187 | 2,349 | 171 | 168 | - | 3,013 | 697 | 446 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | 28 | 42 | (53 | ) | - | - | 86 | 13 | - | |||||||||||||||||||||||||||||
| Inventory | 433 | - | - | 3,315 | - | - | - | 1,309 | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 605 | - | 96 | 294 | 221 | - | - | 118 | 44 | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 1,941 | - | 3,311 | 6,000 | 339 | 168 | - | 4,526 | 753 | 446 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 38,944 | 35,750 | - | - | 59,564 | 69,875 | 141 | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 1,486 | 688 | - | - | - | - | 65 | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 40,429 | 36,438 | - | - | 59,564 | 69,875 | 206 | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 22,309 | 22,309 | 12,328 | 12,328 | 1,271 | 1,271 | 22,063 | 22,063 | 10,281 | 9,741 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | 299 | 299 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 1,797 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other Assets | (9 | ) | - | (37 | ) | (3 | ) | - | - | - | 5 | 105 | - | |||||||||||||||||||||||||||
| Total Assets | $ | 24,241 | $ | 24,106 | $ | 56,032 | $ | 54,763 | $ | 1,611 | $ | 1,440 | $ | 81,926 | $ | 96,767 | $ | 11,345 | $ | 10,187 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 59 | (0 | ) | 321 | 392 | 249 | - | - | 2,386 | 609 | - | |||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 59 | (0 | ) | 321 | 392 | 249 | - | - | 2,386 | 609 | - | |||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 1,204 | - | - | - | 10,598 | - | 347 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | (854 | ) | - | |||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 59 | (0 | ) | 321 | 1,596 | 249 | - | - | 12,984 | (245 | ) | 347 | ||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | 57,592 | 57,592 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 25,381 | 25,381 | 6,453 | 6,453 | - | - | 24,229 | 24,229 | 15,430 | 15,430 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 365 | 365 | 7 | 7 | 1,208 | 1,208 | 5 | 5 | 341 | 341 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 4,375 | - | - | - | - | - | - | - | 30,823 | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 25,746 | 30,121 | 6,460 | 6,460 | 1,208 | 1,208 | 81,826 | 81,826 | 15,771 | 46,594 | ||||||||||||||||||||||||||||||
| Total Liabilities | 25,805 | 30,121 | 6,782 | 8,057 | 1,457 | 1,208 | 81,826 | 94,810 | 15,526 | 46,941 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (1,564 | ) | (6,015 | ) | 49,250 | 46,707 | 154 | 231 | 100 | 1,957 | (4,181 | ) | (36,754 | ) | ||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 24,241 | $ | 24,106 | $ | 56,032 | $ | 54,763 | $ | 1,611 | $ | 1,440 | $ | 81,926 | $ | 96,767 | $ | 11,345 | $ | 10,187 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 140 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Brooklyn Product Tanker Corporation | Cabo Hellas Limited | Cabo Sounion Limited | Caribbean Tanker Corporation | Carina Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 710 | - | 195 | 0 | 205 | 5 | 887 | 1,519 | 908 | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | (3 | ) | - | 22 | 15 | (9 | ) | 34 | 908 | (9 | ) | - | - | |||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 344 | 753 | 752 | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 47 | 102 | 33 | 124 | 54 | 165 | 3 | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 707 | - | 264 | 117 | 230 | 163 | 2,194 | 2,429 | 1,662 | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 36,005 | 16,448 | 37,294 | 17,122 | 22,147 | 5,043 | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 358 | 1,609 | 306 | 1,484 | 789 | 604 | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 36,364 | 18,057 | 37,600 | 18,605 | 22,935 | 5,647 | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 2,827 | 2,827 | 26,270 | 26,270 | 27,240 | 27,240 | 28,974 | 28,974 | 18,588 | 18,588 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 25,270 | 25,270 | 4 | 4 | 3 | 3 | 18 | 18 | 0 | 0 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 453 | - | 481 | - | - | - | 2,150 | - | 2,218 | ||||||||||||||||||||||||||||||
| Other Assets | (3 | ) | (1 | ) | - | - | (41 | ) | - | 14 | (22 | ) | - | - | ||||||||||||||||||||||||||
| Total Assets | $ | 28,802 | $ | 28,550 | $ | 62,901 | $ | 44,929 | $ | 65,032 | $ | 46,011 | $ | 54,135 | $ | 39,195 | $ | 20,251 | $ | 20,807 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 279 | - | 461 | 591 | 489 | 265 | 651 | 289 | 19 | 24 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 279 | - | 461 | 591 | 489 | 265 | 651 | 289 | 19 | 24 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | 171 | - | 1,288 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 279 | - | 461 | 591 | 489 | 436 | 651 | 1,576 | 19 | 24 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 370 | 370 | 3,342 | 3,342 | 2,979 | 2,979 | 20,445 | 20,445 | 24,230 | 24,230 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 47,640 | 47,620 | 17,008 | 17,008 | 17,774 | 17,774 | 3,073 | 3,073 | - | - | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | 4,100 | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 48,010 | 47,990 | 20,350 | 20,350 | 20,753 | 20,753 | 23,518 | 23,518 | 24,230 | 28,330 | ||||||||||||||||||||||||||||||
| Total Liabilities | 48,289 | 47,990 | 20,811 | 20,941 | 21,242 | 21,189 | 24,169 | 25,094 | 24,249 | 28,354 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (19,488 | ) | (19,441 | ) | 42,091 | 23,988 | 43,790 | 24,823 | 29,966 | 14,101 | (3,998 | ) | (7,547 | ) | ||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 28,802 | $ | 28,550 | $ | 62,901 | $ | 44,929 | $ | 65,032 | $ | 46,011 | $ | 54,135 | $ | 39,195 | $ | 20,251 | $ | 20,807 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 141 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Carl Product Corporation | Concept Tanker Corporation | Crown Tanker Corporation | Delphina Tanker Corporation | Delta Aframax Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | 1 | ||||||||||||||||||||
| Voyage receivables | 2,622 | 61 | 1,991 | 1,332 | 90 | - | - | - | 758 | 1,381 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 11 | 5 | - | - | - | - | - | - | 4 | 106 | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | 1,244 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 33 | 117 | 241 | 352 | - | - | - | - | 42 | 148 | ||||||||||||||||||||||||||||||
| Total Current Assets | 2,667 | 183 | 2,232 | 1,683 | 90 | - | - | - | 805 | 2,880 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 51,896 | 47,331 | - | - | - | - | - | - | 56,274 | 28,759 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,873 | 1,110 | - | - | - | - | - | - | 43 | 1,375 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 53,768 | 48,441 | - | - | - | - | - | - | 56,317 | 30,134 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 612 | - | 300 | 300 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 6,388 | 6,388 | 7,495 | 7,495 | 431 | 431 | - | - | 3,875 | 3,875 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 7,467 | - | 855 | - | 129 | - | - | - | 843 | ||||||||||||||||||||||||||||||
| Other Assets | (58 | ) | 68 | - | - | - | - | - | - | (47 | ) | (133 | ) | |||||||||||||||||||||||||||
| Total Assets | $ | 63,377 | $ | 62,546 | $ | 10,027 | $ | 10,333 | $ | 522 | $ | 560 | $ | - | $ | - | $ | 60,949 | $ | 37,597 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 102 | 578 | - | - | - | - | - | - | 660 | 718 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 102 | 578 | - | - | - | - | - | - | 660 | 718 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | 4,737 | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 493 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 102 | 578 | 493 | - | - | - | - | - | 660 | 5,456 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 6,327 | 6,327 | 11,522 | 11,522 | 83 | 83 | - | - | 7,653 | 7,649 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 2 | 2 | 1 | 1 | 18 | 18 | - | - | 2 | 2 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | 2,726 | 10 | 10 | - | - | 36,791 | 35,394 | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 6,330 | 6,330 | 11,523 | 14,249 | 111 | 111 | - | - | 44,446 | 43,045 | ||||||||||||||||||||||||||||||
| Total Liabilities | 6,431 | 6,908 | 12,015 | 14,249 | 111 | 111 | - | - | 45,105 | 48,500 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 56,946 | 55,638 | (1,989 | ) | (3,916 | ) | 410 | 449 | - | - | 15,844 | (10,903 | ) | |||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 63,377 | $ | 62,546 | $ | 10,027 | $ | 10,333 | $ | 522 | $ | 560 | $ | - | $ | - | $ | 60,949 | $ | 37,597 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 142 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| DHT Ania Aframax Corp. | DHT Ann VLCC Corp. | DHT Cathy Aframax Corp. | DHT Chris VLCC Corp. | DHT Rebecca Aframax Corp. | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | (40 | ) | - | 3,455 | 34 | 1,711 | 279 | 2,422 | 25 | 243 | 237 | |||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | (15 | ) | - | 687 | - | 883 | - | 44 | - | 373 | - | |||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | (60 | ) | - | 579 | - | 409 | - | 479 | - | - | - | |||||||||||||||||||||||||||||
| Total Current Assets | (115 | ) | - | 4,721 | 34 | 3,003 | 279 | 2,945 | 25 | 616 | 237 | |||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 1,477 | 1,477 | 31,966 | 31,966 | 14,591 | 14,591 | 26,495 | 26,495 | 1,106 | 1,106 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 119 | 119 | 1,186 | 1,186 | 66 | 66 | 1,332 | 1,332 | 835 | 835 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 3,080 | - | 1,135 | - | 2,733 | - | 51 | ||||||||||||||||||||||||||||||
| Other Assets | - | - | (1 | ) | - | (5 | ) | - | - | - | 51 | - | ||||||||||||||||||||||||||||
| Total Assets | $ | 1,481 | $ | 1,596 | $ | 37,873 | $ | 36,266 | $ | 17,655 | $ | 16,071 | $ | 30,772 | $ | 30,585 | $ | 2,608 | $ | 2,229 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | �� | |||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 285 | - | - | - | 100 | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 285 | - | - | - | 100 | - | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 59 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | 59 | 285 | - | - | - | 100 | - | - | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 1,337 | 1,341 | 28,300 | 27,613 | 18,440 | 17,564 | 22,718 | 22,394 | 1,046 | 673 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | - | - | 1 | 1 | 955 | 955 | 835 | 835 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 45 | - | 380 | - | 44 | - | 334 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 1,337 | 1,387 | 28,300 | 27,993 | 18,441 | 17,609 | 23,673 | 23,683 | 1,881 | 1,508 | ||||||||||||||||||||||||||||||
| Total Liabilities | 1,337 | 1,446 | 28,585 | 27,993 | 18,441 | 17,609 | 23,773 | 23,683 | 1,881 | 1,508 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 144 | 150 | 9,288 | 8,274 | (786 | ) | (1,539 | ) | 6,999 | 6,903 | 727 | 721 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 1,481 | $ | 1,596 | $ | 37,873 | $ | 36,266 | $ | 17,655 | $ | 16,071 | $ | 30,772 | $ | 30,585 | $ | 2,608 | $ | 2,229 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 143 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| DHT Regal Unity VLCC Corp. | DHT Sophie Aframax Corp. | Dignity Chartering Corporation | Edindun Shipping Corporation | Eighth Aframax Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 1,247 | 8 | 581 | 267 | 3,016 | 54 | - | - | 1,427 | 2,882 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 750 | - | 865 | - | 8 | - | - | - | 33 | 6 | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | 906 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | (31 | ) | - | 511 | - | - | - | 46 | 141 | |||||||||||||||||||||||||||||
| Total Current Assets | 1,997 | 8 | 1,415 | 267 | 3,534 | 54 | - | - | 1,506 | 3,935 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | 483 | - | - | - | 23,283 | 21,369 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | 1,422 | - | - | - | 1,671 | 1,045 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | 1,905 | - | - | - | 24,954 | 22,414 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 10,664 | 10,664 | 10,543 | 10,543 | 9,160 | 9,160 | - | - | 7,170 | 7,170 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 2,601 | 2,601 | 8 | 8 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 1,214 | - | 199 | - | 2,195 | - | - | - | 2,440 | ||||||||||||||||||||||||||||||
| Other Assets | - | - | 0 | - | 26 | 23 | - | - | 85 | 88 | ||||||||||||||||||||||||||||||
| Total Assets | $ | 15,262 | $ | 14,487 | $ | 11,965 | $ | 11,017 | $ | 14,624 | $ | 11,432 | $ | - | $ | - | $ | 33,715 | $ | 36,048 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 7 | - | 162 | - | - | - | 119 | 1,710 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 7 | - | 162 | - | - | - | 119 | 1,710 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | 7 | - | 162 | - | - | - | 119 | 1,710 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 16,475 | 15,769 | 12,505 | 11,677 | 26,406 | 26,407 | - | - | 32,826 | 32,826 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | - | - | 0 | 0 | - | - | 7 | 7 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 213 | - | - | - | 32,550 | - | - | - | (0 | ) | |||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 16,475 | 15,982 | 12,505 | 11,677 | 26,407 | 58,957 | - | - | 32,833 | 32,833 | ||||||||||||||||||||||||||||||
| Total Liabilities | 16,475 | 15,982 | 12,512 | 11,677 | 26,569 | 58,957 | - | - | 32,952 | 34,543 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (1,213 | ) | (1,495 | ) | (547 | ) | (661 | ) | (11,944 | ) | (47,526 | ) | - | - | 763 | 1,505 | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 15,262 | $ | 14,487 | $ | 11,965 | $ | 11,017 | $ | 14,624 | $ | 11,432 | $ | - | $ | - | $ | 33,715 | $ | 36,048 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 144 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Epsilon Aframax Corporation | First Chemical Carrier Corporation | First LPG Tanker Corporation | First Union Tanker Corporation | Fourth Aframax Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 1 | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 1,703 | 1,721 | 22 | 19 | 287 | 39 | 2,635 | 3,519 | 924 | 358 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 73 | 6 | - | - | 0 | (36 | ) | 7 | 4 | 53 | 2 | |||||||||||||||||||||||||||||
| Inventory | - | 398 | - | - | (0 | ) | - | - | - | 893 | - | |||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 42 | 133 | 335 | 3 | 0 | - | 107 | 352 | 216 | 3 | ||||||||||||||||||||||||||||||
| Total Current Assets | 1,819 | 2,259 | 357 | 22 | 288 | 3 | 2,749 | 3,875 | 2,086 | 362 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 56,928 | 28,932 | - | - | - | - | 38,368 | 19,764 | 21,167 | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | 308 | - | - | - | - | 2,032 | 496 | 1,676 | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 56,928 | 29,240 | - | - | - | - | 40,401 | 20,261 | 22,843 | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 2,383 | 2,383 | 5,755 | 5,755 | 7,053 | 7,053 | 21,750 | 21,750 | 30,407 | 30,407 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | 117 | 117 | 0 | 0 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 1,226 | - | - | - | - | - | 856 | - | 13,255 | ||||||||||||||||||||||||||||||
| Other Assets | 108 | 41 | - | - | - | - | 421 | (3 | ) | 107 | 9 | |||||||||||||||||||||||||||||
| Total Assets | $ | 61,238 | $ | 35,148 | $ | 6,113 | $ | 5,777 | $ | 7,341 | $ | 7,056 | $ | 65,438 | $ | 46,856 | $ | 55,442 | $ | 44,033 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 423 | 945 | 2,054 | 0 | 995 | 376 | 525 | 378 | 65 | 91 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 423 | 945 | 2,054 | 0 | 995 | 376 | 525 | 378 | 65 | 91 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | 746 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 621 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 908 | - | 187 | - | - | - | 1,557 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 423 | 2,312 | 2,054 | 908 | 995 | 562 | 525 | 378 | 65 | 1,648 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 7,606 | 7,606 | 8,117 | 8,117 | 5,815 | 5,815 | 11,373 | 11,407 | 22,491 | 22,528 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 34 | 34 | - | - | - | - | 10 | 10 | 3,432 | 3,432 | ||||||||||||||||||||||||||||||
| Other liabilities | 36,792 | 35,394 | - | - | - | - | - | - | - | 307 | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 44,432 | 43,034 | 8,117 | 8,117 | 5,815 | 5,815 | 11,383 | 11,417 | 25,923 | 26,267 | ||||||||||||||||||||||||||||||
| Total Liabilities | 44,854 | 45,346 | 10,170 | 9,025 | 6,810 | 6,377 | 11,908 | 11,795 | 25,988 | 27,915 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 16,383 | (10,198 | ) | (4,058 | ) | (3,247 | ) | 531 | 678 | 53,530 | 35,060 | 29,454 | 16,118 | |||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 61,238 | $ | 35,148 | $ | 6,113 | $ | 5,777 | $ | 7,341 | $ | 7,056 | $ | 65,438 | $ | 46,856 | $ | 55,442 | $ | 44,033 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 145 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Front President Inc. | Goldmar Limited | GPC Aframax Corporation | Grace Chartering Corporation | International Seaways, Inc. | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 1 | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 2,991 | 3,803 | 2,099 | 2,817 | 1,818 | 126 | 1,564 | (8 | ) | 5,877 | 11,308 | |||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 179 | 17 | 0 | 31 | 25 | 2 | - | - | 75 | (15 | ) | |||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | 6,805 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 90 | 225 | 33 | 111 | 470 | - | 242 | - | 917 | 1,325 | ||||||||||||||||||||||||||||||
| Total Current Assets | 3,261 | 4,046 | 2,132 | 2,959 | 2,312 | 128 | 1,806 | (8 | ) | 6,869 | 19,423 | |||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 105,641 | 99,356 | 34,252 | 14,492 | 77 | 77 | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | 133 | 1,546 | 1,217 | 16 | - | - | - | - | 536 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 105,641 | 99,489 | 35,798 | 15,710 | 93 | 77 | - | - | - | 536 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 641 | 641 | - | - | 300 | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 65,978 | 65,978 | 19,307 | 19,307 | 1,460 | 1,460 | 6,486 | 6,486 | 15,356 | 15,356 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 0 | 0 | 8 | 8 | 9,871 | 9,871 | 2 | 2 | 49 | 49 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 4,837 | - | 5,173 | - | 19 | - | 2,041 | - | 7,746 | ||||||||||||||||||||||||||||||
| Other Assets | 61 | - | 67 | - | (185 | ) | (43 | ) | - | - | - | (54 | ) | |||||||||||||||||||||||||||
| Total Assets | $ | 174,942 | $ | 174,351 | $ | 57,955 | $ | 43,798 | $ | 13,551 | $ | 11,512 | $ | 8,594 | $ | 8,520 | $ | 22,274 | $ | 43,056 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 239 | 179 | 39 | 75 | 224 | 7 | - | - | 5 | 9,645 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 239 | 179 | 39 | 75 | 224 | 7 | - | - | 5 | 9,645 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | 771 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 350 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 6,585 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | (1,626 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | 142 | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 239 | 1,300 | 39 | 75 | (1,402 | ) | 7 | - | - | 5 | 16,372 | |||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 12,424 | 12,424 | 5,499 | 5,499 | 21,856 | 21,856 | 9,511 | 9,511 | 21,891 | 21,891 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 3 | 3 | 11,659 | 11,659 | 1 | 1 | - | - | 7,825 | 7,825 | ||||||||||||||||||||||||||||||
| Other liabilities | 68,723 | 66,094 | - | - | - | 20,304 | - | 879 | 0 | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 81,150 | 78,520 | 17,158 | 17,158 | 21,857 | 42,161 | 9,511 | 10,391 | 29,716 | 29,716 | ||||||||||||||||||||||||||||||
| Total Liabilities | 81,389 | 79,820 | 17,198 | 17,234 | 20,455 | 42,168 | 9,511 | 10,391 | 29,721 | 46,089 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 93,553 | 94,530 | 40,757 | 26,564 | (6,905 | ) | (30,656 | ) | (918 | ) | (1,870 | ) | (7,448 | ) | (3,033 | ) | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 174,942 | $ | 174,351 | $ | 57,955 | $ | 43,798 | $ | 13,551 | $ | 11,512 | $ | 8,594 | $ | 8,520 | $ | 22,274 | $ | 43,056 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 146 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Jademar Limited | Joyce Car Carrier Corporation | Juneau Tanker Corporation | Kimolos Tanker Corporation | Kythnos Chartering Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 2,067 | 3,177 | - | - | - | - | 2,143 | 1,699 | 1,368 | 1,112 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 21 | (28 | ) | (19 | ) | - | - | - | 21 | 19 | 42 | 69 | ||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 524 | 578 | 216 | 491 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 29 | 96 | 0 | - | - | - | 240 | 291 | 263 | 104 | ||||||||||||||||||||||||||||||
| Total Current Assets | 2,116 | 3,246 | (19 | ) | - | - | - | 2,928 | 2,587 | 1,889 | 1,775 | |||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 35,721 | 14,847 | - | - | - | - | 982 | 709 | 35,080 | 32,923 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,321 | 902 | - | - | - | - | 164 | 693 | - | 84 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 37,042 | 15,749 | - | - | - | - | 1,146 | 1,402 | 35,080 | 33,007 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 420 | 420 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 33,198 | 33,198 | 27,330 | 27,330 | 10,114 | 10,114 | 13,389 | 13,389 | 18,822 | 18,822 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 5,584 | 5,584 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 6,035 | - | - | - | - | - | - | - | 4,761 | ||||||||||||||||||||||||||||||
| Other Assets | (34 | ) | - | (198 | ) | 4 | - | - | (22 | ) | (1 | ) | (20 | ) | - | |||||||||||||||||||||||||
| Total Assets | $ | 78,326 | $ | 64,233 | $ | 27,112 | $ | 27,333 | $ | 10,114 | $ | 10,114 | $ | 17,441 | $ | 17,377 | $ | 55,771 | $ | 58,366 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 53 | 436 | 56 | 81 | - | - | 719 | 186 | 99 | 302 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 53 | 436 | 56 | 81 | - | - | 719 | 186 | 99 | 302 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 152 | - | - | - | 1,984 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 53 | 436 | 56 | 234 | - | - | 719 | 2,170 | 99 | 302 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 6,402 | 6,402 | 5,554 | 5,554 | - | - | 23,413 | 23,413 | 15,205 | 15,205 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 32,050 | 32,050 | 4 | 4 | 8,114 | 8,114 | 5 | 5 | - | - | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | 14,130 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 38,453 | 38,453 | 5,558 | 5,558 | 8,114 | 8,114 | 23,418 | 37,548 | 15,205 | 15,205 | ||||||||||||||||||||||||||||||
| Total Liabilities | 38,506 | 38,889 | 5,614 | 5,792 | 8,114 | 8,114 | 24,137 | 39,718 | 15,304 | 15,507 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 39,820 | 25,344 | 21,498 | 21,541 | 2,000 | 2,000 | (6,696 | ) | (22,341 | ) | 40,468 | 42,859 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 78,326 | $ | 64,233 | $ | 27,112 | $ | 27,333 | $ | 10,114 | $ | 10,114 | $ | 17,441 | $ | 17,377 | $ | 55,771 | $ | 58,366 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 147 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Leo Tanker Corporation | Leyte Product Tanker Corporation | Limar Charter Corporation | Luxmar Product Tanker Corporation | Luxmar Tanker LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 2,865 | - | 2,668 | 3,139 | 812 | - | 410 | 736 | 0 | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | 23 | 4 | 27 | - | - | 109 | 12 | - | ||||||||||||||||||||||||||||||
| Inventory | 259 | - | 479 | - | 206 | - | 52 | 645 | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 273 | - | 27 | 131 | 246 | - | (9 | ) | 94 | - | - | |||||||||||||||||||||||||||||
| Total Current Assets | 3,397 | - | 3,198 | 3,275 | 1,290 | - | 454 | 1,583 | 12 | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 55,430 | 33,266 | 199 | - | 23,904 | 6,205 | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | 86 | 3,322 | - | 482 | 646 | 0 | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 55,430 | 33,352 | 3,521 | - | 24,386 | 6,851 | 0 | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | 925 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 19,471 | 19,471 | 6,981 | 6,981 | 8,467 | 8,467 | 24,007 | 24,007 | 56,792 | 56,792 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 11 | 11 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,288 | - | 4,061 | - | 263 | - | 314 | - | - | ||||||||||||||||||||||||||||||
| Other Assets | - | - | 30 | (9 | ) | (26 | ) | - | - | (18 | ) | 13 | 66 | |||||||||||||||||||||||||||
| Total Assets | $ | 22,868 | $ | 21,759 | $ | 65,649 | $ | 48,595 | $ | 13,253 | $ | 8,731 | $ | 48,847 | $ | 32,737 | $ | 56,818 | $ | 56,858 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 745 | 1 | 1,398 | 154 | 1,021 | 313 | 636 | 999 | 121 | 51 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 745 | 1 | 1,398 | 154 | 1,021 | 313 | 636 | 999 | 121 | 51 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 137 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 516 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 253 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | 972 | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | 60 | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 745 | 1 | 1,398 | 808 | 2,053 | 313 | 636 | 999 | 121 | 305 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 23,812 | 23,812 | 25,031 | 25,031 | 26,414 | 26,414 | 24,205 | 24,205 | 568 | 568 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 267 | 267 | 9 | 9 | 11,407 | 11,407 | 31,784 | 31,784 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 2,421 | 41,435 | 40,867 | - | 5,232 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 23,812 | 26,233 | 66,734 | 66,166 | 26,423 | 31,655 | 35,612 | 35,612 | 32,351 | 32,351 | ||||||||||||||||||||||||||||||
| Total Liabilities | 24,557 | 26,234 | 68,131 | 66,973 | 28,476 | 31,968 | 36,248 | 36,611 | 32,472 | 32,656 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (1,689 | ) | (4,476 | ) | (2,482 | ) | (18,379 | ) | (15,223 | ) | (23,237 | ) | 12,600 | (3,874 | ) | 24,346 | 24,202 | |||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 22,868 | $ | 21,759 | $ | 65,649 | $ | 48,595 | $ | 13,253 | $ | 8,731 | $ | 48,847 | $ | 32,737 | $ | 56,818 | $ | 56,858 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 148 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Majestic Tankers Corporation | Oak Tanker Corporation | Maremar Product Tanker Corporation | Maremar Tanker LLC | Marilyn Vessel Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | 1 | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 2,926 | 3,880 | (430 | ) | 3,524 | - | - | 3,112 | 161 | - | - | |||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 21 | 58 | 86 | 205 | - | - | 427 | - | - | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 198 | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 86 | 275 | 62 | 247 | - | - | 36 | 4 | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 3,032 | 4,213 | (282 | ) | 3,978 | - | - | 3,772 | 165 | - | - | |||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 40,698 | 18,874 | 141,583 | 73,056 | - | - | 24,600 | 7,527 | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 2,099 | 108 | - | - | - | - | 310 | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 42,797 | 18,982 | 141,583 | 73,056 | - | - | 24,910 | 7,527 | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 3,629 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 11,354 | 11,354 | 40 | 40 | 99 | 99 | 40,336 | 40,336 | 901 | 901 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | 52 | 52 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 2,991 | - | 12 | - | 4,764 | - | - | ||||||||||||||||||||||||||||||
| Other Assets | (2 | ) | (0 | ) | - | - | 9 | - | (216 | ) | 92 | - | - | |||||||||||||||||||||||||||
| Total Assets | $ | 57,181 | $ | 34,548 | $ | 144,970 | $ | 80,065 | $ | 108 | $ | 111 | $ | 68,802 | $ | 52,884 | $ | 953 | $ | 953 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 461 | 106 | 424 | 104 | - | - | 726 | 163 | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 461 | 106 | 424 | 104 | - | - | 726 | 163 | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 973 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 506 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 822 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 461 | 928 | 424 | 1,584 | - | - | 726 | 163 | - | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 10,471 | 10,471 | 14,674 | 14,674 | 7 | 7 | 435 | 435 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 16 | 16 | 44,979 | 44,979 | 1 | 1 | 30,577 | 30,577 | - | - | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | 85,862 | 83,289 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 10,487 | 10,487 | 145,514 | 142,942 | 8 | 8 | 31,011 | 31,011 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities | 10,949 | 11,415 | 145,938 | 144,526 | 8 | 8 | 31,738 | 31,174 | - | - | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 46,232 | 23,133 | (968 | ) | (64,461 | ) | 100 | 103 | 37,064 | 21,709 | 953 | 953 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 57,181 | $ | 34,548 | $ | 144,970 | $ | 80,065 | $ | 108 | $ | 111 | $ | 68,802 | $ | 52,884 | $ | 953 | $ | 953 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 149 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Maritrans General Partner Inc. | Maritrans Operating Company L.P. | Milos Product Tanker Corporation | Mindanao Tanker Corporation | Mykonos Tanker LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | 1,078 | 1,705 | - | - | 881 | 1,821 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | - | - | (12 | ) | 21 | - | 39 | - | 370 | |||||||||||||||||||||||||||||
| Inventory | - | - | - | - | 733 | 83 | - | - | 55 | 629 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | 25 | 97 | - | 12 | 24 | 41 | ||||||||||||||||||||||||||||||
| Total Current Assets | - | - | - | - | 1,824 | 1,906 | - | 52 | 959 | 2,861 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | 42,284 | 39,742 | 34,414 | 61,391 | 47,429 | 44,352 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | 64 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | 42,284 | 39,742 | 34,414 | 61,391 | 47,429 | 44,416 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | (385 | ) | (385 | ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 53,629 | 53,629 | 0 | 0 | 5 | 5 | 47,635 | 47,615 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | 135 | 135 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 6,496 | - | - | - | 9,404 | ||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | - | - | - | 29 | ||||||||||||||||||||||||||||||
| Total Assets | $ | (385 | ) | $ | (385 | ) | $ | 53,629 | $ | 53,629 | $ | 44,109 | $ | 48,145 | $ | 34,554 | $ | 61,582 | $ | 96,023 | $ | 104,325 | ||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | - | - | 114 | 587 | - | 59 | 277 | 840 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | - | - | 114 | 587 | - | 59 | 277 | 840 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | 10,800 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | 16,194 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | - | - | 114 | 587 | - | 27,054 | 277 | 840 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | 33,894 | 33,894 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 7 | 7 | 22,672 | 22,672 | 345 | 345 | 47,682 | 47,682 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 146 | 146 | - | - | 19,387 | 19,387 | 214 | 214 | 26,607 | 26,607 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 146 | 146 | 7 | 7 | 42,059 | 42,059 | 34,454 | 34,454 | 74,289 | 74,289 | ||||||||||||||||||||||||||||||
| Total Liabilities | 146 | 146 | 7 | 7 | 42,173 | 42,646 | 34,454 | 61,508 | 74,566 | 75,129 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (531 | ) | (531 | ) | 53,622 | 53,622 | 1,936 | 5,499 | 100 | 74 | 21,457 | 29,196 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | (385 | ) | $ | (385 | ) | $ | 53,629 | $ | 53,629 | $ | 44,109 | $ | 48,145 | $ | 34,554 | $ | 61,582 | $ | 96,023 | $ | 104,325 | ||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 150 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Nedimar Charter Corporation | Maple Tanker Corporation | Ocean Bulk Ships, Inc. | Oceania Tanker Corporation | OSG 192 LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | 1 | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 1,553 | - | (234 | ) | 3,980 | - | - | 2,100 | - | (20 | ) | - | ||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | (5 | ) | (5 | ) | 115 | 137 | - | - | 114 | 26 | - | - | ||||||||||||||||||||||||||||
| Inventory | 333 | - | - | - | - | - | - | 878 | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 256 | - | 61 | 230 | - | - | 96 | 169 | 9 | 47 | ||||||||||||||||||||||||||||||
| Total Current Assets | 2,137 | (5 | ) | (57 | ) | 4,347 | - | - | 2,310 | 1,072 | (11 | ) | 47 | |||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 47 | - | 138,736 | 68,550 | - | - | 79,751 | 45,317 | 9,219 | 6,805 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,379 | - | - | - | - | - | 168 | - | 796 | 693 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 1,426 | - | 138,736 | 68,550 | - | - | 79,920 | 45,317 | 10,015 | 7,498 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 3,788 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 12,466 | 12,466 | 422 | 422 | - | - | 84,867 | 84,867 | 24,239 | 24,239 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 2 | 2 | 0 | 0 | - | - | - | - | 3,001 | 3,001 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 712 | - | 4,405 | - | - | - | - | - | 12,462 | ||||||||||||||||||||||||||||||
| Other Assets | (41 | ) | (2 | ) | 68 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
| Total Assets | $ | 15,991 | $ | 13,173 | $ | 142,957 | $ | 77,724 | $ | - | $ | - | $ | 167,097 | $ | 131,256 | $ | 37,244 | $ | 47,248 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 591 | 2 | 325 | 159 | - | - | 102 | 134 | 440 | 947 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 591 | 2 | 325 | 159 | - | - | 102 | 134 | 440 | 947 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 769 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 440 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | 722 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | 1,339 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 197 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 2,127 | 2 | 325 | 1,369 | - | - | 102 | 856 | 440 | 947 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 24,337 | 24,337 | 16,128 | 16,128 | - | - | 10,310 | 10,292 | 52 | 52 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 9 | 9 | 46,972 | 46,972 | 15 | 15 | 360 | 360 | 14,899 | 14,899 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 5,946 | 83,617 | 81,127 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 24,346 | 30,292 | 146,717 | 144,227 | 15 | 15 | 10,670 | 10,652 | 14,950 | 14,950 | ||||||||||||||||||||||||||||||
| Total Liabilities | 26,473 | 30,294 | 147,042 | 145,596 | 15 | 15 | 10,772 | 11,507 | 15,391 | 15,898 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (10,482 | ) | (17,121 | ) | (4,085 | ) | (67,871 | ) | (15 | ) | (15 | ) | 156,325 | 119,749 | 21,853 | 31,350 | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 15,991 | $ | 13,173 | $ | 142,957 | $ | 77,724 | $ | - | $ | 0 | $ | 167,097 | $ | 131,256 | $ | 37,244 | $ | 47,248 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 151 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG 209 LLC | OSG 214 LLC | OSG 215 Corporation | OSG 242 LLC | OSG 243 LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | (9 | ) | 39 | 34 | 90 | - | - | 1,551 | 4 | 1,820 | 18 | |||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 265 | 0 | 298 | 0 | - | - | 284 | - | 60 | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 315 | - | 166 | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 5 | 51 | 5 | 59 | - | - | 5 | 51 | 15 | 52 | ||||||||||||||||||||||||||||||
| Total Current Assets | 261 | 89 | 337 | 150 | - | - | 2,155 | 54 | 2,061 | 70 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 22,021 | 19,412 | 18,892 | 16,465 | - | - | 29,890 | 26,896 | 31,327 | 28,360 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,099 | 335 | 1,762 | - | - | - | 746 | - | 703 | 336 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 23,121 | 19,747 | 20,653 | 16,465 | - | - | 30,636 | 26,896 | 32,030 | 28,695 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 24,400 | 24,400 | 14,836 | 14,836 | 124 | 124 | 29,932 | 29,932 | 2,761 | 2,761 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | 25,647 | 25,647 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 14,145 | - | 14,763 | - | - | - | 26,437 | - | 35,411 | ||||||||||||||||||||||||||||||
| Other Assets | 19 | 323 | - | - | - | - | 17 | - | (94 | ) | (50 | ) | ||||||||||||||||||||||||||||
| Total Assets | $ | 47,801 | $ | 58,704 | $ | 35,826 | $ | 46,214 | $ | 124 | $ | 124 | $ | 62,739 | $ | 83,320 | $ | 62,405 | $ | 92,534 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 464 | 72 | 398 | 943 | - | - | 1,084 | 1,405 | 20 | 56 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 464 | 72 | 398 | 943 | - | - | 1,084 | 1,405 | 20 | 56 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 12,578 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 464 | 72 | 398 | 943 | - | - | 1,084 | 1,405 | 20 | 12,635 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 54 | 54 | 50 | 50 | - | - | 58 | 58 | 70 | 70 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 11,106 | 11,106 | 8,902 | 8,902 | 124 | 124 | 8,725 | 8,725 | 10,001 | 10,001 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 11,160 | 11,160 | 8,951 | 8,951 | 124 | 124 | 8,783 | 8,783 | 10,070 | 10,070 | ||||||||||||||||||||||||||||||
| Total Liabilities | 11,624 | 11,232 | 9,349 | 9,894 | 124 | 124 | 9,867 | 10,188 | 10,090 | 22,705 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 36,177 | 47,472 | 26,477 | 36,320 | (0 | ) | (0 | ) | 52,872 | 73,131 | 52,314 | 69,829 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 47,801 | $ | 58,704 | $ | 35,826 | $ | 46,214 | $ | 124 | $ | 124 | $ | 62,739 | $ | 83,320 | $ | 62,405 | $ | 92,534 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 152 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG 244 LLC | OSG 252 LLC | OSG 254 LLC | OSG 300 LLC | OSG 400 LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 68 | 39 | 1,600 | 58 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 276 | - | 328 | 3 | 247 | 55 | - | - | - | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | 278 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 5 | 48 | 5 | 48 | 5 | 48 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 350 | 87 | 2,211 | 109 | 252 | 103 | - | - | - | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 16,006 | 12,939 | 18,995 | 16,065 | 21,186 | 17,856 | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,102 | 1,619 | 1,152 | 446 | 1,870 | 1,056 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 17,108 | 14,558 | 20,147 | 16,511 | 23,056 | 18,913 | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 27,376 | 27,376 | 18,417 | 18,417 | 22,276 | 22,276 | 84 | 84 | 4,141 | 4,141 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | 18,323 | 18,323 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 12,877 | - | 20,158 | - | 16,273 | - | - | - | - | ||||||||||||||||||||||||||||||
| Other Assets | - | (1 | ) | (7 | ) | (39 | ) | - | - | - | - | 532 | 771 | |||||||||||||||||||||||||||
| Total Assets | $ | 44,834 | $ | 54,898 | $ | 40,769 | $ | 55,157 | $ | 45,584 | $ | 57,565 | $ | 84 | $ | 84 | $ | 22,996 | $ | 23,235 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 474 | 79 | 386 | 318 | 1 | 28 | - | - | (1 | ) | - | |||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 474 | 79 | 386 | 318 | 1 | 28 | - | - | (1 | ) | - | |||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 20 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 474 | 79 | 386 | 318 | 1 | 28 | - | - | (1 | ) | 20 | |||||||||||||||||||||||||||||
| �� | ||||||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 51 | 51 | 53 | 53 | 55 | 55 | - | - | 50 | 50 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 11,421 | 11,421 | 1,872 | 1,872 | 5,994 | 5,994 | - | - | 6,183 | 6,183 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 11,472 | 11,472 | 1,925 | 1,925 | 6,048 | 6,048 | - | - | 6,233 | 6,233 | ||||||||||||||||||||||||||||||
| Total Liabilities | 11,946 | 11,551 | 2,312 | 2,243 | 6,050 | 6,076 | - | - | 6,232 | 6,254 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 32,888 | 43,346 | 38,457 | 52,913 | 39,535 | 51,490 | 84 | 84 | 16,764 | 16,982 | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 44,834 | $ | 54,898 | $ | 40,769 | $ | 55,157 | $ | 45,584 | $ | 57,565 | $ | 84 | $ | 84 | $ | 22,996 | $ | 23,235 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 153 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG America L.P. | OSG America LLC | OSG America Operating Company LLC | OSG Car Carriers, Inc. | OSG Clean Products International, Inc. | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | 23,350 | $ | 291,362 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | (1,501 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | (1 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
| Total Current Assets | - | - | - | - | 21,847 | 291,362 | - | - | - | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | 995 | 415 | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | 64,617 | 57,500 | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | 0 | 0 | 423,001 | 423,001 | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 458 | 458 | 834,346 | 834,346 | 6,682 | 6,682 | 100 | 100 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | 1 | 1 | 205 | 205 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 66,357 | - | - | - | - | ||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Assets | $ | - | $ | - | $ | 459 | $ | 459 | $ | 1,344,807 | $ | 1,672,982 | $ | 6,887 | $ | 6,887 | $ | 100 | $ | 100 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | - | - | 16 | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | - | - | 16 | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | 1,097 | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 1 | - | 325,883 | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | - | 1 | 16 | 326,980 | - | - | - | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | - | - | 134,975 | 134,975 | 0 | 0 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 79 | 79 | - | - | 686,794 | 686,794 | 6,899 | 6,899 | - | - | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | 302 | 302 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 79 | 79 | - | - | 822,070 | 822,070 | 6,899 | 6,899 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities | 79 | 79 | - | 1 | 822,086 | 1,149,051 | 6,899 | 6,899 | - | - | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (79 | ) | (79 | ) | 459 | 458 | 522,721 | 523,931 | (13 | ) | (13 | ) | 100 | 100 | ||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | - | $ | - | $ | 459 | $ | 459 | $ | 1,344,807 | $ | 1,672,982 | $ | 6,887 | $ | 6,887 | $ | 100 | $ | 100 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 154 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG Columbia LLC | OSG Constitution LLC | OSG Courageous LLC | OSG Delaware Bay Lightering LLC | OSG Discovery LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | 5,421 | 5,034 | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 26 | 26 | - | - | 10 | 10 | 63 | 149 | - | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 710 | 1,026 | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 4 | 28 | - | - | 4 | 35 | 47 | 231 | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 29 | 53 | - | - | 14 | 45 | 6,241 | 6,440 | - | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 7,024 | 6,371 | - | - | 30,264 | 28,846 | 382,438 | 362,268 | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 602 | 9 | - | - | - | 131 | - | 499 | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 7,626 | 6,381 | - | - | 30,264 | 28,977 | 382,438 | 362,767 | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 2,435 | 2,435 | 1,070 | 1,070 | 2,062 | 2,062 | 15,144 | 15,144 | 1,272 | 1,272 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | 104,456 | 104,456 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | - | - | 66,496 | - | 935 | ||||||||||||||||||||||||||||||
| Other Assets | - | 7 | 0 | - | (2 | ) | (2 | ) | 0 | 2 | - | - | ||||||||||||||||||||||||||||
| Total Assets | $ | 10,091 | $ | 8,876 | $ | 1,070 | $ | 1,070 | $ | 32,339 | $ | 31,082 | $ | 508,278 | $ | 555,305 | $ | 1,272 | $ | 2,207 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 125 | 161 | 2 | 3 | 140 | 202 | 598 | 910 | 21 | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 125 | 161 | 2 | 3 | 140 | 202 | 598 | 910 | 21 | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 4,419 | - | 2 | - | 4,645 | - | 16,724 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 125 | 4,580 | 2 | 5 | 140 | 4,846 | 598 | 17,634 | 21 | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 33 | 33 | 32 | 32 | 1 | 1 | 380 | 380 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 9,323 | 9,323 | 4,544 | 4,544 | 17,212 | 17,212 | 88,794 | 88,794 | 508 | 508 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 9,355 | 9,355 | 4,576 | 4,576 | 17,213 | 17,213 | 89,174 | 89,174 | 508 | 508 | ||||||||||||||||||||||||||||||
| Total Liabilities | 9,480 | 13,935 | 4,579 | 4,582 | 17,353 | 22,059 | 89,772 | 106,808 | 529 | 508 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 611 | (5,059 | ) | (3,508 | ) | (3,511 | ) | 14,986 | 9,022 | 418,506 | 448,497 | 743 | 1,698 | |||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 10,091 | $ | 8,876 | $ | 1,070 | $ | 1,070 | $ | 32,339 | $ | 31,082 | $ | 508,278 | $ | 555,305 | $ | 1,272 | $ | 2,207 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 155 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG Endeavor LLC | OSG Endurance LLC | OSG Enterprise LLC | OSG Financial Corp. | OSG Freedom LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 16 | $ | 371 | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | 23 | 23 | 10 | 10 | - | - | - | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | 0 | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 4 | 35 | 4 | 27 | - | - | 5 | - | ||||||||||||||||||||||||||||||
| Total Current Assets | - | - | 27 | 58 | 14 | 37 | 16 | 371 | 5 | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 32,214 | 30,702 | 4,238 | 3,785 | - | - | 1,478 | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | 46 | 1,494 | 8 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 32,214 | 30,748 | 5,732 | 3,793 | - | - | 1,478 | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 69 | 69 | 3,140 | 3,140 | 10,251 | 10,251 | 829 | 829 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | - | - | - | - | 486 | ||||||||||||||||||||||||||||||
| Other Assets | - | - | (30 | ) | (17 | ) | 9 | 84 | 731 | 203 | 0 | - | ||||||||||||||||||||||||||||
| Total Assets | $ | - | $ | - | $ | 32,280 | $ | 30,858 | $ | 8,895 | $ | 7,054 | $ | 10,999 | $ | 10,825 | $ | 2,312 | $ | 1,316 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 145 | 183 | 189 | 187 | - | - | (7 | ) | 15 | |||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 145 | 183 | 189 | 187 | - | - | (7 | ) | 15 | |||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 72 | - | 4,315 | - | 4,702 | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | 72 | 145 | 4,497 | 189 | 4,889 | - | - | (7 | ) | 15 | |||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 111 | 111 | 1 | 1 | 29 | 29 | - | - | 28 | 28 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 310 | 310 | 15,683 | 15,683 | 8,420 | 8,420 | 9,457 | 9,457 | 3,753 | 3,753 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 421 | 421 | 15,684 | 15,684 | 8,449 | 8,449 | 9,457 | 9,457 | 3,781 | 3,781 | ||||||||||||||||||||||||||||||
| Total Liabilities | 421 | 494 | 15,828 | 20,181 | 8,638 | 13,338 | 9,457 | 9,457 | 3,775 | 3,796 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (421 | ) | (494 | ) | 16,452 | 10,677 | 257 | (6,284 | ) | 1,541 | 1,368 | (1,462 | ) | (2,480 | ) | |||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | - | $ | - | $ | 32,280 | $ | 30,858 | $ | 8,895 | $ | 7,054 | $ | 10,999 | $ | 10,825 | $ | 2,312 | $ | 1,316 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 156 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG Honour LLC | OSG Independence LLC | OSG Intrepid LLC | OSG Liberty LLC | OSG Lightering LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,502 | $ | 18,930 | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | 8,284 | 8,036 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 16 | 16 | 14 | 17 | 13 | 17 | - | - | 9,798 | 2,167 | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | 2,227 | 1,149 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 4 | 27 | 4 | 28 | 4 | 27 | - | - | 1,623 | 1,052 | ||||||||||||||||||||||||||||||
| Total Current Assets | 20 | 44 | 18 | 45 | 17 | 43 | - | - | 25,433 | 31,334 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 3,802 | 3,323 | 6,615 | 5,997 | 2,897 | 2,315 | - | - | 4,340 | 2,629 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 848 | 257 | 311 | 152 | 1,219 | 565 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 4,649 | 3,579 | 6,926 | 6,149 | 4,116 | 2,880 | - | - | 4,340 | 2,629 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | 7,190 | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | 8,101 | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 2,458 | 2,458 | 246 | 246 | 2 | 2 | 9,493 | 9,493 | 127,232 | 127,232 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 1 | 1 | - | - | 1 | 1 | 137,738 | 137,738 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 5,998 | - | - | - | 1 | - | 4,797 | ||||||||||||||||||||||||||||||
| Other Assets | (3 | ) | (2 | ) | 0 | (0 | ) | (8 | ) | 0 | (9 | ) | - | - | - | |||||||||||||||||||||||||
| Total Assets | $ | 7,124 | $ | 6,079 | $ | 7,191 | $ | 12,438 | $ | 4,126 | $ | 2,926 | $ | 9,485 | $ | 9,495 | $ | 310,035 | $ | 303,730 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 143 | 157 | 270 | 159 | 134 | 165 | (1 | ) | - | 3,384 | 3,500 | |||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 143 | 157 | 270 | 159 | 134 | 165 | (1 | ) | - | 3,384 | 3,500 | |||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 4,497 | - | 10,964 | - | 4,886 | - | - | - | 9,822 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 143 | 4,654 | 270 | 11,123 | 134 | 5,051 | (1 | ) | - | 3,384 | 13,322 | |||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 31 | 31 | 33 | 33 | 30 | 30 | 32 | 32 | 127,578 | 125,361 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 8,722 | 8,722 | 6,907 | 6,907 | 7,284 | 7,284 | 10,766 | 10,766 | 167,222 | 166,275 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | (11 | ) | 850 | |||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 8,753 | 8,753 | 6,940 | 6,941 | 7,314 | 7,314 | 10,799 | 10,799 | 294,790 | 292,487 | ||||||||||||||||||||||||||||||
| Total Liabilities | 8,896 | 13,407 | 7,210 | 18,064 | 7,447 | 12,365 | 10,798 | 10,799 | 298,174 | 305,809 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (1,772 | ) | (7,328 | ) | (19 | ) | (5,625 | ) | (3,321 | ) | (9,439 | ) | (1,313 | ) | (1,304 | ) | 11,861 | (2,078 | ) | |||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 7,124 | $ | 6,079 | $ | 7,191 | $ | 12,438 | $ | 4,126 | $ | 2,926 | $ | 9,485 | $ | 9,495 | $ | 310,035 | $ | 303,730 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 157 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG Lightering Acquisition Corporation | OSG Lightering Solutions LLC | OSG Mariner LLC | OSG Maritrans Parent LLC | OSG Navigator LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | - | - | - | - | - | - | 18 | 10 | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | - | - | - | - | 4 | 27 | ||||||||||||||||||||||||||||||
| Total Current Assets | - | - | - | - | - | - | - | - | 21 | 36 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | 2,853 | 2,285 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | 587 | 57 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | 3,440 | 2,342 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | 606 | 500 | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | 1,567 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | 2,000 | 2,000 | - | - | - | - | 103,806 | 103,806 | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 2,650 | 2,650 | - | - | - | - | 19 | 19 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | - | - | (4 | ) | 11 | |||||||||||||||||||||||||||||
| Total Assets | $ | 2,000 | $ | 2,000 | $ | 4,216 | $ | 2,650 | $ | - | $ | - | $ | 104,411 | $ | 104,306 | $ | 3,476 | $ | 2,408 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | - | - | - | - | - | - | 167 | 145 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | - | - | - | - | - | - | 167 | 145 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | 72 | - | - | - | 4,471 | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | - | - | - | 72 | - | - | 167 | 4,616 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | - | - | 111 | 111 | - | - | 30 | 30 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 1,999 | 1,999 | 2,650 | 2,650 | 311 | 311 | 120,341 | 120,341 | 6,801 | 6,801 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 1,999 | 1,999 | 2,650 | 2,650 | 422 | 422 | 120,341 | 120,341 | 6,831 | 6,831 | ||||||||||||||||||||||||||||||
| Total Liabilities | 1,999 | 1,999 | 2,650 | 2,650 | 422 | 494 | 120,341 | 120,341 | 6,999 | 11,447 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 1 | 1 | 1,567 | - | (422 | ) | (494 | ) | (15,930 | ) | (16,035 | ) | (3,523 | ) | (9,039 | ) | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 2,000 | $ | 2,000 | $ | 4,216 | $ | 2,650 | $ | - | $ | - | $ | 104,411 | $ | 104,306 | $ | 3,476 | $ | 2,408 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 158 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG New York, Inc. | OSG Product Tankers AVTC, LLC | OSG Product Tankers I, LLC | OSG Product Tankers II, LLC | OSG Product Tankers Member LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 5,178 | 1,334 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | 192 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Inventory | 352 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 781 | 11 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 6,311 | 1,537 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 300 | 300 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 21,479 | 21,479 | 100 | 100 | - | - | - | - | 1 | - | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 5,594 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Assets | $ | 28,090 | $ | 28,911 | $ | 100 | $ | 100 | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | �� | |||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 506 | 534 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 506 | 534 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 2,645 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 506 | 3,179 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 26,292 | 26,292 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 10,719 | 10,719 | - | - | 8 | 8 | 8 | 8 | 1 | - | ||||||||||||||||||||||||||||||
| Other liabilities | - | 300 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 37,011 | 37,311 | - | - | 8 | 8 | 8 | 8 | 1 | - | ||||||||||||||||||||||||||||||
| Total Liabilities | 37,517 | 40,489 | - | - | 8 | 8 | 8 | 8 | 1 | - | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (9,427 | ) | (11,579 | ) | 100 | 100 | (8 | ) | (8 | ) | (8 | ) | (8 | ) | - | - | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 28,090 | $ | 28,911 | $ | 100 | $ | 100 | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 159 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| OSG Product Tankers, LLC | OSG Quest LLC | OSG Seafarer LLC | OSG Ship Management, Inc. | OSG Valour LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,431 | $ | 319 | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | - | - | - | - | 1,773 | 1,043 | - | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | - | - | 2,832 | 1,708 | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | - | - | - | - | - | - | 6,036 | 3,070 | - | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | 12,623 | 3,538 | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | 12,623 | 3,538 | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | 139 | 139 | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 64 | 64 | 1,000 | 1,000 | 193,029 | 207,365 | 1,163 | 1,163 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | 993 | 943 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 0 | - | (1,621 | ) | - | - | |||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | 117 | 514 | - | - | ||||||||||||||||||||||||||||||
| Total Assets | $ | - | $ | - | $ | 64 | $ | 64 | $ | 1,000 | $ | 1,001 | $ | 212,936 | $ | 213,948 | $ | 1,163 | $ | 1,163 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 4 | - | - | - | 9,813 | 13,554 | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 4 | - | - | - | 9,813 | 13,554 | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 44 | - | - | - | 46,520 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | 528 | 526 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | 4 | 44 | - | - | 10,341 | 60,599 | - | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 140 | 140 | 27 | 27 | 328 | 328 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 16 | 16 | 61 | 61 | 343 | 343 | 369,019 | 369,019 | 1,075 | 1,075 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | 23,988 | 9,360 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 16 | 16 | 201 | 201 | 370 | 370 | 393,334 | 378,707 | 1,075 | 1,075 | ||||||||||||||||||||||||||||||
| Total Liabilities | 16 | 16 | 205 | 245 | 370 | 370 | 403,675 | 439,306 | 1,075 | 1,075 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (16 | ) | (16 | ) | (140 | ) | (181 | ) | 631 | 631 | (190,740 | ) | (225,358 | ) | 88 | 88 | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | - | $ | - | $ | 64 | $ | 64 | $ | 1,000 | $ | 1,001 | $ | 212,936 | $ | 213,948 | $ | 1,163 | $ | 1,163 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 160 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Overseas Allegiance Corporation | Overseas Anacortes LLC | Overseas Boston LLC | Overseas Diligence LLC | Overseas Galena Bay LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | 13 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | 28 | 24 | 21 | 21 | 137 | - | 276 | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 450 | 803 | 448 | 801 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | - | - | 492 | 827 | 468 | 822 | 137 | - | 276 | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 274 | 121 | 171 | 31 | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 4 | 525 | 606 | 2,580 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 279 | 645 | 776 | 2,611 | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 2 | 2 | 42,388 | 42,388 | 40,291 | 40,291 | 311 | 311 | 4,465 | 4,465 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 30 | 30 | - | - | 2 | 2 | 4 | 4 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 9,647 | - | 1,268 | - | 137 | - | 276 | ||||||||||||||||||||||||||||||
| Other Assets | - | - | 2,141 | 1,689 | 1,159 | 919 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Assets | $ | 2 | $ | 2 | $ | 45,329 | $ | 55,226 | $ | 42,695 | $ | 45,912 | $ | 451 | $ | 451 | $ | 4,744 | $ | 4,744 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 1,193 | 2,240 | 1,192 | 2,047 | (0 | ) | (0 | ) | - | - | ||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 1,193 | 2,240 | 1,192 | 2,047 | (0 | ) | (0 | ) | - | - | ||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | 1,193 | 2,240 | 1,192 | 2,047 | (0 | ) | (0 | ) | - | - | ||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 106 | 106 | 91 | 91 | 49 | 49 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 2 | 2 | 35,688 | 35,688 | 36,030 | 36,030 | 300 | 300 | 565 | 565 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 2 | 2 | 35,794 | 35,794 | 36,122 | 36,122 | 348 | 348 | 565 | 565 | ||||||||||||||||||||||||||||||
| Total Liabilities | 2 | 2 | 36,986 | 38,033 | 37,313 | 38,168 | 348 | 348 | 565 | 565 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 0 | 0 | 8,343 | 17,193 | 5,382 | 7,744 | 103 | 103 | 4,179 | 4,179 | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 2 | $ | 2 | $ | 45,329 | $ | 55,226 | $ | 42,695 | $ | 45,912 | $ | 451 | $ | 451 | $ | 4,744 | $ | 4,744 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 161 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Overseas Houston LLC | Overseas Integrity LLC | Overseas Long Beach LLC | Overseas Los Angeles LLC | Overseas Martinez LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 289 | 33 | 8 | - | 307 | 50 | 358 | 25 | 34 | 27 | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 357 | 779 | - | - | 357 | 779 | 360 | 688 | 447 | 801 | ||||||||||||||||||||||||||||||
| Total Current Assets | 646 | 813 | 8 | - | 664 | 830 | 719 | 713 | 482 | 828 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 143 | 1 | - | - | 164 | 1 | 167 | 35 | 345 | 130 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 2,793 | 1,789 | - | - | 2,195 | 1,336 | 2,489 | 1,398 | - | 478 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 2,936 | 1,789 | - | - | 2,359 | 1,337 | 2,656 | 1,434 | 345 | 608 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 35,162 | 35,194 | 1,150 | 1,150 | 35,775 | 35,774 | 34,432 | 34,432 | 14,892 | 14,892 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,694 | - | 59 | - | 2,806 | - | 2,466 | - | 5,080 | ||||||||||||||||||||||||||||||
| Other Assets | 601 | 402 | - | - | 588 | 478 | 921 | 701 | 2,138 | 1,664 | ||||||||||||||||||||||||||||||
| Total Assets | $ | 39,345 | $ | 40,892 | $ | 1,157 | $ | 1,209 | $ | 39,388 | $ | 41,227 | $ | 38,730 | $ | 39,748 | $ | 17,860 | $ | 23,075 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 990 | 699 | - | - | 1,268 | 1,073 | 1,881 | 704 | 1,207 | 2,018 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 990 | 699 | - | - | 1,268 | 1,073 | 1,881 | 704 | 1,207 | 2,018 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 5,875 | 6,480 | - | - | 5,458 | 6,222 | 5,016 | 6,353 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 6,865 | 7,178 | - | - | 6,726 | 7,296 | 6,897 | 7,058 | 1,207 | 2,018 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 96 | 96 | - | - | 95 | 95 | 98 | 98 | 97 | 97 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 33,329 | 33,361 | 932 | 932 | 31,967 | 31,966 | 33,285 | 33,285 | 8,451 | 8,451 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 33,425 | 33,456 | 932 | 932 | 32,062 | 32,061 | 33,383 | 33,383 | 8,549 | 8,549 | ||||||||||||||||||||||||||||||
| Total Liabilities | 40,289 | 40,634 | 932 | 932 | 38,788 | 39,356 | 40,280 | 40,441 | 9,755 | 10,567 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (944 | ) | 257 | 225 | 277 | 600 | 1,870 | (1,551 | ) | (693 | ) | 8,104 | 12,508 | |||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 39,345 | $ | 40,892 | $ | 1,157 | $ | 1,209 | $ | 39,388 | $ | 41,227 | $ | 38,730 | $ | 39,748 | $ | 17,860 | $ | 23,075 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 162 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Overseas New Orleans LLC | Overseas New York LLC | Overseas Nikiski LLC | Overseas Perseverance Corporation | Overseas Philadelphia LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | 55 | - | - | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 211 | - | 119 | 40 | 30 | 40 | - | - | 211 | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 357 | 686 | 448 | 801 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 211 | - | 476 | 726 | 477 | 897 | - | - | 211 | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 51 | 19 | 244 | 10 | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 209 | 1,618 | 891 | 1,851 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 260 | 1,637 | 1,134 | 1,862 | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 3,717 | 3,717 | 35,303 | 35,303 | 39,256 | 39,256 | 383 | 383 | 596 | 596 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 6,190 | 6,190 | - | - | - | - | 2 | 2 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 195 | - | 49 | - | 655 | - | - | - | 273 | ||||||||||||||||||||||||||||||
| Other Assets | - | - | 1,189 | 923 | 1,246 | 947 | - | - | 66 | 1 | ||||||||||||||||||||||||||||||
| Total Assets | $ | 3,928 | $ | 3,913 | $ | 43,418 | $ | 44,827 | $ | 42,113 | $ | 43,616 | $ | 383 | $ | 383 | $ | 875 | $ | 872 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 11 | - | 1,043 | 280 | 1,239 | 2,370 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 11 | - | 1,043 | 280 | 1,239 | 2,370 | - | - | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 4,570 | 6,295 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 11 | - | 5,613 | 6,575 | 1,239 | 2,370 | - | - | - | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 28 | 28 | 95 | 95 | 91 | 91 | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 459 | 459 | 36,723 | 36,723 | 35,177 | 35,177 | 378 | 378 | 940 | 940 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 488 | 488 | 36,818 | 36,818 | 35,268 | 35,268 | 378 | 378 | 940 | 940 | ||||||||||||||||||||||||||||||
| Total Liabilities | 498 | 488 | 42,430 | 43,393 | 36,507 | 37,638 | 378 | 378 | 940 | 940 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 3,430 | 3,425 | 987 | 1,435 | 5,606 | 5,978 | 4 | 4 | (65 | ) | (68 | ) | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 3,928 | $ | 3,913 | $ | 43,418 | $ | 44,827 | $ | 42,113 | $ | 43,616 | $ | 383 | $ | 383 | $ | 875 | $ | 872 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 163 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Overseas Puget Sound LLC | Overseas Sea Swift Corporation | Overseas Shipping (GR) Ltd. | Overseas ST Holding LLC | Overseas Tampa LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | 211 | - | 10 | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 222 | - | - | - | - | - | 188 | 80 | 51 | 58 | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | 868 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | 7 | - | 36 | 133 | 443 | 804 | ||||||||||||||||||||||||||||||
| Total Current Assets | 222 | - | - | - | 7 | - | 436 | 212 | 504 | 1,730 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | 244,259 | 228,052 | 219 | 178 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | 235 | 475 | - | 110 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | 244,494 | 228,527 | 219 | 289 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | 432,794 | 471,451 | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 10,663 | 10,663 | 9 | 9 | 370,028 | 370,028 | 96,424 | 96,424 | 4,190 | 4,190 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | 314,966 | 314,966 | 6 | 6 | 5 | 5 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 194 | - | - | - | - | - | 54,750 | - | - | ||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | 88 | 104 | 3,469 | 10,976 | ||||||||||||||||||||||||||||||
| Total Assets | $ | 10,885 | $ | 10,857 | $ | 9 | $ | 9 | $ | 1,117,796 | $ | 1,156,444 | $ | 341,448 | $ | 380,023 | $ | 8,387 | $ | 17,189 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 18 | - | - | - | 5 | - | 3,003 | 615 | 1,186 | 1,667 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 18 | - | - | - | 5 | - | 3,003 | 615 | 1,186 | 1,667 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | �� | - | - | - | - | - | - | - | - | 73 | |||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 18 | - | - | - | 5 | - | 3,003 | 615 | 1,186 | 1,739 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 31 | 31 | - | - | 5,976 | 5,975 | 110 | 110 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 6,220 | 6,220 | 7 | 7 | 45 | 45 | 158,460 | 158,460 | 6,866 | 6,866 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 6,251 | 6,251 | 7 | 7 | 6,021 | 6,021 | 158,570 | 158,570 | 6,866 | 6,866 | ||||||||||||||||||||||||||||||
| Total Liabilities | 6,269 | 6,251 | 7 | 7 | 6,025 | 6,021 | 161,573 | 159,185 | 8,052 | 8,605 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 4,616 | 4,607 | 2 | 2 | 1,111,770 | 1,150,424 | 179,876 | 220,838 | 334 | 8,584 | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 10,885 | $ | 10,857 | $ | 9 | $ | 9 | $ | 1,117,796 | $ | 1,156,444 | $ | 341,448 | $ | 380,023 | $ | 8,387 | $ | 17,189 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 164 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Overseas Texas City LLC | Pearlmar Limited | Petromar Limited | Pisces Tanker Corporation | Polaris Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | 8 | 2,457 | 3,195 | 1,407 | 636 | 1,982 | 48 | 1,168 | 12 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | (30 | ) | 29 | 21 | 1 | 10 | 17 | - | - | (5 | ) | - | ||||||||||||||||||||||||||||
| Inventory | - | - | - | - | 421 | 428 | 248 | - | 359 | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 358 | 693 | 29 | 96 | 27 | 101 | 282 | - | 282 | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 328 | 731 | 2,507 | 3,292 | 1,865 | 1,182 | 2,512 | 48 | 1,804 | 12 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 9 | 6 | 35,337 | 14,814 | 24,544 | 8,816 | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 309 | 1,985 | 1,450 | 884 | 1,497 | 1,058 | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 318 | 1,991 | 36,787 | 15,698 | 26,041 | 9,874 | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 440 | 440 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 41,721 | 41,721 | 32,776 | 32,776 | 13,809 | 13,809 | 20,752 | 20,752 | 21,287 | 21,287 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 5,550 | 5,550 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 8,537 | - | 5,555 | - | 1,749 | - | 1,563 | - | 792 | ||||||||||||||||||||||||||||||
| Other Assets | 1,584 | 1,243 | - | 47 | (40 | ) | 11 | (1 | ) | - | (3 | ) | - | |||||||||||||||||||||||||||
| Total Assets | $ | 43,952 | $ | 54,223 | $ | 78,059 | $ | 63,357 | $ | 41,675 | $ | 26,625 | $ | 23,264 | $ | 22,363 | $ | 23,088 | $ | 22,090 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 1,050 | 469 | 373 | 425 | 67 | 491 | 84 | 0 | 438 | 6 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 1,050 | 469 | 373 | 425 | 67 | 491 | 84 | 0 | 438 | 6 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 4,079 | 5,804 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 5,129 | 6,274 | 373 | 425 | 67 | 491 | 84 | 0 | 438 | 6 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 98 | 98 | 6,226 | 6,226 | 14,353 | 14,353 | 24,007 | 24,007 | 24,709 | 24,709 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 29,053 | 29,053 | 31,100 | 31,100 | 166 | 166 | 162 | 162 | 741 | 741 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | 5,816 | - | 5,565 | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 29,152 | 29,152 | 37,326 | 37,326 | 14,519 | 14,519 | 24,168 | 29,985 | 25,450 | 31,015 | ||||||||||||||||||||||||||||||
| Total Liabilities | 34,280 | 35,425 | 37,700 | 37,751 | 14,586 | 15,010 | 24,252 | 29,985 | 25,888 | 31,021 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 9,671 | 18,797 | 40,360 | 25,606 | 27,089 | 11,615 | (989 | ) | (7,623 | ) | (2,800 | ) | (8,931 | ) | ||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 43,952 | $ | 54,223 | $ | 78,059 | $ | 63,357 | $ | 41,675 | $ | 26,625 | $ | 23,264 | $ | 22,363 | $ | 23,088 | $ | 22,090 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 165 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Queens Product Tanker Corporation | Reymar Limited | Rich Tanker Corporation | Rimar Chartering Corporation | Rosalyn Tanker Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 418 | - | 2,373 | 1,051 | 2,779 | 1,464 | 598 | - | 3,110 | 3,948 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 11 | - | (7 | ) | 20 | 9 | - | 53 | - | 21 | 10 | |||||||||||||||||||||||||||||
| Inventory | 658 | - | - | - | - | 752 | 192 | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 34 | - | 29 | 107 | 243 | 198 | 303 | - | 75 | 246 | ||||||||||||||||||||||||||||||
| Total Current Assets | 1,122 | - | 2,395 | 1,178 | 3,031 | 2,413 | 1,147 | - | 3,206 | 4,204 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 37,449 | 18,936 | - | - | 269 | - | 51,807 | 49,433 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 331 | 1,966 | - | - | 387 | - | 73 | 1,791 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 37,780 | 20,902 | - | - | 656 | - | 51,879 | 51,223 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 414 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 4,141 | 4,141 | 26,868 | 26,868 | 15,814 | 15,814 | 52,488 | 52,488 | 10,179 | 10,179 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 47,372 | 47,372 | 11,856 | 11,856 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 629 | - | 3,812 | - | - | - | - | - | 459 | ||||||||||||||||||||||||||||||
| Other Assets | 3 | - | (33 | ) | 33 | - | - | (96 | ) | (2 | ) | (23 | ) | (22 | ) | |||||||||||||||||||||||||
| Total Assets | $ | 52,639 | $ | 52,143 | $ | 79,279 | $ | 64,647 | $ | 18,845 | $ | 18,227 | $ | 54,195 | $ | 52,486 | $ | 65,241 | $ | 66,043 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 431 | - | 59 | 840 | 367 | 553 | 350 | 4 | 301 | 79 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 431 | - | 59 | 840 | 367 | 553 | 350 | 4 | 301 | 79 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | 372 | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | 341 | - | 1,566 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | 4,284 | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | 511 | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 431 | - | 59 | 840 | 878 | 894 | 4,633 | 1,570 | 301 | 450 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 23,799 | 23,799 | 2,567 | 2,567 | 19,532 | 19,532 | 27,292 | 27,292 | 6,406 | 6,406 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 47,711 | 47,711 | 30,609 | 30,609 | 11 | 11 | 30,274 | 30,274 | 1 | 1 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | 2,967 | - | 10,681 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 71,510 | 71,510 | 33,177 | 33,177 | 19,542 | 22,510 | 57,566 | 68,247 | 6,407 | 6,407 | ||||||||||||||||||||||||||||||
| Total Liabilities | 71,941 | 71,510 | 33,236 | 34,016 | 20,420 | 23,403 | 62,199 | 69,817 | 6,707 | 6,857 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (19,302 | ) | (19,367 | ) | 46,044 | 30,631 | (1,576 | ) | (5,176 | ) | (8,004 | ) | (17,331 | ) | 58,534 | 59,186 | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 52,639 | $ | 52,143 | $ | 79,279 | $ | 64,647 | $ | 18,845 | $ | 18,227 | $ | 54,195 | $ | 52,486 | $ | 65,241 | $ | 66,043 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 166 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Rosemar Limited | Rubymar Limited | Sakura Transport Corp. | Samar Product Tanker Corporation | Santorini Tanker LLC | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 24 | - | 66 | - | 2,925 | 3,712 | 226 | - | 364 | 412 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 11 | (10 | ) | 445 | - | 61 | 56 | 33 | 64 | - | 313 | |||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | 486 | 849 | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 34 | 108 | 2 | 4 | 94 | 303 | 30 | 123 | 119 | 41 | ||||||||||||||||||||||||||||||
| Total Current Assets | 69 | 98 | 513 | 4 | 3,080 | 4,072 | 289 | 187 | 969 | 1,615 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 35,909 | 14,780 | 34,354 | 14,798 | 47,915 | 43,599 | 55,715 | 33,272 | 47,696 | 44,715 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,270 | 991 | 1,392 | 935 | 1,970 | 1,208 | - | 44 | - | 31 | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 37,179 | 15,771 | 35,746 | 15,733 | 49,885 | 44,807 | 55,715 | 33,316 | 47,696 | 44,747 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 25,954 | 25,954 | 39,950 | 39,950 | 9,838 | 9,838 | 1,349 | 1,349 | 47,700 | 47,700 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 18 | 18 | 0 | 0 | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 1,677 | - | 4,469 | - | 1,679 | - | 3,772 | - | 9,227 | ||||||||||||||||||||||||||||||
| Other Assets | (38 | ) | - | - | - | (33 | ) | (17 | ) | (3 | ) | - | - | 26 | ||||||||||||||||||||||||||
| Total Assets | $ | 63,163 | $ | 43,500 | $ | 76,226 | $ | 60,174 | $ | 62,770 | $ | 60,380 | $ | 57,350 | $ | 38,625 | $ | 96,365 | $ | 103,315 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 247 | 507 | 652 | 45 | 260 | 109 | 438 | 607 | 30 | 1,191 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 247 | 507 | 652 | 45 | 260 | 109 | 438 | 607 | 30 | 1,191 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | 122 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | 468 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 247 | 507 | 652 | 45 | 260 | 109 | 438 | 1,197 | 30 | 1,191 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 6,632 | 6,632 | 4,148 | 4,148 | 8,952 | 8,952 | 15,238 | 15,238 | 1 | 1 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 18,287 | 18,287 | 26,155 | 26,155 | - | - | 284 | 284 | 74,363 | 74,363 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | 41,435 | 40,956 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 24,919 | 24,919 | 30,303 | 30,303 | 8,952 | 8,952 | 56,956 | 56,477 | 74,364 | 74,364 | ||||||||||||||||||||||||||||||
| Total Liabilities | 25,166 | 25,426 | 30,955 | 30,348 | 9,212 | 9,061 | 57,394 | 57,674 | 74,394 | 75,556 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 37,996 | 18,074 | 45,271 | 29,826 | 53,559 | 51,319 | (44 | ) | (19,050 | ) | 21,971 | 27,759 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 63,163 | $ | 43,500 | $ | 76,226 | $ | 60,174 | $ | 62,770 | $ | 60,380 | $ | 57,350 | $ | 38,625 | $ | 96,365 | $ | 103,315 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 167 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Serifos Tanker Corporation | Seventh Aframax Tanker Corporation | Shirley Tanker SRL | Sifnos Tanker Corporation | Silvermar Limited | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | 10 | $ | 0 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 1,537 | 475 | 1,417 | 2,516 | 1,727 | 1,479 | 1,549 | 1,321 | 2,047 | 3,005 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | (4 | ) | (10 | ) | 16 | 63 | 10 | (27 | ) | 3 | 46 | (16 | ) | 10 | ||||||||||||||||||||||||||
| Inventory | - | 569 | - | 1,549 | - | 1,416 | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 240 | 270 | 47 | 170 | 23 | 130 | 240 | 290 | 29 | 96 | ||||||||||||||||||||||||||||||
| Total Current Assets | 1,773 | 1,304 | 1,480 | 4,299 | 1,770 | 2,999 | 1,792 | 1,658 | 2,061 | 3,111 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 935 | 662 | 22,496 | 20,626 | 42,556 | 37,553 | 1,040 | 752 | 34,297 | 14,317 | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 4 | 110 | 1,887 | 1,151 | 1,389 | 827 | (0 | ) | 837 | 1,564 | 1,378 | |||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 938 | 772 | 24,384 | 21,776 | 43,945 | 38,380 | 1,040 | 1,589 | 35,861 | 15,695 | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | 300 | 703 | 703 | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | 875 | 875 | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 5,941 | 5,941 | 9,979 | 9,979 | 10,555 | 10,555 | 5,840 | 5,840 | 17,433 | 17,433 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 0 | 0 | 1 | 1 | - | - | - | - | 0 | 0 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 1,000 | - | 2,632 | - | 1,409 | - | - | - | 5,434 | ||||||||||||||||||||||||||||||
| Other Assets | 10 | (11 | ) | 66 | 256 | (37 | ) | (114 | ) | 15 | 2 | (12 | ) | (13 | ) | |||||||||||||||||||||||||
| Total Assets | $ | 8,663 | $ | 9,007 | $ | 35,909 | $ | 38,943 | $ | 57,109 | $ | 54,104 | $ | 8,687 | $ | 9,390 | $ | 56,046 | $ | 42,363 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 45 | 1,091 | 220 | 2,522 | 1,282 | 911 | 44 | 134 | 57 | 63 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 45 | 1,091 | 220 | 2,522 | 1,282 | 911 | 44 | 134 | 57 | 63 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | 2,074 | - | 0 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | 1,513 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 45 | 1,091 | 220 | 2,522 | 1,282 | 2,985 | 44 | 1,647 | 57 | 63 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | 6,111 | 6,111 | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 11,875 | 11,875 | 34,974 | 34,973 | 19,866 | 19,877 | 12,130 | 12,130 | 5,014 | 5,014 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 8 | 8 | 16 | 16 | 38 | 38 | 0 | 0 | 9,736 | 9,736 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 15,088 | - | 0 | 36,851 | 36,628 | - | 13,781 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 11,884 | 26,972 | 34,990 | 34,989 | 62,866 | 62,653 | 12,130 | 25,911 | 14,750 | 14,750 | ||||||||||||||||||||||||||||||
| Total Liabilities | 11,929 | 28,064 | 35,210 | 37,511 | 64,147 | 65,639 | 12,174 | 27,559 | 14,807 | 14,813 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (3,266 | ) | (19,057 | ) | 699 | 1,432 | (7,038 | ) | (11,534 | ) | (3,487 | ) | (18,169 | ) | 41,238 | 27,550 | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 8,663 | $ | 9,007 | $ | 35,909 | $ | 38,943 | $ | 57,109 | $ | 54,104 | $ | 8,687 | $ | 9,390 | $ | 56,046 | $ | 42,363 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 168 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Sixth Aframax Tanker Corporation | Skopelos Product Tanker Corporation | Star Chartering Corporation | Suezmax International Agencies, Inc. | Talara Chartering Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 459 | 1,953 | 1,715 | 1,705 | 19 | 9 | 14,133 | 67 | 1,692 | (263 | ) | |||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 6 | 118 | 33 | 13 | - | - | 522 | 63 | 26 | - | ||||||||||||||||||||||||||||||
| Inventory | - | 1,358 | 598 | 608 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 41 | 137 | 220 | 98 | 241 | 461 | 1,416 | - | 639 | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 506 | 3,566 | 2,565 | 2,424 | 260 | 470 | 16,071 | 130 | 2,357 | (263 | ) | |||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 21,356 | 19,521 | 32,130 | 30,117 | - | - | - | - | 1,068 | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,279 | 751 | (2 | ) | 51 | - | - | - | - | - | - | |||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 22,635 | 20,271 | 32,128 | 30,168 | - | - | - | - | 1,068 | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | 2,864 | - | 542 | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 8,513 | 8,105 | 19,977 | 19,977 | 8,855 | 8,855 | 35,592 | 35,592 | 11,095 | 11,095 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 2 | 2 | - | - | 486 | 486 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,192 | - | 4,231 | - | - | - | 13,238 | - | 2,477 | ||||||||||||||||||||||||||||||
| Other Assets | 37 | 126 | - | (20 | ) | - | - | - | - | (20 | ) | - | ||||||||||||||||||||||||||||
| Total Assets | $ | 31,690 | $ | 34,261 | $ | 54,673 | $ | 56,782 | $ | 9,116 | $ | 9,325 | $ | 55,012 | $ | 49,446 | $ | 15,042 | $ | 13,309 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 743 | 2,321 | 148 | 1,058 | 240 | 450 | 616 | 94 | 53 | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 743 | 2,321 | 148 | 1,058 | 240 | 450 | 616 | 94 | 53 | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | 47 | - | 888 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | 633 | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | 563 | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 743 | 2,321 | 148 | 1,058 | 240 | 497 | 1,179 | 982 | 686 | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | 978 | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 5,769 | 5,769 | 17,088 | 17,088 | 8,852 | 8,852 | 54,430 | 54,430 | 21,873 | 21,873 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 80 | 80 | 7 | 7 | - | - | 2,592 | 2,592 | 1 | 1 | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | 35,588 | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 5,849 | 5,849 | 17,095 | 17,095 | 8,852 | 8,852 | 58,000 | 57,022 | 21,874 | 57,462 | ||||||||||||||||||||||||||||||
| Total Liabilities | 6,592 | 8,170 | 17,243 | 18,153 | 9,091 | 9,349 | 59,179 | 58,004 | 22,560 | 57,462 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 25,098 | 26,090 | 37,429 | 38,629 | 24 | (23 | ) | (4,167 | ) | (8,558 | ) | (7,518 | ) | (44,152 | ) | |||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 31,690 | $ | 34,261 | $ | 54,673 | $ | 56,782 | $ | 9,116 | $ | 9,325 | $ | 55,012 | $ | 49,446 | $ | 15,042 | $ | 13,309 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 169 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Third United Shipping Corporation | Tokyo Transport Corp. | Transbulk Carriers, Inc. | Troy Chartering Corporation | Troy Product Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | - | - | 3,339 | 3,719 | - | - | 173 | 1 | - | - | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | 18 | 80 | - | - | 13 | (2 | ) | - | - | |||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 92 | 307 | - | - | 344 | 8 | - | - | ||||||||||||||||||||||||||||||
| Total Current Assets | - | - | 3,449 | 4,106 | - | - | 531 | 7 | - | - | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 50,753 | 46,505 | - | - | 1,101 | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 1,950 | 1,220 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 52,703 | 47,725 | - | - | 1,101 | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | 105,125 | 105,125 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 10,324 | 10,324 | 295 | 295 | 30,356 | 30,356 | 58,765 | 58,765 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 6,550 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Other Assets | - | - | (6 | ) | - | - | - | (35 | ) | - | - | - | ||||||||||||||||||||||||||||
| Total Assets | $ | 105,125 | $ | 105,125 | $ | 66,470 | $ | 68,705 | $ | 295 | $ | 295 | $ | 31,953 | $ | 30,363 | $ | 58,765 | $ | 58,765 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 326 | 109 | - | - | 68 | - | - | - | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 326 | 109 | - | - | 68 | - | - | - | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | 647 | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | 708 | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | 326 | 109 | - | - | 776 | 647 | - | - | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 8,479 | 8,479 | - | - | 42,724 | 42,724 | 58,345 | 58,345 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 16 | 16 | 211 | 211 | 4,372 | 4,372 | - | - | ||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | 36,729 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | - | - | 8,494 | 8,495 | 211 | 211 | 47,096 | 83,825 | 58,345 | 58,345 | ||||||||||||||||||||||||||||||
| Total Liabilities | - | - | 8,821 | 8,604 | 211 | 211 | 47,872 | 84,472 | 58,345 | 58,345 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 105,125 | 105,125 | 57,649 | 60,101 | 85 | 85 | (15,919 | ) | (54,109 | ) | 420 | 420 | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 105,125 | $ | 105,125 | $ | 66,470 | $ | 68,705 | $ | 295 | $ | 295 | $ | 31,953 | $ | 30,363 | $ | 58,765 | $ | 58,765 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 170 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Urban Tanker Corporation | Vega Tanker Corporation | View Tanker Corporation | Vivian Tankships Corporation | Vulpecula Chartering Corporation | ||||||||||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Voyage receivables | 1,574 | 1,630 | - | - | 2,869 | 1,468 | - | - | 753 | 5 | ||||||||||||||||||||||||||||||
| Other receivables, including income taxes recoverable | - | - | 13 | - | - | - | - | - | 2 | - | ||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | 582 | - | - | 169 | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 243 | 231 | - | - | 186 | 367 | - | - | 272 | - | ||||||||||||||||||||||||||||||
| Total Current Assets | 1,817 | 1,861 | 13 | - | 3,055 | 2,417 | - | - | 1,196 | 5 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 300 | 300 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 19,341 | 19,341 | 5,080 | 5,080 | 7,323 | 7,323 | 21,117 | 21,117 | 24,373 | 24,373 | ||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | 188 | 188 | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 125 | - | - | - | 1,225 | - | - | - | 622 | ||||||||||||||||||||||||||||||
| Other Assets | (9 | ) | - | 87 | - | 54 | (13 | ) | - | - | - | - | ||||||||||||||||||||||||||||
| Total Assets | $ | 21,448 | $ | 21,628 | $ | 5,179 | $ | 5,080 | $ | 10,432 | $ | 10,952 | $ | 21,117 | $ | 21,117 | $ | 25,757 | $ | 25,187 | ||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 27 | 0 | 20 | - | 764 | 895 | - | - | 549 | 2 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 27 | 0 | 20 | - | 764 | 895 | - | - | 549 | 2 | ||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 500 | - | - | - | 511 | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 526 | 0 | 20 | - | 1,275 | 895 | - | - | 549 | 2 | ||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 23,602 | 23,602 | 9 | 9 | 11,439 | 11,439 | - | - | 24,937 | 24,937 | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 3 | 3 | 2,127 | 2,127 | 1 | 1 | 14,490 | 14,490 | 681 | 681 | ||||||||||||||||||||||||||||||
| Other liabilities | - | 4,870 | - | - | - | 3,937 | - | - | - | 4,350 | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 23,604 | 28,474 | 2,136 | 2,136 | 11,440 | 15,377 | 14,490 | 14,490 | 25,618 | 29,968 | ||||||||||||||||||||||||||||||
| Total Liabilities | 24,131 | 28,474 | 2,156 | 2,136 | 12,715 | 16,272 | 14,490 | 14,490 | 26,167 | 29,971 | ||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | (2,683 | ) | (6,847 | ) | 3,023 | 2,944 | (2,283 | ) | (5,320 | ) | 6,627 | 6,627 | (410 | ) | (4,783 | ) | ||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 21,448 | $ | 21,628 | $ | 5,179 | $ | 5,080 | $ | 10,432 | $ | 10,952 | $ | 21,117 | $ | 21,117 | $ | 25,757 | $ | 25,187 | ||||||||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 171 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Wind Aframax Tanker Corporation | Combined Debtors | Eliminations | Consolidated Debtors | |||||||||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31,��2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | 398,725 | $ | 625,776 | $ | - | $ | - | $ | 398,725 | $ | 625,776 | ||||||||||||||||
| Voyage receivables | - | - | 168,830 | 126,850 | - | (1 | ) | 168,830 | 126,849 | |||||||||||||||||||||||
| Other receivables, including income taxes recoverable | 10 | - | 48,974 | 23,290 | - | - | 48,974 | 23,290 | ||||||||||||||||||||||||
| Inventory | - | - | 14,150 | 33,219 | - | - | 14,150 | 33,219 | ||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 46,596 | 33,738 | - | - | 46,596 | 33,738 | ||||||||||||||||||||||||
| Total Current Assets | 10 | - | 677,274 | 842,874 | - | (1 | ) | 677,274 | 842,874 | |||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 3,147,915 | 2,322,600 | 1 | 1 | 3,147,915 | 2,322,601 | ||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 73,898 | 55,580 | - | - | 73,898 | 55,580 | ||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 3,221,813 | 2,378,181 | 1 | 1 | 3,221,813 | 2,378,181 | ||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 247,664 | 327,738 | - | - | 247,664 | 327,738 | ||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | 72,413 | 58,000 | - | - | 72,413 | 58,000 | ||||||||||||||||||||||||
| Goodwill | - | - | 9,668 | - | - | - | 9,668 | - | ||||||||||||||||||||||||
| Investments in subsidiaries | - | - | 5,432,119 | 5,470,783 | (5,284,205 | ) | (5,322,862 | ) | 147,914 | 147,921 | ||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | 448,108 | 451,976 | (359,840 | ) | (383,335 | ) | 88,268 | 68,641 | ||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 51 | 51 | 5,843,696 | 5,878,546 | (5,843,696 | ) | (5,878,546 | ) | - | - | ||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 2,233,518 | 2,244,406 | - | - | 2,233,518 | 2,244,406 | ||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | 22,946 | - | - | - | 22,946 | ||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 746,138 | - | (746,138 | ) | - | - | |||||||||||||||||||||||
| Other Assets | - | - | 16,704 | 31,901 | 30 | 30 | 16,734 | 31,931 | ||||||||||||||||||||||||
| Total Assets | $ | 61 | $ | 51 | $ | 18,202,977 | $ | 18,453,489 | $ | (11,487,710 | ) | $ | (12,330,851 | ) | $ | 6,715,267 | $ | 6,122,638 | ||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 0 | - | 73,627 | 362,737 | 62 | 62 | 73,689 | 362,797 | ||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 0 | - | 73,627 | 362,737 | 62 | 62 | 73,689 | 362,797 | ||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 149,473 | - | (149,473 | ) | - | - | |||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 78,443 | - | (4 | ) | - | 78,439 | |||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 746,138 | - | (746,138 | ) | - | - | |||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | 5,457 | - | - | - | 5,457 | - | ||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 752,534 | 439,075 | - | - | 752,534 | 439,076 | ||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 0 | - | 831,618 | 1,775,866 | 62 | (895,553 | ) | 831,680 | 880,312 | |||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | 376,324 | 250,180 | (359,840 | ) | (233,862 | ) | 16,484 | 16,319 | ||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 2,142,541 | 2,136,587 | - | - | 2,142,541 | 2,136,587 | ||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 5,843,696 | 5,878,546 | (5,843,696 | ) | (5,878,546 | ) | - | (0 | ) | |||||||||||||||||||||
| Other liabilities | - | - | 2,623,588 | 2,881,741 | - | 1 | 2,623,588 | 2,881,741 | ||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | - | - | 10,986,149 | 11,147,054 | (6,203,536 | ) | (6,112,408 | ) | 4,782,613 | 5,034,647 | ||||||||||||||||||||||
| Total Liabilities | 0 | - | 11,817,768 | 12,922,920 | (6,203,474 | ) | (7,007,960 | ) | 5,614,294 | 5,914,959 | ||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||
| Total Equity/(Deficit) | 61 | 51 | 6,385,210 | 5,530,568 | (5,284,236 | ) | (5,322,893 | ) | 1,100,973 | 207,675 | ||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 61 | $ | 51 | $ | 18,202,977 | $ | 18,453,489 | $ | (11,487,710 | ) | $ | (12,330,855 | ) | $ | 6,715,267 | $ | 6,122,634 | ||||||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 172 of 173 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2014
| Total Non-debtors | Eliminations | Consolidated Overseas Shipholding Group, Inc. | ||||||||||||||||||||||
| (000's) | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | November 13, 2012 | May 31, 2014 | ||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 79,248 | $ | 21,924 | $ | - | $ | - | $ | 477,973 | $ | 647,700 | ||||||||||||
| Voyage receivables | 2,923 | 1,741 | - | 1 | 171,753 | 128,591 | ||||||||||||||||||
| Other receivables, including income taxes recoverable | 10,321 | 10,218 | - | - | 59,295 | 33,508 | ||||||||||||||||||
| Inventory | - | - | - | - | 14,150 | 33,219 | ||||||||||||||||||
| Prepaid expenses and other current assets | 40 | 481 | - | - | 46,636 | 34,219 | ||||||||||||||||||
| Total Current Assets | 92,533 | 34,363 | - | 1 | 769,807 | 877,237 | ||||||||||||||||||
| Vessels and other property, less accumulated depreciation | (12,092 | ) | (10,979 | ) | - | 1 | 3,135,823 | 2,311,622 | ||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | 73,898 | 55,580 | ||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | (12,092 | ) | (10,979 | ) | - | 1 | 3,209,721 | 2,367,202 | ||||||||||||||||
| Investments in Affiliated Companies | 300 | - | - | - | 247,964 | 327,738 | ||||||||||||||||||
| Intangible Assets, less accumulated amortization | 242 | 215 | - | - | 72,655 | 58,215 | ||||||||||||||||||
| Goodwill | (79 | ) | - | - | - | 9,589 | - | |||||||||||||||||
| Investments in subsidiaries | - | - | (147,914 | ) | (147,921 | ) | - | - | ||||||||||||||||
| Intercompany loans receivable and accrued interest | 16,484 | 16,318 | (104,752 | ) | (84,959 | ) | - | - | ||||||||||||||||
| Pre-petition intercompany receivables from debtors | 2,142,541 | 2,136,587 | (2,142,541 | ) | (2,136,587 | ) | - | - | ||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | (2,233,518 | ) | (2,244,406 | ) | - | - | ||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | 0 | - | (22,946 | ) | - | - | |||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 78,443 | - | (78,443 | ) | - | - | |||||||||||||||||
| Other Assets | (271 | ) | 32 | - | - | 16,464 | 31,962 | |||||||||||||||||
| Total Assets | $ | 2,239,657 | $ | 2,254,979 | $ | (4,628,725 | ) | $ | (4,715,259 | ) | $ | 4,326,200 | $ | 3,662,354 | ||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 19,478 | 39,492 | - | 1 | 93,170 | 402,290 | ||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 19,478 | 39,492 | - | 1 | 93,170 | 402,290 | ||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | 88,268 | 68,641 | (88,268 | ) | (68,641 | ) | - | - | ||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 0 | - | (78,439 | ) | - | - | |||||||||||||||||
| Post-petition intercompany payables to other debtors | 2,233,518 | 2,267,352 | (2,233,518 | ) | (2,267,352 | ) | - | - | ||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | 5,457 | - | ||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 6,201 | 11,433 | - | (1 | ) | 758,736 | 450,508 | |||||||||||||||||
| Total Liabilities Not Subject to Compromise | 2,347,466 | 2,386,918 | (2,321,786 | ) | (2,414,432 | ) | 857,363 | 852,798 | ||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | (16,484 | ) | (16,319 | ) | - | - | ||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | (2,142,541 | ) | (2,136,587 | ) | - | - | ||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | - | 0 | - | - | ||||||||||||||||||
| Other liabilities | - | - | - | - | 2,623,588 | 2,881,742 | ||||||||||||||||||
| Total Liabilities Subject to Compromise | - | - | (2,159,025 | ) | (2,152,906 | ) | 2,623,588 | 2,881,742 | ||||||||||||||||
| Total Liabilities | 2,347,466 | 2,386,918 | (4,480,811 | ) | (4,567,338 | ) | 3,480,951 | 3,734,540 | ||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||
| Total Equity/(Deficit) | (107,809 | ) | (131,939 | ) | (147,914 | ) | (147,921 | ) | 845,249 | (72,186 | ) | |||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 2,239,657 | $ | 2,254,979 | $ | (4,628,725 | ) | $ | (4,715,258 | ) | $ | 4,326,200 | $ | 3,662,354 | ||||||||||
| Prelimary and Tentative | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 173 of 173 |