1
EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
CORPUS CHRISTI DIVISION
CASE NAME: TRANSAMERICAN ENERGY CORPORATION PETITION DATE: APRIL 20, 1999
CASE NUMBER: 99-21551-C-11
MONTHLY OPERATING REPORT SUMMARY FOR MONTH DECEMBER YEAR 1999
===============================================================================================================================
MONTH 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
- -------------------------------------------------------------------------------------------------------------------------------
REVENUES (MOR-6) -- -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INT, DEPREC./TAX (MOR-6) (28,294) (4,581) (56,719) 43,491 (2,908) (38,909) 3,351 (1,211,490)
- -------------------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) (MOR-6) (136,686) (250,375) (270,320) 6,561,021 409,126 373,125 415,429 411,634
- -------------------------------------------------------------------------------------------------------------------------------
PAYMENTS TO INSIDERS (MOR-9) -- -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
PAYMENTS TO PROFESSIONALS (MOR-9) -- -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS (MOR-8) -- 976 1,272 24,335 -- 3,846 -- --
===============================================================================================================================
***The ORIGINAL of this document MUST BE FILED with the United States
Bankruptcy Court and a COPY MUST BE SENT to the United States Trustee***
No. of Policies expiring within 90 days: 6
- -------------------------------------------------------------------------------
REQUIRED INSURANCE MAINTAINED
AS OF SIGNATURE DATE EXP.
*SEE ATTACHED SCHEDULE DATE
- ----------------------------- -----------
CASUALTY YES( X ) NO( ) * - -
--- --- ---
LIABILITY YES( X ) NO( ) * - -
--- --- ---
VEHICLE YES( X ) NO( ) * - -
--- --- ---
WORKER'S YES( X ) NO( ) * - -
--- --- ---
OTHER_________________ YES( ) NO( ) - -
--- --- ---
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
ATTORNEY NAME: Pete Holzer
-----------------------------------------
FIRM: Jordan, Hyden, Womble & Culbreth, P.C.
-------------------------------------------------
ADDRESS: 500 N. Shoreline, Suite 900
----------------------------------------------
ADDRESS:
-----------------------------------------------
CITY, STATE, ZIP: Corpus Christi, TX 78471
--------------------------------------
TELEPHONE: (361) 884-5678
---------------------------------------------
- -------------------------------------------------------------------------------
CHECK ONE
Are all accounts receivable being collected within terms? YES (X) NO ( )
Are all post-petition liabilities, including taxes, being paid within terms?
YES (X) NO ( )
Have any pre-petition liabilities been paid? YES ( ) NO (X) If so, describe
--
- -------------------------------------------------------------------------------
Are all funds received being deposited into DIP bank accounts? YES (X) NO ( )
Were any assets disposed of outside the normal course of business?
YES ( ) NO (X)
If so, describe
---------------------------------------------------------------
Are all U. S. Trustee Quarterly Fee Payments current? YES (X) NO ( )
What is the status of your Plan of Reorganization? Confirmation hearing
commenced on November 9, 1999, and is continuing.
- -------------------------------------------------------------------------------
I certify under penalty of perjury that the following
complete Monthly Operating Report (MOR), consisting of
MOR-1 through MOR-9 plus attachments, is true and
correct.
SIGNED /s/ ED DONAHUE
-------------------------------------------------
(ORIGINAL SIGNATURE)
TITLE VICE PRESIDENT
--------------------------------------------------
MOR-1
2
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
COMPARATIVE BALANCE SHEETS
=========================================================================================
ASSETS FILING DATE* MONTH MONTH MONTH
4/20/99 5/99 6/99 7/99
- -----------------------------------------------------------------------------------------
CURRENT ASSETS
- -----------------------------------------------------------------------------------------
Cash 39,442 39,556 38,681 37,521
- -----------------------------------------------------------------------------------------
Accounts Receivable, Net -- -- -- --
- -----------------------------------------------------------------------------------------
Inventory: Lower of Cost
or Market -- -- -- --
- -----------------------------------------------------------------------------------------
Prepaid Expenses 10,812 -- -- --
- -----------------------------------------------------------------------------------------
Investments -- -- -- --
- -----------------------------------------------------------------------------------------
Other - Accrued Interest 23,192,495 29,601,981 40,768,940 57,778,099
- -----------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 23,242,749 29,641,537 40,807,621 57,815,620
=========================================================================================
PROPERTY, PLANT&EQUIP,
@ COST -- -- -- --
- -----------------------------------------------------------------------------------------
Less Accumulated
Depreciation -- -- -- --
- -----------------------------------------------------------------------------------------
NET BOOK VALUE OF PP & E -- -- -- --
- -----------------------------------------------------------------------------------------
OTHER ASSETS:
- -----------------------------------------------------------------------------------------
1. Tax Deposits -- -- -- --
- -----------------------------------------------------------------------------------------
2. Investments in
Subs(1) 467,112,579 467,112,579 467,112,579 467,112,579
- -----------------------------------------------------------------------------------------
3. Notes
Receivable(2) 1,399,176,694 1,414,699,522 1,420,000,000 1,420,000,000
- -----------------------------------------------------------------------------------------
4. (attach list)
Deferred
Debt Costs(5) 4,950,550 4,839,952 4,729,520 4,596,283
- -----------------------------------------------------------------------------------------
TOTAL ASSETS 1,894,482,572 1,916,293,590 1,932,649,720 1,949,524,482
=========================================================================================
=======================================================================================================
ASSETS MONTH MONTH MONTH MONTH MONTH
8/99 9/99 10/99 11/99 12/99
- -------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- -------------------------------------------------------------------------------------------------------
Cash 13,308 13,308 9,462 29,506 29,606
- -------------------------------------------------------------------------------------------------------
Accounts Receivable, Net -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Inventory: Lower of Cost
or Market -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Prepaid Expenses -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Investments -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Other - Accrued Interest 26,759,956 27,171,990 27,584,023 27,996,058 28,408,091
- -------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 26,773,264 27,185,298 27,593,485 28,025,564 28,437,697
========================================================================================================
PROPERTY, PLANT&EQUIP,
@ COST -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Less Accumulated
Depreciation -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
NET BOOK VALUE OF PP & E -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
OTHER ASSETS:
- -------------------------------------------------------------------------------------------------------
1. Tax Deposits -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
2. Investments in
Subs(1) 467,112,579 467,112,579 467,112,579 467,112,579 467,112,579
- -------------------------------------------------------------------------------------------------------
3. Notes
Receivable(2) 1,420,000,000 1,420,000,000 1,420,000,000 1,420,000,000 1,420,000,000
- -------------------------------------------------------------------------------------------------------
4. (attach list)
Deferred
Debt Costs(5) 4,920,878 4,920,878 4,920,878 4,920,878 4,920,878
- -------------------------------------------------------------------------------------------------------
TOTAL ASSETS 1,918,806,721 1,919,218,755 1,919,626,942 1,920,059,021 1,920,471,154
========================================================================================================
*Per Schedules and Statement of Affairs
MOR-2
3
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
COMPARATIVE BALANCE SHEETS
=======================================================================================
LIABILITIES & OWNER'S FILING DATE* MONTH MONTH MONTH
EQUITY 4/20/99 5/99 6/99 7/99
- ---------------------------------------------------------------------------------------
LIABILITIES:
- ---------------------------------------------------------------------------------------
POST-PETITION
LIABILITIES (MOR-4) -- 6,221,180 17,461,230 34,557,310
=======================================================================================
PRE-PETITION
LIABILITIES:
- ---------------------------------------------------------------------------------------
Notes Payable-
Secured(4) 1,583,926,661 1,599,635,877 1,605,000,000 1,605,000,000
- ---------------------------------------------------------------------------------------
Priority Debt -- -- -- --
- ---------------------------------------------------------------------------------------
Federal Income Tax -- -- -- --
- ---------------------------------------------------------------------------------------
FICA/Withholding -- -- -- --
- ---------------------------------------------------------------------------------------
Unsecured Debt 3,427,771 3,445,079 3,447,411 3,496,413
- ---------------------------------------------------------------------------------------
Other - Accrued
Interest 18,967,014 18,967,014 18,967,014 18,967,014
- ---------------------------------------------------------------------------------------
TOTAL PRE-PETITION
LIABILITIES 1,606,321,446 1,622,047,970 1,627,414,425 1,627,463,427
- ---------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,606,321,446 1,628,269,150 1,644,875,655 1,662,020,737
=======================================================================================
OWNERS'S EQUITY
(DEFICIT):
- ---------------------------------------------------------------------------------------
PREFERRED STOCK -- -- -- --
- ---------------------------------------------------------------------------------------
COMMON STOCK 90 90 90 90
- ---------------------------------------------------------------------------------------
ADDITIONAL PAID-IN
CAPITAL 289,333,898 289,333,898 289,333,898 289,333,898
- ---------------------------------------------------------------------------------------
RETAINED EARNINGS:
Filing Date (1,172,862) (1,172,862) (1,172,862) (1,172,862)
- ---------------------------------------------------------------------------------------
RETAINED EARNINGS:
Post Filing Date -- (136,686) (387,061) (657,381)
- ---------------------------------------------------------------------------------------
TOTAL OWNER'S EQUITY
(NET WORTH) 288,161,126 288,024,440 287,774,065 287,503,745
=======================================================================================
TOTAL LIABILITIES &
OWNER'S EQUITY 1,894,482,572 1,916,293,590 1,932,649,720 1,949,524,482
=======================================================================================
========================================================================================================
LIABILITIES & OWNER'S MONTH MONTH MONTH MONTH MONTH
EQUITY 8/99 9/99 10/99 11/99 12/99
- --------------------------------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------------------------------
POST-PETITION
LIABILITIES (MOR-4) 1,674,163 1,674,461 1,706,548 1,703,198 1,703,648
========================================================================================================
PRE-PETITION
LIABILITIES:
- --------------------------------------------------------------------------------------------------------
Notes Payable-
Secured(4) 1,605,000,000 1,605,000,000 1,605,000,000 1,605,000,000 1,605,000,000
- --------------------------------------------------------------------------------------------------------
Priority Debt -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Federal Income Tax -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
FICA/Withholding -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Unsecured Debt 3,431,237 3,433,847 3,436,822 3,456,822 3,456,871
- --------------------------------------------------------------------------------------------------------
Other - Accrued
Interest 18,967,014 18,967,014 18,967,014 18,967,014 18,967,014
- --------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION
LIABILITIES 1,627,398,251 1,627,400,861 1,627,403,836 1,627,423,836 1,627,423,885
- --------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,629,072,414 1,629,075,322 1,629,110,384 1,629,127,034 1,629,127,533
========================================================================================================
OWNERS'S EQUITY
(DEFICIT):
- --------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
COMMON STOCK 90 90 90 90 90
- --------------------------------------------------------------------------------------------------------
ADDITIONAL PAID-IN
CAPITAL 289,333,898 289,333,898 289,333,898 289,333,898 289,333,898
- --------------------------------------------------------------------------------------------------------
RETAINED EARNINGS:
Filing Date (1,172,862) (1,172,862) (1,172,862) (1,172,862) (1,172,862)
- --------------------------------------------------------------------------------------------------------
RETAINED EARNINGS:
Post Filing Date 1,573,181 1,982,307 2,355,432 2,770,861 3,182,495
- --------------------------------------------------------------------------------------------------------
TOTAL OWNER'S EQUITY
(NET WORTH) 289,734,307 290,143,433 290,516,558 290,931,987 291,343,621
========================================================================================================
TOTAL LIABILITIES &
OWNER'S EQUITY 1,918,806,721 1,919,218,755 1,919,626,942 1,920,059,021 1,920,471,154
========================================================================================================
*Per Schedules and Statement of Affairs
MOR-3
4
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
SCHEDULE OF POST-PETITION LIABILITIES
====================================================================================================================================
MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
- ------------------------------------------------------------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLE -- 1,272 7,717 5,066 5,364 37,451 34,101 34,551
- ------------------------------------------------------------------------------------------------------------------------------------
TAX PAYABLE:
- ------------------------------------------------------------------------------------------------------------------------------------
FEDERAL PAYROLL TAXES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
STATE PAYROLL & SALES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
AD VALOREM TAXES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER TAXES -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL TAXES PAYABLE -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
SECURED DEBT POST-PETITION -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
ACCRUED INTEREST PAYABLE(5) 6,221,180 17,459,958 34,549,593 1,669,097 1,669,097 1,669,097 1,669,097 1,669,097
- ------------------------------------------------------------------------------------------------------------------------------------
*ACCRUED PROFESSIONAL FEES: -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER ACCRUED LIABILITIES: -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
1. -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
2. -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
3. -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL POST-PETITION LIABILITIES (MOR-3) 6,221,180 17,461,230 34,557,310 1,674,163 1,674,461 1,706,548 1,703,198 1,703,648
====================================================================================================================================
* Payment Requires Court Approval.
MOR-4
5
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
AGING OF POST-PETITION LIABILITIES
MONTH DECEMBER 1999
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES AD-VALOREM, OTHER
OTHER TAXES
=====================================================================================================
0-30 34,551 34,551 --
- -----------------------------------------------------------------------------------------------------
31-60 -- -- --
- -----------------------------------------------------------------------------------------------------
61-90 -- -- --
- -----------------------------------------------------------------------------------------------------
91 + 1,669,097 -- 1,669,097
- -----------------------------------------------------------------------------------------------------
TOTAL 1,703,648 34,551 1,669,097
=====================================================================================================
AGING OF ACCOUNTS RECEIVABLE
MONTH 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
================================================================================================================================
0-30 DAYS -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
31-60 DAYS -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
61-90 DAYS -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
91 + DAYS -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL -- -- -- -- -- -- -- --
================================================================================================================================
MOR-5
6
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
STATEMENT OF INCOME (LOSS)
===================================================================================================================================
MONTH 4/20/99- FILING TO
5/31/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99 DATE
===================================================================================================================================
REVENUES (MOR-1) -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL COST OF REVENUES -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
GROSS PROFIT -- -- -- -- -- -- -- -- --
===================================================================================================================================
OPERATING EXPENSES:
- -----------------------------------------------------------------------------------------------------------------------------------
Selling & Marketing -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
General & Administrative 17,482 4,581 56,719 (43,491) 2,908 38,909 (3,351) 499 74,256
- -----------------------------------------------------------------------------------------------------------------------------------
Insiders Compensation -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Professional Fees(6) -- -- -- -- -- -- -- 1,210,991 1,210,991
- -----------------------------------------------------------------------------------------------------------------------------------
Other (attach list) -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Franchise Taxes 10,812 -- -- -- -- -- -- -- 10,812
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 28,294 4,581 56,719 (43,491) 2,908 38,909 (3,351) 1,211,490 1,296,059
===================================================================================================================================
INCOME BEFORE INT,
DEPR/TAX (MOR-1) (28,294) (4,581) (56,719) 43,491 (2,908) (38,909) 3,351 (1,211,490) (1,296,059)
- -----------------------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE(5)(6) 22,040,995 16,713,332 17,222,872 (33,205,091) -- -- -- 12,429,506 35,201,614
- -----------------------------------------------------------------------------------------------------------------------------------
DEPRECIATION -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER (INCOME) EXPENSE*
INTEREST(3)(6) (21,932,603)(16,467,538)(17,009,271) 31,018,020 (412,034) (412,034) (412,078) (14,052,630) (39,680,168)
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER ITEMS** -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INT, DEPR & OTHER
ITEMS 108,392 245,794 213,601 (2,187,071) (412,034) (412,034) (412,078) (1,623,124) (4,478,554)
===================================================================================================================================
NET INCOME BEFORE TAXES (136,686) (250,375) (270,320) 2,230,562 409,126 373,125 415,429 411,634 3,182,495
- -----------------------------------------------------------------------------------------------------------------------------------
FEDERAL INCOME TAXES -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) (MOR-1) (136,686) (250,375) (270,320) 2,230,562 409,126 373,125 415,429 411,634 3,182,495
===================================================================================================================================
Accrual Accounting Required, Otherwise Footnote With Explanation
* Footnote Mandatory
** Unusual and/or infrequent item(s) outside the ordinary course of business;
requires footnote
MOR-6
7
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
=======================================================================================================================
CASH RECEIPTS AND MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DISBURSEMENTS 5/99 6/99 7/99 8/99 9/99 10/99 11/99
- -----------------------------------------------------------------------------------------------------------------------
1. CASH - BEGINNING OF MONTH 39,442 39,556 38,681 37,521 13,308 13,308 9,462
=======================================================================================================================
RECEIPTS:
- -----------------------------------------------------------------------------------------------------------------------
2. CASH SALES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
4. LOANS & ADVANCES (ATTACH LIST) -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
5. SALE OF ASSETS -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
6. OTHER (ATTACH LIST) - INTEREST INCOME 114 101 112 122 -- -- 44
- -----------------------------------------------------------------------------------------------------------------------
TOTAL RECEIPTS 114 101 112 122 -- -- 44
- -----------------------------------------------------------------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY INDIVIDUAL
DEBTOR MFR-2* -- -- -- -- -- -- --
=======================================================================================================================
DISBURSEMENTS:
- -----------------------------------------------------------------------------------------------------------------------
7. NET PAYROLL -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
8. PAYROLL TAXES PAID -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
9. SALES, USE & OTHER TAXES PAID -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
10. SECURED/RENTAL/LEASES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
11. UTILITIES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
12. INSURANCE -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
13. INVENTORY PURCHASES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
14. VEHICLE EXPENSES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
15. TRAVEL & ENTERTAINMENT -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
17. ADMINISTRATIVE & SELLING -- 976 1,272 -- -- 3,846 --
- -----------------------------------------------------------------------------------------------------------------------
18. OTHER (ATTACH LIST) (TRANSAMERICAN
REFINING) -- -- -- 24,335 -- -- (20,000)
- -----------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS -- 976 1,272 24,335 -- 3,846 (20,000)
=======================================================================================================================
19. PROFESSIONAL FEES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
20. U.S. TRUSTEE FEES -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
21. OTHER REORGANIZATION EXPENSES
(ATTACH LIST) -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS -- 976 1,272 24,335 -- 3,846 (20,000)
=======================================================================================================================
22. NET CASH FLOW 114 (875) (1,160) (24,213) -- (3,846) 20,044
- -----------------------------------------------------------------------------------------------------------------------
23. CASH - END OF MONTH (MOR-2) 39,556 38,681 37,521 13,308 13,308 9,462 29,506
=======================================================================================================================
=================================================================
CASH RECEIPTS AND MONTH FILING TO
DISBURSEMENTS 12/99 DATE
- -----------------------------------------------------------------
1. CASH - BEGINNING OF MONTH 29,506 39,442
=================================================================
RECEIPTS:
- -----------------------------------------------------------------
2. CASH SALES -- --
- -----------------------------------------------------------------
3. COLLECTION OF ACCOUNTS RECEIVABLE -- --
- -----------------------------------------------------------------
4. LOANS & ADVANCES (ATTACH LIST) -- --
- -----------------------------------------------------------------
5. SALE OF ASSETS -- --
- -----------------------------------------------------------------
6. OTHER (ATTACH LIST) - INTEREST INCOME 100 593
- -----------------------------------------------------------------
TOTAL RECEIPTS 100 593
- -----------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY INDIVIDUAL
DEBTOR MFR-2* -- --
=================================================================
DISBURSEMENTS:
- -----------------------------------------------------------------
7. NET PAYROLL -- --
- -----------------------------------------------------------------
8. PAYROLL TAXES PAID -- --
- -----------------------------------------------------------------
9. SALES, USE & OTHER TAXES PAID -- --
- -----------------------------------------------------------------
10. SECURED/RENTAL/LEASES -- --
- -----------------------------------------------------------------
11. UTILITIES -- --
- -----------------------------------------------------------------
12. INSURANCE -- --
- -----------------------------------------------------------------
13. INVENTORY PURCHASES -- --
- -----------------------------------------------------------------
14. VEHICLE EXPENSES -- --
- -----------------------------------------------------------------
15. TRAVEL & ENTERTAINMENT -- --
- -----------------------------------------------------------------
16. REPAIRS, MAINTENANCE & SUPPLIES -- --
- -----------------------------------------------------------------
17. ADMINISTRATIVE & SELLING -- 6,094
- -----------------------------------------------------------------
18. OTHER (ATTACH LIST) (TRANSAMERICAN
REFINING) -- 4,335
- -----------------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS -- 10,429
=================================================================
19. PROFESSIONAL FEES -- --
- -----------------------------------------------------------------
20. U.S. TRUSTEE FEES -- --
- -----------------------------------------------------------------
21. OTHER REORGANIZATION EXPENSES
(ATTACH LIST) -- --
- -----------------------------------------------------------------
TOTAL DISBURSEMENTS -- 10,429
=================================================================
22. NET CASH FLOW 100 (9,836)
- -----------------------------------------------------------------
23. CASH - END OF MONTH (MOR-2) 29,606 29,606
=================================================================
*Applies to Individual debtors only.
MOR-7
8
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF DECEMBER 1999
====================================================================================
BANK NAME FIRSTAR FLEET STERLING
- ------------------------------------------------------------------------------------
ACCOUNT NUMBER #21-00-002-5031306 # -- #0130002224
- ------------------------------------------------------------------------------------
ACCOUNT TYPE INTEREST SHORT-TERM
ACCUMULATION INVESTMENTS CHECKING TOTAL
- ------------------------------------------------------------------------------------
BANK BALANCE -- 29,606 -- 29,606
- ------------------------------------------------------------------------------------
DEPOSIT IN TRANSIT -- -- -- --
- ------------------------------------------------------------------------------------
OUTSTANDING CHECKS -- -- -- --
- ------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE -- 29,606 -- 29,606
====================================================================================
BEGINNING CASH - PER BOOKS -- 29,506 -- 29,506
- ------------------------------------------------------------------------------------
RECEIPTS -- 100 -- 100
- ------------------------------------------------------------------------------------
TRANSFERS BETWEEN ACCOUNTS -- -- -- --
- ------------------------------------------------------------------------------------
(WITHDRAWAL)CONTRIBUTION- -- -- -- --
BY INDIVIDUAL DEBTOR MFR-2
- ------------------------------------------------------------------------------------
CHECKS/OTHER DISBURSEMENTS -- -- -- --
- ------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS -- 29,606 -- 29,606
====================================================================================
MOR-8
9
CASE NAME: TRANSAMERICAN ENERGY CORPORATION CASE NUMBER: 99-21551-C-11
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, list the amount paid to
insiders (as defined in Section 101(31)(A)-(F) of the U. S. Bankruptcy Code)
and the professionals. Also, for insiders identify the type of compensation
paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as
necessary.)
===================================================================================================================================
MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
INSIDERS: NAME/POSITION/COMP TYPE 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
===================================================================================================================================
1. NONE
- -----------------------------------------------------------------------------------------------------------------------------------
2.
- -----------------------------------------------------------------------------------------------------------------------------------
3.
- -----------------------------------------------------------------------------------------------------------------------------------
4.
- -----------------------------------------------------------------------------------------------------------------------------------
5.
- -----------------------------------------------------------------------------------------------------------------------------------
6.
===================================================================================================================================
TOTAL INSIDERS (MOR-1) -- -- -- -- -- -- -- --
===================================================================================================================================
MONTH MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PROFESSIONALS 5/99 6/99 7/99 8/99 9/99 10/99 11/99 12/99
NAME/ORDER DATE
===================================================================================================================================
1. NONE
- -----------------------------------------------------------------------------------------------------------------------------------
2.
- -----------------------------------------------------------------------------------------------------------------------------------
3.
- -----------------------------------------------------------------------------------------------------------------------------------
4.
- -----------------------------------------------------------------------------------------------------------------------------------
5.
- -----------------------------------------------------------------------------------------------------------------------------------
6.
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PROFESSIONALS (MOR-1) -- -- -- -- -- -- -- --
===================================================================================================================================
MOR-9
10
TRANSAMERICAN ENERGY CORPORATION
99-21551-C-11
NOTES TO MONTHLY OPERATING REPORT
DECEMBER 1999
1. TransAmerican Energy Corporation's (the "Company") investment in TransTexas
Gas Corporation ("TransTexas") and TransAmerican Refining Corporation
("TARC") was reflected in the Company's Schedules at estimated market
value. The Company's investment in its subsidiaries is reflected in the
Monthly Operating Report ("MOR") at cost.
2. The secured note receivable from TransAmerican Refining Corporation was
reflected in the Company's Schedules at its fully accreted balance of
$920.0 million. The balance of this note receivable is reflected in the
Company's MOR at its accreted balance as of April 20, 1999 and May 31, 1999
of $899.2 million and $914.7 million, respectively. On June 15, 1999, this
note receivable reached its fully accreted balance.
3. During August 1999, the Company reversed the accrual of interest on the
notes receivable from TransTexas and TARC in accordance with current
accounting pronouncements applicable to companies operating under Chapter
11.
4. On June 15, 1999, the Company's senior secured discount notes reached their
fully accreted balance of $1.13 billion.
5. During August 1999, the Company reversed the accrual of interest and
amortization of deferred debt issue costs related to its senior secured
notes and senior secured discount notes in accordance with current
accounting pronouncements applicable to companies operating under Chapter
11.
6. In December 1999, First Union National Bank ("First Union") disbursed $13.6
million of funds held in trust for the benefit of TARC's subordinated
noteholders to Firstar Bank, N.A. ("Firstar") for distribution to the
holders of the Company's Senior Secured Notes, less reimbursement of
reasonable fees and expenses, pursuant to a settlement agreement between
First Union and Firstar dated December 2, 1999. This amount is reflected in
the Company's December 1999 MOR as interest income from TARC with
corresponding charges to interest expense on the Company's discount notes
of $12.4 million and professional fees of $1.2 million.
11
CASE NAME: TRANSAMERICAN ENERGY CORPORATION
CASE NUMBER: 99-21551-C-11
PETITION DATE: APRIL 20, 1999
INSURANCE MAINTAINED
December 31, 1999
EXPIRATION
TYPE OF INSURANCE DATE
- ------------------------------------------------------- -------------------
CASUALTY AND LIABILITY
----------------------
Primary General Liability January 30, 2000
Excess Liability January 30, 2000
Operator's Extra Expense January 15, 2001
Oil Pollution January 31, 2000
Commercial Crime February 01, 2000
Directors and Officers Liability March 23, 2000
Directors and Officers Excess March 23, 2000
Automobile Liability (Texas) May 01, 2000
Workers' Compensation and Employer's Liability May 01, 2000
Maritime Employer's Liability May 24, 2000