1
EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
CORPUS CHRISTI DIVISION
CASE NAME: TRANSAMERICAN REFINING CORPORATION PETITION DATE: APRIL 20, 1999
CASE NUMBER: 99-21552-C-11
MONTHLY OPERATING REPORT SUMMARY FOR MONTH MAY YEAR 1999
=====================================================
MONTH 5/99
- -----------------------------------------------------
REVENUES (MOR-6) --
- -----------------------------------------------------
INCOME BEFORE INT, DEPREC./TAX (MOR-6) (458,319)
- -----------------------------------------------------
NET INCOME (LOSS) (MOR-6) (16,353,751)
- -----------------------------------------------------
PAYMENTS TO INSIDERS (MOR-9) --
- -----------------------------------------------------
PAYMENTS TO PROFESSIONALS (MOR-9) --
- -----------------------------------------------------
TOTAL DISBURSEMENTS (MOR-8) --
=====================================================
***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***
- -------------------------------------------------------
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
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ADDRESS:
----------------------------------------------
CITY, STATE, ZIP: Corpus Christi, TX 78471
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TELEPHONE:(361) 884-5678
---------------------------------------------
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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
----
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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? PENDING
-----------------------------
- --------------------------------------------------------------------------------
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
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(ORIGINAL SIGNATURE)
TITLE VICE PRESIDENT
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MOR-1
2
CASE NAME: TRANSAMERICAN REFINING CORPORATION CASE NUMBER: 99-21552-C-11
COMPARATIVE BALANCE SHEETS
=====================================================================================
FILING DATE* MONTH
ASSETS 4/20/99 5/99
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CURRENT ASSETS
- -------------------------------------------------------------------------------------
CASH (1) 16,207,124 16,122,286
- -------------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE, NET 335,785 335,785
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INVENTORY: LOWER OF COST OR MARKET -- --
- -------------------------------------------------------------------------------------
PREPAID EXPENSES (2) 768,722 456,667
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INVESTMENTS -- --
- -------------------------------------------------------------------------------------
OTHER -- --
- -------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 17,311,631 16,914,738
=====================================================================================
PROPERTY, PLANT&EQUIP, @ COST -- --
- -------------------------------------------------------------------------------------
LESS ACCUMULATED DEPRECIATION -- --
- -------------------------------------------------------------------------------------
NET BOOK VALUE OF PP & E -- --
- -------------------------------------------------------------------------------------
OTHER ASSETS:
- -------------------------------------------------------------------------------------
1. TAX DEPOSITS -- --
- -------------------------------------------------------------------------------------
2. INVESTMENTS IN SUBS (3) 1,112,871,975 1,112,871,975
- -------------------------------------------------------------------------------------
3. DUE FROM AFFILIATES 2,782,795 2,782,795
- -------------------------------------------------------------------------------------
4. DEFERRED DEBT COSTS (4) 25,743,676 25,309,646
- -------------------------------------------------------------------------------------
TOTAL ASSETS 1,158,710,077 1,157,879,154
=====================================================================================
*Per Schedules and Statement of Affairs
MOR-2
3
CASE NAME: TRANSAMERICAN REFINING CORPORATION CASE NUMBER: 99-21552-C-11
COMPARATIVE BALANCE SHEETS
============================================================================================
LIABILITIES & OWNER'S FILING DATE* MONTH
EQUITY 4/20/99 5/99
- --------------------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------------------
POST-PETITION LIABILITIES (MOR-4) -- --
- --------------------------------------------------------------------------------------------
PRE-PETITION LIABILITIES:
- --------------------------------------------------------------------------------------------
Notes Payable-Secured (5) 899,176,694 914,699,522
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Priority Debt -- --
- --------------------------------------------------------------------------------------------
Federal Income Tax -- --
- --------------------------------------------------------------------------------------------
FICA/Withholding -- --
- --------------------------------------------------------------------------------------------
Unsecured Debt (6) 192,867,039 192,867,039
- --------------------------------------------------------------------------------------------
Other 17,504,403 17,504,403
- --------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES 1,109,548,136 1,125,070,964
- --------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,109,548,136 1,125,070,964
============================================================================================
OWNERS'S EQUITY (DEFICIT):
- --------------------------------------------------------------------------------------------
PREFERRED STOCK -- --
- --------------------------------------------------------------------------------------------
COMMON STOCK 300,000 300,000
- --------------------------------------------------------------------------------------------
ADDITIONAL PAID-IN CAPITAL 597,023,521 597,023,521
- --------------------------------------------------------------------------------------------
RETAINED EARNINGS: Filing Date (548,161,580) (548,161,580)
- --------------------------------------------------------------------------------------------
RETAINED EARNINGS: Post Filing Date -- (16,353,751)
- --------------------------------------------------------------------------------------------
TOTAL OWNER'S EQUITY (NET WORTH) 49,161,941 32,808,190
============================================================================================
TOTAL LIABILITIES & OWNER'S EQUITY 1,158,710,077 1,157,879,154
============================================================================================
*Per Schedules and Statement of Affairs
MOR-3
4
CASE NAME: TRANSAMERICAN REFINING CORPORATION CASE NUMBER: 99-21552-C-11
SCHEDULE OF POST-PETITION LIABILITIES
MONTH
5/99
- --------------------------------------------------------------
TRADE ACCOUNTS PAYABLE
- --------------------------------------------------------------
TAX PAYABLE: --
- --------------------------------------------------------------
FEDERAL PAYROLL TAXES --
- --------------------------------------------------------------
STATE PAYROLL & SALES --
- --------------------------------------------------------------
AD VALOREM TAXES --
- --------------------------------------------------------------
OTHER TAXES --
- --------------------------------------------------------------
TOTAL TAXES PAYABLE --
- --------------------------------------------------------------
SECURED DEBT POST-PETITION --
- --------------------------------------------------------------
ACCRUED INTEREST PAYABLE --
- --------------------------------------------------------------
*ACCRUED PROFESSIONAL FEES: --
- --------------------------------------------------------------
OTHER ACCRUED LIABILITIES: --
- --------------------------------------------------------------
1. --
- --------------------------------------------------------------
2. --
- --------------------------------------------------------------
3. --
- --------------------------------------------------------------
TOTAL POST-PETITION LIABILITIES (MOR-3) --
==============================================================
*PAYMENT REQUIRES COURT APPROVAL.
MOR-4
5
CASE NAME: TRANSAMERICAN REFINING CORPORATION CASE NUMBER: 99-21552-C-11
AGING OF POST-PETITION LIABILITIES
MONTH MAY 1999
===================================================================================================
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES AD-VALOREM, OTHER
OTHER TAXES
===================================================================================================
0-30 --
- ---------------------------------------------------------------------------------------------------
31-60 --
- ---------------------------------------------------------------------------------------------------
61-90 --
- ---------------------------------------------------------------------------------------------------
91+ --
- ---------------------------------------------------------------------------------------------------
TOTAL --
===================================================================================================
AGING OF ACCOUNTS RECEIVABLE
=======================================================
MONTH 5/99
=======================================================
0-30 DAYS --
- -------------------------------------------------------
31-60 DAYS 335,785
- -------------------------------------------------------
61-90 DAYS --
- -------------------------------------------------------
91+ DAYS --
- -------------------------------------------------------
TOTAL 335,785
=======================================================
MOR-5
6
CASE NAME: TRANSAMERICAN REFINING CORPORATION CASE NUMBER: 99-21552-C-11
STATEMENT OF INCOME (LOSS)
==========================================================================
MONTH 4/20/99 - FILING TO DATE
5/31/99
==========================================================================
REVENUES (MOR-1) -- --
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TOTAL COST OF REVENUES -- --
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GROSS PROFIT -- --
==========================================================================
OPERATING EXPENSES:
- --------------------------------------------------------------------------
Selling & Marketing -- --
- --------------------------------------------------------------------------
General & Administrative 146,263 146,263
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Insiders Compensation -- --
- --------------------------------------------------------------------------
Professional Fees -- --
- --------------------------------------------------------------------------
Other (attach list) -- --
- --------------------------------------------------------------------------
Franchise Taxes 312,056 312,056
- --------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 458,319 458,319
==========================================================================
INCOME BEFORE INT, DEPR/TAX (MOR-1) (458,319) (458,319)
- --------------------------------------------------------------------------
INTEREST EXPENSE 15,956,858 15,956,858
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DEPRECIATION -- --
- --------------------------------------------------------------------------
OTHER (INCOME) EXPENSE* - INTEREST (61,426) (61,426)
- --------------------------------------------------------------------------
OTHER ITEMS** -- --
- --------------------------------------------------------------------------
TOTAL INT, DEPR & OTHER ITEMS 15,895,432 15,895,432
==========================================================================
NET INCOME BEFORE TAXES (16,353,751) (16,353,751)
- --------------------------------------------------------------------------
FEDERAL INCOME TAXES -- --
==========================================================================
NET INCOME (LOSS) (MOR-1) (16,353,751) (16,353,751)
==========================================================================
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 REFINING CORPORATION CASE NUMBER: 99-21552-C-11
==============================================================================================
CASH RECEIPTS AND DISBURSEMENTS MONTH FILING TO
5/99 DATE
- ----------------------------------------------------------------------------------------------
1. CASH - BEGINNING OF MONTH 16,207,123 16,207,123
==============================================================================================
RECEIPTS:
- ----------------------------------------------------------------------------------------------
2. CASH SALES -- --
- ----------------------------------------------------------------------------------------------
3. COLLECTION OF ACCOUNTS RECEIVABLE -- --
- ----------------------------------------------------------------------------------------------
4. LOANS & ADVANCES (ATTACH LIST) -- --
- ----------------------------------------------------------------------------------------------
5. SALE OF ASSETS -- --
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6. OTHER (ATTACH LIST) - INTEREST INCOME 61,546 61,546
- ----------------------------------------------------------------------------------------------
TOTAL RECEIPTS 61,546 61,546
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(WITHDRAWAL)CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2* -- --
==============================================================================================
DISBURSEMENTS:
- ----------------------------------------------------------------------------------------------
7. NET PAYROLL -- --
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8. PAYROLL TAXES PAID -- --
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9. SALES, USE & OTHER TAXES PAID -- --
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10. SECURED / RENTAL / LEASES -- --
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11. UTILITIES -- --
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12. INSURANCE -- --
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13. INVENTORY PURCHASES -- --
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14. VEHICLE EXPENSES -- --
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15. TRAVEL & ENTERTAINMENT -- --
- ----------------------------------------------------------------------------------------------
16. REPAIRS, MAINTENANCE & SUPPLIES -- --
- ----------------------------------------------------------------------------------------------
17. ADMINISTRATIVE & SELLING 14 14
- ----------------------------------------------------------------------------------------------
18. OTHER (ATTACH LIST) - RECONCILING ITEMS 138,369 138,369
- ----------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS 138,383 138,383
==============================================================================================
19. PROFESSIONAL FEES 8,000 8,000
- ----------------------------------------------------------------------------------------------
20. U.S. TRUSTEE FEES -- --
- ----------------------------------------------------------------------------------------------
21. OTHER REORGANIZATION EXPENSES (ATTACH LIST) -- --
- ----------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS 8,000 8,000
==============================================================================================
22. NET CASH FLOW (84,837) (84,837)
- ----------------------------------------------------------------------------------------------
23. CASH - END OF MONTH (MOR-2) 16,122,286 16,122,286
==============================================================================================
*Applies to Individual debtors only.
MOR-7
8
CASE NAME: TRANSAMERICAN REFINING CORPORATION
CASE NUMBER: 99-21552-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF MAY 1999
====================================================================================================================================
BANK NAME Firstar Firstar Firstar First Union
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ACCOUNT NUMBER 21-00-002-5031303 21-00-002-5031305 21-00-002-5031307 9572000081
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ACCOUNT TYPE Feedstock Disbursement Interest Accumulation Warrant Fractions Total This Page
- ------------------------------------------------------------------------------------------------------------------------------------
BANK BALANCE 1 41,688 1,023 5,174 47,886
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DEPOSIT IN TRANSIT -- -- -- -- --
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OUTSTANDING CHECKS -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE 1 41,688 1,023 5,174 47,886
====================================================================================================================================
BEGINNING CASH - PER BOOKS 1 41,688 862 5,174 47,725
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RECEIPTS -- -- 161 -- 161
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TRANSFERS BETWEEN ACCOUNTS -- -- -- -- --
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(WITHDRAWAL) CONTRIBUTION BY
INDIVIDUAL DEBTOR MFR-2 -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
CHECKS/OTHER DISBURSEMENTS -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS 1 41,688 1,023 5,174 47,886
====================================================================================================================================
MOR-8A
9
CASE NAME: TRANSAMERICAN REFINING CORPORATION
CASE NUMBER: 99-21552-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF MAY 1999
====================================================================================================================================
BANK NAME First Union First Union First Union First Union
- ------------------------------------------------------------------------------------------------------------------------------------
ACCOUNT NUMBER 9572831237 9572831479 9576000402 9576000411
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ACCOUNT TYPE Escrowed Interest Escrowed Interest Collateral Defeasance Trust Total This Page
- ------------------------------------------------------------------------------------------------------------------------------------
BANK BALANCE 14,064,912 2,007,699 28 428 16,073,067
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DEPOSIT IN TRANSIT -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
OUTSTANDING CHECKS -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE 14,064,912 2,007,699 28 428 16,073,067
====================================================================================================================================
BEGINNING CASH - PER BOOKS 14,011,569 2,000,001 28 428 16,012,026
- ------------------------------------------------------------------------------------------------------------------------------------
RECEIPTS 53,343 7,698 -- -- 61,041
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TRANSFERS BETWEEN ACCOUNTS -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY
INDIVIDUAL DEBTOR MFR-2 -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
CHECKS/OTHER DISBURSEMENTS -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS 14,064,912 2,007,699 28 428 16,073,067
====================================================================================================================================
MOR-8B
10
CASE NAME: TRANSAMERICAN REFINING CORPORATION
CASE NUMBER: 99-21552-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF MAY 1999
====================================================================================================================================
BANK NAME First Union First Union Fleet Fleet
- ------------------------------------------------------------------------------------------------------------------------------------
ACCOUNT NUMBER 9576000395 9576830694 0001665170 007697-5341
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ACCOUNT TYPE Defeasance Trust Collateral Money Market Operating Total This Page
- ------------------------------------------------------------------------------------------------------------------------------------
BANK BALANCE 21,421 3,759 27,023 -- 52,203
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DEPOSIT IN TRANSIT -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
OUTSTANDING CHECKS -- -- -- (138,369) (138,369)
- ------------------------------------------------------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE 21,421 3,759 27,023 (138,369) (86,166)
====================================================================================================================================
BEGINNING CASH - PER BOOKS 29,313 3,731 26,820 -- 59,864
- ------------------------------------------------------------------------------------------------------------------------------------
RECEIPTS 108 28 203 -- 339
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TRANSFERS BETWEEN ACCOUNTS -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY INDIVIDUAL DEBTOR
MFR-2 -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
CHECKS/OTHER DISBURSEMENTS (8,000) -- -- (138,369) (146,369)
- ------------------------------------------------------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS 21,421 3,759 27,023 (138,369) (86,166)
====================================================================================================================================
MOR-8C
11
CASE NAME: TRANSAMERICAN REFINING CORPORATION
CASE NUMBER: 99-21552-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF MAY 1999
====================================================================================================================================
BANK NAME Fleet Fleet Fleet Hibernia
- ------------------------------------------------------------------------------------------------------------------------------------
ACCOUNT NUMBER 935728-5230 936480-8298 941584-6439 9001112341
- ------------------------------------------------------------------------------------------------------------------------------------
ACCOUNT TYPE Master Savings Product Imprest Total This Page
- ------------------------------------------------------------------------------------------------------------------------------------
BANK BALANCE 7,227 1,770 29,666 4,430 43,093
- ------------------------------------------------------------------------------------------------------------------------------------
DEPOSIT IN TRANSIT -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
OUTSTANDING CHECKS -- -- -- (910) (910)
- ------------------------------------------------------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE 7,227 1,770 29,666 3,520 42,183
====================================================================================================================================
BEGINNING CASH - PER BOOKS 7,227 1,779 29,666 3,520 42,192
- ------------------------------------------------------------------------------------------------------------------------------------
RECEIPTS -- 5 -- -- 5
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSFERS BETWEEN ACCOUNTS -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY
INDIVIDUAL DEBTOR MFR-2 -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
CHECKS/OTHER DISBURSEMENTS -- (14) -- -- (14)
- ------------------------------------------------------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS 7,227 1,770 29,666 3,520 42,183
====================================================================================================================================
MOR-8D
12
CASE NAME: TRANSAMERICAN REFINING CORPORATION
CASE NUMBER: 99-21552-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF MAY 1999
===================================================================================================================================
BANK NAME Sterling
- -----------------------------------------------------------------------------------------------------------------------------------
ACCOUNT NUMBER 0130002216
- -----------------------------------------------------------------------------------------------------------------------------------
ACCOUNT TYPE Payroll Total This Page Total All Pages
- -----------------------------------------------------------------------------------------------------------------------------------
BANK BALANCE 45,561 45,561 16,261,810
- -----------------------------------------------------------------------------------------------------------------------------------
DEPOSIT IN TRANSIT -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
OUTSTANDING CHECKS (245) (245) (139,524)
- -----------------------------------------------------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE 45,316 -- -- 45,316 16,122,286
====================================================================================================================================
BEGINNING CASH - PER BOOKS 45,316 45,316 16,207,123
- -----------------------------------------------------------------------------------------------------------------------------------
RECEIPTS -- -- 61,546
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSFERS BETWEEN ACCOUNTS -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
(WITHDRAWAL) CONTRIBUTION BY
INDIVIDUAL DEBTOR MFR-2 -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
CHECKS/OTHER DISBURSEMENTS -- -- (146,383)
- -----------------------------------------------------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS 45,316 -- -- 45,316 16,122,286
===================================================================================================================================
MOR-8E
13
CASE NAME: TRANSAMERICAN REFINING CORPORATION CASE NUMBER: 99-21552 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
INSIDERS: NAME/POSITION/COMP TYPE 5/99
================================================================================
1. NONE
- --------------------------------------------------------------------------------
2.
- --------------------------------------------------------------------------------
3.
- --------------------------------------------------------------------------------
4.
- --------------------------------------------------------------------------------
5.
- --------------------------------------------------------------------------------
6.
- --------------------------------------------------------------------------------
TOTAL INSIDERS (MOR-1) --
================================================================================
================================================================================
PROFESSIONALS MONTH
NAME/ORDER DATE 5/99
================================================================================
1. NONE
- --------------------------------------------------------------------------------
2.
- --------------------------------------------------------------------------------
3.
- --------------------------------------------------------------------------------
4.
- --------------------------------------------------------------------------------
5.
- --------------------------------------------------------------------------------
6.
- --------------------------------------------------------------------------------
TOTAL PROFESSIONALS (MOR-1) --
================================================================================
MOR-9
14
TRANSAMERICAN REFINING CORPORATION
99-21552-C-11
NOTES TO MONTHLY OPERATING REPORT
MAY 1999
1. TransAmerican Refining Corporation's (the "Company") cash balance as
reflected in its Schedules has been adjusted in the Monthly Operating
Report ("MOR") for certain reconciling items.
2. Unamortized franchise taxes as of April 20, 1999 and May 31, 1999 are
classified as "Prepaid Expenses" in the Company's MOR.
3. The Company's investment in TCR Holding Corporation was reflected in the
Company's Schedules at estimated market value. The Company's investment in
its subsidiary is reflected in the MOR at cost.
4. Unamortized debt issue costs as of April 20, 1999 and May 31, 1999 are
classified as "Other Assets" in the Company's MOR.
5. The balance of the Company's secured note payable to TransAmerican Energy
Corporation was reflected in its Schedules at the fully accreted balance of
$920.0 million. The balance of this note payable is reflected in the
Company's MOR at its accreted balance as of April 20, 1999 and May 31, 1999
under the caption "Notes Payable-Secured."
6. The balance of the Company's subordinated notes was reflected in its
Schedules at their fully accreted balance of $200.0 million. The balance of
these notes are reflected in the Company's MOR at their accreted balance as
of the petition date.
15
CASE NAME: TRANSAMERICAN REFINING CORPORATION
CASE NUMBER: 99-21552-C-11
PETITION DATE: APRIL 20, 1999
INSURANCE MAINTAINED
MAY 31, 1999
EXPIRATION
TYPE OF INSURANCE DATE
- ---------------------------------------------------- ---------------------
CASUALTY AND LIABILITY
----------------------
Automobile Liability (Texas) May 01, 2000
Workers' Compensation and Employer's Liability May 01, 2000
Maritime Employer's Liability May 24, 2000
Primary General Liability January 01, 2000
Excess Liability January 01, 2000
Commercial Crime February 01, 2000
Directors and Officers Liability March 23, 2000
Directors and Officers Excess March 23, 2000