Annual report pursuant to Section 13 and 15(d)

Fresh Start Accounting Fresh Start Accounting (Tables)

v3.6.0.2
Fresh Start Accounting Fresh Start Accounting (Tables)
12 Months Ended
Dec. 31, 2016
Fresh-Start Balance Sheet [Abstract]  
Schedule of Cumulative impact of Reorganization Adjustments [Table Text Block]
Represents the cumulative impact of the reorganization adjustments described above:
Gain on settlement of of liabilities subject to compromise
 
 
$
1,150,248

Fair value of equity allocated to:
 
 
 
Unsecured creditors on the Effective Date
174,477

 
 
Unsecured creditors pending resolution on the Effective Date
10,396

 
 
Backstop Parties in the form of a Commitment Premium
6,022

 
 
 
 
 
190,895

Cancellation of Predecessor shareholders’ deficit
 
 
882,992

Net impact to Predecessor accumulated deficit
 
 
$
2,224,135

Schedule of Fresh-Start Adjustments [Table Text Block]
The following table reflects the reorganization and application of Fresh Start Accounting adjustments on our Consolidated Balance Sheet as of September 12, 2016:
 
 
 
 
 
Reorganization
 
Fresh Start
 
 
 
 
 
Predecessor
 
Adjustments
 
Adjustments
 
Successor
Assets
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
48,718

 
$
(17,304
)
(1
)
$

 
$
31,414

 
Accounts receivable, net of allowance for doubtful accounts
35,606

 
4,292

(2
)

 
39,898

 
Derivative assets
397

 

 

 
397

 
Other current assets
3,966

 
(832
)
(3
)

 
3,134

 
 
Total current assets
88,687

 
(13,844
)
 

 
74,843

Property and equipment, net
309,261

 

 
(55,751
)
(12
)
253,510

Other assets
6,902

 
(1,281
)
(4
)

 
5,621

 
 
Total assets
$
404,850

 
$
(15,125
)
 
$
(55,751
)
 
$
333,974

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Deficit
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
77,151

 
$
(21,166
)
(5
)
$
(3,455
)
(13
)
$
52,530

 
Derivative liabilities
1,641

 

 

 
1,641

 
Current maturities of long-term debt
113,653

 
(113,653
)
(6
)

 

 
 
Total current liabilities
192,445

 
(134,819
)
 
(3,455
)
 
54,171

 
 
 
 
 
 
 
 
 
 
Other liabilities
84,953

 
100

(5
)
(80,615
)
(14
)
4,438

Derivative liabilities
9,120

 

 

 
9,120

Long-term debt

 
75,350

(7
)

 
75,350

Liabilities subject to compromise
1,154,163

 
(1,154,163
)
(8
)

 

 
 
 
 
 
 
 
 
 
 
Shareholders’ equity (deficit)
 
 
 
 
 
 
 
 
Preferred stock (Predecessor)
1,880

 
(1,880
)
(9
)

 

 
Common stock (Predecessor)
697

 
(697
)
(9
)

 

 
Paid-in capital (Predecessor)
1,213,797

 
(1,213,797
)
(9
)

 

 
Deferred compensation obligation (Predecessor)
3,440

 
(3,440
)
(9
)

 

 
Accumulated other comprehensive income (Predecessor)
383

 
(383
)
(9
)

 

 
Treasury stock (Predecessor)
(3,574
)
 
3,574

(9
)

 

 
Common stock (Successor)

 
150

(10
)

 
150

 
Paid-in capital (Successor)

 
190,745

(10
)

 
190,745

 
Accumulated deficit
(2,252,454
)
 
2,224,135

(11
)
28,319

(15
)

 
 
Total shareholders’ equity (deficit)
(1,035,831
)
 
1,198,407

 
28,319

 
190,895

 
 
Total liabilities and shareholders’ equity (deficit)
$
404,850

 
$
(15,125
)
 
$
(55,751
)
 
$
333,974

Reconcile Enterprise Value to FV of Successor CS [Table Text Block]
The following table reconciles the enterprise value, net of cash and cash equivalents, to the estimated fair value of our Successor common stock as of the Effective Date:
Enterprise value
 
$
234,831

Plus: Cash and cash equivalents
 
31,414

Less: Fair value of debt
 
(75,350
)
Fair value of Successor common stock
 
$
190,895

Shares outstanding as of September 12, 2016
 
14,992,018

Per share value
 
$
12.73

Reconciliation of Enterprise Value to Reorganization Value [Table Text Block]
The following table reconciles the enterprise value to the reorganization value of our Successor assets as of the Effective Date:
Enterprise value
 
$
234,831

Plus: Cash and cash equivalents
 
31,414

Plus: Current liabilities
 
54,171

Plus: Noncurrent liabilities excluding long-term debt
 
13,558

Reorganization value
 
$
333,974

Schedule of Net Cash Payments [Table Text Block]
Represents the net cash payments that occurred on the Effective Date:
Sources:
 
 
 
Proceeds from the Credit Facility
$
75,350

 
 
Proceeds from the Rights Offering, net of issuance costs
49,943

 
 
Total sources
 
 
$
125,293

Uses:
 
 
 
Repayment of RBL
$
113,653

 
 
Accrued interest payable on RBL
1,374

 
 
DIP Facility fees
12

 
 
Debt issue costs of the Credit Facility
3,011

 
 
Funding of professional fee escrow account
14,575

 
 
RBL lender professional fees and expenses
455

 
 
Ad Hoc Committee and indenture trustee professional fees and expenses
6,782

 
 
Payment of certain allowed claims and settlements
2,735

 
 
Total uses
 
 
142,597

 
 
 
$
(17,304
)
Schedule of Liabilities Subject to Compromise Settled [Table Text Block]
Liabilities subject to compromise were settled as follows in accordance with the Plan:
Liabilities subject to compromise prior to the Effective Date:
 
 
 
Senior Notes
$
1,075,000

 
 
Interest on Senior Notes
47,213

 
 
Firm transportation obligation
11,077

 
 
Compensation – related
9,733

 
 
Deferred compensation
4,676

 
 
Trade accounts payable
1,487

 
 
Litigation claims
1,092

 
 
Other accrued liabilities
3,885

 
 
 
 
 
$
1,154,163

Amounts settled in cash, reinstated or otherwise reserved at emergence
 
 
(3,915
)
Gain on settlement of liabilities subject to compromise
 
 
$
1,150,248

Schedule of Reorganization Items [Table Text Block]
The following table summarizes the components included in “Reorganization items, net” in our Consolidated Statements of Operations for the period presented:
 
January 1 Through
 
September 12,
 
2016
Gains on the settlement of liabilities subject to compromise
$
1,150,248

Fresh start accounting adjustments
28,319

Legal and professional fees and expenses
(29,976
)
Settlements attributable to contract amendments
(2,550
)
DIP Facility costs and commitment fees
(170
)
Write-off of prepaid directors and officers insurance
(832
)
Other reorganization items
(46
)
 
$
1,144,993