Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TRICO MARINE SERVICES INC | h83442e8vk.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
FOR THE DISTRICT OF DELAWARE
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
CORPORATE MONTHLY OPERATING REPORT
File with the Court and submit a copy to the United States Trustee within 30 days after the end of
the month and submit a copy of the report to any official committee appointed in the case.
| Document | Explanation | |||||
| REQUIRED DOCUMENTS | Form No. | Attached | Attached | |||
Schedule of Cash Receipts |
MOR-1a | x | ||||
Schedule of Disbursements |
MOR-1b | x | ||||
Bank Account Information |
MOR-1c | x | ||||
Copies of bank statements (See Notes to the MOR) |
x | |||||
Cash disbursements journals (See Notes to the MOR) |
x | |||||
Statement of Operations (Income Statement) |
MOR-2 | x | ||||
Balance Sheet |
MOR-3 | x | ||||
Status of Post-petition Taxes |
MOR-4 | x | ||||
Copies of IRS Form 6123 or payment receipt (See Notes to the MOR) |
x | |||||
Copies of tax returns filed during reporting period (See Notes to the MOR) |
x | |||||
Summary of Unpaid Post-petition Debts (See Notes to the MOR) |
MOR-4 | x | ||||
Listing of Aged Accounts Payable (See Notes to the MOR) |
x | |||||
Accounts Receivable Reconciliation and Aging (See Notes to the MOR) |
MOR-5 | x | ||||
Taxes Reconciliation and Aging (See MOR-7) |
MOR-5 | x | ||||
Payments to Insiders and Professional |
MOR-6 | x | ||||
Post Petition Secured Notes Adequate Protection Payments |
MOR-6 | x | ||||
Debtor Questionnaire |
MOR-7 | x | ||||
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached
documents are true and correct to the best of my knowledge and belief.
/s/ John R. Castellano
|
July 7, 2011 | |
Signature of Authorized Individual*
|
Date | |
John R. Castellano |
||
Printed Name of Authorized Individual |
||
Chief Restructuring Officer |
||
Title |
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
MOR NOTES
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Notes to the Monthly Operating Report
GENERAL:
The report includes activity from the following Debtors and related Case Numbers:
| Debtor | Case Number | |
Trico Marine Services, Inc.
|
10-12653-BLS | |
Trico Marine Assets, Inc.
|
10-12648-BLS | |
Trico Marine Operators, Inc.
|
10-12649-BLS | |
Trico Holdco, LLC
|
10-12652-BLS | |
Trico Marine Cayman, LP
|
10-12651-BLS | |
Trico Marine International, Inc.
|
10-12650-BLS |
On August 25, 2010 (the “Commencement Date”), Trico Marine Services, Inc. (the “Company”) and
certain of its subsidiaries (the “Debtor Subsidiaries”) filed voluntary petitions for relief under
chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (as amended, the
“Bankruptcy Code”), in the United States Bankruptcy Court for the District of Delaware (the
“Bankruptcy Court”).
The financial statements contained in this Monthly Operating Report (“MOR”) include, for each of
the Debtor Subsidiaries, the balance sheet as of May 31, 2011 and the statement of operations for
the period from May 1, 2011 through May 31, 2011. These financial statements are unaudited, were
not prepared in conformity with generally accepted accounting principles (“U.S. GAAP”) and are
subject to future adjustment. The Debtor Subsidiary financial statements are not intended to be
prepared in conformity with U.S. GAAP because they do not include all of the information and
footnote disclosures required by U.S. GAAP for complete financial statements. Additionally, they do
not contain all adjustments of a normal recurring nature necessary for a fair presentation of the
financial statements for the period presented. For example, as presented in these financial
statements, intercompany balances have not been eliminated and investments in subsidiaries reflect
the amounts recorded by each Debtor Subsidiary and are not accounted for under the equity method of
accounting. The information contained in this MOR (i) is provided to fulfill the reporting
requirements set forth by the Office of the United States Trustee, (ii) has not been audited or
reviewed by independent registered public accountants and (iii) is limited to the time period
indicated.
The Company’s financial statements have been prepared in accordance with the Accounting Standards
Codification (“ASC”) Topic 852, Reorganizations (“Topic 852”). Topic 852 does not change the
application of U.S. GAAP in the preparation of the Company’s financial statements. However, for
periods including and subsequent to the filing of a chapter 11 petition, Topic 852 does require
that the financial statements distinguish transactions and events that are directly associated with
the reorganization from those that are associated with the ongoing operations of the business. In
accordance with Topic 852 the Company has:
| • | Separated liabilities that are subject to compromise from liabilities that are not subject to compromise; and | |
| • | Distinguished transactions and events that are directly associated with the reorganization from those that are associated with the ongoing operations of the business. |
Notes to MOR-1a:
Cash receipts related to intercompany transfers among the Debtor entities are not included in this
schedule. Cash receipts are shown on a book cash basis.
MOR NOTES
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Notes to the Monthly Operating Report
Cash receipts include approximately $1.15MM in holdbacks received related to the Mystic and Spirit
vessels, $1.9MM received related to OpCo G&A reimbursements, $616k received related to the OpCo
9019 settlement, and $535k received related to the MARAD escrow for the makewhole guarantee.
Notes to MOR-1b:
All cash disbursements exclude intercompany transfers among the Debtor entities. Included in this
schedule are certain disbursements by Debtor entities made on behalf of other Debtor entities.
This exhibit does not include cash call payments to Non-Debtor affiliates in Brazil, Mexico and
West Africa that have been authorized by the Cash Management Order.
Notes to MOR-1c:
All amounts listed are the book balances as of the end of the month.
At the direction of the Office of the U.S. Trustee, copies of the bank statements and cash
disbursement journals were not included with the MOR.
Notes to MOR-2:
The Income Statement reflects revenue and expenses that directly correspond to the listed Debtor
legal entity.
Restructuring costs this month include effects of the OpCo transaction completed on May 15, 2011.
Bad Debt Expense relates to sales of NAMESE vessels and related notes receivable.
Notes to MOR-3:
The Balance Sheet reflects assets, liabilities, and equity that directly correspond to the Debtor
legal entity.
Accrued Expenses reflects proceeds received in advance for the sale of the Palma.
Notes to MOR-4:
Trico Marine Services, Inc. and its Debtor affiliates received authority pursuant to a first-day
order for the payment of pre-petition taxes. The tax walkforward will reflect both pre-petition
and post-petition taxes.
Trico Marine Services, Inc. and its Debtor affiliates file tax returns and make tax payments
periodically. Due to the volume of transactions, the tax returns and related payments will be made
available on request.
Trico Marine Services, Inc. and its Debtor affiliates are current on all postpetition tax payments
due other than disputes that arise in the ordinary course of business transactions.
Trico Marine Services, Inc. and its Debtor affiliates are current on all post-petition payments
other than disputes that arise in the ordinary course of business transactions. Agings are
available upon request.
Notes to MOR-5:
MOR NOTES
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Notes to the Monthly Operating Report
The Company earns and recognizes revenues primarily from the time and bareboat chartering of
vessels to customers based upon daily rates of hire and by providing other subsea services. A time
charter is a lease arrangement under which the Company provides a vessel to a customer and the
Company is responsible for all crewing, insurance and other operating expenses. In a bareboat
charter, the Company provides only the vessel to the customer, and the customer assumes
responsibility to provide for all of the vessel’s operating expenses and generally assumes all risk
of operation. Vessel charters may range from several days to several years. Other vessel income is
generally related to billings for fuel, bunks, meals and other services provided to customers.
Accounts receivable represent outstanding balances due from revenues earned form the time and
bareboat chartering of vessels to customers based upon daily rates of hire and by providing other
subsea and trenching services.
Notes to MOR-6:
Payments to insiders exclude intercompany transfers between Debtor entities.
This insider section of exhibit does not include cash call payments to Non-Debtor affiliates in
Brazil, Mexico and West Africa that have been authorized by the Cash Management Order.
Payments to insiders this month included disbursements related to the court approved incentive
program.
MOR-1a
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Schedule of Cash Receipts
(000’s)
(000’s)
TIME PERIOD:
Period from 5/1/2011 to 5/31/2011
(see Notes to the MOR related to MOR-1a)
Period from 5/1/2011 to 5/31/2011
(see Notes to the MOR related to MOR-1a)
| Debtor | Case Number | Cash Receipts | ||||||
Trico Marine Services, Inc. |
10-12653-BLS | $ | 0 | |||||
Trico Marine Assets, Inc. |
10-12648-BLS | $ | 0 | |||||
Trico Marine Operators, Inc. |
10-12649-BLS | $ | 6,191 | |||||
Trico Holdco, LLC |
10-12652-BLS | $ | 0 | |||||
Trico Marine Cayman, LP |
10-12651-BLS | $ | 0 | |||||
Trico Marine International, Inc. |
10-12650-BLS | $ | 0 | |||||
Total Cash Receipts |
$ | 6,191 | ||||||
MOR-1b
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Schedule of Disbursements
(000’s)
(000’s)
TIME PERIOD:
5/1/2011 — 5/31/2011
5/1/2011 — 5/31/2011
| Debtor | Case Number | Disbursements | ||||||
Trico Marine Services, Inc. |
10-12653-BLS | $ | 0 | |||||
Trico Marine Assets, Inc. |
10-12648-BLS | $ | 0 | |||||
Trico Marine Operators, Inc. |
10-12649-BLS | $ | 4,551 | |||||
Trico Holdco, LLC |
10-12652-BLS | $ | 0 | |||||
Trico Marine Cayman, LP |
10-12651-BLS | $ | 0 | |||||
Trico Marine International, Inc. |
10-12650-BLS | $ | 0 | |||||
Total Disbursements |
$ | 4,551 | ||||||
MOR-1c
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Bank Account Information
(000’s)
(000’s)
| Legal Entity | Bank | Bank Account | Book Balance | |||||||||
Trico Marine Services, Inc. |
Union Bank | Account Related to U.S. Credit Facility | $ | 0 | ||||||||
Trico Marine Services, Inc. |
Nordea | Account Related to 3% Bonds | $ | 0 | ||||||||
Trico Marine Assets, Inc. |
Nordea | Bareboat Fees | $ | 0 | ||||||||
Trico Marine Operators, Inc. |
Nordea | Investment | $ | 5,371 | ||||||||
Trico Marine Operators, Inc. |
Nordea | Reserve CC | $ | 0 | ||||||||
Trico Marine Operators, Inc. |
Nordea | Lockbox | $ | 20 | ||||||||
Trico Marine Operators, Inc. |
Nordea | Disbursements | ($11 | ) | ||||||||
Trico Marine Operators, Inc. |
Nordea | General (Operating) | $ | 0 | ||||||||
Trico Marine Cayman, LP |
Nordea | Holding | $ | 2 | ||||||||
Trico Marine Operators, Inc. |
Nordea | Trinidad and Tobago Account | $ | 25 | ||||||||
Trico Marine Operators, Inc. |
Nordea | DIP Escrow Account | $ | 350 | ||||||||
Trico Marine Operators, Inc. |
Nordea | Retained Professional Account | $ | 0 | ||||||||
Trico Marine Operators, Inc. |
Wilmington Trust | Escrow Account | $ | 0 | ||||||||
| $ | 5,756 | |||||||||||
MOR-2
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
UNAUDITED
Statement of Operations (Income Statement)
Statement of Operations (Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting
recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash
is actually received or paid.
| Trico Marine | Trico Marine | Trico Marine | Trico Holdco, | Trico Marine | Trico Marine | |||||||||||||||||||
| Services, Inc. | Assets, Inc. | Operators, Inc. | LLC | Cayman, LP | International, | |||||||||||||||||||
| 10-12653-BLS | 10-12648-BLS | 10-12649-BLS | 10-12652-BLS | 10-12651-BLS | 10-12650-BLS | |||||||||||||||||||
CHARTER HIRE — TOWING & SUPPLY |
$ | 0 | $ | 0 | $ | 195,590 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
CHARTER HIRE — SUBSEA |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER VESSEL INCOME |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
INTERCOMPANY REVENUE |
$ | 0 | $ | 25,313 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTAL REVENUE |
$ | 0 | $ | 25,313 | $ | 195,590 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — LABOR & PAYROLL |
$ | 0 | $ | 0 | $ | 103,932 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — SUPPLIES |
$ | 0 | $ | 0 | $ | 38,895 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — MAINT & REPAIR |
$ | 0 | $ | 0 | $ | 79,230 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — M & C |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — INSURANCE |
$ | 0 | $ | 0 | $ | 135,211 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — LEASE |
$ | 0 | $ | 0 | $ | 16,341 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — OTHER |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP — OTHER INTERCOMPANY |
$ | 0 | $ | 0 | $ | 25,313 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
BROKERAGE & MGMT FEES — INTERCOMPANY |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
GENERAL & ADMIN EXPENSE |
$ | 52,891 | $ | 2,894 | $ | 646,195 | $ | 0 | $ | 75 | $ | 198 | ||||||||||||
BAD DEBT EXPENSE |
$ | 0 | $ | 2,478,308 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
(GAIN) LOSS ON SALE OF ASSETS |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DEPRECIATION AND AMORTIZATION |
$ | 0 | $ | 62,142 | $ | 154,592 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTAL OPERATING EXPENSES |
$ | 52,891 | $ | 2,543,344 | $ | 1,199,710 | $ | 0 | $ | 75 | $ | 198 | ||||||||||||
OPERATING INCOME (LOSS) |
$ | (52,891 | ) | $ | (2,518,031 | ) | $ | (1,004,120 | ) | $ | 0 | $ | (75 | ) | $ | (198 | ) | |||||||
INTEREST INCOME — INTERCOMPANY |
$ | (632,571 | ) | $ | (6,281 | ) | $ | (444,633 | ) | $ | 0 | $ | (40,621 | ) | $ | 0 | ||||||||
INTEREST EXPENSE |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
FOREIGN EXCHANGE (GAIN) LOSS |
$ | 0 | $ | 0 | $ | 108 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
RESTRUCTURING COSTS |
$ | 308,873,619 | $ | 325 | $ | 176,672,955 | $ | 0 | $ | 113,341,689 | $ | 0 | ||||||||||||
OTHER (INCOME)/ EXPENSE, NET |
$ | 0 | $ | 0 | $ | (53,406 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||||
AMORT OF DEFERRED FINANCING EXPENSE |
$ | 650 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 325 | ||||||||||||
INCOME(LOSS) BEFORE INCOME TAXES |
$ | (308,294,588 | ) | $ | (2,512,075 | ) | $ | (177,179,144 | ) | $ | 0 | (113,301,143.16 | ) | $ | (523 | ) | ||||||||
AND EXTRAORDINARY ITEM |
||||||||||||||||||||||||
INCOME TAX EXPENSE (BENEFIT) |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
NET INCOME (LOSS) |
$ | (308,294,588 | ) | $ | (2,512,075 | ) | $ | (177,179,144 | ) | $ | 0 | $ | (113,301,143 | ) | $ | (523 | ) | |||||||
MOR-3
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
UNAUDITED
Balance Sheet
Balance Sheet
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be
classified separately from post-petition obligations.
| Trico Marine | Trico Marine | |||||||||||||||||||||||
| Trico Marine | Assets, | Trico Marine | Trico Holdco, | Trico Marine | International, | |||||||||||||||||||
| Services, Inc. | Inc. | Operators, Inc. | LLC | Cayman, LP | Inc. | |||||||||||||||||||
| 10-12653-BLS | 10-12648-BLS | 10-12649-BLS | 10-12652-BLS | 10-12651-BLS | 10-12650-BLS | |||||||||||||||||||
CASH & CASH EQUIVALENTS |
$ | 0 | $ | 0 | $ | 5,754,285 | $ | 0 | $ | 2,027 | $ | 0 | ||||||||||||
RESTRICTED CASH |
$ | 0 | $ | 0 | $ | 21,640 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCOUNTS RECEIVABLE, TRADE |
$ | 0 | $ | 0 | $ | 2,018,225 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ALLOWANCE FOR UNCOLLECTABLE ACCOUNTS |
$ | 0 | $ | 0 | $ | (343,054 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||||
ACCOUNTS RECEIVABLE, OTHER |
$ | 0 | $ | 0 | $ | 572,096 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCOUNTS RECEIVABLE, INTERCOMPANY |
$ | 31,669,159 | $ | 5,190,606 | $ | (256,109,002 | ) | $ | 0 | $ | 0 | $ | (4,243,179 | ) | ||||||||||
OTHER CURRENT ASSETS, INTERCOMPANY |
$ | 0 | $ | 42,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
PREPAID EXPENSES & OTHER CURRENT ASSETS |
$ | 600,000 | $ | 0 | $ | 3,539,444 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTAL CURRENT ASSETS |
$ | 32,269,159 | $ | 5,232,606 | $ | (244,546,366 | ) | $ | 0 | $ | 2,027 | $ | (4,243,179 | ) | ||||||||||
PROPERTY & EQUIPMENT AT COST: |
||||||||||||||||||||||||
VESSELS |
$ | 0 | $ | 6,888,204 | $ | 820,688 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TRANSPORTATION & OTHER |
$ | 0 | $ | 0 | $ | 5,656,660 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
CONSTRUCTION IN PROGRESS |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
LESS ACCUMULATED DEPR & AMORT |
$ | 0 | $ | (1,627,392 | ) | $ | (4,877,715 | ) | $ | 0 | $ | 0 | $ | 0 | ||||||||||
NET PROPERTY & EQUIPMENT |
$ | 0 | $ | 5,260,811 | $ | 1,599,634 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
RESTRICTED CASH-NONCURRENT |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER ASSETS — MISCELLANEOUS |
$ | 3,497,238 | $ | 360,600 | $ | 5,099,873 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER ASSETS — INVESTMENTS |
$ | 74,387,204 | $ | 91,341,477 | $ | 319,094 | $ | 0 | $ | 23,364 | $ | 0 | ||||||||||||
OTHER ASSETS — INTERCOMPANY |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTALOTHER ASSETS |
$ | 77,884,442 | $ | 91,702,077 | $ | 5,418,968 | $ | 0 | $ | 23,364 | $ | 0 | ||||||||||||
TOTAL ASSETS |
$ | 110,153,601 | $ | 102,195,495 | $ | (237,527,765 | ) | $ | 0 | $ | 25,392 | $ | (4,243,179 | ) | ||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY |
||||||||||||||||||||||||
CURRENT LIABILITIES |
||||||||||||||||||||||||
SHORT-TERM AND CURRENT MATURITIES OF DEBT |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCOUNTS PAYABLE |
$ | (128,205 | ) | $ | 0 | $ | 2,453,711 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
ACCOUNTS PAYABLE, INTERCOMPANY |
$ | (215,630,453 | ) | $ | (71,136,607 | ) | $ | 234,174 | $ | 0 | $ | 61,816 | $ | 11,287,481 | ||||||||||
ACCRUED EXPENSES |
$ | 7,235,288 | $ | 3,342,565 | $ | 6,904,934 | $ | 0 | $ | 0 | $ | 8,098 | ||||||||||||
ACCRUED INSURANCE RESERVE |
$ | 0 | $ | 0 | $ | 3,760,539 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCRUED INTEREST |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
INCOME TAXES PAYABLE |
$ | (146,499 | ) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
OTHER CURRENT LIABILITIES |
$ | (1 | ) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
TOTAL CURRENT LIABILITIES |
$ | (208,669,869 | ) | $ | (67,794,042 | ) | $ | 13,353,358 | $ | 0 | $ | 61,816 | $ | 11,295,578 | ||||||||||
LIABILITIES SUBJECT TO COMPROMISE |
$ | 368,267,150 | $ | 0 | $ | 6,087,603 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
FOREIGN TAXES PAYABLE, NON-CURRENT |
$ | (489,113 | ) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
OTHER NON CURRENT LIABILITIES |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTAL LIABILITIES |
$ | 159,108,168 | $ | (67,794,042 | ) | $ | 19,440,961 | $ | 0 | $ | 61,816 | $ | 11,295,578 | |||||||||||
STOCKHOLDERS’ EQUITY |
||||||||||||||||||||||||
COMMON STOCK |
$ | 200,061 | $ | 1 | $ | 50,000 | $ | 0 | $ | 0 | $ | 100 | ||||||||||||
ADDITIONAL PAID IN CAPITAL |
$ | 299,333,057 | $ | 190,974,964 | $ | 0 | $ | 0 | $ | 109,401,521 | $ | 900 | ||||||||||||
RETAINED EARNINGS (DEFICIT) |
$ | (378,527,887 | ) | $ | (20,985,429 | ) | $ | (257,018,726 | ) | $ | 0 | $ | (109,437,945 | ) | $ | (15,539,757 | ) | |||||||
PHANTOM STOCK |
$ | 47,642,566 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TREASURY STOCK |
$ | (17,602,365 | ) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
TOTAL STOCKHOLDERS’ EQUITY |
$ | (48,954,568 | ) | $ | 169,989,537 | $ | (256,968,726 | ) | $ | 0 | $ | (36,424 | ) | $ | (15,538,757 | ) | ||||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY |
$ | 110,153,601 | $ | 102,195,495 | $ | (237,527,765 | ) | $ | 0 | $ | 25,392 | $ | (4,243,179 | ) | ||||||||||
MOR-4
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Status of Post-petition Taxes
| Beginning | Amount | Ending | |||||||||||||||
| Tax | Withheld or | Amount | Tax | ||||||||||||||
| Trico Marine Services, Inc. and its related debtor legal entities | Liability | Accrued | Paid | Liability | |||||||||||||
Income Taxes |
$ | 635,612 | $ | 0 | $ | 0 | $ | 635,612 | |||||||||
Other Taxes |
$ | (223,489 | ) | $ | 18,775 | $ | 0 | $ | (204,714 | ) | |||||||
VAT Taxes |
$ | (2,432,084 | ) | $ | 0 | $ | 0 | $ | (2,432,084 | ) | |||||||
Withholding Taxes |
$ | 0 | $ | (402,484 | ) | $ | 402,484 | $ | 0 | ||||||||
Franchise Taxes |
$ | (579,797 | ) | $ | (27,500 | ) | $ | 72,000 | $ | (535,297 | ) | ||||||
Total Taxes |
$ | (2,599,758 | ) | $ | (411,209 | ) | $ | 474,484 | $ | (2,536,484 | ) | ||||||
MOR-6
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Payments to Insiders and Professional
Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1b) list the amount
paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to
professionals. For payments to insiders, identify the type of compensation paid (e.g. Salary,
Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional
sheets if necessary
Insiders
| Name | Amount Paid During Month | Total Paid to Date | ||||||
Angeron, Artie |
$ | 25,805 | $ | 122,547 | ||||
Bachmann, Richard |
$ | 482,000 | $ | 951,073 | ||||
Burke, Kenneth |
$ | 18,750 | $ | 56,250 | ||||
Cenkus, Brett |
$ | 121,469 | $ | 301,556 | ||||
Favret, Jeffrey |
$ | 89,833 | $ | 301,674 | ||||
Hoover, Ray |
$ | 0 | $ | 36,566 | ||||
Hutcheson, Edward |
$ | 17,500 | $ | 52,500 | ||||
Jones, Geoffrey |
$ | 0 | $ | 164,840 | ||||
Morrell, Stephen L |
$ | 125,333 | $ | 299,273 | ||||
Staehr, Per |
$ | 11,375 | $ | 40,640 | ||||
Salazar, Tomas |
$ | 23,482 | $ | 165,786 | ||||
Scoggins, Myles |
$ | 17,500 | $ | 53,787 | ||||
Wallace, David |
$ | 204,320 | $ | 446,901 | ||||
Total Payments to Insiders |
$ | 1,137,367 | $ | 2,993,392 | ||||
Professionals
| Name | Amount Paid During Month | Total Paid to Date | ||||||
Epiq Bankrupty Solutions, LLC |
$ | 97,925 | $ | 315,143 | ||||
AP Services, LLC |
$ | 199,837 | $ | 1,686,499 | ||||
Tennenbaum Capital Partners, LLC |
$ | 0 | $ | 3,597,198 | ||||
White & Case LLP |
$ | 0 | $ | 75,074 | ||||
Fox Rothschild LLP |
$ | 9,403 | $ | 29,406 | ||||
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard |
$ | 4,032 | $ | 86,250 | ||||
Pachulski Stang Ziehl & Jones LLP |
$ | 39,494 | $ | 239,509 | ||||
Chanin Capital Partners |
$ | 178,297 | $ | 765,901 | ||||
Kasowitz Benson Torres & Friedman, LLP |
$ | 224,974 | $ | 2,056,744 | ||||
Ernst & Young LLP |
$ | 45,441 | $ | 287,203 | ||||
Cahill Gordon & Reindel LLP |
$ | 474,338 | $ | 2,276,910 | ||||
Evercore Group, LLC |
$ | 153,359 | $ | 1,055,168 | ||||
Vinson & Elkins LLP |
$ | 730,171 | $ | 3,427,199 | ||||
Morris, Nichols, Arsht & Tunnell |
$ | 384,980 | $ | 1,229,959 | ||||
Ro Sommernes Advokatfirma DA |
$ | 6,390 | $ | 32,444 | ||||
Total Payments to Professionals |
$ | 2,548,640 | $ | 17,160,606 | ||||
Post Petition Secured Notes Adequate Protection Payments as well as DIP Interest Payments
| Name of Creditor | Amount Paid During Month | |||
Total Payments |
$ | 0 | ||
MOR-7
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
Debtor Questionnaire
| Must be completed each month. If the answer to any of the | ||||||
| questions is “Yes”, provide a detailed explanation of each item. | ||||||
| Attach additional sheets if necessary. | Yes | No | ||||
| 1 | Have any assets been sold or transferred outside the normal course of business this reporting period? |
X | ||||
| 2 | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? |
X | ||||
| 3 | Is the Debtor delinquent in the timely filing of any post-petition tax returns? |
X | ||||
| 4 | Are workers compensation, general liability or other necessary
insurance coverages expired or cancelled, or has the debtor received
notice of expiration or cancellation of such policies? |
X | ||||
| 5 | Is the Debtor delinquent in paying any insurance premium payment? |
X | ||||
| 6 | Have any payments been made on pre-petition liabilities this reporting
period? |
X | ||||
| 7 | Are any post-petition receivables (accounts, notes or loans) due from
related parties? |
X | ||||
| 8 | Are any post-petition payroll taxes past due? |
X | ||||
| 9 | Are any post-petition State or Federal income taxes past due? |
X | ||||
| 10 | Are any post-petition real estate taxes past due? |
X | ||||
| 11 | Are any other post-petition taxes past due? |
X | ||||
| 12 | Have any pre-petition taxes been paid during this reporting period? |
X | ||||
| 13 | Are any amounts owed to post-petition creditors delinquent? |
X | ||||
| 14 | Are any wage payments past due? |
X | ||||
| 15 | Have any post-petition loans been received by the Debtor from any
party? |
X | ||||
| 16 | Is the Debtor delinquent in paying any U.S. Trustee fees? |
X | ||||
| 17 | Is the Debtor delinquent with any court ordered payments to attorneys or
other professionals? |
X | ||||
| 18 | Have the owners or shareholders received any compensation outside of
the normal course of business? |
X |
7 Pursuant to the Cash Management Order the Debtors periodically settle receivables with
Non-Debtor affiliates in Brazil, West Africa and Mexico.
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
May 31, 2011 | |
Federal Tax I.D. #
|
72-1252405 |
If additional information is required for the current or any future Monthly Operating Reports,
please send the request to:
Trico Marine Services, Inc.
ATTN: John Castellano
3200 Southwest Freeway, Suite 2950
Houston, Texas 77027
ATTN: John Castellano
3200 Southwest Freeway, Suite 2950
Houston, Texas 77027