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8-K - FORM 8-K - Patriot Coal CORPdp32524_8k.htm
Exhibit 99.1
 
 
UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
       
       
In re Patriot Coal Corporation
     
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
CORPORATE MONTHLY OPERATING REPORT
       
       
       
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Legal Entities and Notes to MOR
 
x
 
Schedule of Cash Receipts and Disbursements
MOR-1
x
 
Bank Account Information
MOR-1a
x
 
     Copies of bank statements
   
x
     Cash disbursements journals
   
x
Statements of Operations (Income Statement)
MOR-2
x
 
Balance Sheets
MOR-3
x
 
Status of Post-Petition Taxes
MOR-4
x
 
     Copies of IRS Form 6123 or payment receipt
   
x
     Copies of tax returns filed during reporting period
   
x
Summary of Unpaid Post-Petition Debts
MOR-4
 
x
     Listing of Aged Accounts Payable
   
x
Accounts Receivable Reconciliation and Aging
MOR-5
 
x
Taxes Reconciliation and Aging
MOR-5
 
x
Schedule of Payments to Professionals
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/ MARK N. SCHROEDER
   August 30, 2012
Signature of Authorized Individual*
 
Date
     
     
Mark N. Schroeder
   
Printed Name of Authorized Individual
   
     
     
Senior Vice President and Chief Financial 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.
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   Legal Entities and Notes to MOR
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Listing of Debtor Entities and Notes to the Monthly Operating Report
 
GENERAL:
The report includes activity from the following Debtors and related Case Numbers:
 
Debtor
Case Number
Patriot Beaver Dam Holdings, LLC
12-12898
PCX Enterprises, Inc.
12-12899
Patriot Coal Corporation
12-12900
Affinity Mining Company
12-12902
Apogee Coal Company, LLC
12-12903
Appalachia Mine Services, LLC
12-12904
Beaver Dam Coal Company, LLC
12-12905
Big Eagle, LLC
12-12906
Big Eagle Rail, LLC
12-12907
Black Stallion Coal Company, LLC
12-12908
Black Walnut Coal Company
12-12909
Bluegrass Mine Services, LLC
12-12910
Brook Trout Coal, LLC
12-12911
Catenary Coal Company, LLC
12-12913
Central States Coal Reserves of Kentucky, LLC
12-12914
Charles Coal Company, LLC
12-12916
Cleaton Coal Company
12-12917
Coal Clean LLC
12-12918
Coal Properties, LLC
12-12919
Coal Reserve Holding Limited Liability Company No.2
12-12920
Colony Bay Coal Company
12-12921
Cook Mountain Coal Company, LLC
12-12922
Corydon Resources LLC
12-12923
Coventry Mining Services, LLC
12-12924
Coyote Coal Company LLC
12-12925
Cub Branch Coal Company LLC
12-12926
Dakota LLC
12-12927
Day LLC
12-12928
Dixon Mining Company, LLC
12-12929
Dodge Hill Holding JV, LLC
12-12930
Dodge Hill Mining Company, LLC
12-12931
Dodge Hill of Kentucky, LLC
12-12932
EACC Camps, Inc.
12-12933
Eastern Associated Coal, LLC
12-12934
Eastern Coal Company, LLC
12-12935
Eastern Royalty, LLC
12-12936
Emerald Processing, L.L.C.
12-12937
Gateway Eagle Coal Company, LLC
12-12938
Grand Eagle Mining, LLC
12-12939
Heritage Coal Company LLC
12-12940
Highland Mining Company, LLC
12-12941
Hillside Mining Company
12-12942
Hobet Mining, LLC
12-12943
Indian Hill Company LLC
12-12944
Infinity Coal Sales, LLC
12-12945
Interior Holdings, LLC
12-12946
IO Coal LLC
12-12947
Jarrell's Branch Coal Company
12-12948
Jupiter Holdings LLC
12-12949
Kanawha Eagle Coal, LLC
12-12950
Kanawha River Ventures I, LLC
12-12951
Kanawha River Ventures II, LLC
12-12952
Kanawha River Ventures III, LLC
12-12953
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   Legal Entities and Notes to MOR
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Listing of Debtor Entities and Notes to the Monthly Operating Report
 
KE Ventures, LLC
12-12954
Little Creek LLC
12-12955
Logan Fork Coal Company
12-12956
Magnum Coal Company LLC
12-12957
Magnum Coal Sales LLC
12-12958
Martinka Coal Company, LLC
12-12959
Midland Trail Energy LLC
12-12960
Midwest Coal Resources II, LLC
12-12961
Mountain View Coal Company, LLC
12-12962
New Trout Coal Holdings II, LLC
12-12963
Newtown Energy, Inc.
12-12964
North Page Coal Corp.
12-12965
Ohio County Coal Company, LLC
12-12966
Panther LLC
12-12967
Patriot Coal Company, L.P.
12-12968
Patriot Coal Sales LLC
12-12969
Patriot Coal Services LLC
12-12970
Patriot Leasing Company LLC
12-12971
Patriot Midwest Holdings, LLC
12-12972
Patriot Reserve Holdings, LLC
12-12973
Patriot Trading LLC
12-12974
Pine Ridge Coal Company, LLC
12-12975
Pond Creek Land Resources, LLC
12-12976
Pond Fork Processing LLC
12-12977
Remington Holdings LLC
12-12978
Remington II LLC
12-12979
Remington LLC
12-12980
Rivers Edge Mining, Inc.
12-12981
Robin Land Company, LLC
12-12982
Sentry Mining, LLC
12-12983
Snowberry Land Company
12-12984
Speed Mining LLC
12-12985
Sterling Smokeless Coal Company, LLC
12-12986
TC Sales Company, LLC
12-12987
The Presidents Energy Company LLC
12-12988
Thunderhill Coal LLC
12-12989
Trout Coal Holdings, LLC
12-12990
Union County Coal Co., LLC
12-12991
Viper LLC
12-12992
Weatherby Processing LLC
12-12993
Wildcat Energy LLC
12-12994
Wildcat, LLC
12-12995
Will Scarlet Properties LLC
12-12996
Winchester LLC
12-12997
Winifrede Dock Limited Liability Company
12-12998
Yankeetown Dock, LLC
12-12999
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   Legal Entities and Notes to MOR
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Listing of Debtor Entities and Notes to the Monthly Operating Report
 
Notes to the MOR:
 
On July 9, 2012 (the “Petition Date”), Patriot Coal Corporation, as a stand-alone entity, and substantially all of its wholly-owned subsidiaries (collectively, the “Debtors”) filed voluntary petitions for reorganization (the “Chapter 11 Cases”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors' Chapter 11 Cases are being jointly administered under the caption “In re: Patriot Coal Corporation, et al. (Case No. 12-12900).”  Our joint ventures and certain of our other subsidiaries (the "Non-Debtors") were not included in the filing.

This Monthly Operating Report ("MOR") has been prepared on a consolidated basis for the Debtors.  The financial information contained herein is unaudited, limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the Bankruptcy Court and is in a format acceptable to the United States Trustee for the Southern District of New York (the “U.S. Trustee”).  As discussed below, this MOR is not prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and does not include all of the information and footnotes required by U.S. GAAP.   Therefore, there can be no assurance that the condensed consolidated financial information presented herein is complete and readers are strongly cautioned not to place undue reliance on this MOR.

The unaudited financial statements have been derived from the books and records of the Debtors. The information furnished in this report includes primarily normal recurring adjustments, but not all the adjustments that would typically be made for the quarterly and annual consolidated financial statements to be in accordance with U.S. GAAP.  Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that the Debtors apply in the preparation of their quarterly and annual consolidated financial information in accordance with U.S. GAAP.  Accordingly, upon the application of such procedures, the Debtors believe that the financial information may be subject to change, and these changes could be material.

The results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and cash flows of the Debtors in the future.

For the reasons discussed above, the Debtors caution readers not to place undue reliance upon information contained in this MOR.  For further information, refer to the consolidated financial statements and footnotes included in Patriot Coal Corporation's Annual Report on Form 10-K/A (Amendment No. 2) for the year ended December 31, 2011 and the Form 10-Q for the quarter ended June 30, 2012, as filed with the Securities and Exchange Commission.

No assurance can be given as to the value, if any, that may be ascribed to the Debtors’ various pre-petition liabilities and other securities.  Accordingly, the Debtors urge that caution be exercised with respect to existing and future investments in any of these securities or claims against the Debtors.

Additional information about the Chapter 11 Cases, court filings and claims information is available on the internet at www.patriotcaseinfo.com.

Notes to MOR-4 and MOR-5:
 
For status of post-petition tax payments, see disclosures as noted on MOR-4.  Due to the level of detailed records, (i) copies of IRS Form 6123 or payment receipts; (ii) copies of tax returns filed during the reporting period and (iii) a taxes reconciliation and aging schedule will be made available upon request.

Additionally, the Debtors believe that the information as disclosed in MOR-3 appropriately summarizes the ending accounts receivable and accounts payable balances of the Debtors. Due to the volume of transactions related to customer billings and vendor payments, the following items will be made available upon request:  (i) summary of unpaid post-petition debts; (ii) listing of aged accounts payable; and (iii) accounts receivable reconciliation and aging.

Notes to MOR-6:                                                                                 
 
The post-petition secured notes adequate protection payments schedule is not applicable as there were no such payments in July 2012.
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   MOR-1
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Schedule of Cash Receipts and Disbursements
(Amounts in thousands)
 
Debtor
Case Number
  Cash Receipts     Cash Disbursements
Patriot Beaver Dam Holdings, LLC
12-12898
$
-
  $
-
PCX Enterprises, Inc.
12-12899
 
-
   
-
Patriot Coal Corporation
12-12900
 
100,923
   
18,935
Affinity Mining Company
12-12902
 
-
   
-
Apogee Coal Company, LLC
12-12903
 
-
   
6,157
Appalachia Mine Services, LLC
12-12904
 
-
   
531
Beaver Dam Coal Company, LLC
12-12905
 
-
   
-
Big Eagle, LLC
12-12906
 
-
   
-
Big Eagle Rail, LLC
12-12907
 
-
   
2
Black Stallion Coal Company, LLC
12-12908
 
-
   
504
Black Walnut Coal Company
12-12909
 
-
   
-
Bluegrass Mine Services, LLC
12-12910
 
-
   
109
Brook Trout Coal, LLC
12-12911
 
-
   
-
Catenary Coal Company, LLC
12-12913
 
-
   
1,130
Central States Coal Reserves of Kentucky, LLC
12-12914
 
-
   
4
Charles Coal Company, LLC
12-12916
 
-
   
-
Cleaton Coal Company
12-12917
 
-
   
-
Coal Clean LLC
12-12918
 
-
   
346
Coal Properties, LLC
12-12919
 
-
   
-
Coal Reserve Holding Limited Liability Company No.2
12-12920
 
-
   
-
Colony Bay Coal Company
12-12921
 
-
   
-
Cook Mountain Coal Company, LLC
12-12922
 
-
   
-
Corydon Resources LLC
12-12923
 
-
   
-
Coventry Mining Services, LLC
12-12924
 
-
    -
Coyote Coal Company LLC
12-12925
 
-
   
1,226
Cub Branch Coal Company LLC
12-12926
 
-
   
-
Dakota LLC
12-12927
 
-
   
-
Day LLC
12-12928
 
-
   
-
Dixon Mining Company, LLC
12-12929
 
-
   
-
Dodge Hill Holding JV, LLC
12-12930
 
-
    -
Dodge Hill Mining Company, LLC
12-12931
 
-
   
 1,507
Dodge Hill of Kentucky, LLC
12-12932
 
-
   
-
EACC Camps, Inc.
12-12933
 
-
   
-
Eastern Associated Coal, LLC
12-12934
 
-
   
7,880
Eastern Coal Company, LLC
12-12935
 
-
   
-
Eastern Royalty, LLC
12-12936
 
-
   
-
Emerald Processing, L.L.C.
12-12937
 
-
   
128
Gateway Eagle Coal Company, LLC
12-12938
 
-
   
1,065
Grand Eagle Mining, LLC
12-12939
 
-
   
926
Heritage Coal Company LLC
12-12940
 
-
   
1,397
Highland Mining Company, LLC
12-12941
 
-
   
3,250
Hillside Mining Company
12-12942
 
-
   
79
Hobet Mining, LLC
12-12943
 
-
   
3,841
Indian Hill Company LLC
12-12944
 
-
   
-
Infinity Coal Sales, LLC
12-12945
 
-
   
-
Interior Holdings, LLC
12-12946
 
-
   
-
IO Coal LLC
12-12947
 
-
   
-
Jarrell's Branch Coal Company
12-12948
 
-
   
16
Jupiter Holdings LLC
12-12949
 
-
   
211
Kanawha Eagle Coal, LLC
12-12950
 
-
   
1,787
Kanawha River Ventures I, LLC
12-12951
 
-
   
-
Kanawha River Ventures II, LLC
12-12952
 
-
   
-
Kanawha River Ventures III, LLC
12-12953
 
-
   
2
KE Ventures, LLC
12-12954
 
-
   
-
Little Creek LLC
12-12955
 
-
   
46
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   MOR-1
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Schedule of Cash Receipts and Disbursements
(Amounts in thousands)
 
Debtor
Case Number
  Cash Receipts     Cash Disbursements
Logan Fork Coal Company
12-12956
 
-
   
-
Magnum Coal Company LLC
12-12957
 
-
   
395
Magnum Coal Sales LLC
12-12958
 
-
   
-
Martinka Coal Company, LLC
12-12959
 
-
   
4
Midland Trail Energy LLC
12-12960
 
-
   
1,447
Midwest Coal Resources II, LLC
12-12961
 
-
   
-
Mountain View Coal Company, LLC
12-12962
 
-
   
-
New Trout Coal Holdings II, LLC
12-12963
 
-
   
-
Newtown Energy, Inc.
12-12964
 
-
   
1,305
North Page Coal Corp.
12-12965
 
-
   
-
Ohio County Coal Company, LLC
12-12966
 
-
   
164
Panther LLC
12-12967
 
-
   
1,415
Patriot Coal Company, L.P.
12-12968
 
-
   
182
Patriot Coal Sales LLC
12-12969
 
-
   
8,911
Patriot Coal Services LLC
12-12970
 
-
   
3,293
Patriot Leasing Company LLC
12-12971
 
-
   
2,228
Patriot Midwest Holdings, LLC
12-12972
 
-
   
-
Patriot Reserve Holdings, LLC
12-12973
 
-
   
19
Patriot Trading LLC
12-12974
 
-
   
-
Pine Ridge Coal Company, LLC
12-12975
 
-
   
130
Pond Creek Land Resources, LLC
12-12976
 
-
   
-
Pond Fork Processing LLC
12-12977
 
-
   
-
Remington Holdings LLC
12-12978
 
-
   
-
Remington II LLC
12-12979
 
-
   
-
Remington LLC
12-12980
 
-
   
1,678
Rivers Edge Mining, Inc.
12-12981
 
-
   
15
Robin Land Company, LLC
12-12982
 
-
   
54
Sentry Mining, LLC
12-12983
 
-
   
-
Snowberry Land Company
12-12984
 
-
   
-
Speed Mining LLC
12-12985
 
-
   
2,841
Sterling Smokeless Coal Company, LLC
12-12986
 
-
   
-
TC Sales Company, LLC
12-12987
 
-
   
-
The Presidents Energy Company LLC
12-12988
 
-
   
-
Thunderhill Coal LLC
12-12989
 
-
   
-
Trout Coal Holdings, LLC
12-12990
 
-
   
-
Union County Coal Co., LLC
12-12991
 
-
   
-
Viper LLC
12-12992
 
-
   
-
Weatherby Processing LLC
12-12993
 
-
   
-
Wildcat Energy LLC
12-12994
 
-
   
492
Wildcat, LLC
12-12995
 
-
   
-
Will Scarlet Properties LLC
12-12996
 
-
   
14
Winchester LLC
12-12997
 
-
   
-
Winifrede Dock Limited Liability Company
12-12998
 
-
   
3
Yankeetown Dock, LLC
12-12999
 
-
   
-
 
Notes to MOR-1:                                                                           
 
Cash receipts and disbursements are for the period July 10, 2012 through July 31, 2012.

Cash receipts are collected at the Patriot Coal Corporation entity, where the cash remains. Cash disbursements are also made from Patriot Coal Corporation; however, we allocated these disbursements based upon the entity for whom the payment was being made.

Cash disbursements and receipts related to intercompany transfers among Debtors are not included in this schedule.

Cash receipts and cash disbursements related to the Debtor-In-Possession financing have been excluded from cash receipts and cash disbursements above.
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   MOR-1a
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Bank Account Information
(Amounts in thousands)
 
Legal Entity
Case Number
Bank Name / Address
Account Number
    Bank Balance
PCX Enterprises, Inc.
12-12899
Capital One Bank, 404 Fifth Ave., 4th Floor, New York, NY 10018
3612
  $
98
Patriot Coal Corporation
12-12900
Bank of America, 901 Main Street, 7th Floor, Dallas, TX 75202
7867
   
9,488
Patriot Coal Corporation
12-12900
Bank of America, 901 Main Street, 7th Floor, Dallas, TX 75202
1665
   
-
Patriot Coal Corporation
12-12900
Bank of America, 901 Main Street, 7th Floor, Dallas, TX 75202
8796
   
233,000
Patriot Coal Corporation
12-12900
Bank of America, 901 Main Street, 7th Floor, Dallas, TX 75202
1872
   
-
Patriot Coal Corporation
12-12900
PNC Bank, 201 East Fifth Street, Cincinnati, OH  45202
0808
   
100
Patriot Coal Corporation
12-12900
PNC Bank, 201 East Fifth Street, Cincinnati, OH  45202
0744
   
2,000
Patriot Coal Corporation
12-12900
PNC Bank, 201 East Fifth Street, Cincinnati, OH  45202
0736
   
4,719
Patriot Coal Corporation
12-12900
The Private Bank and Trust, 1401 South Brentwood Blvd., Saint Louis, MO 63144
0847
   
-
Patriot Coal Corporation
12-12900
The Private Bank and Trust, 1401 South Brentwood Blvd., Saint Louis, MO 63144
9577
   
1
Patriot Coal Corporation
12-12900
Comerica Bank, 1717 Main Street, Dallas, TX 75201
0469
   
91
Patriot Coal Corporation
12-12900
Sovereign/Santander, One Aldwyn Center, Villanova, PA 19085
0078
   
61
Patriot Coal Corporation
12-12900
BB&T, 233 Wyndale Road, PO Box 1209, Abingdon, VA 24212
0285
   
-
Patriot Coal Corporation
12-12900
Old National Bank, PO Box 23, Henderson, KY 42419-0023
5798
   
13
Patriot Coal Corporation
12-12900
United National Bank (WV), 500 Virginia Street East, Charleston, WV 25301
9778
   
5
Patriot Coal Corporation
12-12900
Reich and Tang, 1411 Broadway, 28th Floor, New York, NY 10018
0688
   
-
Apogee Coal Company, LLC
12-12903
Logan Bank and Trust Company
3013
   
5
Appalachia Mine Services, LLC
12-12904
Premier Bank Boone Division, 300 State Street, Madison, WV 25130
9760
   
2
Catenary Coal Company, LLC
12-12913
City National Bank, 25 Gatewater Road, P.O. Box 7520, Charleston, WV 25356-0520
6124
   
1
Dodge Hill Mining Company, LLC
12-12931
Old National Bank, PO Box 718, Evansville, IN 47705
4618
   
6
Eastern Associated Coal, LLC
12-12934
Boone County Bank, PO Box 7, Madison, WV 25130
2203
   
2
Eastern Associated Coal, LLC
12-12934
Clear Mountain Bank, PO Box 205, Bruceton Mills, WV 26525
3650
   
6
Emerald Processing, L.L.C.
12-12937
TruPoint Bank, 1897 Lee Highway, Bristol, VA 24202
7076
   
6
Emerald Processing, L.L.C.
12-12937
TruPoint Bank, 1897 Lee Highway, Bristol, VA 24202
4393
   
15
Heritage Coal Company LLC
12-12940
Old National Bank, PO Box 718, Evansville, IN 47705
9523
   
2
Heritage Coal Company LLC
12-12940
US Bank, EP-MN-WS3C, 60 Livingston Ave, 3rd Floor, St Paul, MN 55107
6000
   
-
Highland Mining Company, LLC
12-12941
Old National Bank, PO Box 718, Evansville, IN 47705
3346
   
1
Hobet Mining, LLC
12-12943
United Bank, 500 Virginia Street East, Charleston, WV 25301
5973
   
4
Kanawha Eagle Coal, LLC
12-12950
Whitesville State Bank, P.O. Box 68, Whitesville, WV 25209
9116
   
1
Kanawha Eagle Coal, LLC
12-12950
BB&T, 233 Wyndale Road, PO Box 1209, Abingdon, VA 24212
0365
   
-
Magnum Coal Company LLC
12-12957
Huntington Bank, 919 5th Ave., Huntington, WV 25701
8169
   
27
Midland Trail Energy LLC
12-12960
City National Bank, 25 Gatewater Road, P.O. Box 7520, Charleston, WV 25356-0520
7457
   
8
Newtown Energy, Inc.
12-12964
TruPoint Bank, 1897 Lee Highway, Bristol, VA 24202
7068
   
2
Newtown Energy, Inc.
12-12964
TruPoint Bank, 1897 Lee Highway, Bristol, VA 24202
4628
   
8
Panther LLC
12-12967
City National Bank, 25 Gatewater Road, P.O. Box 7520, Charleston, WV 25356-0520
0773
   
2
Panther LLC
12-12967
City National Bank, 25 Gatewater Road, P.O. Box 7520, Charleston, WV 25356-0520
1670
   
5
Patriot Coal Company, L.P.
12-12968
Ohio Valley National Bank, PO Box 5, Henderson, KY 42420
9129
   
7
Pine Ridge Coal Company, LLC
12-12975
Whitesville State Bank, P.O. Box 68, Whitesville, WV 25209
6286
   
-
Robin Land Company, LLC
12-12982
Huntington Bank, 919 5th Ave., Huntington, WV 25701
1897
   
4
 
Notes to MOR-1a:
 
All amounts listed above are the bank balances as of month end. Copies of bank statements and cash disbursement journals were not included with the MOR, but will be made available upon request.
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   MOR-2
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Statements of Operations
For the Month Ended July 31, 2012
(Amounts in thousands)
 
                      Consolidated  
   
Debtor
   
Non-Debtor
         
Patriot Coal
 
   
Entities
   
Entities
   
Eliminations
   
Corporation
 
Revenues
                       
     Sales
  $ 133,616     $ -     $ -     $ 133,616  
     Other revenues
    1,136       -       -       1,136  
          Total revenues
    134,752       -       -       134,752  
                                 
Cost and expenses
                               
     Operating costs and expenses
    142,302       -       -       142,302  
     Depreciation, depletion and amortization
    13,858       -       -       13,858  
     Asset retirement obligation expense
    6,455       -       -       6,455  
     Restructuring and impairment charge
    23       -       -       23  
     Selling and administrative expenses
    4,519       -       -       4,519  
     Net gain on disposal or exchange of assets
    (140 )     -       -       (140 )
     Income from equity affiliates
    -       (288 )             (288 )
     Income from non-debtor entities
    (288 )     -       288       -  
                                 
Operating profit (loss)
    (31,977 )     288       (288 )     (31,977 )
                                 
     Interest expense and other
    4,714       -       -       4,714  
     DIP Financing Fees
    41,766       -       -       41,766  
     Interest income
    (4 )     -       -       (4 )
                                 
Net Income (loss) before reorganization items and income taxes
    (78,453 )     288       (288 )     (78,453 )
     Reorganization items, net (1)
    57,162       -       -       57,162  
                                 
Income (loss) before income taxes
    (135,615 )     288       (288 )     (135,615 )
     Income tax provision
    -       -       -       -  
                                 
Net Income (loss)
  $ (135,615 )   $ 288     $ (288 )   $ (135,615 )
                                 
Notes to MOR-2:
                               
(1) The Company’s reorganization items for the month ended July 31, 2012 consisted of the following:
                 
                                 
         Losses from adjusting debt from carrying amount to
                               
            amount of allowed claim
  $ 27,021                          
         Provision for rejected executory contracts and leases
    21,876                          
         Professional fees
    8,265                          
    $ 57,162                          
                                 
Professional fees are only those that are directly related to the reorganization and include fees associated with advisors to the Debtors, the statutory committee of unsecured creditors and certain secured creditors.
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   MOR-3
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Balance Sheets
July 31, 2012
(Amounts in thousands)
 
                      Consolidated  
   
Debtor
   
Non-Debtor
         
Patriot Coal
 
   
Entities
   
Entities
   
Eliminations
   
Corporation
 
ASSETS
                       
                         
CURRENT ASSETS
                       
     Cash and cash equivalents
  $ 250,907     $ -     $ -     $ 250,907  
     Accounts receivable and other, net of allowance
    126,478       -       -       126,478  
     Inventories
    133,091       -       -       133,091  
     Prepaid expenses and other current assets
    29,155       -       -       29,155  
          Total current assets
    539,631       -       -       539,631  
Property, plant, equipment, and amortization, net
                               
     Land and coal interests
    2,931,640       -       -       2,931,640  
     Buildings and improvements
    528,272       -       -       528,272  
     Machinery and equipment
    783,870       -       -       783,870  
     Less accumulated depreciation, depletion and amortization
    (1,072,017 )     -       -       (1,072,017 )
     Property, plant, equipment and mine development, net
    3,171,765       -       -       3,171,765  
Investments and other assets
    37,827       26,528       -       64,355  
Investments in non-debtor entities
    21,802       -       (21,802 )     -  
Intercompany receivable (payable)
    4,726       (4,726 )     -       -  
          Total Assets
  $ 3,775,751     $ 21,802     $ (21,802 )   $ 3,775,751  
                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                               
                                 
CURRENT LIABILITIES
                               
     Accounts payable and accrued expenses
  $ 234,145     $ -     $ -     $ 234,145  
     Current portion of debt
    443       -       -       443  
          Total Current liabilities
    234,588       -       -       234,588  
                                 
Long-term debt, less current maturities
    251,941       -       -       251,941  
Asset retirement obligation
    739,276       -       -       739,276  
Workers' compensation obligations
    236,963       -       -       236,963  
Obligation to industry fund
    33,458       -       -       33,458  
Other noncurrent liabilities
    23,546       -       -       23,546  
          Total Liabilities not subject to compromise
    1,519,772       -       -       1,519,772  
                                 
Liabilities subject to compromise (1)
    2,196,134       -       -       2,196,134  
   Total Liabilities
    3,715,906       -       -       3,715,906  
                                 
Shareholders' Equity
    59,845       21,802       (21,802 )     59,845  
   Total Liabilities and Stockholders' Equity
  $ 3,775,751     $ 21,802     $ (21,802 )   $ 3,775,751  
 
 
 

 
       
In re Patriot Coal Corporation
Form No.   MOR-3
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Balance Sheets
July 31, 2012
(Amounts in thousands)
 
Notes to MOR-3:                                                                                         

(1) Liabilities subject to compromise represent unsecured obligations that will be accounted for under a plan of reorganization.  Generally, actions to enforce or otherwise affect payment of pre-petition liabilities are stayed.  Accounting Standards Codification (ASC) 852 requires pre-petition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts.  These liabilities represent the amounts expected to be allowed on known or potential claims to be resolved through the Chapter 11 process, and remain subject to future adjustments arising from negotiated settlements, actions of the Bankruptcy Court, rejection of executory contracts and unexpired leases, the determination as to the value of collateral securing the claims, proofs of claim, and other events.  Liabilities subject to compromise also include certain items that may be assumed under the plan of reorganization, and as such, may be subsequently reclassified to liabilities not subject to compromise.

The Bankruptcy Court has approved payment of certain pre-petition obligations, including employee wages, salaries and benefits, and the payment of vendors and other providers in the ordinary course for goods and services received after the filing of the Chapter 11 petitions and other business related payments necessary to maintain the operations of the Debtors' businesses.  Obligations associated with these matters are not classified as liabilities subject to compromise.

With the approval of the Bankruptcy Court, the Debtors have rejected certain pre-petition executory contracts and unexpired leases with respect to the Debtors' operations and may reject additional ones in the future.  Damages resulting from rejection of executory contracts and unexpired leases are generally treated as general unsecured claims and are classified as liabilities subject to compromise.  Holders of pre-petition claims are required to file proofs of claims by the “bar date,” which will be established later with approval of the Bankruptcy Court.  A bar date is the date by which certain claims against the Debtors must be filed if the claimants wish to receive any distribution in the Chapter 11 Cases.  Once a bar date is established, creditors will be notified of the bar date and the requirements to file a proof of claim with the Bankruptcy Court. Differences between liability amounts estimated by the Debtors and claims filed by creditors will be investigated and, if necessary, the Bankruptcy Court will make a final determination as to the amount of the allowable claim.  The determination of how liabilities will ultimately be treated cannot be made until the Bankruptcy Court approves a plan of reorganization.  The Debtors will continue to evaluate these liabilities throughout the Chapter 11 Cases and adjust amounts as necessary.  Such adjustments may be material.  In light of the expected number of creditors, the claims resolutions process may take considerable time to complete.  Accordingly, the ultimate amount or treatment of such liabilities is not determinable at this time.
 
Liabilities subject to compromise at July 31, 2012 consisted of the following:
     Postretirement benefit obligations
  $ 1,466,197  
     Unsecured debt
    458,605  
     Interest payable
    4,733  
     Accounts payable and accruals
    123,261  
     Sales-related liabilities
    68,327  
     Rejected executory contracts and leases
    28,846  
     Employee claims
    14,434  
     Other
    31,731  
    $ 2,196,134  
         

Other primarily includes liabilities subject to compromise related to accrued royalty payments, other operations-related accruals, litigation reserves and subsidence liabilities.
 
 
 

 
In re Patriot Coal Corporation
Form No.   MOR-4
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Status of Post-Petition Taxes
(Amounts in thousands)
 
   
Amount
Paid
                   
Payroll Taxes
  $ 9,914                          
Real and Personal Property
    41                          
Sales and Use
    104                          
Production Taxes
    2,687                          
Income / franchise taxes
    -                          
Other
    39                          
    Total Taxes Paid
  $ 12,785                          
 
Notes to MOR-4
Tax payments may include certain pre-petition payments that were authorized through motions subsequently approved by the Bankruptcy Court.
 
 
Declaration Regarding the Status of Post-Petition Taxes
 
To the best of my knowledge, the Debtors have filed all necessary federal, state, and local tax returns and made all required post-petition tax payments in connection therewith on a timely basis or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.
 
 
 
 
  /s/ RICHARD C. HOFFMAN
 
August 30, 2012
 
Signature of Authorized Individual
 
Date
       
       
 
Richard C. Hoffman
   
 
Printed Name of Authorized Individual
   
       
       
 
Director, Tax
   
 
Title
   
       
 
 
 

 
In re Patriot Coal Corporation
Form No.   MOR-6
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
Schedule of Payments to Professionals
 For the Period Ended July 31, 2012
(Amounts in thousands)

       
Amount Paid
 
Professional
 
Role
 
July 10-31, 2012
   
Cumulative
 
                 
GCG, Inc
 
Administrative Agent
  $ 23     $ 23  
 
 
 
 
Notes to MOR-6:
 
Professional fees do not include payments to professionals or consultants that are paid in the ordinary course of business.
 
 
 

 
In re Patriot Coal Corporation
Form No.   MOR-7
 
Case No. (Jointly Administered)
 
12-12900
 
Reporting Period:
 
31-Jul-12
       
 
Federal Tax I.D. #
 
20-5622045
 
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
Explanation
1
Have any assets been sold or transferred outside the normal course of business this reporting period?
 
 
2
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
 
 
3
Is the Debtor delinquent in the timely filing of any post-petition tax returns?
 
 
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?
 
 
5
Is the Debtor delinquent in paying any insurance premium payment?
 
 
6
Have any payments been made on pre-petition liabilities this reporting period?
 
Only per motions approved by the court
7
Are any post petition receivables (accounts, notes or loans) due from related parties?
 
Normal course of business
8
Are any post petition payroll taxes past due?
 
 
9
Are any post petition State or Federal income taxes past due?
 
 
10
Are any post petition real estate taxes past due?
 
 
11
Are any other post petition taxes past due?
 
 
12
Have any pre-petition taxes been paid during this reporting period?
 
Only per motions approved by the court
13
Are any amounts owed to post petition creditors delinquent?
 
 
14
Are any wage payments past due?
 
 
15
Have any post petition loans been received by the Debtor from any party?
 
DIP financing
16
Is the Debtor delinquent in paying any U.S. Trustee fees?
 
 
17
Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?
 
 
18
Have the owners or shareholders received any compensation outside of the normal course of business?