Attached files
| file | filename |
|---|---|
| 8-K - 8-K - AZURE MIDSTREAM PARTNERS, LP | a17-8625_28k.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
|
CASE NAME: |
AZURE MIDSTREAM PARTNERS, LP, et. al. |
PETITION DATE: |
1/30/2017 |
|
CASE NUMBER: |
17-30461 |
|
|
|
|
MONTHLY OPERATING REPORT SUMMARY FOR MONTH |
To Date |
|
MONTH |
|
Jan-30-Feb-28 |
|
March |
|
April |
|
May |
|
June |
|
From Petition Date |
| ||||||
|
REVENUES (MOR-6) |
|
$ |
3,199,478.14 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
3,199,478.14 |
|
|
INCOME BEFORE INT; DEPREC./TAX (MOR-6) |
|
$ |
(2,844,655.33 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(2,844,655.33 |
) |
|
NET INCOME (LOSS) (MOR-6) |
|
$ |
(4,060,044.62 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(4,060,044.62 |
) |
|
PAYMENTS TO INSIDERS (MOR-9) |
|
$ |
46,766.43 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
46,766.43 |
|
|
PAYMENTS TO PROFESSIONALS (MOR-9) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
TOTAL DISBURSEMENTS (MOR-7 and Exhibit A) ** |
|
$ |
7,998,988.44 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
7,998,988.44 |
|
**The jointly administered Debtors are authorized to file monthly operating reports on a consolidated basis, and have disbursements broken down by case number on Exhibit A attached**
***The original of this document must be filed with the United States Bankruptcy Court***
|
REQUIRED INSURANCE MAINTAINED |
|
|
|
|
EXP. |
|
|
AS OF SIGNATURE DATE |
|
|
|
|
DATE |
|
|
CASUALTY |
|
YES x NO o |
|
|
10/14/2017 |
|
|
LIABILITY |
|
YES x NO o |
|
|
10/14/2017 |
|
|
VEHICLE |
|
YES x NO o |
|
|
10/14/2017 |
|
|
WORKER’S |
|
YES x NO o |
|
|
10/14/2017 |
|
|
PROPERTY |
|
YES x NO o |
|
|
5/31/2017 |
|
|
D&O |
|
YES x NO o |
|
|
1/15/2018 |
|
|
|
CIRCLE ONE |
| |||
|
|
|
|
| ||
|
Are all accounts receivable being collected within terms? |
|
No |
| ||
|
Are all post-petition liabilities, including taxes, being paid within terms? |
Yes |
|
| ||
|
Have any pre-petition liabilities been paid? |
|
No |
| ||
|
If so, describe |
First Day relief granted for pre-petition payments of all ordinary course trade. | ||||
|
Are all funds received being deposited into DIP bank accounts? |
|
No |
| ||
|
Were any assets disposed of outside the normal course of business? |
|
No |
| ||
|
If so, describe |
A sale order (Docket 172) has been entered approving the sale of substantially all of the Debtors’ assets. | ||||
|
Are all U.S. Trustee Quarterly Fee Payments current? |
|
No |
| ||
|
|
|
|
| ||
|
What is the status of your Plan of Reorganization? |
Plan of Reorganization filed 3/20/2017. | ||||
|
ATTORNEY NAME: |
Christopher M. López |
|
FIRM NAME: |
Weil, Gotshal & Manges, LLP |
|
ADDRESS: |
700 Louisiana Street, Suite 1700 |
|
|
|
|
CITY, STATE, ZIP: |
Houston, TX 77002 |
|
TELEPHONE/FAX: |
(713) 546-5000 / (713) 224-9511 |
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 X |
/s/ Amanda Bush |
TITLE: |
Chief Financial Officer |
|
|
(ORIGINAL SIGNATURE) |
|
|
|
|
|
|
|
|
|
Amanda Bush |
|
3/21/2017 |
|
|
(PRINT NAME OF SIGNATORY) |
|
DATE |
Notes
(1) Taxes will be paid via sale proceeds - see sale order (Docket 172), paragraph 29.
|
MOR-1 |
Revised 07/01/98 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
|
CASE NAME: |
AZURE MIDSTREAM PARTNERS, LP, et. al. |
|
PETITION DATE: |
1/30/2017 | |
|
CASE NUMBER: |
17-30461 |
|
|
|
|
MONTHLY OPERATING REPORT NOTES FOR FEBRUARY, 2017
Note 1 Debtor-in-possession Financial Statements - The accompanying schedules MOR-1 through MOR-9 and the supplemental exhibits contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects. In addition, the financial statements and supplemental information contained herein represent the financial information for the Debtors only. The Company’s non-debtor entities are not included in the financial statements supplemental information contained herein.
Note 2 The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purposes of complying with the monthly reporting requirements of the Bankruptcy Court and the United States Trustee. The unaudited financial statements have been derived from the books and records of the Debtors. The information presented herein has not been subject to all procedures that would typically be applied to financial information presented in accordance with U.S. GAAP. Upon the application of such procedures, the Debtors believe that the financial information could be subject to changes, and these changes could be material. The information furnished in this Monthly Operating Report includes normal recurring adjustments, but does not include all of the adjustments that would typically be made for interim financial statement in accordance with U.S. GAAP.
Note 3 The results of operations contained herein are not necessarily indicative of results that are expected from any other period or for the full year and may not necessarily reflect the combined results of operations, financial position and cash flows of the Debtors in the future.
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
COMPARATIVE BALANCE SHEETS(1)
|
|
|
FILING DATE |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
| ||||||
|
ASSETS |
|
Jan-30 |
|
February |
|
March |
|
April |
|
May |
|
June |
| ||||||
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cash(2) |
|
$ |
5,413,201.06 |
|
$ |
5,991,889.00 |
|
|
|
|
|
|
|
|
| ||||
|
Accounts Receivable, Net(3) |
|
5,444,372.32 |
|
5,434,479.04 |
|
|
|
|
|
|
|
|
| ||||||
|
Inventory: Lower of Cost or Market |
|
— |
|
— |
|
|
|
|
|
|
|
|
| ||||||
|
Prepaid Expenses |
|
3,669,288.96 |
|
3,335,279.68 |
|
|
|
|
|
|
|
|
| ||||||
|
Investments |
|
— |
|
— |
|
|
|
|
|
|
|
|
| ||||||
|
Other(4) |
|
— |
|
57,795.00 |
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL CURRENT ASSETS |
|
$ |
14,526,862.34 |
|
$ |
14,819,442.72 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
PROPERTY, PLANT & EQUIP. @ COST |
|
$ |
230,699,357.23 |
|
$ |
212,495,900.53 |
|
|
|
|
|
|
|
|
| ||||
|
Less Accumulated Depreciation |
|
(36,837,029.25 |
) |
(19,031,218.30 |
) |
|
|
|
|
|
|
|
| ||||||
|
NET BOOK VALUE OF PP&E |
|
$ |
193,862,327.98 |
|
$ |
193,464,682.23 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
OTHER ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
1. Tax Deposits |
|
— |
|
— |
|
|
|
|
|
|
|
|
| ||||||
|
2. Investments in Subsidiaries |
|
— |
|
— |
|
|
|
|
|
|
|
|
| ||||||
|
3. LT Prepaid Insurance |
|
254,476.42 |
|
247,796.36 |
|
|
|
|
|
|
|
|
| ||||||
|
4. LT Deferred Tax Assets - State(5) |
|
— |
|
936,770.00 |
|
|
|
|
|
|
|
|
| ||||||
|
5. Unamortized Loan Costs / Other |
|
1,203,118.11 |
|
349,792.05 |
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL ASSETS |
|
$ |
209,846,784.85 |
|
$ |
209,818,483.36 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Notes
(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to further adjustment.
(2) Balance per books.
(3) Includes accrued revenue and allowance for doubtful accounts.
(4) Represents utility adequate assurance deposit.
(5) Non-cash asset; liability balance at Filing Date.
|
MOR-2 |
|
Revised 07/01/98 |
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
COMPARATIVE BALANCE SHEETS(1)
|
LIABILITIES & OWNERS’ |
|
FILING DATE |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
| ||||||
|
EQUITY |
|
Jan-30 |
|
February |
|
March |
|
April |
|
May |
|
June |
| ||||||
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
POST-PETITION LIABILITIES(MOR-4) |
|
$ |
— |
|
$ |
6,008,467.39 |
|
|
|
|
|
|
|
|
| ||||
|
PRE-PETITION LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Notes Payable - Secured |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
| ||||
|
Priority Debt(2) |
|
180,772,509.29 |
|
178,671,729.06 |
|
|
|
|
|
|
|
|
| ||||||
|
Federal Income Tax |
|
— |
|
— |
|
|
|
|
|
|
|
|
| ||||||
|
FICA/Withholding |
|
— |
|
— |
|
|
|
|
|
|
|
|
| ||||||
|
Unsecured Debt(2) |
|
490,363.90 |
|
251,523.30 |
|
|
|
|
|
|
|
|
| ||||||
|
Other(3) |
|
1,729,994.70 |
|
2,092,891.27 |
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL PRE-PETITION LIABILITIES |
|
182,992,867.89 |
|
181,016,143.63 |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
TOTAL LIABILITIES |
|
$ |
182,992,867.89 |
|
$ |
187,024,611.02 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
OWNER’S EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
PREFERRED STOCK |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
| ||||
|
COMMON STOCK |
|
514,295,050.62 |
|
514,295,050.62 |
|
|
|
|
|
|
|
|
| ||||||
|
ADDITIONAL PAID-IN CAPITAL |
|
— |
|
— |
|
|
|
|
|
|
|
|
| ||||||
|
RETAINED EARNINGS: Filing Date |
|
(487,441,133.66 |
) |
(487,441,133.66 |
) |
|
|
|
|
|
|
|
| ||||||
|
RETAINED EARNINGS: Post Filing Date |
|
— |
|
(4,060,044.62 |
) |
|
|
|
|
|
|
|
| ||||||
|
TOTAL OWNER’S EQUITY (NET WORTH) |
|
$ |
26,853,916.96 |
|
$ |
22,793,872.34 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
TOTAL LIABILITIES & OWNERS EQUITY |
|
$ |
209,846,784.85 |
|
$ |
209,818,483.36 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Notes
(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to further adjustment.
(2) See Exhibit E for payments granted under first day relief.
(3) Non-cash liabilities and system-generated intercompany balances.
|
MOR-3 |
|
Revised 07/01/98 |
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
SCHEDULE OF POST-PETITION LIABILITIES
|
|
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
| |||||
|
|
|
Jan-30-Feb-28 |
|
March |
|
April |
|
May |
|
June |
| |||||
|
TRADE ACCOUNTS PAYABLE |
|
$ |
395,729.44 |
|
|
|
|
|
|
|
|
| ||||
|
TAX PAYABLE |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Federal Payroll Taxes |
|
$ |
— |
|
|
|
|
|
|
|
|
| ||||
|
State Payroll Taxes |
|
— |
|
|
|
|
|
|
|
|
| |||||
|
Ad Valorem Taxes |
|
— |
|
|
|
|
|
|
|
|
| |||||
|
Other Taxes |
|
2,732.31 |
|
|
|
|
|
|
|
|
| |||||
|
TOTAL TAXES PAYABLE |
|
$ |
2,732.31 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
SECURED DEBT POST-PETITION |
|
— |
|
|
|
|
|
|
|
|
| |||||
|
ACCRUED INTEREST PAYABLE |
|
— |
|
|
|
|
|
|
|
|
| |||||
|
ACCRUED PROFESSIONAL FEES(1) |
|
2,779,350.00 |
|
|
|
|
|
|
|
|
| |||||
|
OTHER ACCRUED LIABILITIES |
|
|
|
|
|
|
|
|
|
|
| |||||
|
1. Accrued Gas Purchases |
|
1,097,907.86 |
|
|
|
|
|
|
|
|
| |||||
|
2. Accrued Cashouts Payable |
|
880,680.55 |
|
|
|
|
|
|
|
|
| |||||
|
3. Other Accrued Expenses |
|
852,067.23 |
|
|
|
|
|
|
|
|
| |||||
|
TOTAL POST-PETITION LIABILITIES (MOR-3) |
|
$ |
6,008,467.39 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Notes
(1) See Exhibit B for additional details.
|
MOR-4 |
|
Revised 07/01/98 |
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
AGING OF POST-PETITION LIABILITIES
Month: Feb-17
|
|
|
|
|
TRADE |
|
FEDERAL |
|
STATE |
|
AD VALOREM, |
|
|
| ||||||
|
DAYS |
|
TOTAL |
|
ACCOUNTS |
|
TAXES |
|
TAXES |
|
OTHER TAXES |
|
ACCRUED LIABILITIES(1) |
| ||||||
|
0-30 |
|
$ |
5,975,473.40 |
|
$ |
362,735.45 |
|
$ |
— |
|
$ |
— |
|
$ |
2,732.31 |
|
$ |
5,610,005.64 |
|
|
31-60 |
|
32,993.99 |
|
32,993.99 |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
61-90 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
91+ |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
TOTAL |
|
$ |
6,008,467.39 |
|
$ |
395,729.44 |
|
$ |
— |
|
$ |
— |
|
$ |
2,732.31 |
|
$ |
5,610,005.64 |
|
Notes
(1) Professional fees, gas purchases, producer cash out, and 2017 accrued ad valorem taxes due in 2018.
AGING OF ACCOUNTS RECEIVABLE(2)
|
DAYS |
|
February |
|
March |
|
April |
|
May |
|
June |
|
June |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
0-30 |
|
$ |
2,348,031.10 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
31-60 |
|
194,789.26 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
61-90 |
|
45,658.70 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
91+ |
|
380,128.35 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL |
|
$ |
2,968,607.41 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Notes
(2) Excludes accrued revenue ($2.7m) and allowance for doubtful accounts (-$0.3k).
|
MOR-5 |
Revised 07/01/98 |
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
STATEMENT OF INCOME (LOSS)(1)
|
|
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
FILING TO |
| ||||||
|
|
|
Jan-30-Feb-28 |
|
March |
|
April |
|
May |
|
June |
|
DATE |
| ||||||
|
REVENUES (MOR-1) |
|
$ |
3,199,478.14 |
|
|
|
|
|
|
|
|
|
$ |
3,199,478.14 |
| ||||
|
TOTAL COST OF REVENUES |
|
2,290,357.28 |
|
|
|
|
|
|
|
|
|
2,290,357.28 |
| ||||||
|
GROSS PROFIT |
|
$ |
909,120.86 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
909,120.86 |
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Selling & Marketing |
|
$ |
— |
|
|
|
|
|
|
|
|
|
$ |
— |
| ||||
|
General & Administrative(2) |
|
974,426.19 |
|
|
|
|
|
|
|
|
|
974,426.19 |
| ||||||
|
Insiders Compensation |
|
— |
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
Professional Fees(3) |
|
2,779,350.00 |
|
|
|
|
|
|
|
|
|
2,779,350.00 |
| ||||||
|
Other |
|
— |
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
Other |
|
— |
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
TOTAL OPERATING EXPENSES |
|
$ |
3,753,776.19 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
3,753,776.19 |
|
|
INCOME BEFORE INT, DEPR/TAX (MOR-1) |
|
$ |
(2,844,655.33 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(2,844,655.33 |
) |
|
INTEREST EXPENSE |
|
599,634.53 |
|
|
|
|
|
|
|
|
|
599,634.53 |
| ||||||
|
DEPRECIATION |
|
615,754.76 |
|
|
|
|
|
|
|
|
|
615,754.76 |
| ||||||
|
OTHER (INCOME) EXPENSE |
|
— |
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
OTHER ITEMS |
|
— |
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
TOTAL INT, DEPR & OTHER ITEMS |
|
1,215,389.29 |
|
— |
|
— |
|
— |
|
— |
|
1,215,389.29 |
| ||||||
|
NET INCOME BEFORE TAXES |
|
$ |
(4,060,044.62 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(4,060,044.62 |
) |
|
FEDERAL INCOME TAXES |
|
— |
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
NET INCOME (LOSS) (MOR-1) |
|
$ |
(4,060,044.62 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(4,060,044.62 |
) |
Notes
(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to further adjustment.
(2) General & Administrative Costs (“G&A”) are primarily comprised of labor costs, insurance costs, and ordinary course professional fees associated with Debtors’ corporate affairs.
(3) Restructuring related professional fees.
|
MOR-6 |
Revised 07/01/98 |
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
|
CASH RECEIPTS AND |
|
Per |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
FILING TO |
| ||||||||
|
DISBURSEMENTS |
|
Projection |
|
Jan-30-Feb-28 |
|
March |
|
April |
|
May |
|
June |
|
DATE |
| ||||||||
|
1. |
CASH-BEGINNING OF MONTH(1) |
|
$ |
5,413,201.06 |
|
$ |
5,413,201.06 |
|
$ |
5,991,889.00 |
|
$ |
5,991,889.00 |
|
$ |
5,991,889.00 |
|
$ |
5,991,889.00 |
|
$ |
5,413,201.06 |
|
|
RECEIPTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
2. |
CASH SALES |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
$ |
— |
| ||||
|
3. |
COLLECTION OF ACCOUNTS RECEIVABLE |
|
2,730,716.07 |
|
2,725,469.13 |
|
|
|
|
|
|
|
|
|
5,456,185.20 |
| |||||||
|
4. |
LOANS & ADVANCES (attach list) |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
5. |
SALE OF ASSETS |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
6. |
OTHER(2) |
|
— |
|
848,559.60 |
|
|
|
|
|
|
|
|
|
848,559.60 |
| |||||||
|
TOTAL RECEIPTS |
|
$ |
2,730,716.07 |
|
$ |
3,574,028.73 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,304,744.80 |
| |
|
(Withdrawal) Contribution by Individual Debtor MFR-2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
| ||||||||
|
DISBURSEMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
7. |
NET PAYROLL |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
$ |
— |
| ||||
|
8. |
PAYROLL TAXES PAID |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
9. |
SALES, USE & OTHER TAXES PAID |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
10. |
SECURED/RENTAL/LEASES |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
11. |
UTILITIES & TELEPHONE |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
12. |
INSURANCE |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
13. |
INVENTORY PURCHASES |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
14. |
VEHICLE EXPENSES |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
15. |
TRAVEL & ENTERTAINMENT |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
16. |
REPAIRS, MAINTENANCE & SUPPLIES |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
17. |
ADMINISTRATIVE & SELLING |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
18. |
OTHER(2) |
|
(2,711,690.86 |
) |
(2,937,545.79 |
) |
|
|
|
|
|
|
|
|
(5,649,236.65 |
) | |||||||
|
TOTAL DISBURSEMENTS FROM OPERATIONS |
|
$ |
(2,711,690.86 |
) |
$ |
(2,937,545.79 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(5,649,236.65 |
) | |
|
19. |
PROFESSIONAL FEES |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
$ |
— |
| ||||
|
20. |
U.S. TRUSTEE FEES |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
— |
| |||||||
|
21. |
OTHER REORGANIZATION EXPENSES(2) |
|
(2,055,000.00 |
) |
(57,795.00 |
) |
|
|
|
|
|
|
|
|
(2,112,795.00 |
) | |||||||
|
TOTAL DISBURSEMENTS(3) |
|
$ |
(4,766,690.86 |
) |
$ |
(2,995,340.79 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(7,762,031.65 |
) | |
|
22. |
NET CASH FLOW |
|
$ |
(2,035,974.79 |
) |
$ |
578,687.94 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(1,457,286.85 |
) |
|
23. |
CASH - END OF MONTH (MOR-2) |
|
$ |
3,377,226.27 |
|
$ |
5,991,889.00 |
|
$ |
5,991,889.00 |
|
$ |
5,991,889.00 |
|
$ |
5,991,889.00 |
|
$ |
5,991,889.00 |
|
$ |
3,955,914.21 |
|
Notes
(1) Balances per books.
(2) See Exhibit C for additional details.
(3) See Exhibit D for intra-debtor disbursements not captured on this schedule.
|
MOR-7 |
Revised 07/01/98 |
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
CASH ACCOUNT RECONCILIATION
Month: Feb-17
|
BANK NAME |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
|
| ||||||||
|
ACCOUNT NUMBER |
|
#6079 |
|
#5543 |
|
#5576 |
|
#5592 |
|
#5832 |
|
#5857 |
|
#6087 |
|
|
| ||||||||
|
ACCOUNT TYPE |
|
CONCENTRATION |
|
DEPOSITORY (ZBA) |
|
DEPOSITORY (ZBA) |
|
DEPOSITORY (ZBA) |
|
DEPOSITORY (ZBA) |
|
DEPOSITORY (ZBA) |
|
DISBURSEMENT (ZBA) |
|
Subtotal |
| ||||||||
|
BANK BALANCE |
|
$ |
6,055,016.87 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,055,016.87 |
|
|
DEPOSITS IN TRANSIT |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
OUTSTANDING CHECKS |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(16,355.00 |
) |
(16,355.00 |
) | ||||||||
|
ADJUSTED BANK BALANCE |
|
$ |
6,055,016.87 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(16,355.00 |
) |
$ |
6,038,661.87 |
|
|
BEGINNING CASH - PER BOOKS |
|
$ |
6,090,534.52 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(8,734.98 |
) |
$ |
6,081,799.54 |
|
|
RECEIPTS |
|
475,991.75 |
|
224,751.61 |
|
680,266.90 |
|
1,190,913.28 |
|
153,545.59 |
|
— |
|
— |
|
2,725,469.13 |
| ||||||||
|
TRANSFERS BETWEEN ACCOUNTS(1) |
|
(504,692.89 |
) |
(224,751.61 |
) |
(680,266.90 |
) |
(1,190,913.28 |
) |
(153,545.59 |
) |
— |
|
469,477.68 |
|
(2,284,692.59 |
) | ||||||||
|
(WITHDRAWAL) OR INDIVIDUAL CONTRIBUTION BY DEBTOR MFR-2 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
CHECKS/OTHER DISBURSEMENTS |
|
(6,816.51 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
(477,097.70 |
) |
(483,914.21 |
) | ||||||||
|
ENDING CASH - PER BOOKS |
|
$ |
6,055,016.87 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(16,355.00 |
) |
$ |
6,038,661.87 |
|
|
BANK NAME |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
WELLS FARGO |
|
CHASE |
|
|
|
|
| ||||||||
|
ACCOUNT NUMBER |
|
#5584 |
|
#5339 |
|
#5840 |
|
#5865 |
|
#5550 |
|
#9517 |
|
|
|
|
| ||||||||
|
ACCOUNT TYPE |
|
DISBURSEMENT(ZBA) |
|
DISBURSEMENT(ZBA) |
|
DISBURSEMENT(ZBA) |
|
DISBURSEMENT(ZBA) |
|
DISBURSEMENT(ZBA) |
|
DISBURSEMENT(Payroll) |
|
Subtotal |
|
Grand Total |
| ||||||||
|
BANK BALANCE |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,055,016.87 |
|
|
DEPOSITS IN TRANSIT |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
OUTSTANDING CHECKS |
|
(5,921.22 |
) |
(18,737.87 |
) |
(15,273.22 |
) |
(584.86 |
) |
(6,255.70 |
) |
— |
|
(46,772.87 |
) |
(63,127.87 |
) | ||||||||
|
ADJUSTED BANK BALANCE |
|
$ |
(5,921.22 |
) |
$ |
(18,737.87 |
) |
$ |
(15,273.22 |
) |
$ |
(584.86 |
) |
$ |
(6,255.70 |
) |
$ |
— |
|
$ |
(46,772.87 |
) |
$ |
5,991,889.00 |
|
|
BEGINNING CASH - PER BOOKS |
|
$ |
(102,877.65 |
) |
$ |
(170,354.88 |
) |
$ |
(344,937.53 |
) |
$ |
(37,252.01 |
) |
$ |
(13,176.41 |
) |
$ |
— |
|
$ |
(668,598.48 |
) |
$ |
5,413,201.06 |
|
|
RECEIPTS |
|
— |
|
— |
|
— |
|
— |
|
— |
|
848,559.60 |
|
848,559.60 |
|
3,574,028.73 |
| ||||||||
|
TRANSFERS BETWEEN ACCOUNTS(1) |
|
524,308.29 |
|
784,005.27 |
|
834,363.77 |
|
122,345.68 |
|
19,669.58 |
|
— |
|
2,284,692.59 |
|
— |
| ||||||||
|
(WITHDRAWAL) OR INDIVIDUAL |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
|
CHECKS/OTHER DISBURSEMENTS |
|
(427,351.86 |
) |
(632,388.26 |
) |
(504,699.46 |
) |
(85,678.53 |
) |
(12,748.87 |
) |
(848,559.60 |
) |
(2,511,426.58 |
) |
(2,995,340.79 |
) | ||||||||
|
ENDING CASH - PER BOOKS |
|
$ |
(5,921.22 |
) |
$ |
(18,737.87 |
) |
$ |
(15,273.22 |
) |
$ |
(584.86 |
) |
$ |
(6,255.70 |
) |
$ |
— |
|
$ |
(46,772.87 |
) |
$ |
5,991,889.00 |
|
Notes
(1) See Exhibit D.
|
MOR-8 |
Revised 07/01/98 |
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals. Also, for insiders, identify the type of compensation paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as necessary).
|
|
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
| ||||||
|
INSIDERS: NAME/COMP TYPE |
|
Jan-30-Feb-28 |
|
March |
|
April |
|
May |
|
June |
|
June |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
1. Amanda Bush (salary and benefits) |
|
$ |
7,620.99 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
2. David Garrett (salary and benefits) |
|
8,216.22 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
3. Iris Berthelot II (salary and benefits) |
|
12,280.35 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
4. James H. Lytal |
|
— |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
5. Mark Mulhern |
|
— |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
6. Stanley Overstreet (salary and benefits) |
|
5,537.08 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
7. Thomas R. Fuller |
|
— |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
8. Victor Davis (salary and benefits) |
|
5,929.88 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
9. Roy E. Bertolatus (salary and benefits) |
|
7,181.91 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL INSIDERS (MOR-1) |
|
$ |
46,766.43 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
|
MONTH |
| ||||||
|
PROFESSIONALS |
|
Jan-30-Feb-28 |
|
March |
|
April |
|
May |
|
June |
|
June |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
1. |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
2. |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
3. |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
4. |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
5. |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
6. |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL PROFESSIONALS (MOR-1) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
MOR-9 |
Revised 07/01/98 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
Exhibit A - CONSOLIDATING DISBURSEMENTS OF JOINTLY ADMINISTERED CASES IN CHAPTER 11
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
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DISBURSEMENTS |
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Entity |
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Case No. |
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Jan-30-Feb-28 |
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March |
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April |
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May |
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June |
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June |
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Filing to Date |
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Azure ETG, LLC |
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17-30470 |
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$ |
1,107,618.76 |
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Azure Holdings GP, LLC |
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17-30469 |
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— |
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Azure Midstream Partners GP, LLC |
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17-30464 |
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848,559.60 |
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Azure Midstream Partners LP, LLC |
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17-30461 |
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3,238,084.48 |
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Azure TGG, LLC |
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17-30471 |
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237,500.48 |
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Marlin G&P I, LLC |
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17-30467 |
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— |
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Marlin Logistics, LLC |
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17-30466 |
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85,678.53 |
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Marlin Midstream Finance Corporation |
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17-30472 |
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— |
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Marlin Midstream, LLC |
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17-30465 |
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658,245.05 |
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Murvaul Gas Gathering, LLC |
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17-30473 |
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— |
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Talco Midstream Assets, Ltd. |
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17-30474 |
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1,823,301.54 |
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Turkey Creek Pipeline, LLC |
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17-30475 |
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— |
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Total Disbursements (same as MOR-1 disbursements)(1) |
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$ |
7,998,988.44 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Notes
(1) Includes intra-Debtor bank transfers between Debtors’ bank accounts.
Exhibit A
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
Exhibit B - ACCRUED POST-PETITION PROFESSIONAL FEES
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
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Professional |
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Role |
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Jan-30-Feb-28 |
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March |
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April |
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May |
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June |
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June |
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Filing to Date |
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Alvarez & Marsal |
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Debtors’ Restructuring Advisor |
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$ |
645,750.00 |
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$ |
645,750.00 |
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Baker McKenzie |
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Secured Lenders’ Counsel |
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393,750.00 |
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393,750.00 |
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Deloitte Transactions & Business Analytics LLP |
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Debtors’ Tax Advisor |
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78,750.00 |
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78,750.00 |
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Evercore Partners |
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Debtors’ Financial Advisor |
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— |
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— |
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KPMG LLP |
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Debtors’ Auditor |
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115,500.00 |
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115,500.00 |
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Kurtzman Carson Consultants LLC |
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Debtors’ Claims Agent |
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78,750.00 |
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78,750.00 |
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RPA Advisors |
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Secured Lenders’ Financial Advisor |
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315,000.00 |
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315,000.00 |
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Vinson & Elkins LLP |
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Debtors’ Legal Counsel |
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315,000.00 |
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315,000.00 |
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Weil Gotshal |
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Debtors’ Legal Counsel |
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836,850.00 |
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836,850.00 |
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Total Accrued Professional Fees |
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$ |
2,779,350.00 |
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$ |
0 |
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$ |
0 |
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$ |
0 |
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$ |
0 |
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$ |
0 |
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$ |
2,779,350 |
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Exhibit B
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
Exhibit C - BUDGET VARIANCE ANALYSIS(1)
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
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Jan-30 - Feb-28 |
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$ in Actual |
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Budget |
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Actual |
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Variance |
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Beginning Cash(2) |
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$ |
5,413,201.06 |
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$ |
5,413,201.06 |
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$ |
— |
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Net Receipts |
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$ |
1,577,763.88 |
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$ |
1,589,122.17 |
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$ |
11,358.29 |
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Operating Disbursements |
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Operating Disbursements |
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$ |
(399,301.94 |
) |
$ |
(231,536.54 |
) |
$ |
167,765.40 |
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Omnibus Disbursements |
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(502,831.07 |
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(367,000.00 |
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135,831.07 |
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Corporate G&A Disbursements |
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(134,834.08 |
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(30,971.51 |
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103,862.57 |
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Tax Disbursements |
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(39,390.97 |
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(47,006.50 |
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(7,615.53 |
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Total Operating Disbursements |
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$ |
(1,076,358.05 |
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$ |
(676,514.55 |
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$ |
399,843.50 |
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Capital Expenditures |
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(482,380.62 |
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(276,124.68 |
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206,255.94 |
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Restructuring Adjustments |
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(2,055,000.00 |
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(57,795.00 |
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1,997,205.00 |
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Restructuring Professional Fees |
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— |
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— |
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— |
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Net Cash Flow |
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$ |
(2,035,974.79 |
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$ |
578,687.94 |
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$ |
2,614,662.73 |
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Ending Cash Balance |
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$ |
3,377,226.27 |
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$ |
5,991,889.00 |
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$ |
2,614,662.73 |
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Notes
(1) Budget based on final cash collateral order (Docket 128).
(2) Balance per books.
Exhibit C
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
Exhibit D Intra-Debtor Transfers
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BANK NAME |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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ACCOUNT NUMBER |
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#6079 |
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#5543 |
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#5576 |
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#5592 |
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#5832 |
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#5857 |
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#6087 |
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ACCOUNT TYPE |
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CONCENTRATION |
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DEPOSITORY (ZBA) |
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DEPOSITORY (ZBA) |
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DEPOSITORY (ZBA) |
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DEPOSITORY (ZBA) |
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DEPOSITORY (ZBA) |
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DISBURSEMENT (ZBA) |
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Subtotal |
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TRANSFERS IN |
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$ |
2,249,477.38 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
469,477.68 |
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$ |
2,718,955.06 |
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TRANSFERS OUT |
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(2,754,170.27 |
) |
(224,751.61 |
) |
(680,266.90 |
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(1,190,913.28 |
) |
(153,545.59 |
) |
— |
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— |
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(5,003,647.65 |
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TOTAL TRANSFERS |
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$ |
(504,692.89 |
) |
$ |
(224,751.61 |
) |
$ |
(680,266.90 |
) |
$ |
(1,190,913.28 |
) |
$ |
(153,545.59 |
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$ |
— |
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$ |
469,477.68 |
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$ |
(2,284,692.59 |
) |
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BANK NAME |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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WELLS FARGO |
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Chase |
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ACCOUNT NUMBER |
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#5584 |
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#5339 |
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#5840 |
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#5865 |
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#5550 |
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#9517 |
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ACCOUNT TYPE |
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DISBURSEMENT(ZBA) |
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DISBURSEMENT(ZBA) |
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DISBURSEMENT(ZBA) |
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DISBURSEMENT(ZBA) |
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DISBURSEMENT(ZBA) |
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DISBURSEMENT(Payroll) |
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Subtotal |
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Grand Total |
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TRANSFERS IN |
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$ |
524,308.29 |
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$ |
784,005.27 |
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$ |
834,363.77 |
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$ |
122,345.68 |
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$ |
19,669.58 |
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$ |
— |
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$ |
2,284,692.59 |
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$ |
5,003,647.65 |
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TRANSFERS OUT |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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(5,003,647.65 |
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TOTAL TRANSFERS |
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$ |
524,308.29 |
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$ |
784,005.27 |
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$ |
834,363.77 |
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$ |
122,345.68 |
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$ |
19,669.58 |
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$ |
— |
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$ |
2,284,692.59 |
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$ |
— |
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Exhibit D
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
Exhibit E - FIRST DAY RELIEF PAYMENTS
CASE NAME: AZURE MIDSTREAM PARTNERS, LP, et. al.
CASE NUMBER: 17-30461
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$ in Actual |
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Total Relief |
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Jan-30 - Feb-28 |
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Remaining Relief |
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All Trade |
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$ |
3,571,000.00 |
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$ |
(2,354,228.11 |
) |
$ |
1,216,771.89 |
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Taxes |
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4,250,000.00 |
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(47,283.50 |
) |
$ |
4,202,716.50 |
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Total |
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$ |
7,821,000.00 |
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$ |
(2,401,511.61 |
) |
$ |
5,419,488.39 |
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Notes
(1) Book basis.
Exhibit E