Attached files
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8-K - FORM 8-K - TRICO MARINE SERVICES INC | h79416e8vk.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:
|
December 31, 2010 | |
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 | February 1, 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:
|
December 31, 2010 | |
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 December 31, 2010 and the statement of operations
for the period from December 1, 2010 through December 31, 2010. 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 Companys 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 Companys 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.
Approximately $18MM of the receipts included in this section are related to the sale
of the Trico Moon as well as cash received from the sale of French Broad, the
Tennessee and the Holston.
Notes to MOR-1b:
MOR NOTES
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
Federal Tax I.D. #
|
72-1252405 |
Notes to the Monthly Operating Report
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.
Notes to MOR-3:
The Balance Sheet reflects assets, liabilities, and equity that directly correspond to the Debtor
legal entity.
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.
Franchise taxes were not reported on previous months MOR, but will be included on this MOR and
future MORs.
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:
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 vessels 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:
MOR NOTES
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
Federal Tax I.D. #
|
72-1252405 |
Notes to the Monthly Operating Report
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.
MOR-1a
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
Federal Tax I.D. #
|
72-1252405 |
Schedule of Cash Receipts
(000s)
(000s)
TIME PERIOD:
Period from 12/1/2010 to 12/31/2010
(see Notes to the MOR related to MOR-1a)
Period from 12/1/2010 to 12/31/2010
(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 | $ | 19,455 | |||
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 |
$ | 19,455 |
MOR-1b
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
Federal Tax I.D. #
|
72-1252405 |
Schedule of Disbursements
(000s)
(000s)
TIME PERIOD:
12/1/2010 12/31/2010
12/1/2010 12/31/2010
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 | $ | 5,446 | |||
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 |
$ | 5,446 |
MOR-1c
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
Federal Tax I.D. #
|
72-1252405 |
Bank Account Information
(000s)
(000s)
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 | $ | 4,001 | ||||
Trico Marine Operators, Inc. |
Nordea | Reserve CC | $ | 0 | ||||
Trico Marine Operators, Inc. |
Nordea | Lockbox | $ | 0 | ||||
Trico Marine Operators, Inc. |
Nordea | Disbursements | ($28 | ) | ||||
Trico Marine Operators, Inc. |
Nordea | General (Operating) | $ | 0 | ||||
Trico Marine Cayman, LP |
Nordea | Holding | $ | 26 | ||||
Trico Marine Operators, Inc. |
Nordea | Trinidad and Tobago Account | $ | 33 | ||||
Trico Marine Operators, Inc. |
Nordea | Mystic and Moon Sale Account | $ | 15,638 | ||||
Trico Marine Operators, Inc. |
Nordea | Retained Professional Account | $ | 0 | ||||
$ | 19,670 |
MOR-2
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
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 | $ | 1,818,752 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
CHARTER HIRE SUBSEA |
$ | 0 | $ | 0 | ($62,850 | ) | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER VESSEL INCOME |
$ | 0 | $ | 0 | $ | 22,674 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
INTERCOMPANY REVENUE |
$ | 0 | $ | 784,619 | $ | 0 | $ | 0 | $ | 0 | $ | 73,758 | ||||||||||||
TOTAL REVENUE |
$ | 0 | $ | 784,619 | $ | 1,778,576 | $ | 0 | $ | 0 | $ | 73,758 | ||||||||||||
DIR OPER EXP LABOR & PAYROLL |
$ | 0 | $ | 0 | $ | 216,649 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP SUPPLIES |
$ | 0 | $ | 0 | $ | 81,186 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP MAINT & REPAIR |
$ | 0 | $ | 0 | $ | 181,855 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP M & C |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP INSURANCE |
$ | 0 | $ | 0 | $ | 161,000 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP LEASE |
$ | 0 | $ | 0 | $ | 16,341 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP OTHER |
$ | 0 | $ | 0 | $ | 67,443 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
DIR OPER EXP OTHER INTERCOMPANY |
$ | 0 | $ | 0 | $ | 1,407,400 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
BROKERAGE & MGMT FEES INTERCOMPANY |
$ | 0 | $ | 0 | $ | 121,091 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
GENERAL & ADMIN EXPENSE |
$ | 103,617 | $ | 3,044 | $ | 44,434 | $ | 0 | $ | 75 | $ | 38,300 | ||||||||||||
DEPRECIATION AND AMORTIZATION |
$ | 0 | $ | 128,842 | $ | 176,716 | $ | 0 | $ | 0 | $ | 46,900 | ||||||||||||
TOTAL OPERATING EXPENSES |
$ | 103,617 | $ | 782,226 | $ | 2,474,115 | $ | 0 | $ | 75 | $ | 85,199 | ||||||||||||
OPERATING INCOME (LOSS) |
($103,617 | ) | $ | 2,393 | ($695,539 | ) | $ | 0 | ($75 | ) | ($11,441 | ) | ||||||||||||
INTEREST INCOME INTERCOMPANY |
($621,847 | ) | ($30,666 | ) | ($438,085 | ) | $ | 0 | ($87,047 | ) | $ | 0 | ||||||||||||
INTEREST EXPENSE |
$ | 375,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 18,237 | ||||||||||||
FOREIGN EXCHANGE (GAIN) LOSS |
$ | 0 | $ | 0 | $ | 12,055 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
RESTRUCTURING COSTS |
$ | 0 | $ | 0 | $ | 3,272,634 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER (INCOME)/ EXPENSE, NET |
$ | 0 | $ | 0 | ($41,667 | ) | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
AMORT OF DEFERRED FINANCING EXPENSE |
$ | 116,667 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,905 | ||||||||||||
INCOME(LOSS) BEFORE INCOME TAXES
AND EXTRAORDINARY ITEM |
$ | 26,563 | $ | 33,058 | ($3,500,477 | ) | $ | 0 | $ | 86,972 | ($34,584 | ) | ||||||||||||
INCOME TAX EXPENSE (BENEFIT) |
$ | 0 | $ | 31,000 | $ | 81,716 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
NET INCOME (LOSS) |
$ | 26,563 | $ | 2,058 | ($3,582,193 | ) | $ | 0 | $ | 86,972 | ($34,584 | ) | ||||||||||||
MOR-3
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
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 | $ | 19,644,295 | $ | 0 | $ | 25,767 | $ | 0 | ||||||||||||
RESTRICTED CASH |
$ | 0 | $ | 0 | $ | 21,840 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCOUNTS RECEIVABLE, TRADE |
$ | 0 | $ | 0 | $ | 5,406,434 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ALLOWANCE FOR UNCOLLECTABLE ACCOUNTS |
$ | 0 | $ | 0 | ($128,368 | ) | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCOUNTS RECEIVABLE, OTHER |
$ | 0 | $ | 0 | $ | 597,015 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCOUNTS RECEIVABLE, INTERCOMPANY |
$ | 17,274,818 | $ | 0 | ($262,130,444 | ) | $ | 0 | $ | 2,094,496 | $ | 0 | ||||||||||||
OTHER CURRENT ASSETS, INTERCOMPANY |
$ | 325,858,536 | $ | 1,562,896 | $ | 168,528,209 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
PREPAID EXPENSES & OTHER CURRENT ASSETS |
$ | 1,960,533 | $ | 1,564,000 | $ | 2,667,314 | $ | 0 | $ | 0 | $ | 47,003 | ||||||||||||
TOTAL CURRENT ASSETS |
$ | 345,093,887 | $ | 3,126,896 | ($65,393,705 | ) | $ | 0 | $ | 2,120,262 | $ | 47,003 | ||||||||||||
PROPERTY & EQUIPMENT AT COST: |
||||||||||||||||||||||||
VESSELS |
$ | 0 | $ | 17,488,196 | $ | 820,688 | $ | 0 | $ | 0 | $ | 10,875,285 | ||||||||||||
TRANSPORTATION & OTHER |
$ | 0 | $ | 0 | $ | 5,656,660 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
CONSTRUCTION IN PROGRESS |
$ | 0 | $ | 0 | $ | 4,119,428 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
LESS ACCUMULATED DEPR & AMORT |
$ | 0 | ($9,296,901 | ) | ($4,097,867 | ) | $ | 0 | $ | 0 | ($3,159,161 | ) | ||||||||||||
NET PROPERTY & EQUIPMENT |
$ | 0 | $ | 8,191,295 | $ | 6,498,910 | $ | 0 | $ | 0 | $ | 7,716,124 | ||||||||||||
RESTRICTED CASH-NONCURRENT |
$ | 0 | $ | 0 | ($290,850 | ) | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER ASSETS MISCELLANEOUS |
$ | 19,903,920 | $ | 0 | $ | 23,948,122 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER ASSETS INVESTMENTS |
$ | 45,956,607 | ($2,156,982 | ) | $ | 319,094 | $ | 0 | $ | 77,372,310 | $ | 0 | ||||||||||||
OTHER ASSETS INTERCOMPANY |
$ | 0 | $ | 6,968,170 | $ | 0 | $ | 0 | $ | 33,486,076 | $ | 0 | ||||||||||||
TOTALOTHER ASSETS |
$ | 65,860,527 | $ | 4,811,188 | $ | 23,976,366 | $ | 0 | $ | 110,858,386 | $ | 0 | ||||||||||||
TOTAL ASSETS |
$ | 410,954,414 | $ | 16,129,379 | ($34,918,429 | ) | $ | 0 | $ | 112,978,649 | $ | 7,763,127 | ||||||||||||
LIABILITIES & STOCKHOLDERS EQUITY |
||||||||||||||||||||||||
CURRENT LIABILITIES |
||||||||||||||||||||||||
SHORT-TERM AND CURRENT MATURITIES OF DEBT |
$ | 19,871,427 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,592,137 | ||||||||||||
ACCOUNTS PAYABLE |
$ | 0 | $ | 0 | $ | 4,730,855 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCOUNTS PAYABLE, INTERCOMPANY |
($236,702,260 | ) | ($93,352,564 | ) | $ | 7,425,743 | $ | 0 | $ | 52,609 | $ | 19,805,100 | ||||||||||||
ACCRUED EXPENSES |
$ | 346,995 | $ | 1,268,096 | $ | 4,978,127 | $ | 0 | $ | 0 | $ | 7,110 | ||||||||||||
ACCRUED INSURANCE RESERVE |
$ | 0 | $ | 0 | $ | 3,211,734 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
ACCRUED INTEREST |
$ | 2,348,500 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 24,901 | ||||||||||||
INCOME TAXES PAYABLE |
($146,499 | ) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
OTHER CURRENT LIABILITIES |
($1 | ) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTAL CURRENT LIABILITIES |
($214,281,838 | ) | ($92,084,468 | ) | $ | 20,346,459 | $ | 0 | $ | 52,609 | $ | 24,429,247 | ||||||||||||
LIABILITIES SUBJECT TO COMPROMISE |
$ | 368,267,150 | $ | 0 | $ | 5,670,654 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
FOREIGN TAXES PAYABLE, NON-CURRENT |
($489,113 | ) | $ | 32,682,410 | $ | 0 | $ | 0 | $ | 0 | $ | 4,243,179 | ||||||||||||
OTHER NON CURRENT LIABILITIES |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTAL LIABILITIES |
$ | 153,496,200 | ($59,402,058 | ) | $ | 26,017,113 | $ | 0 | $ | 52,609 | $ | 28,672,426 | ||||||||||||
STOCKHOLDERS EQUITY |
||||||||||||||||||||||||
COMMON STOCK |
$ | 2,540,482 | $ | 1 | $ | 50,000 | $ | 0 | $ | 0 | $ | 100 | ||||||||||||
ADDITIONAL PAID IN CAPITAL |
$ | 296,992,636 | $ | 94,943,460 | $ | 0 | $ | 0 | $ | 109,401,521 | $ | 900 | ||||||||||||
RETAINED EARNINGS (DEFICIT) |
($72,115,105 | ) | ($19,412,024 | ) | ($60,985,542 | ) | $ | 0 | $ | 3,524,519 | ($20,910,299 | ) | ||||||||||||
PHANTOM STOCK |
$ | 47,642,566 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TREASURY STOCK |
($17,602,365 | ) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
TOTAL STOCKHOLDERS EQUITY |
$ | 257,458,214 | $ | 75,531,437 | ($60,935,542 | ) | $ | 0 | $ | 112,926,040 | ($20,909,299 | ) | ||||||||||||
TOTAL LIABILITIES & STOCKHOLDERS EQUITY |
$ | 410,954,414 | $ | 16,129,379 | ($34,918,429 | ) | $ | 0 | $ | 112,978,649 | $ | 7,763,127 | ||||||||||||
MOR-4
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
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 |
($216,717 | ) | ($7,733 | ) | $ | 0 | ($224,450 | ) | ||||||||
VAT Taxes |
($991,306 | ) | ($43,713 | ) | $ | 0 | ($1,035,019 | ) | ||||||||
Withholding Taxes |
($1,427,034 | ) | ($136,256 | ) | $ | 122,613 | ($1,440,677 | ) | ||||||||
Franchise Taxes |
($456,396 | ) | ($63,500 | ) | $ | 36,000 | ($483,896 | ) | ||||||||
Total Taxes |
($2,455,842 | ) | ($251,202 | ) | $ | 158,613 | ($2,548,431 | ) | ||||||||
MOR-6
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
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 |
$ | 11,580 | $ | 51,678 | ||||
Bachmann, Richard |
$ | 51,197 | $ | 262,115 | ||||
Burke, Kenneth |
$ | 0 | $ | 18,750 | ||||
Cenkus, Brett |
$ | 20,343 | $ | 98,247 | ||||
Favret, Jeffrey |
$ | 18,333 | $ | 83,507 | ||||
Hoover, Ray |
$ | 0 | $ | 27,563 | ||||
Hutcheson, Edward |
$ | 0 | $ | 17,500 | ||||
Jones, Geoffrey |
$ | 29,361 | $ | 134,459 | ||||
Morrell, Stephen L |
$ | 20,603 | $ | 94,160 | ||||
Staehr, Per |
$ | 0 | $ | 17,890 | ||||
Salazar, Tomas |
$ | 18,105 | $ | 77,536 | ||||
Scoggins, Myles |
$ | 0 | $ | 18,787 | ||||
Wallace, David |
$ | 40,115 | $ | 137,748 | ||||
Total Payments to Insiders |
$ | 209,637 | $ | 1,039,940 | ||||
Professionals
Name | Amount Paid During Month | Total Paid to Date | ||||||
Epiq Bankrupty Solutions, LLC |
$ | 43,692.41 | $ | 65,237 | ||||
AP Services, LLC |
$ | 479,098.80 | $ | 830,970 | ||||
Tennenbaum Capital Partners, LLC |
$ | 520,369.45 | $ | 520,369 | ||||
White & Case LLP |
$ | 42,122.82 | $ | 42,123 | ||||
Fox Rothschild LLP |
$ | 4,975.40 | $ | 4,975 | ||||
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard |
$ | 35,986.64 | $ | 35,987 | ||||
Pachulski Stang Ziehl & Jones LLP |
$ | 81,641.76 | $ | 81,642 | ||||
Chanin Capital Partners |
$ | 194,097.28 | $ | 194,097 | ||||
Kasowitz Benson Torres & Friedman, LLP |
$ | 662,272.46 | $ | 662,272 | ||||
Ernst & Young LLP and Young |
$ | 147,540.48 | $ | 147,540 | ||||
Cahill Gordon & Reindel LLP |
$ | 322,511.35 | $ | 322,511 | ||||
Evercore Group, LLC |
$ | 573,429.59 | $ | 573,430 | ||||
Vinson & Elkins LLP |
$ | 1,065,459.16 | $ | 1,065,459 | ||||
Total Payments to Professionals |
$ | 4,173,198 | $ | 4,546,613 | ||||
Post Petition Secured Notes Adequate Protection Payments as well as DIP Interest Payments
Name of Creditor | Amount Paid During Month | |||
TENNENBAUM CAPITAL PARTNERS |
730,555.54 | |||
BANK OF NEW YORK |
243,318.67 | |||
TENNENBAUM CAPITAL PARTNERS PRINCIPAL |
8,500,000.00 | |||
BANK OF NEW YORK PRINCIPAL |
629,000.00 | |||
Total Payments |
$ | 10,102,874 | ||
MOR-7
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
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 |
1 | The Debtors have sold vessels in accordance with a court order dated December 1, 2010 authorizing them to sell the Trico Mystic and Trico Moon. | |
6 | Pursuant to the First Day Orders the Debtors have been making payments on certain prepetition liabilities. | |
7 | Pursuant to the Cash Management Order the Debtors periodically settle receivables with Non-Debtor affiliates in Brazil, West Africa and Mexico. | |
12 | Pursuant to the Order of the Tax Motion the Debtors have made payments on certain prepetition taxes. |
In re Trico Marine Services, Inc. et al.
Case No. (Jointly Administered)
|
10-12653-BLS | |
Reporting Period:
|
December 31, 2010 | |
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
10001 Woodloch Forest Drive, Ste 610
The Woodlands, Texas 77380