Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - Seventy Seven Energy Inc. | d22000dex991.htm |
| EX-2.1 - EX-2.1 - Seventy Seven Energy Inc. | d22000dex21.htm |
| 8-K - 8-K - Seventy Seven Energy Inc. | d22000d8k.htm |
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtors | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
| Required Documents |
Form No. | Document Attached |
Explanation Attached |
Affidavit /Supp. Attached | ||||
| Schedule of Cash Receipts and Disbursements |
MOR-1 | Yes | ||||||
| Bank Reconciliation (or copies of bank reconciliations) |
MOR-1a | Yes | Note 1 | |||||
| Schedule of Professional Fees Paid |
MOR-1b | Yes | ||||||
| Copies of Bank Statements |
No | Note 2 | ||||||
| Cash Disbursement Journals |
No | Note 2 | ||||||
| Statement of Operations |
MOR-2 | Yes | Note 3 | |||||
| Balance Sheet |
MOR-3 | Yes | Note 3 | |||||
| Status of Postpetition Taxes |
No | Note 4 | ||||||
| Copies of IRS Form 6123 or payment receipt |
No | Note 2 | ||||||
| Copies of tax returns filed during reporting period |
No | Note 2 | ||||||
| Summary of Unpaid Postpetition Debts |
MOR-4 | Yes | ||||||
| Listing of aged accounts payable |
MOR-4 | Yes | Note 2 | |||||
| Accounts Receivable Reconciliation and Aging |
MOR-5 | Yes | ||||||
| Debtor Questionnaire |
MOR-5 | Yes |
Note(s):
| (1) | Per discussion with UST, a bank account listing with current balances is sufficient for Bank Reconciliation Report |
| (2) | Due to volume of records, no attachment is provided, but copies available to UST upon request |
| (3) | Per discussion with UST, consolidating financials noting liabilities subject to compromise satisfies requirement |
| (4) | Per discussion with UST, this requirement has been waived |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
| /s/ Cary D. Baetz |
July 19, 2016 | |||
| Signature of Authorized Individual * | Date | |||
| Cary D. Baetz |
Chief Financial Officer | |||
| Name of Authorized Individual | Title of Authorized Individual | |||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager if debtor is a limited liability company. |
MOR Cover
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtors | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Debtor Entity Detail
Amounts Expressed in $‘000 unless otherwise specified
| Debtor Entity : |
Seventy Seven Operating LLC |
Nomac Drilling, L.L.C. |
Great Plains Oilfield Rental, L.L.C. |
Performance Technologies, L.L.C. |
PTL Prop Solutions, L.L.C. |
Seventy Seven Finance Inc. |
Seventy Seven Energy Inc. |
Seventy Seven Land Company LLC |
SSE Leasing LLC |
Keystone Rock & Excavation, L.L.C. |
Western Wisconsin Sand Company, LLC |
Consolidated Debtors |
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| Case No. : |
16-11411 | 16-11414 | 16-11412 | 16-11415 | 16-11416 | 16-11409 | 16-11410 | 16-11413 | 16-11417 | 16-11418 | 16-11419 | |||||||||||||||||||||||||||||||||||||
| Beginning Book Cash |
$ | 57,858 | ||||||||||||||||||||||||||||||||||||||||||||||
| Cash Receipts |
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| Customer Cash Receipts |
$ | — | $ | 16,788 | $ | 1,766 | $ | 33,379 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 51,933 | ||||||||||||||||||||||||
| Miscellaneous Cash Receipts |
1,132 | 171 | 8 | 82 | — | — | — | — | — | — | — | 1,393 | ||||||||||||||||||||||||||||||||||||
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| Total Cash Receipts |
$ | 1,132 | $ | 16,959 | $ | 1,775 | $ | 33,461 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 53,327 | ||||||||||||||||||||||||
| Operating Cash Disbursements |
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| Labor Cost |
$ | (3,278 | ) | $ | (4,387 | ) | $ | (1,239 | ) | $ | (2,636 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (11,540 | ) | |||||||||||||||||||
| Operating Disbursements |
(1,651 | ) | (1,211 | ) | (1,001 | ) | (16,272 | ) | 21 | — | — | 10 | (21 | ) | 8 | — | (20,118 | ) | ||||||||||||||||||||||||||||||
| Insurance |
(1 | ) | — | — | — | — | — | — | — | — | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||
| Tax |
(0 | ) | (3 | ) | (55 | ) | (486 | ) | — | — | — | (29 | ) | (21 | ) | — | — | (595 | ) | |||||||||||||||||||||||||||||
| Capex |
(92 | ) | (4,083 | ) | (5 | ) | (128 | ) | — | — | — | — | — | — | — | (4,308 | ) | |||||||||||||||||||||||||||||||
| Professional Fees |
(326 | ) | — | — | — | — | — | — | — | — | — | — | (326 | ) | ||||||||||||||||||||||||||||||||||
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| Total Operating Cash Disbursements |
$ | (5,348 | ) | $ | (9,685 | ) | $ | (2,300 | ) | $ | (19,522 | ) | $ | 21 | $ | — | $ | — | $ | (19 | ) | $ | (43 | ) | $ | 8 | $ | — | $ | (36,888 | ) | |||||||||||||||||
| Debt Service |
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| Interest |
$ | (51 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (51 | ) | ||||||||||||||||||||||
| Amortization |
(1,250 | ) | — | — | — | — | — | — | — | — | — | — | (1,250 | ) | ||||||||||||||||||||||||||||||||||
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| Total Debt Service Disbursements |
$ | (1,301 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,301 | ) | ||||||||||||||||||||||
| Total Operating Disbursements |
$ | (6,649 | ) | $ | (9,685 | ) | $ | (2,300 | ) | $ | (19,522 | ) | $ | 21 | $ | — | $ | — | $ | (19 | ) | $ | (43 | ) | $ | 8 | $ | — | $ | (38,188 | ) | |||||||||||||||||
| Operating Cash Flow |
$ | (5,517 | ) | $ | 7,275 | $ | (525 | ) | $ | 13,939 | $ | 21 | $ | — | $ | — | $ | (19 | ) | $ | (43 | ) | $ | 8 | $ | — | $ | 15,138 | ||||||||||||||||||||
| Restructuring Related |
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| Professional Fees |
$ | (150 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (150 | ) | ||||||||||||||||||||||
| Financing Fees |
(450 | ) | — | — | — | — | — | — | — | — | — | — | (450 | ) | ||||||||||||||||||||||||||||||||||
| Utilities Deposit |
(170 | ) | — | — | — | — | — | — | — | — | — | — | (170 | ) | ||||||||||||||||||||||||||||||||||
| US Trustee Quarterly Fees |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Court Costs |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
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| Total Bankruptcy Related Charges |
$ | (770 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (770 | ) | ||||||||||||||||||||||
| Net Cash Flow (After Restructuring) |
$ | (6,287 | ) | $ | 7,275 | $ | (525 | ) | $ | 13,939 | $ | 21 | $ | — | $ | — | $ | (19 | ) | $ | (43 | ) | $ | 8 | $ | — | $ | 14,368 | ||||||||||||||||||||
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| Ending Book Cash |
$ | 72,226 | ||||||||||||||||||||||||||||||||||||||||||||||
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MOR-1 (Debtor)
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtors | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Consolidated Debtors
Amounts Expressed in $‘000 unless otherwise specified
| Current Month | Cumulative Filing to Date | |||||||||||||||
| Actual | Projected (1) | Actual | Projected (2) | |||||||||||||
| Beginning Book Cash |
$ | 57,858 | $ | 57,930 | $ | 57,858 | $ | 57,930 | ||||||||
| Cash Receipts |
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| Customer Cash Receipts |
$ | 51,933 | $ | 42,624 | $ | 51,933 | $ | 42,624 | ||||||||
| Miscellaneous Cash Receipts |
1,393 | 2,480 | 1,393 | 2,480 | ||||||||||||
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| Total Cash Receipts |
$ | 53,327 | $ | 45,104 | $ | 53,327 | $ | 45,104 | ||||||||
| Operating Cash Disbursements |
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| Labor Cost |
$ | (11,540 | ) | $ | (12,913 | ) | $ | (11,540 | ) | $ | (12,913 | ) | ||||
| Operating Disbursements |
(20,118 | ) | (20,274 | ) | (20,118 | ) | (20,274 | ) | ||||||||
| Insurance |
(1 | ) | — | (1 | ) | — | ||||||||||
| Tax |
(595 | ) | (500 | ) | (595 | ) | (500 | ) | ||||||||
| Capex |
(4,308 | ) | (6,915 | ) | (4,308 | ) | (6,915 | ) | ||||||||
| Professional Fees |
(326 | ) | (502 | ) | (326 | ) | (502 | ) | ||||||||
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| Total Operating Cash Disbursements |
$ | (36,888 | ) | $ | (41,105 | ) | $ | (36,888 | ) | $ | (41,105 | ) | ||||
| Debt Service |
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| Interest |
(51 | ) | $ | (25 | ) | $ | (51 | ) | $ | (25 | ) | |||||
| Amortization |
(1,250 | ) | (1,250 | ) | (1,250 | ) | (1,250 | ) | ||||||||
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| Total Debt Service Disbursements |
$ | (1,301 | ) | $ | (1,275 | ) | $ | (1,301 | ) | $ | (1,275 | ) | ||||
| Total Operating Disbursements |
$ | (38,188 | ) | $ | (42,379 | ) | $ | (38,188 | ) | $ | (42,379 | ) | ||||
| Operating Cash Flow |
$ | 15,138 | $ | 2,725 | $ | 15,138 | $ | 2,725 | ||||||||
| Restructuring Related |
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| Professional Fees |
(150 | ) | $ | (3,409 | ) | $ | (150 | ) | $ | (3,409 | ) | |||||
| Financing Fees |
(450 | ) | (517 | ) | (450 | ) | (517 | ) | ||||||||
| Utilities Deposit |
(170 | ) | (194 | ) | (170 | ) | (194 | ) | ||||||||
| US Trustee Quarterly Fees |
— | — | — | — | ||||||||||||
| Court Costs |
— | — | — | — | ||||||||||||
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| Total Bankruptcy Related Charges |
$ | (770 | ) | $ | (4,120 | ) | $ | (770 | ) | $ | (4,120 | ) | ||||
| Net Cash Flow (After Restructuring) |
$ | 14,368 | $ | (1,395 | ) | $ | 14,368 | $ | (1,395 | ) | ||||||
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| Ending Book Cash |
$ | 72,226 | $ | 56,535 | $ | 72,226 | $ | 56,535 | ||||||||
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Note(s):
| (1) | Projected amounts reflect forecasted weekly activity from Petition date through the weeks ending 6/10, 6/24 and 7/1. |
| (2) | Projected amounts reflect forecasted weekly activity from Petition date through the end of the reporting period. |
MOR-1 (Consol)
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtors | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
CONSOLIDATING SUMMARY OF U.S. TRUSTEE FEES
Disbursements Expressed in $‘000, UST Fees expressed in Dollars
| Debtor (Case #) |
Apr-16 | May-16 | Jun-16 | Quarterly Distrib. | Fees (In Dollars) | |||||||||||||||
| Seventy Seven Operating LLC (16-11411) |
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| Total Disbursements |
$ | — | $ | — | $ | 7,419 | $ | 7,419 | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | 7,419 | $ | 7,419 | $ | 13,000 | ||||||||||
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| Nomac Drilling, L.L.C. (16-11414) |
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| Total Disbursements |
$ | — | $ | — | $ | 9,685 | $ | 9,685 | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | 9,685 | $ | 9,685 | $ | 13,000 | ||||||||||
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| Great Plains Oilfield Rental, L.L.C. (16-11412) |
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| Total Disbursements |
$ | — | $ | — | $ | 2,300 | $ | 2,300 | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | 2,300 | $ | 2,300 | $ | 9,750 | ||||||||||
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| Performance Technologies, L.L.C. (16-11415) |
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| Total Disbursements |
$ | — | $ | — | $ | 19,522 | $ | 19,522 | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | 19,522 | $ | 19,522 | $ | 20,000 | ||||||||||
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| PTL Prop Solutions, L.L.C. (16-11416) |
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| Total Disbursements |
$ | — | $ | — | $ | (21 | ) | $ | (21 | ) | ||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | (21 | ) | $ | (21 | ) | $ | 325 | ||||||||
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| Seventy Seven Finance Inc. (16-11409) |
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| Total Disbursements |
$ | — | $ | — | $ | — | $ | — | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | — | $ | — | $ | 325 | ||||||||||
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| Seventy Seven Energy Inc. (16-11410) |
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| Total Disbursements |
$ | — | $ | — | $ | — | $ | — | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | — | $ | — | $ | 325 | ||||||||||
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| Seventy Seven Land Company LLC (16-11413) |
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| Total Disbursements |
$ | — | $ | — | $ | 19 | $ | 19 | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | 19 | $ | 19 | $ | 650 | ||||||||||
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| SSE Leasing LLC (16-11417) |
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| Total Disbursements |
$ | — | $ | — | $ | 43 | $ | 43 | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | 43 | $ | 43 | $ | 650 | ||||||||||
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| Keystone Rock & Excavation, L.L.C. (16-11418) |
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| Total Disbursements |
$ | — | $ | — | $ | (8 | ) | $ | (8 | ) | ||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | (8 | ) | $ | (8 | ) | $ | 325 | ||||||||
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| Western Wisconsin Sand Company, LLC (16-11419) |
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| Total Disbursements |
$ | — | $ | — | $ | — | $ | — | ||||||||||||
| Less: Transfers to DIP Accounts |
— | — | — | — | ||||||||||||||||
| Plus: Estate Disbur. by 3rd Parties |
— | — | — | — | ||||||||||||||||
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| Total Disbur. For UST Quarterly Fees |
$ | — | $ | — | $ | — | $ | — | $ | 325 | ||||||||||
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| GRAND TOTAL QUARTERLY US TRUSTEE FEES (in Dollars) | $ | 58,675 | ||||||||||||||||||
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MOR-1 (Fees)
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtor | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
SCHEDULE OF CURRENT BANK BALANCES
Provided in lieu of bank reconciliations. Statements available to UST upon request
| Account Name |
Bank Name | Account Number | ||||||||
| SSE Operating |
Wells Fargo Bank | xxxxxx9291 | — | |||||||
| SSE Disbursement |
Wells Fargo Bank | xxxxxx8639 | — | |||||||
| SSO Operating |
Wells Fargo Bank | xxxxxx5493 | 69,698,595 | |||||||
| SSO Disbursement |
Wells Fargo Bank | xxxxxx0348 | — | |||||||
| SSO Segregated Funds |
Wells Fargo Bank | xxxxxx6519 | 11,379,363 | |||||||
| SSO Sedewick |
Wells Fargo Bank | xxxxxx5357 | 80,361 | |||||||
| SSS Operating |
Wells Fargo Bank | xxxxxx1599 | — | |||||||
| SSS Disbursement |
Wells Fargo Bank | xxxxxx1525 | — | |||||||
| SSL Operating |
Wells Fargo Bank | xxxxxx1464 | — | |||||||
| SSL Disbursement |
Wells Fargo Bank | xxxxxx0595 | — | |||||||
| SSE Leasing Operating |
Wells Fargo Bank | xxxxxx8841 | — | |||||||
| SSE Leasing Disbursement |
Wells Fargo Bank | xxxxxx1610 | — | |||||||
| Nomac Operating |
Wells Fargo Bank | xxxxxx1472 | — | |||||||
| Nomac Disbursement |
Wells Fargo Bank | xxxxxx9001 | — | |||||||
| PTL Disbursement |
Wells Fargo Bank | xxxxxx2221 | — | |||||||
| PTL Operating |
Wells Fargo Bank | xxxxxx1456 | — | |||||||
| PTL Prop Disbursement |
Wells Fargo Bank | xxxxxx0603 | — | |||||||
| PTL Prop Operating |
Wells Fargo Bank | xxxxxx1506 | — | |||||||
| Great Plains Operating |
Wells Fargo Bank | xxxxxx1573 | — | |||||||
| Great Plains Disbursement |
Wells Fargo Bank | xxxxxx9016 | — | |||||||
| OTS Operating |
Wells Fargo Bank | xxxxxx1581 | — | |||||||
| OTS Disbursement |
Wells Fargo Bank | xxxxxx3246 | — | |||||||
| WWS Operating |
Wells Fargo Bank | xxxxxx1498 | — | |||||||
| WWS Disbursement |
Wells Fargo Bank | xxxxxx0611 | — | |||||||
| Keystone Rock & Excavation Disbursement |
Wells Fargo Bank | xxxxxx0657 | — | |||||||
| Utility Adequate Assurance |
Wells Fargo Bank | xxxxxx2942 | 170,368 | |||||||
| Seventy Seven Operating |
Union Bank | xxxxxx8524 | 535,016 | |||||||
| Mid-States Oilfield Supply |
Union Bank | xxxxxx0252 | — | |||||||
| Nomac Drilling |
Union Bank | xxxxxx0237 | — | |||||||
| Mid-States Oilfield Machine |
Union Bank | xxxxxx0161 | — | |||||||
| Performance Technologies |
Union Bank | xxxxxx0211 | — | |||||||
| Great Plains Oilfield Rental |
Union Bank | xxxxxx0229 | — | |||||||
| Oilfield Trucking Solutions |
Union Bank | xxxxxx0146 | — | |||||||
| Keystone Rock & Excavation |
Union Bank | xxxxxx0203 | — | |||||||
| Hodges Trucking Company LLC |
Union Bank | xxxxxx8025 | — | |||||||
| Seventy Seven Operating LLC |
Oppenheimer | xxxxxx4275 | 1,768,000 | |||||||
| Seventy Seven Operating |
PayPal | xxxxxx2S4Q | — | |||||||
|
|
|
|||||||||
| TOTAL | $ | 83,631,703 | ||||||||
|
|
|
|||||||||
MOR-1a
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtor | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule includes all retained professional payments form case inception to current month
| Name of Payee |
Period Covered |
Amount Approved |
Name of Payor |
Check | Amount Paid | |||||||||||||||
| Date | Number | Fees | Expenses | |||||||||||||||||
| Alvarez & Marsal North America LLC |
— | Seventy Seven Operating LLC | — | — | ||||||||||||||||
| Alvarez & Marsal (petition-to-date) |
$ | — | $ | — | $ | — | ||||||||||||||
| Prime Clerk |
— | Seventy Seven Operating LLC | — | — | ||||||||||||||||
| Prime Clerk (petition-to-date) |
$ | — | $ | — | $ | — | ||||||||||||||
| Baker Botts LLP |
— | Seventy Seven Operating LLC | — | — | ||||||||||||||||
| Baker Botts (petition-to-date) |
$ | — | $ | — | $ | — | ||||||||||||||
| Morris, Nichols, Arsht & Tunnell LLP |
— | Seventy Seven Operating LLC | — | — | ||||||||||||||||
| Morris, Nichols (petition-to-date) |
$ | — | $ | — | $ | — | ||||||||||||||
| Ernst & Young LLP |
— | Seventy Seven Operating LLC | — | — | ||||||||||||||||
| Ernst & Young (petition-to-date) |
$ | — | $ | — | $ | — | ||||||||||||||
MOR-1b
Form MOR-2 - Consolidating Statement of Operations
For reporting period 06/01/16 through 06/30/16
(excludes Debtor entities with no P&L activity for reporting period)
Seventy Seven Energy - June 2016 Income Stmt by Entity (1)
As of June 30, 2016
| Great Plains Oilfield Rental |
Keystone Rock & Excavation |
Nomac Drilling |
Performance Technologies |
PTL Prop Solutions |
Seventy Seven Energy |
Seventy Seven Land |
Seventy Seven Leasing |
Seventy Seven Operating |
Grand Total |
|||||||||||||||||||||||||||||||
| (01)Revenues |
2,767,005 | — | 18,751,084 | 12,160,644 | — | — | — | — | — | 33,678,734 | ||||||||||||||||||||||||||||||
| Revenues |
2,767,005 | — | 18,751,084 | 12,160,644 | — | — | — | — | — | 33,678,734 | ||||||||||||||||||||||||||||||
| (01a)I/C Revenues |
(134,675 | ) | — | (17,985 | ) | — | — | — | (3,459,838 | ) | (2,125,000 | ) | — | (5,737,498 | ) | |||||||||||||||||||||||||
| Revenues |
(134,675 | ) | — | (17,985 | ) | — | — | — | (3,459,838 | ) | (2,125,000 | ) | — | (5,737,498 | ) | |||||||||||||||||||||||||
| (02)Operating Expense |
(2,344,742 | ) | (225 | ) | (9,312,189 | ) | (15,848,812 | ) | 20,752 | — | (95,640 | ) | — | — | (27,580,856 | ) | ||||||||||||||||||||||||
| Capital Settlement |
— | — | (1,330 | ) | 1,258 | — | — | — | — | — | (72 | ) | ||||||||||||||||||||||||||||
| Communication Expense |
(7,758 | ) | — | (3,459 | ) | (11,842 | ) | — | — | — | — | — | (23,059 | ) | ||||||||||||||||||||||||||
| Cost of Goods Sold |
— | — | (1,003,000 | ) | (7,321,058 | ) | — | — | — | — | — | (8,324,058 | ) | |||||||||||||||||||||||||||
| Insurance |
44,730 | (225 | ) | (538,950 | ) | (240,625 | ) | — | — | (14,944 | ) | — | — | (750,014 | ) | |||||||||||||||||||||||||
| Labor Costs |
(1,599,386 | ) | — | (4,993,596 | ) | (2,919,102 | ) | — | — | — | — | — | (9,512,084 | ) | ||||||||||||||||||||||||||
| Other Operating Costs |
(387,907 | ) | — | (1,522,062 | ) | (1,393,222 | ) | 20,752 | — | (80,696 | ) | — | — | (3,363,134 | ) | |||||||||||||||||||||||||
| Rental Expenses |
(53,286 | ) | — | (131,761 | ) | (482,311 | ) | — | — | — | — | — | (667,358 | ) | ||||||||||||||||||||||||||
| Repairs & Maintenance / Supplies |
(106,039 | ) | — | (797,809 | ) | (1,815,083 | ) | — | — | — | — | — | (2,718,932 | ) | ||||||||||||||||||||||||||
| Subcontract Services |
(51,246 | ) | — | (3,883 | ) | (411,831 | ) | — | — | — | — | — | (466,959 | ) | ||||||||||||||||||||||||||
| Transporation |
(142,025 | ) | — | (28,928 | ) | (965,592 | ) | — | — | — | — | — | (1,136,545 | ) | ||||||||||||||||||||||||||
| Travel, Meals, Lodging & Ent’mt |
(41,825 | ) | — | (287,413 | ) | (289,404 | ) | — | — | — | — | — | (618,642 | ) | ||||||||||||||||||||||||||
| (02a)I/C Operating Expense |
432,368 | — | 2,647,581 | 671,309 | — | — | — | — | — | 3,751,258 | ||||||||||||||||||||||||||||||
| Other Operating Costs |
432,368 | — | 2,647,581 | 671,309 | — | — | — | — | — | 3,751,258 | ||||||||||||||||||||||||||||||
| (03) Depreciation & Amortization |
(2,510,032 | ) | (16,075 | ) | (11,620,955 | ) | (7,333,658 | ) | — | — | (602,455 | ) | (404,383 | ) | (470,182 | ) | (22,957,739 | ) | ||||||||||||||||||||||
| Depreciation and amortization |
(2,510,032 | ) | (16,075 | ) | (11,620,955 | ) | (7,333,658 | ) | — | — | (602,455 | ) | (404,383 | ) | (470,182 | ) | (22,957,739 | ) | ||||||||||||||||||||||
| (05) General & Administrative Expense |
(66,908 | ) | — | (1,782 | ) | (4,500 | ) | — | (300,000 | ) | — | — | (21,582,109 | ) | (21,955,298 | ) | ||||||||||||||||||||||||
| Advertising Promotions |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Communication Expense |
— | — | — | — | — | — | — | — | (205,062 | ) | (205,062 | ) | ||||||||||||||||||||||||||||
| Dues & Subscriptions |
— | — | — | — | — | — | — | — | (6,712 | ) | (6,712 | ) | ||||||||||||||||||||||||||||
| Fees |
— | — | — | — | — | — | — | — | (704,206 | ) | (704,206 | ) | ||||||||||||||||||||||||||||
| Insurance - SG&A |
— | — | — | — | — | — | — | — | (478,408 | ) | (478,408 | ) | ||||||||||||||||||||||||||||
| Labor Costs |
— | — | — | — | — | — | — | — | (3,208,756 | ) | (3,208,756 | ) | ||||||||||||||||||||||||||||
| Others - G&A |
(66,908 | ) | — | (1,782 | ) | (4,500 | ) | — | (300,000 | ) | — | — | (16,938,090 | ) | (17,311,279 | ) | ||||||||||||||||||||||||
| Rentals |
— | — | — | — | — | — | — | — | (4,422 | ) | (4,422 | ) | ||||||||||||||||||||||||||||
| Travel,Meals,Lodging&Ent’mt |
— | — | — | — | — | — | — | — | (36,452 | ) | (36,452 | ) | ||||||||||||||||||||||||||||
| (05a) I/C General & Administrative Expense |
— | — | — | — | — | — | — | — | 1,986,240 | 1,986,240 | ||||||||||||||||||||||||||||||
| Others - G&A |
— | — | — | — | — | — | — | — | 1,986,240 | 1,986,240 | ||||||||||||||||||||||||||||||
| (07) Gain/Loss on Disposal of Assets |
(570,171 | ) | — | (45,087 | ) | — | — | — | — | — | — | (615,258 | ) | |||||||||||||||||||||||||||
| Gain/Loss on Sale of Assets |
(570,171 | ) | — | (45,087 | ) | — | — | — | — | — | — | (615,258 | ) | |||||||||||||||||||||||||||
| (08) Impairment |
(286,885 | ) | — | (2,900,000 | ) | — | — | — | (2,602,561 | ) | — | — | (5,789,446 | ) | ||||||||||||||||||||||||||
| Impairment |
(286,885 | ) | — | (2,900,000 | ) | — | — | — | (2,602,561 | ) | — | — | (5,789,446 | ) | ||||||||||||||||||||||||||
| (09) Interest Expense |
— | — | — | — | — | (499,463 | ) | — | — | (3,041,164 | ) | (3,540,627 | ) | |||||||||||||||||||||||||||
| Interest Income (Expense) |
— | — | — | — | — | (499,463 | ) | — | — | (3,041,164 | ) | (3,540,627 | ) | |||||||||||||||||||||||||||
| (12) Other Income |
471 | 2,259 | 8,431 | 21,316 | — | — | 12,930 | 258 | 265,497 | 311,163 | ||||||||||||||||||||||||||||||
| Other Income (Expense) |
471 | 2,259 | 8,431 | 21,316 | — | — | 12,930 | 258 | 265,497 | 311,163 | ||||||||||||||||||||||||||||||
| (13) Reorganization Items, net |
— | — | — | — | — | (23,318,860 | ) | — | — | (8,438,301 | ) | (31,757,161 | ) | |||||||||||||||||||||||||||
| Reorganization Items, net |
— | — | — | — | — | (23,318,860 | ) | — | — | (8,438,301 | ) | (31,757,161 | ) | |||||||||||||||||||||||||||
| (14) Income Tax Expense (Benefit) |
— | — | — | — | — | 32,252,576 | — | — | — | 32,252,576 | ||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) |
— | — | — | — | — | 32,252,576 | — | — | — | 32,252,576 | ||||||||||||||||||||||||||||||
| G and Total |
(3,011,262 | ) | (14,041 | ) | (5,120,496 | ) | (11,005,010 | ) | 20,752 | 8,134,253 | (3,287,725 | ) | (404,125 | ) | (33,266,259 | ) | (47,953,913 | ) | ||||||||||||||||||||||
Note(s):
| (1) | Financial statements provided herein have been prepared in accordace wth GAAP and reviewed, but are not yet audited. As such, the attached financial statements are subject to further adjustment. |
Form MOR-3 - Consolidating Balance Sheets
As of 06/30/16
(excludes Debtor entities with no BS balances for reporting period)
Seventy Seven Energy - Balance Sheet by Entity (1)
As of June 30, 2016
| Company Name |
Great Plains Oilfield Rental |
Keystone Rock & Excavation |
Nomac Drilling |
Performance Technologies |
PTL Prop Solutions |
Seventy Seven Energy |
Seventy Seven Land |
Seventy Seven Leasing |
Seventy Seven Operating |
Western Wisconsin Sand |
Grand Total |
|||||||||||||||||||||||||||||||||
| .01Current Assets |
9,574,836 | 2,259 | 55,458,152 | 49,941,665 | 100,000 | 1,619,079 | 52,137 | — | 89,824,150 | — | 206,572,277 | |||||||||||||||||||||||||||||||||
| Cash & Cash Equivalent |
— | — | — | — | — | — | — | — | 79,638,912 | — | 79,638,912 | |||||||||||||||||||||||||||||||||
| Deferred Tax Asset |
1,444,079 | 1,444,079 | ||||||||||||||||||||||||||||||||||||||||||
| Inventory |
3,330,396 | 12,168,804 | 15,499,200 | |||||||||||||||||||||||||||||||||||||||||
| Other |
1,191,158 | 2,259 | 3,459,491 | 2,527,703 | 100,000 | 175,000 | 45,757 | 8,406,193 | 15,907,561 | |||||||||||||||||||||||||||||||||||
| Short-Term Investments |
1,770,255 | 1,770,255 | ||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables, Net |
8,383,678 | — | 48,668,265 | 35,245,158 | — | — | 6,380 | — | 8,790 | — | 92,312,271 | |||||||||||||||||||||||||||||||||
| .02PP&E |
58,213,562 | 1,136,883 | 982,512,582 | 167,239,803 | 22,002 | 170,734,053 | 48,484,401 | 23,741,771 | 3,343,768 | 1,455,428,826 | ||||||||||||||||||||||||||||||||||
| Property, Plant & Equipment, net |
58,213,562 | 1,136,883 | 982,512,582 | 167,239,803 | 22,002 | 170,734,053 | 48,484,401 | 23,741,771 | 3,343,768 | 1,455,428,826 | ||||||||||||||||||||||||||||||||||
| .03Other Assets |
— | 600,661 | 11,652 | 7,448,488 | — | 27,815,479 | 3,093,750 | 38,970,030 | ||||||||||||||||||||||||||||||||||||
| Deferred Financing Costs |
— | — | ||||||||||||||||||||||||||||||||||||||||||
| Intangibles, net |
— | — | ||||||||||||||||||||||||||||||||||||||||||
| Investments |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| LT Other Assets |
114,661 | 11,652 | 7,448,488 | 27,815,479 | 3,093,750 | 38,484,030 | ||||||||||||||||||||||||||||||||||||||
| Other |
486,000 | — | 486,000 | |||||||||||||||||||||||||||||||||||||||||
| .04Current Liabilities |
(3,877,250 | ) | — | (25,429,612 | ) | (23,097,769 | ) | (4,710 | ) | (11,449,364 | ) | (420,893 | ) | (66,985 | ) | (44,045,762 | ) | (25,000 | ) | (108,417,346 | ) | |||||||||||||||||||||||
| Accounts Payable |
(621,263 | ) | — | (9,442,857 | ) | (14,734,406 | ) | — | — | — | — | (904,866 | ) | (25,000 | ) | (25,728,392 | ) | |||||||||||||||||||||||||||
| Current Portion of Long-Term Debt |
(5,000,000 | ) | (5,000,000 | ) | ||||||||||||||||||||||||||||||||||||||||
| Other Current Liabilities |
(3,255,988 | ) | — | (15,986,755 | ) | (8,363,364 | ) | (4,710 | ) | (11,449,364 | ) | (420,893 | ) | (66,985 | ) | (38,140,896 | ) | — | (77,688,954 | ) | ||||||||||||||||||||||||
| .05LT Liabilities |
(948,167 | ) | (114,661 | ) | (11,652 | ) | (478,323,334 | ) | (1,126,499,908 | ) | (1,605,897,724 | ) | ||||||||||||||||||||||||||||||||
| Deferred Income Taxes |
(28,323,334 | ) | (28,323,334 | ) | ||||||||||||||||||||||||||||||||||||||||
| Other |
(948,167 | ) | (114,661 | ) | (11,652 | ) | (815,479 | ) | (1,889,960 | ) | ||||||||||||||||||||||||||||||||||
| Senior Notes Due 2019 |
(650,000,000 | ) | (650,000,000 | ) | ||||||||||||||||||||||||||||||||||||||||
| Senior Notes Due 2022 |
(450,000,000 | ) | (450,000,000 | ) | ||||||||||||||||||||||||||||||||||||||||
| Term Loan Due 2021 |
(475,684,430 | ) | (475,684,430 | ) | ||||||||||||||||||||||||||||||||||||||||
| .06Equity |
59,494,280 | 135,367 | 478,421 | 23,505,861 | 8,511,126 | (444,721,491 | ) | 6,164,207 | (16,466 | ) | 359,792,630 | — | 13,343,936 | |||||||||||||||||||||||||||||||
| Additional Paid-In Capital |
(361,436,279 | ) | (361,436,279 | ) | ||||||||||||||||||||||||||||||||||||||||
| Common Stock |
(589,684 | ) | (589,684 | ) | ||||||||||||||||||||||||||||||||||||||||
| Investment by Parent |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Retained Earnings (Current Year) |
18,717,494 | 31,399 | (4,096,314 | ) | 34,149,549 | 14,481 | (14,035,946 | ) | 2,646,158 | (340,287 | ) | 105,759,492 | 142,846,025 | |||||||||||||||||||||||||||||||
| Retained Earnings (Prior Year) |
40,776,786 | 103,969 | 4,574,735 | (10,643,688 | ) | 8,496,646 | (68,659,582 | ) | 3,518,049 | 323,821 | 254,033,138 | 232,523,874 | ||||||||||||||||||||||||||||||||
| Grand Total |
123,405,428 | 326,342 | 1,013,505,543 | 217,589,559 | 16,076,906 | (932,875,110 | ) | 176,529,505 | 48,400,950 | (669,371,640 | ) | 6,412,518 | 0 | |||||||||||||||||||||||||||||||
Note(s):
| (1) | Financial statements provided herein have been prepared in accordace wth GAAP and reviewed, but are not yet audited. As such, the attached financial statements are subject to further adjustment. |
10
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtor | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
SUMMARY OF UNPAID POSTPETITION DEBTS
Accounts Payable Aging attached hereto
| Number of Days Past Due | ||||||||||||||||||||||||
| Current | 0 - 30 | 31 - 60 | 61 - 90 | Over 90 | TOTAL | |||||||||||||||||||
| Accounts Payable |
$ | 10,408,758 | $ | — | $ | — | $ | — | $ | — | $ | 10,408,758 | ||||||||||||
| Wages Payable |
5,142,949 | — | — | — | — | 5,142,949 | ||||||||||||||||||
| Taxes Payable |
28,880,326 | — | — | — | — | 28,880,326 | ||||||||||||||||||
| Rent/Leases-Building |
— | — | — | — | — | — | ||||||||||||||||||
| Rent/Leases-Equipment |
— | — | — | — | — | — | ||||||||||||||||||
| Secured Debt / Adequate Protection Pmts |
484,593,031 | — | — | — | — | 484,593,031 | ||||||||||||||||||
| Professional Fees |
— | — | — | — | — | — | ||||||||||||||||||
| Amounts due to “Insiders” |
— | — | — | — | — | — | ||||||||||||||||||
| Other Current Accrued Liabilities |
5,468,646 | — | — | — | — | 5,468,646 | ||||||||||||||||||
| Other Long-Term Liabilities |
948,167 | — | — | — | — | 948,167 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Postpetition Debts |
$ | 535,441,877 | $ | — | $ | — | $ | — | $ | — | $ | 535,441,877 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
MOR-4
| In re: |
Seventy Seven Finance Inc. et al. | Case No: | 16-11409 (LSS) | |||||||
| Debtor | Jointly Administered | |||||||||
| Reporting Period: | 6/7/16 - 6/30/16 | |||||||||
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| Accounts Receivable Reconciliation |
Amount | |||
| Total Accounts Receivable at the beginning of the reporting period |
$ | 119,931,322 | ||
| + Amounts billed during the period |
27,250,621 | |||
| - Amounts collected during the period |
51,933,059 | |||
|
|
|
|||
| Total Accounts Receivable at the end of the reporting period |
$ | 95,248,885 | ||
|
|
|
|||
| Accounts Receivable Aging |
Amount | |||
| 0 - 30 days old |
$ | 55,807,542 | ||
| 31 - 60 days old |
34,471,388 | |||
| 61 - 90 days old |
1,153,945 | |||
| 91+ days old |
3,816,009 | |||
|
|
|
|||
| Total Accounts Receivable |
$ | 95,248,885 | ||
|
|
|
|||
| Amount considered uncollectable (bad debt) |
(2,936,613 | ) | ||
|
|
|
|||
| Accounts Receivable (Net) |
$ | 92,312,272 | ||
|
|
|
|||
DEBTOR QUESTIONNAIRE
| Must be Completed Each Month |
Yes |
No | ||
| 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. |
X | |||
| 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. |
X | |||
| 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. |
X | |||
| 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. |
X | |||
| 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. |
X(1) |
Note(s):
| (1) | On 6/27, and in accordance with this Court’s Interim Order on the Utility Motion (D.I. #65), the Debtors established an Adequate Assurance account with Wells Fargo and funded with $170,368. |
MOR-5