| Summary of Components of Liabilities Subject to Compromise |
The amounts disclosed below as of March 21, 2017, reflect the
liabilities immediately prior to our Reorganization Plan becoming
effective:
|
|
|
|
|
|
|
|
|
| |
|
Predecessor |
|
| |
|
March 21,
2017 |
|
|
December 31,
2016 |
|
|
Accounts payable and accrued liabilities
|
|
$ |
6,687 |
|
|
$ |
9,212 |
|
|
Accrued payroll and benefits payable
|
|
|
3,949 |
|
|
|
4,048 |
|
|
Revenue distribution payable
|
|
|
3,050 |
|
|
|
3,474 |
|
|
Senior Notes and associated accrued interest
|
|
|
1,267,410 |
|
|
|
1,267,410 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities subject to compromise
|
|
$ |
1,281,096 |
|
|
$ |
1,284,144 |
|
|
|
|
|
|
|
|
|
|
|
The amounts currently classified as liabilities subject to
compromise may be subject to future adjustments depending on the
Bankruptcy Court actions, further development with respect to
disputed claims, and other events:
|
|
|
|
|
| |
|
December 31, 2016 |
|
|
Accounts payable and accrued liabilities
|
|
$ |
9,212 |
|
|
Accrued payroll and benefits payable
|
|
|
4,048 |
|
|
Revenue distribution payable
|
|
|
3,474 |
|
|
Senior Notes and associated accrued interest
|
|
|
1,267,410 |
|
|
|
|
|
|
|
Liabilities subject to compromise
|
|
$ |
1,284,144 |
|
|
|
|
|
|
|
| Reorganization Items |
Reorganization Items
We use this category to reflect, where applicable, post-petition
revenues, expenses, gains and losses that are direct and
incremental as a result of the reorganization of the business.
Reorganization items are as follows:
|
|
|
|
|
|
|
|
|
| |
|
Successor |
|
|
Predecessor |
|
| |
|
Period from |
|
|
Period
from |
|
| |
|
March 22, 2017 |
|
|
January 1, 2017 |
|
| |
|
through |
|
|
through |
|
| |
|
March 31, 2017 |
|
|
March 21, 2017 |
|
|
Gains on the settlement of liabilities subject to compromise
|
|
$ |
— |
|
|
$ |
(372,093 |
) |
|
Fresh start accounting adjustments
|
|
|
— |
|
|
|
(641,684 |
) |
|
Professional fees
|
|
|
620 |
|
|
|
18,790 |
|
|
Rejection of employment contracts
|
|
|
— |
|
|
|
4,573 |
|
|
Write off unamortized issuance costs on Prior Credit Facility
|
|
|
— |
|
|
|
1,687 |
|
|
|
|
|
|
|
|
|
|
|
Total reorganization items
|
|
$ |
620 |
|
|
$ |
(988,727 |
) |
|
|
|
|
|
|
|
|
|
|
Reorganization items for the year ended December 31, 2016, are
as follows:
|
|
|
|
|
| |
|
Year
Ended |
|
| |
|
December 31, 2016 |
|
|
Professional fees
|
|
$ |
15,484 |
|
|
Claims for non-performance of executory contract
|
|
|
1,236 |
|
|
|
|
|
|
|
Total reorganization items
|
|
$ |
16,720 |
|
|
|
|
|
|
|