Reorganization items, net

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Reorganization items, net

Reorganization items, net

In accordance with Accounting Codification Standard 852, “Reorganizations,” the statement of operations shall portray the results of operations of the reporting entity while it is in Chapter 11. Revenues, expenses (including professional fees), realized gains and losses, and provisions for losses resulting from reorganization and restructuring of the business shall be reported separately as reorganization items.

During the three months ended June 30, 2017 and 2016, the Company recorded a minimal charge in the current quarter and $21.3 million, respectively in “Reorganization items, net” primarily comprised of professional fee expenses. Net cash paid for “Reorganization items, net” totaled $0.9 million and $13.6 million during the three months ended June 30, 2017 and 2016, respectively.

During the six months ended June 30, 2017 and 2016, the Company recorded a charge of $2.8 million and $25.1 million, respectively, in “Reorganization items, net.” The 2017 amount is primarily comprised of professional fees and 2016 is comprised of $40.0 million in professional fees, partially offset by non-cash gains on rejected contracts of $14.9 million. Net cash paid for “Reorganization items, net” totaled $4.7 million and $15.1 million during the six months ended June 30, 2017 and 2016.