EX-99.1 2 jrcc_8k-ex9901.htm MONTHLY REPORT

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF VIRGINIA
RICHMOND DIVISION
         
         
In re James River Coal Company Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
         
    Federal Tax ID#   54-1602012
         
         

 

       
CORPORATE MONTHLY OPERATING REPORT
       
  REQUIRED DOCUMENTS Form No. Document Attached
  Legal Entities and Notes to MOR   X
  Schedule of Cash Receipts and Disbursements MOR-1 X
  Bank Account Information MOR-1a X
       Copies of bank statements    
       Cash disbursements journals    
  Statements of Operations (Income Statement) MOR-2 X
  Balance Sheets MOR-3 X
  Status of Post-Petition Taxes MOR-4 X
       Copies of IRS Form 6123 or payment receipt    
       Copies of tax returns filed during reporting period    
  Summary of Unpaid Post-Petition Debts MOR-4 X
       Listing of Aged Accounts Payable    
  Accounts Receivable Reconciliation and Aging MOR-5  
  Taxes Reconciliation and Aging MOR-5  
  Schedule of Payments to Professionals MOR-6 X
  Post Petition Secured Notes Adequate Protection Payments MOR-6  
  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.
       
       
  Signature of Authorized Individual*    
       
  Printed Name of Authorized Individual    
       
  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.

 

 

1
 

 

 

In re James River Coal Company Form No. Legal Entities and Notes to MOR
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

Listing of Debtor Entities and Notes to Monthly Operating Report  
     
General:    
This report includes activity from the following Debtors and related Case Numbers:    
     
Debtor Case Number  
James River Coal Company 14-31848  
BDCC Holding Company, Inc. 14-31850   
Bell County Coal Corporation 14-31851  
Bledsoe Coal Corporation 14-31852  
Bledsoe Coal Leasing Company 14-31853  
Blue Sky Coal Company 14-31856   
Buck Branch Resources LLC 14-31857   
Chafin Branch Coal Company, LLC 14-31858  
Eolia Resources, Inc. 14-31860   
Hamilton Coal Company, LLC 14-31861   
International Resource Partners LP 14-31862   
International Resources Holdings I LLC 14-31863  
International Resources Holdings II LLC 14-31864  
International Resources, LLC 14-31866   
IRP GP Holdco, LLC 14-31867   
IRP Kentucky LLC 14-31868  
IRP LP Holdco, Inc. 14-31869  
IRP WV Corp. 14-31870   
James River Coal Sales, Inc. 14-31871   
James River Coal Service Company 14-31872   
James River Escrow Inc. 14-31873   
Jellico Mining, LLC 14-31874  
Johns Creek Coal Company 14-31875   
Johns Creek Elkhorn Coal Corporation 14-31876   
Johns Creek Processing Company 14-31877  
Laurel Mountain Resources LLC 14-31878   
Leeco, Inc. 14-31879  
JR Brokerage, LLC 14-31880  
McCoy Elkhorn Coal Corporation 14-31881   
Stone Villa Development, LLC 14-31882   
Shamrock Coal Company, Incorporated 14-31883   
Snap Creek Mining, LLC 14-31884   
Arrow Mining, Inc. 14-31885  
Arrow Underground Mining, LLC 14-31886   
     

 

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Notes to the MOR:    
     
On April 7, 2014 (the "Petition Date"), James River Coal Company ("James River"), as a stand-alone entity, and all of its wholly-owned subsidiaries (collectively, the "Debtors") filed voluntary petitions for reorganization (the "Chapter 11 Cases") under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division (the "Bankruptcy Court").  The Chapter 11 Cases are being jointly administered in the Bankruptcy Court under the caption "In re: James River Coal Company, et al. (Case No. 14-31848)."
     
This Monthly Operating Report ("MOR") has been prepared on a consolidated basis for the Debtors.  The financial information contained herein is unaudited, limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the Bankruptcy Court and is in a format intended to meet the requirements for Chapter 11 debtors as required by the United States Trustee for the Eastern District of Virginia Richmond Division (the "U.S. Trustee").  As discussed below, this MOR is not prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and does not include all of the information and footnotes required by GAAP.  Therefore, there can be no assurance that the condensed consolidated financial information presented herein is complete, and readers are strongly cautioned not to place undue reliance on the MOR.
     
The unaudited financial statements have been derived from the books and records of the Debtors. The information furnished in this report primarily includes normal recurring adjustments but not all the adjustments that would typically be made for the quarterly and annual consolidated financial statements to be in accordance with GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that the Debtors apply in the preparation of their quarterly and annual consolidated financial information in accordance with GAAP. Accordingly, upon the application of such procedures, the Debtors believe that the financial information may be subject to change, and these changes could be material.
Additionally, the financial statements are subject to adjustments associated with the completion of the December 31, 2013 audit, including adjustments to the fixed asset values and depreciation and amortization for fixed asset impairments.
     
The results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and cash flows of the Debtors in the future.
     
For the reasons discussed above, the Debtors caution readers not to place undue reliance upon information contained in this MOR. For further information, refer to the consolidated financial statements and footnotes included in James River's  Form 10-Q for the quarter ended September 30, 2013, as filed with the Securities and Exchange Commission.
     
No assurance can be given as to the value, if any, that may be ascribed to the Debtors’ various pre-petition liabilities and other securities. Accordingly, the Debtors urge that caution be exercised with respect to existing and future investments in any of these securities or claims against the Debtors.
     
Additional information about the Chapter 11 Cases, court filings and claims information is available on the internet at http://dm.epiq11.com/jamesrivercoal
     
Notes to MOR-1a:    
The debtor has, on a timely basis, performed all bank account reconciliations in the ordinary course of business.  Due to the level of detailed records, copies of the bank account statements and reconciliations are available for inspection only upon request by the United States Trustee's Office.
 
Notes to MOR-4 and MOR-5:    
For the status of post-petition tax payments, see disclosures as noted on MOR-4. Due to the level of detailed records, (i) copies of IRS Form 6123 or payment receipts; (ii) copies of tax returns filed during the reporting period; and (iii) a taxes aging schedule will be made available only upon request.
Additionally, the Debtors believe that the information as disclosed in MOR-3 appropriately summarizes the ending accounts receivable and accounts payable balances of the Debtors. Due to the volume of transactions related to customer billings and vendor payments, the following items will be made available only upon request: (i) summary of unpaid post-petition debts; (ii) listing of aged accounts payable; and (iii) accounts receivable reconciliation and aging.

 

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In re James River Coal Company   Form No. MOR-1
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

Schedule of Cash Receipts and Disbursements
(Amounts in thousands)
       
       
       
Debtor Case Number Receipts Disbursement
       
       
James River Coal Company 14-31848  $  836  $  11,691
BDCC Holding Company, Inc. 14-31850    –
Bell County Coal Corporation 14-31851    –
Bledsoe Coal Corporation 14-31852    –
Bledsoe Coal Leasing Company 14-31853    –
Blue Sky Coal Company 14-31856    –
Buck Branch Resources LLC 14-31857    –
Chafin Branch Coal Company, LLC 14-31858    –
Eolia Resources, Inc. 14-31860    –
Hamilton Coal Company, LLC 14-31861    –
International Resource Partners LP 14-31862    –
International Resources Holdings I LLC 14-31863    –
International Resources Holdings II LLC 14-31864    –
International Resources, LLC 14-31866    –
IRP GP Holdco, LLC 14-31867    –
IRP Kentucky LLC 14-31868    –
IRP LP Holdco, Inc. 14-31869    –
IRP WV Corp. 14-31870    –
James River Coal Sales, Inc. 14-31871    –
James River Coal Service Company 14-31872    –
James River Escrow Inc. 14-31873    –
Jellico Mining, LLC 14-31874    –
Johns Creek Coal Company 14-31875    –
Johns Creek Elkhorn Coal Corporation 14-31876    –
Johns Creek Processing Company 14-31877    –
Laurel Mountain Resources LLC 14-31878    –
Leeco, Inc. 14-31879    –
JR Brokerage, LLC 14-31880    –
McCoy Elkhorn Coal Corporation 14-31881    –
Stone Villa Development, LLC 14-31882    –
Shamrock Coal Company, Incorporated 14-31883    –
Snap Creek Mining, LLC 14-31884     –
Arrow Mining, Inc. 14-31885    –
Arrow Underground Mining, LLC 14-31886     –
   Total Cash      836     11,691
       
Notes to MOR-1:      
Cash Receipts and Disbursements are for the period November 1, 2015 - November 30, 2015.    

 

 

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In re James River Coal Company   Form No. MOR-1a
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

Bank Account Information
(Amounts in thousands)
           
Legal Entity Case Number Bank Account Number Bank Name / Address Bank Balance
James River Coal Company 14-31870  1379 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   29,342
James River Coal Company 14-31870  8090 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011    –
James River Coal Company 14-31870  8087 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
James River Coal Company 14-31870  1232 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011    –
James River Coal Company 14-31870  8427 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011    –
James River Coal Company 14-31870  9220 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Bell County Coal Corp. 14-31850  7224 First State Financial, Inc. 1810 Cumberland Ave, Middlesboro, KY. 40965 Closed
Bell County Coal Corp. 14-31850  8126 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Bell County Coal Corp. 14-31850  8032 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Bledsoe Coal Corp. 14-31851 3865 Bank of Harlan 201 E. Central St, Harlan, KY., 40831 Closed
Bledsoe Coal Corp. 14-31851 8058 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Bledsoe Coal Corp. 14-31851 8003 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Bledsoe Coal Leasing Company 14-31852 8074 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Blue Diamond 14-31853 6693 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Blue Diamond Coal Company 14-31853 6716 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Hampden Coal Company 14-31860  0061 United Bank 500 Virginia Street, Ste, E., Charleston, WV 25322 Closed
Hampden Coal Company, LLC 14-31860  4376 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
International Resources, LLC 14-31864 9345 United Bank 500 Virginia Street, Ste, E., Charleston, WV 25322 Closed
International Resources, LLC 14-31864 2298 United Bank 500 Virginia Street, Ste, E., Charleston, WV 25322 Closed
International Resources, LLC 14-31864 7160 United Bank 500 Virginia Street, Ste, E., Charleston, WV 25322 Closed
International Resources, LLC 14-31864 7202 United Bank 500 Virginia Street, Ste, E., Charleston, WV 25322 Closed
James River Coal Service 14-31872  0118 1st Trust Bank 24 Commerce Drive, Hazard, KY 41701 Closed
James River Coal Service Company 14-31872  8016 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
James River Coal Service Company 14-31872  8061 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Johns Creek Coal Company 14-31875  8443 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Laurel Mountain 14-31878  5139 1st Trust Bank 24 Commerce Drive, Hazard, KY 41701 Closed
Laurel Mountain Resources 14-31878  3326 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Leeco, Inc. 14-31879 5737 Community Trust Bank 346 North Mayo Trail, Pikeville, KY. 41501 Closed
Leeco, Inc. 14-31879 7994 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Logan & Kanawha Coal Co 14-31880 0037 United Bank 500 Virginia Street, Ste, E., Charleston, WV 25322 Closed
McCoy Elkhorn Coal Corporation 14-31881  0201 Community Trust Bank 346 North Mayo Trail, Pikeville, KY. 41501 Closed
McCoy Elkhorn Coal Corporation 14-31881  7981 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
McCoy Elkhorn Coal Corporation 14-31881  8100 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Rockhouse Creek Development 14-31882  2648 United Bank 500 Virginia Street, Ste, E., Charleston, WV 25322 Closed
Rockhouse Creek Development 14-31882  4384  Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Triad Mining, Inc. 14-31885 5757 Independence Bank 2425 Frederica St., Owensboro, KY 42301 Closed
Triad Mining, Inc. 14-31885 9793 Independence Bank 2425 Frederica St., Owensboro, KY 42301 Closed
Triad Mining, Inc. 14-31885 9774 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
Triad Mining, Inc. 14-31885 9761 Wells Fargo 201 South Jefferson Street, 2nd Floor, Roanoke, VA  24011   Closed
GE Capital Corp and JRCC     UBS    –
Indemnity National Ins. Co Secured Party FBO JRCC   8529 Morgan Stanley   846
Lexon   3621 Bank of New York    –
Cash Collateral State of KY.     1st Trust Bank    –
           
Notes to MOR-1a:          
           
All amounts listed above are the bank balances as of month end. Copies of bank statements and cash disbursement journals were not included with the MOR, but may be made available only upon request.

 

 

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In re James River Coal Company   Form No. MOR-2
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

Statements of Operations

For the Month Ended November 30, 2015

(Amounts in thousands)

 

Revenues    
Coal sales revenue  $– 
Freight and handling revenue   – 
Total revenue     
Cost of sales:     
Cost of coal sold   – 
Freight and handling costs   – 
Depreciation, depletion, and amortization   – 
Total cost of sales   – 
Gross profit  (loss)   – 
Selling, general and administrative expenses   1,718 
Reorganization Items   749 
Total operating loss   (2,467)
Interest expense   – 
Interest income   75 
Miscellaneous loss (income), net   (1,210)
Total other (income) expense, net   (1,135)
Net income (loss) before income taxes   (1,332)
Income tax expense   – 
Net income (loss)  $(1,332)

 

Notes to MOR-2

 

(1) The Company's reorganization items for the month ended  November 30, 2015 consisted of the following:

 

Professional Fees  $570 
Avoidance Action Fees  $179 
Accounts payable settlement gains     
   $749 

 

Professional fees are only those that are directly related to the reorganization and include fees associated with advisors to debtors, the statutory committee of unsecured creditors and certain secured creditors.  

 

 

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In re James River Coal Company   Form No. MOR-3
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

Balance Sheets

November 30, 2015

(Amounts in thousands)

 

   November 30, 2015 
Assets  (unaudited) 
Current assets:     
Cash and cash equivalents  $28,559 
Trade receivables   750 
Other receivables   – 
Other current assets   451 
Total current assets   29,759 
Property, plant, and equipment, net   – 
Restricted cash and short term investments   846 
Other assets   48 
Total assets   30,653 
Liabilities and Shareholders' Deficit     
Current liabilities:     
Accounts payable  $5,557 
Accrued salaries, wages, and employee benefits   – 
Accrued taxes   306 
Total current liabilities   5,863 
Other liabilities:     
Noncurrent portion of workers' compensation benefits   – 
Noncurrent portion of black lung benefits   – 
Other   7,760 
Total other liabilities   7,760 
Liabilities subject to compromise   573,337 
Total liabilities   586,959 
Shareholders' deficit   (556,306)
Total liabilities and shareholders' deficit   30,653 

 

 

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In re James River Coal Company   Form No. MOR-3
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

 Notes to MOR-3:

 

On April 7, 2014, the Company and its 33 wholly-owned subsidiaries entered into that certain Superpriority Debtor-in Possession Credit Agreement (the “DIP Facility”) consisting of a term loan facility in the aggregate principal amount of $110.0 million from a syndicate of lenders, with Cantor Fitzgerald Securities acting as administrative agent and collateral agent. The Company’s initial borrowing under the DIP Facility was made on April 10, 2014 in the amount of $80 million and a subsequent borrowing of $30 million was made on June 13, 2014. The Company has repaid the DIP facility in full in connection with its sale of assets to Revelation Energy, LLC ("Revelation Energy") as discussed below.  The Borrowings under the DIP Facility were used to (i) fund the operational and working capital needs of the Debtor, (ii) pay the fees, costs and expenses incurred by the Debtors in connection with their Chapter 11 cases and (iii) pay in full certain pre-petition debt and cash collateralize letters of credit issued under the Debtors’ pre-petition credit agreement.

 

On August 29, 2014,  certain of the Debtors (collectively, the "Sellers") completed the sale (the "Sale") of certain of the assets of the Company's Hampden, Hazard and Triad mining complexes (the “Assets”) to Blackhawk Mining, LLC. The consideration for the Assets was $52.0 million, consisting of (i) $20.0 million in cash paid to the Sellers, (ii) a third lien secured promissory note in the amount of $27.0 million delivered to the Sellers, and (iii) a second lien secured promissory note in the amount of $5.0 million delivered to one of the Sellers’ lessors, in lieu of a cash payment of cure costs under certain leases to be assumed by the Sellers and assigned to Blackhawk in connection with the Sale. The Company recorded losses of $501.7 million.

 

On September 5, 2014, the Debtors completed the sale of certain assets of their McCoy Elkhorn complex (the "McCoy Sale") to Opes Resources, Inc. for $3.1 million and assumption of certain liabilities.  The Company has recorded a gain on the sale of $3.6 million.

 

On September 24, 2014, the Pension Benefit Guaranty Corporation ("PBGC") announced that it will pay retirement benefits under the Debtors' retirement plan (the "Plan") up to the maximum amount permitted by law. Participants in the Plan will continue to receive benefits from the Plan until the PBGC assumes responsibility for payment of such benefits. On December 12, 2014, the Agreement for Appointment of Trustee and Termination of Plan was agreed to by the PBGC and the Company. The pension liability of $14.6 million was moved to the liabilities subject to compromise obligation.

 

On December 31, 2014 the Debtors completed the sale of the mining complexes commonly referred to as the Bell Complex and the Bledsoe Complex and certain of the assets of Laurel Mountain Resources LLC to Revelation Energy for an aggregate cash price of $2,000,000 in cash plus the assumption of certain liabilities and the retention by the Sellers of certain specified equipment and $3,000,000 of collateral. Due to this transaction, the Company withdrew from the Kentucky self-insurance fund on December 31, 2014. The self- insurance fund will be responsible for future Kentucky workers' compensation and black lung payments. The Company moved $54.5 million from workers' compensation and black lung benefits liability to liabilities subject to compromise. The Company turned over to the Kentucky self insurance fund $41.9 million from the restricted cash account which the fund received in January 2015. The Company has recorded a gain on the sale of $29.3 million.

 

On February 24, 2015 the remaining equipment of Laurel Mountain Resources LLC was sold for $4.9 million. The Company recorded a loss of $2.1 million.

 

The Company has no remaining mining operations.

 

On October 28, 2015 the Blackhawk Mining, LLC. Notes plus accrued interest were paid in full. The Company received $33.6 million.

 

As of November 30 2015, the Company has $ 28.6 million in cash and cash equivalents and $0.8 million in restricted cash.

 

Liabilities subject to compromise represent unsecured obligations that will be accounted for under a plan. Generally, actions to enforce or otherwise affect payment of pre-petition liabilities are stayed. Accounting Standards Codification (ASC) 852 requires pre-petition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. These liabilities represent the amounts expected to be allowed on known or potential claims to be resolved through the Chapter 11 process, and remain subject to future adjustments arising from negotiated settlements, actions of the Bankruptcy Court, rejection of executory contracts and unexpired leases, the determination as to the value of collateral securing the claims, proofs of claim, and other events. Liabilities subject to compromise also include certain items that may be assumed under the plan, and, as such, may be subsequently reclassified to liabilities not subject to compromise.

The Bankruptcy Court has approved payment of certain pre-petition obligations, including employee wages, salaries and benefits, and the payment of vendors and other providers in the ordinary course for goods and services received after the filing of the Chapter 11 petitions and other business related expenses necessary to maintain the operations of the Debtors' businesses. Obligations associated with these matters are not classified as liabilities subject to compromise.

 

With the approval of the Bankruptcy Court, the Debtors may reject certain pre-petition executory contracts and unexpired leases.  Damages resulting from rejection of executory contracts and unexpired leases are generally treated as general unsecured claims and are classified as liabilities subject to compromise. Holders of pre-petition claims are required to file proofs of claims by the “bar date." The general bar date was September 22, 2014, which was the date by which certain claims against the Debtors were to be filed if the claimants wished to receive any distribution in the Chapter 11 Cases. Creditors were notified of the bar date and the requirements to file a proof of claim with the Bankruptcy Court. Differences between liability amounts estimated by the Debtors and claims filed by creditors will be investigated and, if necessary, the Bankruptcy Court will make a final determination as to the amount of the allowable claim. The determination of how liabilities will ultimately be treated cannot be made until the Bankruptcy Court approves a plan. The Debtors will continue to evaluate these liabilities throughout the Chapter 11 Cases and adjust amounts as necessary. Such adjustments may be material. In light of the expected number of creditors, the claims resolutions process may take considerable time to complete. Accordingly, the ultimate amount or treatment of such liabilities is not determinable at this time.

 

 

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In re James River Coal Company   Form No. MOR-3
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

 

Balance Sheets continued

Liabilities Subject to Compromise

November 30, 2015

(Amounts in thousands)

 

Unsecured debt - prepetition  $463,017 
Interest payable   17,049 
Trade payable   19,526 
Pension   14,578 
Other accruals   4,683 
Workers' Compensation and Black Lung   54,484 
   $573,337 

  

Other accruals primarily consist of accrued royalties and other miscellaneous accruals

 

 

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In re James River Coal Company   Form No. MOR-4
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

Status of Post-Petition Taxes

For the Month Ended November 30, 2015

(Amounts in thousands)

 

   Beginning Tax Liability   Amount Withheld and/or Accrued   Amount (Paid) Received   Ending Tax Liability 
                 
Payroll Taxes - Federal, State  $–   $13   $(13)  $– 
                     
Federal Taxes, excluding Payroll Taxes                    
Federal Production Tax   –    –    –    – 
Federal Income Tax   123    –    –    123 
  Total Federal Taxes excluding Payroll Taxes   123    –    –    123 
                     
State and Local Taxes, excluding Payroll Taxes                    
State Production Tax   –    –    –    – 
Personal Property Tax   261    –    (59)   202 
Sales and Use Tax   –    –    –    – 
Franchise Tax   (20)   –    –    (20)
Other Taxes   –    –    –    – 
  Total State and Local Taxes, excluding Payroll Taxes   241    –    (59)   182 
                     
Total Taxes  $364   $13   $(72)  $305 

 

Notes to MOR-4

Tax payments may include certain prepetition payments that were authorized through motions approved by the Bankruptcy Court.

 

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In re James River Coal Company   Form No. MOR-6
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

 

Schedule of Payments to Professionals

For the Month Ended November 30, 2015

(Amounts in thousands)

 

            
      Amount Paid 
Professional  Role  Month   Cumulative From
April 7, 2014		 
            
Akin Gump Strauss Hauer and Feld LLP  UCC Counsel        2,321 
Blackstone Advisory Partners  UCC Advisors   1,750    2,681 
Byron Advisors, LLC  Chief Restructuring Officer   35    947 
Davis Polk & Wardwell LLP  Bankruptcy and Restructuring Counsel   80    6,914 
Deutsche Bank  Investment Banker   2,015    4,687 
Dexter Patton, Jr.  UCC Advisor        54 
Epiq  Systems, Inc.  Bankruptcy & Restructuring Advisors        665 
Garden City Group  UCC Advisor        13 
GE Capital  Write off Loan Costs        20 
Hunton & Williams LLP  Bankruptcy Local Counsel   9    854 
Intralinks, Inc.  Virtual Data Room        6 
KPMG LLP  Auditors        146 
Kutak Rock LLP  Local Counsel for DIP Lender        37 
LeClairRyan  Local Counsel for UCC        264 
Mercer (US), Inc.  Bankruptcy & Restructuring Advisors        93 
Michael Wilson  Bankruptcy Counsel        2 
Miller Advertising  Notice of Auction        53 
Paul, Weiss, Rifkind, Wharton and Garrison LLP  DIP Lender Counsel        1,312 
Perella Weinberg Partners  Bankruptcy & Restructuring Advisory   2,448    3,530 
U.S. Trustee  Bankruptcy Fees        501 
Zolfo Cooper LLC  DIP Lender Advisor        1,086 

 

Notes to MOR-6:

 

Professional fees do not include payments to professionals or consultants that are paid in the ordinary  course of business.

11
 

 

In re James River Coal Company   Form No. MOR-7
    Case No. (Jointly Administered) 14-31848
    Reporting Period: November 30, 2015
    Federal Tax ID# 54-1602012

Debtor Questionnaire

For the Month Ended November 30, 2015

 

 

  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 Explanation
1 Have any assets been sold or transferred outside the normal course of business this reporting period? ü

 

2 Have any funds been disbursed from any account other than a debtor in possession account this reporting period?   ü  
3 Is the Debtor delinquent in the timely filing of any post-petition tax returns?   ü  
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?   ü  
5 Is the Debtor delinquent in paying any insurance premium payment?   ü  
6 Have any payments been made on pre-petition liabilities this reporting period? ü   Only per motions approved by the court
7 Are any post petition receivables (accounts, notes or loans) due from related parties? ü   Normal course of business
8 Are any post petition payroll taxes past due?   ü  
9 Are any post petition State or Federal income taxes past due?   ü  
10 Are any post petition real estate taxes past due?   ü  
11 Are any other post petition taxes past due?   ü  
12 Have any pre-petition taxes been paid during this reporting period? ü   Only per motions approved by the court
13 Are any amounts owed to post petition creditors delinquent? ü   On October 28, 2015 Blackhawk paid off the notes due to the Debtor. The Debtor is in the process of paying its past due post petition obligations.
14 Are any wage payments past due?   ü  
15 Have any post petition loans been received by the Debtor from any party?   ü  
16 Is the Debtor delinquent in paying any U.S. Trustee fees?   ü  
17 Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?   ü  
18 Have the owners or shareholders received any compensation outside of the normal course of business?   ü