XML 41 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 1 - General Information (Tables)
 12 Months Ended
Dec. 31, 2015
Gain Recorded in Statment of Operations [Member]  
Notes Tables  
Schedule of Fresh-Start Adjustments [Table Text Block]
Gain on settlement on Liabilities Subject to Compromise
   $ 350,883,921  
Total loss recorded as a result of Fresh Start Accounting
     (753,539,896
)
Net impact on Retained earnings
   $ (402,655,975
)
Discharge of Debt and Revaluation of Assets [Member]  
Notes Tables  
Schedule of Fresh-Start Adjustments [Table Text Block]
Settlement of old term loan
   $ 1,129,478,741  
(h)
Settlement of PIK loan
     62,423,569  
(i)
Settlement of accrued interest on the debt
     15,102,925  
(j)
Cash settlement of old debt
     (182,603,425
)
(c)
Issuance of New Eagle Common Stock
     (654,306,488
)
  
Issuance of new warrants
     (19,211,401
)
  
Gain on settlement on Liabilities Subject to Compromise
   $ 350,883,921    
Write down Predecessor Directors’ and Officers’ insurance
   $ (3,050,161
)
(k)
Write down of deferred drydocking costs
     (5,108,002
)
(l)
Write down of leasehold improvements
     (211,688
)
(m)
Write down of vessel costs and accumulated depreciation
     (738,607,547
)
(n)
Record fair value of below market time charter contract
     (6,562,498
)
(o)
Total loss recorded as a result of Fresh Start Accounting
   $ (753,539,896
)
  
Reorganization Adjustments [Member]  
Notes Tables  
Schedule of Fresh-Start Adjustments [Table Text Block]
Cash at hand before emergence
   $ 28,144,072    
Amount borrowed under the exit financing facility
     225,000,000  
(a)
Less discount on exit financing
     (5,500,000
)
(a)
Repayment of DIP facility
     (25,000,000
)
(b)
Repayment of old debt
     (182,603,425
)
(c)
Repayment of the accrued interest on DIP facility
     (106,597
)
(d)
Payment of deferred financing costs on exit financing
     (275,000
)
(e)
Payment of administrative fees, insurance expenses
     (139,537
)
(f)
Payment of legal fees relating to restructuring
     (3,470,809
)
(g)
Beginning cash balance for the successor
   $ 36,048,704    
Schedule Of Consolidated Revenue From Major Charters [Table Text Block]
 
 
Successor
 
 
Predecessor
 
 
 
2015
 
 
October 16,
To
December 31, 2014
 
 
January 1,
To
October 15, 2014
 
 
2013
 
Charterer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charterer A
     -       -       -       15.8 %
Charterer B
     -       -       10.5 %     13.8 %
Charterer C*
     17.2 %     27.7 %     17.7 %     -  
Schedule of Fresh-Start Adjustments [Table Text Block]
 
 
Predecessor
At October 15,
2014
 
 
Reorganization
Adjustments
(1)
 
 
 
Fresh Start
Adjustments
 
 
 
Successor
At October 16,
2014
 
ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
   $ 28,144,072     $ 7,904,632       $ -       $ 36,048,704  
Accounts receivable, net
     13,723,326       -         -         13,723,326  
Prepaid expenses
     3,650,965       139,537  
(f)
     (534,217
)
       3,256,285  
Inventories
     8,668,803       -         -         8,668,803  
Investment
     13,585,444       -         -         13,585,444  
Other assets
     5,704,808       -         -         5,704,808  
Total current assets
     73,477,418       8,044,169         (534,217
)
(k)
     80,987,370  
Noncurrent assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vessels and vessel improvements
     1,581,232,547       -         (738,607,547
)
(n)
     842,625,000  
Other fixed assets
     457,510       -         (211,688
)
(m)
     245,822  
Restricted cash
     66,243       -         -         66,243  
Deferred drydock costs
     5,108,002       -         (5,108,002
)
(l)
     -  
Deferred financing costs
     300,000       275,000  
(e)
     -         575,000  
Other assets
     2,943,540       -         (2,515,944
)
(k)
     427,596  
Total noncurrent assets
     1,590,107,842       275,000         (746,443,181
)
       843,939,661  
Total assets
   $ 1,663,585,260     $ 8,319,169       $ (746,977,398
)
     $ 924,927,031  
                                     
LIABILITIES & STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities not subject to compromise:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
   $ 13,567,585     $ -       $ -       $ 13,567,585  
Accrued interest
     121,666       (106,597
)
(d)
     -         15,069  
Other accrued liabilities
     12,617,380       (3,470,809
)
(g)
     -         9,146,571  
Unearned charter hire revenue
     2,617,419                           2,617,419  
Fair value below contract value
     -       -         1,550,382  
(o)
     1,550,382  
Debt-In-Possession loan
     25,000,000       (25,000,000
)
(b)
     -         -  
Term loans
     -       15,625,000  
(a)
     -         15,625,000  
Total current liabilities not subject to compromise
     53,924,050       (12,952,406
)
       1,550,382         42,522,026  
                                     
Non-Current liabilities not subject to compromise:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
     -       203,875,000  
(a)
     -         203,875,000  
Fair value below contract value
     -       -         5,012,116  
(o)
     5,012,116  
Total non-current liabilities not subject to compromise
     -       203,875,000         5,012,116         208,887,116  
                                     
Liabilities subject to compromise:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loans
     1,129,478,741       (1,129,478,741
)
(c),(h)
     -         -  
Payment-in-kind loans
     62,423,569       (62,423,569
)
(i)
     -         -  
Accrued interest
     15,102,925       (15,102,925
)
(j)
     -            
Total Liabilities subject to compromise
     1,207,005,235       (1,207,005,235
)
       -            
                                     
Total liabilities
     1,260,929,285       (1,016,082,641
)
       6,562,498         251,409,142  
Commitment and contingencies
                                    
Stockholders' equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Predecessor Preferred stock
     -       -         -         -  
Predecessor Common stock
     185,537       (185,537
)
       -         -  
Predecessor Additional paid-in capital
     767,878,482       (767,878,482
)
       -         -  
Successor Common stock
     -       375,045         -         375,045  
Successor Additional paid-in capital
     -       673,142,844         -         673,142,844  
Retained (deficit) earnings
     (365,176,049
)
     1,118,947,940         (753,771,891
)
       -  
Accumulated other comprehensive loss
     (231,995
)
     -         231,995         -  
Total stockholders' equity
     402,655,975       1,024,401,810         (753,539,896
)
       673,517,889  
Total liabilities and stockholders' equity
   $ 1,663,585,260     $ 8,319,169       $ (746,977,398
)
     $ 924,927,031