EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT FOR THE MONTH ENDED NOVEMBER 30, 2008 Monthly Operating Report for the month ended November 30, 2008

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

CORPORATE MONTHLY OPERATING REPORT

File with the Court and submit a copy to the United States Trustee within 30 days after the end of the month and submit a copy of the report to any official committee appointed in the case.

 

REQUIRED DOCUMENTS

   Form No.    Document
Attached
   Explanation
Attached

Schedule of Cash Receipts

   MOR-1a    x   

Schedule of Disbursements

   MOR-1b    x   

Bank Account Information

   MOR-1c    x   

Copies of bank statements (See Notes to the MOR)

         x

Cash disbursements journals (See Notes to the MOR)

         x

Statement of Operations (Income Statement)

   MOR-2    x   

Balance Sheet

   MOR-3    x   

Status of Post-petition Taxes

   MOR-4    x   

Copies of IRS Form 6123 or payment receipt (See Notes to the MOR)

         x

Copies of tax returns filed during reporting period (See Notes to the MOR)

         x

Summary of Unpaid Post-petition Debts (See Notes to the MOR)

   MOR-4       x

Listing of Aged Accounts Payable (See Notes to the MOR)

         x

Accounts Receivable Reconciliation and Aging (See Notes to the MOR)

   MOR-5    x    x

Taxes Reconciliation and Aging (See MOR-7)

   MOR-5       x

Payments to Insiders and Professional

   MOR-6    x   

Post Petition Secured Notes Adequate Protection Payments

   MOR-6    x   

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.

 

/s/ James Bonsall

   

12/30/2008

Signature of Authorized Individual*     Date

James Bonsall

   
Printed Name of Authorized Individual    

Chief Restructuring Officer

   
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.


MOR NOTES

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Notes to the Monthly Operating Report

GENERAL:

The report includes activity from the following Debtors and related case numbers:

 

Debtor

 

Case Number

ASA Albion, LLC   08-12607
ASA Bloomingburg LLC   08-12608
ASA Linden, LLC   08-12609
ASA OpCo Holdings, LLC   08-12610
US Bio Marion LLC   08-12611
US BioEnergy Corporation   08-12612
VeraSun Albert City, LLC   08-12613
VeraSun Aurora Corporation   08-12614
VeraSun BioDiesel, LLC   08-12605
VeraSun Central City, LLC   08-12615
VeraSun Charles City, LLC   08-12616
VeraSun Dyersville, LLC   08-12617
VeraSun Energy Corporation   08-12606
VeraSun Fort Dodge, LLC   08-12618
VeraSun Granite City, LLC   08-12619
VeraSun Hankinson, LLC   08-12620
VeraSun Hartley, LLC   08-12621
VeraSun Janesville, LLC   08-12622
VeraSun Litchfield, LLC   08-12623
VeraSun Marketing, LLC   08-12624
VeraSun Ord, LLC   08-12625
VeraSun Reynolds, LLC   08-12626
VeraSun Tilton, LLC   08-12627
VeraSun Welcome, LLC   08-12628
VeraSun Woodbury, LLC   08-12629


MOR NOTES

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Notes to the Monthly Operating Report

Notes to MOR-1a:

Cash receipts related to intercompany transfers among the debtor entities are not included in this schedule.

Notes to MOR-1b:

All cash disbursements exclude intercompany transfers among the debtor entities.

Notes to MOR-1c:

All amounts listed are the bank balances as of the end of the month.

Notes to MOR-2:

The Income Statement reflects revenue and expenses that directly correspond to the debtor legal entity except VeraSun Tilton, LLC, which does not maintain separate accounting records.

Any changes to prior period balances will be reflected in the current Monthly Operating Report (the “MOR”).

Notes to MOR-3:

The Balance Sheet reflects assets, liabilities, and shareholders’ equity that directly correspond to the debtor legal entity except VeraSun Tilton, LLC, which does not maintain separate accounting records. The accounting records of the parent VeraSun Energy Corporation is land owned by VeraSun Tilton, LLC, carried at approximately $4.3 million.

Certain accruals for overhead are recorded monthly at parent VeraSun Energy Corporation and allocated to other debtor entities when paid.

Because the debtor entities file a joint Federal Income Tax return, individual debtor entity balances reflect assets and liabilities that net to the financial statement line on a combined basis.

Intercompany balances subject to compromise and not subject to compromise are shown net by debtor entity.

Any changes to prior period balances will be reflected in the current month MOR.

Notes to MOR-4:

The tax walkforward reflects both pre-petition and post-petition taxes, and the beginning balance for the first MOR (November 2008) reflects accrued taxes as of October 31, 2008

Verasun Energy Corporation and related debtors are current on all post petition payments other than disputes that arise in the ordinary course of business transactions.


MOR NOTES

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Notes to the Monthly Operating Report

Notes to MOR-5:

The ending third party accounts receivable balances by debtor legal entity are listed on MOR-3, which balances differ from the Accounts Receivable Aging primarily due to the following: (a) certain aged receivables are included in “Prepaid expenses and other assets” on MOR-3 while (b) accrued sales are recorded on MOR-3 but will not be part of the aging until the subsequent month.

Notes to MOR-6:

Payments to insiders exclude intercompany payments between debtor entities.

Notes to MOR-7:

The Debtors have made certain payments on account of prepetition liabilities in accordance with orders of the Bankruptcy Court specifically authorizing payment of certain prepetition liabilities.


MOR-1a

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Schedule of Cash Receipts

(000’s)

 

      TIME PERIOD:
      11/1/2008 - 11/30/2008
      (see Notes to the MOR related to MOR-1a)

 

Debtor

   Case Number    Cash Receipts

ASA Albion, LLC

   08-12607    $ 0

ASA Bloomingburg LLC

   08-12608    $ 4

ASA Linden, LLC

   08-12609    $ 2,992

ASA OpCo Holdings, LLC

   08-12610    $ 3,372

US Bio Marion LLC

   08-12611    $ 13,138

US BioEnergy Corporation

   08-12612    $ 355

VeraSun Albert City, LLC

   08-12613    $ 10,193

VeraSun Aurora Corporation

   08-12614    $ 9,147

VeraSun BioDiesel, LLC

   08-12605    $ 0

VeraSun Central City, LLC

   08-12615    $ 10,275

VeraSun Charles City, LLC

   08-12616    $ 11,012

VeraSun Dyersville, LLC

   08-12617    $ 11,276

VeraSun Energy Corporation

   08-12606    $ 16,859

VeraSun Fort Dodge, LLC

   08-12618    $ 11,132

VeraSun Granite City, LLC

   08-12619    $ 0

VeraSun Hankinson, LLC

   08-12620    $ 8,306

VeraSun Hartley, LLC

   08-12621    $ 10,310

VeraSun Janesville, LLC

   08-12622    $ 0

VeraSun Litchfield, LLC

   08-12623    $ 0

VeraSun Marketing, LLC

   08-12624    $ 29,003

VeraSun Ord, LLC

   08-12625    $ 4,561

VeraSun Reynolds, LLC

   08-12626    $ 12

VeraSun Tilton, LLC

   08-12627    $ 0

VeraSun Welcome, LLC

   08-12628    $ 363

VeraSun Woodbury, LLC

   08-12629    $ 5,159
         

Total Cash Receipts

      $ 157,470
         


MOR-1b

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Schedule of Disbursements

(000’s)

 

   TIME PERIOD:
   11/1/2008 - 11/30/2008

 

Debtor

   Case Number    Disbursements

ASA Albion, LLC

   08-12607    $ 128

ASA Bloomingburg LLC

   08-12608    $ 0

ASA Linden, LLC

   08-12609    $ 2,081

ASA OpCo Holdings, LLC

   08-12610    $ 3,060

US Bio Marion LLC

   08-12611    $ 4,662

US BioEnergy Corporation

   08-12612    $ 23

VeraSun Albert City, LLC

   08-12613    $ 7,900

VeraSun Aurora Corporation

   08-12614    $ 6,880

VeraSun BioDiesel, LLC

   08-12605    $ 0

VeraSun Central City, LLC

   08-12615    $ 5,410

VeraSun Charles City, LLC

   08-12616    $ 9,219

VeraSun Dyersville, LLC

   08-12617    $ 5,798

VeraSun Energy Corporation

   08-12606    $ 15,224

VeraSun Fort Dodge, LLC

   08-12618    $ 11,784

VeraSun Granite City, LLC

   08-12619    $ 0

VeraSun Hankinson, LLC

   08-12620    $ 7,171

VeraSun Hartley, LLC

   08-12621    $ 8,860

VeraSun Janesville, LLC

   08-12622    $ 21

VeraSun Litchfield, LLC

   08-12623    $ 0

VeraSun Marketing, LLC

   08-12624    $ 10,574

VeraSun Ord, LLC

   08-12625    $ 2,354

VeraSun Reynolds, LLC

   08-12626    $ 0

VeraSun Tilton, LLC

   08-12627    $ 0

VeraSun Welcome, LLC

   08-12628    $ 470

VeraSun Woodbury, LLC

   08-12629    $ 4,427
         

Total Disbursements

      $ 106,046
         


MOR-1c

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Bank Account Information

(000’s)

 

Legal Entity

  

Case No.

  

Bank and account description

  

Bank Account No.

   Bank Balance

ASA Albion, LLC

   08-12607   

First National Bank Omaha - O&M

   110118507    $ 22

ASA Bloomingburg LLC

   08-12608   

First National Bank Omaha - O&M

   110118497    $ 36

ASA Linden, LLC

   08-12609   

First National Bank Omaha - O&M

   110118484    $ 1,986

ASA OpCo Holdings, LLC

   08-12610   

First National Bank Omaha - O&M

   110118510    $ 312
   08-12610   

First National Bank Omaha - FSA

   110119647    $ 6
   08-12610   

First National Bank Omaha - Debt Service

   110118617    $ 0

US Bio Marion LLC

   08-12611   

Wells Fargo O&M

   4121595540    $ 12
   08-12611   

Wells Fargo Sweep

   4121595540    $ 8,569
   08-12611   

Bank of America

   3755551267    $ 0

US BioEnergy Corporation

   08-12612   

Wells Fargo O&M

   4121455620    $ 0
   08-12612   

Wells Fargo Sweep

   4121455620    $ 337
   08-12612   

Bank of America

   3755551199    $ 0

VeraSun Albert City, LLC

   08-12613   

Wells Fargo O&M

   4121455646    $ 0
   08-12613   

Wells Fargo Sweep

   4121455646    $ 2,303
   08-12613   

Bank of America

   3755551131    $ 0

VeraSun Aurora Corporation

   08-12614   

First National Bank Omaha - O&M

   110197793    $ 2,660

VeraSun BioDiesel, LLC

   08-12605   

First National Bank Omaha - O&M

   110193548    $ 0

VeraSun Central City, LLC

   08-12615   

Wells Fargo O&M

   4121455661    $ 0
   08-12615   

Wells Fargo Sweep

   4121455661    $ 5,176
   08-12615   

Bank of America

   3755551144    $ 0

VeraSun Charles City, LLC

   08-12616   

First National Bank Omaha - O&M

   110211417    $ 2,192

VeraSun Dyersville, LLC

   08-12617   

Wells Fargo O&M

   4121455729    $ 0
   08-12617   

Wells Fargo Sweep

   4121455729    $ 5,736
   08-12617   

Bank of America

   3755551160    $ 0

VeraSun Energy Corporation

   08-12606   

Bank of America Payroll

   3755551241    $ 16
   08-12606   

Wilmington Trust

   091810-000    $ 9,341
   08-12606   

First National Bank Omaha - O&M

   110193438    $ 3,623
   08-12606   

First Bank & Trust

   1081888    $ 664
   08-12606   

First National Bank Omaha Money Market

   201651766-20    $ 1,536
   08-12606   

Morgan Stanley

   14-78ER2    $ 5

VeraSun Fort Dodge, LLC

   08-12618   

First National Bank Omaha - O&M

   110118073    $ 510

VeraSun Granite City, LLC

   08-12619   

First National Bank Omaha - O&M

   110211145    $ 0

VeraSun Hankinson, LLC

   08-12620   

Wells Fargo O&M

   4121455703    $ 0
   08-12620   

Wells Fargo Sweep Account

   4121455703    $ 1,348
   08-12620   

Bank of America Account

   3755551186    $ 0

VeraSun Hartley, LLC

   08-12621   

First National Bank Omaha - O&M

   110210845    $ 1,512

VeraSun Janesville, LLC

   08-12622   

Wells Fargo O&M

   4121455711    $ 0
   08-12622   

Wells Fargo Sweep Account

   4121455711    $ 20
   08-12622   

Bank of America Account

   3755551173    $ 0

VeraSun Litchfield, LLC

   08-12623   

NONE

   NONE    $ 0

VeraSun Marketing, LLC

   08-12624   

First National Bank Omaha - Revenue

   110203784    $ 19,134
   08-12624   

First National Bank Omaha - O&M

   110203690    $ 561

VeraSun Ord, LLC

   08-12625   

Wells Fargo O&M

   4121455687    $ 0
   08-12625   

Wells Fargo Sweep

   4121455687    $ 2,429
   08-12625   

Bank of America

   3755551157    $ 0

VeraSun Reynolds, LLC

   08-12626   

First National Bank Omaha - O&M

   110211404    $ 37

VeraSun Tilton, LLC

   08-12627   

NONE

   NONE    $ 0

VeraSun Welcome, LLC

   08-12628   

First National Bank Omaha - O&M

   110203920    $ 97

VeraSun Woodbury, LLC

   08-12629   

Wells Fargo O&M

   4121455695    $ 0
   08-12629   

Wells Fargo Sweep

   4121455695    $ 790
   08-12629   

Bank of America

   3755551128    $ 0
               
            $ 70,969
               


MOR-2

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Statement of Operations (Income Statement)

(000’s)

 

Case Number

  VeraSun Energy
Corporation
08-12606
    Aurora
08-12614
    Fort Dodge
08-12618
    Charles City
08-12616
    Bio Diesel
08-12605
    Marketing
08-12624
    Litchfield
08-12623
    Welcome
08-12628
    Hartley
08-12621
 

Net Sales

  $ —       $ 20,108     $ 18,038     $ 12,937     $ —       $ 101,574     $ —       $ 190     $ 9,879  

Cost of goods sold

    —         22,522       20,647       17,975       —         92,858       —         1,393       13,080  
                                                                       

Gross profit (loss)

    —         (2,414 )     (2,608 )     (5,038 )     —         8,716       —         (1,203 )     (3,201 )
                                                                       

Selling, general and administrative expenses

    521       (5 )     (6 )     (6 )     0       553       0       181       2  

Long-lived asset impairment

    —         —         —         —         —         —         —         —         —    
                                                                       

Operating income (loss)

    (521 )     (2,409 )     (2,602 )     (5,032 )     (0 )     8,163       (0 )     (1,385 )     (3,203 )
                                                                       

Other income (expense):

                 

Interest expense

    (3,573 )     8       —         —         —         (0 )     —         —         —    

Interest income

    11       —         —         —         —         —         —         1       —    

Other income (expense)

    0       —         —         —         —         31       —         —         0  

Reorganization items, net

    (3,139 )     —         —         —         —         —         —         —         —    
                                                                       
    (6,701 )     8       —         —         —         31       —         1       0  
                                                                       

Income (loss) before income taxes

    (7,221 )     (2,401 )     (2,602 )     (5,032 )     (0 )     8,194       (0 )     (1,384 )     (3,203 )

Income tax expense (benefit)

    —         —         —         —         —         —         —         —         —    
                                                                       

Income (loss) before minority Interest

    (7,221 )     (2,401 )     (2,602 )     (5,032 )     (0 )     8,194       (0 )     (1,384 )     (3,203 )

Minority interest in net (gain) loss of subsidiary

    —         —         —         —         —         —         —         —         —    
                                                                       

Net Income (Loss)

  $ (7,221 )   $ (2,401 )   $ (2,602 )   $ (5,032 )   $ (0 )   $ 8,194     $ (0 )   $ (1,384 )   $ (3,203 )
                                                                       


MOR-2

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Statement of Operations (Income Statement)

(000’s)

 

Case Number

  Granite City
08-12619
    Reynolds
08-12626
    Opco
08-12610
    Linden
08-12609
    Albion
08-12607
    Bloomingburg
08-12608
    VSE-USB 3
Corporate
08-12612
    Marion
08-12611
    Hankinson
08-12620
 

Net Sales

  $ —       $ —       $ —       $ 12,736     $ 15,591     $ 12,415     $ 12     $ 1,634     $ 7,130  

Cost of goods sold

    —         —         —         14,392       15,882       14,957       339       4,985       15,221  
                                                                       

Gross profit (loss)

    —         —         —         (1,657 )     (291 )     (2,541 )     (327 )     (3,351 )     (8,091 )
                                                                       

Selling, general and administrative expenses

    0       (477 )     (1 )     166       214       231       14       222       86  

Long-lived asset impairment

    —         744       —         —         —         —         —         —         —    
                                                                       

Operating income (loss)

    (0 )     (267 )     1       (1,822 )     (506 )     (2,772 )     (341 )     (3,572 )     (8,177 )
                                                                       

Other income (expense):

                 

Interest expense

    —         —         (55 )     213       201       242       (41 )     (876 )     (768 )

Interest income

    —         4       —         —         —         —         36       3       1  

Other income (expense)

    0       —         —         —         —         —         15       —         —    

Reorganization items, net

    —         —         —         —         —         —         —         —         —    
                                                                       
    0       4       (55 )     213       201       242       10       (873 )     (768 )
                                                                       

Income (loss) before income taxes

    (0 )     (263 )     (54 )     (1,609 )     (304 )     (2,531 )     (331 )     (4,445 )     (8,945 )

Income tax expense (benefit)

    —         —         —         —         —         —         —         —         —    
                                                                       

Income (loss) before minority Interest

    (0 )     (263 )     (54 )     (1,609 )     (304 )     (2,531 )     (331 )     (4,445 )     (8,945 )

Minority interest in net (gain) loss of subsidiary

    —         —         —         —         —         —         —         —         —    
                                                                       

Net Income (Loss)

  $ (0 )   $ (263 )   $ (54 )   $ (1,609 )   $ (304 )   $ (2,531 )   $ (331 )   $ (4,445 )   $ (8,945 )
                                                                       


MOR-2

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Statement of Operations (Income Statement)

(000’s)

 

Case Number

   Albert City
08-12613
    Woodbury
08-12629
    Central City
08-12615
    Ord
08-12625
    Dyersville
08-12617
    Janesville
08-12622
 

Net Sales

   $ 6,991     $ 5,451     $ 6,303     $ 203     $ 4,251     $ —    

Cost of goods sold

     10,729       8,086       11,911       4,756       8,023       7,473  
                                                

Gross profit (loss)

     (3,738 )     (2,635 )     (5,608 )     (4,553 )     (3,772 )     (7,473 )
                                                

Selling, general and administrative expenses

     219       136       149       87       149       (544 )

Long-lived asset impairment

     —         —         —         —         —         —    
                                                

Operating income (loss)

     (3,957 )     (2,771 )     (5,757 )     (4,641 )     (3,921 )     (6,929 )
                                                

Other income (expense):

            

Interest expense

     (625 )     (335 )     (776 )     (383 )     (775 )     (783 )

Interest income

     1       0       2       1       2       0  

Other income (expense)

     —         —         —         —         —         —    

Reorganization items, net

     —         —         —         —         —         —    
                                                
     (625 )     (335 )     (774 )     (382 )     (773 )     (783 )
                                                

Income (loss) before income taxes

     (4,582 )     (3,106 )     (6,531 )     (5,023 )     (4,694 )     (7,712 )

Income tax expense (benefit)

     —         —         —         —         —         —    
                                                

Income (loss) before minority Interest

     (4,582 )     (3,106 )     (6,531 )     (5,023 )     (4,694 )     (7,712 )

Minority interest in net (gain) loss of subsidiary

     —         —         —         —         —         —    
                                                

Net Income (Loss)

   $ (4,582 )   $ (3,106 )   $ (6,531 )   $ (5,023 )   $ (4,694 )   $ (7,712 )
                                                


MOR-3

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Balance Sheet

(000’s)

 

Case Number

   VeraSun Energy
Corporation

08-12606
    Aurora
08-12614
    Fort Dodge
08-12618
    Charles City
08-12616
    Bio Diesel
08-12605
    Marketing
08-12624
    Litchfield
08-12623
    Welcome
08-12628
 

Assets

                

Current Assets

                

Cash and cash equivalents

   $ 13,622     $ 2     $ 5     $ 1,610     $ —       $ 19,495     $ —       $ 38  

Restricted cash

     1,536       —         —         —         —         —         —         —    

Receivables

     —         17       —         —         —         58,043       —         —    

Inventories

     —         7,186       6,502       5,649       —         52,945       —         1,206  

Prepaid expenses and other assets

     6,180       1,171       2,350       1,380       —         5,217       —         (377 )

Deferred income taxes

     3,728       (735 )     (359 )     (198 )     —         (130 )     —         (4 )
                                                                

Total current assets

     25,066       7,641       8,498       8,442       —         135,569       —         863  
                                                                

Other Assets

                

Debt issuance costs, net of amortization

     6,934       —         —         —         —         —         —         —    

Other Intangible Assets

     —         —         —         —         —         —         —         —    

Other Long-Term Assets

     2,632       27       —         —         —         3,918       —         —    

Investment in subsidiaries

     1,450,373       —         —         —         —         —         —         —    
                                                                

Total other assets

     1,459,939       27       —         —         —         3,918       —         —    
                                                                

Property and Equipment, net

     8,000       104,378       89,779       133,346       235       313       2,741       206,947  
                                                                

Total Assets

   $ 1,493,005     $ 112,046     $ 98,277     $ 141,789     $ 235     $ 139,800     $ 2,741     $ 207,809  
                                                                

Liabilities and Stockholders’ Equity

                

Current Liabilities

                

Accounts payable

   $ 1,489     $ 3,643     $ 3,634     $ 2,419     $ —       $ 9,033     $ —       $ 129  

Accrued expenses and other liabilities

     21,791       706       317       269       —         201       6       158  

Debitor in possession financing

     25,658       —         —         —         —         —         —         —    

Current maturities of long-term debt

     —         —         —         —         —         —         —         —    

Intercompany (receivable)/payable

     (13,397 )     (8,026 )     (8,769 )     (3,536 )     0       49,994       0       431  
                                                                

Total current liabilities

     35,541       (3,678 )     (4,817 )     (848 )     0       59,228       6       719  
                                                                

Long-Term Liabilities

                

Long-term debt, less current maturities

     —         —         —         —         —         —         —         —    

Deferred income taxes

     37,295       23,292       14,328       5,390       (3,722 )     10,448       6,744       (4,841 )

Other long-term liabilities

     481       1,431       —         —         —         —         —         —    
                                                                

Total long-term liabilities

     37,776       24,723       14,328       5,390       (3,722 )     10,448       6,744       (4,841 )
                                                                

Total Liabilities Not Subject to Compromise

     73,317       21,045       9,511       4,542       (3,722 )     69,675       6,750       (4,123 )
                                                                

Liabilities Subject to Compromise

     737,067       11,882       6,353       11,388       —         29,262       —         9,463  

Intercompany (receivable)/payable Subject to Compromise

     (781,156 )     (31,683 )     28,811       148,324       1,497       15,645       12,774       220,428  
                                                                

Total Liabilities Subject to Compromise

     (44,089 )     (19,800 )     35,164       159,712       1,497       44,907       12,774       229,891  
                                                                

Total liabilities

     29,228       1,245       44,675       164,254       (2,225 )     114,583       19,524       225,769  
                                                                

Minority Interest in consolidated subsidiary

     —         —         —         —         —         —         —         —    
                                                                

Shareholders’ Equity

                

Common Stock

     1,586       0       20,924       —         —         —         —         —    

Additional paid-in capital

     1,397,796       25,263       —         —         —         —         —         —    

Retained earnings

     64,396       85,538       32,678       (22,466 )     2,459       25,217       (16,783 )     (17,959 )
                                                                

Total Shareholders’ Equity

     1,463,777       110,801       53,602       (22,466 )     2,459       25,217       (16,783 )     (17,959 )
                                                                

Total Liabilities and Shareholders’ Equity

   $ 1,493,005     $ 112,046     $ 98,277     $ 141,789     $ 235     $ 139,800     $ 2,741     $ 207,809  
                                                                


MOR-3

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Balance Sheet

(000’s)

VSE-USB 3

Case Number

   Hartley
08-12621
    Granite City
08-12619
    Reynolds
08-12626
    Opco
08-12610
    Linden
08-12609
    Albion
08-12607
    Bloomingburg
08-12608
    Corporate
08-12612
 

Assets

                

Current Assets

                

Cash and cash equivalents

   $ 1,519     $ 0     $ 37     $ 319     $ 1,986     $ 16     $ 35     $ 341  

Restricted cash

     —         —         —         —         —         —         —         —    

Receivables

     —         —         —         15       8,870       8,913       8,925       248  

Inventories

     6,829       —         —         —         5,005       5,656       4,815       —    

Prepaid expenses and other assets

     22       0       3       999       1,443       2,478       873       2,640  

Deferred income taxes

     (2 )     —         (0 )     —         (164 )     (180 )     (33 )     1,865  
                                                                

Total current assets

     8,368       0       40       1,333       17,140       16,883       14,614       5,094  
                                                                

Other Assets

                

Debt issuance costs, net of amortization

     —         —         —         —         —         —         —         —    

Other Intangible Assets

     —         —         —         —         6,403       6,441       6,420       —    

Other Long-Term Assets

     200       —         —         120       533       745       597       3,725  

Investment in subsidiaries

     —         —         —         1,837       —         —         —         734,371  
                                                                

Total other assets

     200       —         —         1,957       6,935       7,186       7,017       738,096  
                                                                

Property and Equipment, net

     199,760       1,760       9,532       —         169,701       171,146       181,164       4,308  
                                                                

Total Assets

   $ 208,327     $ 1,760     $ 9,572     $ 3,290     $ 193,776     $ 195,216     $ 202,795     $ 747,498  
                                                                

Liabilities and Stockholders’ Equity

                

Current Liabilities

                

Accounts payable

   $ 1,631     $ —       $ 4     $ 339     $ 6,028     $ 3,330     $ 4,291     $ 167  

Accrued expenses and other liabilities

     218       (19 )     10       690       1,056       639       673       850  

Debitor in possession financing

     —         —         —         —         —         —         —         —    

Current maturities of long-term debt

     —         —         —         —         274       199       —         —    

Intercompany (receivable)/payable

     (3,233 )     —         0       (3,060 )     579       926       1,690       (10 )
                                                                

Total current liabilities

     (1,384 )     (19 )     15       (2,031 )     7,938       5,094       6,653       1,007  
                                                                

Long-Term Liabilities

                

Long-term debt, less current maturities

     —         —         —         —         2,283       4,801       —         —    

Deferred income taxes

     (7,070 )     (30,115 )     (4,450 )     2,217       (36,111 )     (23,473 )     (26,420 )     (35,358 )

Other long-term liabilities

     —         —         —         —         —         —         —         362  
                                                                

Total long-term liabilities

     (7,070 )     (30,115 )     (4,450 )     2,217       (33,828 )     (18,672 )     (26,420 )     (34,996 )
                                                                

Total Liabilities Not Subject to Compromise

     (8,454 )     (30,134 )     (4,435 )     186       (25,891 )     (13,578 )     (19,767 )     (33,989 )
                                                                

Liabilities Subject to Compromise

     9,760       0       3,710       576       88,538       89,616       93,150       5,004  

Intercompany (receivable)/payable Subject to Compromise

     231,698       11,172       89,074       (440,302 )     189,019       167,348       183,042       (37,465 )
                                                                

Total Liabilities Subject to Compromise

     241,458       11,172       92,785       (439,726 )     277,557       256,964       276,192       (32,461 )
                                                                

Total liabilities

     233,005       (18,962 )     88,350       (439,540 )     251,666       243,386       256,425       (66,450 )
                                                                

Minority Interest in consolidated subsidiary

     —         —         —         —         —         —         —         —    
                                                                

Shareholders’ Equity

                

Common Stock

     —         —         —         —         —         —         —         648  

Additional paid-in capital

     —         —         —         439,626       —         —         —         751,266  

Retained earnings

     (24,677 )     20,722       (78,778 )     3,204       (57,891 )     (48,171 )     (53,630 )     62,034  
                                                                

Total Shareholders’ Equity

     (24,677 )     20,722       (78,778 )     442,830       (57,891 )     (48,171 )     (53,630 )     813,948  
                                                                

Total Liabilities and Shareholders’ Equity

   $ 208,327     $ 1,760     $ 9,572     $ 3,290     $ 193,776     $ 195,216     $ 202,795     $ 747,498  
                                                                


MOR-3

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Balance Sheet

(000’s)

 

Case Number

   Marion
08-12611
    Hankinson
08-12620
    Albert City
08-12613
    Woodbury
08-12629
    Central City
08-12615
    Ord
08-12625
    Dyersville
08-12617
    Janesville
08-12622
 

Assets

                

Current Assets

                

Cash and cash equivalents

   $ 12,220     $ 1,288     $ 2,304     $ 758     $ 5,031     $ 2,357     $ 5,570     $ 9  

Restricted cash

     —         —         —         —         —         —         —         —    

Receivables

     (59 )     —         (398 )     (1 )     —         (33 )     —         —    

Inventories

     3,858       4,252       3,284       2,198       3,556       1,888       3,908       205  

Prepaid expenses and other assets

     238       3,501       977       77       1,679       1,022       183       3  

Deferred income taxes

     —         —         —         —         —         —         —         —    
                                                                

Total current assets

     16,257       9,041       6,167       3,031       10,266       5,234       9,662       218  
                                                                

Other Assets

                

Debt issuance costs, net of amortization

     —         —         —         —         —         —         —         —    

Other Intangible Assets

     2,411       —         2,500       2,084       —         4,417       —         —    

Other Long-Term Assets

     250       58       400       92       —         —         —         —    

Investment in subsidiaries

     —         —         —         —         —         —         —         —    
                                                                

Total other assets

     2,661       58       2,900       2,176       —         4,417       —         —    
                                                                

Property and Equipment, net

     146,353       175,940       160,377       63,363       177,143       75,739       175,853       147,991  
                                                                

Total Assets

   $ 165,271     $ 185,038     $ 169,444     $ 68,571     $ 187,409     $ 85,390     $ 185,515     $ 148,209  
                                                                

Liabilities and Stockholders’ Equity

                

Current Liabilities

                

Accounts payable

   $ 475     $ 365     $ 670     $ 1,059     $ 1,636     $ 2     $ 448     $ —    

Accrued expenses and other liabilities

     1,203       1,181       1,946       1,178       2,001       1,000       1,282       1,078  

Debitor in possession financing

     —         2,955       2,955       1,478       2,955       1,478       2,955       —    

Current maturities of long-term debt

     —         —         60       165       207       —         —         —    

Intercompany (receivable)/payable

     (354 )     (4,584 )     (2,637 )     (3,211 )     (3,233 )     1,409       (1,085 )     105  
                                                                

Total current liabilities

     1,324       (83 )     2,994       669       3,566       3,888       3,601       1,183  
                                                                

Long-Term Liabilities

                

Long-term debt, less current maturities

     —         —         185       451       2,996       —         —         —    

Deferred income taxes

     (19,043 )     8,994       19,299       6,705       50,203       6,668       4,760       (719 )

Other long-term liabilities

     —         —         —         —         —         —         —         —    
                                                                

Total long-term liabilities

     (19,043 )     8,994       19,484       7,156       53,200       6,668       4,760       (719 )
                                                                

Total Liabilities Not Subject to Compromise

     (17,720 )     8,911       22,478       7,825       56,766       10,556       8,361       464  
                                                                

Liabilities Subject to Compromise

     98,331       99,414       76,771       42,789       87,349       45,539       103,353       91,656  

Intercompany (receivable)/payable Subject to Compromise

     9,257       4,786       (8,486 )     (256 )     (19,133 )     (4,020 )     8,213       1,410  
                                                                

Total Liabilities Subject to Compromise

     107,588       104,200       68,286       42,534       68,216       41,519       111,566       93,066  
                                                                

Total liabilities

     89,868       113,111       90,763       50,359       124,982       52,075       119,926       93,530  
                                                                

Minority Interest in consolidated subsidiary

     —         —         —         —         —         —         —         —    
                                                                

Shareholders’ Equity

                

Common Stock

     —         —         —         —         —         —         —         —    

Additional paid-in capital

     120,899       110,308       110,272       48,119       104,363       57,911       98,480       83,542  

Retained earnings

     (45,496 )     (38,381 )     (31,591 )     (29,908 )     (41,936 )     (24,596 )     (32,891 )     (28,864 )
                                                                

Total Shareholders’ Equity

     75,403       71,927       78,681       18,212       62,426       33,315       65,588       54,678  
                                                                

Total Liabilities and Shareholders’ Equity

   $ 165,271     $ 185,038     $ 169,444     $ 68,571     $ 187,409     $ 85,390     $ 185,515     $ 148,209  
                                                                


MOR-4

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Status of Post-petition Taxes

(000’s)

 

Verasun Energy Corporation et al.

   Beginning
Tax
Liability
    Amount
Withheld or
Accrued
    Amount
Paid
   Ending
Tax
Liability
 

Payroll taxes

   $ (537 )   $ (1,076 )   $ 1,612    $ 0  

Real Estate and Personal Property

   $ (3,394 )   $ (344 )   $ 2    $ (3,736 )

Sales and Use

   $ (448 )   $ (111 )   $ 74    $ (485 )

Other

     (339 )     (1,068 )     1,017    $ (390 )
                               

Total Taxes

   $ (4,717 )   $ (2,599 )   $ 2,705    $ (4,611 )


MOR-5

In re Verasun Energy Corporation et al.

 

   Case No.    08-12606
   Reporting Period:    November 30, 2008

 

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

(000’s)

 

Accounts Receivable Aging

   0-30 Days    31-60 Days    61-90 Days    91+ Days    Total

0 - 30 days old

   $ 81,486             $ 81,486

31 - 60 days old

      $ 2,848          $ 2,848

61 - 90 days old

         $ 284       $ 284

91+ days old

            $ 826    $ 826

Total Accounts Receivable

   $ 81,486    $ 2,848    $ 284    $ 826    $ 85,444


MOR-6

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Payments to Insiders and Professional

(000’s)

Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1b) list the amount paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid (e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.

Insiders

 

Name

   Amount Paid
During Month
   Total Paid to Date

Barry Schaps, Senior Vice President, Sales and Logistics

   $ 35    $ 35

Bryan D. Meier, Vice President, Finance and Chief Accounting Officer

   $ 21    $ 21

Danny Herron, President and Chief Financial Officer*

   $ 107    $ 107

Donald L. Endres, Chief Executive Officer and Director

   $ 38    $ 38

Joel West, Vice President, Commodity Management

   $ 16    $ 16

Mark D. Dickey, Senior Vice President, General Counsel, and Corporate Secretary

   $ 21    $ 21

Paul J. Caudill, Senior Vice President, Operations

   $ 23    $ 23

Robert L. Antoine, Jr., Senior Vice President, Human Resources

   $ 20    $ 20

Virg Garbers, Vice President and Corporate Controller

   $ 12    $ 12

William L. Honnef, Senior Vice President, Sales and Marketing and Strategic Initiatives

   $ 32    $ 32
             

Total Payments to Insiders

   $ 325    $ 325
             

 

*  Includes cash payment of accrued vacation upon termination on November 11, 2008.

 

Professionals

 

     

Name

   Amount Paid
During Month
   Total Paid to Date

NONE

   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
   $ 0    $ 0
             

Total Payments to Professionals

   $ 0    $ 0
             

 

Post Petition Secured Notes Adequate Protection Payments

 

Name of Creditor

   Amount Paid
During Month
   Total Paid to Date

AgStar Financial Services - Albert City

   $ 80    $ 80

AgStar Financial Services - Central City

   $ 353    $ 353

AgStar Financial Services - Ord

   $ 180    $ 180

AgStar Financial Services - Woodbury

   $ 39    $ 39

AgStar Financial Services - Hankinson

   $ 120    $ 120

First Bank and Trust - Marion

   $ 40    $ 40

Dougherty Funding

   $ 590    $ 590
             

Total Payments

   $ 1,401    $ 1,401
             


MOR-7

In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

Debtor Questionnaire

 

   

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
  1   Have any assets been sold or transferred outside the normal course of business this reporting period?      X
  2   Have any funds been disbursed from any account other than a debtor in possession account this reporting period?      X
  3   Is the Debtor delinquent in the timely filing of any post-petition tax returns?      X
  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?      X
  5   Is the Debtor delinquent in paying any insurance premium payment?      X
  6   Have any payments been made on pre-petition liabilities this reporting period?   

X*

 
  7   Are any post petition receivables (accounts, notes or loans) due from related parties?      X
  8   Are any post petition payroll taxes past due?      X
  9   Are any post petition State or Federal income taxes past due?      X
10   Are any post petition real estate taxes past due?      X
11   Are any other post petition taxes past due?      X
12   Have any pre-petition taxes been paid during this reporting period?      X
13   Are any amounts owed to post petition creditors delinquent?      X
14   Are any wage payments past due?      X
15   Have any post petition loans been received by the Debtor from any party?      X
16   Is the Debtor delinquent in paying any U.S. Trustee fees?      X
17   Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?      X
18   Have the owners or shareholders received any compensation outside of the normal course of business?      X

 

* The Debtors have made certain payments on account of prepetition liabilities in accordance with orders of the Bankruptcy Court specifically authorizing payment of certain prepetition liabilities.


In re Verasun Energy Corporation et al.

 

   Case No. (Jointly Administered)    08-12606
   Reporting Period:    November 30, 2008
   Federal Tax I.D. #    20-3430241

 

If additional information is required for the current or any future Monthly Operating Reports, please send the request to:

 

 

Verasun Energy Corporation

110 N. Minnesota Ave.

Suite 300

Sioux Falls, SD 57104

Attn: Jim Bonsall