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Subsequent Events
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events

Note 22.  Subsequent Events

On October 29, 2014, at the third quarter Board meeting, our management presented a strategic plan to our Directors that included a divestiture of selected under-performing assets.  Subject to a successful divestiture, we could generate approximately $18 - $20 million in net proceeds, after retiring debt collateralized by these assets of approximately $42 million.  We plan to invest these proceeds in existing opportunities that will provide satisfactory returns.  If our Board of Directors approves this plan, we believe that all the criteria necessary to classify these assets as Held for Sale assets will have occurred at that time, and the assets will be recorded at fair value less the cost to sell.  Based on the current fair value  estimates of these assets, we could potentially recognize an impairment loss in the range of $25-30 million, which would be recorded in the fourth quarter of 2014.  As of September 30, 2014, we performed an analysis of the recoverability of the vessels under the Held for Use model using a weighted average probability approach that considered the various alternative sources of cash flows associated with these vessels, including the sale of these assets and their continued use should we not achieve our sales price estimates, or should our Board not approve such sale.   Our evaluation resulted in a conclusion that the carrying values of the vessels were recoverable under the Held for Use model as of September 30, 2014.   Accordingly, no impairment was recorded during the three and nine months periods ended September 30, 2014.

On October 17, 2014, through one of our wholly owned subsidiaries, we entered into a Memorandum of Agreement for the sale of our single hulled Tanker vessel.  If all conditions are met to this agreement, the transaction could be completed by the second week of November 2014.  Under the current terms, the sales proceeds would be approximately $1.6 million and generate an impairment loss of approximately $3.1 million in the fourth quarter.  As of September 30, 2014, we performed an analysis of the recoverability on the Tanker under the Held for Use model using a weighted average probability approach that considered the various alternative sources of cash flows including the pending sale in order to recover the current carrying value of the Tanker.  Our evaluation resulted in a conclusion that the carrying value of the Tanker was recoverable under the Held for Use model as of September 30, 2014.  Accordingly, no impairment was recorded during the three and nine months periods ended September 30, 2014.