XML 90 R60.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt Obligations (Narrative) (Details)
¥ in Billions
1 Months Ended 3 Months Ended 12 Months Ended
Nov. 16, 2015
USD ($)
loan
Apr. 24, 2015
JPY (¥)
Apr. 24, 2015
USD ($)
Jan. 31, 2016
USD ($)
item
Dec. 31, 2015
USD ($)
agreement
Mar. 31, 2015
USD ($)
item
Dec. 31, 2015
USD ($)
loan
item
agreement
Dec. 31, 2014
USD ($)
Nov. 15, 2015
USD ($)
Nov. 12, 2015
USD ($)
Nov. 04, 2015
Sep. 30, 2015
USD ($)
Apr. 30, 2015
USD ($)
Aug. 31, 2014
USD ($)
Aug. 26, 2014
USD ($)
Line of Credit Facility [Line Items]                              
Number of secured financing agreements | agreement         6   6                
Long-term debt reclassified to current         $ 156,800,000   $ 156,800,000                
Debt issuance costs             3,000,000 $ 2,900,000              
Long term debt carrying amount         159,844,000   159,844,000 242,888,000              
Loss on Extinguishment of Debt             (585,000) (225,000)              
Deferred debt issuance costs reclassified from deferred charges, net         3,037,000   3,037,000 2,870,000              
Total amount paid off             12,500,000 23,000,000              
Forecasted as of June 30, 2016 [Member] | Minimum [Member]                              
Line of Credit Facility [Line Items]                              
Long term debt carrying amount         100,000,000   100,000,000                
Forecasted as of June 30, 2016 [Member] | Maximum [Member]                              
Line of Credit Facility [Line Items]                              
Long term debt carrying amount         $ 110,000,000   $ 110,000,000                
Previously Reported Forecasted Range [Member] | Minimum [Member]                              
Line of Credit Facility [Line Items]                              
Long term debt carrying amount                       $ 85,000,000      
Previously Reported Forecasted Range [Member] | Maximum [Member]                              
Line of Credit Facility [Line Items]                              
Long term debt carrying amount                       $ 95,000,000      
Originally Intended To Monetize [Member]                              
Line of Credit Facility [Line Items]                              
Equity investee ownership interest         100.00%   100.00%                
DVB Bank SE [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Number of loan facilities | loan 2                            
Percentage of debt to be paid down from proceed of asset sold 100.00%                            
Ownership interest in wholly-owned Singapore subsidiaries to be pledged 65.00%                            
Increase in interest rate margins per annum 2.00%                            
Increase in quarterly principal payment amounts $ 222,000                            
Debt instrument amendment description             significant amendments included (i) requiring us to apply the proceeds from the sale of one of our PCTCs to pay down 100% of the debt owned under one facility of approximately $30.2 million and $912,000 of the debt owed under the other facility, (ii) pledging under certain circumstances 65% of our shares of our wholly-owned Singapore subsidiaries to DVB Bank SE, (iii) increasing the interest rate by 2%, (iv) increasing by approximately $222,000 our quarterly principal payments and (v) specifying various dates (ranging from December 2015 through March 2016) by which our sale of non-core assets must be completed and at specified amounts.                
RBS Asset Finance [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Increase in interest rate margins per annum 1.00%                            
Loan-to-value ratio 75.00%                            
Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Long term debt carrying amount         $ 31,000,000   $ 31,000,000 $ 38,500,000              
Percent of the proceeds of issuances of equity interests received             100.00%                
Debt instrument effective interest rate percentage         9.44%   9.44% 3.91%              
Regions Bank [Member] | Maximum [Member]                              
Line of Credit Facility [Line Items]                              
Consolidated leverage ratio             5.00%                
Regions Bank [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Minimum Liquidity Amount $ 30,000,000                            
Long term debt covenant minimum liquidity amount 30,000,000                            
Regions Bank [Member] | Credit Facility Amendment [Member] | Next twelve months [Member]                              
Line of Credit Facility [Line Items]                              
Increase in scheduled payments $ 3,000,000                            
ING Bank [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Increase in interest rate margins per annum 2.00%                            
Increase in quarterly principal payment amounts $ 625,000                            
Debt instrument amendment description             significant amendments included (i) increasing by approximately $625,000 our quarterly principal payments, (ii) increasing our interest rate margin by approximately 2% per annum, (iii) modifying the manner in which we will be required to pay down debt owed under the facility upon the sale of assets comprising collateral under the facility, including requiring any excess proceeds to be applied to pay off the other tranches at the discretion of the facility's agent, (iv) providing credit enhancements of equal value to those afforded by us to our other creditors, (v) prohibiting the payment of common stock dividends, (vi) prohibiting the payment of preferred stock dividends without the written consent from the lender, (vii) requiring the preparation of a financial plan acceptable to the facility agent in its sole discretion, and (viii) specifying various amounts and dates in December 2015 by which our sale of non-core assets must be completed.                
Loan Agreement [Member] | DVB Bank SE [Member]                              
Line of Credit Facility [Line Items]                              
Debt instrument principal amount                             $ 38,500,000
Debt instrument effective interest rate percentage                     6.35%       4.35%
Final quarterly balloon payment                             $ 20,700,000
Loan Agreement [Member] | RBS Asset Finance [Member]                              
Line of Credit Facility [Line Items]                              
Debt instrument principal amount                           $ 23,000,000  
Revolving Credit Facility [Member] | Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit         $ 31,000,000   $ 31,000,000                
Revolving Credit Facility [Member] | Regions Bank [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Reduce aggregate revolving commitment 1,800,000                            
Senior Secured Credit Facility [Member] | Regions Bank [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Debt instrument amendment description             significant amendments to our Senior Credit Facility with Regions Bank included (i) accelerating the facility's maturity date from September 24, 2018 to July 20, 2017, (ii) reducing the Letter of Credit Sublimit from $20.0 million to $7.2 million initially and to lower amounts at future dates, (iii) prohibiting us from issuing new letters of credit without the lenders' consent, (iv) reducing the Aggregate Revolving Commitment by $1.8 million, (v) increasing the applicable margins for all Loans, Letter of Credit Fees and Commitment Fees set to 9.25% from the effective date of the amendment through June 30, 2016, and 10.0% from July 1, 2016 through the maturity date, (vi) increasing our scheduled payments for the next twelve months by $3.0 million and mandating certain specified mandatory prepayments, (vii) prohibiting us from paying common stock dividends unless we have at least $30.0 million of liquidity (as defined in the credit facility) after making the payment, (viii) prohibiting us from paying preferred stock dividends prior to January 29, 2016 or paying preferred stock dividends thereafter unless various financial conditions are met, (ix) prohibiting us from making any further payments to construct our New Orleans headquarters, except to the extent financed by the general contractor, and (x) amending certain of our financial covenants, effective as of June 30, 2016, and amending certain of our other loan covenants to further restrict our operations, effective immediately.                
Loan Facility I [Member] | DVB Bank SE [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Repayments of debt 30,200,000                            
Loan Facility II [Member] | DVB Bank SE [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Repayments of debt 912,000,000,000                            
New Loan Agreement [Member] | DVB Bank SE [Member]                              
Line of Credit Facility [Line Items]                              
Debt issuance costs     $ 600,000                        
Debt instrument principal amount     32,000,000                   $ 32,000,000    
Related debt paid off   ¥ 2.9 24,000,000                        
Amount of Yen denominated foreign forward exchange contract settled     4,000,000                        
Amount of Yen denominated interest rate swap settled     $ 2,900,000                        
Debt instrument effective interest rate percentage     4.16%                        
Term for principal to be paid quarterly             5 years                
Amortization period             10 years                
Final quarterly balloon payment     $ 16,800,000                        
Loss on Extinguishment of Debt     $ 300,000                        
Guarantees [Member]                              
Line of Credit Facility [Line Items]                              
Number of guaranteed separate loan facilities of two separate shipping companies | loan             2                
Guarantees [Member] | Loan Facility I [Member]                              
Line of Credit Facility [Line Items]                              
Wholly-owned subsidiary indirect equity ownership             25.00%                
Amount owed under the loan facility guaranteed percent             5.00%                
Guarantee obligation amount         3,400,000   $ 3,400,000 $ 3,800,000              
Guarantees [Member] | Loan Facility II [Member]                              
Line of Credit Facility [Line Items]                              
Wholly-owned subsidiary indirect equity ownership             23.70%                
Guarantee obligation amount         1,000,000   $ 1,000,000                
Borrowings under guaranteed investment agreements         11,000,000   11,000,000                
Standby Letters of Credit [Member] | Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit facility borrowing capacity                 $ 20,000,000            
Standby Letters of Credit [Member] | Regions Bank [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit facility borrowing capacity $ 7,200,000                            
Standby Letters of Credit [Member] | Regions Bank [Member] | Credit Facility Amendment [Member] | November 13, 2015 through June 30, 2016 [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit facility commitment fees 9.25%                            
Standby Letters of Credit [Member] | Regions Bank [Member] | Credit Facility Amendment [Member] | July 1, 2016 through July 20, 2017 [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit facility commitment fees 10.00%                            
Standby Letters of Credit [Member] | Revolving Credit Facility [Member] | Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit         7,200,000   7,200,000                
Line of credit facility borrowing capacity         7,200,000   7,200,000     $ 20,000,000          
Swingline Loans [Member] | Revolving Credit Facility [Member] | Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit facility borrowing capacity         5,000,000   $ 5,000,000     $ 5,000,000          
Handysize Vessel [Member]                              
Line of Credit Facility [Line Items]                              
Related debt paid off           $ 13,500,000                  
Loss on Extinguishment of Debt           $ 95,000                  
Number of vessels sold | item           1                  
Handysize Vessel [Member] | Subsequent Event [Member]                              
Line of Credit Facility [Line Items]                              
Related debt paid off       $ 25,100,000                      
Number of vessels sold | item       2                      
Pure Car Truck Carriers [Member]                              
Line of Credit Facility [Line Items]                              
Number of vessels sold | item             1                
Pure Car Truck Carriers [Member] | DVB Bank SE [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Loss on Extinguishment of Debt             $ 130,000                
Repayments of debt $ 31,300,000                            
Net proceeds from sale of vessels 15,400,000                            
Supramax Vessel [Member]                              
Line of Credit Facility [Line Items]                              
Loss on Extinguishment of Debt         (100,000)                    
Supramax Vessel [Member] | ING Bank [Member] | Credit Facility Amendment [Member]                              
Line of Credit Facility [Line Items]                              
Loss on Extinguishment of Debt             100,000                
Repayments of debt $ 11,300,000                            
Credit Facility [Member] | Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit facility borrowing capacity         71,300,000   $ 71,300,000                
Minimum EBITDAR to fixed charge coverage ratio             1.05%                
Minimum Liquidity Amount             $ 20,000,000                
Consolidated minimum net worth             $ 228,000,000                
Consolidated net income earned             50.00%                
Long term debt covenant minimum liquidity amount             $ 20,000,000                
Credit Facility [Member] | Revolving Credit Facility [Member] | Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Line of credit facility borrowing capacity         38,200,000   38,200,000                
Credit Facility [Member] | Term Loan [Member] | Regions Bank [Member]                              
Line of Credit Facility [Line Items]                              
Debt instrument principal amount         $ 33,100,000   $ 33,100,000