United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
March 14, 2014
Date of Report (Date of earliest event reported)
Overseas Shipholding Group, Inc.
(Exact Name of Registrant as Specified in Charter)
1-6479-1
Commission File Number
| Delaware | 13-2637623 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
1301 Avenue of the Americas
New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 953-4100
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 7 – Regulation FD
Item 7.01 Regulation FD Disclosure.
As previously reported, on November 14, 2012, Overseas Shipholding Group, Inc. (“OSG”) and certain of its subsidiaries (together with OSG, the “Debtors”) filed voluntary petitions for reorganization under Title 11 of the U.S. Code (the “Bankruptcy Code”) in the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
On March 14, 2014, the Debtors filed their monthly operating report for the month ended January 31, 2014 (the “Monthly Operating Report”), with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This current report (including the exhibit hereto or any information included therein) shall not be deemed an admission as to the materiality of any information required to be disclosed solely by reason of Regulation FD.
OSG is furnishing this Form 8-K pursuant to Item 7.01, “Regulation FD Disclosure.” The information contained in this current report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
FINANCIAL AND OPERATING DATA
OSG cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of OSG. OSG cannot predict what the ultimate value of any of its securities may be and it remains too early to determine whether holders of any such securities will receive any distribution in the Debtors’ reorganization. In particular, in most cases under Chapter 11 of the Bankruptcy Code, holders of equity securities receive little or no recovery of value from their investment. The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Office of the United States Trustee of the District of Delaware and the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws and regulations and is subject to future adjustment and reconciliation. The Monthly Operating Report does not include all of the adjustments, information and footnotes required by U.S. generally accepted accounting principles. Therefore, the Monthly Operating Report does not necessarily contain all information required in filings pursuant to the Exchange Act, or may present such information differently from such requirements. There can be no assurance that, from the perspective of an investor or potential investor in OSG’s securities, the Monthly Operating Report is complete. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
FORWARD-LOOKING STATEMENTS
The statements (including estimates) contained in the Monthly Operating Report other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements involve risks, assumptions and uncertainties that could cause the Debtors’ actual results to differ materially from those stated or implied by such forward-looking statements. More information about potential factors that could affect the Debtors’ business and financial results is included in OSG’s filings with the U.S. Securities and Exchange Commission, including in OSG’s Annual Report on Form 10-K for the year ended December 31, 2013, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. OSG undertakes no obligation to update any of the forward-looking statements after the date of the Monthly Operating Report.
Section 9 - Financial Statements and Exhibits.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
| 99.1 | Monthly Operating Report for the month ended January 31, 2014, filed with the United States Bankruptcy Court for the District of Delaware. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OVERSEAS SHIPHOLDING GROUP, INC. | |||
| (Registrant) | |||
| Date: March 14, 2014 | By | /s/James I. Edelson | |
| Name: | James I. Edelson | ||
| Title: | Senior Vice President, | ||
| General Counsel and Secretary | |||
EXHIBIT INDEX
| Exhibit No. | Description |
| 99.1 | Monthly Operating Report for the month ended January 31, 2014, filed with the United States Bankruptcy Court for the District of Delaware. |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al.1 | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Monthly Operating Report
For the Period January 1, 2014 through January 31, 2014
| Documents | Explanation | Debtors’ | ||||||
| Required Documents | Form No. | Complete | Attached | Statement | ||||
| Schedule of Operating Cash Flow | MOR-1 | X | ||||||
| Schedule of Disbursements by Legal Entity | MOR-1a | X | ||||||
| Schedule of Professional Fees and Expenses Paid | MOR-1b | X | ||||||
| Banks Account Reconciliations, Bank Statements and Cash Disbursements Journal | X | |||||||
| Statement of Operations | MOR-2 | X | ||||||
| Balance Sheets | MOR-3 | X | ||||||
| Status of Post-Petition Taxes | X | |||||||
| Summary of Unpaid Post-Petition Accounts Payable | MOR-4 | X | ||||||
| Trade Accounts Receivable and Aging | MOR-5 | X | ||||||
| Debtor Questionnaire | MOR-6 | X |
I declare under penalty of perjury (28 U.S.C. Section 1746) that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief.
| /s/ Ian T. Blackley | March 14, 2014 | |
| Ian T. Blackley | Date | |
| Senior Vice President, Chief Financial Officer and Treasurer | ||
| Overseas Shipholding Group, Inc. |
Notes:
| 1 | Refer to Appendix A for a full listing of the Debtors. |
| The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustment. Overseas Shipholding Group, Inc. (the “Company”) maintains its books and records on a business unit reporting level and those units do not in all cases correspond to legal entities. Certain assumptions have been made as noted herein. In addition, the Company maintains certain liabilities on its balance sheet (such as administrative payroll, benefits, professional fees and tax related liabilities) that may relate to one or more of the Company’s subsidiaries and no conclusion as to the legal obligation is made by the presentation herein. Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 Proceedings (as defined herein), including, but not limited to, matters involving objections to claims, substantive consolidation, equitable subordination, defenses, characterization or re-characterization of contracts, assumption or rejection of contracts under the provisions of chapter 3 of Title 11 of the United States Code (the “Bankruptcy Code”) and/or causes of action under the provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover assets or avoid transfers. The statements contained herein (including estimates) other than historical data and information constitute forward-looking statements. These statements involve risks, assumptions and uncertainties that could cause the Debtors’ actual results to differ materially from those stated or implied by such forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements after the date of this Monthly Operating Report. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 1 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
General Notes
Introduction – On November 14, 2012, Overseas Shipholding Group, Inc. and its affiliated Debtors in the above referenced chapter 11 cases, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors are operating their business and managing their property as debtors-in-possession pursuant to the Bankruptcy Code. The Company prepared this Monthly Operating Report relying primarily upon the information set forth in its books and records. Consequently, certain transactions that are not identified in the normal course of business in its books and records may not be included in this Monthly Operating Report. Nonetheless, in preparing this Monthly Operating Report, the Company made reasonable efforts to supplement the information set forth in its books and records with additional information concerning transactions that may not have been identified therein. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented. No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR. Unless otherwise noted, all amounts are in thousands.
Unaudited Condensed Consolidated Financial Statements – The unaudited condensed consolidated financial statements and supplemental information contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects.
Accounting Standards Codification (“ASC”) Topic 852, “Reorganizations” (“ASC Topic 852”), which is applicable to companies in chapter 11, generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Overseas Shipholding Group, Inc.’s (the “Company”) unaudited condensed consolidated financial statements contained herein have been prepared in accordance with the guidance in ASC Topic 852 and have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. The unaudited condensed consolidated financial statements have been derived from the books and records of the Company. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Company believes that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would typically be made in accordance with U.S. GAAP.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 2 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
General Notes (Continued)
The results of operations contained herein are not necessarily indicative of results which 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 Company in the future. The financial statements do not reflect the Company’s potential termination cost of the OSG Ship Management (UK) Ltd. single employer pension plan or multi-employer pension plans should the plans be terminated on a full buy-out basis. The single employer plan termination liability is estimated to be approximately $26.1 million based on current interest rates, and the current estimated underfunding of the plan is estimated to be approximately $13.6 million as of July 22, 2012. The multi-employer pension plans approximate a solvency deficit estimated to be approximately $14.2 million as of March 31, 2011.
On February 11, 2013, the Internal Revenue Service (the “IRS”) filed a proof of claim, claim number 82, in the Overseas Shipholding Group, Inc. (“OSG”) bankruptcy case (Case 12-20000-PJW) in the aggregate liquidated amount of $463,013,177.63 that the Company believes was in respect of the tax effects of the cumulative potential deemed dividends, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8). On January 21, 2014, the IRS filed with the Bankruptcy Court-appointed claims agent claim number 1658, an amended proof of claim (the “Second Amended Proof of Claim”), a priority claim against OSG for corporate income tax and interest for the years 2004, 2005, 2009, 2010 and 2011, in the amount of $255,760,439.22. The Second Amended Proof of Claim amends claim 1654, in the amount of $264,277,962.29 filed by the IRS on December 19, 2013, which amended claim number 82, in the amount of $463,013,177.63. On December 19, 2013, the IRS additionally filed with the Bankruptcy Court-appointed claims agent claim number 1653, an amended administrative claim (the “Amended Administrative Claim”), an administrative claim against OSG for corporate income tax, interest and penalties for 2012, in the amount of $1,659,739.94. The Amended Administrative Claim amends claim number 1650, in the amount of $1,654,764.80. More information regarding the Amended Proof of Claim and the Amended Administrative Claim is available in the Company’s Current Report on Form 8-K dated December 19, 2013.
Intercompany Balances – Receivables and payables between the Debtors and between Debtors and non-debtor subsidiaries are eliminated in the unaudited condensed consolidated financial statements. However, receivables and payables between Debtors and between Debtors and non-debtor subsidiaries are reflected as separate line items in the Company’s unaudited condensed consolidating balance sheets attached hereto in Appendix C. No conclusion as to the legal obligation related to the intercompany transactions resulting in these balances is made by the presentation herein. Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2013 were reflected in the December 2013 period.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 3 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
General Notes (Continued)
Liabilities Subject to Compromise – As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under a plan of reorganization. The Company cannot provide assurance relating to the value of the claims that will ultimately be allowed by the Bankruptcy Court. ASC Topic 852 requires prepetition 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.
The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determination of the secured status of certain claims, the value of any collateral securing such claims, rejection of executory contracts or unexpired leases, continued reconciliation or other events. Included within liabilities subject to compromise as of January 31, 2014 are the estimations of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors, and the Debtors ceased performing under the charters prior to January 31, 2014.
Net Book Value of Assets – It would be an inefficient use of estate assets for the Debtors to obtain current market valuations of all of their assets. Accordingly, unless otherwise indicated, the values for assets contained in this Monthly Operating Report are net book values as of the end of the month. The net book values of the Company’s assets as of January 31, 2014 reflect impairment charges taken on goodwill and intangible assets and fifteen of the Company’s vessels in conjunction with held-for-use impairment testing performed by the Company during the preparation of its consolidated financial statements for the period ended December 31, 2013 under U.S. GAAP. The net book values as of the end of the month are subject to future adjustment for possible impairment based on conditions that existed as of the end of the reporting period. Consequently, amounts ultimately realized from a potential disposition of the Debtors’ assets may materially vary from the stated net book value. Unless otherwise noted, this Monthly Operating Report reflects the carrying value of the assets as currently recorded on the Debtors’ books and records as of the end of the reporting period and are not based upon any estimate of their current market value. The Debtors reserve their right to amend or adjust the value of each asset or liability set forth herein.
Costs Associated with Exit or Disposal Activities – On January 13, 2014, the Company announced that certain subsidiaries of OSG that own or charter-in 33 vessels in OSG’s International Flag fleet (“Core International Flat Fleet”) intend to outsource certain management services, including, but not limited to, the technical management, certain aspects of commercial management and crew management of the Core International Flag Fleet to V. Ships UK Limited. OSG expects to incur approximately $34,000 in total expenses related to the transition to the outsourcing arrangement. Of this estimated $34,000 amount, approximately $21,000 is expected to be related to employee transition and termination benefits and similar transition and termination costs, and approximately $13,000 is expected to be related to set-up, wind-down and transitions costs. The estimates contained herein are subject to uncertainty. The financial statements contained in this Monthly Operating Report do not reflect these costs.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 4 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
General Notes (Continued)
Subsequent Events – On February 12, 2014, the Debtors entered into a plan support agreement (as amended, the “Plan Support Agreement”) among the Debtors and certain of the lenders (the “Consenting Lenders”) holding an aggregate of approximately 60% of amounts outstanding under the Company’s Unsecured Revolving Credit Facility. The Plan Support Agreement requires the Consenting Lenders to support and vote in favor of a proposed plan of reorganization of the Debtors (the “Plan”) consistent with the terms and conditions set forth in the term sheet attached as an exhibit to and incorporated into the Plan Support Agreement (as amended, the “Term Sheet”).
As a result of additional lenders acceding to the Plan Support Agreement, as of February 27, 2014, lenders holding approximately 72% of amounts outstanding under the Unsecured Revolving Credit Facility are now Consenting Lenders. On February 27, 2014, the Debtors and the Consenting Lenders entered into an amendment to the Plan Support Agreement (the “Amendment”). The Amendment increases the amount to be raised by the Company through the rights offering and exit financing contemplated by the Plan Support Agreement as further described below.
The Term Sheet, provides, among other things, that pursuant to the Plan, creditors’ allowed non-subordinated claims against the Debtors other than claims under the Unsecured Revolving Credit Facility, will be paid in full, in cash, including post-petition interest, and holders of equity interests and claims subordinated pursuant to section 510(b) of the Bankruptcy Code would receive a combination of shares of one class of common stock, par value $0.001 per share issued by reorganized OSG (the “Reorganized OSG Stock”) and warrants with an exercise price of $0.01 issued by reorganized OSG to holders of claims that do not comply with the Jones Act citizenship requirements but are otherwise entitled to receive Reorganized OSG Stock under the plan (the “Reorganized OSG Jones Act Warrants”) valued at $61,400, subject to dilution on account of a management and director incentive program and the Rights Offering (as defined below). Under the Plan reflected in the Term Sheet, holders of claims arising out of the Unsecured Revolving Credit Facility will receive their pro rata share of stock and warrants of the reorganized OSG. In addition, the Term Sheet provides that under the Plan, the 7.50% Unsecured Senior Notes due in 2024 issued by OSG and the 8.125% Unsecured Senior Notes due in 2018 issued by OSG will be reinstated, following payment of outstanding interest.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 5 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
General Notes (Continued)
The Term Sheet further provides that pursuant to the Plan, the
Company will raise $300,000 through a rights offering (the “Rights Offering”) of Reorganized OSG Stock and Reorganized
OSG Jones Act Warrants to the holders of claims arising out of the Unsecured Revolving Credit Facility, which Rights Offering will
be back-stopped by the Consenting Lenders or their designees. The Plan further contemplates that the Company will raise $735,000
in secured exit financing. The proceeds of the Rights Offering and such exit financing will enable the Debtors to satisfy the secured
claims of Danish Ship Finance (“DSF”) and the Export-Import Bank of China (“CEXIM”) in full, in cash. As
a result, the Debtors withdrew their previously-announced motion for authorization to sell the vessels over which CEXIM has security
interests. The Plan Support Agreement, as amended, remains subject to the approval of the Bankruptcy Court.
On February 28, 2014, the Debtors and the Consenting Lenders (each Consenting Lender, a “Commitment Party”) entered
into an equity commitment agreement dated February 28, 2014 (the “Equity Commitment Agreement”) setting forth, among
other things, the terms of the Rights Offering. Under the Rights Offering, each lender who is the beneficial owner of claims arising
out of the Unsecured Revolving Credit Facility as of the date specified in the procedures with respect to the Rights Offering (the
“Rights Offering Procedures”, the form of which are set forth in the Equity Commitment Agreement) that are approved
by the Bankruptcy Court (each such lender, an “Eligible Participant”) will be offered the right to purchase up to its pro
rata share of Reorganized OSG Stock and Reorganized OSG Jones Act Warrants for $19.51 per share or warrant. Each Eligible
Participant will also be offered the right to purchase Reorganized OSG Stock and Reorganized OSG Jones Act Warrants in an oversubscription
rights offering, subject to certain limitations and caps, in the event that other Eligible Participants do not elect to purchase
their pro rata share of Reorganized OSG Stock and Reorganized OSG Jones Act Warrants in connection with the Rights
Offering (such rights, the “Unsubscribed Rights”). To ensure that OSG raises $300 million in connection with the
Rights Offering, the Equity Commitment Agreement further provides that each Commitment Party has committed to subscribe for any
Unsubscribed Rights in proportion to its Subscription Commitment Percentage (as defined in the Equity Commitment Agreement). Subject
to Bankruptcy Court’s approval, in consideration for entering into this commitment, the Commitment Parties will receive (i)
a fee paid promptly following the effective date of the Plan allocated among the Commitment Parties, at each Commitment Party’s
option, either in the form of (x) shares or warrants of reorganized OSG, equal to 5% of the aggregate amount raised in the Rights
Offering or (y) the cash equivalent thereof and (ii) reimbursement of all reasonably documented out-of-pocket costs and expenses.
If the transactions contemplated by the Equity Commitment Agreement are consummated, OSG will use the proceeds of the sale of the
Reorganized OSG Stock and Reorganized OSG Jones Act Warrants to fund payments under the Plan. Among other things, these proceeds
will enable the Debtors to retain the vessels pledged to secure the claims of CEXIM and DSF, which claims will be repaid in full
in cash. The Equity Commitment Agreement remains subject to the approval of the Bankruptcy Court.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 6 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
General Notes (Continued)
The Consenting Lenders may terminate the Plan Support Agreement under certain circumstances, including, but not limited to, if the Debtors fail to achieve certain milestones for seeking confirmation and effectiveness of the Plan within certain time periods specified in the Plan Support Agreement including, inter alia, filing a Plan and disclosure statement with the Bankruptcy Court by March 7, 2014 (which has occurred), the entry of an order by the Bankruptcy Court approving the disclosure statement by May 16, 2014 and the entry of an order by the Bankruptcy Court confirming the Plan by June 20, 2014.
The Debtors may terminate the Plan Support Agreement under certain circumstances, including, but not limited to, if the Debtors, in the exercise of their fiduciary duty, (i) reasonably determine that the Plan is not in the best interests of the Debtors’ estates or (ii) receive an unsolicited proposal for an alternative plan that the Debtors reasonably determine to be more favorable to the Debtors’ estates than the Plan.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 7 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1
Overseas Shipholding Group, Inc.
Unaudited Consolidated Statement of Cash Receipts and Disbursements
For the Period January 1, 2014 through January 31, 2014
(in thousands of dollars)
| Beginning Cash Balance | 601,927 | |||
| Cash Receipts: | ||||
| Vessel Related Receipts | 85,046 | |||
| Other Receipts1 | 8,105 | |||
| Total Receipts | 93,151 | |||
| Cash Disbursements: | ||||
| Vessel Related Disbursements2 | 70,799 | |||
| General and Administrative: | ||||
| Compensation & Benefits | 4,244 | |||
| Other General & Administrative | 3,559 | |||
| Taxes | 69 | |||
| Restructuring Costs and Adequate Protection Payments | 7,766 | |||
| U.S. Trustee Fees | 726 | |||
| Other Disbursements | 261 | |||
| Total Disbursements | 87,424 | |||
| Ending Cash Balance3 | 607,654 |
1 Other Receipts includes items such as distributions from joint ventures, reimbursements from joint ventures for expenses paid on their behalf, pool commissions, insurance claim receipts and other miscellaneous refunds and receipts.
2 Includes expenses paid on behalf of joint ventures.
3 Includes approximately $23.2 million of cash restricted under secured debt facilities, but excludes approximately $10 million of additional restricted cash included in other current assets in the unaudited condensed consolidated balance sheets.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 8 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 1 | Overseas Shipholding Group, Inc. | 12-20000 | $ | 717,210 | ||||
| 2 | OSG International, Inc. | 12-20001 | 909,498 | |||||
| 3 | OSG Bulk Ships, Inc. | 12-20002 | 597,456 | |||||
| 4 | 1372 Tanker Corporation | 12-20003 | 3,184,651 | |||||
| 5 | Africa Tanker Corporation | 12-20004 | 55,835 | |||||
| 6 | Alcesmar Limited | 12-20005 | 575,761 | |||||
| 7 | Alcmar Limited | 12-20006 | 638,962 | |||||
| 8 | Alpha Suezmax Corporation | 12-20007 | 6,038 | |||||
| 9 | Alpha Tanker Corporation | 12-20008 | 75 | |||||
| 10 | Amalia Product Corporation | 12-20009 | 287,254 | |||||
| 11 | Ambermar Product Carrier Corporation | 12-20010 | 240,393 | |||||
| 12 | Ambermar Tanker Corporation | 12-20011 | 291 | |||||
| 13 | Andromar Limited | 12-20012 | 235,385 | |||||
| 14 | Antigmar Limited | 12-20013 | 245,814 | |||||
| 15 | Aqua Tanker Corporation | 12-20014 | 1,246 | |||||
| 16 | Aquarius Tanker Corporation | 12-20015 | 4,926 | |||||
| 17 | Ariadmar Limited | 12-20016 | 174,036 | |||||
| 18 | Aspro Tanker Corporation | 12-20017 | 342 | |||||
| 19 | Atalmar Limited | 12-20018 | 682,660 | |||||
| 20 | Athens Product Tanker Corporation | 12-20019 | 887,677 | |||||
| 21 | Atlas Chartering Corporation | 12-20020 | 5,708 | |||||
| 22 | Aurora Shipping Corporation | 12-20021 | 339,939 | |||||
| 23 | Avila Tanker Corporation | 12-20022 | 277 | |||||
| 24 | Batangas Tanker Corporation | 12-20023 | 147,672 | |||||
| 25 | Beta Aframax Corporation | 12-20024 | 6,280 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 9 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 26 | Brooklyn Product Tanker Corporation | 12-20025 | 8,114 | |||||
| 27 | Cabo Hellas Limited | 12-20026 | 783,544 | |||||
| 28 | Cabo Sounion Limited | 12-20027 | 205,725 | |||||
| 29 | Caribbean Tanker Corporation | 12-20028 | 469,691 | |||||
| 30 | Carina Tanker Corporation | 12-20029 | 5,368 | |||||
| 31 | Carl Product Corporation | 12-20030 | 179,012 | |||||
| 32 | Concept Tanker Corporation | 12-20031 | 398,139 | |||||
| 33 | Crown Tanker Corporation | 12-20032 | 70 | |||||
| 34 | Delphina Tanker Corporation | 12-20033 | - | |||||
| 35 | Delta Aframax Corporation | 12-20034 | 771,688 | |||||
| 36 | DHT Ania Aframax Corp. | 12-20035 | 319 | |||||
| 37 | DHT Ann VLCC Corp. | 12-20036 | 6,733 | |||||
| 38 | DHT Cathy Aframax Corp. | 12-20037 | 3,526 | |||||
| 39 | DHT Chris VLCC Corp. | 12-20038 | 5,686 | |||||
| 40 | DHT Rebecca Aframax Corp. | 12-20039 | 392 | |||||
| 41 | DHT Regal Unity VLCC Corp. | 12-20040 | 3,193 | |||||
| 42 | DHT Sophie Aframax Corp. | 12-20041 | 2,379 | |||||
| 43 | Dignity Chartering Corporation | 12-20042 | 7,545 | |||||
| 44 | Edindun Shipping Corporation | 12-20043 | - | |||||
| 45 | Eighth Aframax Tanker Corporation | 12-20044 | 383,261 | |||||
| 46 | Epsilon Aframax Corporation | 12-20045 | 787,334 | |||||
| 47 | First Chemical Carrier Corporation | 12-20046 | 1,551 | |||||
| 48 | First LPG Tanker Corporation | 12-20047 | 1,483 | |||||
| 49 | First Union Tanker Corporation | 12-20048 | 357,007 | |||||
| 50 | Fourth Aframax Tanker Corporation | 12-20049 | 546,090 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 10 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 51 | Front President Inc. | 12-20050 | 1,267,098 | |||||
| 52 | Goldmar Limited | 12-20051 | 230,802 | |||||
| 53 | GPC Aframax Corporation | 12-20052 | 5,787 | |||||
| 54 | Grace Chartering Corporation | 12-20053 | 1,982 | |||||
| 55 | International Seaways, Inc. | 12-20054 | 2,604,610 | |||||
| 56 | Jademar Limited | 12-20055 | 312,609 | |||||
| 57 | Joyce Car Carrier Corporation | 12-20056 | 3,092 | |||||
| 58 | Juneau Tanker Corporation | 12-20057 | 1,910 | |||||
| 59 | Kimolos Tanker Corporation | 12-20058 | 1,350,126 | |||||
| 60 | Kythnos Chartering Corporation | 12-20059 | 633,511 | |||||
| 61 | Leo Tanker Corporation | 12-20060 | 5,037 | |||||
| 62 | Leyte Product Tanker Corporation | 12-20061 | 257,908 | |||||
| 63 | Limar Charter Corporation | 12-20062 | 23,056 | |||||
| 64 | Luxmar Product Tanker Corporation | 12-20063 | 1,213,111 | |||||
| 65 | Luxmar Tanker LLC | 12-20064 | 13,474 | |||||
| 66 | Majestic Tankers Corporation | 12-20065 | 327,994 | |||||
| 67 | Maple Tanker Corporation | 12-20066 | 1,363,566 | |||||
| 68 | Maremar Product Tanker Corporation | 12-20067 | 12 | |||||
| 69 | Maremar Tanker LLC | 12-20068 | 27,874 | |||||
| 70 | Marilyn Vessel Corporation | 12-20069 | 100 | |||||
| 71 | Maritrans General Partner Inc. | 12-20070 | - | |||||
| 72 | Maritrans Operating Company L.P. | 12-20071 | 5,620 | |||||
| 73 | Milos Product Tanker Corporation | 12-20072 | 584,813 | |||||
| 74 | Mindanao Tanker Corporation | 12-20073 | 6,830,217 | |||||
| 75 | Mykonos Tanker LLC | 12-20074 | 1,321,822 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 11 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 76 | Nedimar Charter Corporation | 12-20075 | 4,877 | |||||
| 77 | Oak Tanker Corporation | 12-20076 | 1,415,499 | |||||
| 78 | Ocean Bulk Ships, Inc. | 12-20077 | 2 | |||||
| 79 | Oceania Tanker Corporation | 12-20078 | 14,061 | |||||
| 80 | OSG 192 LLC | 12-20079 | 41,705 | |||||
| 81 | OSG 209 LLC | 12-20080 | 36,091 | |||||
| 82 | OSG 214 LLC | 12-20081 | 121,691 | |||||
| 83 | OSG 215 Corporation | 12-20082 | 26 | |||||
| 84 | OSG 242 LLC | 12-20083 | 68,539 | |||||
| 85 | OSG 243 LLC | 12-20084 | 932,559 | |||||
| 86 | OSG 244 LLC | 12-20085 | 89,865 | |||||
| 87 | OSG 252 LLC | 12-20086 | 58,409 | |||||
| 88 | OSG 254 LLC | 12-20087 | 64,193 | |||||
| 89 | OSG 300 LLC | 12-20088 | 9 | |||||
| 90 | OSG 400 LLC | 12-20089 | 3,090 | |||||
| 91 | OSG America L.P. | 12-20090 | 8 | |||||
| 92 | OSG America LLC | 12-20091 | 48 | |||||
| 93 | OSG America Operating Company LLC | 12-20092 | 283,121 | |||||
| 94 | OSG Car Carriers, Inc. | 12-20093 | 1,444 | |||||
| 95 | OSG Clean Products International, Inc. | 12-20094 | 10 | |||||
| 96 | OSG Columbia LLC | 12-20095 | 222,191 | |||||
| 97 | OSG Constitution LLC | 12-20096 | 592 | |||||
| 98 | OSG Courageous LLC | 12-20097 | 246,418 | |||||
| 99 | OSG Delaware Bay Lightering LLC | 12-20098 | 1,858,337 | |||||
| 100 | OSG Discovery LLC | 12-20099 | 284 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 12 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 101 | OSG Endeavor LLC | 12-20100 | 50 | |||||
| 102 | OSG Endurance LLC | 12-20101 | 227,543 | |||||
| 103 | OSG Enterprise LLC | 12-20102 | 263,599 | |||||
| 104 | OSG Financial Corp. | 12-20103 | 2,125 | |||||
| 105 | OSG Freedom LLC | 12-20104 | 558 | |||||
| 106 | OSG Honour LLC | 12-20105 | 228,474 | |||||
| 107 | OSG Independence LLC | 12-20106 | 249,874 | |||||
| 108 | OSG Intrepid LLC | 12-20107 | 249,834 | |||||
| 109 | OSG Liberty LLC | 12-20108 | 2,126 | |||||
| 110 | OSG Lightering LLC | 12-20109 | 5,901,543 | |||||
| 111 | OSG Lightering Acquisition Corporation | 12-20110 | 419 | |||||
| 112 | OSG Lightering Solutions LLC | 12-20111 | 719 | |||||
| 113 | OSG Mariner LLC | 12-20112 | 50 | |||||
| 114 | OSG Maritrans Parent LLC | 12-20113 | 23,542 | |||||
| 115 | OSG Navigator LLC | 12-20114 | 216,625 | |||||
| 116 | OSG New York, Inc. | 12-20115 | 812,770 | |||||
| 117 | OSG Product Tankers AVTC, LLC | 12-20116 | 10 | |||||
| 118 | OSG Product Tankers Member LLC | 12-20117 | - | |||||
| 119 | OSG Product Tankers II, LLC | 12-20118 | 1 | |||||
| 120 | OSG Product Tankers I, LLC | 12-20119 | 1 | |||||
| 121 | OSG Product Tankers, LLC | 12-20120 | 2 | |||||
| 122 | OSG Quest LLC | 12-20121 | 32 | |||||
| 123 | OSG Seafarer LLC | 12-20122 | 144 | |||||
| 124 | OSG Ship Management, Inc. | 12-20123 | 4,924,835 | |||||
| 125 | OSG Valour LLC | 12-20124 | 235 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 13 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 126 | Overseas Allegiance Corporation | 12-20125 | 0 | |||||
| 127 | Overseas Anacortes LLC | 12-20126 | 1,343,811 | |||||
| 128 | Overseas Boston LLC | 12-20127 | 2,387,158 | |||||
| 129 | Overseas Diligence LLC | 12-20128 | 84 | |||||
| 130 | Overseas Galena Bay LLC | 12-20129 | 556 | |||||
| 131 | Overseas Houston LLC | 12-20130 | 1,259,009 | |||||
| 132 | Overseas Integrity LLC | 12-20131 | 224 | |||||
| 133 | Overseas Long Beach LLC | 12-20132 | 1,073,499 | |||||
| 134 | Overseas Los Angeles LLC | 12-20133 | 1,214,171 | |||||
| 135 | Overseas Martinez LLC | 12-20134 | 1,340,734 | |||||
| 136 | Overseas New Orleans LLC | 12-20135 | 461 | |||||
| 137 | Overseas New York LLC | 12-20136 | 1,151,423 | |||||
| 138 | Overseas Nikiski LLC | 12-20137 | 1,327,594 | |||||
| 139 | Overseas Perseverance Corporation | 12-20138 | 80 | |||||
| 140 | Overseas Philadelphia LLC | 12-20139 | 190 | |||||
| 141 | Overseas Puget Sound LLC | 12-20140 | 1,793 | |||||
| 142 | Overseas Sea Swift Corporation | 12-20141 | 2 | |||||
| 143 | Overseas Shipping (GR) Ltd. | 12-20142 | 121,804 | |||||
| 144 | Overseas ST Holding LLC | 12-20143 | 1,324,500 | |||||
| 145 | Overseas Tampa LLC | 12-20144 | 1,985,661 | |||||
| 146 | Overseas Texas City LLC | 12-20145 | 1,209,403 | |||||
| 147 | Pearlmar Limited | 12-20146 | 215,727 | |||||
| 148 | Petromar Limited | 12-20147 | 782,380 | |||||
| 149 | Pisces Tanker Corporation | 12-20148 | 5,485 | |||||
| 150 | Polaris Tanker Corporation | 12-20149 | 5,565 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 14 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| Filing Entities: | Case # | Total Disbursements | ||||||
| 151 | Queens Product Tanker Corporation | 12-20150 | 13,060 | |||||
| 152 | Reymar Limited | 12-20151 | 296,400 | |||||
| 153 | Rich Tanker Corporation | 12-20152 | 1,009,932 | |||||
| 154 | Rimar Chartering Corporation | 12-20153 | 3,992 | |||||
| 155 | Rosalyn Tanker Corporation | 12-20154 | 218,476 | |||||
| 156 | Rosemar Limited | 12-20155 | 643,919 | |||||
| 157 | Rubymar Limited | 12-20156 | 11,581 | |||||
| 158 | Sakura Transport Corp. | 12-20157 | 471,843 | |||||
| 159 | Samar Product Tanker Corporation | 12-20158 | 240,537 | |||||
| 160 | Santorini Tanker LLC | 12-20159 | 1,627,275 | |||||
| 161 | Serifos Tanker Corporation | 12-20160 | 1,091,559 | |||||
| 162 | Seventh Aframax Tanker Corporation | 12-20161 | 372,134 | |||||
| 163 | Shirley Tanker SRL | 12-20162 | 352,519 | |||||
| 164 | Sifnos Tanker Corporation | 12-20163 | 393,671 | |||||
| 165 | Silvermar Limited | 12-20164 | 213,635 | |||||
| 166 | Sixth Aframax Tanker Corporation | 12-20165 | 344,342 | |||||
| 167 | Skopelos Product Tanker Corporation | 12-20166 | 195,448 | |||||
| 168 | Star Chartering Corporation | 12-20167 | 462,061 | |||||
| 169 | Suezmax International Agencies, Inc. | 12-20168 | 1,956,519 | |||||
| 170 | Talara Chartering Corporation | 12-20169 | 6,860 | |||||
| 171 | Third United Shipping Corporation | 12-20170 | 11,015 | |||||
| 172 | Tokyo Transport Corp. | 12-20171 | 239,268 | |||||
| 173 | Transbulk Carriers, Inc. | 12-20172 | 53 | |||||
| 174 | Troy Chartering Corporation | 12-20173 | 12,531 | |||||
| 175 | Troy Product Corporation | 12-20174 | 12,271 | |||||
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 15 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1a
Schedule of Disbursements by Legal Entity1
For the Period January 1, 2014 through January 31, 2014
| 176 | Urban Tanker Corporation | 12-20175 | 413,768 | |||||
| 177 | Vega Tanker Corporation | 12-20176 | 756 | |||||
| 178 | View Tanker Corporation | 12-20177 | 575,947 | |||||
| 179 | Vivian Tankships Corporation | 12-20178 | 3,731 | |||||
| 180 | Vulpecula Chartering Corporation | 12-20179 | 5,790 | |||||
| 181 | Wind Aframax Tanker Corporation | 12-20180 | 5 | |||||
| Total Disbursements | $ | 79,779,765 |
| 1 | Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records. |
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 16 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1b
Schedule of Professional Fees and Expenses Paid1
For the Period January 1, 2014 through January 31, 2014
| Amounts Paid this Period | Cumulative Amount Paid Since Petition Date | |||||||||||||||||||||||
| Professional | Fees | Expenses | Total | Fees | Expenses | Total | ||||||||||||||||||
| Akin Gump Straus Hauer & Feld LLP | $ | - | $ | 5,891,216 | $ | 210,235 | $ | 6,101,451 | ||||||||||||||||
| Bowman Gilfillan, Inc. | - | 50,499 | 17,446 | 67,945 | ||||||||||||||||||||
| Burke & Parsons | 21,902 | 55 | 21,958 | 447,556 | 10,427 | 457,983 | ||||||||||||||||||
| Chilmark Partners, LLC | - | 1,640,000 | 190,645 | 1,830,645 | ||||||||||||||||||||
| Cleary Gottlieb Steen & Hamilton LLP | - | 17,360,085 | 550,010 | 17,910,095 | ||||||||||||||||||||
| Deloitte & Touche LLP | 931,698 | 18,316 | 950,014 | 3,129,852 | 65,227 | 3,195,078 | ||||||||||||||||||
| Deloitte Tax LLP | 249,804 | 983 | 250,787 | 3,933,238 | 12,610 | 3,945,848 | ||||||||||||||||||
| Eversheds LLP | - | 198,367 | 1,588 | 199,955 | ||||||||||||||||||||
| FTI Consulting, Inc. | 193,138 | 324 | 193,462 | 3,421,108 | 6,758 | 3,427,866 | ||||||||||||||||||
| Gellert, Scali, Busenkell & Brown, LLC | - | - | - | - | ||||||||||||||||||||
| Houlihan Lokey Capital, Inc. | - | 1,580,833 | 42,529 | 1,623,362 | ||||||||||||||||||||
| Kurtzman Carson Consultants LLC | - | - | - | - | ||||||||||||||||||||
| Mercer (US) Inc. | - | 141,810 | 48,101 | 189,910 | ||||||||||||||||||||
| Morris, Nichols, Arsht & Tunnell LLP | 39,028 | 539 | 39,566 | 820,275 | 29,551 | 849,826 | ||||||||||||||||||
| Mullin Hoard & Brown LLP | 42,770 | 4,855 | 47,625 | 1,126,539 | 66,278 | 1,192,817 | ||||||||||||||||||
| Pepper Hamilton LLP | 8,422 | 153 | 8,574 | 207,776 | 10,022 | 217,798 | ||||||||||||||||||
| Pricewaterhouse Coopers LLP | - | 4,768,847 | 63,735 | 4,832,582 | ||||||||||||||||||||
| Venable LLP | - | - | - | - | ||||||||||||||||||||
| Total Professional Fees and Expenses | $ | 1,486,762 | $ | 25,225 | $ | 1,511,987 | $ | 44,718,000 | $ | 1,325,162 | $ | 46,043,162 | ||||||||||||
1Certain of the professionals listed in the table have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 17 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-1b
Schedule of Professional Fees and Expenses Paid (continued)1
For the Period January 1, 2014 through January 31, 2014
| Professional | Role | |
| Akin Gump Strauss Hauer & Feld LLP | Unsecured Creditors' Committee Co-Counsel | |
| Bowman Gilfillan, Inc. | Debtors' Special Counsel for South African Matters | |
| Burke & Parsons | Debtors' Special Counsel for United States Maritime Matters | |
| Chilmark Partners, LLC | Debtors' Financial and Restructuring Advisor | |
| Cleary Gottlieb Steen & Hamilton LLP | Debtors' Counsel | |
| Deloitte & Touche LLP | Debtors' Accounting Advisor | |
| Deloitte Tax LLP | Debtors' Tax Advisor | |
| Eversheds LLP | Debtors' Special Counsel For United Kingdom Maritime Matters | |
| FTI Consulting, Inc. | Unsecured Creditors' Committee Financial Advisor | |
| Gellert, Scali, Busenkell & Brown, LLC | Debtors' Special Litigation Counsel | |
| Houlihan Lokey Capital, Inc. | Unsecured Creditors' Committee Financial Advisor and Investment Banker | |
| Kurtzman Carson Consultants LLC | Claims and Noticing Agent | |
| Mercer (US) Inc. | Compensation Specialist | |
| Morris, Nichols, Arsht & Tunnell LLP | Debtors' Delaware Bankruptcy Co-Counsel | |
| Mullin Hoard & Brown, L.L.P. | Debtors' Special Litigation Counsel | |
| Pepper Hamilton LLP | Unsecured Creditors' Committee Co-Counsel | |
| PricewaterhouseCoopers LLP | Debtors' Independent Auditor, Accountant and Tax Advisor | |
| Venable LLP | Debtors' Special Litigation Counsel | |
1Certain of the professionals listed in the table below have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.
| Monthly Operating Report |
| January 1, 2014 through January 31, 2014 |
| Page 18 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash Disbursements Journal
For the Period January 1, 2014 through January 31, 2014
Bank Account Reconciliations & Cash Disbursement Journals
The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.
Bank Statements
The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.
Closed Bank Accounts
The Debtors affirm that the following bank account(s) were closed during the current reporting period.
| Debtor | Bank/Institution | Account # | Date of Closing |
None
Opened Bank Accounts
The Debtors affirm that the following bank account(s) were opened during the current reporting period.
| Debtor | Bank/Institution | Account # | Date of Opening |
None
Debtor Bank Account Balances
See Appendix B
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 19 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-2
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidated Statements of Operations
For the Periods January 1, 2014 through January 31, 2014, and
November 14, 2012 through January 31, 2014
(in thousands of dollars)
| January 1, 2014 through January 31, 2014 | November 14, 2012 through January 31, 2014 | |||||||
| Shipping Revenues: | ||||||||
| Pool revenues | $ | 18,404 | $ | 222,349 | ||||
| Time and bareboat charter revenues | 32,515 | 447,278 | ||||||
| Voyage charter revenues | 55,840 | 590,278 | ||||||
| 106,759 | 1,259,905 | |||||||
| Operating Expenses: | ||||||||
| Voyage expenses | 25,807 | 313,661 | ||||||
| Vessel expenses | 22,565 | 325,450 | ||||||
| Charter hire expenses | 15,254 | 265,891 | ||||||
| Depreciation and amortization | 14,035 | 216,516 | ||||||
| General and administrative | 7,672 | 116,789 | ||||||
| Goodwill and intangible assets impairment charge | - | 16,214 | ||||||
| Loss on disposal of vessels, including impairments | - | 644,668 | ||||||
| Total Operating Expenses | 85,333 | 1,899,189 | ||||||
| Income/(Loss) from Vessel Operations | 21,426 | (639,284 | ) | |||||
| Equity in Income/(Loss) of Affiliated Companies | 2,948 | 50,835 | ||||||
| Operating Income/(Loss) | 24,374 | (588,449 | ) | |||||
| Other Income/(expense) | 42 | 1,126 | ||||||
| Income/(loss) before Interest Expense and Income Taxes | 24,416 | (587,323 | ) | |||||
| Interest Expense | - | (216 | ) | |||||
| Income/(loss) before Reorganization Items and Income Taxes | 24,416 | (587,539 | ) | |||||
| Reorganization Items, net | 6,842 | 375,123 | ||||||
| Income/(loss) before Income Taxes | 17,574 | (962,662 | ) | |||||
| Income Tax Benefit | (2,018 | ) | (19,555 | ) | ||||
| Net Income/(loss) | $ | 19,592 | $ | (943,107 | ) | |||
See Notes to Unaudited Condensed Consolidated Statements of Operations on the following page
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 20 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-2
Overseas Shipholding Group, Inc.
Notes to Unaudited Condensed Consolidated Statements of Operations
For the Periods January 1, 2014 through January 31, 2014, and
November 14, 2012 through January 31, 2014
(in thousands of dollars)
| 1. | The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustment. The Unaudited Condensed Consolidated Statements of Operations have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. |
| 2. | Pool revenue and voyage expense presentation—For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Such TCE revenues are reported as pool revenues in the accompanying condensed consolidated statement of operations. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools, and assesses whether or not OSG’s participation interest in each of the pools is sufficiently significant so as to determine that OSG has effective control of the pool. Management determined that as of June 30, 2013, it had effective control of one of the pools in which the Company participates. Such pool is not a legal entity, but operates under a contractual arrangement. Pool revenue amounts previously reported on a net TCE basis in July and August 2013 were reversed in September 2013 and the cumulative effect of reporting the Company’s allocated TCE revenues for such pool on a gross basis as voyage charter revenues and voyage expenses for the three months ended September 30, 2013 was recorded in September 2013. |
| 3. | Reorganization Items consists of the following: |
| January 1, 2014 | November 14, 2012 | |||||||
| through | through | |||||||
| January 31, 2014 | January 31, 2014 | |||||||
| Professional fees, including Trustee Fees of $251 and $3,929 | $ | 6,842 | $ | 81,231 | ||||
| Expenses incurred on rejected executory contracts | - | 289,073 | ||||||
| Write-off of deferred financing costs | - | 4,603 | ||||||
| Other claims adjustments | - | 216 | ||||||
| $ | 6,842 | $ | 375,123 | |||||
In December 2013, the Company recorded a $4,603 charge to Reorganization Items to write-off the balance of unamortized deferred financing costs associated with the Company’s unsecured revolving credit facility and secured loan facilities which the Company determined would more likely than not cease to exist in the post emergence period as a result of extinguishment, satisfaction or an exchange of debt for equity during the re-organization process.
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 21 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-3
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidated Balance Sheets
As of November 13, 2012 and January 31, 2014
(in thousands of dollars)
| November 13, 2012 | January 31, 2014 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 477,973 | $ | 607,654 | ||||
| Voyage receivables | 171,753 | 156,320 | ||||||
| Other receivables | 59,295 | 27,608 | ||||||
| Inventory | 14,150 | 19,950 | ||||||
| Prepaid expenses and other current assets | 46,636 | 30,584 | ||||||
| Total Current Assets | 769,807 | 842,116 | ||||||
| Vessels and other property, less accumulated depreciation | 3,135,823 | 2,355,965 | ||||||
| Deferred drydock expenditures, net | 73,898 | 57,190 | ||||||
| Total Vessels, Deferred Drydock and Other Property | 3,209,721 | 2,413,155 | ||||||
| Investments in Affiliated Companies | 247,964 | 316,692 | ||||||
| Intangible Assets, less accumulated amortization | 72,655 | 59,776 | ||||||
| Goodwill | 9,589 | - | ||||||
| Other Assets | 16,464 | 36,367 | ||||||
| Total Assets | $ | 4,326,200 | $ | 3,668,106 | ||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 93,170 | $ | 383,310 | ||||
| Total Current Liabilities | 93,170 | 383,310 | ||||||
| Noncurrent Liabilities: | ||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | 5,457 | - | ||||||
| Deferred Taxes and Other Liabilities | 758,736 | 447,438 | ||||||
| Liabilities Subject to Compromise | 2,623,588 | 2,883,640 | ||||||
| Total Noncurrent Liabilities | 3,387,781 | 3,331,078 | ||||||
| Total Liabilities | 3,480,951 | 3,714,388 | ||||||
| (Deficit)/Equity: | ||||||||
| Total (Deficit)/Equity | 845,249 | (46,282 | ) | |||||
| Total Liabilities and (Deficit)/Equity | $ | 4,326,200 | $ | 3,668,106 | ||||
See Notes to Unaudited Condensed Consolidated Balance Sheets on the following page
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 22 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-3
Overseas Shipholding Group, Inc.
Notes to Unaudited Condensed Consolidated Balance Sheets
As of November 13, 2012 and January 31, 2014
(in thousands of dollars)
| 1. | The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Unaudited Condensed Consolidated Balance Sheets have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. |
| 2. | The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect a complete analysis regarding potential claims under the Bankruptcy Code, however, the balance sheet as of January 31, 2014 does include the Debtors’ estimates of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors for which performance had also ceased by the end of the reporting period. |
| 3. | The Company allocated liabilities between pre-petition and post-petition periods based on the information available and research conducted in connection with the preparation of this Monthly Operating Report. As additional information becomes available, the allocation of liabilities between the pre-petition and post-petition periods may change. |
| 5. | As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is below the outstanding principal of the secured debt, and accordingly, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. The Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013. |
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 23 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-3
Overseas Shipholding Group, Inc.
Notes to Unaudited Condensed Consolidated Balance Sheets (continued)
As of November 13, 2012 and January 31, 2014
(in thousands of dollars)
| 6. | Liabilities Subject to Compromise consist of the following: |
| November 13, 2012 | January 31, 2014 | |||||||
| Pre-petition accounts payable, accrued expenses and other liabilities | $ | 398 | $ | 4,638 | ||||
| Senior Notes | 500,780 | 500,780 | ||||||
| Unsecured revolver | 1,488,579 | 1,489,000 | ||||||
| Accrued interest and fees on unsecured revolver and senior notes | 10,878 | 10,878 | ||||||
| Secured debt and accrued interest | 578,024 | 565,132 | ||||||
| Derivative liabilities | 3,566 | 3,566 | ||||||
| Pension and other postretirement benefit plan liabilities | 41,363 | 27,047 | ||||||
| Accrued liabilities relating to rejected executory contracts | 0 | 282,599 | ||||||
| $ | 2,623,588 | $ | 2,883,640 | |||||
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 24 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Declaration Regarding the Status of Post-Petition Taxes of the Debtors
As of January 31, 2014
STATE OF NEW YORK
NEW YORK COUNTY
Jerry Miller hereby declares and states:
1. I am Controller for Overseas Shipholding Group, Inc., a corporation organized under the laws of the State of Delaware and the Debtor in the above-captioned chapter 11 cases (the “Debtors”). I am familiar with the Debtors’ day-to-day operations, business affairs and books and records.
2. All statements in this Declaration are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors’ operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents or opinion. I am authorized to submit this Declaration on behalf of the Debtors.
3. To the best of my knowledge, the Debtors have filed all necessary federal, state and local post-petition tax returns and made all required post-petition tax payments in connection therewith on a timely basis or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.1
| Dated: March 14, 2014 | Respectfully submitted, |
| New York, New York |
| /s/ Jerry Miller | |
| Jerry Miller | |
| Controller, Overseas Shipholding Group, Inc. |
1 The Debtors used ADP for the remittance of all payroll taxes.
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 25 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-4
Overseas Shipholding Group, Inc.
Consolidated Summary of Unpaid Post-Petition Accounts Payable1
January 31, 2014
| Days Past Due | ||||||||||||||||||||||
| Current | 1-30 | 31-60 | 61-90 | >91 | Total | |||||||||||||||||
| $ | 10,420,036 | $ | (260,633 | ) | $ | 585,862 | $ | 8,115 | $ | 464,604 | $ | 11,217,984 | ||||||||||
| 93 | % | -2 | % | 5 | % | 0 | % | 4 | % | 100 | % | |||||||||||
1 The post-petition accounts payable is reported at a consolidated basis including both Debtors and non-Debtor subsidiaries to more completely reflect the liabilities of all Debtor entities, many of which utilize non-Debtor affiliates as their paying agent under the centralized cash management system of the Company. The accounts payable reported represent open trade vendor invoices that have been entered into the Company’s accounts payable system and pre-petition amounts that the Company intends to pay in accordance with various orders of the Bankruptcy Court. This summary does not include accruals for invoices not yet received or approved.
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 26 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-5
Overseas Shipholding Group, Inc.
Consolidated Trade Accounts Receivable and Aging
January 31, 2014
| Days Aged 1 | ||||||||||||||||||||||||||||
| 0-30 | 31-60 | 61-90 | 91-120 | 120-180 | >180 | Total | ||||||||||||||||||||||
| Trade Receivables: | ||||||||||||||||||||||||||||
| Trade - Invoiced 2 | $ | 14,593,878 | $ | 3,072,636 | $ | 5,175,186 | $ | 1,182,642 | $ | 2,142,923 | $ | 5,377,197 | $ | 31,544,462 | ||||||||||||||
| Trade - Accrued and Unbilled3 | $ | 26,148,346 | ||||||||||||||||||||||||||
| Trade - Pools4 | $ | 100,124,178 | ||||||||||||||||||||||||||
| Allowance for Doubtful Receivables | $ | (2,111,300 | ) | |||||||||||||||||||||||||
| Accounts Receivable | $ | 14,593,878 | $ | 3,072,636 | $ | 5,175,186 | $ | 1,182,642 | $ | 2,142,923 | $ | 5,377,197 | $ | 155,705,686 | ||||||||||||||
| Percentage of Trade-Invoiced 5 | 46 | % | 10 | % | 16 | % | 4 | % | 7 | % | 17 | % | 100 | % | ||||||||||||||
Notes:
| 1 | Days Aged is based on the date of invoice |
| 2 | Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company. |
| 3 | Represents unbilled trade accounts receivables of the consolidated Company |
| 4 | Represents undistributed earnings receivable from the commercial pools in which the Company participates |
| 5 | Represents percentage of Trade-Invoiced amounts only |
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 27 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
MOR-6
Debtor Questionnaire
For the Period January 1, 2014 through January 31, 2014
| Yes | No | |||
| 1. | Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | ||
| 2. | Have any funds been disbursed from any account other than a debtor in possession account this reporting period. If yes, provide an explanation below. | X1 | ||
| 3. | Have all post-petition tax returns been timely filed? If no, provide an explanation. | X | ||
| 4. | Are workers compensation, general liability and other necessary insurance coverage’s in effect? If no, provide an explanation. | X | ||
| 5. | Have any bank accounts been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to Local Rule 4001-3 | X |
1 As provided for in the Final Order Pursuant to 11 U.S.C. §§ 105(a), 345, 363(c)(1), 364(a), 364(c) and 503(b)(1), and Fed. R. Bankr. P. 6003: (A) Approving the Continued Use of the Cash Management System, Bank Accounts and Business Forms; (B) Permitting Continued Intercompany Transactions and Transfers and Granting Liens, Claims and Other Relief in Connection Therewith; (C) Authorizing Banks to Honor Certain Transfers and Charge Certain Fees and Other Amounts; and (D) Approving Limited Waiver of Section 345 dated January 24, 2013 [D.I. 0396] (the “Cash Management Order”), certain non-Debtor affiliates pay expenses to third parties on behalf of current or prior vessel-operating Debtors, including the payment of general and administrative expenses incurred by such non-Debtor affiliates. These non-Debtor affiliates are funded through Intercompany Revolvers, as defined in the Cash Management Order.
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 28 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| Overseas Shipholding Group, Inc. | 12-20000 | |
| OSG International, Inc. | 12-20001 | |
| OSG Bulk Ships, Inc. | 12-20002 | |
| 1372 Tanker Corporation | 12-20003 | |
| Africa Tanker Corporation | 12-20004 | |
| Alcesmar Limited | 12-20005 | |
| Alcmar Limited | 12-20006 | |
| Alpha Suezmax Corporation | 12-20007 | |
| Alpha Tanker Corporation | 12-20008 | |
| Amalia Product Corporation | 12-20009 | |
| Ambermar Product Carrier Corporation | 12-20010 | |
| Ambermar Tanker Corporation | 12-20011 | |
| Andromar Limited | 12-20012 | |
| Antigmar Limited | 12-20013 | |
| Aqua Tanker Corporation | 12-20014 | |
| Aquarius Tanker Corporation | 12-20015 | |
| Ariadmar Limited | 12-20016 | |
| Aspro Tanker Corporation | 12-20017 | |
| Atalmar Limited | 12-20018 | |
| Athens Product Tanker Corporation | 12-20019 | |
| Atlas Chartering Corporation | 12-20020 | |
| Aurora Shipping Corporation | 12-20021 | |
| Avila Tanker Corporation | 12-20022 | |
| Batangas Tanker Corporation | 12-20023 | |
| Beta Aframax Corporation | 12-20024 | |
| Brooklyn Product Tanker Corporation | 12-20025 | |
| Cabo Hellas Limited | 12-20026 | |
| Cabo Sounion Limited | 12-20027 | |
| Caribbean Tanker Corporation | 12-20028 | |
| Carina Tanker Corporation | 12-20029 | |
| Carl Product Corporation | 12-20030 | |
| Concept Tanker Corporation | 12-20031 | |
| Crown Tanker Corporation | 12-20032 | |
| Delphina Tanker Corporation | 12-20033 | |
| Delta Aframax Corporation | 12-20034 | |
| DHT Ania Aframax Corp. | 12-20035 | |
| DHT Ann VLCC Corp. | 12-20036 | |
| DHT Cathy Aframax Corp. | 12-20037 | |
| DHT Chris VLCC Corp. | 12-20038 | |
| DHT Rebecca Aframax Corp. | 12-20039 |
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 29 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| DHT Regal Unity VLCC Corp. | 12-20040 | |
| DHT Sophie Aframax Corp. | 12-20041 | |
| Dignity Chartering Corporation | 12-20042 | |
| Edindun Shipping Corporation | 12-20043 | |
| Eighth Aframax Tanker Corporation | 12-20044 | |
| Epsilon Aframax Corporation | 12-20045 | |
| First Chemical Carrier Corporation | 12-20046 | |
| First LPG Tanker Corporation | 12-20047 | |
| First Union Tanker Corporation | 12-20048 | |
| Fourth Aframax Tanker Corporation | 12-20049 | |
| Front President Inc. | 12-20050 | |
| Goldmar Limited | 12-20051 | |
| GPC Aframax Corporation | 12-20052 | |
| Grace Chartering Corporation | 12-20053 | |
| International Seaways, Inc. | 12-20054 | |
| Jademar Limited | 12-20055 | |
| Joyce Car Carrier Corporation | 12-20056 | |
| Juneau Tanker Corporation | 12-20057 | |
| Kimolos Tanker Corporation | 12-20058 | |
| Kythnos Chartering Corporation | 12-20059 | |
| Leo Tanker Corporation | 12-20060 | |
| Leyte Product Tanker Corporation | 12-20061 | |
| Limar Charter Corporation | 12-20062 | |
| Luxmar Product Tanker Corporation | 12-20063 | |
| Luxmar Tanker LLC | 12-20064 | |
| Majestic Tankers Corporation | 12-20065 | |
| Maple Tanker Corporation | 12-20066 | |
| Maremar Product Tanker Corporation | 12-20067 | |
| Maremar Tanker LLC | 12-20068 | |
| Marilyn Vessel Corporation | 12-20069 | |
| Maritrans General Partner Inc. | 12-20070 | |
| Maritrans Operating Company L.P. | 12-20071 | |
| Milos Product Tanker Corporation | 12-20072 | |
| Mindanao Tanker Corporation | 12-20073 | |
| Mykonos Tanker LLC | 12-20074 | |
| Nedimar Charter Corporation | 12-20075 | |
| Oak Tanker Corporation | 12-20076 | |
| Ocean Bulk Ships, Inc. | 12-20077 | |
| Oceania Tanker Corporation | 12-20078 | |
| OSG 192 LLC | 12-20079 | |
| OSG 209 LLC | 12-20080 |
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 30 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| OSG 214 LLC | 12-20081 | |
| OSG 215 Corporation | 12-20082 | |
| OSG 242 LLC | 12-20083 | |
| OSG 243 LLC | 12-20084 | |
| OSG 244 LLC | 12-20085 | |
| OSG 252 LLC | 12-20086 | |
| OSG 254 LLC | 12-20087 | |
| OSG 300 LLC | 12-20088 | |
| OSG 400 LLC | 12-20089 | |
| OSG America L.P. | 12-20090 | |
| OSG America LLC | 12-20091 | |
| OSG America Operating Company LLC | 12-20092 | |
| OSG Car Carriers, Inc. | 12-20093 | |
| OSG Clean Products International, Inc. | 12-20094 | |
| OSG Columbia LLC | 12-20095 | |
| OSG Constitution LLC | 12-20096 | |
| OSG Courageous LLC | 12-20097 | |
| OSG Delaware Bay Lightering LLC | 12-20098 | |
| OSG Discovery LLC | 12-20099 | |
| OSG Endeavor LLC | 12-20100 | |
| OSG Endurance LLC | 12-20101 | |
| OSG Enterprise LLC | 12-20102 | |
| OSG Financial Corp. | 12-20103 | |
| OSG Freedom LLC | 12-20104 | |
| OSG Honour LLC | 12-20105 | |
| OSG Independence LLC | 12-20106 | |
| OSG Intrepid LLC | 12-20107 | |
| OSG Liberty LLC | 12-20108 | |
| OSG Lightering LLC | 12-20109 | |
| OSG Lightering Acquisition Corporation | 12-20110 | |
| OSG Lightering Solutions LLC | 12-20111 | |
| OSG Mariner LLC | 12-20112 | |
| OSG Maritrans Parent LLC | 12-20113 | |
| OSG Navigator LLC | 12-20114 | |
| OSG New York, Inc. | 12-20115 | |
| OSG Product Tankers AVTC, LLC | 12-20116 | |
| OSG Product Tankers Member LLC | 12-20117 | |
| OSG Product Tankers II, LLC | 12-20118 | |
| OSG Product Tankers I, LLC | 12-20119 | |
| OSG Product Tankers, LLC | 12-20120 | |
| OSG Quest LLC | 12-20121 |
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 31 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| OSG Seafarer LLC | 12-20122 | |
| OSG Ship Management, Inc. | 12-20123 | |
| OSG Valour LLC | 12-20124 | |
| Overseas Allegiance Corporation | 12-20125 | |
| Overseas Anacortes LLC | 12-20126 | |
| Overseas Boston LLC | 12-20127 | |
| Overseas Diligence LLC | 12-20128 | |
| Overseas Galena Bay LLC | 12-20129 | |
| Overseas Houston LLC | 12-20130 | |
| Overseas Integrity LLC | 12-20131 | |
| Overseas Long Beach LLC | 12-20132 | |
| Overseas Los Angeles LLC | 12-20133 | |
| Overseas Martinez LLC | 12-20134 | |
| Overseas New Orleans LLC | 12-20135 | |
| Overseas New York LLC | 12-20136 | |
| Overseas Nikiski LLC | 12-20137 | |
| Overseas Perseverance Corporation | 12-20138 | |
| Overseas Philadelphia LLC | 12-20139 | |
| Overseas Puget Sound LLC | 12-20140 | |
| Overseas Sea Swift Corporation | 12-20141 | |
| Overseas Shipping (GR) Ltd. | 12-20142 | |
| Overseas ST Holding LLC | 12-20143 | |
| Overseas Tampa LLC | 12-20144 | |
| Overseas Texas City LLC | 12-20145 | |
| Pearlmar Limited | 12-20146 | |
| Petromar Limited | 12-20147 | |
| Pisces Tanker Corporation | 12-20148 | |
| Polaris Tanker Corporation | 12-20149 | |
| Queens Product Tanker Corporation | 12-20150 | |
| Reymar Limited | 12-20151 | |
| Rich Tanker Corporation | 12-20152 | |
| Rimar Chartering Corporation | 12-20153 | |
| Rosalyn Tanker Corporation | 12-20154 | |
| Rosemar Limited | 12-20155 | |
| Rubymar Limited | 12-20156 | |
| Sakura Transport Corp. | 12-20157 | |
| Samar Product Tanker Corporation | 12-20158 | |
| Santorini Tanker LLC | 12-20159 | |
| Serifos Tanker Corporation | 12-20160 | |
| Seventh Aframax Tanker Corporation | 12-20161 | |
| Shirley Tanker SRL | 12-20162 |
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 32 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Appendix A
Debtors Listing
| Company Legal Name | Case No. | |
| Sifnos Tanker Corporation | 12-20163 | |
| Silvermar Limited | 12-20164 | |
| Sixth Aframax Tanker Corporation | 12-20165 | |
| Skopelos Product Tanker Corporation | 12-20166 | |
| Star Chartering Corporation | 12-20167 | |
| Suezmax International Agencies, Inc. | 12-20168 | |
| Talara Chartering Corporation | 12-20169 | |
| Third United Shipping Corporation | 12-20170 | |
| Tokyo Transport Corp. | 12-20171 | |
| Transbulk Carriers, Inc. | 12-20172 | |
| Troy Chartering Corporation | 12-20173 | |
| Troy Product Corporation | 12-20174 | |
| Urban Tanker Corporation | 12-20175 | |
| Vega Tanker Corporation | 12-20176 | |
| View Tanker Corporation | 12-20177 | |
| Vivian Tankships Corporation | 12-20178 | |
| Vulpecula Chartering Corporation | 12-20179 | |
| Wind Aframax Tanker Corporation | 12-20180 |
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 33 of 162 |
Appendix B
Overseas Shipholding Group, Inc., et al.
Listing of Debtors' Bank Accounts and Book Balances as of January 31, 20141
(in USD)
| Debtor | EIN | Bank | Currency | Account Number | USD Balance per Books as of January 31, 2014 | |||||||
| Cabo Hellas Limited | 98-0465299 | JP Morgan Chase | USD | XXX-XX0606 | - | |||||||
| Cabo Sounion Limited | 98-0465296 | JP Morgan Chase | USD | XXX-XX0614 | - | |||||||
| Delta Aframax Corporation | 98-0489892 | HSBC | USD | XXXXX6729 | 1,000.00 | |||||||
| Epsilon Aframax Corporation | 98-0489895 | HSBC | USD | XXXXX6737 | 1,000.00 | |||||||
| Front President Inc. | 77-0681687 | HSBC | USD | XXXXX6745 | 1,000.00 | |||||||
| Maple Tanker Corporation | 98-0595229 | HSBC | USD | XXXX6753 | 1,000.00 | |||||||
| Oak Tanker Corporation | 98-0595234 | HSBC | USD | XXXX6761 | 1,000.00 | |||||||
| OSG America Operating Company LLC | 45-0575493 | Fifth Third Bank - Tampa | USD | XXXXXXX3987 | 243,739,267.13 | |||||||
| OSG Bulk Ships, Inc. | 13-2632600 | Fifth Third Bank - Tampa | USD | XXXXXXX4290 | 8,638,683.63 | |||||||
| OSG Bulk Ships, Inc. | 13-2632600 | JP Morgan Chase | USD | XXXX-XXXXX0-509 | (1,018,354.44 | ) | ||||||
| OSG Bulk Ships, Inc. | 13-2632600 | JP Morgan Chase | USD | XXX-X-XX7251 | 8,081,997.96 | |||||||
| OSG Financial Corp. | 13-3178639 | JP Morgan Chase | USD | XXX-X-XX3754 | 371,213.74 | |||||||
| OSG International, Inc. | 98-0467117 | HSBC | USD | XXXXX6923 | 5,082,389.83 | |||||||
| OSG International, Inc. | 98-0467117 | JP Morgan Chase | USD | XXX-X-XX5113 | 123,334,075.34 | |||||||
| OSG International, Inc. | 98-0467117 | JP Morgan Chase | USD | XXXXX7192 | 18,081,468.53 | |||||||
| OSG Lightering LLC | 98-0380553 | Bank of Oklahoma | USD | XXXXX9048 | 14,934,001.06 | |||||||
| OSG Lightering LLC | 98-0380553 | Bank of Texas - Houston | USD | XXXXXX9108 | (89,972.37 | ) | ||||||
| OSG Lightering LLC | 98-0380553 | Bank of Texas - Houston | USD | XXXXXX9174 | 1.00 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | JP Morgan Chase | USD | XXX-XX2788 | 10,000.30 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | Fifth Third Bank - Tampa | USD | XXXXXX2932 | 17,597.37 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | JP Morgan Chase | USD | XXX-XX6624 | 1,164,052.82 | |||||||
| OSG Ship Management, Inc. | 13-3589004 | JP Morgan Chase | USD | XXX-XX5045 | 75,167.29 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | TD Bank, N.A. | USD | XXX-XXX6647 | 24,052,883.80 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | Morgan Stanley | USD | XXX-XXXXX1-852 | - | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | BlackRock | USD | X4888 | 59,009,608.03 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | Fidelity | USD | XXXXXXX7175 | 59,723,825.37 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | JP Morgan Chase | USD | XXX-X-XX5014 | 823,400.90 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | JP Morgan Chase | USD | XXX6306 | 30,005,848.60 | |||||||
| Overseas Shipholding Group, Inc. | 13-2637623 | JP Morgan Chase | USD | XXX-XX9772 | 5,000.00 | |||||||
| Rosemar Limited | 98-0417974 | JP Morgan Chase | USD | XXX-XX0959 | - | |||||||
| Rubymar Limited | 98-0420767 | JP Morgan Chase | USD | XXX-XX0967 | - | |||||||
| Serifos Tanker Corporation | 98-0513004 | JPMorgan Chase | USD | XXXXX0222 | - | |||||||
| Shirley Tanker SRL | 98-0513551 | Cidel Bank & Trust, Inc. | USD | XXXXXX-XXX4290 | 27.60 | |||||||
| Shirley Tanker SRL | 98-0513551 | Cidel Bank & Trust, Inc. | CAD | XXXXXX-XXX9190 | - | |||||||
| Shirley Tanker SRL | 98-0513551 | Cidel Bank & Trust, Inc. | CAD | XXXXXX-XXX6490 | 0.65 | |||||||
| Sifnos Tanker Corporation | 98-0513006 | JPMorgan Chase | USD | XXXXX0230 | - | |||||||
| TOTAL | $ | 596,047,184.14 | ||||||||||
1 Petty cash accounts with nominal balances maintained at certain office locations have been excluded from this list, but are reported in the Cash and Cash Equivalents line item in the balance sheets presented herein.
Preliminary and Unaudited
| Page 34 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Appendix C
Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets
These unaudited condensed consolidating financial statements are provided to fulfill the requirements of the Office of the United States Trustee. Amounts in the columns and rows in the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets may not sum to subtotal or total amounts due to rounding. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. The Company put forth significant efforts to attribute the results of operations to the proper legal entity. However, because the Company’s accounting systems, policies, and practices were developed with a view to producing consolidated reporting, rather than by legal entity, it is possible that not all assets and liabilities and/or results of operations have been recorded at the correct legal entity in the unaudited condensed consolidating financial statements. These statements should be read in conjunction with the General Notes contained within this Monthly Operating Report. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented. No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.
In accordance with normal Company practice, adjustments related to prior periods are recorded and reflected in the period in which it is determined that such adjustments are needed.
The Company is a publicly-held company that prepared and filed consolidated financial statements on a quarterly basis. In accordance with the Company’s historic policies and practices related to quarterly reporting, certain information contained in the Monthly Operating Reports is estimated in the first and second months of each calendar quarter, then reconciled to actual results and/or other analysis performed quarterly and adjusted accordingly in the final month of the calendar quarter.
Post-petition interest expense and interest income on intercompany loans from Non-Debtors to Debtors is included in Other Income in the accompanying Unaudited Condensed Consolidating Statements of Operations.
The Company owns a fleet of ten (10) articulated tug-barges (“ATB”). An ATB consists of a tug and a barge. Each tug and its respective barge are owned by a different Debtor. The revenue associated with the operation of an ATB is recorded on the related barge Debtor entity, whereas the operating expenses of the ATB are recorded on both the related tug and barge respective Debtor entities, based on the specific expenses incurred by each.
All of the Company's chartered in vessels are accounted for as operating leases. ASC Topic 840 states that if costs expected to be incurred under an operating sublease (that is, executory costs, which represent costs typically classified as voyage expenses, and charter hire expense - rental payments) exceed anticipated revenue on the operating sublease, a loss shall be recognized by the sublessor in the period it executed the sublease. The provision for a loss on a sublease would be based on the net expected future cash disbursements. Credits to charter hire expense arise, when terms of the sublease, time charter-out, are modified in a period subsequent to the period in which the provision is recorded.
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 35 of 162 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In Re: | Chapter 11 |
| OVERSEAS SHIPHOLDING GROUP, INC., et al. | Case Number: 12-20000 (PJW) |
| Debtors | Jointly Administered |
| Hon. Peter J. Walsh |
Appendix C
Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets (continued)
As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is below the outstanding principal of the secured debt, and accordingly, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date. The Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013.
Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2013 were reflected in the December 2013 period.
Monthly Operating Report
January 1, 2014 through January 31, 2014
| Page 36 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Shipholding Group, Inc. | OSG International, Inc. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 45 | $ | (1 | ) | $ | (30 | ) | ||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 45 | (1 | ) | (30 | ) | |||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | (4 | ) | (52 | ) | ||||||||||
| Charter hire expenses | - | - | - | 49 | ||||||||||||
| Depreciation and amortization | - | - | 3 | 5 | ||||||||||||
| General and administrative | 829 | 7,203 | 91 | 28,901 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 0 | ||||||||||||
| Total Operating Expenses | 829 | 7,203 | 90 | 28,903 | ||||||||||||
| Income/(loss) from Vessel Operations | (829 | ) | (7,159 | ) | (91 | ) | (28,933 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | 215 | 479 | 8,796 | ||||||||||||
| Operating Income/(loss) | (829 | ) | (6,943 | ) | 388 | (20,137 | ) | |||||||||
| Other Income/(expense) | 548 | 7,594 | (1,567 | ) | (24,948 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (281 | ) | 651 | (1,178 | ) | (45,086 | ) | |||||||||
| Interest Expense | - | 0 | - | 0 | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (281 | ) | 651 | (1,178 | ) | (45,086 | ) | |||||||||
| Reorganization Items, net | 6,645 | 83,454 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (6,926 | ) | (82,803 | ) | (1,178 | ) | (45,086 | ) | ||||||||
| Income Tax (Benefit)/Provision | (1,820 | ) | (24,670 | ) | 7 | 134 | ||||||||||
| Net Income/(Loss) | $ | (5,106 | ) | $ | (58,134 | ) | $ | (1,185 | ) | $ | (45,220 | ) | ||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 37 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Bulk Ships, Inc. | 1372 Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 3,419 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | 2,235 | 10,958 | ||||||||||||
| - | - | 2,235 | 14,377 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 1,111 | 7,135 | ||||||||||||
| Vessel expenses | 5 | 411 | 264 | 3,929 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 262 | 3,837 | ||||||||||||
| General and administrative | 2 | 193 | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | (4 | ) | - | - | |||||||||||
| Total Operating Expenses | 6 | 600 | 1,637 | 14,901 | ||||||||||||
| Income/(loss) from Vessel Operations | (6 | ) | (600 | ) | 598 | (524 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (6 | ) | (600 | ) | 598 | (524 | ) | |||||||||
| Other Income/(expense) | (216 | ) | (2,713 | ) | (1 | ) | (11 | ) | ||||||||
| Income/(loss) before Interest Expense and Income Taxes | (222 | ) | (3,314 | ) | 597 | (534 | ) | |||||||||
| Interest Expense | - | 0 | - | (16 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (222 | ) | (3,314 | ) | 597 | (550 | ) | |||||||||
| Reorganization Items, net | - | - | - | 272 | ||||||||||||
| Income/(loss) before Income Taxes | (222 | ) | (3,314 | ) | 597 | (822 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | 1,021 | - | - | ||||||||||||
| Net Income/(Loss) | $ | (222 | ) | $ | (4,335 | ) | $ | 597 | $ | (822 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 38 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Africa Tanker Corporation | Alcesmar Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 352 | $ | 5,938 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 4 | ||||||||||||
| - | - | 352 | 5,942 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | 7 | ||||||||||||
| Vessel expenses | 6 | 86 | 262 | 2,956 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 85 | 1,884 | ||||||||||||
| General and administrative | - | 313 | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 18,737 | ||||||||||||
| Total Operating Expenses | 6 | 400 | 347 | 23,585 | ||||||||||||
| Income/(loss) from Vessel Operations | (6 | ) | (400 | ) | 5 | (17,643 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | 2,469 | 35,713 | - | - | ||||||||||||
| Operating Income/(loss) | 2,463 | 35,313 | 5 | (17,643 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 2,463 | 35,313 | 5 | (17,643 | ) | |||||||||||
| Interest Expense | - | - | - | (8 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 2,463 | 35,313 | 5 | (17,651 | ) | |||||||||||
| Reorganization Items, net | - | - | - | 102 | ||||||||||||
| Income/(loss) before Income Taxes | 2,463 | 35,313 | 5 | (17,753 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 2,463 | $ | 35,313 | $ | 5 | $ | (17,753 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 39 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Alcmar Limited | Alpha Suezmax Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 190 | $ | 6,096 | $ | - | $ | (158 | ) | |||||||
| Time and bareboat charter revenues | - | 0 | - | 1,276 | ||||||||||||
| Voyage charter revenues | - | 3 | - | 14 | ||||||||||||
| 190 | 6,099 | - | 1,132 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (30 | ) | - | 255 | |||||||||||
| Vessel expenses | 393 | 3,206 | 7 | 414 | ||||||||||||
| Charter hire expenses | - | - | - | 1,580 | ||||||||||||
| Depreciation and amortization | 132 | 1,543 | - | 133 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 18,356 | - | - | ||||||||||||
| Total Operating Expenses | 525 | 23,075 | 7 | 2,382 | ||||||||||||
| Income/(loss) from Vessel Operations | (335 | ) | (16,976 | ) | (7 | ) | (1,250 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (335 | ) | (16,976 | ) | (7 | ) | (1,250 | ) | ||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (335 | ) | (16,976 | ) | (7 | ) | (1,250 | ) | ||||||||
| Interest Expense | - | (8 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (335 | ) | (16,984 | ) | (7 | ) | (1,250 | ) | ||||||||
| Reorganization Items, net | - | 102 | - | 15,492 | ||||||||||||
| Income/(loss) before Income Taxes | (335 | ) | (17,087 | ) | (7 | ) | (16,742 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (335 | ) | $ | (17,087 | ) | $ | (7 | ) | $ | (16,742 | ) | ||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 40 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Alpha Tanker Corporation | Amalia Product Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (2 | ) | $ | 399 | $ | 7,649 | |||||||
| Time and bareboat charter revenues | - | - | 226 | 226 | ||||||||||||
| Voyage charter revenues | - | - | - | 13 | ||||||||||||
| - | (2 | ) | 625 | 7,889 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | (267 | ) | (256 | ) | ||||||||||
| Vessel expenses | - | - | 163 | 2,862 | ||||||||||||
| Charter hire expenses | - | 131 | - | - | ||||||||||||
| Depreciation and amortization | - | - | 253 | 4,434 | ||||||||||||
| General and administrative | - | - | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 131 | 148 | 7,041 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (133 | ) | 476 | 848 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (133 | ) | 476 | 848 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (133 | ) | 476 | 848 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (133 | ) | 476 | 848 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (133 | ) | 476 | 848 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (133 | ) | $ | 476 | $ | 848 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 41 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Ambermar Product Carrier Corporation | Ambermar Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 387 | 2,402 | - | - | ||||||||||||
| Voyage charter revenues | - | 8,371 | - | - | ||||||||||||
| 387 | 10,773 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 7 | 3,868 | - | (4 | ) | |||||||||||
| Vessel expenses | 221 | 2,974 | 12 | 13 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 79 | 1,298 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 15,735 | - | - | ||||||||||||
| Total Operating Expenses | 307 | 23,875 | 12 | 9 | ||||||||||||
| Income/(loss) from Vessel Operations | 80 | (13,102 | ) | (12 | ) | (9 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 80 | (13,102 | ) | (12 | ) | (9 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 80 | (13,102 | ) | (12 | ) | (9 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 80 | (13,102 | ) | (12 | ) | (9 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 80 | (13,102 | ) | (12 | ) | (9 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 80 | $ | (13,102 | ) | $ | (12 | ) | $ | (9 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 42 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Andromar Limited | Antigmar Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 513 | $ | 6,435 | $ | 513 | $ | 6,413 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | (5 | ) | - | 51 | |||||||||||
| 513 | 6,430 | 513 | 6,464 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (0 | ) | - | 73 | |||||||||||
| Vessel expenses | 164 | 2,648 | 255 | 2,774 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 101 | 1,599 | 87 | 1,403 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19,207 | - | 18,905 | ||||||||||||
| Total Operating Expenses | 265 | 23,455 | 342 | 23,156 | ||||||||||||
| Income/(loss) from Vessel Operations | 248 | (17,026 | ) | 171 | (16,692 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 248 | (17,026 | ) | 171 | (16,692 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 248 | (17,026 | ) | 171 | (16,692 | ) | ||||||||||
| Interest Expense | - | (8 | ) | - | (8 | ) | ||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 248 | (17,034 | ) | 171 | (16,699 | ) | ||||||||||
| Reorganization Items, net | - | 102 | - | 102 | ||||||||||||
| Income/(loss) before Income Taxes | 248 | (17,136 | ) | 171 | (16,802 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 248 | $ | (17,136 | ) | $ | 171 | $ | (16,802 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 43 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Aqua Tanker Corporation | Aquarius Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (0 | ) | $ | (7 | ) | $ | - | $ | - | ||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 4,599 | ||||||||||||
| (0 | ) | (7 | ) | - | 4,599 | |||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | 2,693 | ||||||||||||
| Vessel expenses | - | - | - | 15 | ||||||||||||
| Charter hire expenses | - | (203 | ) | (18 | ) | 1,918 | ||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | 3 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (200 | ) | (18 | ) | 4,626 | ||||||||||
| Income/(loss) from Vessel Operations | (0 | ) | 193 | 18 | (27 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (0 | ) | 193 | 18 | (27 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (0 | ) | 193 | 18 | (27 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (0 | ) | 193 | 18 | (27 | ) | ||||||||||
| Reorganization Items, net | - | - | - | 2,343 | ||||||||||||
| Income/(loss) before Income Taxes | (0 | ) | 193 | 18 | (2,370 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (0 | ) | $ | 193 | $ | 18 | $ | (2,370 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 44 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Ariadmar Limited | Aspro Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 514 | $ | 6,333 | $ | - | $ | (3 | ) | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 514 | 6,333 | - | (3 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 1 | 26 | - | - | ||||||||||||
| Vessel expenses | 188 | 2,650 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | 57 | ||||||||||||
| Depreciation and amortization | 104 | 1,647 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19,082 | - | - | ||||||||||||
| Total Operating Expenses | 293 | 23,405 | - | 57 | ||||||||||||
| Income/(loss) from Vessel Operations | 221 | (17,072 | ) | - | (60 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 221 | (17,072 | ) | - | (60 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 221 | (17,072 | ) | - | (60 | ) | ||||||||||
| Interest Expense | - | (8 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 221 | (17,080 | ) | - | (60 | ) | ||||||||||
| Reorganization Items, net | - | 102 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 221 | (17,182 | ) | - | (60 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 221 | $ | (17,182 | ) | $ | - | $ | (60 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 45 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Atalmar Limited | Athens Product Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 937 | 15,124 | 1,289 | 15,712 | ||||||||||||
| 937 | 15,124 | 1,289 | 15,712 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 420 | 8,719 | 752 | 7,437 | ||||||||||||
| Vessel expenses | 250 | 2,661 | 163 | 2,276 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 98 | 1,561 | 136 | 1,951 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 18,960 | - | - | ||||||||||||
| Total Operating Expenses | 767 | 31,902 | 1,052 | 11,664 | ||||||||||||
| Income/(loss) from Vessel Operations | 170 | (16,778 | ) | 237 | 4,047 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 170 | (16,778 | ) | 237 | 4,047 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 170 | (16,778 | ) | 237 | 4,047 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 170 | (16,778 | ) | 237 | 4,047 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 170 | (16,778 | ) | 237 | 4,047 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 170 | $ | (16,778 | ) | $ | 237 | $ | 4,047 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 46 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Atlas Chartering Corporation | Aurora Shipping Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 3,464 | ||||||||
| Time and bareboat charter revenues | - | - | 172 | 2,808 | ||||||||||||
| Voyage charter revenues | - | 3,975 | - | - | ||||||||||||
| - | 3,975 | 172 | 6,272 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 2,053 | 293 | 536 | ||||||||||||
| Vessel expenses | - | 9 | 393 | 5,441 | ||||||||||||
| Charter hire expenses | - | 1,982 | - | - | ||||||||||||
| Depreciation and amortization | - | - | 243 | 3,449 | ||||||||||||
| General and administrative | - | - | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 4,045 | 929 | 9,427 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (70 | ) | (757 | ) | (3,155 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (70 | ) | (757 | ) | (3,155 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (70 | ) | (757 | ) | (3,155 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (70 | ) | (757 | ) | (3,155 | ) | |||||||||
| Reorganization Items, net | - | 4,376 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (4,446 | ) | (757 | ) | (3,155 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (4,446 | ) | $ | (757 | ) | $ | (3,155 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 47 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Avila Tanker Corporation | Batangas Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (3 | ) | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | 2,253 | 10,387 | ||||||||||||
| - | (3 | ) | 2,253 | 10,387 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 945 | 6,552 | ||||||||||||
| Vessel expenses | - | - | 183 | 1,385 | ||||||||||||
| Charter hire expenses | - | (81 | ) | - | - | |||||||||||
| Depreciation and amortization | - | - | 223 | 1,437 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (81 | ) | 1,351 | 9,373 | |||||||||||
| Income/(loss) from Vessel Operations | - | 78 | 902 | 1,014 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 78 | 902 | 1,014 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 78 | 902 | 1,014 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 78 | 902 | 1,014 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 78 | 902 | 1,014 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 78 | $ | 902 | $ | 1,014 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 48 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Beta Aframax Corporation | Brooklyn Product Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (1 | ) | $ | (13 | ) | $ | - | $ | - | ||||||
| Time and bareboat charter revenues | - | 1,708 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 22 | ||||||||||||
| (1 | ) | 1,694 | - | 22 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | (68 | ) | |||||||||||
| Vessel expenses | 13 | 582 | (4 | ) | 63 | |||||||||||
| Charter hire expenses | - | 1,714 | - | - | ||||||||||||
| Depreciation and amortization | - | 26 | - | - | ||||||||||||
| General and administrative | 0 | 1 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | (20 | ) | |||||||||||
| Total Operating Expenses | 13 | 2,322 | (4 | ) | (25 | ) | ||||||||||
| Income/(loss) from Vessel Operations | (14 | ) | (628 | ) | 4 | 47 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (14 | ) | (628 | ) | 4 | 47 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (14 | ) | (628 | ) | 4 | 47 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (14 | ) | (628 | ) | 4 | 47 | ||||||||||
| Reorganization Items, net | - | 31,960 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (14 | ) | (32,588 | ) | 4 | 47 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (14 | ) | $ | (32,588 | ) | $ | 4 | $ | 47 | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 49 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Cabo Hellas Limited | Cabo Sounion Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 411 | 5,012 | 393 | 5,196 | ||||||||||||
| Voyage charter revenues | - | 11 | - | 14 | ||||||||||||
| 411 | 5,022 | 393 | 5,209 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 10 | 140 | 10 | 139 | ||||||||||||
| Vessel expenses | 211 | 3,052 | 167 | 3,135 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 154 | 2,839 | 160 | 2,995 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 17,172 | - | 18,004 | ||||||||||||
| Total Operating Expenses | 375 | 23,203 | 336 | 24,273 | ||||||||||||
| Income/(loss) from Vessel Operations | 35 | (18,181 | ) | 57 | (19,063 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 35 | (18,181 | ) | 57 | (19,063 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 35 | (18,181 | ) | 57 | (19,063 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 35 | (18,181 | ) | 57 | (19,063 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 35 | (18,181 | ) | 57 | (19,063 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 35 | $ | (18,181 | ) | $ | 57 | $ | (19,063 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 50 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Caribbean Tanker Corporation | Carina Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (4 | ) | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 1,219 | 13,335 | - | 4,777 | ||||||||||||
| 1,219 | 13,331 | - | 4,777 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 658 | 6,896 | - | 2,105 | ||||||||||||
| Vessel expenses | 265 | 4,743 | - | 14 | ||||||||||||
| Charter hire expenses | - | - | - | 2,146 | ||||||||||||
| Depreciation and amortization | 50 | 1,094 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 17,385 | - | - | ||||||||||||
| Total Operating Expenses | 973 | 30,119 | - | 4,266 | ||||||||||||
| Income/(loss) from Vessel Operations | 246 | (16,788 | ) | - | 511 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 246 | (16,788 | ) | - | 511 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 246 | (16,788 | ) | - | 511 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 246 | (16,788 | ) | - | 511 | |||||||||||
| Reorganization Items, net | - | - | - | 4,102 | ||||||||||||
| Income/(loss) before Income Taxes | 246 | (16,788 | ) | - | (3,591 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 246 | $ | (16,788 | ) | $ | - | $ | (3,591 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 51 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Carl Product Corporation | Concept Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (35 | ) | $ | 542 | $ | 6,584 | |||||||
| Time and bareboat charter revenues | 415 | 5,664 | - | - | ||||||||||||
| Voyage charter revenues | - | 10 | - | (4 | ) | |||||||||||
| 415 | 5,639 | 542 | 6,580 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 11 | (237 | ) | - | 21 | |||||||||||
| Vessel expenses | 187 | 2,552 | 4 | 71 | ||||||||||||
| Charter hire expenses | - | - | 403 | 6,108 | ||||||||||||
| Depreciation and amortization | 254 | 4,358 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 452 | 6,674 | 407 | 6,200 | ||||||||||||
| Income/(loss) from Vessel Operations | (36 | ) | (1,035 | ) | 135 | 380 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (36 | ) | (1,035 | ) | 135 | 380 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (36 | ) | (1,035 | ) | 135 | 380 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (36 | ) | (1,035 | ) | 135 | 380 | ||||||||||
| Reorganization Items, net | - | - | - | 1,943 | ||||||||||||
| Income/(loss) before Income Taxes | (36 | ) | (1,035 | ) | 135 | (1,563 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (36 | ) | $ | (1,035 | ) | $ | 135 | $ | (1,563 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 52 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Crown Tanker Corporation | Delphina Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 39 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 39 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | 39 | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 39 | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 39 | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 39 | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 39 | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 39 | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 53 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Delta Aframax Corporation | DHT Ania Aframax Corp. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (1 | ) | $ | (76 | ) | $ | - | $ | (4 | ) | |||||
| Time and bareboat charter revenues | 421 | 6,025 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 420 | 5,950 | - | (4 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 3 | 49 | - | - | ||||||||||||
| Vessel expenses | 319 | 3,682 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 134 | 2,846 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 24,359 | - | - | ||||||||||||
| Total Operating Expenses | 455 | 30,935 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (35 | ) | (24,986 | ) | - | (4 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (35 | ) | (24,986 | ) | - | (4 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (35 | ) | (24,986 | ) | - | (4 | ) | |||||||||
| Interest Expense | - | (19 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (35 | ) | (25,005 | ) | - | (4 | ) | |||||||||
| Reorganization Items, net | - | 365 | - | (12 | ) | |||||||||||
| Income/(loss) before Income Taxes | (35 | ) | (25,370 | ) | - | 8 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (35 | ) | $ | (25,370 | ) | $ | - | $ | 8 | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 54 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| DHT Ann VLCC Corp. | DHT Cathy Aframax Corp. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 587 | $ | 7 | $ | 213 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 587 | 7 | 213 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 101 | - | 24 | ||||||||||||
| Vessel expenses | - | 3 | - | 11 | ||||||||||||
| Charter hire expenses | - | 1,615 | - | 964 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 1,719 | - | 999 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (1,133 | ) | 7 | (786 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (1,133 | ) | 7 | (786 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (1,133 | ) | 7 | (786 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (1,133 | ) | 7 | (786 | ) | ||||||||||
| Reorganization Items, net | - | (119 | ) | - | (12 | ) | ||||||||||
| Income/(loss) before Income Taxes | - | (1,014 | ) | 7 | (774 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (1,014 | ) | $ | 7 | $ | (774 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 55 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| DHT Chris VLCC Corp. | DHT Rebecca Aframax Corp. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 43 | $ | - | $ | (5 | ) | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 43 | - | (5 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (0 | ) | - | - | |||||||||||
| Vessel expenses | - | (5 | ) | - | (0 | ) | ||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (5 | ) | - | (0 | ) | ||||||||||
| Income/(loss) from Vessel Operations | - | 48 | - | (4 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 48 | - | (4 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 48 | - | (4 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 48 | - | (4 | ) | |||||||||||
| Reorganization Items, net | - | 144 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (96 | ) | - | (4 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (96 | ) | $ | - | $ | (4 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 56 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| DHT Regal Unity VLCC Corp. | DHT Sophie Aframax Corp. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | (22 | ) | $ | (1 | ) | $ | (89 | ) | |||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | (22 | ) | (1 | ) | (89 | ) | ||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | (3 | ) | |||||||||||
| Vessel expenses | - | - | 16 | 16 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 16 | 13 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (22 | ) | (17 | ) | (102 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (22 | ) | (17 | ) | (102 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (22 | ) | (17 | ) | (102 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (22 | ) | (17 | ) | (102 | ) | |||||||||
| Reorganization Items, net | - | 258 | - | 17 | ||||||||||||
| Income/(loss) before Income Taxes | - | (280 | ) | (17 | ) | (119 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (280 | ) | $ | (17 | ) | $ | (119 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 57 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Dignity Chartering Corporation | Edindun Shipping Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (0 | ) | $ | 311 | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | (14 | ) | - | - | |||||||||||
| (0 | ) | 297 | - | - | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 18 | - | - | ||||||||||||
| Vessel expenses | 0 | 356 | - | - | ||||||||||||
| Charter hire expenses | - | 1,059 | - | - | ||||||||||||
| Depreciation and amortization | - | 68 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 0 | 1,501 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (0 | ) | (1,203 | ) | - | - | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (0 | ) | (1,203 | ) | - | - | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (0 | ) | (1,203 | ) | - | - | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (0 | ) | (1,203 | ) | - | - | ||||||||||
| Reorganization Items, net | - | 34,442 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (0 | ) | (35,645 | ) | - | - | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (0 | ) | $ | (35,645 | ) | $ | - | $ | - | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 58 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Eighth Aframax Tanker Corporation | Epsilon Aframax Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 2,012 | $ | - | $ | 1,947 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 2,030 | 10,316 | 1,711 | 8,715 | ||||||||||||
| 2,030 | 12,328 | 1,711 | 10,662 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 849 | 6,644 | 715 | 5,768 | ||||||||||||
| Vessel expenses | 227 | 3,397 | 266 | 3,142 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 139 | 1,998 | 130 | 2,815 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 24,905 | ||||||||||||
| Total Operating Expenses | 1,215 | 12,038 | 1,111 | 36,630 | ||||||||||||
| Income/(loss) from Vessel Operations | 816 | 290 | 600 | (25,968 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 816 | 290 | 600 | (25,968 | ) | |||||||||||
| Other Income/(expense) | - | - | (2 | ) | (15 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 816 | 290 | 598 | (25,983 | ) | |||||||||||
| Interest Expense | - | - | - | (14 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 816 | 290 | 598 | (25,997 | ) | |||||||||||
| Reorganization Items, net | - | - | - | 364 | ||||||||||||
| Income/(loss) before Income Taxes | 816 | 290 | 598 | (26,361 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 816 | $ | 290 | $ | 598 | $ | (26,361 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 59 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| First Chemical Carrier Corporation | First LPG Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 3,888 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | 3,888 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 56 | - | - | ||||||||||||
| Vessel expenses | - | 48 | - | - | ||||||||||||
| Charter hire expenses | - | 2,976 | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 3,080 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | 808 | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 808 | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 808 | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 808 | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 808 | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 808 | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 60 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| First Union Tanker Corporation | Fourth Aframax Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 1,115 | $ | 6,353 | $ | - | $ | (3 | ) | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 12 | 922 | 15,663 | ||||||||||||
| 1,115 | 6,365 | 922 | 15,660 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 30 | 506 | 519 | 9,128 | ||||||||||||
| Vessel expenses | 288 | 4,690 | 221 | 3,436 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 163 | 2,597 | 64 | 1,383 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,903 | - | 15,717 | ||||||||||||
| Total Operating Expenses | 481 | 24,695 | 803 | 29,664 | ||||||||||||
| Income/(loss) from Vessel Operations | 634 | (18,330 | ) | 118 | (14,004 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 634 | (18,330 | ) | 118 | (14,004 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 634 | (18,330 | ) | 118 | (14,004 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 634 | (18,330 | ) | 118 | (14,004 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 634 | (18,330 | ) | 118 | (14,004 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 634 | $ | (18,330 | ) | $ | 118 | $ | (14,004 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 61 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Front President Inc. | Goldmar Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 1,837 | $ | 10,384 | $ | 816 | $ | 7,786 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 1 | ||||||||||||
| 1,837 | 10,384 | 816 | 7,788 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 45 | 491 | - | 10 | ||||||||||||
| Vessel expenses | 332 | 3,750 | 170 | 3,013 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 479 | 5,367 | 161 | 2,989 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | (0 | ) | - | 16,753 | |||||||||||
| Total Operating Expenses | 856 | 9,608 | 330 | 22,766 | ||||||||||||
| Income/(loss) from Vessel Operations | 981 | 776 | 486 | (14,978 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 981 | 776 | 486 | (14,978 | ) | |||||||||||
| Other Income/(expense) | (2 | ) | (24 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 978 | 752 | 486 | (14,978 | ) | |||||||||||
| Interest Expense | - | (27 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 978 | 725 | 486 | (14,978 | ) | |||||||||||
| Reorganization Items, net | 68 | 569 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 910 | 156 | 486 | (14,978 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 910 | $ | 156 | $ | 486 | $ | (14,978 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 62 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| GPC Aframax Corporation | Grace Chartering Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 7 | $ | 895 | $ | - | $ | 1,555 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 7 | 895 | - | 1,555 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 25 | - | - | ||||||||||||
| Vessel expenses | 22 | 1,211 | - | 8 | ||||||||||||
| Charter hire expenses | - | 1,788 | - | 1,612 | ||||||||||||
| Depreciation and amortization | 4 | 100 | - | - | ||||||||||||
| General and administrative | - | 0 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 27 | 3,124 | - | 1,621 | ||||||||||||
| Income/(loss) from Vessel Operations | (20 | ) | (2,229 | ) | - | (66 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (20 | ) | (2,229 | ) | - | (66 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (20 | ) | (2,229 | ) | - | (66 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (20 | ) | (2,229 | ) | - | (66 | ) | |||||||||
| Reorganization Items, net | - | 21,847 | - | 881 | ||||||||||||
| Income/(loss) before Income Taxes | (20 | ) | (24,076 | ) | - | (947 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (20 | ) | $ | (24,076 | ) | $ | - | $ | (947 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 63 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| International Seaways, Inc. | Jademar Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (1 | ) | $ | 14,653 | $ | 843 | $ | 7,860 | |||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 13,039 | 66,640 | - | 9 | ||||||||||||
| 13,038 | 81,293 | 843 | 7,868 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 5,458 | 43,012 | - | 23 | ||||||||||||
| Vessel expenses | 330 | 3,892 | 165 | 2,570 | ||||||||||||
| Charter hire expenses | 2,151 | 32,660 | - | - | ||||||||||||
| Depreciation and amortization | 89 | 358 | 158 | 3,052 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 1 | - | 17,729 | ||||||||||||
| Total Operating Expenses | 8,028 | 79,923 | 323 | 23,375 | ||||||||||||
| Income/(loss) from Vessel Operations | 5,010 | 1,370 | 520 | (15,507 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 5,010 | 1,370 | 520 | (15,507 | ) | |||||||||||
| Other Income/(expense) | - | 2 | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 5,010 | 1,372 | 520 | (15,507 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 5,010 | 1,372 | 520 | (15,507 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 5,010 | 1,372 | 520 | (15,507 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 5,010 | $ | 1,372 | $ | 520 | $ | (15,507 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 64 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Joyce Car Carrier Corporation | Juneau Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | (61 | ) | - | - | |||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | (61 | ) | - | - | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | (0 | ) | 11 | - | - | |||||||||||
| Vessel expenses | - | (9 | ) | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | (110 | ) | - | - | |||||||||||
| Total Operating Expenses | (0 | ) | (107 | ) | - | - | ||||||||||
| Income/(loss) from Vessel Operations | 0 | 45 | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 0 | 45 | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 0 | 45 | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 0 | 45 | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 0 | 45 | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 0 | $ | 45 | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 65 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Kimolos Tanker Corporation | Kythnos Chartering Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 707 | 13,566 | 732 | 14,063 | ||||||||||||
| 707 | 13,566 | 732 | 14,063 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 629 | 7,623 | 402 | 7,271 | ||||||||||||
| Vessel expenses | 169 | 2,730 | 155 | 2,499 | ||||||||||||
| Charter hire expenses | 194 | 3,497 | - | - | ||||||||||||
| Depreciation and amortization | 29 | 447 | 122 | 1,714 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,020 | 14,297 | 679 | 11,485 | ||||||||||||
| Income/(loss) from Vessel Operations | (314 | ) | (731 | ) | 53 | 2,578 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (314 | ) | (731 | ) | 53 | 2,578 | ||||||||||
| Other Income/(expense) | - | - | - | 8 | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (314 | ) | (731 | ) | 53 | 2,586 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (314 | ) | (731 | ) | 53 | 2,586 | ||||||||||
| Reorganization Items, net | - | 14,130 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (314 | ) | (14,861 | ) | 53 | 2,586 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (314 | ) | $ | (14,861 | ) | $ | 53 | $ | 2,586 | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 66 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Leo Tanker Corporation | Leyte Product Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 880 | $ | 5,347 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | (66 | ) | 4,696 | (20 | ) | 3,411 | ||||||||||
| (66 | ) | 4,696 | 860 | 8,758 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 2,826 | 4 | 1,372 | ||||||||||||
| Vessel expenses | - | 18 | 232 | 2,615 | ||||||||||||
| Charter hire expenses | - | 2,213 | - | - | ||||||||||||
| Depreciation and amortization | - | - | 145 | 2,611 | ||||||||||||
| General and administrative | - | - | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 19,022 | ||||||||||||
| Total Operating Expenses | - | 5,057 | 381 | 25,620 | ||||||||||||
| Income/(loss) from Vessel Operations | (66 | ) | (360 | ) | 479 | (16,862 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (66 | ) | (360 | ) | 479 | (16,862 | ) | |||||||||
| Other Income/(expense) | - | - | (0 | ) | (3 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (66 | ) | (360 | ) | 479 | (16,865 | ) | |||||||||
| Interest Expense | - | - | - | (9 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (66 | ) | (360 | ) | 479 | (16,875 | ) | |||||||||
| Reorganization Items, net | - | 2,416 | 75 | 344 | ||||||||||||
| Income/(loss) before Income Taxes | (66 | ) | (2,776 | ) | 404 | (17,219 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (66 | ) | $ | (2,776 | ) | $ | 404 | $ | (17,219 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 67 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Limar Charter Corporation | Luxmar Product Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 255 | - | - | ||||||||||||
| Voyage charter revenues | - | 1,757 | 915 | 13,130 | ||||||||||||
| - | 2,012 | 915 | 13,130 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 834 | 515 | 7,713 | ||||||||||||
| Vessel expenses | (13 | ) | 363 | 201 | 3,239 | |||||||||||
| Charter hire expenses | - | 776 | - | - | ||||||||||||
| Depreciation and amortization | - | 437 | 92 | 1,612 | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 16,941 | ||||||||||||
| Total Operating Expenses | (13 | ) | 2,411 | 808 | 29,506 | |||||||||||
| Income/(loss) from Vessel Operations | 13 | (398 | ) | 107 | (16,376 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 13 | (398 | ) | 107 | (16,376 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 13 | (398 | ) | 107 | (16,376 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 13 | (398 | ) | 107 | (16,376 | ) | ||||||||||
| Reorganization Items, net | - | 7,625 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 13 | (8,023 | ) | 107 | (16,376 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 13 | $ | (8,023 | ) | $ | 107 | $ | (16,376 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 68 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Luxmar Tanker LLC | Majestic Tankers Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 1,323 | $ | 7,225 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | 1,323 | 7,225 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (27 | ) | 42 | 739 | |||||||||||
| Vessel expenses | (0 | ) | 170 | 232 | 5,562 | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 179 | 2,886 | ||||||||||||
| General and administrative | - | 0 | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 20,232 | ||||||||||||
| Total Operating Expenses | (0 | ) | 143 | 453 | 29,419 | |||||||||||
| Income/(loss) from Vessel Operations | 0 | (143 | ) | 870 | (22,194 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 0 | (143 | ) | 870 | (22,194 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 0 | (143 | ) | 870 | (22,194 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 0 | (143 | ) | 870 | (22,194 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 0 | (143 | ) | 870 | (22,194 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 0 | $ | (143 | ) | $ | 870 | $ | (22,194 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 69 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Oak Tanker Corporation | Maremar Product Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 761 | $ | 8,662 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 3 | - | - | ||||||||||||
| 761 | 8,665 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 296 | - | - | ||||||||||||
| Vessel expenses | 264 | 3,289 | - | (3 | ) | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 292 | 6,343 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 61,052 | - | - | ||||||||||||
| Total Operating Expenses | 556 | 70,980 | - | (3 | ) | |||||||||||
| Income/(loss) from Vessel Operations | 205 | (62,315 | ) | - | 3 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 205 | (62,315 | ) | - | 3 | |||||||||||
| Other Income/(expense) | (3 | ) | (35 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 202 | (62,350 | ) | - | 3 | |||||||||||
| Interest Expense | - | (34 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 202 | (62,383 | ) | - | 3 | |||||||||||
| Reorganization Items, net | - | 1,325 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 202 | (63,708 | ) | - | 3 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 202 | $ | (63,708 | ) | $ | - | $ | 3 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 70 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Maremar Tanker LLC | Marilyn Vessel Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 171 | 1,103 | - | - | ||||||||||||
| Voyage charter revenues | 0 | 5,816 | - | - | ||||||||||||
| 171 | 6,919 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 6 | 3,634 | - | - | ||||||||||||
| Vessel expenses | 1 | 1,867 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 46 | 1,160 | - | - | ||||||||||||
| General and administrative | - | 5 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,057 | - | - | ||||||||||||
| Total Operating Expenses | 53 | 22,723 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | 118 | (15,804 | ) | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 118 | (15,804 | ) | - | - | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 118 | (15,804 | ) | - | - | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 118 | (15,804 | ) | - | - | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 118 | (15,804 | ) | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 118 | $ | (15,804 | ) | $ | - | $ | - | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 71 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Maritrans General Partner Inc. | Maritrans Operating Company L.P. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 72 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Milos Product Tanker Corporation | Mindanao Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 817 | 13,970 | - | - | ||||||||||||
| 817 | 13,970 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 416 | 6,721 | - | - | ||||||||||||
| Vessel expenses | 148 | 2,440 | 1 | 1 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 140 | 2,001 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 703 | 11,162 | 1 | 1 | ||||||||||||
| Income/(loss) from Vessel Operations | 114 | 2,808 | (1 | ) | (1 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 114 | 2,808 | (1 | ) | (1 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 114 | 2,808 | (1 | ) | (1 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 114 | 2,808 | (1 | ) | (1 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 114 | 2,808 | (1 | ) | (1 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 114 | $ | 2,808 | $ | (1 | ) | $ | (1 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 73 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Mykonos Tanker LLC | Nedimar Charter Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 1,559 | 22,489 | - | 894 | ||||||||||||
| 1,559 | 22,489 | - | 894 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 627 | 8,889 | - | 455 | ||||||||||||
| Vessel expenses | 363 | 4,802 | - | 452 | ||||||||||||
| Charter hire expenses | - | - | - | 609 | ||||||||||||
| Depreciation and amortization | 173 | 2,469 | - | 172 | ||||||||||||
| General and administrative | 18 | 235 | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19 | - | - | ||||||||||||
| Total Operating Expenses | 1,181 | 16,414 | (0 | ) | 1,688 | |||||||||||
| Income/(loss) from Vessel Operations | 378 | 6,075 | 0 | (795 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 378 | 6,075 | 0 | (795 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 378 | 6,075 | 0 | (795 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 378 | 6,075 | 0 | (795 | ) | |||||||||||
| Reorganization Items, net | - | - | - | 5,852 | ||||||||||||
| Income/(loss) before Income Taxes | 378 | 6,075 | 0 | (6,647 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 378 | $ | 6,075 | $ | 0 | $ | (6,647 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 74 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Maple Tanker Corporation | Ocean Bulk Ships, Inc. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 873 | $ | 8,690 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 873 | 8,690 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 363 | - | - | ||||||||||||
| Vessel expenses | 307 | 3,321 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 279 | 6,325 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 62,874 | - | - | ||||||||||||
| Total Operating Expenses | 585 | 72,884 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | 288 | (64,193 | ) | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 288 | (64,193 | ) | - | - | |||||||||||
| Other Income/(expense) | (2 | ) | (22 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 286 | (64,215 | ) | - | - | |||||||||||
| Interest Expense | - | (33 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 286 | (64,248 | ) | - | - | |||||||||||
| Reorganization Items, net | - | 1,311 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 286 | (65,559 | ) | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 286 | $ | (65,559 | ) | $ | - | $ | - | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 75 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Oceania Tanker Corporation | OSG 192 LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 796 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 915 | 10,777 | ||||||||||||
| Voyage charter revenues | - | - | - | 32 | ||||||||||||
| - | 796 | 915 | 10,809 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 310 | 23 | 168 | ||||||||||||
| Vessel expenses | 72 | 2,337 | 21 | 648 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 155 | 2,446 | 175 | 3,132 | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 31,352 | - | - | ||||||||||||
| Total Operating Expenses | 227 | 36,444 | 219 | 3,948 | ||||||||||||
| Income/(loss) from Vessel Operations | (227 | ) | (35,648 | ) | 696 | 6,861 | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (227 | ) | (35,648 | ) | 696 | 6,861 | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (227 | ) | (35,648 | ) | 696 | 6,861 | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (227 | ) | (35,648 | ) | 696 | 6,861 | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (227 | ) | (35,648 | ) | 696 | 6,861 | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (227 | ) | $ | (35,648 | ) | $ | 696 | $ | 6,861 | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 76 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG 209 LLC | OSG 214 LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 930 | 11,925 | 930 | 11,654 | ||||||||||||
| Voyage charter revenues | 3 | 145 | 59 | 896 | ||||||||||||
| 933 | 12,070 | 989 | 12,550 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 15 | 258 | 71 | 1,072 | ||||||||||||
| Vessel expenses | 51 | 615 | 38 | 752 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 187 | 2,677 | 233 | 3,369 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 253 | 3,550 | 342 | 5,193 | ||||||||||||
| Income/(loss) from Vessel Operations | 681 | 8,520 | 647 | 7,357 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 681 | 8,520 | 647 | 7,357 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 681 | 8,520 | 647 | 7,357 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 681 | 8,520 | 647 | 7,357 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 681 | 8,520 | 647 | 7,357 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 681 | $ | 8,520 | $ | 647 | $ | 7,357 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 77 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG 215 Corporation | OSG 242 LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 1,395 | 19,079 | ||||||||||||
| Voyage charter revenues | - | - | - | 974 | ||||||||||||
| - | - | 1,395 | 20,053 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 18 | 610 | ||||||||||||
| Vessel expenses | - | - | 43 | 613 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 214 | 3,048 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 276 | 4,271 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | 1,119 | 15,782 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | 1,119 | 15,782 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | 1,119 | 15,782 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | 1,119 | 15,782 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | 1,119 | 15,782 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | 1,119 | $ | 15,782 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 78 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG 243 LLC | OSG 244 LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,395 | 14,072 | 992 | 11,917 | ||||||||||||
| Voyage charter revenues | 5 | 5,864 | 40 | 245 | ||||||||||||
| 1,400 | 19,936 | 1,032 | 12,162 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 26 | 2,400 | 15 | 164 | ||||||||||||
| Vessel expenses | 44 | 744 | 23 | 510 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 246 | 3,487 | 244 | 3,803 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 317 | 6,631 | 282 | 4,477 | ||||||||||||
| Income/(loss) from Vessel Operations | 1,083 | 13,306 | 749 | 7,685 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 1,083 | 13,306 | 749 | 7,685 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 1,083 | 13,306 | 749 | 7,685 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 1,083 | 13,306 | 749 | 7,685 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 1,083 | 13,306 | 749 | 7,685 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 1,083 | $ | 13,306 | $ | 749 | $ | 7,685 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 79 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG 252 LLC | OSG 254 LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,054 | 12,335 | 1,054 | 5,681 | ||||||||||||
| Voyage charter revenues | - | 4,548 | - | 8,419 | ||||||||||||
| 1,054 | 16,883 | 1,054 | 14,100 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 14 | 1,403 | 14 | 210 | ||||||||||||
| Vessel expenses | 34 | 551 | 27 | 814 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 240 | 3,461 | 270 | 3,960 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 288 | 5,415 | 311 | 4,984 | ||||||||||||
| Income/(loss) from Vessel Operations | 766 | 11,468 | 743 | 9,116 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 766 | 11,468 | 743 | 9,116 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 766 | 11,468 | 743 | 9,116 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 766 | 11,468 | 743 | 9,116 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 766 | 11,468 | 743 | 9,116 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 766 | $ | 11,468 | $ | 743 | $ | 9,116 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 80 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG 300 LLC | OSG 400 LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | 0 | (226 | ) | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 0 | (226 | ) | |||||||||||
| Income/(loss) from Vessel Operations | - | - | (0 | ) | 226 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | (0 | ) | 226 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | (0 | ) | 226 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | (0 | ) | 226 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (0 | ) | 226 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (0 | ) | $ | 226 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 81 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG America L.P. | OSG America LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | 1 | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (1 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 82 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG America Operating Company LLC | OSG Car Carriers, Inc. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | (1 | ) | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 383 | 5,584 | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 383 | 5,583 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (383 | ) | (5,583 | ) | - | - | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | (0 | ) | 6,111 | - | - | |||||||||||
| Operating Income/(loss) | (383 | ) | 529 | - | - | |||||||||||
| Other Income/(expense) | 31 | 257 | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (353 | ) | 785 | - | - | |||||||||||
| Interest Expense | - | 0 | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (353 | ) | 785 | - | - | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (353 | ) | 785 | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | 1 | - | - | ||||||||||||
| Net Income/(Loss) | $ | (353 | ) | $ | 784 | $ | - | $ | - | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 83 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Clean Products International, Inc. | OSG Columbia LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | (0 | ) | |||||||||||
| Vessel expenses | - | - | 219 | 3,337 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 75 | 1,077 | ||||||||||||
| General and administrative | - | - | 7 | 99 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 300 | 4,513 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | (300 | ) | (4,513 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | (300 | ) | (4,513 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | (300 | ) | (4,513 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | (300 | ) | (4,513 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (300 | ) | (4,513 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (300 | ) | $ | (4,513 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 84 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Constitution LLC | OSG Courageous LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | 3 | 226 | 3,371 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 84 | 1,140 | ||||||||||||
| General and administrative | - | - | 7 | 101 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 3 | 317 | 4,612 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (3 | ) | (317 | ) | (4,612 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (3 | ) | (317 | ) | (4,612 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (3 | ) | (317 | ) | (4,612 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (3 | ) | (317 | ) | (4,612 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (3 | ) | (317 | ) | (4,612 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (3 | ) | $ | (317 | ) | $ | (4,612 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 85 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Delaware Bay Lightering LLC | OSG Discovery LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 3,491 | 63,857 | - | - | ||||||||||||
| 3,491 | 63,857 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 700 | 11,131 | - | - | ||||||||||||
| Vessel expenses | 1,104 | 15,270 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 1,134 | 16,182 | - | - | ||||||||||||
| General and administrative | 26 | 331 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | (956 | ) | |||||||||||
| Total Operating Expenses | 2,964 | 42,915 | - | (956 | ) | |||||||||||
| Income/(loss) from Vessel Operations | 528 | 20,941 | - | 956 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 528 | 20,941 | - | 956 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 528 | 20,941 | - | 956 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 528 | 20,941 | - | 956 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 528 | 20,941 | - | 956 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 528 | $ | 20,941 | $ | - | $ | 956 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 86 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Endeavor LLC | OSG Endurance LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | 243 | 3,161 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 86 | 1,218 | ||||||||||||
| General and administrative | - | - | 7 | 96 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 58 | - | - | ||||||||||||
| Total Operating Expenses | - | 58 | 335 | 4,475 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (58 | ) | (335 | ) | (4,475 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (58 | ) | (335 | ) | (4,475 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (58 | ) | (335 | ) | (4,475 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (58 | ) | (335 | ) | (4,475 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (58 | ) | (335 | ) | (4,475 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (58 | ) | $ | (335 | ) | $ | (4,475 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 87 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Enterprise LLC | OSG Financial Corp. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | 228 | 3,434 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 110 | 1,596 | - | - | ||||||||||||
| General and administrative | 7 | 96 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 345 | 5,125 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (345 | ) | (5,125 | ) | - | - | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (345 | ) | (5,125 | ) | - | - | ||||||||||
| Other Income/(expense) | - | - | - | (174 | ) | |||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (345 | ) | (5,125 | ) | - | (174 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (345 | ) | (5,125 | ) | - | (174 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (345 | ) | (5,125 | ) | - | (174 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (345 | ) | $ | (5,125 | ) | $ | - | $ | (174 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 88 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Freedom LLC | OSG Honour LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | (0 | ) | 18 | 251 | 3,340 | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | 290 | 60 | 869 | ||||||||||||
| General and administrative | - | - | 8 | 101 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 709 | - | - | ||||||||||||
| Total Operating Expenses | (0 | ) | 1,017 | 318 | 4,310 | |||||||||||
| Income/(loss) from Vessel Operations | 0 | (1,017 | ) | (318 | ) | (4,310 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 0 | (1,017 | ) | (318 | ) | (4,310 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 0 | (1,017 | ) | (318 | ) | (4,310 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 0 | (1,017 | ) | (318 | ) | (4,310 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 0 | (1,017 | ) | (318 | ) | (4,310 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 0 | $ | (1,017 | ) | $ | (318 | ) | $ | (4,310 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 89 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Independence LLC | OSG Intrepid LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 9 | - | - | ||||||||||||
| Vessel expenses | 224 | 3,308 | 261 | 3,466 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 72 | 995 | 79 | 1,277 | ||||||||||||
| General and administrative | 8 | 97 | 7 | 102 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 304 | 4,408 | 347 | 4,845 | ||||||||||||
| Income/(loss) from Vessel Operations | (304 | ) | (4,408 | ) | (347 | ) | (4,845 | ) | ||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (304 | ) | (4,408 | ) | (347 | ) | (4,845 | ) | ||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (304 | ) | (4,408 | ) | (347 | ) | (4,845 | ) | ||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (304 | ) | (4,408 | ) | (347 | ) | (4,845 | ) | ||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (304 | ) | (4,408 | ) | (347 | ) | (4,845 | ) | ||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (304 | ) | $ | (4,408 | ) | $ | (347 | ) | $ | (4,845 | ) | ||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 90 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Liberty LLC | OSG Lightering LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | 8,321 | 97,883 | ||||||||||||
| - | - | 8,321 | 97,883 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 4,077 | 58,909 | ||||||||||||
| Vessel expenses | - | (9 | ) | (9 | ) | 160 | ||||||||||
| Charter hire expenses | - | - | 2,201 | 32,982 | ||||||||||||
| Depreciation and amortization | - | - | 127 | 1,952 | ||||||||||||
| General and administrative | - | - | 224 | 3,327 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 14,726 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 470 | ||||||||||||
| Total Operating Expenses | - | (9 | ) | 6,621 | 112,527 | |||||||||||
| Income/(loss) from Vessel Operations | - | 9 | 1,701 | (14,644 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 9 | 1,701 | (14,644 | ) | |||||||||||
| Other Income/(expense) | - | - | 1 | 13 | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 9 | 1,702 | (14,631 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 9 | 1,702 | (14,631 | ) | |||||||||||
| Reorganization Items, net | - | - | - | (60 | ) | |||||||||||
| Income/(loss) before Income Taxes | - | 9 | 1,702 | (14,570 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 9 | $ | 1,702 | $ | (14,570 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 91 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Lightering Acquisition Corporation | OSG Lightering Solutions LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 1,567 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | 1,567 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | (1,567 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | (1,567 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | (1,567 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | (1,567 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | (1,567 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (1,567 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 92 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Mariner LLC | OSG Maritrans Parent LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 6 | 83 | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 58 | - | - | ||||||||||||
| Total Operating Expenses | - | 58 | 6 | 83 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (58 | ) | (6 | ) | (83 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (58 | ) | (6 | ) | (83 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (58 | ) | (6 | ) | (83 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (58 | ) | (6 | ) | (83 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (58 | ) | (6 | ) | (83 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (58 | ) | $ | (6 | ) | $ | (83 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 93 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Navigator LLC | OSG New York, Inc. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 749 | $ | 8,005 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 4,034 | ||||||||||||
| - | - | 749 | 12,039 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | (3 | ) | 2,313 | |||||||||||
| Vessel expenses | 224 | 3,283 | 6 | 76 | ||||||||||||
| Charter hire expenses | - | - | 695 | 11,103 | ||||||||||||
| Depreciation and amortization | 71 | 1,034 | - | - | ||||||||||||
| General and administrative | 7 | 101 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 303 | 4,418 | 698 | 13,493 | ||||||||||||
| Income/(loss) from Vessel Operations | (303 | ) | (4,418 | ) | 52 | (1,454 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (303 | ) | (4,418 | ) | 52 | (1,454 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (303 | ) | (4,418 | ) | 52 | (1,454 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (303 | ) | (4,418 | ) | 52 | (1,454 | ) | |||||||||
| Reorganization Items, net | - | - | - | 306 | ||||||||||||
| Income/(loss) before Income Taxes | (303 | ) | (4,418 | ) | 52 | (1,760 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (303 | ) | $ | (4,418 | ) | $ | 52 | $ | (1,760 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 94 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Product Tankers AVTC, LLC | OSG Product Tankers I, LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 95 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Product Tankers II, LLC | OSG Product Tankers Member LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 96 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Product Tankers, LLC | OSG Quest LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 33 | ||||||||||||
| Total Operating Expenses | - | - | - | 33 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | (33 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | (33 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | (33 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | (33 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | (33 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (33 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 97 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Seafarer LLC | OSG Ship Management, Inc. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | (0 | ) | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 172 | 3,389 | ||||||||||||
| General and administrative | - | - | 3,985 | 35,899 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (0 | ) | 4,158 | 39,288 | |||||||||||
| Income/(loss) from Vessel Operations | - | 0 | (4,158 | ) | (39,288 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 0 | (4,158 | ) | (39,288 | ) | ||||||||||
| Other Income/(expense) | - | - | - | 28 | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 0 | (4,158 | ) | (39,260 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 0 | (4,158 | ) | (39,260 | ) | ||||||||||
| Reorganization Items, net | - | - | 55 | 2,068 | ||||||||||||
| Income/(loss) before Income Taxes | - | 0 | (4,213 | ) | (41,328 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | 2 | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 0 | $ | (4,213 | ) | $ | (41,330 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 98 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| OSG Valour LLC | Overseas Allegiance Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 99 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Anacortes LLC | Overseas Boston LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 2,015 | 26,930 | 236 | 22,130 | ||||||||||||
| Voyage charter revenues | - | 24 | 17 | 60 | ||||||||||||
| 2,015 | 26,954 | 253 | 22,191 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 25 | 361 | 20 | 345 | ||||||||||||
| Vessel expenses | 609 | 8,065 | 696 | 8,532 | ||||||||||||
| Charter hire expenses | 785 | 11,392 | 773 | 11,198 | ||||||||||||
| Depreciation and amortization | 32 | 214 | 256 | 695 | ||||||||||||
| General and administrative | 17 | 243 | 18 | 247 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,468 | 20,276 | 1,762 | 21,018 | ||||||||||||
| Income/(loss) from Vessel Operations | 547 | 6,678 | (1,509 | ) | 1,172 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 547 | 6,678 | (1,509 | ) | 1,172 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 547 | 6,678 | (1,509 | ) | 1,172 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 547 | 6,678 | (1,509 | ) | 1,172 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 547 | 6,678 | (1,509 | ) | 1,172 | |||||||||||
| Income Tax (Benefit)/Provision | - | 22 | - | 7 | ||||||||||||
| Net Income/(Loss) | $ | 547 | $ | 6,656 | $ | (1,509 | ) | $ | 1,166 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 100 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Diligence LLC | Overseas Galena Bay LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | (2 | ) | - | - | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | (2 | ) | - | - | |||||||||||
| Income/(loss) from Vessel Operations | - | 2 | - | - | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | 2 | - | - | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | 2 | - | - | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | 2 | - | - | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | 2 | - | - | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | 2 | $ | - | $ | - | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 101 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Houston LLC | Overseas Integrity LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,449 | 20,757 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 1,449 | 20,757 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 6 | 87 | - | - | ||||||||||||
| Vessel expenses | 547 | 8,035 | - | (3 | ) | |||||||||||
| Charter hire expenses | 735 | 10,644 | - | - | ||||||||||||
| Depreciation and amortization | 62 | 902 | - | - | ||||||||||||
| General and administrative | 17 | 245 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,367 | 19,912 | - | (3 | ) | |||||||||||
| Income/(loss) from Vessel Operations | 82 | 845 | - | 3 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 82 | 845 | - | 3 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 82 | 845 | - | 3 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 82 | 845 | - | 3 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 82 | 845 | - | 3 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 82 | $ | 845 | $ | - | $ | 3 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 102 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Long Beach LLC | Overseas Los Angeles LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,457 | 20,751 | 1,457 | 20,671 | ||||||||||||
| Voyage charter revenues | - | - | - | 7 | ||||||||||||
| 1,457 | 20,751 | 1,457 | 20,678 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 12 | 176 | 12 | 180 | ||||||||||||
| Vessel expenses | 591 | 8,085 | 566 | 8,284 | ||||||||||||
| Charter hire expenses | 736 | 10,658 | 739 | 10,707 | ||||||||||||
| Depreciation and amortization | 45 | 639 | 42 | 601 | ||||||||||||
| General and administrative | 17 | 242 | 18 | 245 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,401 | 19,801 | 1,377 | 20,016 | ||||||||||||
| Income/(loss) from Vessel Operations | 56 | 950 | 80 | 662 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 56 | 950 | 80 | 662 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 56 | 950 | 80 | 662 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 56 | 950 | 80 | 662 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 56 | 950 | 80 | 662 | ||||||||||||
| Income Tax (Benefit)/Provision | - | 1 | - | 1 | ||||||||||||
| Net Income/(Loss) | $ | 56 | $ | 949 | $ | 80 | $ | 661 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 103 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Martinez LLC | Overseas New Orleans LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,790 | 24,025 | - | - | ||||||||||||
| Voyage charter revenues | 17 | 61 | - | - | ||||||||||||
| 1,807 | 24,086 | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 40 | 373 | - | - | ||||||||||||
| Vessel expenses | 561 | 8,646 | - | 5 | ||||||||||||
| Charter hire expenses | 784 | 11,255 | - | - | ||||||||||||
| Depreciation and amortization | 41 | 430 | - | - | ||||||||||||
| General and administrative | 18 | 249 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,444 | 20,952 | - | 5 | ||||||||||||
| Income/(loss) from Vessel Operations | 364 | 3,134 | - | (5 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 364 | 3,134 | - | (5 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 364 | 3,134 | - | (5 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 364 | 3,134 | - | (5 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 364 | 3,134 | - | (5 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | 7 | - | - | ||||||||||||
| Net Income/(Loss) | $ | 364 | $ | 3,127 | $ | - | $ | (5 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 104 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas New York LLC | Overseas Nikiski LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 1,449 | 19,787 | 1,651 | 23,643 | ||||||||||||
| Voyage charter revenues | - | - | 17 | 66 | ||||||||||||
| 1,449 | 19,787 | 1,668 | 23,709 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 6 | 83 | 37 | 376 | ||||||||||||
| Vessel expenses | 546 | 8,028 | 569 | 8,251 | ||||||||||||
| Charter hire expenses | 742 | 10,767 | 774 | 11,217 | ||||||||||||
| Depreciation and amortization | 37 | 568 | 46 | 649 | ||||||||||||
| General and administrative | 18 | 245 | 18 | 249 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,349 | 19,690 | 1,444 | 20,742 | ||||||||||||
| Income/(loss) from Vessel Operations | 100 | 97 | 224 | 2,966 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 100 | 97 | 224 | 2,966 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 100 | 97 | 224 | 2,966 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 100 | 97 | 224 | 2,966 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 100 | 97 | 224 | 2,966 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | 7 | ||||||||||||
| Net Income/(Loss) | $ | 100 | $ | 97 | $ | 224 | $ | 2,959 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 105 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Perseverance Corporation | Overseas Philadelphia LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | - | - | 3 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | - | 3 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | - | (3 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | - | (3 | ) | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | - | (3 | ) | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | - | (3 | ) | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | - | (3 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | - | $ | (3 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 106 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Puget Sound LLC | Overseas Sea Swift Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | - | - | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | - | ||||||||||||
| Vessel expenses | - | 10 | - | - | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | (0 | ) | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 9 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | - | (9 | ) | - | - | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (9 | ) | - | - | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (9 | ) | - | - | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (9 | ) | - | - | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (9 | ) | - | - | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (9 | ) | $ | - | $ | - | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 107 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Shipping (GR) Ltd. | Overseas ST Holding LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 4,450 | 62,568 | ||||||||||||
| Voyage charter revenues | - | - | - | 47 | ||||||||||||
| - | - | 4,450 | 62,615 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 33 | 499 | ||||||||||||
| Vessel expenses | - | 3 | 1,266 | 16,547 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 927 | 13,121 | ||||||||||||
| General and administrative | - | - | 37 | 496 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 3 | 2,263 | 30,663 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (3 | ) | 2,187 | 31,952 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (3 | ) | 2,187 | 31,952 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (3 | ) | 2,187 | 31,952 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (3 | ) | 2,187 | 31,952 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | (3 | ) | 2,187 | 31,952 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (3 | ) | $ | 2,187 | $ | 31,952 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 108 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Overseas Tampa LLC | Overseas Texas City LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 2,015 | 27,047 | 2,015 | 26,983 | ||||||||||||
| Voyage charter revenues | - | 55 | 0 | 24 | ||||||||||||
| 2,015 | 27,102 | 2,015 | 27,007 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 28 | 397 | 25 | 381 | ||||||||||||
| Vessel expenses | 641 | 8,213 | 614 | 8,467 | ||||||||||||
| Charter hire expenses | 811 | 11,643 | 747 | 10,719 | ||||||||||||
| Depreciation and amortization | 2 | 32 | 39 | 467 | ||||||||||||
| General and administrative | 19 | 246 | 18 | 245 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,502 | 20,530 | 1,444 | 20,280 | ||||||||||||
| Income/(loss) from Vessel Operations | 513 | 6,572 | 572 | 6,727 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 513 | 6,572 | 572 | 6,727 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 513 | 6,572 | 572 | 6,727 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 513 | 6,572 | 572 | 6,727 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 513 | 6,572 | 572 | 6,727 | ||||||||||||
| Income Tax (Benefit)/Provision | - | 13 | - | - | ||||||||||||
| Net Income/(Loss) | $ | 513 | $ | 6,559 | $ | 572 | $ | 6,727 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 109 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Pearlmar Limited | Petromar Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 807 | $ | 7,978 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 14 | 1,012 | 11,628 | ||||||||||||
| 807 | 7,993 | 1,012 | 11,628 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 12 | 505 | 6,648 | ||||||||||||
| Vessel expenses | 194 | 3,292 | 198 | 3,184 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 163 | 3,107 | 78 | 1,270 | ||||||||||||
| General and administrative | (0 | ) | 0 | 66 | 999 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 17,346 | - | 14,775 | ||||||||||||
| Total Operating Expenses | 357 | 23,757 | 847 | 26,877 | ||||||||||||
| Income/(loss) from Vessel Operations | 450 | (15,765 | ) | 165 | (15,250 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 450 | (15,765 | ) | 165 | (15,250 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 450 | (15,765 | ) | 165 | (15,250 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 450 | (15,765 | ) | 165 | (15,250 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 450 | (15,765 | ) | 165 | (15,250 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 450 | $ | (15,765 | ) | $ | 165 | $ | (15,250 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 110 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Pisces Tanker Corporation | Polaris Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | 3,940 | (1 | ) | 3,823 | |||||||||||
| - | 3,940 | (1 | ) | 3,823 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 2,380 | - | 2,368 | ||||||||||||
| Vessel expenses | - | 26 | - | 16 | ||||||||||||
| Charter hire expenses | - | 2,350 | - | 1,996 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 4,756 | - | 4,380 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (817 | ) | (1 | ) | (557 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (817 | ) | (1 | ) | (557 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (817 | ) | (1 | ) | (557 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (817 | ) | (1 | ) | (557 | ) | |||||||||
| Reorganization Items, net | - | 5,816 | - | 5,570 | ||||||||||||
| Income/(loss) before Income Taxes | - | (6,633 | ) | (1 | ) | (6,128 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (6,633 | ) | $ | (1 | ) | $ | (6,128 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 111 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Queens Product Tanker Corporation | Reymar Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 6,047 | ||||||||
| Time and bareboat charter revenues | - | - | 405 | 653 | ||||||||||||
| Voyage charter revenues | - | 9 | - | 16 | ||||||||||||
| - | 9 | 405 | 6,716 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 3 | 8 | (489 | ) | |||||||||||
| Vessel expenses | 1 | 70 | 192 | 3,785 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 127 | 2,805 | ||||||||||||
| General and administrative | - | - | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 15,911 | ||||||||||||
| Total Operating Expenses | 1 | 73 | 327 | 22,012 | ||||||||||||
| Income/(loss) from Vessel Operations | (1 | ) | (65 | ) | 79 | (15,296 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (1 | ) | (65 | ) | 79 | (15,296 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (1 | ) | (65 | ) | 79 | (15,296 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (1 | ) | (65 | ) | 79 | (15,296 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (1 | ) | (65 | ) | 79 | (15,296 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (1 | ) | $ | (65 | ) | $ | 79 | $ | (15,296 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 112 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Rich Tanker Corporation | Rimar Chartering Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | 455 | - | - | ||||||||||||
| Voyage charter revenues | 960 | 12,405 | (0 | ) | 797 | |||||||||||
| 960 | 12,860 | (0 | ) | 797 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 456 | 6,974 | (0 | ) | 493 | |||||||||||
| Vessel expenses | 8 | 96 | 2 | 308 | ||||||||||||
| Charter hire expenses | 403 | 6,126 | - | 626 | ||||||||||||
| Depreciation and amortization | - | - | - | 80 | ||||||||||||
| General and administrative | - | - | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 867 | 13,196 | 2 | 1,507 | ||||||||||||
| Income/(loss) from Vessel Operations | 92 | (336 | ) | (2 | ) | (711 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 92 | (336 | ) | (2 | ) | (711 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 92 | (336 | ) | (2 | ) | (711 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 92 | (336 | ) | (2 | ) | (711 | ) | |||||||||
| Reorganization Items, net | - | 2,159 | - | 8,825 | ||||||||||||
| Income/(loss) before Income Taxes | 92 | (2,495 | ) | (2 | ) | (9,536 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 92 | $ | (2,495 | ) | $ | (2 | ) | $ | (9,536 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 113 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Rosalyn Tanker Corporation | Rosemar Limited | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 1,357 | $ | 8,201 | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 166 | 5,082 | ||||||||||||
| Voyage charter revenues | - | - | - | 15 | ||||||||||||
| 1,357 | 8,201 | 166 | 5,096 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 256 | 4 | 142 | ||||||||||||
| Vessel expenses | 190 | 4,454 | 288 | 3,512 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 257 | 3,442 | 156 | 3,050 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 18,026 | ||||||||||||
| Total Operating Expenses | 447 | 8,152 | 448 | 24,731 | ||||||||||||
| Income/(loss) from Vessel Operations | 910 | 49 | (282 | ) | (19,635 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 910 | 49 | (282 | ) | (19,635 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 910 | 49 | (282 | ) | (19,635 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 910 | 49 | (282 | ) | (19,635 | ) | ||||||||||
| Reorganization Items, net | - | 36 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 910 | 13 | (282 | ) | (19,635 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 910 | $ | 13 | $ | (282 | ) | $ | (19,635 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 114 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Rubymar Limited | Sakura Transport Corp. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 834 | $ | 7,414 | ||||||||
| Time and bareboat charter revenues | 248 | 3,792 | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| 248 | 3,792 | 834 | 7,414 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (0 | ) | 54 | 379 | |||||||||||
| Vessel expenses | 1 | (2 | ) | 552 | 5,076 | |||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 156 | 2,932 | 274 | 4,119 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,563 | - | - | ||||||||||||
| Total Operating Expenses | 156 | 19,493 | 880 | 9,574 | ||||||||||||
| Income/(loss) from Vessel Operations | 92 | (15,700 | ) | (46 | ) | (2,161 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 92 | (15,700 | ) | (46 | ) | (2,161 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 92 | (15,700 | ) | (46 | ) | (2,161 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 92 | (15,700 | ) | (46 | ) | (2,161 | ) | |||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 92 | (15,700 | ) | (46 | ) | (2,161 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 92 | $ | (15,700 | ) | $ | (46 | ) | $ | (2,161 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 115 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Samar Product Tanker Corporation | Santorini Tanker LLC | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | 415 | 5,771 | - | - | ||||||||||||
| Voyage charter revenues | - | 2 | 1,940 | 19,984 | ||||||||||||
| 415 | 5,773 | 1,940 | 19,984 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 22 | 186 | 731 | 7,604 | ||||||||||||
| Vessel expenses | 195 | 2,545 | 329 | 5,125 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 144 | 2,604 | 171 | 2,454 | ||||||||||||
| General and administrative | (0 | ) | 0 | 17 | 229 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 19,279 | - | - | ||||||||||||
| Total Operating Expenses | 361 | 24,615 | 1,248 | 15,412 | ||||||||||||
| Income/(loss) from Vessel Operations | 54 | (18,842 | ) | 692 | 4,573 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 54 | (18,842 | ) | 692 | 4,573 | |||||||||||
| Other Income/(expense) | (0 | ) | (3 | ) | - | - | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 54 | (18,845 | ) | 692 | 4,573 | |||||||||||
| Interest Expense | - | (9 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 54 | (18,854 | ) | 692 | 4,573 | |||||||||||
| Reorganization Items, net | - | 269 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 54 | (19,123 | ) | 692 | 4,573 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 54 | $ | (19,123 | ) | $ | 692 | $ | 4,573 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 116 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Serifos Tanker Corporation | Seventh Aframax Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 525 | $ | - | $ | 2,051 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 785 | 9,069 | 2,031 | 10,379 | ||||||||||||
| 785 | 9,595 | 2,031 | 12,430 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 354 | 5,268 | 849 | 6,674 | ||||||||||||
| Vessel expenses | 197 | 2,077 | 274 | 3,562 | ||||||||||||
| Charter hire expenses | 194 | 2,575 | - | - | ||||||||||||
| Depreciation and amortization | 17 | 240 | 143 | 2,048 | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 762 | 10,161 | 1,266 | 12,283 | ||||||||||||
| Income/(loss) from Vessel Operations | 24 | (567 | ) | 765 | 147 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 24 | (567 | ) | 765 | 147 | |||||||||||
| Other Income/(expense) | - | (13 | ) | - | - | |||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 24 | (580 | ) | 765 | 147 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 24 | (580 | ) | 765 | 147 | |||||||||||
| Reorganization Items, net | - | 15,145 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 24 | (15,725 | ) | 765 | 147 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 24 | $ | (15,725 | ) | $ | 765 | $ | 147 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 117 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Shirley Tanker SRL | Sifnos Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | 2,004 | $ | 543 | $ | 6,227 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 2,023 | 9,879 | - | - | ||||||||||||
| 2,023 | 11,883 | 543 | 6,227 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 849 | 6,326 | 0 | 15 | ||||||||||||
| Vessel expenses | 284 | 4,135 | 136 | 2,914 | ||||||||||||
| Charter hire expenses | - | - | 194 | 3,497 | ||||||||||||
| Depreciation and amortization | 326 | 4,535 | 33 | 327 | ||||||||||||
| General and administrative | 1 | 68 | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,460 | 15,063 | 362 | 6,754 | ||||||||||||
| Income/(loss) from Vessel Operations | 562 | (3,180 | ) | 180 | (527 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 562 | (3,180 | ) | 180 | (527 | ) | ||||||||||
| Other Income/(expense) | 0 | 0 | - | (13 | ) | |||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 562 | (3,180 | ) | 180 | (540 | ) | ||||||||||
| Interest Expense | - | (15 | ) | - | - | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 562 | (3,194 | ) | 180 | (540 | ) | ||||||||||
| Reorganization Items, net | - | 229 | - | 13,781 | ||||||||||||
| Income/(loss) before Income Taxes | 562 | (3,423 | ) | 180 | (14,322 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 562 | $ | (3,423 | ) | $ | 180 | $ | (14,322 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 118 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Silvermar Limited | Sixth Aframax Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 843 | $ | 7,705 | $ | - | $ | 857 | ||||||||
| Time and bareboat charter revenues | - | - | - | 1,886 | ||||||||||||
| Voyage charter revenues | - | 10 | 2,018 | 10,111 | ||||||||||||
| 843 | 7,715 | 2,018 | 12,853 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | 13 | 849 | 6,534 | ||||||||||||
| Vessel expenses | 185 | 2,672 | 192 | 3,684 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | 164 | 3,046 | 149 | 2,009 | ||||||||||||
| General and administrative | (0 | ) | 0 | (0 | ) | 0 | ||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 16,981 | - | - | ||||||||||||
| Total Operating Expenses | 349 | 22,713 | 1,190 | 12,228 | ||||||||||||
| Income/(loss) from Vessel Operations | 494 | (14,998 | ) | 828 | 625 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 494 | (14,998 | ) | 828 | 625 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 494 | (14,998 | ) | 828 | 625 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 494 | (14,998 | ) | 828 | 625 | |||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 494 | (14,998 | ) | 828 | 625 | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 494 | $ | (14,998 | ) | $ | 828 | $ | 625 | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 119 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Skopelos Product Tanker Corporation | Star Chartering Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | 457 | 6,219 | ||||||||||||
| Voyage charter revenues | 868 | 14,397 | - | - | ||||||||||||
| 868 | 14,397 | 457 | 6,219 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 591 | 8,777 | - | - | ||||||||||||
| Vessel expenses | 154 | 2,540 | 2 | 39 | ||||||||||||
| Charter hire expenses | - | - | 457 | 6,220 | ||||||||||||
| Depreciation and amortization | 113 | 1,601 | - | - | ||||||||||||
| General and administrative | (0 | ) | 0 | - | - | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 858 | 12,919 | 460 | 6,259 | ||||||||||||
| Income/(loss) from Vessel Operations | 10 | 1,478 | (2 | ) | (40 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | 10 | 1,478 | (2 | ) | (40 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | 10 | 1,478 | (2 | ) | (40 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | 10 | 1,478 | (2 | ) | (40 | ) | ||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | 10 | 1,478 | (2 | ) | (40 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | 10 | $ | 1,478 | $ | (2 | ) | $ | (40 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 120 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Suezmax International Agencies, Inc. | Talara Chartering Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | 6 | $ | 10,603 | $ | - | $ | 1,363 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | 1,184 | 7,505 | - | 7 | ||||||||||||
| 1,189 | 18,108 | - | 1,371 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | 1,052 | 4,977 | (350 | ) | (329 | ) | ||||||||||
| Vessel expenses | 4 | 138 | (0 | ) | 545 | |||||||||||
| Charter hire expenses | 421 | 16,423 | - | 1,730 | ||||||||||||
| Depreciation and amortization | - | - | - | 34 | ||||||||||||
| General and administrative | 99 | 1,161 | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | 1,575 | 22,698 | (350 | ) | 1,980 | |||||||||||
| Income/(loss) from Vessel Operations | (386 | ) | (4,590 | ) | 350 | (609 | ) | |||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (386 | ) | (4,590 | ) | 350 | (609 | ) | |||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (386 | ) | (4,590 | ) | 350 | (609 | ) | |||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (386 | ) | (4,590 | ) | 350 | (609 | ) | |||||||||
| Reorganization Items, net | - | - | - | 36,040 | ||||||||||||
| Income/(loss) before Income Taxes | (386 | ) | (4,590 | ) | 350 | (36,649 | ) | |||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | (386 | ) | $ | (4,590 | ) | $ | 350 | $ | (36,649 | ) | |||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 121 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Third United Shipping Corporation | Tokyo Transport Corp. | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 1,301 | $ | 9,406 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | - | ||||||||||||
| - | - | 1,301 | 9,406 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 1 | 404 | ||||||||||||
| Vessel expenses | - | - | 224 | 4,270 | ||||||||||||
| Charter hire expenses | - | - | - | - | ||||||||||||
| Depreciation and amortization | - | - | 269 | 3,938 | ||||||||||||
| General and administrative | - | - | (0 | ) | 0 | |||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 494 | 8,613 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | 808 | 794 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | 808 | 794 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | 808 | 794 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | 808 | 794 | ||||||||||||
| Reorganization Items, net | - | - | - | - | ||||||||||||
| Income/(loss) before Income Taxes | - | - | 808 | 794 | ||||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | 808 | $ | 794 | ||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 122 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Transbulk Carriers, Inc. | Troy Chartering Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 1,194 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | 12 | ||||||||||||
| - | - | - | 1,206 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 38 | 49 | ||||||||||||
| Vessel expenses | - | - | 1 | 464 | ||||||||||||
| Charter hire expenses | - | - | - | 1,676 | ||||||||||||
| Depreciation and amortization | - | - | - | 35 | ||||||||||||
| General and administrative | - | - | 0 | 1 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 39 | 2,224 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | (39 | ) | (1,018 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | (39 | ) | (1,018 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | (39 | ) | (1,018 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | (39 | ) | (1,018 | ) | ||||||||||
| Reorganization Items, net | - | - | - | 37,194 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (39 | ) | (38,212 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (39 | ) | $ | (38,212 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 123 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Troy Product Corporation | Urban Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 538 | $ | 6,600 | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | - | (8 | ) | |||||||||||
| - | - | 538 | 6,592 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | (27 | ) | |||||||||||
| Vessel expenses | - | - | 4 | 65 | ||||||||||||
| Charter hire expenses | - | - | 403 | 6,225 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 407 | 6,262 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | 131 | 329 | ||||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | 131 | 329 | ||||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | 131 | 329 | ||||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | 131 | 329 | ||||||||||||
| Reorganization Items, net | - | - | - | 4,083 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | 131 | (3,754 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | 131 | $ | (3,754 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 124 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Vega Tanker Corporation | View Tanker Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | 39 | ||||||||
| Time and bareboat charter revenues | - | - | - | 4,686 | ||||||||||||
| Voyage charter revenues | - | - | 793 | 2,896 | ||||||||||||
| - | - | 793 | 7,622 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 367 | 1,612 | ||||||||||||
| Vessel expenses | - | 80 | 11 | 81 | ||||||||||||
| Charter hire expenses | - | - | 403 | 5,758 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | 80 | 782 | 7,451 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (80 | ) | 12 | 170 | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | (80 | ) | 12 | 170 | |||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (80 | ) | 12 | 170 | |||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (80 | ) | 12 | 170 | |||||||||||
| Reorganization Items, net | - | - | - | 3,104 | ||||||||||||
| Income/(loss) before Income Taxes | - | (80 | ) | 12 | (2,934 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | (80 | ) | $ | 12 | $ | (2,934 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 125 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Vivian Tankships Corporation | Vulpecula Chartering Corporation | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Time and bareboat charter revenues | - | - | - | - | ||||||||||||
| Voyage charter revenues | - | - | (23 | ) | 3,808 | |||||||||||
| - | - | (23 | ) | 3,808 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | - | 1,978 | ||||||||||||
| Vessel expenses | - | - | - | 7 | ||||||||||||
| Charter hire expenses | - | - | 3 | 1,831 | ||||||||||||
| Depreciation and amortization | - | - | - | - | ||||||||||||
| General and administrative | - | - | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | - | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | - | ||||||||||||
| Total Operating Expenses | - | - | 3 | 3,816 | ||||||||||||
| Income/(loss) from Vessel Operations | - | - | (26 | ) | (7 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | - | - | (26 | ) | (7 | ) | ||||||||||
| Other Income/(expense) | - | - | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | (26 | ) | (7 | ) | ||||||||||
| Interest Expense | - | - | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | (26 | ) | (7 | ) | ||||||||||
| Reorganization Items, net | - | - | - | 4,357 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | (26 | ) | (4,364 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | - | - | ||||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | (26 | ) | $ | (4,364 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 126 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Wind Aframax Tanker Corporation | Combined Debtors | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | - | $ | - | $ | 18,459 | $ | 223,499 | ||||||||
| Time and bareboat charter revenues | - | - | 32,936 | 456,780 | ||||||||||||
| Voyage charter revenues | - | - | 55,840 | 590,445 | ||||||||||||
| - | - | 107,234 | 1,270,724 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 25,807 | 314,072 | ||||||||||||
| Vessel expenses | - | (0 | ) | 22,537 | 324,949 | |||||||||||
| Charter hire expenses | - | 10 | 15,729 | 276,497 | ||||||||||||
| Depreciation and amortization | - | - | 14,131 | 217,308 | ||||||||||||
| General and administrative | - | - | 5,627 | 82,634 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 16,293 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 644,580 | ||||||||||||
| Total Operating Expenses | - | 10 | 83,832 | 1,876,333 | ||||||||||||
| Income/(loss) from Vessel Operations | - | (10 | ) | 23,403 | (605,609 | ) | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | 2,948 | 50,836 | ||||||||||||
| Operating Income/(loss) | - | (10 | ) | 26,351 | (554,773 | ) | ||||||||||
| Other Income/(expense) | - | - | (1,215 | ) | (20,071 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | (10 | ) | 25,136 | (574,845 | ) | ||||||||||
| Interest Expense | - | - | - | (215 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | (10 | ) | 25,136 | (575,059 | ) | ||||||||||
| Reorganization Items, net | - | - | 6,842 | 375,125 | ||||||||||||
| Income/(loss) before Income Taxes | - | (10 | ) | 18,294 | (950,184 | ) | ||||||||||
| Income Tax (Benefit)/Provision | - | - | (1,813 | ) | (23,453 | ) | ||||||||||
| Net Income/(Loss) | $ | - | $ | (10 | ) | $ | 20,107 | $ | (926,731 | ) | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 127 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Eliminations | Consolidated Debtors | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (54 | ) | $ | (1,322 | ) | $ | 18,404 | $ | 222,177 | ||||||
| Time and bareboat charter revenues | (421 | ) | (9,619 | ) | 32,515 | 447,161 | ||||||||||
| Voyage charter revenues | - | - | 55,840 | 590,445 | ||||||||||||
| (475 | ) | (10,941 | ) | 106,759 | 1,259,783 | |||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | - | 25,807 | 314,072 | ||||||||||||
| Vessel expenses | - | - | 22,537 | 324,949 | ||||||||||||
| Charter hire expenses | (475 | ) | (10,941 | ) | 15,254 | 265,557 | ||||||||||
| Depreciation and amortization | - | - | 14,131 | 217,308 | ||||||||||||
| General and administrative | - | - | 5,627 | 82,634 | ||||||||||||
| Goodwill and intangible assets impairment charge | - | - | - | 16,293 | ||||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | - | - | 644,580 | ||||||||||||
| Total Operating Expenses | (475 | ) | (10,941 | ) | 83,355 | 1,865,392 | ||||||||||
| Income/(loss) from Vessel Operations | - | - | 23,404 | (605,609 | ) | |||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | 2,948 | 50,835 | ||||||||||||
| Operating Income/(loss) | - | - | 26,352 | (554,774 | ) | |||||||||||
| Other Income/(expense) | - | - | (1,215 | ) | (20,071 | ) | ||||||||||
| Income/(loss) before Interest Expense and Income Taxes | - | - | 25,137 | (574,846 | ) | |||||||||||
| Interest Expense | - | - | - | (216 | ) | |||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | - | - | 25,137 | (575,061 | ) | |||||||||||
| Reorganization Items, net | - | - | 6,842 | 375,123 | ||||||||||||
| Income/(loss) before Income Taxes | - | - | 18,295 | (950,184 | ) | |||||||||||
| Income Tax (Benefit)/Provision | - | - | (1,813 | ) | (23,453 | ) | ||||||||||
| Net Income/(Loss) | $ | - | $ | - | $ | 20,108 | $ | (926,731 | ) | |||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 128 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Total Non-Debtors | Eliminations | |||||||||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||||||||
| Shipping Revenues: | ||||||||||||||||
| Pool revenues | $ | (0 | ) | $ | 171 | $ | - | $ | - | |||||||
| Time and bareboat charter revenues | - | 117 | - | - | ||||||||||||
| Voyage charter revenues | - | (167 | ) | - | - | |||||||||||
| (0 | ) | 122 | - | - | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Voyage expenses | - | (411 | ) | - | - | |||||||||||
| Vessel expenses | 28 | 501 | - | - | ||||||||||||
| Charter hire expenses | - | 334 | - | - | ||||||||||||
| Depreciation and amortization | (97 | ) | (792 | ) | - | - | ||||||||||
| General and administrative | 2,045 | 34,155 | - | - | ||||||||||||
| Goodwill and intangible assets impairment charge | - | (79 | ) | - | - | |||||||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 88 | - | - | ||||||||||||
| Total Operating Expenses | 1,976 | 33,797 | - | - | ||||||||||||
| Income/(loss) from Vessel Operations | (1,976 | ) | (33,675 | ) | - | - | ||||||||||
| Equity in Income/(loss) of Affiliated Companies | - | - | - | - | ||||||||||||
| Operating Income/(loss) | (1,976 | ) | (33,675 | ) | - | - | ||||||||||
| Other Income/(expense) | 1,257 | 21,197 | - | - | ||||||||||||
| Income/(loss) before Interest Expense and Income Taxes | (720 | ) | (12,478 | ) | - | - | ||||||||||
| Interest Expense | - | 0 | - | - | ||||||||||||
| Income/(loss) before Reorganization Items and Income Taxes | (720 | ) | (12,478 | ) | - | - | ||||||||||
| Reorganization Items, net | - | 0 | - | - | ||||||||||||
| Income/(loss) before Income Taxes | (720 | ) | (12,478 | ) | - | - | ||||||||||
| Income Tax (Benefit)/Provision | (205 | ) | 3,898 | - | - | |||||||||||
| Net Income/(Loss) | $ | (515 | ) | $ | (16,376 | ) | $ | - | $ | - | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 129 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from January 1 - 31, 2014 and November 14, 2012 through January 31, 2014
| Consolidated Overseas Shipholding Group, Inc. | ||||||||
| (000s) | January 1 - 31, 2014 | November 14, 2012 - January 31, 2014 | ||||||
| Shipping Revenues: | ||||||||
| Pool revenues | $ | 18,404 | $ | 222,349 | ||||
| Time and bareboat charter revenues | 32,515 | 447,278 | ||||||
| Voyage charter revenues | 55,840 | 590,278 | ||||||
| 106,759 | 1,259,905 | |||||||
| Operating Expenses: | ||||||||
| Voyage expenses | 25,807 | 313,661 | ||||||
| Vessel expenses | 22,565 | 325,450 | ||||||
| Charter hire expenses | 15,254 | 265,891 | ||||||
| Depreciation and amortization | 14,035 | 216,516 | ||||||
| General and administrative | 7,672 | 116,789 | ||||||
| Goodwill and intangible assets impairment charge | - | 16,214 | ||||||
| (Gain)/loss on disposal of vessels, including impairments | - | 644,668 | ||||||
| Total Operating Expenses | 85,333 | 1,899,189 | ||||||
| Income/(loss) from Vessel Operations | 21,426 | (639,284 | ) | |||||
| Equity in Income/(loss) of Affiliated Companies | 2,948 | 50,835 | ||||||
| Operating Income/(loss) | 24,374 | (588,449 | ) | |||||
| Other Income/(expense) | 42 | 1,126 | ||||||
| Income/(loss) before Interest Expense and Income Taxes | 24,416 | (587,323 | ) | |||||
| Interest Expense | - | (216 | ) | |||||
| Income/(loss) before Reorganization Items and Income Taxes | 24,416 | (587,539 | ) | |||||
| Reorganization Items, net | 6,842 | 375,123 | ||||||
| Income/(loss) before Income Taxes | 17,574 | (962,662 | ) | |||||
| Income Tax (Benefit)/Provision | (2,018 | ) | (19,555 | ) | ||||
| Net Income/(Loss) | $ | 19,592 | $ | (943,107 | ) | |||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 130 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Overseas Shipholding Group, Inc. | OSG International, Inc. | OSG Bulk Ships, Inc. | 1372 Tanker Corporation | Africa Tanker Corporation | Alcesmar Limited | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 320,126 | $ | 173,621 | $ | 3,986 | $ | 146,498 | $ | 46,300 | $ | 15,702 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 530 | 0 | (990 | ) | (756 | ) | - | - | 2,611 | 4,058 | - | - | 1,547 | 1,354 | ||||||||||||||||||||||||||||||||||
| Other receivables | 5,011 | 3,974 | 13,363 | 510 | 746 | 45 | 27 | 44 | (1 | ) | (1 | ) | 11 | 36 | ||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | 2,918 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 16,696 | 6,992 | (133 | ) | 1 | - | - | 75 | 121 | 18 | 106 | 21 | 47 | |||||||||||||||||||||||||||||||||||
| Total Current Assets | 342,364 | 184,586 | 16,227 | 146,253 | 47,046 | 15,747 | 2,713 | 7,141 | 18 | 105 | 1,579 | 1,436 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | 150 | - | - | 50,585 | 47,368 | - | - | 34,822 | 14,979 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | 2,212 | 1,682 | - | - | 674 | 1,013 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | 150 | - | - | 52,797 | 49,050 | - | - | 35,496 | 15,992 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 38 | 253 | (2,998 | ) | 38,945 | - | - | - | - | 231,376 | 271,347 | 300 | 300 | |||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | 816,000 | 816,000 | 2,036,505 | 2,036,512 | 1,512,260 | 1,512,260 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | 267,376 | 274,902 | 180,732 | 137,566 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 331,328 | 352,780 | 339,231 | 339,233 | 986,889 | 986,888 | 16,336 | 16,336 | 259,313 | 259,313 | 3,930 | 3,930 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 10,840 | 10,345 | 1,487,388 | 1,498,820 | 4,045 | 4,045 | - | - | 4,350 | 4,350 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | 464 | - | 16,694 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 36,535 | - | 55,200 | - | 40,660 | - | 1,170 | - | - | - | 3,431 | ||||||||||||||||||||||||||||||||||||
| Other Assets | 0 | 9,169 | 6 | 25 | 237 | 129 | 21 | (93 | ) | - | - | (13 | ) | (5 | ) | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 1,767,945 | $ | 1,685,035 | $ | 4,057,090 | $ | 4,269,398 | $ | 2,550,477 | $ | 2,559,730 | $ | 71,867 | $ | 73,605 | $ | 495,057 | $ | 535,116 | $ | 41,292 | $ | 25,084 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 8,019 | 273,777 | - | 379 | 55 | 1,331 | 1,150 | 296 | - | - | 44 | 558 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 8,019 | 273,777 | - | 379 | 55 | 1,331 | 1,150 | 296 | - | - | 44 | 558 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 79,516 | - | 53,011 | - | 503 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 33,481 | - | 5 | - | 3,536 | - | - | - | 1,154 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 14,110 | - | 184,405 | - | 8,161 | - | - | - | 783 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 724,132 | 394,707 | - | - | - | - | - | - | 43 | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 732,151 | 682,593 | - | 297,781 | 55 | 62,508 | 1,150 | 4,335 | 43 | 783 | 44 | 1,712 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | 227,716 | 152,549 | 50,033 | 33 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 12,677 | 12,677 | 317,740 | 317,740 | 59,165 | 59,165 | 28,127 | 28,120 | 17 | 17 | 6,818 | 6,818 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 29,734 | 44,070 | 1,932,666 | 1,954,310 | 1,079,806 | 1,079,614 | - | - | 39 | 39 | 238 | 238 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | 2,018,557 | 2,022,640 | 509 | 773 | 2,210 | 3,614 | 47,035 | 46,022 | - | - | 19,883 | 19,761 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 2,060,968 | 2,079,387 | 2,478,631 | 2,425,373 | 1,191,215 | 1,142,426 | 75,161 | 74,141 | 56 | 56 | 26,940 | 26,818 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 2,793,118 | 2,761,981 | 2,478,631 | 2,723,154 | 1,191,270 | 1,204,934 | 76,311 | 78,476 | 99 | 839 | 26,984 | 28,530 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (1,025,174 | ) | (1,076,945 | ) | 1,578,459 | 1,546,244 | 1,359,207 | 1,354,796 | (4,444 | ) | (4,871 | ) | 494,959 | 534,277 | 14,308 | (3,445 | ) | |||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 1,767,945 | $ | 1,685,035 | $ | 4,057,090 | $ | 4,269,398 | $ | 2,550,477 | $ | 2,559,730 | $ | 71,867 | $ | 73,605 | $ | 495,057 | $ | 535,116 | $ | 41,292 | $ | 25,084 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 131 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Alcmar Limited | Alpha Suezmax Corporation | Alpha Tanker Corporation | Amalia Product Corporation | Ambermar
Product Carrier Corporation | Ambermar Tanker Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 153 | 1,409 | 2,957 | 91 | (62 | ) | (64 | ) | 2,562 | 2,923 | 1,417 | 87 | (22 | ) | - | |||||||||||||||||||||||||||||||||
| Other receivables | (24 | ) | (2 | ) | 2,741 | 937 | 131 | - | 6 | 13 | 14 | 439 | - | - | ||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 38 | - | 318 | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 21 | 48 | 528 | - | - | - | 388 | 52 | 21 | 53 | 1,071 | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 150 | 1,455 | 6,226 | 1,028 | 69 | (64 | ) | 2,995 | 2,988 | 1,769 | 579 | 1,049 | - | |||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 34,750 | 15,253 | 228 | - | - | - | 51,954 | 48,091 | 26,361 | 9,797 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 401 | 1,030 | 1,800 | - | - | - | 1,747 | 1,176 | 1,657 | 1,188 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 35,151 | 16,283 | 2,028 | - | - | - | 53,701 | 49,267 | 28,018 | 10,985 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 600 | 300 | - | - | - | - | 601 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 7,926 | 7,926 | 6,502 | 6,502 | 157 | 157 | 6,826 | 6,826 | 16,108 | 16,108 | 102 | 102 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 14 | 14 | 481 | 481 | - | - | - | - | 783 | 783 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,353 | - | 3,970 | - | - | - | 6,286 | - | 4,875 | - | 1,318 | ||||||||||||||||||||||||||||||||||||
| Other Assets | 0 | (12 | ) | 55 | - | - | - | (1 | ) | (1 | ) | 33 | 25 | - | (282 | ) | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 43,827 | $ | 28,305 | $ | 14,825 | $ | 11,514 | $ | 707 | $ | 574 | $ | 64,121 | $ | 65,366 | $ | 45,929 | $ | 32,573 | $ | 1,934 | $ | 1,921 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 708 | 1,201 | 116 | 98 | - | - | 41 | 438 | 374 | 120 | 4 | - | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 708 | 1,201 | 116 | 98 | - | - | 41 | 438 | 374 | 120 | 4 | - | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 1,195 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 708 | 2,395 | 116 | 98 | - | - | 41 | 438 | 374 | 120 | 4 | - | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 7,706 | 7,706 | 26,898 | 26,898 | - | - | 6,322 | 6,322 | 17,078 | 17,078 | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 222 | 222 | 2,722 | 2,722 | 147 | 147 | 3 | 3 | 335 | 335 | 840 | 840 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | 19,883 | 19,761 | - | 13,450 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 27,811 | 27,689 | 29,620 | 43,070 | 147 | 147 | 6,325 | 6,325 | 17,413 | 17,413 | 840 | 840 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 28,519 | 30,084 | 29,736 | 43,168 | 147 | 147 | 6,366 | 6,763 | 17,787 | 17,533 | 844 | 840 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 15,308 | (1,779 | ) | (14,912 | ) | (31,654 | ) | 560 | 427 | 57,755 | 58,603 | 28,142 | 15,039 | 1,090 | 1,081 | |||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 43,827 | $ | 28,305 | $ | 14,825 | $ | 11,514 | $ | 707 | $ | 574 | $ | 64,121 | $ | 65,366 | $ | 45,929 | $ | 32,573 | $ | 1,934 | $ | 1,921 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 132 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Andromar Limited | Antigmar Limited | Aqua Tanker Corporation | Aquarius Tanker Corporation | Ariadmar Limited | Aspro Tanker Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 1,480 | 2,019 | 270 | 1,711 | 455 | 449 | 2,193 | 5 | 1,578 | 1,716 | 330 | 327 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 20 | 18 | (27 | ) | 8 | 3,779 | 4,038 | 15 | 351 | 6 | 9 | 26 | - | |||||||||||||||||||||||||||||||||||
| Inventory | - | - | 484 | - | - | - | 150 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 23 | 49 | 21 | 51 | 4,651 | 4,651 | 273 | - | 29 | 47 | 31 | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 1,523 | 2,086 | 748 | 1,771 | 8,884 | 9,137 | 2,631 | 356 | 1,612 | 1,772 | 386 | 327 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 35,473 | 15,148 | 35,287 | 15,272 | - | - | - | - | 35,133 | 14,961 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 534 | 81 | 395 | 120 | - | - | - | - | 762 | 208 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 36,006 | 15,229 | 35,682 | 15,393 | - | - | - | - | 35,895 | 15,169 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 600 | 300 | 600 | 600 | - | - | - | - | 300 | 300 | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 14,837 | 14,837 | 15,228 | 15,228 | 199 | 199 | 19,515 | 19,515 | 4,859 | 4,859 | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 1 | 1 | - | - | 440 | 440 | - | - | 1 | 1 | 550 | 550 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,811 | - | 2,395 | - | - | - | 1,772 | - | 3,615 | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | (20 | ) | (18 | ) | (24 | ) | - | - | - | - | - | (37 | ) | (1 | ) | - | - | |||||||||||||||||||||||||||||||
| Total Assets | $ | 52,947 | $ | 35,245 | $ | 52,233 | $ | 35,386 | $ | 9,523 | $ | 9,776 | $ | 22,146 | $ | 21,643 | $ | 42,631 | $ | 25,715 | $ | 2,130 | $ | 2,070 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 928 | 57 | 469 | 100 | 57 | 113 | 478 | 2 | 42 | 53 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 928 | 57 | 469 | 100 | 57 | 113 | 478 | 2 | 42 | 53 | - | - | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 428 | - | 511 | - | - | - | - | - | 378 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | 3 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 928 | 485 | 469 | 612 | 57 | 116 | 478 | 2 | 42 | 431 | - | - | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 16,388 | 16,388 | 17,540 | 17,540 | 1,979 | 1,979 | 23,009 | 23,009 | 7,987 | 7,987 | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 226 | 226 | 241 | 241 | 18 | 18 | - | - | 223 | 223 | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | 19,883 | 19,761 | 19,950 | 19,761 | - | - | - | 2,343 | 19,883 | 19,761 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 36,498 | 36,375 | 37,731 | 37,542 | 1,997 | 1,997 | 23,009 | 25,352 | 28,093 | 27,971 | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 37,426 | 36,860 | 38,200 | 38,154 | 2,053 | 2,113 | 23,487 | 25,354 | 28,135 | 28,402 | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 15,521 | (1,615 | ) | 14,033 | (2,769 | ) | 7,470 | 7,663 | (1,340 | ) | (3,711 | ) | 14,496 | (2,687 | ) | 936 | 877 | |||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 52,947 | $ | 35,245 | $ | 52,233 | $ | 35,386 | $ | 9,523 | $ | 9,776 | $ | 22,146 | $ | 21,643 | $ | 42,631 | $ | 25,715 | $ | 2,130 | $ | 2,070 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 133 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Atalmar Limited | Athens Product Tanker Corporation | Atlas Chartering Corporation | Aurora Shipping Corporation | Avila Tanker Corporation | Batangas Tanker Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 1,936 | 1,921 | 1,699 | 2,617 | 904 | 10 | 3,187 | 272 | 171 | 169 | - | 2,208 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 2 | (2 | ) | (4 | ) | 3 | - | 87 | 28 | (639 | ) | (53 | ) | - | - | (14 | ) | |||||||||||||||||||||||||||||||
| Inventory | 182 | 791 | 323 | 566 | 433 | - | - | 3,642 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 23 | 47 | 19 | 52 | 605 | 0 | 96 | 108 | 221 | - | - | 52 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 2,143 | 2,758 | 2,037 | 3,239 | 1,941 | 97 | 3,311 | 3,383 | 339 | 169 | - | 2,247 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 35,037 | 14,985 | 41,872 | 39,920 | - | - | 38,944 | 36,422 | - | - | 59,564 | 70,757 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 726 | 256 | - | - | - | - | 1,486 | 938 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 35,762 | 15,241 | 41,872 | 39,920 | - | - | 40,429 | 37,360 | - | - | 59,564 | 70,757 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 13,184 | 13,184 | 16 | 16 | 22,309 | 22,309 | 12,328 | 12,328 | 1,271 | 1,271 | 22,063 | 22,063 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | 299 | 299 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 3,586 | - | 5,308 | - | 1,706 | - | 2,739 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | (114 | ) | (20 | ) | 2 | - | (9 | ) | - | (37 | ) | (73 | ) | - | - | - | - | |||||||||||||||||||||||||||||||
| Total Assets | $ | 50,976 | $ | 34,749 | $ | 43,926 | $ | 48,483 | $ | 24,241 | $ | 24,112 | $ | 56,032 | $ | 55,739 | $ | 1,611 | $ | 1,440 | $ | 81,926 | $ | 95,366 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 571 | 1,123 | 63 | 572 | 59 | 1 | 321 | 3,184 | 249 | - | - | 109 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 571 | 1,123 | 63 | 572 | 59 | 1 | 321 | 3,184 | 249 | - | - | 109 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | 12,318 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 571 | 1,123 | 63 | 572 | 59 | 1 | 321 | 3,184 | 249 | - | - | 12,428 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | 57,592 | 57,592 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 9,783 | 9,783 | 7,512 | 7,512 | 25,381 | 25,381 | 6,453 | 6,453 | - | - | 24,229 | 24,229 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 261 | 261 | 35,276 | 35,276 | 365 | 365 | 7 | 7 | 1,208 | 1,208 | 5 | 5 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | 4,375 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 10,045 | 10,045 | 42,788 | 42,788 | 25,746 | 30,121 | 6,460 | 6,460 | 1,208 | 1,208 | 81,826 | 81,826 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 10,616 | 11,168 | 42,851 | 43,360 | 25,805 | 30,122 | 6,782 | 9,644 | 1,457 | 1,208 | 81,826 | 94,254 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 40,360 | 23,582 | 1,075 | 5,122 | (1,564 | ) | (6,010 | ) | 49,250 | 46,095 | 154 | 232 | 100 | 1,112 | ||||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 50,976 | $ | 34,749 | $ | 43,926 | $ | 48,483 | $ | 24,241 | $ | 24,112 | $ | 56,032 | $ | 55,739 | $ | 1,611 | $ | 1,440 | $ | 81,926 | $ | 95,366 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 134 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Beta Aframax Corporation | Brooklyn
Product Tanker Corporation | Cabo Hellas Limited | Cabo Sounion Limited | Caribbean Tanker Corporation | Carina Tanker Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 697 | 444 | 710 | - | 195 | 0 | 205 | - | 887 | 1,122 | 908 | 230 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 13 | - | (3 | ) | - | 22 | 5 | (9 | ) | (28 | ) | 908 | (4 | ) | - | - | ||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | 344 | 547 | 752 | 0 | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 44 | - | - | - | 47 | 71 | 33 | 60 | 54 | 53 | 3 | (0 | ) | |||||||||||||||||||||||||||||||||||
| Total Current Assets | 753 | 444 | 707 | - | 264 | 77 | 230 | 33 | 2,194 | 1,719 | 1,662 | 230 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 141 | - | - | - | 36,005 | 16,891 | 37,294 | 17,512 | 22,147 | 5,043 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 65 | - | - | - | 358 | 1,701 | 306 | 1,602 | 789 | 805 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 206 | - | - | - | 36,364 | 18,592 | 37,600 | 19,115 | 22,935 | 5,848 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 10,281 | 9,741 | 2,827 | 2,827 | 26,270 | 26,270 | 27,240 | 27,240 | 28,974 | 28,974 | 18,588 | 18,588 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 25,270 | 25,270 | 4 | 4 | 3 | 3 | 18 | 18 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 455 | - | - | - | - | - | 1,685 | - | 1,951 | ||||||||||||||||||||||||||||||||||||
| Other Assets | 105 | - | (3 | ) | (1 | ) | - | 0 | (41 | ) | 1 | 14 | (80 | ) | - | - | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 11,345 | $ | 10,184 | $ | 28,802 | $ | 28,552 | $ | 62,901 | $ | 44,943 | $ | 65,032 | $ | 46,392 | $ | 54,135 | $ | 38,162 | $ | 20,251 | $ | 20,769 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 609 | 39 | 279 | 2 | 461 | 554 | 489 | 566 | 651 | 628 | 19 | 28 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 609 | 39 | 279 | 2 | 461 | 554 | 489 | 566 | 651 | 628 | 19 | 28 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 319 | - | - | - | 128 | - | 346 | - | 857 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | (854 | ) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | (245 | ) | 359 | 279 | 2 | 461 | 683 | 489 | 912 | 651 | 1,485 | 19 | 28 | |||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 15,430 | 15,430 | 370 | 370 | 3,342 | 3,342 | 2,979 | 2,979 | 20,445 | 20,445 | 24,230 | 24,230 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 341 | 341 | 47,640 | 47,620 | 17,008 | 17,008 | 17,774 | 17,774 | 3,073 | 3,073 | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | 30,823 | - | 0 | - | - | - | - | - | - | - | 4,100 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 15,771 | 46,594 | 48,010 | 47,990 | 20,350 | 20,350 | 20,753 | 20,753 | 23,518 | 23,518 | 24,230 | 28,330 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 15,526 | 46,953 | 48,289 | 47,992 | 20,811 | 21,033 | 21,242 | 21,665 | 24,169 | 25,003 | 24,249 | 28,358 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (4,181 | ) | (36,769 | ) | (19,488 | ) | (19,440 | ) | 42,091 | 23,910 | 43,790 | 24,726 | 29,966 | 13,160 | (3,998 | ) | (7,589 | ) | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 11,345 | $ | 10,184 | $ | 28,802 | $ | 28,552 | $ | 62,901 | $ | 44,943 | $ | 65,032 | $ | 46,392 | $ | 54,135 | $ | 38,162 | $ | 20,251 | $ | 20,769 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 135 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Carl Product Corporation | Concept Tanker Corporation | Crown Tanker Corporation | Delphina Tanker Corporation | Delta Aframax Corporation | DHT Ania Aframax Corp. | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | 1 | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 2,622 | 2,004 | 1,991 | 1,836 | 90 | 0 | - | - | 758 | 1,339 | (40 | ) | - | |||||||||||||||||||||||||||||||||||
| Other receivables | 11 | (21 | ) | - | - | - | - | - | - | 4 | 12 | (15 | ) | - | ||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 33 | 53 | 241 | 321 | - | - | - | - | 42 | 70 | (60 | ) | - | |||||||||||||||||||||||||||||||||||
| Total Current Assets | 2,667 | 2,037 | 2,232 | 2,156 | 90 | 0 | - | - | 805 | 1,422 | (115 | ) | - | |||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 51,896 | 48,153 | - | - | - | - | - | - | 56,274 | 29,126 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,873 | 1,274 | - | - | - | - | - | - | 43 | 238 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 53,768 | 49,427 | - | - | - | - | - | - | 56,317 | 29,364 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 612 | - | 300 | 300 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 6,388 | 6,388 | 7,495 | 7,495 | 431 | 431 | - | - | 3,875 | 3,875 | 1,477 | 1,477 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | 119 | 119 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 5,508 | - | 746 | - | 129 | - | - | - | 335 | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | (58 | ) | 81 | - | - | - | - | - | - | (47 | ) | (75 | ) | - | - | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 63,377 | $ | 63,441 | $ | 10,027 | $ | 10,697 | $ | 522 | $ | 560 | $ | - | $ | - | $ | 60,949 | $ | 34,921 | $ | 1,481 | $ | 1,596 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 102 | 1,200 | - | - | - | - | - | - | 660 | 847 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 102 | 1,200 | - | - | - | - | - | - | 660 | 847 | - | - | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | 555 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | 59 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 493 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 102 | 1,200 | 493 | - | - | - | - | - | 660 | 1,402 | - | 59 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 6,327 | 6,327 | 11,522 | 11,522 | 83 | 83 | - | - | 7,653 | 7,649 | 1,337 | 1,341 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 2 | 2 | 1 | 1 | 18 | 18 | - | - | 2 | 2 | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | 2,726 | 10 | 10 | - | - | 36,791 | 35,394 | - | 45 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 6,330 | 6,330 | 11,523 | 14,249 | 111 | 111 | - | - | 44,446 | 43,045 | 1,337 | 1,386 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 6,431 | 7,530 | 12,015 | 14,249 | 111 | 111 | - | - | 45,105 | 44,446 | 1,337 | 1,445 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 56,946 | 55,911 | (1,989 | ) | (3,552 | ) | 410 | 449 | - | - | 15,844 | (9,525 | ) | 144 | 151 | |||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 63,377 | $ | 63,441 | $ | 10,027 | $ | 10,697 | $ | 522 | $ | 560 | $ | - | $ | - | $ | 60,949 | $ | 34,921 | $ | 1,481 | $ | 1,596 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 136 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| DHT Ann VLCC Corp. | DHT Cathy Aframax Corp. | DHT Chris VLCC Corp. | DHT Rebecca Aframax Corp. | DHT Regal Unity VLCC Corp. | DHT Sophie Aframax Corp. | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 3,455 | 64 | 1,711 | 313 | 2,422 | 48 | 243 | 238 | 1,247 | 15 | 581 | 287 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 687 | - | 883 | - | 44 | - | 373 | - | 750 | - | 865 | - | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 579 | - | 409 | 0 | 479 | - | - | - | - | - | (31 | ) | - | |||||||||||||||||||||||||||||||||||
| Total Current Assets | 4,721 | 64 | 3,003 | 313 | 2,945 | 48 | 616 | 238 | 1,997 | 15 | 1,415 | 287 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 31,966 | 31,966 | 14,591 | 14,591 | 26,495 | 26,495 | 1,106 | 1,106 | 10,664 | 10,664 | 10,543 | 10,543 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 1,186 | 1,186 | 66 | 66 | 1,332 | 1,332 | 835 | 835 | 2,601 | 2,601 | 8 | 8 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 3,050 | - | 1,095 | - | 2,711 | - | 51 | - | 1,207 | - | 190 | ||||||||||||||||||||||||||||||||||||
| Other Assets | (1 | ) | - | (5 | ) | (15 | ) | - | - | 51 | - | - | - | 0 | - | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 37,873 | $ | 36,266 | $ | 17,655 | $ | 16,049 | $ | 30,772 | $ | 30,585 | $ | 2,608 | $ | 2,230 | $ | 15,262 | $ | 14,487 | $ | 11,965 | $ | 11,028 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 285 | - | - | 44 | 100 | - | - | - | - | - | 7 | 16 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 285 | - | - | 44 | 100 | - | - | - | - | - | 7 | 16 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 285 | - | - | 44 | 100 | - | - | - | - | - | 7 | 16 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 28,300 | 27,613 | 18,440 | 17,564 | 22,718 | 22,394 | 1,046 | 673 | 16,475 | 15,769 | 12,505 | 11,677 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 1 | 1 | 955 | 955 | 835 | 835 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | 380 | - | - | - | 334 | - | - | - | 213 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 28,300 | 27,993 | 18,441 | 17,565 | 23,673 | 23,683 | 1,881 | 1,508 | 16,475 | 15,982 | 12,505 | 11,677 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 28,585 | 27,993 | 18,441 | 17,609 | 23,773 | 23,683 | 1,881 | 1,508 | 16,475 | 15,982 | 12,512 | 11,694 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 9,288 | 8,274 | (786 | ) | (1,560 | ) | 6,999 | 6,903 | 727 | 722 | (1,213 | ) | (1,495 | ) | (547 | ) | (666 | ) | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 37,873 | $ | 36,266 | $ | 17,655 | $ | 16,049 | $ | 30,772 | $ | 30,585 | $ | 2,608 | $ | 2,230 | $ | 15,262 | $ | 14,487 | $ | 11,965 | $ | 11,028 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 137 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Dignity Chartering Corporation | Edindun Shipping Corporation | Eighth Aframax Tanker Corporation | Epsilon Aframax Corporation | First Chemical Carrier Corporation | First LPG Tanker Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | 1 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 3,016 | 82 | - | - | 1,427 | 2,088 | 1,703 | 2,235 | 22 | 19 | 287 | 287 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 8 | - | - | - | 33 | 13 | 73 | 64 | - | - | 0 | 0 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | (0 | ) | (0 | ) | ||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 511 | - | - | - | 46 | 66 | 42 | 70 | 335 | 3 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 3,534 | 82 | - | - | 1,506 | 2,168 | 1,819 | 2,370 | 357 | 22 | 288 | 288 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 483 | - | - | - | 23,283 | 21,776 | 56,928 | 29,434 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,422 | - | - | - | 1,671 | 1,180 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 1,905 | - | - | - | 24,954 | 22,957 | 56,928 | 29,434 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 9,160 | 9,160 | - | - | 7,170 | 7,170 | 2,383 | 2,383 | 5,755 | 5,755 | 7,053 | 7,053 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,108 | - | - | - | 1,559 | - | 296 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | 26 | 23 | - | - | 85 | 88 | 108 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 14,624 | $ | 11,372 | $ | - | $ | - | $ | 33,715 | $ | 33,941 | $ | 61,238 | $ | 34,483 | $ | 6,113 | $ | 5,777 | $ | 7,341 | $ | 7,341 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 162 | 4 | - | - | 119 | 56 | 423 | 183 | 2,054 | 2 | 995 | 995 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 162 | 4 | - | - | 119 | 56 | 423 | 183 | 2,054 | 2 | 995 | 995 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | 737 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | 506 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 908 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 162 | 4 | - | - | 119 | 56 | 423 | 1,426 | 2,054 | 910 | 995 | 995 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 26,406 | 26,407 | - | - | 32,826 | 32,826 | 7,606 | 7,606 | 8,117 | 8,117 | 5,815 | 5,815 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 0 | 0 | - | - | 7 | 7 | 34 | 34 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | 32,550 | - | - | - | (0 | ) | 36,792 | 35,394 | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 26,407 | 58,957 | - | - | 32,833 | 32,833 | 44,432 | 43,034 | 8,117 | 8,117 | 5,815 | 5,815 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 26,569 | 58,961 | - | - | 32,952 | 32,888 | 44,854 | 44,460 | 10,170 | 9,027 | 6,810 | 6,810 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (11,944 | ) | (47,590 | ) | - | - | 763 | 1,053 | 16,383 | (9,978 | ) | (4,058 | ) | (3,250 | ) | 531 | 531 | |||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 14,624 | $ | 11,372 | $ | - | $ | - | $ | 33,715 | $ | 33,941 | $ | 61,238 | $ | 34,483 | $ | 6,113 | $ | 5,777 | $ | 7,341 | $ | 7,341 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 138 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| First Union Tanker Corporation | Fourth Aframax Tanker Corporation | Front President Inc. | Goldmar Limited | GPC Aframax Corporation | Grace Chartering Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 2,635 | 4,154 | 924 | 768 | 2,991 | 5,207 | 2,099 | 2,873 | 1,818 | (12 | ) | 1,564 | (1 | ) | ||||||||||||||||||||||||||||||||||
| Other receivables | 7 | 14 | 53 | 17 | 179 | 24 | 0 | 11 | 25 | 13 | - | 123 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | 893 | 408 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 107 | 109 | 216 | 53 | 90 | 114 | 33 | 51 | 470 | - | 242 | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 2,749 | 4,277 | 2,086 | 1,246 | 3,261 | 5,345 | 2,132 | 2,936 | 2,312 | 2 | 1,806 | 122 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 38,368 | 20,074 | 21,167 | 5,113 | 105,641 | 100,625 | 34,252 | 14,987 | 77 | 95 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 2,032 | 827 | 1,676 | 755 | - | 178 | 1,546 | 1,349 | 16 | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 40,401 | 20,902 | 22,843 | 5,868 | 105,641 | 100,803 | 35,798 | 16,336 | 93 | 95 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | 641 | 641 | - | - | 300 | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 21,750 | 21,750 | 30,407 | 30,407 | 65,978 | 65,978 | 19,307 | 19,307 | 1,460 | 1,460 | 6,486 | 6,486 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 117 | 117 | 0 | 0 | 0 | 0 | 8 | 8 | 9,871 | 9,871 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 6,421 | - | 1,820 | - | 4,069 | - | 226 | - | 1,917 | ||||||||||||||||||||||||||||||||||||
| Other Assets | 421 | 49 | 107 | 150 | 61 | - | 67 | (3 | ) | (185 | ) | (43 | ) | - | - | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 65,438 | $ | 47,096 | $ | 55,442 | $ | 44,092 | $ | 174,942 | $ | 173,946 | $ | 57,955 | $ | 43,295 | $ | 13,551 | $ | 11,610 | $ | 8,594 | $ | 8,527 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 525 | 148 | 65 | 840 | 239 | 203 | 39 | 363 | 224 | 430 | - | 1 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 525 | 148 | 65 | 840 | 239 | 203 | 39 | 363 | 224 | 430 | - | 1 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | 761 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | 752 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 331 | - | 1,557 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | (1,626 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 525 | 478 | 65 | 2,397 | 239 | 1,716 | 39 | 363 | (1,402 | ) | 430 | - | 1 | |||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 11,373 | 11,407 | 22,491 | 22,528 | 12,424 | 12,424 | 5,499 | 5,499 | 21,856 | 21,856 | 9,511 | 9,511 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 10 | 10 | 3,432 | 3,432 | 3 | 3 | 11,659 | 11,659 | 1 | 1 | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | 306 | 68,723 | 66,094 | - | - | - | 20,304 | - | 879 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 11,383 | 11,417 | 25,923 | 26,266 | 81,150 | 78,520 | 17,158 | 17,158 | 21,857 | 42,161 | 9,511 | 10,391 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 11,908 | 11,896 | 25,988 | 28,663 | 81,389 | 80,237 | 17,198 | 17,521 | 20,455 | 42,591 | 9,511 | 10,392 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 53,530 | 35,200 | 29,454 | 15,429 | 93,553 | 93,709 | 40,757 | 25,774 | (6,905 | ) | (30,981 | ) | (918 | ) | (1,865 | ) | ||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 65,438 | $ | 47,096 | $ | 55,442 | $ | 44,092 | $ | 174,942 | $ | 173,946 | $ | 57,955 | $ | 43,295 | $ | 13,551 | $ | 11,610 | $ | 8,594 | $ | 8,527 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 139 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| International Seaways, Inc. | Jademar Limited | Joyce Car Carrier Corporation | Juneau Tanker Corporation | Kimolos Tanker Corporation | Kythnos Chartering Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 5,877 | 13,710 | 2,067 | 2,891 | - | - | - | - | 2,143 | 1,772 | 1,368 | 1,412 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 75 | 72 | 21 | 3 | (19 | ) | - | - | - | 21 | (4 | ) | 42 | 60 | ||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | 524 | 780 | 216 | 441 | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 917 | 2,180 | 29 | 55 | 0 | - | - | - | 240 | 232 | 263 | 51 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 6,869 | 15,962 | 2,116 | 2,948 | (19 | ) | - | - | - | 2,928 | 2,780 | 1,889 | 1,964 | |||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 35,721 | 15,327 | - | - | - | - | 982 | 767 | 35,080 | 33,381 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | 894 | 1,321 | 1,012 | - | - | - | - | 164 | 747 | - | 99 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | 894 | 37,042 | 16,338 | - | - | - | - | 1,146 | 1,514 | 35,080 | 33,480 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 420 | 420 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 15,356 | 15,356 | 33,198 | 33,198 | 27,330 | 27,330 | 10,114 | 10,114 | 13,389 | 13,389 | 18,822 | 18,822 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 49 | 49 | 5,584 | 5,584 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 942 | - | 4,653 | - | - | - | - | - | - | - | 4,568 | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | (12 | ) | (34 | ) | - | (198 | ) | 4 | - | - | (22 | ) | (1 | ) | (20 | ) | (14 | ) | |||||||||||||||||||||||||||||
| Total Assets | $ | 22,274 | $ | 33,191 | $ | 78,326 | $ | 63,142 | $ | 27,112 | $ | 27,333 | $ | 10,114 | $ | 10,114 | $ | 17,441 | $ | 17,682 | $ | 55,771 | $ | 58,820 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 5 | 574 | 53 | 376 | 56 | - | - | - | 719 | 649 | 99 | 561 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 5 | 574 | 53 | 376 | 56 | - | - | - | 719 | 649 | 99 | 561 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 8,906 | - | - | - | 150 | - | - | - | 1,043 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | 70 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 5 | 9,550 | 53 | 376 | 56 | 150 | - | - | 719 | 1,692 | 99 | 561 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 21,891 | 21,891 | 6,402 | 6,402 | 5,554 | 5,554 | - | - | 23,413 | 23,413 | 15,205 | 15,205 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 7,825 | 7,825 | 32,050 | 32,050 | 4 | 4 | 8,114 | 8,114 | 5 | 5 | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | 0 | - | - | - | - | 81 | - | - | - | 14,130 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 29,716 | 29,716 | 38,453 | 38,453 | 5,558 | 5,640 | 8,114 | 8,114 | 23,418 | 37,548 | 15,205 | 15,205 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 29,721 | 39,266 | 38,506 | 38,829 | 5,614 | 5,790 | 8,114 | 8,114 | 24,137 | 39,240 | 15,304 | 15,766 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (7,448 | ) | (6,076 | ) | 39,820 | 24,313 | 21,498 | 21,543 | 2,000 | 2,000 | (6,696 | ) | (21,557 | ) | 40,468 | 43,054 | ||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 22,274 | $ | 33,191 | $ | 78,326 | $ | 63,142 | $ | 27,112 | $ | 27,333 | $ | 10,114 | $ | 10,114 | $ | 17,441 | $ | 17,682 | $ | 55,771 | $ | 58,820 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 140 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Leo Tanker Corporation | Leyte Product Tanker Corporation | Limar Charter Corporation | Luxmar
Product Tanker Corporation | Luxmar Tanker LLC | Majestic Tankers Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 2,865 | 10 | 2,668 | 2,939 | 812 | - | 410 | 1,379 | 0 | - | 2,926 | 4,301 | ||||||||||||||||||||||||||||||||||||
| Other receivables | - | 145 | 23 | (2 | ) | 27 | - | - | 11 | 12 | - | 21 | 22 | |||||||||||||||||||||||||||||||||||
| Inventory | 259 | - | 479 | - | 206 | - | 52 | 653 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 273 | - | 27 | 60 | 246 | - | (9 | ) | 45 | - | - | 86 | 110 | |||||||||||||||||||||||||||||||||||
| Total Current Assets | 3,397 | 154 | 3,198 | 2,996 | 1,290 | - | 454 | 2,088 | 12 | - | 3,032 | 4,433 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 55,430 | 33,828 | 199 | - | 23,904 | 6,332 | - | - | 40,698 | 19,149 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | 3,322 | - | 482 | 881 | 0 | - | 2,099 | 540 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 55,430 | 33,828 | 3,521 | - | 24,386 | 7,213 | 0 | - | 42,797 | 19,689 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | 904 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 19,471 | 19,471 | 6,981 | 6,981 | 8,467 | 8,467 | 24,007 | 24,007 | 56,792 | 56,792 | 11,354 | 11,354 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 11 | 11 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,146 | - | 2,788 | - | 329 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | 30 | (9 | ) | (26 | ) | 20 | - | (29 | ) | 13 | 58 | (2 | ) | (0 | ) | |||||||||||||||||||||||||||||||
| Total Assets | $ | 22,868 | $ | 21,771 | $ | 65,649 | $ | 47,499 | $ | 13,253 | $ | 8,816 | $ | 48,847 | $ | 33,280 | $ | 56,818 | $ | 56,850 | $ | 57,181 | $ | 35,475 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 745 | 2 | 1,398 | 209 | 1,021 | 407 | 636 | 847 | 121 | 56 | 461 | 141 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 745 | 2 | 1,398 | 209 | 1,021 | 407 | 636 | 847 | 121 | 56 | 461 | 141 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 137 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 446 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | 597 | - | 241 | - | 809 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | 972 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | 60 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 745 | 2 | 1,398 | 792 | 2,053 | 407 | 636 | 1,445 | 121 | 297 | 461 | 950 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 23,812 | 23,812 | 25,031 | 25,031 | 26,414 | 26,414 | 24,205 | 24,205 | 568 | 568 | 10,471 | 10,471 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 267 | 267 | 9 | 9 | 11,407 | 11,407 | 31,784 | 31,784 | 16 | 16 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | 2,421 | 41,435 | 41,127 | - | 5,232 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 23,812 | 26,233 | 66,734 | 66,425 | 26,423 | 31,655 | 35,612 | 35,612 | 32,351 | 32,351 | 10,487 | 10,487 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 24,557 | 26,235 | 68,131 | 67,217 | 28,476 | 32,062 | 36,248 | 37,057 | 32,472 | 32,648 | 10,949 | 11,437 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (1,689 | ) | (4,465 | ) | (2,482 | ) | (19,718 | ) | (15,223 | ) | (23,246 | ) | 12,600 | (3,777 | ) | 24,346 | 24,202 | 46,232 | 24,038 | |||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 22,868 | $ | 21,771 | $ | 65,649 | $ | 47,499 | $ | 13,253 | $ | 8,816 | $ | 48,847 | $ | 33,280 | $ | 56,818 | $ | 56,850 | $ | 57,181 | $ | 35,475 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 141 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Oak Tanker Corporation | Maremar
Product Tanker Corporation | Maremar Tanker LLC | Marilyn Vessel Corporation | Maritrans General Partner Inc. | Maritrans Operating Company L.P. | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 1 | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | (430 | ) | 4,151 | - | - | 3,112 | 750 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Other receivables | 86 | 124 | - | - | 427 | (3 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | 198 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 62 | 122 | - | - | 36 | 2 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | (282 | ) | 4,398 | - | - | 3,772 | 748 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 141,583 | 74,188 | - | - | 24,600 | 7,704 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | 310 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 141,583 | 74,188 | - | - | 24,910 | 7,704 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 3,629 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | (385 | ) | (385 | ) | - | - | ||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 40 | 40 | 99 | 99 | 40,336 | 40,336 | 901 | 901 | - | - | 53,629 | 53,629 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | 52 | 52 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 1,227 | - | 12 | - | 3,606 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | 9 | - | (216 | ) | 52 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Total Assets | $ | 144,970 | $ | 79,854 | $ | 108 | $ | 111 | $ | 68,802 | $ | 52,447 | $ | 953 | $ | 953 | $ | (385 | ) | $ | (385 | ) | $ | 53,629 | $ | 53,629 | ||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 424 | 117 | - | - | 726 | 175 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 424 | 117 | - | - | 726 | 175 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | 962 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 510 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 424 | 1,589 | - | - | 726 | 175 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 14,674 | 14,674 | 7 | 7 | 435 | 435 | - | - | - | - | 7 | 7 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 44,979 | 44,979 | 1 | 1 | 30,577 | 30,577 | - | - | 146 | 146 | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | 85,862 | 83,289 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 145,514 | 142,942 | 8 | 8 | 31,011 | 31,011 | - | - | 146 | 146 | 7 | 7 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 145,938 | 144,530 | 8 | 8 | 31,738 | 31,186 | - | - | 146 | 146 | 7 | 7 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (968 | ) | (64,677 | ) | 100 | 103 | 37,064 | 21,261 | 953 | 953 | (531 | ) | (531 | ) | 53,622 | 53,622 | ||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 144,970 | $ | 79,854 | $ | 108 | $ | 111 | $ | 68,802 | $ | 52,447 | $ | 953 | $ | 953 | $ | (385 | ) | $ | (385 | ) | $ | 53,629 | $ | 53,629 | ||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 142 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Milos Product Tanker Corporation | Mindanao Tanker Corporation | Mykonos Tanker LLC | Nedimar Charter Corporation | Maple Tanker Corporation | Ocean Bulk Ships, Inc. | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | 1 | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 1,078 | 2,319 | - | - | 881 | 2,560 | 1,553 | (9 | ) | (234 | ) | 4,297 | - | - | ||||||||||||||||||||||||||||||||||
| Other receivables | (12 | ) | 5 | - | - | - | 186 | (5 | ) | (5 | ) | 115 | 112 | - | - | |||||||||||||||||||||||||||||||||
| Inventory | 733 | 266 | - | - | 55 | 582 | 333 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 25 | 51 | - | - | 24 | 41 | 256 | 0 | 61 | 121 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 1,824 | 2,640 | - | - | 959 | 3,368 | 2,137 | (14 | ) | (57 | ) | 4,532 | - | - | ||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 42,284 | 40,283 | 34,414 | 60,847 | 47,429 | 45,007 | 47 | - | 138,736 | 69,628 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | 81 | 1,379 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 42,284 | 40,283 | 34,414 | 60,847 | 47,429 | 45,088 | 1,426 | - | 138,736 | 69,628 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | 3,788 | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 0 | 0 | 5 | 5 | 47,635 | 47,615 | 12,466 | 12,466 | 422 | 422 | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 135 | 135 | - | - | 2 | 2 | 0 | 0 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 4,310 | - | - | - | 6,240 | - | 715 | - | 1,475 | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | 3 | (41 | ) | (2 | ) | 68 | - | - | - | ||||||||||||||||||||||||||||||||||
| Total Assets | $ | 44,109 | $ | 47,234 | $ | 34,554 | $ | 60,987 | $ | 96,023 | $ | 102,313 | $ | 15,991 | $ | 13,167 | $ | 142,957 | $ | 76,057 | $ | - | $ | - | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 114 | 432 | - | - | 277 | 492 | 591 | 4 | 325 | 241 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 114 | 432 | - | - | 277 | 492 | 591 | 4 | 325 | 241 | - | - | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 10,800 | - | - | - | - | - | 760 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | 472 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 15,634 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | 1,339 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | 197 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 114 | 432 | - | 26,434 | 277 | 492 | 2,127 | 4 | 325 | 1,474 | - | - | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | 33,894 | 33,894 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 22,672 | 22,672 | 345 | 345 | 47,682 | 47,682 | 24,337 | 24,337 | 16,128 | 16,128 | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 19,387 | 19,387 | 214 | 214 | 26,607 | 26,607 | 9 | 9 | 46,972 | 46,972 | 15 | 15 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | 5,946 | 83,617 | 81,127 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 42,059 | 42,059 | 34,454 | 34,454 | 74,289 | 74,289 | 24,346 | 30,292 | 146,717 | 144,227 | 15 | 15 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 42,173 | 42,490 | 34,454 | 60,888 | 74,566 | 74,781 | 26,473 | 30,296 | 147,042 | 145,700 | 15 | 15 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 1,936 | 4,744 | 100 | 99 | 21,457 | 27,532 | (10,482 | ) | (17,129 | ) | (4,085 | ) | (69,644 | ) | (15 | ) | (15 | ) | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 44,109 | $ | 47,234 | $ | 34,554 | $ | 60,987 | $ | 96,023 | $ | 102,313 | $ | 15,991 | $ | 13,167 | $ | 142,957 | $ | 76,057 | $ | - | $ | 0 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 143 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Oceania Tanker Corporation | OSG 192 LLC | OSG 209 LLC | OSG 214 LLC | OSG 215 Corporation | OSG 242 LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 2,100 | - | (20 | ) | - | (9 | ) | 3 | 34 | - | - | - | 1,551 | - | ||||||||||||||||||||||||||||||||||
| Other receivables | 114 | 73 | - | 0 | 265 | 0 | 298 | 0 | - | - | 284 | - | ||||||||||||||||||||||||||||||||||||
| Inventory | - | 878 | - | - | - | - | - | - | - | - | 315 | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 96 | 133 | 9 | 23 | 5 | 29 | 5 | 25 | - | - | 5 | 28 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 2,310 | 1,084 | (11 | ) | 23 | 261 | 32 | 337 | 25 | - | - | 2,155 | 28 | |||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 79,751 | 45,916 | 9,219 | 7,316 | 22,021 | 19,971 | 18,892 | 16,979 | - | - | 29,890 | 27,540 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 168 | - | 796 | 867 | 1,099 | 473 | 1,762 | 300 | - | - | 746 | 48 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 79,920 | 45,916 | 10,015 | 8,183 | 23,121 | 20,444 | 20,653 | 17,280 | - | - | 30,636 | 27,588 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 84,867 | 84,867 | 24,239 | 24,239 | 24,400 | 24,400 | 14,836 | 14,836 | 124 | 124 | 29,932 | 29,932 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 3,001 | 3,001 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 9,067 | - | 10,711 | - | 11,515 | - | - | - | 21,182 | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | 19 | 319 | - | - | - | - | 17 | - | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 167,097 | $ | 131,867 | $ | 37,244 | $ | 44,513 | $ | 47,801 | $ | 55,905 | $ | 35,826 | $ | 43,656 | $ | 124 | $ | 124 | $ | 62,739 | $ | 78,730 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 102 | 51 | 440 | 848 | 464 | 48 | 398 | 871 | - | - | 1,084 | 1,293 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 102 | 51 | 440 | 848 | 464 | 48 | 398 | 871 | - | - | 1,084 | 1,293 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 487 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 102 | 538 | 440 | 848 | 464 | 48 | 398 | 871 | - | - | 1,084 | 1,293 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 10,310 | 10,292 | 52 | 52 | 54 | 54 | 50 | 50 | - | - | 58 | 58 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 360 | 360 | 14,899 | 14,899 | 11,106 | 11,106 | 8,902 | 8,902 | 124 | 124 | 8,725 | 8,725 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 10,670 | 10,652 | 14,950 | 14,950 | 11,160 | 11,160 | 8,951 | 8,951 | 124 | 124 | 8,783 | 8,783 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 10,772 | 11,190 | 15,391 | 15,799 | 11,624 | 11,208 | 9,349 | 9,822 | 124 | 124 | 9,867 | 10,076 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 156,325 | 120,677 | 21,853 | 28,715 | 36,177 | 44,697 | 26,477 | 33,833 | (0 | ) | (0 | ) | 52,872 | 68,654 | ||||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 167,097 | $ | 131,867 | $ | 37,244 | $ | 44,513 | $ | 47,801 | $ | 55,905 | $ | 35,826 | $ | 43,656 | $ | 124 | $ | 124 | $ | 62,739 | $ | 78,730 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 144 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| OSG 243 LLC | OSG 244 LLC | OSG 252 LLC | OSG 254 LLC | OSG 300 LLC | OSG 400 LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 1,820 | 5 | 68 | 40 | 1,600 | - | - | (32 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Other receivables | 60 | - | 276 | - | 328 | - | 247 | 55 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Inventory | 166 | - | - | - | 278 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 15 | 32 | 5 | 26 | 5 | 26 | 5 | 26 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets1 | 2,061 | 37 | 350 | 65 | 2,211 | 26 | 252 | 49 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 31,327 | 28,989 | 16,006 | 13,599 | 18,995 | 16,686 | 21,186 | 18,560 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 703 | 671 | 1,102 | 1,913 | 1,152 | - | 1,870 | 1,408 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 32,030 | 29,660 | 17,108 | 15,512 | 20,147 | 16,686 | 23,056 | 19,968 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 2,761 | 2,761 | 27,376 | 27,376 | 18,417 | 18,417 | 22,276 | 22,276 | 84 | 84 | 4,141 | 4,141 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 25,647 | 25,647 | - | - | - | - | - | - | - | - | 18,323 | 18,323 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 35,411 | - | 9,129 | - | 16,770 | - | 12,435 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | (94 | ) | (50 | ) | - | (1 | ) | (7 | ) | - | - | - | - | - | 532 | 771 | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 62,405 | $ | 93,466 | $ | 44,834 | $ | 52,082 | $ | 40,769 | $ | 51,900 | $ | 45,584 | $ | 54,728 | $ | 84 | $ | 84 | $ | 22,996 | $ | 23,235 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 20 | 47 | 474 | 37 | 386 | 49 | 1 | 29 | - | - | (1 | ) | - | |||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 20 | 47 | 474 | 37 | 386 | 49 | 1 | 29 | - | - | (1 | ) | - | |||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 17,729 | - | - | - | - | - | - | - | - | - | 20 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 20 | 17,775 | 474 | 37 | 386 | 49 | 1 | 29 | - | - | (1 | ) | 20 | |||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 70 | 70 | 51 | 51 | 53 | 53 | 55 | 55 | - | - | 50 | 50 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 10,001 | 10,001 | 11,421 | 11,421 | 1,872 | 1,872 | 5,994 | 5,994 | - | - | 6,183 | 6,183 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 10,070 | 10,070 | 11,472 | 11,472 | 1,925 | 1,925 | 6,048 | 6,048 | - | - | 6,233 | 6,233 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 10,090 | 27,846 | 11,946 | 11,509 | 2,312 | 1,975 | 6,050 | 6,078 | - | - | 6,232 | 6,254 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 52,314 | 65,620 | 32,888 | 40,573 | 38,457 | 49,925 | 39,535 | 48,651 | 84 | 84 | 16,764 | 16,982 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 62,405 | $ | 93,466 | $ | 44,834 | $ | 52,082 | $ | 40,769 | $ | 51,900 | $ | 45,584 | $ | 54,728 | $ | 84 | $ | 84 | $ | 22,996 | $ | 23,235 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 145 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| OSG America L.P. | OSG America LLC | OSG
America Operating Company LLC | OSG Car Carriers, Inc. | OSG
Clean Products International, Inc. | OSG Columbia LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | 23,350 | $ | 243,739 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | - | - | (1,501 | ) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Other receivables | - | - | - | - | - | - | - | - | - | - | 26 | 26 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | (1 | ) | - | - | - | - | - | 4 | 18 | |||||||||||||||||||||||||||||||||||
| Total Current Assets | - | - | - | - | 21,847 | 243,739 | - | - | - | - | 29 | 43 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | 7,024 | 6,510 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | 602 | 48 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | 7,626 | 6,558 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | 995 | 38 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | 64,617 | 59,033 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | 0 | 0 | 423,001 | 423,001 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 458 | 458 | 834,346 | 834,346 | 6,682 | 6,682 | 100 | 100 | 2,435 | 2,435 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | 1 | 1 | 205 | 205 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 57,371 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | - | $ | - | $ | 459 | $ | 459 | $ | 1,344,807 | $ | 1,617,529 | $ | 6,887 | $ | 6,887 | $ | 100 | $ | 100 | $ | 10,091 | $ | 9,037 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | - | - | 16 | - | - | - | - | - | 125 | 109 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | - | - | 16 | - | - | - | - | - | 125 | 109 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | 1,497 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 1 | - | 269,105 | - | - | - | - | - | 3,475 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | - | 1 | 16 | 270,602 | - | - | - | - | 125 | 3,584 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | - | - | 134,975 | 134,975 | 0 | 0 | - | - | 33 | 33 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 79 | 79 | - | - | 686,794 | 686,794 | 6,899 | 6,899 | - | - | 9,323 | 9,323 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | 302 | 302 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 79 | 79 | - | - | 822,070 | 822,070 | 6,899 | 6,899 | - | - | 9,355 | 9,355 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 79 | 79 | - | 1 | 822,086 | 1,092,672 | 6,899 | 6,899 | - | - | 9,480 | 12,939 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (79 | ) | (79 | ) | 459 | 458 | 522,721 | 524,857 | (13 | ) | (13 | ) | 100 | 100 | 611 | (3,903 | ) | |||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | - | $ | - | $ | 459 | $ | 459 | $ | 1,344,807 | $ | 1,617,529 | $ | 6,887 | $ | 6,887 | $ | 100 | $ | 100 | $ | 10,091 | $ | 9,037 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 146 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| OSG Constitution LLC | OSG Courageous LLC | OSG Delaware Bay Lightering LLC | OSG Discovery LLC | OSG Endeavor LLC | OSG Endurance LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | - | - | 5,421 | 2,314 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | - | - | 10 | 15 | 63 | 186 | - | - | - | - | 23 | 23 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | 710 | 1,052 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 4 | 31 | 47 | 266 | - | - | - | - | 4 | 31 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | - | - | 14 | 46 | 6,241 | 3,818 | - | - | - | - | 27 | 54 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 30,264 | 29,148 | 382,438 | 366,560 | - | - | - | - | 32,214 | 31,024 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | 155 | - | 618 | - | - | - | - | - | 57 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 30,264 | 29,303 | 382,438 | 367,178 | - | - | - | - | 32,214 | 31,081 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 1,070 | 1,070 | 2,062 | 2,062 | 15,144 | 15,144 | 1,272 | 1,272 | - | - | 69 | 69 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | 104,456 | 104,456 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 52,101 | - | 935 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | 0 | (0 | ) | (2 | ) | 6 | 0 | (19 | ) | - | - | - | - | (30 | ) | (29 | ) | |||||||||||||||||||||||||||||||
| Total Assets | $ | 1,070 | $ | 1,070 | $ | 32,339 | $ | 31,416 | $ | 508,278 | $ | 542,677 | $ | 1,272 | $ | 2,207 | $ | - | $ | - | $ | 32,280 | $ | 31,175 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 2 | 3 | 140 | 126 | 598 | 473 | 21 | - | - | - | 145 | 121 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 2 | 3 | 140 | 126 | 598 | 473 | 21 | - | - | - | 145 | 121 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 2 | - | 3,704 | - | 13,583 | - | - | - | 58 | - | 3,393 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 2 | 5 | 140 | 3,830 | 598 | 14,056 | 21 | - | - | 58 | 145 | 3,514 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 32 | 32 | 1 | 1 | 380 | 380 | - | - | 111 | 111 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 4,544 | 4,544 | 17,212 | 17,212 | 88,794 | 88,794 | 508 | 508 | 310 | 310 | 15,683 | 15,683 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 4,576 | 4,576 | 17,213 | 17,213 | 89,174 | 89,174 | 508 | 508 | 421 | 421 | 15,684 | 15,684 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 4,579 | 4,582 | 17,353 | 21,042 | 89,772 | 103,230 | 529 | 508 | 421 | 479 | 15,828 | 19,198 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (3,508 | ) | (3,511 | ) | 14,986 | 10,374 | 418,506 | 439,448 | 743 | 1,698 | (421 | ) | (479 | ) | 16,452 | 11,977 | ||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 1,070 | $ | 1,070 | $ | 32,339 | $ | 31,416 | $ | 508,278 | $ | 542,677 | $ | 1,272 | $ | 2,207 | $ | - | $ | - | $ | 32,280 | $ | 31,175 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 147 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| OSG Enterprise LLC | OSG Financial Corp. | OSG Freedom LLC | OSG Honour LLC | OSG Independence LLC | OSG Intrepid LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | 16 | $ | 371 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | 10 | 10 | - | - | - | - | 16 | 16 | 14 | 17 | 13 | 12 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | 0 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 4 | 16 | - | - | 5 | 9 | 4 | 17 | 4 | 17 | 4 | 16 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 14 | 26 | 16 | 371 | 5 | 9 | 20 | 33 | 18 | 34 | 17 | 28 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 4,238 | 3,881 | - | - | 1,478 | - | 3,802 | 3,425 | 6,615 | 6,129 | 2,897 | 2,439 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,494 | 263 | - | - | - | - | 848 | 370 | 311 | 303 | 1,219 | 753 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 5,732 | 4,144 | - | - | 1,478 | - | 4,649 | 3,794 | 6,926 | 6,432 | 4,116 | 3,192 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 3,140 | 3,140 | 10,251 | 10,251 | 829 | 829 | 2,458 | 2,458 | 246 | 246 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | 1 | 1 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 483 | - | - | - | 5,998 | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | 9 | 56 | 731 | 203 | 0 | - | (3 | ) | (2 | ) | 0 | 8 | (8 | ) | 2 | |||||||||||||||||||||||||||||||||
| Total Assets | $ | 8,895 | $ | 7,366 | $ | 10,999 | $ | 10,825 | $ | 2,312 | $ | 1,322 | $ | 7,124 | $ | 6,283 | $ | 7,191 | $ | 12,719 | $ | 4,126 | $ | 3,223 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 189 | 104 | - | - | (7 | ) | 22 | 143 | 96 | 270 | 150 | 134 | 107 | |||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 189 | 104 | - | - | (7 | ) | 22 | 143 | 96 | 270 | 150 | 134 | 107 | |||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 3,683 | - | - | - | - | - | 3,516 | - | 10,056 | - | 3,969 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 189 | 3,786 | - | - | (7 | ) | 22 | 143 | 3,612 | 270 | 10,206 | 134 | 4,076 | |||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 29 | 29 | - | - | 28 | 28 | 31 | 31 | 33 | 33 | 30 | 30 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 8,420 | 8,420 | 9,457 | 9,457 | 3,753 | 3,753 | 8,722 | 8,722 | 6,907 | 6,907 | 7,284 | 7,284 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 8,449 | 8,449 | 9,457 | 9,457 | 3,781 | 3,781 | 8,753 | 8,753 | 6,940 | 6,941 | 7,314 | 7,314 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 8,638 | 12,235 | 9,457 | 9,457 | 3,775 | 3,803 | 8,896 | 12,365 | 7,210 | 17,147 | 7,447 | 11,390 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 257 | (4,869 | ) | 1,541 | 1,368 | (1,462 | ) | (2,481 | ) | (1,772 | ) | (6,082 | ) | (19 | ) | (4,427 | ) | (3,321 | ) | (8,166 | ) | |||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 8,895 | $ | 7,366 | $ | 10,999 | $ | 10,825 | $ | 2,312 | $ | 1,322 | $ | 7,124 | $ | 6,283 | $ | 7,191 | $ | 12,719 | $ | 4,126 | $ | 3,223 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 148 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| OSG Liberty LLC | OSG Lightering LLC | OSG
Lightering Acquisition Corporation | OSG Lightering Solutions LLC | OSG Mariner LLC | OSG Maritrans Parent LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | 3,502 | $ | 14,844 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | 8,284 | 14,790 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | - | - | 9,798 | 3,660 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | 2,227 | 2,242 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 1,623 | 198 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | - | - | 25,433 | 35,734 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 4,340 | 2,869 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 4,340 | 2,869 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | 7,190 | - | - | - | - | - | - | - | 606 | 522 | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | 8,101 | - | - | - | 1,567 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | 2,000 | 2,000 | - | - | - | - | 103,806 | 103,806 | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 9,493 | 9,493 | 127,232 | 127,232 | - | - | 2,650 | 2,650 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 1 | 1 | 137,738 | 137,738 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 1 | - | 5,760 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | (9 | ) | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Total Assets | $ | 9,485 | $ | 9,495 | $ | 310,035 | $ | 309,333 | $ | 2,000 | $ | 2,000 | $ | 4,216 | $ | 2,650 | $ | - | $ | - | $ | 104,411 | $ | 104,328 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | (1 | ) | - | 3,384 | 7,878 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | (1 | ) | - | 3,384 | 7,878 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 11,700 | - | - | - | - | - | 58 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | (1 | ) | - | 3,384 | 19,578 | - | - | - | - | - | 58 | - | - | |||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 32 | 32 | 127,578 | 125,361 | - | - | - | - | 111 | 111 | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 10,766 | 10,766 | 167,222 | 166,275 | 1,999 | 1,999 | 2,650 | 2,650 | 311 | 311 | 120,341 | 120,341 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | (11 | ) | 820 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 10,799 | 10,799 | 294,790 | 292,456 | 1,999 | 1,999 | 2,650 | 2,650 | 422 | 422 | 120,341 | 120,341 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 10,798 | 10,799 | 298,174 | 312,033 | 1,999 | 1,999 | 2,650 | 2,650 | 422 | 479 | 120,341 | 120,341 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (1,313 | ) | (1,304 | ) | 11,861 | (2,700 | ) | 1 | 1 | 1,567 | - | (422 | ) | (479 | ) | (15,930 | ) | (16,013 | ) | |||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 9,485 | $ | 9,495 | $ | 310,035 | $ | 309,333 | $ | 2,000 | $ | 2,000 | $ | 4,216 | $ | 2,650 | $ | - | $ | - | $ | 104,411 | $ | 104,328 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 149 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| OSG Navigator LLC | OSG New York, Inc. | OSG Product Tankers AVTC, LLC | OSG Product Tankers I, LLC | OSG Product Tankers II, LLC | OSG Product Tankers Member LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | 5,178 | 2,472 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | 18 | 10 | - | 11 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | 352 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 4 | 16 | 781 | 632 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 21 | 25 | 6,311 | 3,114 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 2,853 | 2,406 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 587 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 3,440 | 2,406 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 300 | 300 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 19 | 19 | 21,479 | 21,479 | 100 | 100 | - | - | - | - | 1 | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 5,075 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | (4 | ) | 9 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Total Assets | $ | 3,476 | $ | 2,459 | $ | 28,090 | $ | 29,968 | $ | 100 | $ | 100 | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 167 | 95 | 506 | 110 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 167 | 95 | 506 | 110 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 3,474 | - | 3,734 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 167 | 3,568 | 506 | 3,845 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 30 | 30 | 26,292 | 26,292 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 6,801 | 6,801 | 10,719 | 10,719 | - | - | 8 | 8 | 8 | 8 | 1 | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | 300 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 6,831 | 6,831 | 37,011 | 37,311 | - | - | 8 | 8 | 8 | 8 | 1 | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 6,999 | 10,400 | 37,517 | 41,155 | - | - | 8 | 8 | 8 | 8 | 1 | - | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (3,523 | ) | (7,941 | ) | (9,427 | ) | (11,187 | ) | 100 | 100 | (8 | ) | (8 | ) | (8 | ) | (8 | ) | - | - | ||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 3,476 | $ | 2,459 | $ | 28,090 | $ | 29,968 | $ | 100 | $ | 100 | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 150 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| OSG Product Tankers, LLC | OSG Quest LLC | OSG Seafarer LLC | OSG Ship Management, Inc. | OSG Valour LLC | Overseas Allegiance Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,431 | $ | 1,269 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | - | - | - | - | - | - | 1,773 | 1,152 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | - | - | 2,832 | 2,229 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | - | - | - | - | - | - | 6,036 | 4,650 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | 12,623 | 5,031 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | 12,623 | 5,031 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | 139 | 139 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | - | - | 64 | 64 | 1,000 | 1,000 | 193,029 | 207,365 | 1,163 | 1,163 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | 993 | 943 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 0 | - | (3,242 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Other Assets | - | - | - | - | - | - | 117 | 386 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | - | $ | - | $ | 64 | $ | 64 | $ | 1,000 | $ | 1,001 | $ | 212,936 | $ | 215,272 | $ | 1,163 | $ | 1,163 | $ | 2 | $ | 2 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 4 | - | - | - | 9,813 | 18,401 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 4 | - | - | - | 9,813 | 18,401 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 37 | - | - | - | 22,141 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | 528 | 526 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | 4 | 37 | - | - | 10,341 | 41,068 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 140 | 140 | 27 | 27 | 328 | 328 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 16 | 16 | 61 | 61 | 343 | 343 | 369,019 | 369,019 | 1,075 | 1,075 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | 23,988 | 10,040 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 16 | 16 | 201 | 201 | 370 | 370 | 393,334 | 379,387 | 1,075 | 1,075 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 16 | 16 | 205 | 238 | 370 | 370 | 403,675 | 420,455 | 1,075 | 1,075 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (16 | ) | (16 | ) | (140 | ) | (174 | ) | 631 | 631 | (190,740 | ) | (205,183 | ) | 88 | 88 | 0 | 0 | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | - | $ | - | $ | 64 | $ | 64 | $ | 1,000 | $ | 1,001 | $ | 212,936 | $ | 215,272 | $ | 1,163 | $ | 1,163 | $ | 2 | $ | 2 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 151 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Overseas Anacortes LLC | Overseas Boston LLC | Overseas Diligence LLC | Overseas Galena Bay LLC | Overseas Houston LLC | Overseas Integrity LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 13 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | 28 | 68 | 21 | 89 | 137 | - | 276 | - | 289 | 38 | 8 | 347 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 450 | 768 | 448 | 766 | - | - | - | - | 357 | 705 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 492 | 836 | 468 | 855 | 137 | - | 276 | - | 646 | 743 | 8 | 347 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 274 | 153 | 171 | 52 | - | - | - | - | 143 | 31 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 4 | 607 | 606 | 1,319 | - | - | - | - | 2,793 | 2,005 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 279 | 760 | 776 | 1,371 | - | - | - | - | 2,936 | 2,037 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 42,388 | 42,388 | 40,291 | 40,291 | 311 | 311 | 4,465 | 4,465 | 35,162 | 35,194 | 1,150 | 1,150 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 30 | 30 | - | - | 2 | 2 | 4 | 4 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 7,092 | - | 1,857 | - | 137 | - | 276 | - | 2,126 | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | 2,141 | 1,821 | 1,159 | 1,015 | - | - | - | - | 601 | 518 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 45,329 | $ | 52,928 | $ | 42,695 | $ | 45,389 | $ | 451 | $ | 451 | $ | 4,744 | $ | 4,744 | $ | 39,345 | $ | 40,619 | $ | 1,157 | $ | 1,497 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 1,193 | 2,135 | 1,192 | 2,720 | (0 | ) | (0 | ) | - | - | 990 | 262 | - | - | ||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 1,193 | 2,135 | 1,192 | 2,720 | (0 | ) | (0 | ) | - | - | 990 | 262 | - | - | ||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | 288 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | 5,875 | 7,000 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 1,193 | 2,135 | 1,192 | 2,720 | (0 | ) | (0 | ) | - | - | 6,865 | 7,262 | - | 288 | ||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 106 | 106 | 91 | 91 | 49 | 49 | - | - | 96 | 96 | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 35,688 | 35,688 | 36,030 | 36,030 | 300 | 300 | 565 | 565 | 33,329 | 33,361 | 932 | 932 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 35,794 | 35,794 | 36,122 | 36,122 | 348 | 348 | 565 | 565 | 33,425 | 33,456 | 932 | 932 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 36,986 | 37,928 | 37,313 | 38,841 | 348 | 348 | 565 | 565 | 40,289 | 40,718 | 932 | 1,220 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 8,343 | 14,999 | 5,382 | 6,548 | 103 | 103 | 4,179 | 4,179 | (944 | ) | (99 | ) | 225 | 277 | ||||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 45,329 | $ | 52,928 | $ | 42,695 | $ | 45,389 | $ | 451 | $ | 451 | $ | 4,744 | $ | 4,744 | $ | 39,345 | $ | 40,619 | $ | 1,157 | $ | 1,497 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 152 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Overseas Long Beach LLC | Overseas Los Angeles LLC | Overseas Martinez LLC | Overseas New Orleans LLC | Overseas New York LLC | Overseas Nikiski LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | 17 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | 307 | 42 | 358 | 26 | 34 | 24 | 211 | - | 119 | 19 | 30 | 48 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 357 | 620 | 360 | 620 | 447 | 767 | - | - | 357 | 626 | 448 | 766 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 664 | 661 | 719 | 646 | 482 | 809 | 211 | - | 476 | 646 | 477 | 814 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 164 | 35 | 167 | 63 | 345 | 176 | - | - | 51 | 26 | 244 | 57 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 2,195 | 1,481 | 2,489 | 1,539 | - | 608 | - | - | 209 | 1,759 | 891 | 358 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 2,359 | 1,516 | 2,656 | 1,602 | 345 | 784 | - | - | 260 | 1,785 | 1,134 | 416 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 35,775 | 35,774 | 34,432 | 34,432 | 14,892 | 14,892 | 3,717 | 3,717 | 35,303 | 35,303 | 39,256 | 39,256 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 3 | 3 | 3 | 3 | 3 | 3 | - | - | 6,190 | 6,190 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 2,271 | - | 1,630 | - | 3,491 | - | 195 | - | - | - | 4,147 | ||||||||||||||||||||||||||||||||||||
| Other Assets | 588 | 503 | 921 | 858 | 2,138 | 1,764 | - | - | 1,189 | 976 | 1,246 | 1,012 | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 39,388 | $ | 40,728 | $ | 38,730 | $ | 39,170 | $ | 17,860 | $ | 21,742 | $ | 3,928 | $ | 3,913 | $ | 43,418 | $ | 44,899 | $ | 42,113 | $ | 45,645 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 1,268 | 302 | 1,881 | 302 | 1,207 | 1,962 | 11 | - | 1,043 | 357 | 1,239 | 1,812 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 1,268 | 302 | 1,881 | 302 | 1,207 | 1,962 | 11 | - | 1,043 | 357 | 1,239 | 1,812 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 712 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 5,458 | 6,816 | 5,016 | 6,375 | - | - | - | - | 4,570 | 5,928 | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 6,726 | 7,118 | 6,897 | 6,677 | 1,207 | 1,962 | 11 | - | 5,613 | 6,997 | 1,239 | 1,812 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 95 | 95 | 98 | 98 | 97 | 97 | 28 | 28 | 95 | 95 | 91 | 91 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 31,967 | 31,966 | 33,285 | 33,285 | 8,451 | 8,451 | 459 | 459 | 36,723 | 36,723 | 35,177 | 35,177 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 32,062 | 32,061 | 33,383 | 33,383 | 8,549 | 8,549 | 488 | 488 | 36,818 | 36,818 | 35,268 | 35,268 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 38,788 | 39,179 | 40,280 | 40,060 | 9,755 | 10,510 | 498 | 488 | 42,430 | 43,815 | 36,507 | 37,080 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 600 | 1,549 | (1,551 | ) | (890 | ) | 8,104 | 11,232 | 3,430 | 3,425 | 987 | 1,084 | 5,606 | 8,565 | ||||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 39,388 | $ | 40,728 | $ | 38,730 | $ | 39,170 | $ | 17,860 | $ | 21,742 | $ | 3,928 | $ | 3,913 | $ | 43,418 | $ | 44,899 | $ | 42,113 | $ | 45,645 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 153 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Overseas Perseverance Corporation | Overseas Philadelphia LLC | Overseas Puget Sound LLC | Overseas Sea Swift Corporation | Overseas Shipping (GR) Ltd. | Overseas ST Holding LLC | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | - | - | - | - | - | - | - | - | 211 | - | ||||||||||||||||||||||||||||||||||||
| Other receivables | - | - | 211 | - | 222 | - | - | - | - | - | 188 | 184 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | - | - | - | - | - | - | 7 | - | 36 | 213 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | - | - | 211 | - | 222 | - | - | - | 7 | - | 436 | 397 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | 244,259 | 231,502 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | 235 | 524 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | 244,494 | 232,027 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | 432,794 | 471,451 | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 383 | 383 | 596 | 596 | 10,663 | 10,663 | 9 | 9 | 370,028 | 370,028 | 96,424 | 96,424 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 2 | 2 | - | - | - | - | 314,966 | 314,966 | 6 | 6 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 273 | - | 194 | - | - | - | - | - | 42,032 | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | 66 | 1 | - | - | - | - | - | - | 88 | 132 | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 383 | $ | 383 | $ | 875 | $ | 872 | $ | 10,885 | $ | 10,857 | $ | 9 | $ | 9 | $ | 1,117,796 | $ | 1,156,444 | $ | 341,448 | $ | 371,017 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | - | - | 18 | - | - | - | 5 | - | 3,003 | 619 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | - | - | 18 | - | - | - | 5 | - | 3,003 | 619 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | - | - | 18 | - | - | - | 5 | - | 3,003 | 619 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | - | - | 31 | 31 | - | - | 5,976 | 5,975 | 110 | 110 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 378 | 378 | 940 | 940 | 6,220 | 6,220 | 7 | 7 | 45 | 45 | 158,460 | 158,460 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 378 | 378 | 940 | 940 | 6,251 | 6,251 | 7 | 7 | 6,021 | 6,021 | 158,570 | 158,570 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 378 | 378 | 940 | 940 | 6,269 | 6,251 | 7 | 7 | 6,025 | 6,021 | 161,573 | 159,189 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 4 | 4 | (65 | ) | (68 | ) | 4,616 | 4,607 | 2 | 2 | 1,111,770 | 1,150,424 | 179,876 | 211,828 | ||||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 383 | $ | 383 | $ | 875 | $ | 872 | $ | 10,885 | $ | 10,857 | $ | 9 | $ | 9 | $ | 1,117,796 | $ | 1,156,444 | $ | 341,448 | $ | 371,017 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 154 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Overseas Tampa LLC | Overseas Texas City LLC | Pearlmar Limited | Petromar Limited | Pisces Tanker Corporation | Polaris Tanker Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 10 | - | - | - | 2,457 | 2,864 | 1,407 | 1,350 | 1,982 | 50 | 1,168 | 24 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 51 | 55 | (30 | ) | 78 | 21 | (9 | ) | 10 | 2 | - | 345 | (5 | ) | 553 | |||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 421 | 580 | 248 | - | 359 | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 443 | 785 | 358 | 621 | 29 | 53 | 27 | 47 | 282 | - | 282 | - | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 504 | 840 | 328 | 699 | 2,507 | 2,908 | 1,865 | 1,979 | 2,512 | 395 | 1,804 | 576 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 219 | 187 | 9 | 6 | 35,337 | 15,327 | 24,544 | 8,988 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 309 | 2,141 | 1,450 | 1,006 | 1,497 | 1,007 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 219 | 187 | 318 | 2,147 | 36,787 | 16,333 | 26,041 | 9,996 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | 440 | 440 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 4,190 | 4,190 | 41,721 | 41,721 | 32,776 | 32,776 | 13,809 | 13,809 | 20,752 | 20,752 | 21,287 | 21,287 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 5 | 5 | - | - | 5,550 | 5,550 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 4,670 | - | 7,492 | - | 4,302 | - | 1,484 | - | 1,218 | - | 230 | ||||||||||||||||||||||||||||||||||||
| Other Assets | 3,469 | 5,967 | 1,584 | 1,311 | - | (2 | ) | (40 | ) | 15 | (1 | ) | - | (3 | ) | - | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 8,387 | $ | 15,858 | $ | 43,952 | $ | 53,370 | $ | 78,059 | $ | 62,307 | $ | 41,675 | $ | 27,282 | $ | 23,264 | $ | 22,365 | $ | 23,088 | $ | 22,093 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 1,186 | 2,099 | 1,050 | 2,383 | 373 | 385 | 67 | 924 | 84 | 1 | 438 | 6 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 1,186 | 2,099 | 1,050 | 2,383 | 373 | 385 | 67 | 924 | 84 | 1 | 438 | 6 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 4,079 | 5,437 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 1,186 | 2,099 | 5,129 | 7,820 | 373 | 385 | 67 | 924 | 84 | 1 | 438 | 6 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 98 | 98 | 6,226 | 6,226 | 14,353 | 14,353 | 24,007 | 24,007 | 24,709 | 24,709 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 6,866 | 6,866 | 29,053 | 29,053 | 31,100 | 31,100 | 166 | 166 | 162 | 162 | 741 | 741 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | - | - | - | - | - | 5,816 | - | 5,565 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 6,866 | 6,866 | 29,152 | 29,152 | 37,326 | 37,326 | 14,519 | 14,519 | 24,168 | 29,985 | 25,450 | 31,015 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 8,052 | 8,965 | 34,280 | 36,972 | 37,700 | 37,711 | 14,586 | 15,443 | 24,252 | 29,986 | 25,888 | 31,021 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 334 | 6,893 | 9,671 | 16,398 | 40,360 | 24,595 | 27,089 | 11,839 | (989 | ) | (7,621 | ) | (2,800 | ) | (8,928 | ) | ||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 8,387 | $ | 15,858 | $ | 43,952 | $ | 53,370 | $ | 78,059 | $ | 62,307 | $ | 41,675 | $ | 27,282 | $ | 23,264 | $ | 22,365 | $ | 23,088 | $ | 22,093 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 155 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Queens Product Tanker Corporation | Reymar Limited | Rich Tanker Corporation | Rimar Chartering Corporation | Rosalyn Tanker Corporation | Rosemar Limited | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 418 | - | 2,373 | 2,033 | 2,779 | 2,317 | 598 | 359 | 3,110 | 4,567 | 24 | 410 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 11 | - | (7 | ) | 223 | 9 | - | 53 | 13 | 21 | 17 | 11 | 215 | |||||||||||||||||||||||||||||||||||
| Inventory | 658 | - | - | - | - | 636 | 192 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 34 | - | 29 | 59 | 243 | 178 | 303 | 0 | 75 | 115 | 34 | 56 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 1,122 | - | 2,395 | 2,315 | 3,031 | 3,131 | 1,147 | 371 | 3,206 | 4,699 | 69 | 681 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 37,449 | 19,064 | - | - | 269 | - | 51,807 | 50,298 | 35,909 | 15,274 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 331 | 102 | - | - | 387 | - | 73 | 1,946 | 1,270 | 1,104 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 37,780 | 19,166 | - | - | 656 | - | 51,879 | 52,244 | 37,179 | 16,378 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 414 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 4,141 | 4,141 | 26,868 | 26,868 | 15,814 | 15,814 | 52,488 | 52,488 | 10,179 | 10,179 | 25,954 | 25,954 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 47,372 | 47,372 | 11,856 | 11,856 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 631 | - | 4,358 | - | 476 | - | - | - | - | - | 1,224 | ||||||||||||||||||||||||||||||||||||
| Other Assets | 3 | - | (33 | ) | 10 | - | - | (96 | ) | (2 | ) | (23 | ) | (2 | ) | (38 | ) | 33 | ||||||||||||||||||||||||||||||
| Total Assets | $ | 52,639 | $ | 52,145 | $ | 79,279 | $ | 64,573 | $ | 18,845 | $ | 19,421 | $ | 54,195 | $ | 52,857 | $ | 65,241 | $ | 67,120 | $ | 63,163 | $ | 44,270 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 431 | 2 | 59 | 648 | 367 | 982 | 350 | 261 | 301 | 47 | 247 | 989 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 431 | 2 | 59 | 648 | 367 | 982 | 350 | 261 | 301 | 47 | 247 | 989 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | 531 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | 1,888 | - | 1,589 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | 4,284 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | 511 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 431 | 2 | 59 | 648 | 878 | 982 | 4,633 | 2,150 | 301 | 2,167 | 247 | 989 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 23,799 | 23,799 | 2,567 | 2,567 | 19,532 | 19,532 | 27,292 | 27,292 | 6,406 | 6,406 | 6,632 | 6,632 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 47,711 | 47,711 | 30,609 | 30,609 | 11 | 11 | 30,274 | 30,274 | 1 | 1 | 18,287 | 18,287 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | 0 | - | - | - | 2,967 | - | 10,681 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 71,510 | 71,510 | 33,177 | 33,177 | 19,542 | 22,510 | 57,566 | 68,247 | 6,407 | 6,407 | 24,919 | 24,919 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 71,941 | 71,512 | 33,236 | 33,825 | 20,420 | 23,492 | 62,199 | 70,397 | 6,707 | 8,574 | 25,166 | 25,908 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (19,302 | ) | (19,367 | ) | 46,044 | 30,747 | (1,576 | ) | (4,071 | ) | (8,004 | ) | (17,540 | ) | 58,534 | 58,547 | 37,996 | 18,362 | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 52,639 | $ | 52,145 | $ | 79,279 | $ | 64,573 | $ | 18,845 | $ | 19,421 | $ | 54,195 | $ | 52,857 | $ | 65,241 | $ | 67,120 | $ | 63,163 | $ | 44,270 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 156 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Rubymar Limited | Sakura Transport Corp. | Samar Product Tanker Corporation | Santorini Tanker LLC | Serifos Tanker Corporation | Seventh
Aframax Tanker Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January
31, 2014 | November
13, 2012 | January
31, 2014 | November
13, 2012 | January
31, 2014 | November
13, 2012 | January
31, 2014 | November
13, 2012 | January
31, 2014 | November
13, 2012 | January
31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 66 | 452 | 2,925 | 3,978 | 226 | - | 364 | 1,692 | 1,537 | 846 | 1,417 | 1,991 | ||||||||||||||||||||||||||||||||||||
| Other receivables | 445 | 445 | 61 | 5 | 33 | (11 | ) | - | (49 | ) | (4 | ) | 9 | 16 | 58 | |||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | 486 | 492 | - | 775 | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 2 | 0 | 94 | 119 | 30 | 57 | 119 | 41 | 240 | 224 | 47 | 69 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 513 | 898 | 3,080 | 4,102 | 289 | 46 | 969 | 2,175 | 1,773 | 1,854 | 1,480 | 2,118 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 34,354 | 15,295 | 47,915 | 44,470 | 55,715 | 33,829 | 47,696 | 45,370 | 935 | 720 | 22,496 | 21,024 | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,392 | 1,045 | 1,970 | 1,296 | - | - | - | 47 | 4 | 120 | 1,887 | 1,309 | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 35,746 | 16,341 | 49,885 | 45,766 | 55,715 | 33,829 | 47,696 | 45,417 | 938 | 840 | 24,384 | 22,333 | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 39,950 | 39,950 | 9,838 | 9,838 | 1,349 | 1,349 | 47,700 | 47,700 | 5,941 | 5,941 | 9,979 | 9,979 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 18 | 18 | 0 | 0 | - | - | - | - | 0 | 0 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 3,747 | - | 1,298 | - | 3,305 | - | 6,108 | - | - | - | 1,358 | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | (33 | ) | (34 | ) | (3 | ) | - | - | 0 | 10 | (9 | ) | 66 | 119 | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 76,226 | $ | 60,952 | $ | 62,770 | $ | 60,970 | $ | 57,350 | $ | 38,530 | $ | 96,365 | $ | 101,400 | $ | 8,663 | $ | 8,626 | $ | 35,909 | $ | 35,908 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 652 | 1,079 | 260 | 620 | 438 | 451 | 30 | 492 | 45 | 622 | 220 | 73 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 652 | 1,079 | 260 | 620 | 438 | 451 | 30 | 492 | 45 | 622 | 220 | 73 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | 122 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | 435 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | 18 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 652 | 1,079 | 260 | 620 | 438 | 1,008 | 30 | 492 | 45 | 639 | 220 | 73 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 4,148 | 4,148 | 8,952 | 8,952 | 15,238 | 15,238 | 1 | 1 | 11,875 | 11,875 | 34,974 | 34,973 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 26,155 | 26,155 | - | - | 284 | 284 | 74,363 | 74,363 | 8 | 8 | 16 | 16 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | - | 41,435 | 41,186 | - | - | - | 15,088 | - | 0 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 30,303 | 30,303 | 8,952 | 8,952 | 56,956 | 56,707 | 74,364 | 74,364 | 11,884 | 26,972 | 34,990 | 34,989 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 30,955 | 31,382 | 9,212 | 9,571 | 57,394 | 57,715 | 74,394 | 74,856 | 11,929 | 27,612 | 35,210 | 35,062 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 45,271 | 29,571 | 53,559 | 51,398 | (44 | ) | (19,185 | ) | 21,971 | 26,544 | (3,266 | ) | (18,985 | ) | 699 | 846 | ||||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 76,226 | $ | 60,952 | $ | 62,770 | $ | 60,970 | $ | 57,350 | $ | 38,530 | $ | 96,365 | $ | 101,400 | $ | 8,663 | $ | 8,626 | $ | 35,909 | $ | 35,908 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 157 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Shirley Tanker SRL | Sifnos Tanker Corporation | Silvermar Limited | Sixth Aframax Tanker Corporation | Skopelos
Product Tanker Corporation | Star Chartering Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 10 | $ | 0 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 1,727 | 2,350 | 1,549 | 1,772 | 2,047 | 2,901 | 459 | 1,978 | 1,715 | 1,167 | 19 | (3 | ) | |||||||||||||||||||||||||||||||||||
| Other receivables | 10 | 18 | 3 | (43 | ) | (16 | ) | (22 | ) | 6 | 40 | 33 | (21 | ) | - | - | ||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | - | 598 | 550 | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 23 | 80 | 240 | 234 | 29 | 51 | 41 | 60 | 220 | 51 | 241 | 415 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | 1,770 | 2,448 | 1,792 | 1,963 | 2,061 | 2,930 | 506 | 2,078 | 2,565 | 1,747 | 260 | 412 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | 42,556 | 38,618 | 1,040 | 813 | 34,297 | 14,807 | 21,356 | 19,911 | 32,130 | 30,549 | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | 1,389 | 1,027 | (0 | ) | 904 | 1,564 | 1,527 | 1,279 | 914 | (2 | ) | 15 | - | - | ||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | 43,945 | 39,645 | 1,040 | 1,717 | 35,861 | 16,333 | 22,635 | 20,825 | 32,128 | 30,564 | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | - | 300 | 703 | 703 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | 875 | 875 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 10,555 | 10,555 | 5,840 | 5,840 | 17,433 | 17,433 | 8,513 | 8,105 | 19,977 | 19,977 | 8,855 | 8,855 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | 0 | 0 | - | - | 2 | 2 | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | - | - | 3,982 | - | 664 | - | 4,209 | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | (37 | ) | (17 | ) | 15 | (17 | ) | (12 | ) | (5 | ) | 37 | 119 | - | (27 | ) | - | - | ||||||||||||||||||||||||||||||
| Total Assets | $ | 57,109 | $ | 53,506 | $ | 8,687 | $ | 9,803 | $ | 56,046 | $ | 41,376 | $ | 31,690 | $ | 31,791 | $ | 54,673 | $ | 56,472 | $ | 9,116 | $ | 9,267 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 1,282 | 111 | 44 | 31 | 57 | 385 | 743 | 219 | 148 | 470 | 240 | 416 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 1,282 | 111 | 44 | 31 | 57 | 385 | 743 | 219 | 148 | 470 | 240 | 416 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | 579 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 559 | - | 1,664 | - | - | - | - | - | - | - | 16 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 1,282 | 1,249 | 44 | 1,695 | 57 | 385 | 743 | 219 | 148 | 470 | 240 | 432 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | 6,111 | 6,111 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 19,866 | 19,877 | 12,130 | 12,130 | 5,014 | 5,014 | 5,769 | 5,769 | 17,088 | 17,088 | 8,852 | 8,852 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 38 | 38 | 0 | 0 | 9,736 | 9,736 | 80 | 80 | 7 | 7 | - | - | ||||||||||||||||||||||||||||||||||||
| Other liabilities | 36,851 | 36,693 | - | 13,781 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 62,866 | 62,718 | 12,130 | 25,911 | 14,750 | 14,750 | 5,849 | 5,849 | 17,095 | 17,095 | 8,852 | 8,852 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 64,147 | 63,967 | 12,174 | 27,606 | 14,807 | 15,135 | 6,592 | 6,068 | 17,243 | 17,565 | 9,091 | 9,283 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (7,038 | ) | (10,462 | ) | (3,487 | ) | (17,803 | ) | 41,238 | 26,240 | 25,098 | 25,723 | 37,429 | 38,908 | 24 | (16 | ) | |||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 57,109 | $ | 53,506 | $ | 8,687 | $ | 9,803 | $ | 56,046 | $ | 41,376 | $ | 31,690 | $ | 31,791 | $ | 54,673 | $ | 56,472 | $ | 9,116 | $ | 9,267 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 158 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Suezmax International Agencies, Inc. | Talara Chartering Corporation | Third United Shipping Corporation | Tokyo Transport Corp. | Transbulk Carriers, Inc. | Troy Chartering Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November 13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | 14,133 | 3,265 | 1,692 | (48 | ) | - | - | 3,339 | 4,650 | - | - | 173 | (8 | ) | ||||||||||||||||||||||||||||||||||
| Other receivables | 522 | 633 | 26 | 704 | - | - | 18 | 32 | - | - | 13 | 30 | ||||||||||||||||||||||||||||||||||||
| Inventory | - | 532 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 1,416 | 1 | 639 | (0 | ) | - | - | 92 | 115 | - | - | 344 | (3 | ) | ||||||||||||||||||||||||||||||||||
| Total Current Assets | 16,071 | 4,431 | 2,357 | 656 | - | - | 3,449 | 4,798 | - | - | 531 | 19 | ||||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 1,068 | - | - | - | 50,753 | 47,388 | - | - | 1,101 | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | 1,950 | 1,377 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 1,068 | - | - | - | 52,703 | 48,765 | - | - | 1,101 | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | 2,864 | - | 542 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | 105,125 | 105,125 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 35,592 | 35,592 | 11,095 | 11,095 | - | - | 10,324 | 10,324 | 295 | 295 | 30,356 | 30,356 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | 486 | 486 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | 9,523 | - | 1,547 | - | - | - | 3,241 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | (20 | ) | - | - | - | (6 | ) | (5 | ) | - | - | (35 | ) | - | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 55,012 | $ | 50,031 | $ | 15,042 | $ | 13,297 | $ | 105,125 | $ | 105,125 | $ | 66,470 | $ | 67,122 | $ | 295 | $ | 295 | $ | 31,953 | $ | 30,375 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 616 | 767 | 53 | 2 | - | - | 326 | 185 | - | - | 68 | 546 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 616 | 767 | 53 | 2 | - | - | 326 | 185 | - | - | 68 | 546 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | 925 | - | - | - | - | - | - | - | - | - | 135 | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | 633 | - | - | - | - | - | - | - | 708 | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | 563 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 1,179 | 1,692 | 686 | 2 | - | - | 326 | 185 | - | - | 776 | 681 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | 978 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 54,430 | 54,430 | 21,873 | 21,873 | - | - | 8,479 | 8,479 | - | - | 42,724 | 42,724 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | 2,592 | 2,592 | 1 | 1 | - | - | 16 | 16 | 211 | 211 | 4,372 | 4,372 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | 35,588 | - | - | - | - | - | - | - | 36,729 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 58,000 | 57,022 | 21,874 | 57,462 | - | - | 8,494 | 8,495 | 211 | 211 | 47,096 | 83,825 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 59,179 | 58,714 | 22,560 | 57,464 | - | - | 8,821 | 8,679 | 211 | 211 | 47,872 | 84,506 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | (4,167 | ) | (8,683 | ) | (7,518 | ) | (44,167 | ) | 105,125 | 105,125 | 57,649 | 58,443 | 85 | 85 | (15,919 | ) | (54,131 | ) | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 55,012 | $ | 50,031 | $ | 15,042 | $ | 13,297 | $ | 105,125 | $ | 105,125 | $ | 66,470 | $ | 67,122 | $ | 295 | $ | 295 | $ | 31,953 | $ | 30,375 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 159 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Troy Product Corporation | Urban Tanker Corporation | Vega Tanker Corporation | View Tanker Corporation | Vivian Tankships Corporation | Vulpecula Chartering Corporation | |||||||||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| Voyage receivables | - | - | 1,574 | 1,775 | - | - | 2,869 | 1,713 | - | - | 753 | 22 | ||||||||||||||||||||||||||||||||||||
| Other receivables | - | - | - | - | 13 | (1 | ) | - | 8 | - | - | 2 | 400 | |||||||||||||||||||||||||||||||||||
| Inventory | - | - | - | - | - | - | - | 618 | - | - | 169 | - | ||||||||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 243 | 209 | - | - | 186 | 338 | - | - | 272 | 1 | ||||||||||||||||||||||||||||||||||||
| Total Current Assets | - | - | 1,817 | 1,985 | 13 | (1 | ) | 3,055 | 2,678 | - | - | 1,196 | 424 | |||||||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 300 | 300 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 58,765 | 58,765 | 19,341 | 19,341 | 5,080 | 5,080 | 7,323 | 7,323 | 21,117 | 21,117 | 24,373 | 24,373 | ||||||||||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | 188 | 188 | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 415 | - | - | - | 956 | - | - | - | 250 | ||||||||||||||||||||||||||||||||||||
| Other Assets | - | - | (9 | ) | - | 87 | - | 54 | 54 | - | - | - | - | |||||||||||||||||||||||||||||||||||
| Total Assets | $ | 58,765 | $ | 58,765 | $ | 21,448 | $ | 22,041 | $ | 5,179 | $ | 5,079 | $ | 10,432 | $ | 11,011 | $ | 21,117 | $ | 21,117 | $ | 25,757 | $ | 25,234 | ||||||||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 27 | 3 | 20 | - | 764 | 851 | - | - | 549 | 40 | ||||||||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 27 | 3 | 20 | - | 764 | 851 | - | - | 549 | 40 | ||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 500 | - | - | - | 511 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | - | - | 526 | 3 | 20 | - | 1,275 | 851 | - | - | 549 | 40 | ||||||||||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | 58,345 | 58,345 | 23,602 | 23,602 | 9 | 9 | 11,439 | 11,439 | - | - | 24,937 | 24,937 | ||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 3 | 3 | 2,127 | 2,127 | 1 | 1 | 14,490 | 14,490 | 681 | 681 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | - | - | - | 4,870 | - | - | - | 3,937 | - | - | - | 4,350 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | 58,345 | 58,345 | 23,604 | 28,474 | 2,136 | 2,136 | 11,440 | 15,377 | 14,490 | 14,490 | 25,618 | 29,968 | ||||||||||||||||||||||||||||||||||||
| Total Liabilities | 58,345 | 58,345 | 24,131 | 28,477 | 2,156 | 2,136 | 12,715 | 16,228 | 14,490 | 14,490 | 26,167 | 30,008 | ||||||||||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 420 | 420 | (2,683 | ) | (6,436 | ) | 3,023 | 2,943 | (2,283 | ) | (5,217 | ) | 6,627 | 6,627 | (410 | ) | (4,774 | ) | ||||||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 58,765 | $ | 58,765 | $ | 21,448 | $ | 22,041 | $ | 5,179 | $ | 5,079 | $ | 10,432 | $ | 11,011 | $ | 21,117 | $ | 21,117 | $ | 25,757 | $ | 25,234 | ||||||||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 160 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Wind Aframax Tanker Corporation | Combined Debtors | Eliminations | Consolidated Debtors | Total Non-debtors | ||||||||||||||||||||||||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | 398,725 | $ | 596,049 | $ | - | $ | - | $ | 398,725 | $ | 596,049 | $ | 79,248 | $ | 11,605 | ||||||||||||||||||||
| Voyage receivables | - | - | 168,830 | 154,723 | - | - | 168,830 | 154,723 | 2,923 | 1,597 | ||||||||||||||||||||||||||||||
| Other receivables | 10 | - | 48,974 | 20,702 | - | - | 48,974 | 20,702 | 10,321 | 6,906 | ||||||||||||||||||||||||||||||
| Inventory | - | - | 14,150 | 19,950 | - | - | 14,150 | 19,950 | - | - | ||||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | - | - | 46,596 | 30,308 | - | - | 46,596 | 30,308 | 40 | 275 | ||||||||||||||||||||||||||||||
| Total Current Assets | 10 | - | 677,274 | 821,732 | - | - | 677,274 | 821,732 | 92,533 | 20,383 | ||||||||||||||||||||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 3,147,915 | 2,367,386 | 1 | 2 | 3,147,915 | 2,367,388 | (12,092 | ) | (11,423 | ) | ||||||||||||||||||||||||||||
| Deferred drydock expenditures, net | - | - | 73,898 | 57,190 | - | - | 73,898 | 57,190 | - | - | ||||||||||||||||||||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 3,221,813 | 2,424,578 | 1 | 2 | 3,221,813 | 2,424,578 | (12,092 | ) | (11,423 | ) | ||||||||||||||||||||||||||||
| Investments in Affiliated Companies | - | - | 247,664 | 316,692 | - | - | 247,664 | 316,692 | 300 | - | ||||||||||||||||||||||||||||||
| Intangible Assets, less accumulated amortization | - | - | 72,413 | 59,556 | - | (1 | ) | 72,413 | 59,555 | 242 | 221 | |||||||||||||||||||||||||||||
| Goodwill | - | - | 9,668 | - | - | - | 9,668 | - | (79 | ) | - | |||||||||||||||||||||||||||||
| Investments in subsidiaries | - | - | 5,432,119 | 5,470,783 | (5,284,205 | ) | (5,322,862 | ) | 147,914 | 147,921 | - | - | ||||||||||||||||||||||||||||
| Intercompany loans receivable and accrued interest | - | - | 448,108 | 412,469 | (359,840 | ) | (381,172 | ) | 88,268 | 31,297 | 16,484 | 16,318 | ||||||||||||||||||||||||||||
| Pre-petition intercompany receivables from debtors | 51 | 51 | 5,843,696 | 5,878,546 | (5,843,696 | ) | (5,878,546 | ) | - | - | 2,142,541 | 2,136,587 | ||||||||||||||||||||||||||||
| Pre-petition Intercompany receivables from non-debtors | - | - | 2,233,518 | 2,244,406 | - | - | 2,233,518 | 2,244,406 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany receivables from non-debtors | - | - | - | 17,159 | - | - | - | 17,159 | - | - | ||||||||||||||||||||||||||||||
| Post-petition Intercompany receivables from debtors | - | - | - | 633,383 | - | (633,383 | ) | - | - | - | 46,970 | |||||||||||||||||||||||||||||
| Other Assets | - | - | 16,704 | 26,856 | 30 | 31 | 16,734 | 26,887 | (271 | ) | 9,479 | |||||||||||||||||||||||||||||
| Total Assets | $ | 61 | $ | 51 | $ | 18,202,977 | $ | 18,306,157 | $ | (11,487,710 | ) | $ | (12,215,931 | ) | $ | 6,715,267 | $ | 6,090,226 | $ | 2,239,657 | $ | 2,218,534 | ||||||||||||||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||||||||||||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | 0 | - | 73,627 | 353,569 | 62 | 62 | 73,689 | 353,634 | 19,478 | 29,678 | ||||||||||||||||||||||||||||||
| Total Current Liabilities Not Subject to Compromise | 0 | - | 73,627 | 353,569 | 62 | 62 | 73,689 | 353,634 | 19,478 | 29,678 | ||||||||||||||||||||||||||||||
| - | - | |||||||||||||||||||||||||||||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Intercompany loans payable and accrued interest | - | - | - | 147,310 | - | (147,310 | ) | - | - | 88,268 | 31,297 | |||||||||||||||||||||||||||||
| Post-petition intercompany payables to non-debtors | - | - | - | 46,970 | - | - | - | 46,970 | - | - | ||||||||||||||||||||||||||||||
| Post-petition intercompany payables to other debtors | - | - | - | 633,383 | - | (633,383 | ) | - | - | 2,233,518 | 2,261,565 | |||||||||||||||||||||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | 5,457 | - | - | - | 5,457 | - | - | - | ||||||||||||||||||||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 752,534 | 426,860 | - | - | 752,534 | 426,860 | 6,201 | 20,574 | ||||||||||||||||||||||||||||||
| Total Liabilities Not Subject to Compromise | 0 | - | 831,618 | 1,608,092 | 62 | (780,631 | ) | 831,680 | 827,463 | 2,347,466 | 2,343,113 | |||||||||||||||||||||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||||||||||||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | - | - | 376,324 | 250,180 | (359,840 | ) | (233,862 | ) | 16,484 | 16,318 | - | - | ||||||||||||||||||||||||||||
| Pre-petition intercompany payables to non-debtors | - | - | 2,142,541 | 2,136,587 | - | - | 2,142,541 | 2,136,587 | - | - | ||||||||||||||||||||||||||||||
| Pre-petition intercompany payables to other debtors | - | - | 5,843,696 | 5,878,546 | (5,843,696 | ) | (5,878,546 | ) | - | (0 | ) | - | - | |||||||||||||||||||||||||||
| Other liabilities | - | - | 2,623,588 | 2,883,641 | - | 2 | 2,623,588 | 2,883,641 | - | - | ||||||||||||||||||||||||||||||
| Total Liabilities Subject to Compromise | - | - | 10,986,149 | 11,148,954 | (6,203,536 | ) | (6,112,407 | ) | 4,782,613 | 5,036,546 | - | - | ||||||||||||||||||||||||||||
| Total Liabilities | 0 | - | 11,817,768 | 12,757,046 | (6,203,474 | ) | (6,893,037 | ) | 5,614,294 | 5,864,009 | 2,347,466 | 2,343,113 | ||||||||||||||||||||||||||||
| (Deficit)/Equity: | ||||||||||||||||||||||||||||||||||||||||
| Total (Deficit)/Equity | 61 | 51 | 6,385,210 | 5,549,111 | (5,284,236 | ) | (5,322,893 | ) | 1,100,973 | 226,218 | (107,809 | ) | (124,579 | ) | ||||||||||||||||||||||||||
| Total Liabilities and (Deficit)/Equity | $ | 61 | $ | 51 | $ | 18,202,977 | $ | 18,306,157 | $ | (11,487,710 | ) | $ | (12,215,930 | ) | $ | 6,715,267 | $ | 6,090,227 | $ | 2,239,657 | $ | 2,218,534 | ||||||||||||||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 161 of 162 |
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and January 31, 2014
| Eliminations | Consolidated
Overseas Shipholding Group, Inc. | |||||||||||||||
| (000s) | November
13, 2012 | January 31, 2014 | November
13, 2012 | January 31, 2014 | ||||||||||||
| ASSETS | ||||||||||||||||
| Current Assets: | ||||||||||||||||
| Cash and cash equivalents | $ | - | $ | - | $ | 477,973 | $ | 607,654 | ||||||||
| Voyage receivables | - | - | 171,753 | 156,320 | ||||||||||||
| Other receivables | - | - | 59,295 | 27,608 | ||||||||||||
| Inventory | - | - | 14,150 | 19,950 | ||||||||||||
| Prepaid expenses and other current assets | - | - | 46,636 | 30,584 | ||||||||||||
| Total Current Assets | - | - | 769,807 | 842,116 | ||||||||||||
| Vessels and other property, less accumulated depreciation | - | - | 3,135,823 | 2,355,965 | ||||||||||||
| Deferred drydock expenditures, net | - | - | 73,898 | 57,190 | ||||||||||||
| Total Vessels, Deferred Drydock and Other Property | - | - | 3,209,721 | 2,413,155 | ||||||||||||
| Investments in Affiliated Companies | - | - | 247,964 | 316,692 | ||||||||||||
| Intangible Assets, less accumulated amortization | - | - | 72,655 | 59,776 | ||||||||||||
| Goodwill | - | - | 9,589 | - | ||||||||||||
| Investments in subsidiaries | (147,914 | ) | (147,921 | ) | - | - | ||||||||||
| Intercompany loans receivable and accrued interest | (104,752 | ) | (47,614 | ) | - | - | ||||||||||
| Pre-petition intercompany receivables from debtors | (2,142,541 | ) | (2,136,587 | ) | - | - | ||||||||||
| Pre-petition Intercompany receivables from non-debtors | (2,233,518 | ) | (2,244,406 | ) | - | - | ||||||||||
| Post-petition intercompany receivables from non-debtors | - | (17,159 | ) | - | - | |||||||||||
| Post-petition Intercompany receivables from debtors | - | (46,970 | ) | - | - | |||||||||||
| Other Assets | - | - | 16,464 | 36,367 | ||||||||||||
| Total Assets | $ | (4,628,725 | ) | $ | (4,640,656 | ) | $ | 4,326,200 | $ | 3,668,106 | ||||||
| LIABILITIES AND (DEFICIT)/EQUITY | ||||||||||||||||
| Current Liabilities Not Subject to Compromise: | ||||||||||||||||
| Accounts payable, accrued expenses and other current liabilities | - | - | 93,170 | 383,310 | ||||||||||||
| Total Current Liabilities Not Subject to Compromise | - | - | 93,170 | 383,310 | ||||||||||||
| Noncurrent Liabilities Not Subject to Compromise: | ||||||||||||||||
| Intercompany loans payable and accrued interest | (88,268 | ) | (31,297 | ) | - | - | ||||||||||
| Post-petition intercompany payables to non-debtors | - | (46,970 | ) | - | - | |||||||||||
| Post-petition intercompany payables to other debtors | (2,233,518 | ) | (2,261,565 | ) | - | - | ||||||||||
| Deferred Gain/(loss) on Sale and Leaseback of Vessels | - | - | 5,457 | - | ||||||||||||
| Deferred Income Taxes and Other Liabilities | - | - | 758,736 | 447,438 | ||||||||||||
| Total Liabilities Not Subject to Compromise | (2,321,786 | ) | (2,339,831 | ) | 857,363 | 830,748 | ||||||||||
| Liabilities Subject to Compromise: | ||||||||||||||||
| Pre-petition intercompany loans payable and accrued interest | (16,484 | ) | (16,318 | ) | - | - | ||||||||||
| Pre-petition intercompany payables to non-debtors | (2,142,541 | ) | (2,136,587 | ) | - | - | ||||||||||
| Pre-petition intercompany payables to other debtors | - | 0 | - | - | ||||||||||||
| Other liabilities | - | - | 2,623,588 | 2,883,640 | ||||||||||||
| Total Liabilities Subject to Compromise | (2,159,025 | ) | (2,152,904 | ) | 2,623,588 | 2,883,640 | ||||||||||
| Total Liabilities | (4,480,811 | ) | (4,492,735 | ) | 3,480,951 | 3,714,388 | ||||||||||
| (Deficit)/Equity: | ||||||||||||||||
| Total (Deficit)/Equity | (147,914 | ) | (147,921 | ) | 845,249 | (46,282 | ) | |||||||||
| Total Liabilities and (Deficit)/Equity | $ | (4,628,725 | ) | $ | (4,640,656 | ) | $ | 4,326,200 | $ | 3,668,106 | ||||||
| Preliminary and Unaudited | See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets | Page 162 of 162 |