Bankruptcy Proceedings, Emergence and Fresh Start Accounting Bankruptcy, Emergence and Fresh Start (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Fresh-Start Adjustments [Table Text Block]

The following table reflects the reorganization and application of Fresh Start Accounting adjustments on our Consolidated Balance Sheet as of September 12, 2016:



						Reorganization					Fresh Start
			Predecessor			Adjustments					Adjustments					Successor
Assets
Current assets
	Cash and cash equivalents		$	48,718		$	(17,304	)	(1	)	$	—				$	31,414
	Accounts receivable, net of allowance for doubtful accounts		35,606			4,292			(2	)	—					39,898
	Derivative assets		397			—					—					397
	Other current assets		3,966			(832		)	(3	)	—					3,134
		Total current assets	88,687			(13,844		)			—					74,843
Property and equipment, net			309,261			—					(55,751		)	(12	)	253,510
Other assets			6,902			(1,281		)	(4	)	—					5,621
		Total assets	$	404,850		$	(15,125	)			$	(55,751	)			$	333,974

Liabilities and Shareholders’ Equity (Deficit)
Current liabilities
	Accounts payable and accrued liabilities		$	77,151		$	(21,166	)	(5	)	$	(3,455	)	(13	)	$	52,530
	Derivative liabilities		1,641			—					—					1,641
	Current maturities of long-term debt		113,653			(113,653		)	(6	)	—					—
		Total current liabilities	192,445			(134,819		)			(3,455		)			54,171

Other liabilities			84,953			100			(5	)	(80,615		)	(14	)	4,438
Derivative liabilities			9,120			—					—					9,120
Long-term debt			—			75,350			(7	)	—					75,350
Liabilities subject to compromise			1,154,163			(1,154,163		)	(8	)	—					—

Shareholders’ equity (deficit)
	Preferred stock (Predecessor)		1,880			(1,880		)	(9	)	—					—
	Common stock (Predecessor)		697			(697		)	(9	)	—					—
	Paid-in capital (Predecessor)		1,213,797			(1,213,797		)	(9	)	—					—
	Deferred compensation obligation (Predecessor)		3,440			(3,440		)	(9	)	—					—
	Accumulated other comprehensive income (Predecessor)		383			(383		)	(9	)	—					—
	Treasury stock (Predecessor)		(3,574		)	3,574			(9	)	—					—
	Common stock (Successor)		—			150			(10	)	—					150
	Paid-in capital (Successor)		—			190,745			(10	)	—					190,745
	Accumulated deficit		(2,252,454		)	2,224,135			(11	)	28,319			(15	)	—
		Total shareholders’ equity (deficit)	(1,035,831		)	1,198,407					28,319					190,895
		Total liabilities and shareholders’ equity (deficit)	$	404,850		$	(15,125	)			$	(55,751	)			$	333,974

Reconcile Enterprise Value to FV of Successor CS [Table Text Block]

The following table reconciles the enterprise value, net of cash and cash equivalents, to the estimated fair value of our Successor Common Stock as of the Emergence Date:



Enterprise value	$	234,831
Plus: Cash and cash equivalents	31,414
Less: Fair value of debt	(75,350		)
Fair value of Successor Common Stock	$	190,895
Shares outstanding as of September 12, 2016	14,992,018
Per share value	$	12.73

Schedule of Cumulative impact of Reorganization Adjustments [Table Text Block]

Represents the cumulative impact of the reorganization adjustments described above:



Gain on settlement of liabilities subject to compromise		$	1,150,248
Fair value of equity allocated to:
Unsecured creditors on the Emergence Date	174,477
Unsecured creditors pending resolution on the Emergence Date	10,396
Backstop Parties in the form of a Commitment Premium	6,022
		190,895
Cancellation of Predecessor shareholders’ deficit		882,992
Net impact to Predecessor accumulated deficit		$	2,224,135

Reconciliation of Enterprise Value to Reorganization Value [Table Text Block]

The following table reconciles the enterprise value to the reorganization value of our Successor assets as of the Emergence Date:



Enterprise value	$	234,831
Plus: Cash and cash equivalents	31,414
Plus: Current liabilities	54,171
Plus: Noncurrent liabilities excluding long-term debt	13,558
Reorganization value	$	333,974

Schedule of Net Cash Payments [Table Text Block]

Represents the net cash payments that occurred on the Emergence Date:



Sources:
Proceeds from the Credit Facility	$	75,350
Proceeds from the Rights Offering, net of issuance costs	49,943
Total sources			$	125,293
Uses:
Repayment of RBL	$	113,653
Accrued interest payable on RBL	1,374
DIP Facility fees	12
Debt issue costs of the Credit Facility	3,011
Funding of professional fee escrow account	14,575
RBL lender professional fees and expenses	455
Ad Hoc Committee and indenture trustee professional fees and expenses	6,782
Payment of certain allowed claims and settlements	2,735
Total uses			142,597
			$	(17,304	)

Schedule of Reorganization Items [Table Text Block]

The following table summarizes the components included in “Reorganization items, net” in our Consolidated Statements of Operations for the period presented:



	Year Ended		January 1 Through
	December 31,		September 12,
	2018		2016
Gains on the settlement of liabilities subject to compromise	$	—	$	1,150,248
Fresh start accounting adjustments	—		28,319
Legal and professional fees and expenses	200		(29,976		)
Settlements attributable to contract amendments	—		(2,550		)
DIP Facility costs and commitment fees	—		(170		)
Write-off of prepaid directors and officers insurance	—		(832		)
Other reorganization items	3,122		(46		)
	$	3,322	$	1,144,993

Schedule of Liabilities Subject to Compromise Settled [Table Text Block]

Liabilities subject to compromise were settled as follows in accordance with the Plan:



Liabilities subject to compromise prior to the Emergence Date:
Senior Notes	$	1,075,000
Interest on Senior Notes	47,213
Firm transportation obligation	11,077
Compensation – related	9,733
Deferred compensation	4,676
Trade accounts payable	1,487
Litigation claims	1,092
Other accrued liabilities	3,885
			$	1,154,163
Amounts settled in cash, reinstated or otherwise reserved at emergence			(3,915		)
Gain on settlement of liabilities subject to compromise			$	1,150,248