EX-99.4 6 h90773ex99-4.txt MONTHLY OPERATING REPORT FOR STERLING FIBERS INC 1 EXHIBIT 99.4 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING FIBERS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37808-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: AUGUST YEAR: 2001
MONTH 7/16/01-8/31/01 ----------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 4,472,168 $ -- $ -- $ -- $ -- $ -- INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (209,403) $ -- $ -- $ -- $ -- $ -- NET INCOME (LOSS) (MOR-6) $ (1,202,563) $ -- $ -- $ -- $ -- $ -- PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $ 6,063,610 $ -- $ -- $ -- $ -- $ --
***The original of this document MUST BE FILED with the United States Bankruptcy Court and a COPY MUST BE SENT to the United States Trustee*** REQUIRED INSURANCE MAINTAINED AS OF SIGNATURE DATE EXP. See attachment 2 DATE ----------------------------- ---- CASUALTY YES (x) NO ( ) 08 - 01 - 02 LIABILITY YES (x) NO ( ) 07 - 01 - 02 VEHICLE YES (x) NO ( ) 07 - 01 - 02 WORKER'S YES (x) NO ( ) 07 - 01 - 02 OTHER YES (x) NO ( ) various ATTORNEY NAME: Jeff Spiers FIRM: Andrews & Kurth LLP ADDRESS: 600 Travis ADDRESS: Suite 4200 CITY, STATE ZIP: Houston, TX 77002 TELEPHONE: 713-220-4103 Are all accounts receivable being collected within terms? NO Are all post-petition liabilities, including taxes, being paid with terms? YES Have any pre-petition liabilities been paid? YES If so, describe See Attachment 3 -------------------------------------------------------------------------------- Are all funds received being deposited into DIP bank accounts? YES Were any assets disposed of outside the normal course of business? NO If so, describe ---------------------------------------------------------------- Are all U.S. Trustee Quarterly Fee Payments current? YES What is the status of your Plan of Reorganization? A Plan of Reorganization is currently being developed. -------------------------------------------------------------------------------- I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct. SIGNED /s/ PAUL VANDERHOVEN ---------------------------------------------- (ORIGINAL SIGNATURE) TITLE VP Finance, CFO ---------------------------------------------- MOR-1 2 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 3 Page 1 of 3 9/14/01 SUMMARY OF COVERAGES FOR STERLING CHEMICALS HOLDINGS, INC.
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE --- ----------------- -------------- ------------- ---- ------ 1 Workers Compensation Statutory - $1,000,000 American Guar. 1 year 7/1/2002 Employers Liability. Ded. Zurich US $250,000 per accident. 2 Automobile Liability $2,000,000 ea. occurrence. American Guar. 1 year 7/1/2002 Ded. $25,000 per occurrence. Zurich Amer. 3 Excess Liability $5,000,000 ea. occurrence and Primex, Ltd 1 year 7/1/2002 Excess to $1 Million SIR aggregate. Excess $1,000,000 GL $2,000,000 AL. 4 Excess Liability $20,000,000 ea. loss and Primex, Ltd. (Reinsured 1 year 7/1/2002 aggregate. through AIG.) 5 Excess Liability $50,000,000 ea. loss and Gerling Global 1 year 7/1/2002 aggregate. 6 Excess Liability $100,000,000 ea. loss and Lloyd's 1 year 7/1/2002 aggregate. Lore 7 Excess Liability $50,000,000 Zurich 1 year 7/1/2002 8 Excess Liability $50,000,000 AIG 1 year 7/1/2002 NO. TYPE OF INSURANCE EXPOSURE BASE ANNUAL PREMIUM --- ----------------- ------------- -------------- 1 Workers Compensation Total annual remuneration $195,653 - Audit at (AFCO) expiration. Plus all losses within deductible. Paid through 10/1/01. 2 Automobile Liability Number of vehicles owned $92,955 (AFCO) - Paid through 10/1/01. and leased 3 Excess Liability Annual revenues and $451,090 Annual - Half on Excess to $1 Million SIR remuneration 7/1/01; 1/2 on 1/1/02. Paid through 1/1/02. 4 Excess Liability Included Included - Paid through 1/1/02. 5 Excess Liability Flat charge - based on $295,000 - Paid through expiration. exposures and risk potential 6 Excess Liability Flat charge - based on $241,886 - Paid through expiration. exposures and risk potential 7 Excess Liability Flat charge $109,210 - Paid through expiration. 8 Excess Liability Flat Charge $80,938 - Paid through expiration.
4 Page 2 of 3 9/14/01
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE --- ----------------- -------------- ------------- ---- ------ 9 Excess Liability $50,000,000 Starr Excess 1 year 7/1/2002 10 Marine Terminal Operators $50,000,000 ea. occurrence. New Hampshire Ins. Co. 1 year 7/1/2002 Liability and Charterer's Ded. $25,000 per occurrence thru Marsh London Legal Liability $100,000 pollution per occurrence. 11 Excess Marine Liability $24,000,000 excess of MTO, XL Specialty 1 year 7/1/2002 CLL, P&L Brockbank & Liberty Und. 12 Excess Marine Liability $25,000,000 excess $24,000,000 XL Specialty 1 year 7/1/2002 Brockbank & N.Y. Marine Gen. Ins. 13 Property Damage, Business $ Total insured values Munich Re: et. al. 1 year 8/1/2002 Interruption and Boiler & combined all-risk. Sublimits: Machinery Flood - $100 mil., Earthquake - $100 mil., $10 mil extra expense. Ded.: Petrochem $1,000,000 PD, 10 day - BI. Pulp & Fibers - $1 mil. PD/BI. 14 Directors & Officers $15,000,000 each loss and each National Union 1 year 8/21/2002 Liability policy year. Ded. $1,000,000 Indemnity Corp. Reimb. 15 Excess Directors & $10,000,000 excess of Primary Hartford 1 year 8/21/2002 Officers Liability D&O 16 Directors & Officers $10,000,000 XL Specialty Ins. Co. 1 year 8/21/2002 Liability NO. TYPE OF INSURANCE EXPOSURE BASE ANNUAL PREMIUM --- ----------------- ------------- -------------- 9 Excess Liability Flat Charge $62,500 - Paid through expiration. 10 Marine Terminal Operators Based on volume $27,000 (AFCO) Min. premium & deposit. Liability and Charterer's throughput and no. Paid through 10/1/01. Legal Liability chartered vessels. 11 Excess Marine Liability Volume thru put & $57,375 - Paid through 10/1/01. vessels docked. 12 Excess Marine Liability Flat $21,250 - Paid through 10/1/01. 13 Property Damage, Business Property Values - Annual - Financed through Interruption and Boiler & PD Income values - AFCO. $4.0M (est.) Paid through 10/1/01. Machinery BI PML, fire protection available; many other factors. 14 Directors & Officers Various $316,000 (15 mos.) - Paid through expiration. Liability 15 Excess Directors & Various $223,700 (15 mos.) - Paid through expiration. Officers Liability 16 Directors & Officers Various $115,000 (15 mos.) - Paid through expiration. Liability
5 Page 3 of 3 9/14/01
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE --- ----------------- -------------- ------------- ---- ------ 17 Employee Dishonesty & $5,000,000 each Insuring Texas Pacific 1 year 10/1/2001 Depositor's Forgery Agreement. Ded. $25,000. Chubb 18 Hull & Machinery and Barge Hull Value Zurich-American 1 year 7/1/2002 Protection & Indemnity (M-25 = $1,500,000) Insurance Co. Ded. $5,000 per loss. $1,000,000 P&I 19 Pollution Insurance Section A - $250,000 Water Quality 1 year 7/1/2002 Section B - $5,000,000 Insurance CERCLA - $5,000,000 Syndicate 20 Marine and Railroad Cargo $12,000,000 any one vessel Mutual Marine 1 year Continuing $1,000,000 any one barge $1,000,000 any one rail ship. $100,000 any one truck 21 Office Contents $1,000,000 Phoenix Assur. 1 year 10/1/2001 22 Duty Drawback Bond $1,000,000 Washington 1 year Continuing International 23 Fiduciary $10,000,000 National Union 1 year 8/21/2002 Ded. $250,000 per occurrence 24 Environmental Impairment $4,000,000 per loss ECS 1 year 1/15/2002 Liability (Petrochem & $8,000,000 aggregate (Indian Harbor) Fibers) 25 Closure/Post Closure $1,995,222 Combined Underwriters 1 year Continuous Bonds - Petrochem Indemnity NO. TYPE OF INSURANCE EXPOSURE BASE ANNUAL PREMIUM --- ----------------- ------------- -------------- 17 Employee Dishonesty & Various $20,000 Paid through 10/1/01. Depositor's Forgery 18 Hull & Machinery and Hull & Machinery $29,378 (AFCO) Paid through 10/1/01. Protection & Indemnity values 19 Pollution Insurance Hull gross registered $4,258 (AFCO) Paid through 10/1/01. tonnage 20 Marine and Railroad Cargo Declared shipment $40,000 Annual Approx. Paid through 10/1/01. values 21 Office Contents Limit $4,500 - Paid through expiration. 22 Duty Drawback Bond Limit $2,875 - Paid through 11/17/01. 23 Fiduciary Various $22,000 - Financed through Imperial. Renewal binder issued. Processing annual payment. 24 Environmental Impairment Loss Potential $106,200 - Financed through AFCO. Paid through 1/15/02. Liability (Petrochem & Fibers) 25 Closure/Post Closure Estimated $40,610 Paid through 1/1/02. Bonds - Petrochem Closure/Post Closure Costs ANNUAL TOTAL: $3,459,260 *
*Total fluctuates due to cargo premiums dependence upon volume of CIF export shipments and annual audits of Worker's Compensation and Marine Terminal policies. 6 ATTACHMENT 3 POSTPETITION PAYMENT OF PREPETITION LIABILITIES
VENDOR AMOUNT ORDER STERLING PULP CHEMICALS, INC. CASE #01-37812-H4-11 Norfolk Southern Railway $ 62,827.78 Shippers CSX Transportation $ 8,882.00 Shippers Albany Scale Co. $ 4,096.75 Critical Vendor Davidson Transport $ 5,797.49 Shippers -------------- TOTAL $ 81,604.02 ============== STERLING PULP US, INC. CASE #01-37811-H4-11 -------------- Canada Customs & Revenue Agency $ 1,840.45 ============== STERLING FIBERS, INC. CASE #01-37808-H4-11 Crocker Technical Papers $ 77,244.52 Critical Vendor Direct Line Commodities $ 18,530.10 Critical Vendor Celedon Trucking Services $ 20,986.49 Shippers Mini Fibers, Inc. $ 127,665.67 Critical Vendor DeRijke $ 12,129.02 Engineered Fibers Tech (EFT) $ 14,101.44 Critical Vendor CSX Transportation $ 14,411.88 Shippers Shaskikumar Daftary $ 238.97 Independent contractor Charlie Hummel $ 2,160.00 Independent contractor Ceridian Employer Services $ 246.67 Payroll/Benefit Admin payroll service provider A Agrawal $ 2,522.32 Payroll/Benefit Admin (expense reimbursement) H Chever $ 521.80 Payroll/Benefit Admin (expense reimbursement) NDCunningham $ 390.00 Shippers Affiliated Brokers $ 97.04 Shippers J Hagerott $ 1,757.02 Payroll/Benefit Admin (expense reimbursement) B Montz $ 752.79 Payroll/Benefit Admin (expense reimbursement) -------------- TOTAL $ 293,755.73 ============== STERLING CHEMICALS, INC. CASE #01-37806-H4-11 Aubrey Cannon $ 325.58 Payroll/Benefit Admin (expense reimbursement) Charles Cannon $ 16.38 Payroll/Benefit Admin (expense reimbursement) Karol Cripps $ 45.00 Payroll/Benefit Admin (expense reimbursement) Greg Escamilla $ 80.25 Payroll/Benefit Admin (expense reimbursement) Gene Kenyon $ 1,327.42 Payroll/Benefit Admin (expense reimbursement) Dennis Kos $ 324.78 Payroll/Benefit Admin (expense reimbursement) Wes Noel $ 62.10 Payroll/Benefit Admin (expense reimbursement) Jack Pollock $ 45.72 Payroll/Benefit Admin (expense reimbursement) -------------- Total Employee Exp. Reimbursements $ 2,227.23 -------------- Blue Cross & Blue Shield of Florida $ 170,716.53 payroll/benefit admin Crawford & Company $ 1,819.85 Workers Comp AFCO $ 10,220.80 Insurance Coverage Bayport Occupational Med $ 11,812.00 Independent Contractor BNSF Railroad $ 157,944.95 Shippers Ceridian $ 1,277.29 payroll/benefit admin Federal Express $ 1,502.71 Shippers Imperial Premium Finance $ 10,584.23 Insurance Coverage Jeil Marine $ 26,629.16 Shippers Prescription Solutions $ 178,558.97 payroll/benefit admin Union Pacific Railroad $ 48,700.00 Shippers Woolim Shipping $ 68,676.82 Shippers -------------- Total Vendor Payments $ 688,443.31 -------------- CIT Revolving Credit Facility $95,279,975.09 -------------- TOTAL $95,970,645.63 ============== TOTAL DEBTOR PREFILE LIAB. PAID $96,347,845.83 ============== SUMMARY CIT Revolving Credit Facility $95,279,975.09 Critical Vendors $ 241,638.48 Shippers $ 416,846.32 Other $ 409,385.94 -------------- TOTAL $96,347,845.83 ==============
7 STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED JULY 16, 2001 (IN THOUSANDS) (UNAUDITED)
-------------------------------------------------------------------------------------------- STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING CANADA, HOLDINGS INC. INC. ENERGY, INC. INC. ASSETS 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37810-H4-11 -------------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 1,362 $ 9,138 $ (1,208) $ 271 Trade accounts receivable, net - 43,168 327 3,662 Other Receivables - 1,268 - 4,242 Due from affiliates - 21,298 9,115 20,231 Inventories - 30,554 - - Prepaid expenses 12 1,390 - - Deferred income tax benefit - - - - --------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 1,374 106,816 8,234 28,406 Property, plant and equipment, net - 131,928 3,482 - Deferred income taxes - - - - Investments-Third Party - 6,262 - - Investments in Subs 35,060 95,073 - 297,161 Other assets 7,354 26,496 4,762 14,198 --------------------------------------------------------------------------------------- TOTAL ASSETS $ 43,788 $ 366,575 $ 16,478 $339,765 ======================================================================================= LIABILITIES AND STOCKHOLDERS' EQUITY Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 67,152 Secured Debt Accrued Interest * - 14,176 - 4,201 Revolver - 90,018 - - Unsecured debt 192,879 297,064 1,144 270,594 Other / Intercompany - 201,020 - 5,016 Deferred income taxes - - - - Common stock held by new ESOP - 254 - - Less: Unearned compensation - (458) - - Redeemable preferred stock 26,541 (15,448) - - STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 48 Additional paid-in capital (367,555) (229,904) - 83,348 Retained earnings 191,923 (215,396) 15,333 (90,594) Pension adjustment - (134) - - Accumulated translation adj. - - - - Deferred compensation - (3) - - --------------------------------------------------------------------------------------- (175,632) (445,362) 15,334 (7,198) Treasury stock at cost - (2,537) - --------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY (175,632) (447,899) 15,334 (7,198) TOTAL LIABILITIES AND EQUITY $ 43,788 $ 366,575 $ 16,478 $339,765 ======================================================================================= $ - $ - $ - $ -
------------------------------------------------------------------------------------------ STERLING PULP STERLING PULP STERLING FIBERS STERLING CHEMICALS CHEMICALS US, INC. CHEMICALS, INC. INC. INT'L, INC. ASSETS 01-37811-H4-11 01-37812-H4-11 01-37808-H4-11 01-37809-H4-11 ------------------------------------------------------------------------------------------ Current Assets: Cash and cash equivalents $ - $ 309 $ 714 $ - Trade accounts receivable, net 1,035 4,546 4,639 - Other Receivables - - 37 2,971 Due from affiliates 156 3,077 - - Inventories 339 1,725 10,983 - Prepaid expenses - - - (283) Deferred income tax benefit - - - - ---------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 1,530 9,657 16,373 2,688 Property, plant and equipment, net - 45,184 6,407 - Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs 3,199 - - - Other assets - - 1,828 2,811 ---------------------------------------------------------------------------------------- TOTAL ASSETS $ 4,729 $ 54,841 $ 24,608 $ 5,499 ======================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Pre-Petition liabilities: Notes Payable - Secured * - - 57,221 3,652 Secured Debt Accrued Interest * - - 3,580 228 Revolver - - - - Unsecured debt 236 62,551 62,331 840 Other / Intercompany - - 14,125 - Deferred income taxes - - Common stock held by new ESOP - - 35 - Less: Unearned compensation - - 458 - Redeemable preferred stock - - 15,448 - STOCKHOLDERS' EQUITY: Common stock, $.01 par value - - - - Additional paid-in capital (5,370) 3,199 9,676 - Retained earnings (877) (10,909) (138,266) 779 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------------- 4,493 (7,710) (128,590) 779 Treasury stock at cost ---------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 4,493 (7,710) (128,590) 779 TOTAL LIABILITIES AND EQUITY $ 4,729 $ 54,841 $ 24,608 $ 5,499 ======================================================================================== $ - $ - $ - $ -
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 10,586 Trade accounts receivable, net - 57,377 Other Receivables (2,971) 5,547 Due from affiliates (50,909) 2,968 Inventories - 43,601 Prepaid expenses - 1,119 Deferred income tax benefit - - ------------------------------------ TOTAL CURRENT ASSETS (53,880) 121,198 Property, plant and equipment, net - 187,001 Deferred income taxes - - Investments-Third Party - 6,262 Investments in Subs (398,721) 31,772 Other assets (1) 57,448 ---------------------------------- TOTAL ASSETS $(452,602) $ 403,681 ==================================== LIABILITIES AND STOCKHOLDERS' EQUITY Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (3,808) 18,377 Revolver - 90,018 Unsecured debt (129,602) 758,037 Other / Intercompany (201,020) 19,141 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 26,541 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (57,298) (553,164) Retained earnings - (248,007) Pension adjustment - (134) Accumulated translation adj. - - Deferred compensation - (3) ------------------------------------ (57,299) (801,185) Treasury stock at cost (2,537) ------------------------------------ TOTAL STOCKHOLDERS' EQUITY (57,299) (803,722) TOTAL LIABILITIES AND EQUITY $(452,602) $ 403,681 ==================================== $ - $ -
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 8 STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED AUGUST 31, 2001 (IN THOUSANDS)(UNAUDITED)
-------------------------------------------------------------------------------- STERLING STERLING STERLING STERLING STERLING PULP CHEMICALS CHEMICALS CHEMICALS CANADA, CHEMICALS US, HOLDINGS INC. INC. ENERGY, INC. INC. INC. 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37810-H4-11 01-37811-H4-11 -------------------------------------------------------------------------------- ASSETS Current Assets: Cash and cash equivalents $ 1,369 $ 2,157 $ -- $ 508 $ -- Trade accounts receivable, net -- 40,055 95 2,445 1,204 Other Receivables -- 3,307 -- 4,260 -- Due from affiliates -- 18,867 11,642 43,376 785 Inventories -- 26,875 -- -- 253 Prepaid expenses 35 2,390 -- -- -- Deferred income tax benefit -- -- -- -- -- --------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 1,404 93,651 11,737 50,589 2,242 Property, plant and equipment, net -- 129,048 3,389 -- -- Deferred income taxes -- -- -- -- -- Investments-Third Party -- 6,262 -- -- -- Investments in Subs 35,060 95,073 -- 297,161 3,199 Other assets 7,258 20,622 4,339 7,848 -- ---------------------------------------------------------------------------------- TOTAL ASSETS $ 43,722 $ 344,656 $ 19,465 $ 355,598 $ 5,441 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 2 95,939 2,240 20,216 780 Pre-Petition liabilities: Notes Payable - Secured * -- 227,848 -- 67,152 -- Secured Debt Accrued Interest * -- 17,701 -- 5,240 -- Unsecured debt 192,878 277,993 1,351 265,001 231 Other / Intercompany -- 201,020 -- 4,904 -- Deferred income taxes -- -- -- -- -- Common stock held by new ESOP -- 254 -- -- -- Less: Unearned compensation -- (458) -- -- -- Redeemable preferred stock 26,541 (15,203) -- -- -- STOCKHOLDERS' EQUITY: -- Common stock, $.01 par value -- 75 1 48 -- Additional paid-in capital (367,555) (229,904) -- 83,348 5,370 Retained earnings-Filing Date 191,923 (215,396) 15,333 (90,594) (877) Retained earnings-Post Filing Date (67) (12,538) 540 283 (63) Pension adjustment -- (135) -- -- -- Accumulated translation adj. -- -- -- -- -- Deferred compensation -- (3) -- -- -- --------------------------------------------------------------------------------- (175,699) (457,901) 15,874 (6,915) 4,430 Treasury stock at cost -- (2,537) -- -- -- --------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY (175,699) (460,438) 15,874 (6,915) 4,430 TOTAL LIABILITIES AND EQUITY $ 43,722 $ 344,656 $ 19,465 $ 355,598 $ 5,441 ================================================================================= $ -- $ -- $ -- $ -- $ --
-------------------------------------------------------------------------- STERLING PULP STERLING STERLING DEBTORS CHEMICALS, FIBERS CHEMICALS INC. INC. INT'L, INC. 01-37812-H4-11 01-37808-H4-11 01-37809-H4-11 ELIMINATIONS CONSOLIDATED -------------------------------------------------------------------------- ASSETS Current Assets: Cash and cash equivalents $ (79) $ 361 $ -- $ -- $ 4,316 Trade accounts receivable, net 4,177 4,724 -- -- 52,700 Other Receivables 37 -- -- 7,604 Due from affiliates 6,855 2,811 3,094 (83,255) 4,175 Inventories 1,693 8,863 -- -- 37,684 Prepaid expenses -- (283) -- 2,142 Deferred income tax benefit -- -- -- -- -- -------------------------------------------------------------------------- TOTAL CURRENT ASSETS 12,646 16,796 2,811 (83,255) 108,621 Property, plant and equipment, net 44,633 6,352 -- -- 183,422 Deferred income taxes -- -- -- -- -- Investments-Third Party -- -- -- -- 6,262 Investments in Subs -- -- -- (398,721) 31,772 Other assets -- 1,452 2,777 (1) 44,295 -------------------------------------------------------------------------- TOTAL ASSETS $ 57,279 $ 24,600 $ 5,588 $ (481,977) $ 374,372 ========================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 2,620 3,433 13 (27,514) 97,729 Pre-Petition liabilities: Notes Payable - Secured * -- 57,221 3,652 (60,873) 295,000 Secured Debt Accrued Interest * -- 4,465 285 (4,750) 22,941 Unsecured debt 62,478 73,333 840 (130,521) 743,584 Other / Intercompany -- -- (201,020) 4,904 Deferred income taxes -- -- -- -- -- Common stock held by new ESOP -- 35 -- -- 289 Less: Unearned compensation -- 458 -- -- -- Redeemable preferred stock -- 15,448 -- -- 26,786 STOCKHOLDERS' EQUITY: Common stock, $.01 par value -- -- -- (1) 123 Additional paid-in capital 3,199 9,676 -- (57,298) (553,164) Retained earnings-Filing Date (10,909) (138,266) 779 -- (248,007) Retained earnings-Post Filing Date (109) (1,203) 19 -- (13,138) Pension adjustment -- -- -- -- (135) Accumulated translation adj. -- -- -- -- -- Deferred compensation -- -- -- -- (3) -------------------------------------------------------------------------- (7,819) (129,793) 798 (57,299) (814,324) Treasury stock at cost -- -- -- -- (2,537) -------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY (7,819) (129,793) 798 (57,299) (816,861) TOTAL LIABILITIES AND EQUITY $ 57,279 $ 24,600 $ 5,588 $ (481,977) $ 374,372 ========================================================================== $ -- $ -- $ -- $ -- $ --
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 9 STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) FOR THE PERIOD ENDING AUGUST 31, 2001 (IN THOUSANDS) SCHEDULE OF POST-PETITION LIABILITIES
---------------------------------------------------------------------------------------------- STERLING STERLING STERLING STERLING STERLING PULP STERLING PULP CHEMICALS CHEMICALS CHEMICALS CANADA, CHEMICALS, US, CHEMICALS, HOLDINGS INC. INC. ENERGY, INC. INC. INC. INC. 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37810-H4-11 01-37811-H4-11 01-37812-H4-11 ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 2 $ 28,667 $ 2,240 $ 807 $ 779 $ 1,029 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE -- -- -- 19,409 -- -- TAX PAYABLE: -- -- -- -- -- -- Federal Payroll Taxes -- -- -- -- -- -- State Payroll & Sales -- 48 -- -- -- -- Ad Valorem Taxes -- -- -- -- -- -- Other Taxes (Property/franchise) -- 925 -- -- -- 40 TOTAL TAXES PAYABLE $ -- $ 973 $ -- $ -- $ -- $ 40 SECURED DEBT POST-PETITION -- 41,472 -- -- -- -- ACCRUED INTEREST PAYABLE -- 234 -- -- -- -- *ACCRUED PROFESSIONAL FEES: -- 2,000 -- -- -- -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs -- 22,593 -- -- 1 1,551 2. Lease Operating Expenses/Capital -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 2 $ 95,939 $ 2,240 $ 20,216 $ 780 $ 2,620 ====================================================================================================================================
------------------------------------------------------------- STERLING STERLING FIBERS CHEMICALS INC. INT'L, INC. DEBTORS 01-37808-H4-11 01-37809-H4-11 ELIMINATIONS CONSOLIDATED -------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 3,026 $ 13 $ (8,105) $ 28,458 ROYALTY AND REVENUE PAYABLE -- -- -- -- NOTES PAYABLE -- -- (19,409) -- TAX PAYABLE: -- -- -- -- Federal Payroll Taxes 5 -- -- 5 State Payroll & Sales 13 -- -- 61 Ad Valorem Taxes -- -- -- -- Other Taxes (Property/franchise) 389 -- -- 1,354 TOTAL TAXES PAYABLE $ 407 $ -- $ -- $ 1,420 SECURED DEBT POST-PETITION -- -- -- 41,472 ACCRUED INTEREST PAYABLE -- -- -- 234 *ACCRUED PROFESSIONAL FEES: -- -- -- 2,000 OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs -- -- -- 24,145 2. Lease Operating Expenses/Capital -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 3,433 $ 13 $ (27,514) $ 97,729 =====================================================================================================
*Payment Requires Court Approval MOR-4 10 CONSOLIDATED DEBTORS(1) AGING OF POST-PETITION LIABILITIES(2) (IN THOUSANDS) MONTH 8/31/2001
AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 97,729 $ 96,309 $ 5 $ 61 $ 1,354 $ -- 31-60 -- -- -- -- -- -- 61-90 -- -- -- -- -- -- 91 + -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 97,729 $ 96,309 $ 5 $ 61 $ 1,354 $ -- ======== ======== ======== ======== ======== ========
AGING OF ACCOUNTS RECEIVABLE(3)
MONTH ----- 0-30 $ 42,120 $ 42,120 $ -- $ -- $ -- $ -- 31-60 4,151 4,151 -- -- -- 61-90 1,154 1,154 -- -- -- 91 + 5,274 5,274 -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 52,699 $ 52,699 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(1) MOR-5 is presented only on a consolidated debtor basis. (2) Days aging from due date. (3) Days aging from invoice due date. MOR-5 11 CASE NAME: STERLING CHEMICALS HOLDINGS, INC (ALL DEBTORS) CASE NUMBER: See Each Company Below FOR THE PERIOD ENDING 7/17/01 TO 8/31/01
STATEMENT OF INCOME (LOSS)
-------------------------------------------------------------------------------- STERLING STERLING STERLING STERLING STERLING PULP CHEMICALS CHEMICALS, CHEMICALS CANADA, CHEMICALS US, HOLDINGS, INC. INC. ENERGY, INC. INC. INC. 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37810-H4-11 01-37811-H4-11 -------------------------------------------------------------------------------- MONTH REVENUES (MOR-1) $ -- $ 36,458,061 $ 327,939 $ 1,688,935 $ 595,406 TOTAL COST OF REVENUES -- 38,535,886 327,939 29,600 624,624 GROSS PROFIT $ -- $ (2,077,825) $ -- $ 1,659,335 $ (29,218) ================================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 1,772 $ 858,049 $ -- $ 406,973 $ 32,298 Insiders Compensation -- 173,179 -- -- -- Professional Fees -- 2,015,000 -- -- -- Other (attach list) -- 539,842 (539,842) -- -- TOTAL OPERATING EXPENSE $ 1,772 $ 3,586,070 $ (539,842) $ 406,973 $ 32,298 ================================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (1,772) $ (5,663,895) $ 539,842 $ 1,252,362 $ (61,516) INTEREST EXPENSE (includes amort of debt fees) (6,595) 3,553,595 -- 250,944 -- DEPRECIATION 71,765 3,293,410 -- 718,977 -- OTHER (INCOME) EXPENSES* -- -- -- -- -- OTHER ITEMS** -- -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 65,170 $ 6,847,005 $ -- $ 969,921 $ -- ================================================================================================================================= NET INCOME BEFORE TAXES $ (66,942) $ (12,510,900) $ 539,842 $ 282,441 $ (61,516) INCOME TAXES -- 27,000 -- -- -- ================================================================================================================================= NET INCOME (LOSS) (MOR-1) $ (66,942) $ (12,537,900) $ 539,842 $ 282,441 $ (61,516) =================================================================================================================================
-------------------------------------------------------------------------- STERLING PULP STERLING STERLING DEBTORS CHEMICALS, FIBERS, CHEMICALS INC. INC. INT'L, INC. 01-37812-H4-11 01-37808-H4-11 01-37809-H4-11 ELIMINATIONS CONSOLIDATED -------------------------------------------------------------------------- MONTH REVENUES (MOR-1) $ 4,044,462 $ 4,472,168 $ 123,655 $ (123,655) $ 47,586,971 TOTAL COST OF REVENUES 1,909,929 4,472,502 -- (123,655) 45,776,825 GROSS PROFIT $ 2,134,533 $ (334) $ 123,655 $ -- $ 1,810,146 ============================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 1,630,994 $ 209,069 $ 13,009 $ (827,114) $ 2,325,050 Insiders Compensation -- -- -- -- 173,179 Professional Fees -- -- -- -- 2,015,000 Other (attach list) -- -- -- -- -- -- -- TOTAL OPERATING EXPENSE $ 1,630,994 $ 209,069 $ 13,009 $ (827,114) $ 4,513,229 ============================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 503,539 $ (209,403) $ 110,646 827,114 (2,703,083) INTEREST EXPENSE (includes amort of debt fees) -- 921,502 56,498 827,114 5,603,058 DEPRECIATION 612,861 71,658 34,500 -- 4,803,171 OTHER (INCOME) EXPENSES* -- -- -- -- -- OTHER ITEMS** -- -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 612,861 $ 993,160 $ 90,998 $ 827,114 $ 10,406,229 ============================================================================================================================== NET INCOME BEFORE TAXES $ (109,322) $ (1,202,563) $ 19,648 $ -- $(13,109,312) INCOME TAXES -- -- -- -- 27,000 ============================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (109,322) $ (1,202,563) $ 19,648 $ -- $(13,136,312) ==============================================================================================================================
Accrual Accounting Required, Otherwise Footnote With Explanation * Footnote Mandatory ** Unusual and/or frequent item(s) outside the ordinary course of business; requires footnote MOR-6 12 CASE NUMBER: SEE EACH COMPANY BELOW CASE NAME: STERLING CHEMICALS HOLDINGS, INC (ALL DEBTORS) FOR THE PERIOD ENDING 7/17/01 TO 8/31/01
STERLING STERLING STERLING STERLING STERLING PULP CHEMICALS CHEMICALS, CHEMICALS CANADA, CHEMICALS US, HOLDINGS, INC. INC. ENERGY, INC. INC. INC. 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37810-H4-11 01-37811-H4-11 ================================================================================================================================= OTHER INCOME (EXPENSE) ITEMS: Equity Earnings in Joint Venture $ -- $ 539,842 $ (539,842) $ -- $ -- Other -- -- -- -- -- TOTAL OTHER INCOME (EXPENSE) ITEMS $ -- $ 539,842 $ (539,842) $ -- $ -- ================================================================================================================================= STERLING PULP STERLING STERLING CHEMICALS, FIBERS, CHEMICALS INC. INC. INT'L, INC. DEBTORS 01-37812-H4-11 01-37808-H4-11 01-37809-H4-11 ELIMINATIONS CONSOLIDATED ================================================================================================================================= OTHER INCOME (EXPENSE) ITEMS: Equity Earnings in Joint Venture $ -- $ -- $ -- $ -- $ -- Other -- -- -- -- -- TOTAL OTHER INCOME (EXPENSE) ITEMS $ -- $ -- $ -- $ -- $ -- =================================================================================================================================
MOR-6 ATTACHMENT 13 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11
CASH RECEIPTS AND FILING TO DISBURSEMENTS 8/31/2001 (1) MONTH MONTH MONTH MONTH MONTH DATE ----------------- ----------- ----------- ------ ------ ------ ------ ----------- 1. CASH-BEGINNING OF MONTH $ 714,483 $ -- $ -- $ -- $ -- $ -- $ 714,483 ----------- ----------- ------ ------ ------ ------ ----------- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- $ -- $ -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 4,481,633 4,481,633 4. LOANS & ADVANCES (attach list) -- -- 5. SALE OF ASSETS -- -- 6. OTHER (attach list) 1,228,545 1,228,545 TOTAL RECEIPTS $ 5,710,178 $ -- $ -- $ -- $ -- $ -- $ 5,710,178 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ 319,807 $ -- $ -- $ -- $ -- $ -- $ 319,807 8. PAYROLL TAXES PAID 142,508 142,508 9. SALES, USE & OTHER TAXES PAID -- -- 10. SECURED/RENTAL/LEASES -- -- 11. UTILITIES 122,540 122,540 12. INSURANCE -- -- 13. INVENTORY PURCHASES 47,098 47,098 14. VEHICLE EXPENSES -- -- 15. TRAVEL & ENTERTAINMENT 208 208 16. REPAIRS, MAINTENANCE & SUPPLIES 26,090 26,090 17. ADMINISTRATIVE & SELLING -- -- 18. OTHER (attach list) 5,405,358 5,405,358 TOTAL DISBURSEMENTS FROM OPERATIONS $ 6,063,610 $ -- $ -- $ -- $ -- $ -- $ 6,063,610 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- TOTAL DISBURSEMENTS $ 6,063,610 $ -- $ -- $ -- $ -- $ -- $ 6,063,610 22. NET CASH FLOW $ (353,432) $ -- $ -- $ -- $ -- $ -- $ (353,432) 23. CASH - END OF MONTH (MOR-2) $ 361,051 $ -- $ -- $ -- $ -- $ -- $ 361,051
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. 14 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11
CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS 00100547117 00103316965 103405768 630181003508 ----------------- ------------ ------------ ------------ ------------ 1. CASH-BEGINNING OF MONTH $ 227,680 $ 39,373 $ 266,693 $ -- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 1,544,648 -- -- -- 4. LOANS & ADVANCES (attach list) -- -- -- -- 5. SALE OF ASSETS -- -- -- -- 6. OTHER (attach list) -- 871,000 270,000 -- TOTAL RECEIPTS $ 1,544,648 $ 871,000 $ 270,000 $ -- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- $ 319,807 $ -- 8. PAYROLL TAXES PAID -- -- 142,508 -- 9. SALES, USE & OTHER TAXES PAID -- -- -- -- 10. SECURED/RENTAL/LEASES -- -- -- -- 11. UTILITIES -- 122,540 -- -- 12. INSURANCE -- -- -- -- 13. INVENTORY PURCHASES -- 47,098 -- -- 14. VEHICLE EXPENSES -- -- -- -- 15. TRAVEL & ENTERTAINMENT -- 208 -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 26,090 -- -- 17. ADMINISTRATIVE & SELLING -- -- -- -- 18. OTHER (attach list) 1,736,918 714,084 -- -- TOTAL DISBURSEMENTS FROM OPERATIONS $ 1,736,918 $ 910,021 $ 462,315 $ -- 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS $ 1,736,918 $ 910,021 $ 462,315 $ -- 22. NET CASH FLOW $ (192,269) $ (39,021) $ (192,315) $ -- 23. CASH - END OF MONTH (MOR-2) $ 35,411 $ 353 $ 74,378 $ -- CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS 5577659 1171987307 DATE ----------------- ------------ --------------- ------------ 1. CASH-BEGINNING OF MONTH $ 106,241 $ 74,495 $ 714,483 RECEIPTS: 2. CASH SALES $ -- $ -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,936,985 -- 4,481,633 4. LOANS & ADVANCES (attach list) -- -- -- 5. SALE OF ASSETS -- -- -- 6. OTHER (attach list) 9,978 77,567 1,228,545 TOTAL RECEIPTS $ 2,946,963 $ 77,567 $ 5,710,178 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- $ 319,807 8. PAYROLL TAXES PAID -- -- 142,508 9. SALES, USE & OTHER TAXES PAID -- -- -- 10. SECURED/RENTAL/LEASES -- -- -- 11. UTILITIES -- -- 122,540 12. INSURANCE -- -- -- 13. INVENTORY PURCHASES -- -- 47,098 14. VEHICLE EXPENSES -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- 208 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- 26,090 17. ADMINISTRATIVE & SELLING -- -- -- 18. OTHER (attach list) 2,954,356 -- 5,405,358 TOTAL DISBURSEMENTS FROM OPERATIONS $ 2,954,356 $ -- $ 6,063,610 19. PROFESSIONAL FEES $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS $ 2,954,356 $ -- $ 6,063,610 22. NET CASH FLOW $ (7,393) $ 77,567 $ (353,432) 23. CASH - END OF MONTH (MOR-2) $ 98,848 $ 152,062 $ 361,051
MOR-7 *Applies to Individual debtor's only. 15 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS 8/31/2001 (1) MONTH MONTH MONTH MONTH MONTH DATE ----------------- ----------- ----------- ------ ------ ------ ------ ----------- 6. OTHER RECEIPTS: Interest Income $ 545 $ 545 401(k) Plan Refund -- -- Cobra Insurance Payment 6,083 6,083 Miscellaneous 80,917 80,917 Emission Credits -- -- Intercompany Transfers 871,000 871,000 Account Transfers 270,000 270,000 TOTAL OTHER RECEIPTS $ 1,228,545 $ -- $ -- $ -- $ -- $ -- $ 1,228,545 18. OTHER DISBURSEMENTS: Capital Expenditures $ 13,000 13,000 Interest Payment -- -- Employee Benefits 55,027 55,027 Pre-petition checks voided in current period (3,215) (3,215) Insiders -- -- Restricted Cash Transactions -- Contract Services 473,664 Licenses / Fees / Permits 1,439 Freight 87,551 Account Transfers 270,000 270,000 Outstanding checks to Balance to G/L (183,381) (183,381) CIT Revolver Payments 4,691,274 4,691,274 TOTAL OTHER DISBURSEMENTS $ 5,405,358 $ -- $ -- $ -- $ -- $ -- $ 4,842,704
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT 16 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11 CHASE BANK OF TEXAS ACCT 00100547117
OTHER CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS: 00100547117 00103316965 103405768 630181003508 ----------------------- ------------ ------------ ------------ ------------ 6. OTHER RECEIPTS: Interest Income $ -- $ -- $ -- $ -- 401(k) Plan Refund -- -- -- -- Cobra Insurance Payment -- -- -- -- Miscellaneous -- -- -- -- Emission Credits -- -- -- -- Intercompany Transfers -- 871,000 -- -- Account Transfers -- -- 270,000 -- TOTAL OTHER RECEIPTS $ -- $ 871,000 $ 270,000 $ -- 18. OTHER DISBURSEMENTS: Capital Expenditures $ -- 13,000 $ -- $ -- Interest Payment -- -- -- -- Employee Benefits -- 55,027 -- -- Pre-petition checks voided in current period -- (3,215) -- -- Insiders -- -- -- -- Restricted Cash Transactions -- -- -- -- Contract Services -- 473,664 -- -- Licenses / Fees / Permits -- 1,439 -- -- Freight -- 87,551 -- -- Account Transfers -- 270,000 -- -- Outstanding checks to Balance to G/L -- (183,381) -- -- CIT Revolver Payments 1,736,918 -- -- -- TOTAL OTHER DISBURSEMENTS $ 1,736,918 $ 714,084 $ -- $ -- OTHER CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS: 5577659 1171987307 DATE ----------------------- ----------- --------------- ------------ 6. OTHER RECEIPTS: Interest Income -- 545 $ 545 401(k) Plan Refund -- -- -- Cobra Insurance Payment 6,083 -- 6,083 Miscellaneous 3,895 77,022 80,917 Emission Credits -- -- -- Intercompany Transfers -- -- 871,000 Account Transfers -- -- 270,000 -- -- -- TOTAL OTHER RECEIPTS 9,978 $ 77,567 $ 1,228,545 18. OTHER DISBURSEMENTS: Capital Expenditures -- $ -- 13,000 Interest Payment -- -- -- Employee Benefits -- -- 55,027 Pre-petition checks voided in current period -- -- (3,215) Insiders -- -- -- Restricted Cash Transactions -- -- -- Contract Services -- -- 473,664 Licenses / Fees / Permits -- -- 1,439 Freight -- -- 87,551 Account Transfers -- -- 270,000 Outstanding checks to Balance to G/L -- -- (183,381) CIT Revolver Payments 2,954,356 -- 4,691,274 TOTAL OTHER DISBURSEMENTS 2,954,356 $ -- $ 5,405,358
MOR-7 ATTACHMENT 17 CASE NAME: Sterling Fibers, Inc. CASE NUMBER: 01-37808-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF AUGUST 2001
BANK NAME ACCOUNT NUMBER ACCOUNT TYPE TOTAL ------------ ----- BANK BALANCE $ -- DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- ADJUSTED BANK BALANCE $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- BEGINNING CASH - PER BOOKS $ -- RECEIPTS -- TRANSFERS BETWEEN ACCOUNTS -- (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS -- ENDING CASH - PER BOOKS $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Note: Bank statements have not been received in time to complete this report. Future reports will include reconciliations for the prior month. MOR-8 18 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11 PAYMENT TO INSIDERS AND PROFESSIONALS Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals. Also, for insiders identify the type of compensation paid (e.g, salary, commission, bonus, etc.) (Attach additional pages as necessary.)
FILING TO INSIDERS: NAME/POSITION/COMP TYPE (2) 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 DATE ------------------------------------- ------------- -------- -------- -------- -------- -------- --------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS FILING TO NAME/ORDER DATE 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 DATE --------------- ------------- -------- -------- -------- -------- -------- --------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- TOTAL PROFESSIONALS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ --
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01. (2) THE DEBTOR HAS LIMITED THE SCOPE OF ITS ANSWER TO (i) DIRECTORS, (ii) OFFICERS DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SECURITIES AND EXCHANGE ACT OF 1934, (iii) AFFILIATES ; AND (iv) PARTIES TO THE VOTING AGREEMENT GRANTING AUTHORITY TO DESIGNATED THE NOMINEES WHO BENEFIT FROM THE VOTING AGREEMENT. INFORMATION AS TO OFFICERS WHO ARE NOT DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SEC ACT OF 1934 HAS BEEN COMPLIED BY THE DEBTOR AND WILL BE PROVIDED TO THE OFFICE OF THE UNITED STATES TRUSTEE AND TO THE COUNCIL FOR THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS UPON REQUEST. SUCH INFORMATION PRIMARILY RELATES TO COMPENSATION, BENEFITS AND EXPENSE REIMBURSEMENTS PAYMENTS MADE TO SUCH OFFICERS AS EMPLOYEES OF THE DEBTOR. IT IS THE POLICY OF THE DEBTOR TO PRESERVE THE CONFIDENTIALITY OF SUCH INFORMATION ON BEHALF OF ITS EMPLOYEES. (3) ALL PAYMENTS TO DIRECTORS AND OFFICERS, AS DEFINED IN FOOTNOTE (2) ABOVE, ARE MADE BY STERLING CHEMICALS, INC., A JOINTLY ADMINISTERED DEBTOR (CASE #01-37806-H4-11. MOR-9