EX-99.3 5 h91714ex99-3.txt MONTLY OPERATING REPORT F/STERLING CHEM ENERGY INC EXHIBIT 99.3 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS ENERGY, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37807-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: SEPTEMBER YEAR: 2001
MONTH 7/16/01-8/31/01 -------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 327,939 $ 158,149 $ -- $ -- $ -- $ -- INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 539,842 $ 616,375 $ -- $ -- $ -- $ -- NET INCOME (LOSS) (MOR-6) $ 539,842 $ 616,375 $ -- $ -- $ -- $ -- PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $1,045,517 $ 2,311,319 $ -- $ -- $ -- $ --
***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? NO If so, describe -------------------------------------------------------------------------------- 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 CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 3 of 14 10/18/01 SUMMARY OF COVERAGES FOR STERLING CHEMICALS HOLDINGS, INC.
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 1 Workers Compensation Statutory - $1,000,000 Employers American Guar. 1 year 7/1/02 Total annual Liability. Zurich US remuneration Ded. $250,000 per accident. 2 Automobile Liability $2,000,000 ea. occurrence. American Guar. 1 year 7/1/02 Number of vehicles Ded. $25,000 per occurrence. Zurich Amer. owned and leased 3 Excess Liability $5,000,000 ea. occurrence and Primex, Ltd 1 year 7/1/02 Annual revenues and Excess to $1 Million SIR aggregate. Excess $1,000,000 GL remuneration $2,000,000 AL. 4 Excess Liability $20,000,000 ea. loss and Primex, Ltd. 1 year 7/1/02 Included aggregate. (Reinsured through AIG.) 5 Excess Liability $50,000,000 ea. loss and Gerling Global 1 year 7/1/02 Flat charge - based aggregate. on exposures and risk potential 6 Excess Liability $100,000,000 ea. loss and Lloyd's 1 year 7/1/02 Flat charge - based aggregate. Lore on exposures and risk potential 7 Excess Liability $50,000,000 Zurich 1 year 7/1/02 Flat charge 8 Excess Liability $50,000,000 AIG 1 year 7/1/02 Flat Charge NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 1 Workers Compensation $195,653 - Audit at (AFCO) expiration. Plus all losses within deductible. 2 Automobile Liability $92,955 (AFCO) 3 Excess Liability $451,090 Annual - Half on 7/1/01; Excess to $1 Million SIR 1/2 on 1/1/02. 4 Excess Liability Included 5 Excess Liability $295,000 6 Excess Liability $241,886 7 Excess Liability $109,210 8 Excess Liability $80,938
Page 4 of 14 10/18/01
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 9 Excess Liability $50,000,000 Starr Excess 1 year 7/1/02 Flat Charge 10 Marine Terminal $50,000,000 ea. occurrence. New Hampshire Ins. 1 year 7/1/02 Based on volume Operators Liability and Ded. $25,000 per occurrence Co. thru Marsh throughput and no. Charterer's Legal $100,000 pollution London chartered vessels. Liability per occurrence. 11 Excess Marine Liability $24,000,000 excess of MTO, CLL, XL Specialty 1 year 7/1/02 Volume thru put & P&L Brockbank & vessels docked. Liberty Und. 12 Excess Marine Liability $25,000,000 excess $24,000,000 XL Specialty 1 year 7/1/02 Flat Brockbank & N.Y. Marine Gen. Ins. 13 Property Damage, $ Total insured values combined Munich Re: et. al. 1 year 8/1/02 Property Values - PD Business Interruption all-risk. Sublimits: Flood - Income values - BI and Boiler & Machinery $100 mil., Earthquake - $100 PML, fire protection mil., $10 mil extra expense. available; many Ded.: Petrochem $1,000,000 PD, other factors. 10 day - BI. Pulp & Fibers - $1 mil. PD/BI. 14 Directors & Officers $15,000,000 each loss and each National Union 1 year 8/21/02 Various Liability policy year. Ded. $1,000,000 Indemnity Corp. Reimb. 15 Excess Directors & $10,000,000 excess of Primary D&O Hartford 1 year 8/21/02 Various Officers Liability 16 Directors & Officers $10,000,000 XL Specialty Ins. 1 year 8/21/02 Various Liability Co. NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 9 Excess Liability $62,500 10 Marine Terminal $27,000 (AFCO) Min. premium & deposit. Operators Liability and Charterer's Legal Liability 11 Excess Marine Liability $57,375 12 Excess Marine Liability $21,250 13 Property Damage, Annual - Financed through AFCO. Business Interruption $4.0M (est.) and Boiler & Machinery 14 Directors & Officers $316,000 (15 mos.) Liability 15 Excess Directors & $223,700 (15 mos.) Officers Liability 16 Directors & Officers $115,000 (15 mos.) Liability
Page 5 of 14 10/18/01
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 17 Employee Dishonesty & $5,000,000 each Insuring Texas Pacific 1 year 10/1/02 Various Depositor's Forgery Agreement. Ded. $50,000. Chubb 18 Hull & Machinery and Barge Hull Value Zurich-American 1 year 7/1/02 Hull & Machinery Protection & Indemnity (M-25 = $1,500,000) Insurance Co. values Ded. $5,000 per loss. $1,000,000 P&I 19 Pollution Insurance Section A - $250,000 Water Quality 1 year 7/1/02 Hull gross Section B - $5,000,000 Insurance Syndicate registered tonnage CERCLA - $5,000,000 20 Marine and Railroad Cargo $12,000,000 any one vessel Mutual Marine 1 year Continuing Declared shipment $1,000,000 any one barge values $1,000,000 any one rail ship. $100,000 any one truck 21 Duty Drawback Bond $1,000,000 Washington 1 year Continuing Limit International 22 Fiduciary $10,000,000 National Union 1 year 8/21/02 Various Ded. $250,000 per occurrence 23 Environmental Impairment $4,000,000 per loss ECS 1 year 1/15/02 Loss Potential Liability (Petrochem & $8,000,000 aggregate (Indian Harbor) Fibers) 24 Closure/Post Closure $1,995,222 Combined Underwriters 1 year Continuous Estimated Bonds - Petrochem Indemnity Closure/Post Closure Costs NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 17 Employee Dishonesty & $14,450 Depositor's Forgery 18 Hull & Machinery and $29,378 (AFCO) Protection & Indemnity 19 Pollution Insurance $4,258 (AFCO) 20 Marine and Railroad Cargo $40,000 Annual Approx. 21 Duty Drawback Bond $2,875 22 Fiduciary $22,000 - Financed through Imperial. 23 Environmental Impairment $106,200 - Financed through AFCO. Liability (Petrochem & Fibers) 24 Closure/Post Closure $40,610 Bonds - Petrochem 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. STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED SEPTEMBER 30, 2001 (IN THOUSANDS) (UNAUDITED)
---------------------------------------------------------------------------- STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS HOLDINGS INC. INC. ENERGY, INC. INC. ASSETS 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ---------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 1,371 $ 1,222 $ -- $ 296 Trade accounts receivable, net -- 42,057 44 3,131 Other Receivables -- 2,819 -- -- Due from affiliates -- 19,544 11,309 4,522 Inventories -- 26,899 -- 8,819 Prepaid expenses 9 2,585 -- -- Deferred income tax benefit -- -- -- -- --------- --------- --------- --------- TOTAL CURRENT ASSETS 1,380 95,126 11,353 16,768 Property, plant and equipment, net -- 127,479 3,325 6,310 Deferred income taxes -- -- -- -- Investments-Third Party -- 1,500 -- -- Investments in Subs 35,059 95,073 4,955 -- Other assets 7,356 24,279 -- 1,428 --------- --------- --------- --------- TOTAL ASSETS $ 43,795 $ 343,457 $ 19,633 $ 24,506 ========= ========= ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 1 104,081 1,676 3,582 Pre-Petition liabilities: Notes Payable - Secured * -- 227,848 -- 57,221 Secured Debt Accrued Interest * -- 20,051 -- 5,055 Unsecured debt 192,878 277,260 1,110 73,391 Other / Intercompany -- 201,020 -- -- Deferred income taxes -- -- -- -- Common stock held by new ESOP -- 254 -- 35 Less: Unearned compensation -- (458) -- 458 Redeemable preferred stock 27,272 (15,769) -- 15,769 STOCKHOLDERS' EQUITY: Common stock, $.01 par value -- 75 1 -- Additional paid-in capital (367,555) (229,904) -- 9,676 Retained earnings-Filing Date 191,191 (215,021) 15,690 (138,587) Retained earnings-Post Filing Date 8 (23,305) 1,156 (2,094) Pension adjustment -- (135) -- -- Accumulated translation adj -- -- -- -- Deferred compensation -- (3) -- -- --------- --------- --------- --------- (176,356) (468,293) 16,847 (131,005) Treasury stock at cost -- (2,537) -- -- --------- --------- --------- --------- TOTAL STOCKHOLDERS' EQUITY (176,356) (470,830) 16,847 (131,005) TOTAL LIABILITIES AND EQUITY $ 43,795 $ 343,457 $ 19,633 $ 24,506 ========= ========= ========= ========= $ -- $ -- $ -- $ --
------------------------------------------------------------------------- STERLING CHEMICALS STERLING CANADA, STERLING PULP STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. CHEMICALS, INC. ASSETS 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 01-37812-H4-11 ------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ -- $ 916 $ -- $ 170 Trade accounts receivable, net -- 3,366 992 5,095 Other Receivables -- 4,350 -- -- Due from affiliates 2,634 43,628 835 5,969 Inventories -- -- 104 1,713 Prepaid expenses (283) -- -- 16 Deferred income tax benefit -- -- -- -- --------- --------- --------- --------- TOTAL CURRENT ASSETS 2,351 52,260 1,931 12,963 Property, plant and equipment, net -- -- -- 44,332 Deferred income taxes -- -- -- -- Investments-Third Party -- -- -- -- Investments in Subs -- 297,229 3,118 -- Other assets 2,754 7,335 -- -- --------- --------- --------- --------- TOTAL ASSETS $ 5,105 $ 356,824 $ 5,049 $ 57,295 ========= ========= ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 13 19,774 463 2,716 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 -- -- Secured Debt Accrued Interest * 323 5,932 -- -- Unsecured debt 840 264,992 170 62,478 Other / Intercompany -- 5,727 -- -- Deferred income taxes -- -- -- -- Common stock held by new ESOP -- -- -- -- Less: Unearned compensation -- -- -- -- Redeemable preferred stock -- -- -- -- STOCKHOLDERS' EQUITY: Common stock, $.01 par value -- 48 -- -- Additional paid-in capital -- 83,348 5,438 3,118 Retained earnings-Filing Date 779 (90,595) (876) (10,908) Retained earnings-Post Filing Date (502) 446 (146) (109) Pension adjustment -- -- -- -- Accumulated translation adj -- -- -- -- Deferred compensation -- -- -- -- --------- --------- --------- --------- 277 (6,753) 4,416 (7,899) Treasury stock at cost -- -- -- -- --------- --------- --------- --------- TOTAL STOCKHOLDERS' EQUITY 277 (6,753) 4,416 (7,899) TOTAL LIABILITIES AND EQUITY $ 5,105 $ 356,824 $ 5,049 $ 57,295 ========= ========= ========= ========= $ -- $ -- $ -- $ --
--------------------------------- DEBTORS ASSETS ELIMINATIONS CONSOLIDATED --------------------------------- Current Assets: Cash and cash equivalents $ -- $ 3,975 Trade accounts receivable, net -- 54,685 Other Receivables -- 7,169 Due from affiliates (81,463) 6,978 Inventories -- 37,535 Prepaid expenses -- 2,327 Deferred income tax benefit -- -- --------- --------- TOTAL CURRENT ASSETS (81,463) 112,669 Property, plant and equipment, net -- 181,446 Deferred income taxes -- -- Investments-Third Party -- 1,500 Investments in Subs (385,026) 50,408 Other assets (1) 43,151 --------- --------- TOTAL ASSETS $(466,490) $ 389,174 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (25,088) 107,218 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (5,378) 25,983 Unsecured debt (130,528) 742,591 Other / Intercompany (201,020) 5,727 Deferred income taxes -- -- Common stock held by new ESOP -- 289 Less: Unearned compensation -- -- Redeemable preferred stock -- 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (43,602) (539,481) Retained earnings-Filing Date -- (248,327) Retained earnings-Post Filing Date -- (24,546) Pension adjustment -- (135) Accumulated translation adj -- -- Deferred compensation -- (3) --------- --------- (43,603) (812,369) Treasury stock at cost -- (2,537) --------- --------- TOTAL STOCKHOLDERS' EQUITY (43,603) (814,906) TOTAL LIABILITIES AND EQUITY $(466,490) $ 389,174 ========= ========= $ -- $ --
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
---------------------------------------------------------------------------------------------- 8/31/2001(1) MONTH MONTH MONTH MONTH MONTH ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 2,240 $ 1,676 $ -- $ -- $ -- $ -- ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- TAX PAYABLE: -- -- -- -- -- -- Federal Payroll Taxes -- -- -- -- -- -- State Payroll & Sales -- -- -- -- -- -- Ad Valorem Taxes -- -- -- -- -- -- Other Taxes -- -- -- -- -- -- TOTAL TAXES PAYABLE $ -- $ -- $ -- $ -- $ -- $ -- SECURED DEBT POST-PETITION -- -- -- -- -- -- ACCRUED INTEREST PAYABLE -- -- -- -- -- -- *ACCRUED PROFESSIONAL FEES: -- -- -- -- -- -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs -- -- -- -- -- -- 2. Lease Operating Expenses/Capital -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 2,240 $ 1,676 $ -- $ -- $ -- $ -- ====================================================================================================================================
*Payment Requires Court Approval. (1) Represents the period 07/17/01 thru 08/31/01 MOR-4 CONSOLIDATED DEBTORS(1) AGING OF POST-PETITION LIABILITIES(2) (IN THOUSANDS) MONTH 9/30/01
AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- ----- ----------- --------- ----------- ----------- ------------- 0-30 $ 107,219 $ 105,518 $ 5 $ 34 $ 1,662 $ -- 31-60 -- 61-90 -- 91 + -- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL $ 107,219 $ 105,518 $ 5 $ 34 $ 1,662 $ -- ========== ========== ========== ========== ========== ==========
AGING OF ACCOUNTS RECEIVABLE(3)
MONTH ----- 0-30 $ 50,234 $ 50,234 $ -- $ -- $ -- $ -- 31-60 (764) (764) -- -- -- 61-90 9,179 9,179 -- -- -- 91 + 4,962 4,962 -- -- -- ---------- ----------- ---------- ---------- ---------- ---------- TOTAL $ 63,611 $63,610,978 $ -- $ -- $ -- $ -- ========== =========== ========== ========== ========== ==========
(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 CASE NAME: STERLING CHEMICALS HOLDINGS, INC (ALL DEBTORS) FOR THE MONTH ENDING SEPTEMBER 30, 2001 STATEMENT OF INCOME (LOSS)
------------------------------------------------------------------------------------ STERLING STERLING STERLING STERLING STERLING CHEMICALS CHEMICALS, CHEMICALS FIBERS, CHEMICALS HOLDINGS, INC. INC. ENERGY, INC. INC. INT'L, INC. 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 01-37809-H4-11 ------------------------------------------------------------------------------------ MONTH REVENUES (MOR-1) $ -- $ 23,943,367 $ 158,149 $ 1,311,018 $ (460,327) TOTAL COST OF REVENUES -- 25,292,855 158,149 1,399,297 -- GROSS PROFIT $ -- $ (1,349,488) $ -- $ (88,279) $ (460,327) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ (990) $ 707,114 $ -- $ 140,250 $ -- Insiders Compensation -- 188,763 -- -- -- Professional Fees -- 3,392,350 -- -- -- Other (Earnings in Joint Venture) -- 616,375 (616,375) -- -- TOTAL OPERATING EXPENSE $ (990) $ 4,904,602 $ (616,375) $ 140,250 $ -- ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 990 $ (6,254,090) $ 616,375 $ (228,529) $ (460,327) INTEREST EXPENSE (includes amort of debt fees) (73,954) 2,321,833 -- 614,434 37,665 DEPRECIATION -- 2,155,512 -- 48,293 23,000 OTHER (INCOME) EXPENSES* -- -- -- -- -- OTHER ITEMS** -- -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (73,954) $ 4,477,345 $ -- $ 662,727 $ 60,665 ==================================================================================================================================== NET INCOME BEFORE TAXES $ 74,944 $ (10,731,435) $ 616,375 $ (891,256) $ (520,992) INCOME TAXES -- 36,000 -- -- -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ 74,944 $ (10,767,435) $ 616,375 $ (891,256) $ (520,992) ==================================================================================================================================== ------------------------------------------------------------------------------- STERLING STERLING PULP STERLING PULP DEBTORS CANADA, CHEMICALS US, CHEMICALS, INC. INC. INC. 01-37810-H4-11 01-37811-H4-11 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------------------------------------------------------------------- MONTH REVENUES (MOR-1) $ 1,122,478 $ 358,476 $ 2,936,623 $ 460,327 $ 29,830,111 TOTAL COST OF REVENUES 26,148 516,203 1,924,492 460,327 29,777,471 GROSS PROFIT $ 1,096,330 $ (157,727) $ 1,012,131 $ -- $ 52,640 ================================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 211,587 $ (74,946) $ 606,149 $ (465,887) 1,123,277 Insiders Compensation -- -- -- -- 188,763 Professional Fees -- -- -- -- 3,392,350 Other (Earnings in Joint Venture) -- -- -- -- -- TOTAL OPERATING EXPENSE $ 211,587 $ (74,946) $ 606,149 $ (465,887) $ 4,704,390 ================================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 884,743 $ (82,781) $ 405,982 $ 465,887 (4,651,750) INTEREST EXPENSE (includes amort of debt fees) 236,041 -- -- 465,887 3,601,906 DEPRECIATION 485,795 -- 405,582 -- 3,118,182 OTHER (INCOME) EXPENSES* -- -- -- -- -- OTHER ITEMS** -- -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 721,836 $ -- $ 405,582 $ 465,887 $ 6,720,088 ================================================================================================================================= NET INCOME BEFORE TAXES $ 162,907 $ (82,781) $ 400 $ -- $(11,371,838) INCOME TAXES -- -- -- -- 36,000 ================================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 162,907 $ (82,781) $ 400 $ -- $(11,407,838) =================================================================================================================================
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 CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11
CASH RECEIPTS AND FILING TO DISBURSEMENTS 8/31/2001 (1) Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 DATE ----------------- ------------ ------------ ------ ------ ------ ------ ------------ 1. CASH-BEGINNING OF MONTH 100.00 100.00 -- -- -- -- 100.00 ============ ============ ====== ===== ====== ===== ============ RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 120,876.29 98,737.05 219,613.34 4. LOANS & ADVANCES (attach list) -- -- -- 5. SALE OF ASSETS -- -- -- 6. OTHER (attach list) 924,640.24 2,212,581.75 3,137,221.99 ------------ ------------ ------ ----- ------ ----- ------------ TOTAL RECEIPTS 1,045,516.53 2,311,318.80 -- -- -- -- 3,356,835.33 ------------ ------------ ------ ----- ------ ----- ------------ (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 -- -- -- -- -- -- -- 8. PAYROLL TAXES PAID -- -- -- 9. SALES, USE & OTHER TAXES PAID -- -- -- 10. SECURED/RENTAL/LEASES -- -- -- 11. UTILITIES 924,640.24 2,212,581.75 3,137,221.99 12. INSURANCE -- -- -- 13. INVENTORY PURCHASES -- -- -- 14. VEHICLE EXPENSES -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- 17. ADMINISTRATIVE & SELLING -- -- -- 18. OTHER (attach list) 120,876.29 98,737.05 219,613.34 ------------ ------------ ------ ----- ------ ----- ------------ TOTAL DISBURSEMENTS FROM OPERATIONS 1,045,516.53 2,311,318.80 -- -- -- -- 3,356,835.33 ============ ============ ====== ===== ====== ===== ============ 19. PROFESSIONAL FEES -- -- -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- -- -- ------------ ------------ ------ ----- ------ ----- ------------ 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- ------------ ------------ ------ ----- ------ ----- ------------ TOTAL DISBURSEMENTS 1,045,516.53 2,311,318.80 -- -- -- -- 3,356,835.33 ============ ============ ====== ===== ====== ===== ============ 22. NET CASH FLOW -- -- -- -- -- -- -- 23. CASH - END OF MONTH (MOR-2) 100.00 100.00 -- -- -- -- 100.00
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H4-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: 8/31/2001(1) Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 DATE ------------- ------------- --------- -------- --------- ------- ------------- 6. OTHER RECEIPTS: Interest Income -- -- -- 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Miscellaneous -- -- -- Royalty Owners Trust Account -- -- -- Emission Credits -- -- -- Intercompany Funding 924,640.24 2,212,581.75 3,137,221.99 -- -- -- -- ------------- ------------- --------- -------- --------- ------- ------------- TOTAL OTHER RECEIPTS 924,640.24 2,212,581.75 -- -- -- -- 3,137,221.99 ============= ============= ========= ======== ========= ======= ============= 18. OTHER DISBURSEMENTS: Lease Operating Expense -- -- -- Workover Expense -- -- -- Capital Expenditures -- -- -- Revenue & Royalties -- -- -- Interest Payment -- -- -- Restricted Cash - Bond Funding -- -- -- Severance tax -- -- -- Pre-petition checks voided in current period -- -- -- Revolver payment to CIT 120,876.29 98,737.05 219,613.34 -- -- ------------- ------------- --------- -------- --------- ------- ------------- TOTAL OTHER DISBURSEMENTS 120,876.29 98,737.05 -- -- -- -- 219,613.34 ============= ============= ========= ======== ========= ======= =============
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11 FOR THE PERIOD 9/01/01 - 9/30/01
CASH RECEIPTS AND Chase Chase DISBURSEMENTS 00103317203 00101818459 ----------------- -------------- ----------- ------------ ----------- 1. CASH-BEGINNING OF MONTH -- 100.00 -- -- ============== =========== ============ =========== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 98,737.05 4. LOANS & ADVANCES (attach list) 5. SALE OF ASSETS 6. OTHER (attach list) 2,212,581.75 -- -------------- ----------- ------------ ----------- TOTAL RECEIPTS 2,212,581.75 98,737.05 -- -- -------------- ----------- ------------ ----------- (Withdrawal) Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A ============== =========== ============ =========== DISBURSEMENTS: 7. NET PAYROLL -- -- -- -- 8. PAYROLL TAXES PAID 9. SALES, USE & OTHER TAXES PAID 10. SECURED/RENTAL/LEASES 11. UTILITIES 2,212,581.75 12. INSURANCE 13. INVENTORY PURCHASES 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 16. REPAIRS, MAINTENANCE & SUPPLIES 17. ADMINISTRATIVE & SELLING 18. OTHER (attach list) -- 98,737.05 -------------- ----------- ------------ ----------- TOTAL DISBURSEMENTS FROM OPERATIONS 2,212,581.75 98,737.05 -- -- ============== =========== ============ =========== 19. PROFESSIONAL FEES -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -------------- ----------- ------------ ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS 2,212,581.75 98,737.05 -- -- ============== =========== ============ =========== 22. NET CASH FLOW -- -- -- -- 23. CASH - END OF MONTH (MOR-2) -- 100.00 -- -- CASH RECEIPTS AND Total DISBURSEMENTS Debtor ----------------- ------------ ----------- ------------- 1. CASH-BEGINNING OF MONTH -- -- 100.00 ============ =========== ============= RECEIPTS: 2. CASH SALES -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 98,737.05 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 2,212,581.75 ------------ ----------- ------------- TOTAL RECEIPTS -- -- 2,311,318.80 ------------ ----------- ------------- (Withdrawal) Contribution by Individual Debtor MFR-2* N/A N/A N/A ============ =========== ============= DISBURSEMENTS: 7. NET PAYROLL -- -- -- 8. PAYROLL TAXES PAID -- 9. SALES, USE & OTHER TAXES PAID -- 10. SECURED/RENTAL/LEASES -- 11. UTILITIES 2,212,581.75 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING -- 18. OTHER (attach list) 98,737.05 ------------ ----------- ------------- TOTAL DISBURSEMENTS FROM OPERATIONS -- -- 2,311,318.80 ============ =========== ============= 19. PROFESSIONAL FEES -- -- -- 20. U.S. TRUSTEE FEES -- -- -- ------------ ----------- ------------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS -- -- 2,311,318.80 ============ =========== ============= 22. NET CASH FLOW -- -- -- 23. CASH - END OF MONTH (MOR-2) -- -- 100.00
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11 FOR THE PERIOD 9/1/01 - 9/30/01
OTHER CASH RECEIPTS AND Chase Chase Total DISBURSEMENTS: 00103317203 00101818459 Debtor -------------- ------------ ------------ ------------ 6. OTHER RECEIPTS: Interest Income -- -- -- 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Miscellaneous -- -- -- Royalty Owners Trust Account -- -- Emission Credits -- -- -- Intercompany Transfer 2,212,581.75 -- 2,212,581.75 ------------ --------- ------------ TOTAL OTHER RECEIPTS 2,212,581.75 -- 2,212,581.75 ============ ========= ============ 18. OTHER DISBURSEMENTS: Lease Operating Expenses -- Workover Expense -- Capital Expenditures -- -- -- Revenue & Royalties -- Interest Payment -- -- -- Restricted Cash - Bond Funding -- -- -- Severance tax -- Pre-petition checks voided in current period -- -- -- CIT Revolver Payments -- 98,737.05 98,737.05 ------------ --------- ------------ TOTAL OTHER DISBURSEMENTS -- 98,737.05 98,737.05 ============ ========= ============
MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF AUGUST 2001
BANK NAME Chase Bk of TX Chase Bk of TX ACCOUNT NUMBER 00103317203 00101818459 ACCOUNT TYPE Concentration Concentration TOTAL -------------- ---------------- ---------------- ----------- BANK BALANCE $ -- $ 100 $ 100 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- OTHER -- ---------------- ---------------- ----------- ADJUSTED BANK BALANCE $ -- $ 100 $ 100 ================ ================ =========== BEGINNING CASH - PER BOOKS $ -- $ 100 $ 100 RECEIPTS 120,876 120,876 TRANSFERS BETWEEN ACCOUNTS 924,640 924,640 (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (924,640) (120,876) (1,045,516) ---------------- ---------------- ----------- ENDING CASH - PER BOOKS $ -- $ 100 $ 100 ================ ================ ===========
MOR-8 CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF SEPTEMBER 2001
BANK NAME Chase Bk of TX Chase Bk of TX ACCOUNT NUMBER 00103317203 00101818459 ACCOUNT TYPE Concentration Concentration TOTAL -------------- -------------- --------------- ----------- BANK BALANCE $ -- $ 100 $ 100 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- OTHER -- -------------- -------------- ----------- ADJUSTED BANK BALANCE $ -- $ 100 $ 100 ============== ============== =========== BEGINNING CASH - PER BOOKS $ -- $ 100 $ 100 RECEIPTS 98,737 98,737 TRANSFERS BETWEEN ACCOUNTS 2,212,582 2,212,582 (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (2,212,582) (98,737) (2,311,319) -------------- -------------- ----------- ENDING CASH - PER BOOKS $ -- $ 100 $ 100 ============== ============== ===========
MOR-8 CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-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