-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CdraDoxWd5jmJkQrizwqUEG4nfdAua+oG1FQudHon+0sMmx2R39WokP3hEnrFVqR wVfXWjwmZMGAvioF5WpTzA== 0000950129-02-000915.txt : 20020414 0000950129-02-000915.hdr.sgml : 20020414 ACCESSION NUMBER: 0000950129-02-000915 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20020220 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20020227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STERLING CHEMICAL INC CENTRAL INDEX KEY: 0001014669 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 760502785 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-04343-01 FILM NUMBER: 02559238 BUSINESS ADDRESS: STREET 1: 1200 SMITH STREET STREET 2: SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 BUSINESS PHONE: 7136503700 MAIL ADDRESS: STREET 1: C/O STERLING GROUP INC STREET 2: EIGHT GREENWAY PLAZA, SUITE 702 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: STX CHEMICALS CORP DATE OF NAME CHANGE: 19960516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STERLING CHEMICALS HOLDINGS INC /TX/ CENTRAL INDEX KEY: 0000795662 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 760502785 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10059 FILM NUMBER: 02559239 BUSINESS ADDRESS: STREET 1: 1200 SMITH ST, SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 BUSINESS PHONE: 7136503700 MAIL ADDRESS: STREET 1: 1200 SMITH ST SUITE 1900 CITY: HOUSTON STATE: TX ZIP: 77002-4312 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS INC /TX/ DATE OF NAME CHANGE: 19961218 FORMER COMPANY: FORMER CONFORMED NAME: STERLING CHEMICALS HOLDINGS INC DATE OF NAME CHANGE: 19960828 8-K 1 h94494e8-k.txt STERLING CHEMICALS HOLDINGS INC - FEBRUARY 20 2002 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM 8-K CURRENT REPORT FILED PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 20, 2002 STERLING CHEMICALS HOLDINGS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 1-00059 76-0185186 (STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER JURISDICTION OF INCORPORATION FILE NUMBER) IDENTIFICATION NO.) OR ORGANIZATION) 1200 SMITH STREET, SUITE 1900 HOUSTON, TEXAS 77002-4312 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) (713) 650-3700 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ------------------------ STERLING CHEMICALS INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 333-04343-01 76-0502785 (STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER JURISDICTION OF INCORPORATION FILE NUMBER) IDENTIFICATION NO.) OR ORGANIZATION) 1200 SMITH STREET, SUITE 1900 HOUSTON, TEXAS 77002-4312 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) (713) 650-3700 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ------------------------ ================================================================================ ITEM 7. EXHIBITS Exhibit 99.1 -- Monthly Operating Report for Sterling Chemicals Holdings, Inc. for January 2002. Exhibit 99.2 -- Monthly Operating Report for Sterling Chemicals, Inc. for January 2002. Exhibit 99.3 -- Monthly Operating Report for Sterling Chemicals Energy, Inc. for January 2002. Exhibit 99.4 -- Monthly Operating Report for Sterling Fibers, Inc. for January 2002. Exhibit 99.5 -- Monthly Operating Report for Sterling Chemicals International, Inc. for January 2002. Exhibit 99.6 -- Monthly Operating Report for Sterling Canada, Inc. for January 2002. Exhibit 99.7 -- Monthly Operating Report for Sterling Pulp Chemicals US, Inc. for January 2002. Exhibit 99.8 -- Monthly Operating Report for Sterling Pulp Chemicals, Inc. for January 2002. ITEM 9. REGULATION FD DISCLOSURE On July 16, 2001, Sterling Chemicals Holdings, Inc. and its subsidiaries Sterling Chemicals Inc., Sterling Chemicals Energy, Inc., Sterling Fibers, Inc., Sterling Chemicals International, Inc., Sterling Canada Inc., Sterling Pulp Chemicals US, Inc. and Sterling Pulp Chemicals Inc. filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, in Houston, Texas (the "Bankruptcy Court"). These petitions were styled as In re Sterling Chemicals Holdings, Inc., In re Sterling Chemicals Inc., In re Sterling Chemicals Energy, Inc., In re Sterling Fibers, Inc., In re Sterling Chemicals International, Inc., In re Sterling Canada Inc., In re Sterling Pulp Chemicals US, Inc. and In re Sterling Pulp Chemicals Inc., respectively, Case Numbers 01-378[05-12]-H4-11, (05-12 being the different case numbers). Each of Sterling Chemicals Holdings, Inc. and these other entities are being operated as debtors-in-possession under the Bankruptcy Code. Attached are exhibits containing monthly operating reports filed by the debtors with the Bankruptcy Court for January 2002. The monthly operating reports filed herewith contain unaudited financial information that is subject to future reconciliations and adjustments that may materially affect stockholder's equity (deficit). -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each of the Registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STERLING CHEMICALS HOLDINGS, INC. Date: February 27, 2002 By: /s/ DAVID G. ELKINS ------------------------------------- David G. Elkins, President STERLING CHEMICALS INC. Date: February 27, 2002 By: /s/ DAVID G. ELKINS ------------------------------------- David G. Elkins, President -3- EXHIBIT INDEX Exhibit 99.1 -- Monthly Operating Report for Sterling Chemicals Holdings, Inc. for January 2002. Exhibit 99.2 -- Monthly Operating Report for Sterling Chemicals, Inc. for January 2002. Exhibit 99.3 -- Monthly Operating Report for Sterling Chemicals Energy, Inc. for January 2002. Exhibit 99.4 -- Monthly Operating Report for Sterling Fibers, Inc. for January 2002. Exhibit 99.5 -- Monthly Operating Report for Sterling Chemicals International, Inc. for January 2002. Exhibit 99.6 -- Monthly Operating Report for Sterling Canada, Inc. for January 2002. Exhibit 99.7 -- Monthly Operating Report for Sterling Pulp Chemicals US, Inc. for January 2002. Exhibit 99.8 -- Monthly Operating Report for Sterling Pulp Chemicals, Inc. for January 2002. EX-99.1 3 h94494ex99-1.txt MONTHLY OPERATING REPORT - STERLING CHEM HOLDINGS EXHIBIT 99.1 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS HOLDINGS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37805-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - -------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ -- $ -- $ -- $ -- $ -- $ -- INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (1,772) $ 990 $(61,848) $ -- $ (967) $(51,350) NET INCOME (LOSS) (MOR-6) $(66,942) $74,944 $(56,126) $ 9,797 $(128,714) $(51,166) PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $651,710 $ 553,291 $ -- TOTAL DISBURSEMENTS (MOR-7) $ -- $ -- $ -- $651,710 $ 553,291 $ --
***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 HOLDINGS, INC. CASE NUMBER: 01-37805-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* 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 HOLDINGS, INC. CASE NUMBER: 01-37805-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
---------------------------------------------------------------------------------------------- 8/31/2001(1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 2 $ 1 $ 63 $ 63 $ 64 $ -- 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 $ 1 $ 63 $ 63 $ 64 $ -- ====================================================================================================================================
*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 MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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 HOLDINGS, INC. CASE NUMBER: 01-37805-H4-11
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 1,362,081 1,368,676 1,370,865 1,365,144 723,230 170,226 1,362,081 ========= ========= ========= ========= ======== ======= ========== RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- -- -- -- -- 4. LOANS & ADVANCES (attach list) -- -- -- -- -- -- -- 5. SALE OF ASSETS -- -- -- -- -- -- -- 6. OTHER (attach list) 6,595 2,189 (5,722) 9,797 286 184 13,330 --------- --------- --------- --------- -------- ------- ---------- TOTAL RECEIPTS 6,595 2,189 (5,722) 9,797 286 184 13,330 --------- --------- --------- --------- -------- ------- ---------- (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 -- -- -- -- -- -- -- 12. INSURANCE -- -- -- -- -- -- -- 13. INVENTORY PURCHASES -- -- -- -- -- -- -- 14. VEHICLE EXPENSES -- -- -- -- -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- -- -- -- -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- -- -- 17. ADMINISTRATIVE & SELLING -- -- -- -- -- -- -- 18. OTHER (attach list) -- -- -- -- -- -- -- --------- --------- --------- --------- -------- ------- ---------- TOTAL DISBURSEMENTS FROM OPERATIONS -- -- -- -- -- -- -- ========= ========= ========= ========= ======== ======= ========== 19. PROFESSIONAL FEES -- -- -- 651,710 553,291 -- 1,205,001 20. U.S. TRUSTEE FEES -- -- -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- --------- --------- --------- --------- -------- ------- ---------- TOTAL DISBURSEMENTS -- -- -- 651,710 553,291 -- 1,205,001 ========= ========= ========= ========= ======== ======= ========== 22. NET CASH FLOW 6,595 2,189 (5,722) (641,913) (553,005) 184 (1,191,671) 23. CASH - END OF MONTH (MOR-2) 1,368,676 1,370,865 1,365,144 723,230 170,226 170,410 (1,191,671)
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS HOLDINGS, INC. CASE NUMBER: 01-37805-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 6,595 2,189 (5,722) 9,797 286 184 13,330 401(k) Plan Refund -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- Miscellaneous -- -- -- -- -- -- -- Royalty Owners Trust Account -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- ------------- -------- ------ ------ ------ ------ -------- TOTAL OTHER RECEIPTS 6,595 2,189 (5,722) 9,797 286 184 13,330 ============= ======== ====== ====== ====== ====== ======== 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 -- -- -- -- -- -- -- ------------- -------- ------ ------ ------ ------ -------- TOTAL OTHER DISBURSEMENTS -- -- -- -- -- -- -- ============= --====== ====== ====== ====== ====== ========
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS HOLDINGS, INC. CASE NUMBER: 01-37805-H-11
CASH RECEIPTS AND Chase Chase Total DISBURSEMENTS 00100547125 00100535021 Debtor - ----------------- ----------- ------------ ------------ 1. CASH-BEGINNING OF MONTH -- 170,226 170,226 =========== ============ ============ RECEIPTS: 2. CASH SALES -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- 4. LOANS & ADVANCES (attach list) -- -- -- 5. SALE OF ASSETS -- -- -- 6. OTHER (attach list) -- 184 184 ----------- ------------ ------------ TOTAL RECEIPTS -- 184 184 ----------- ------------ ------------ (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 -- -- -- 12. INSURANCE -- -- -- 13. INVENTORY PURCHASES -- -- -- 14. VEHICLE EXPENSES -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- 17. ADMINISTRATIVE & SELLING -- -- -- 18. OTHER (attach list) -- -- -- ----------- ------------ ------------ TOTAL DISBURSEMENTS FROM OPERATIONS -- -- -- =========== ============ ============ 19. PROFESSIONAL FEES -- -- -- 20. U.S. TRUSTEE FEES -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- ----------- ------------ ------------ TOTAL DISBURSEMENTS -- -- -- =========== ============ ============ 22. NET CASH FLOW -- 184 184 23. CASH - END OF MONTH (MOR-2) -- 170,410 170,410
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS HOLDINGS, INC. CASE NUMBER: 01-37805-H-11
OTHER CASH RECEIPTS AND Chase Chase Total DISBURSEMENTS: 00100547125 00100535021 Debtor - ----------------------- ----------- ----------- -------- 6. OTHER RECEIPTS: Interest Income -- 184 184 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Miscellaneous -- -- -- Royalty Owners Trust Account -- -- -- Emission Credits -- -- -- -- -- -- -- -- ----------- ----------- -------- TOTAL OTHER RECEIPTS -- 184 184 =========== =========== ======== 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 -- -- -- ----------- ----------- -------- TOTAL OTHER DISBURSEMENTS -- -- -- =========== =========== ========
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals Holdings, Inc. CASE NUMBER: 01-37805-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 2002 ----------------
Closed BANK NAME Chase Bk of TX Chase Bk of TX ACCOUNT NUMBER 00100547125 0010535021 ACCOUNT TYPE Concentration Concentration TOTAL - -------------- ------------- -------------- ---------- BANK BALANCE $ -- $ 170,410 $ 170,410 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- OTHER ------------- -------------- ------ ------ ------ ------ ------ ------ ---------- ADJUSTED BANK BALANCE $ -- $ 170,410 $ -- $ -- $ -- $ -- $ -- $ -- $ 170,410 ============= ============== ====== ====== ====== ====== ====== ====== ========== BEGINNING CASH - PER BOOKS $ -- $ 170,226 $ 170,226 RECEIPTS 184 184 TRANSFERS BETWEEN ACCOUNTS -- (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS -- -- ------------- -------------- ------ ------ ------ ------ ------ ------ ---------- ENDING CASH - PER BOOKS $ -- $ 170,410 $ -- $ -- $ -- $ -- $ -- $ -- $ 170,410 ============= ============== ====== ====== ====== ====== ====== ====== ==========
MOR-8 CASE NAME: STERLING CHEMICALS HOLDINGS, INC. CASE NUMBER: 01-37805-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. Skadden, Arps, Slate, Meagher & Flom LLP $ -- $ -- $ -- $418,494.62 $553,291.25 $ -- $971,785.87 2. Arthur Andersen -- -- -- 233,215.40 -- -- 233,215 3. -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- ------------ -------- -------- ----------- ---------- -------- ----------- TOTAL PROFESSIONALS (MOR-1) $ -- $ -- $ -- $ 651,710 $ 553,291 $ -- $ 1,205,001 ============ ======== ======== =========== ========== ======== ===========
(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 EX-99.2 4 h94494ex99-2.txt MONTHLY OPERATING REPORT - STERLING CHEMICALS INC EXHIBIT 99.2 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37806-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ REVENUES (MOR-6) $ 36,458,061 $ 23,943,367 $ 21,691,268 $ 21,898,981 $ 18,571,799 $ 20,053,870 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (5,663,895) $ (6,254,090) $ (1,550,037) $ (4,402,886) $ (1,583,651) $ (2,798,067) NET INCOME (LOSS) (MOR-6) $ (12,537,900) $ (10,767,435) $ (5,850,757) $ (8,543,837) $ (5,648,707) $ (7,180,158) PAYMENTS TO INSIDERS (MOR-9) $ 173,179 $ 188,763 $ 156,110 $ 106,743 $ 204,995 $ 142,597 PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ 11,243 $ 1,408,481 $ 802,884 $ 683,788 $ 1,238,773 TOTAL DISBURSEMENTS (MOR-7) $ 98,519,611 $ 60,972,958 $ 72,465,946 $ 64,901,653 $ 62,720,965 $ 65,092,860
***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, INC. CASE NUMBER: 01-37806-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* 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, INC. CASE NUMBER: 01-037806-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
---------------------------------------------------------------------------------------- 8/31/2001(1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 MONTH ---------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 28,667 $ 34,262 $ 29,556 $ 7,603 $ 25,602 $ 43,566 $ -- ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- -- TAX PAYABLE: -- -- -- -- -- -- Federal Payroll Taxes -- -- -- 260 -- -- -- State Payroll & Sales 48 33 45 39 178 231 -- Ad Valorem Taxes -- -- -- -- -- -- -- Other Taxes 925 1,550 2,175 2,800 $ 3,383 $ 3,901 -- TOTAL TAXES PAYABLE $ 973 $ 1,583 $ 2,220 $ 3,099 3,561 4,132 $ -- SECURED DEBT POST-PETITION 41,472 42,229 44,780 49,084 51,301 51,346 -- ACCRUED INTEREST PAYABLE 234 263 299 469 436 370 -- *ACCRUED PROFESSIONAL FEES: 2,000 4,000 4,802 4,798 4,714 5,236 -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 22,593 21,744 21,729 22,520 31,422 37,458 -- 2. Lease Operating Expenses/Capital -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 95,939 $ 104,081 $ 103,386 $ 87,573 $ 117,036 $ 142,108 $ -- ==============================================================================================================================
*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 MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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, INC. CASE NUMBER: 01-37806-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 9,346,548 1,430,565 1,217,400 159,499 (421,404) (256,194) 11,476,412 ========== ========== =========== ========== ========== ========== =========== RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 40,926,868 20,950,661 23,372,230 20,886,265 22,270,996 24,602,303 153,009,323 4. LOANS & ADVANCES - CIT REVOLVER 32,400,000 30,000,000 35,600,000 31,300,000 29,200,000 31,600,000 190,100,000 5. SALE OF ASSETS -- -- -- -- -- -- -- 6. OTHER (attach list) 17,276,763 9,809,132 12,435,815 12,134,485 11,415,178 9,644,850 72,716,222 ---------- ---------- ---------- ---------- ---------- ---------- ----------- TOTAL RECEIPTS 90,603,630 60,759,793 71,408,045 64,320,750 62,886,174 65,847,152 415,825,545 ---------- ---------- ---------- ---------- ---------- ---------- ----------- (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 2,731,080 1,885,987 1,820,918 2,759,985 1,932,984 1,297,213 12,428,166 8. PAYROLL TAXES PAID 1,296,961 929,631 898,310 443,402 870,019 974,973 5,413,295 9. SALES, USE & OTHER TAXES PAID 32,514 59,392 54,688 55,177 50,776 57,123 309,671 10.SECURED/RENTAL/LEASES 150,961 223,715 267,731 179,910 184,920 161,222 1,168,459 11.UTILITIES 2,879,979 2,190,006 5,169,539 3,737,135 4,230,558 2,765,343 20,972,561 12.INSURANCE 1,469,518 830,148 452,349 425,842 456,145 728,204 4,362,206 13.INVENTORY PURCHASES 11,912,436 10,899,473 12,316,618 12,485,921 8,921,056 11,876,414 68,411,918 14.VEHICLE EXPENSES -- -- -- -- -- -- -- 15.TRAVEL & ENTERTAINMENT 39,341 31,508 48,462 53,052 64,095 60,079 296,538 16.REPAIRS, MAINTENANCE & SUPPLIES 1,279,095 1,162,418 1,519,414 1,100,361 1,085,130 1,487,951 7,634,369 17.ADMINISTRATIVE & SELLING 2,731,486 1,698,951 3,178,324 3,136,392 3,142,158 2,804,552 16,691,862 18.OTHER (attach list) 73,996,239 41,050,486 45,331,111 39,721,594 41,099,335 41,641,012 282,839,777 TOTAL DISBURSEMENTS FROM OPERATIONS 98,519,611 60,961,714 71,057,466 64,098,769 62,037,177 63,854,086 420,528,823 19.PROFESSIONAL FEES -- 11,243 1,368,231 802,884 683,788 1,185,274 4,051,420 20.U.S. TRUSTEE FEES -- -- 40,250 -- -- 53,500 93,750 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ----------- TOTAL DISBURSEMENTS 98,519,611 60,972,958 72,465,946 64,901,653 62,720,965 65,092,860 424,673,993 ========== ========== =========== ========== ========== ========== =========== 22.NET CASH FLOW (7,915,980) (213,165) (1,057,901) (580,903) 165,210 754,292 (8,848,448) 23.CASH - END OF MONTH (MOR-2) 1,430,565 1,217,400 159,499 (421,404) (256,194) 498,098 2,627,964
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. per MOR-7 1,430,565.35 1,217,400.33 159,499.29 (421,403.88) (256,194.38) 498,097.76 per 211 trial balance 2,156,824.40 1,222,225.02 926,043.98 527,547.60 622,716.13 1,983,218.51 ------------ ------------ ---------- ----------- ----------- ------------ difference 726,259.05 4,824.69 766,544.69 948,951.48 878,910.51 1,485,120.75 g/l acct 10123 - not a good account, s/b zero 794.70 794.70 794.70 794.70 794.70 794.70 g/l acct 10131 - account was closed before filing, bal s/b zero 4,029.99 4,029.99 4,029.99 4,029.99 4,029.99 4,029.99 g/l acct 10199 - cash overdraft reclass of outstanding checks 721,434.36 0.00 761,720.00 944,126.79 874,085.82 1,480,296.06 ------------ ------------ ---------- ----------- ---------- ------------ reconciled difference 726,259.05 4,824.69 766,544.69 948,951.48 878,910.51 1,485,120.75
CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-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 -- 80,302 -- -- -- -- 80,302 401(k) Plan Refund -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- Miscellaneous 323,832 156,450 1,147,947 181,336 146,500 100,833 2,056,898 Royalty Owners Trust Account -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- Account Transfers 16,952,931 8,360,380 11,197,868 9,047,528 10,348,106 9,120,571 65,027,384 Intercompany Transfers -- 1,212,000 90,000 2,905,621 920,573 423,445 5,551,639 ------------ ---------- ---------- ---------- ----------- ---------- ------------ TOTAL OTHER RECEIPTS 17,276,763 9,809,132 12,435,815 12,134,485 11,415,178 9,644,850 72,716,223 ============ ========== ========== ========== =========== ========== ============ 18. OTHER DISBURSEMENTS: Lease Operating Expense -- -- -- -- -- -- -- Workover Expense -- -- -- -- -- -- -- Capital Expenditures 157,217 352,420 408,428 297,523 558,388 1,491,633 3,265,609 Revenue & Royalties -- -- -- -- -- -- -- Interest Payment -- -- 97,161 -- -- -- 97,161 Employee Benefits 1,716,761 1,923,632 2,430,056 1,259,446 1,276,424 2,711,036 11,317,355 Severance tax -- -- -- -- -- -- -- Pre-petition checks voided in current period (30,000) -- -- -- -- -- (30,000) Account Transfers 16,952,931 8,360,380 11,197,868 9,047,528 10,348,106 9,120,571 65,027,384 CIT Revolver Payments 51,857,690 24,100,472 24,983,680 21,322,848 22,948,750 23,718,420 168,931,860 Intercompany Transfers 3,341,640 6,313,582 6,213,918 7,794,248 5,967,667 4,599,352 34,230,407 ------------ ---------- ---------- ---------- ----------- ---------- ------------ TOTAL OTHER DISBURSEMENTS 73,996,239 41,050,486 45,331,111 39,721,594 41,099,335 41,641,012 282,839,777 ============ ========== ========== ========== =========== ========== ============
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
CASH RECEIPTS AND Chase Chase Chase Chase Chase DISBURSEMENTS 00103275427 00101824317 00103316882 103405743 6301810002508 ----------------- --------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH -- 100 39,463 556,255 (874,086) =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 21,162,357 4. LOANS & ADVANCES - CIT REVOLVER 31,600,000 5. SALE OF ASSETS 6. OTHER (attach list) -- -- 423,445 2,700,000 5,875,370 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS -- 21,162,357 32,023,445 2,700,000 5,875,370 --------------- --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A =============== =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- 1,297,213 -- 8. PAYROLL TAXES PAID 974,973 9. SALES, USE & OTHER TAXES PAID 57,123 10. SECURED/RENTAL/LEASES 161,222 11. UTILITIES 2,765,343 12. INSURANCE 227,969 500,235 13. INVENTORY PURCHASES 11,721,051 155,363 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 60,079 16. REPAIRS, MAINTENANCE & SUPPLIES 959,839 528,111 17. ADMINISTRATIVE & SELLING 302,120 2,489,967 18. OTHER (attach list) -- 21,162,357 15,479,667 -- 1,897,725 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS -- 21,162,357 31,513,112 2,272,186 5,792,702 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- 497,243 -- 688,031 20. U.S. TRUSTEE FEES -- -- -- -- 53,500 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS -- 21,162,357 32,010,355 2,272,186 6,534,233 =============== =============== =============== =============== =============== 22. NET CASH FLOW -- -- 13,090 427,814 (658,864) 23. CASH - END OF MONTH (MOR-2) -- 100 52,553 984,069 (1,532,949) CASH RECEIPTS AND Chase Chase Wells Fargo Bank One Total DISBURSEMENTS 6301810036508 6301810028508 4496870106 5561833 Debtor ----------------- --------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH -- -- -- 22,073 (256,194) =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 3,439,945 24,602,303 4. LOANS & ADVANCES - CIT REVOLVER 31,600,000 5. SALE OF ASSETS -- 6. OTHER (attach list) 537,106 8,096 -- 100,833 9,644,850 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS 537,106 8,096 -- 3,540,779 65,847,152 --------------- --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A =============== =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- -- -- -- 1,297,213 8. PAYROLL TAXES PAID 974,973 9. SALES, USE & OTHER TAXES PAID 57,123 10. SECURED/RENTAL/LEASES 161,222 11. UTILITIES 2,765,343 12. INSURANCE 728,204 13. INVENTORY PURCHASES 11,876,414 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 60,079 16. REPAIRS, MAINTENANCE & SUPPLIES 1,487,951 17. ADMINISTRATIVE & SELLING 12,465 2,804,552 18. OTHER (attach list) 537,106 8,096 -- 2,556,062 41,641,012 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 537,106 8,096 -- 2,568,527 63,854,086 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- 1,185,274 20. U.S. TRUSTEE FEES -- -- -- -- 53,500 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 537,106 8,096 -- 2,568,527 65,092,860 =============== =============== =============== =============== =============== 22. NET CASH FLOW -- -- -- 972,251 754,292 23. CASH - END OF MONTH (MOR-2) -- -- -- 994,325 498,098
MOR-7 * Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H4-11
OTHER CASH RECEIPTS AND Chase Chase Chase Chase Chase DISBURSEMENTS: 00103275427 00101824317 00103316882 103405743 6301810002508 - -------------- ----------- ----------- ----------- --------- ------------- 6. OTHER RECEIPTS: Interest Income 401(k) Plan Refund Cobra Insurance Payment Miscellaneous Royalty Owners Trust Account Emission Credits Account Transfers 2,700,000 5,875,370 Intercompany Transfers 423,445 ----------- ---------- ---------- --------- --------- TOTAL OTHER RECEIPTS -- -- 423,445 2,700,000 5,875,370 =========== ========== ========== ========= ========= 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures 1,491,633 Revenue & Royalties Interest Payment Employee Benefits 1,759,743 406,092 Severance tax Pre-petition checks voided in current period Account Transfers 9,120,571 CIT Revolver Payments 21,162,357 -- Intercompany Transfers 4,599,352 ----------- ---------- ---------- --------- --------- TOTAL OTHER DISBURSEMENTS -- 21,162,357 15,479,667 -- 1,897,725 =========== ========== ========== ========= ========= OTHER CASH RECEIPTS AND Chase Chase Wells Fargo Bank One Total DISBURSEMENTS: 6301810036508 6301810028508 4496870106 5561833 Debtor - -------------- ------------- ------------- -------------- ------------ ------------- 6. OTHER RECEIPTS: Interest Income -- 401(k) Plan Refund -- Cobra Insurance Payment -- Miscellaneous 100,833 100,833 Royalty Owners Trust Account -- Emission Credits -- Account Transfers 537,106 8,096 9,120,571 Intercompany Transfers 423,445 ------- --------- ------------ ---------- ---------- TOTAL OTHER RECEIPTS 537,106 8,096 -- 100,833 9,644,850 ======= ========= ============ ========== ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- Workover Expense -- Capital Expenditures 1,491,633 Revenue & Royalties -- Interest Payment -- Employee Benefits 537,106 8,096 2,711,036 Severance tax -- Pre-petition checks voided in current period -- Account Transfers 9,120,571 CIT Revolver Payments 2,556,062 23,718,420 Intercompany Transfers 4,599,352 ------- --------- ------------ ---------- ---------- TOTAL OTHER DISBURSEMENTS 537,106 8,096 -- 2,556,062 41,641,012 ======= ========= ============ ========== ==========
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals, Inc. CASE NUMBER: 01-37806-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 2002 ---------------------------------
Closed BANK NAME Chase Bk of TX Chase Bk of TX Chase Bk of TX Chase Bk of TX Chase Bk of DE ACCOUNT NUMBER 00103275427 00101824317 00103316882 00103405743 6301810036508 - -------------- ACCOUNT TYPE Special Disb Fund AR Wires Concentration Payroll Contr. Disb. - -------------- ------------------ --------------- --------------- --------------- --------------- BANK BALANCE $ -- $ 100 $ 52,553 $ 95,647 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS (1,511,688) OTHER 888,422 (21,261) --------------- --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ 100 $ 52,553 $ 984,069 $ (1,532,949) =============== =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ 100 $ 39,463 $ 556,255 $ (874,086) RECEIPTS 21,162,357 31,600,000 TRANSFERS BETWEEN ACCOUNTS -- (13,296,478) 2,700,000 5,875,370 (WITHDRAWAL) CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS -- (21,162,357) (18,290,432) (2,272,186) (6,534,233) --------------- --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ 100 $ 52,553 $ 984,069 $ (1,532,949) =============== =============== =============== =============== =============== BANK NAME Chase Bk of Del Chase Bk of Del Wells Fargo Bank One ACCOUNT NUMBER 6301810036508 6301810028508 4496870106 5561833 - -------------- ACCOUNT TYPE Sal Ben Disb Flex Ben Disb Concentration Lockbox TOTAL - -------------- --------------- --------------- --------------- --------------- --------------- BANK BALANCE $ -- $ -- $ -- $ 994,502 $ 1,142,802 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS (1,511,688) OTHER (176) 866,985 --------------- --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ -- $ -- $ 994,326 $ 498,098 =============== =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ -- $ -- $ 22,074 $ (256,195) RECEIPTS 3,540,779 56,303,136 TRANSFERS BETWEEN ACCOUNTS 537,106 8,096 (4,175,906) (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (537,106) (8,096) (2,568,527) (51,372,937) --------------- --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ -- $ -- $ 994,326 $ 498,098 =============== =============== =============== =============== ===============
MOR-8 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-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. Frank Diassi/Chairman of Board/Salary $ 46,875 $ 31,250 $ 31,250 $ 31,250 $ 31,250 $ -- $ 171,875 2. Frank Diassi/Chairman of Board/Bonus -- 23,438 -- -- 23,438 3. Frank Diassi/Chairman of Board/Expenses 521 1,741 -- -- -- -- 2,262 Frank Diassi/Chairman of Board/Vacation payout 45,193 45,193 4. David Elkins/President/Salary 43,750 29,167 29,167 29,167 29,167 29,167 189,585 5. David Elkins/President/Bonus -- 21,875 -- -- 21,875 -- 43,750 6. David Elkins/President/Expenses 5,013 35 410 -- 2,035 3,378 10,871 David Elkins/President/Life Insurance 2,184 2,184 7. Richard Crump/Exec VP Opers/Salary 37,500 25,000 25,000 25,000 25,000 28,636 166,136 8. Richard Crump/Exec VP Opers/Bonus -- 18,750 -- -- 18,750 1,875 39,375 9. Richard Crump/Exec VP Opers/Expense 2,192 2,939 642 2,331 531 4,453 13,088 10. Paul Vanderhoven/VP Finance & CFO/Salary 25,000 16,667 16,667 16,667 16,667 16,667 108,335 11. Paul Vanderhoven/VP Finance & CFO/Bonus -- 10,000 -- -- 10,000 -- 20,000 12. Paul Vanderhoven/VP Finance & CFO/Expense -- 5,573 974 -- 2,199 4,509 13,255 13. Robert Roten/Former Pres & Board Member/SERP 2,328 2,328 2,328 2,328 2,328 2,328 13,968 14. Robert Roten/Former Pres & Board Member/Consulting fee 10,000 -- -- -- -- -- 10,000 15. Robert Roten/Former Pres & Board Member/BOD fee -- -- 17,550 -- 15,150 32,700 16. Rolf Towe/Board Member -- -- 10,150 -- 10,850 21,000 17. Hunter Nelson/Board Member -- -- 13,550 -- 11,150 24,700 18. Frank Hevrdejs/Board Member -- -- 10,750 -- 12,250 23,000 -------- -------- ---------- --------- --------- --------- --------- TOTAL INSIDERS (MOR-1) $173,179 $188,763 $ 158,438 $ 106,743 $ 204,995 $ 142,597 $ 974,715 ======== ======== ========== ========= ========= ========= =========
PROFESSIONALS FILING TO NAME/ORDER DATE 8/31/2001(1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 DATE - --------------------------------- ------------ --------- ---------- --------- --------- --------- ----------- 1. Logan & Company, Inc. $ -- $ 11,243 $ 15,330 $ 65,978 $ 30,272 $ 9,958.00 $132,781.56 2. Andrews & Kurth LLP -- -- 324,139 -- 210,726 139,340 674,206 3. US Trustee -- -- 40,250 -- -- 53,500 93,750 4. Skadden, Arps, Slate, Meagher & Flom LLP -- -- 751,593 -- -- 293,229 1,044,822 5. Akin Gump Strauss -- -- 277,168 126,980 231,124 -- 635,272 6. Arthur Andersen -- -- -- 134,935 31,792 115,041 281,768 7. Lazard Freres & Co. LLC 268,613 -- -- 268,613 8. Baker & Botts 154,797 132,523 111,985 399,305 9. Groom Law Group 11,331 4,587 10,078 25,996 10. Nexant, Inc. 40,250 42,764 8,399 91,413 11. Greenhill & Co. 497,243 497,243 ------------ --------- ---------- --------- --------- ---------- ----------- TOTAL PROFESSIONALS (MOR-1) $ -- $ 11,243 $1,408,481 $ 802,884 $ 683,788 $1,238,773 $ 4,145,169 ============ ========= ========== ========= ========= ========== ===========
(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. MOR-9 EX-99.3 5 h94494ex99-3.txt MONTLY OPERATING REPORT - STERLING CHEM ENERGY 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: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ REVENUES (MOR-6) $ 327,939 $ 158,149 $ 155,612 $ 179,733 $ 179,201 $ 302,130 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 539,842 $ 616,375 $ 600,671 $ 550,328 $ 593,727 $ 464,670 NET INCOME (LOSS) (MOR-6) $ 539,842 $ 616,375 $ 572,140 $ 521,459 $ 562,547 $ 439,688 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $1,045,517 $ 2,311,319 $ 2,625,313 $1,569,319 $1,865,793 $1,583,667
***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 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* 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) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 MONTH ------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 2,240 $ 1,676 $ 1,645 $ 1,175 $ 1,719 $ 1,702 $ -- 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 $ 1,645 $ 1,175 $ 1,719 $ 1,702 $ -- ===========================================================================================================================
*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 MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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 100 100 100 100 100 100 ============ ========= ========= ========= ========= ========== =========== RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 120,876 98,737 46,395 50,693 63,217 50,033 429,952 4. LOANS & ADVANCES (attach list) -- -- -- -- -- -- -- 5. SALE OF ASSETS -- -- -- -- -- -- -- 6. OTHER (attach list) 924,640 2,212,582 2,578,918 1,518,626 1,802,575 1,533,633 10,570,974 ------------ --------- --------- --------- --------- ---------- ----------- TOTAL RECEIPTS 1,045,517 2,311,319 2,625,313 1,569,319 1,865,793 1,583,667 11,000,926 ------------ --------- --------- --------- --------- ---------- ----------- (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 2,212,582 1,578,918 1,518,626 1,802,575 1,533,633 9,570,974 12. INSURANCE -- -- -- -- -- -- -- 13. INVENTORY PURCHASES -- -- -- -- -- -- -- 14. VEHICLE EXPENSES -- -- -- -- -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- -- -- -- -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- -- -- 17. ADMINISTRATIVE & SELLING -- -- -- -- -- -- -- 18. OTHER (attach list) 120,876 98,737 1,046,395 50,693 63,217 50,033 1,429,952 ------------ --------- --------- --------- --------- ---------- ----------- TOTAL DISBURSEMENTS FROM OPERATIONS 1,045,517 2,311,319 2,625,313 1,569,319 1,865,793 1,583,667 11,000,926 ============ ========= ========= ========= ========= ========== =========== 19. PROFESSIONAL FEES -- -- -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- -- -- ------------ --------- --------- --------- --------- ---------- ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- ------------ --------- --------- --------- --------- ---------- ----------- TOTAL DISBURSEMENTS 1,045,517 2,311,319 2,625,313 1,569,319 1,865,793 1,583,667 11,000,926 ============ ========= ========= ========= ========= ========== =========== 22. NET CASH FLOW -- -- -- -- -- -- -- 23. CASH - END OF MONTH (MOR-2) 100 100 100 100 100 100 --
(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 -- -- -- -- -- -- -- Dividend -- -- 1,000,000 -- -- -- 1,000,000 Royalty Owners Trust Account -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- Intercompany Funding 924,640 2,212,582 1,578,918 1,518,626 1,802,575 1,533,633 9,570,974 -- -- -- -- ------------- ---------- --------- ---------- --------- ---------- ---------- TOTAL OTHER RECEIPTS 924,640 2,212,582 2,578,918 1,518,626 1,802,575 1,533,633 10,570,974 ============= ========== ========= ========== ========= ========== ========== 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 98,737 1,046,395 50,693 63,217 50,033 1,429,952 -- -- ------------- ---------- --------- ---------- --------- ---------- ---------- TOTAL OTHER DISBURSEMENTS 120,876 98,737 1,046,395 50,693 63,217 50,033 1,429,952 ============= ========== ========= ========== ========= ========== ==========
(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 01/01/02 - 01/31/02
CASH RECEIPTS AND Chase Chase DISBURSEMENTS 00103317203 00101818459 - ----------------- -------------- ----------- ------------ ----------- 1. CASH-BEGINNING OF MONTH -- 100 -- -- ============== =========== ============ =========== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- 50,033 4. LOANS & ADVANCES (attach list) -- -- 5. SALE OF ASSETS -- -- 6. OTHER (attach list) 1,533,633 -- -- -------------- ----------- ------------ ----------- TOTAL RECEIPTS 1,533,633 50,033 -- -- -------------- ----------- ------------ ----------- (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 1,533,633 -- 12. INSURANCE -- -- 13. INVENTORY PURCHASES -- -- 14. VEHICLE EXPENSES -- -- 15. TRAVEL & ENTERTAINMENT -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- 17. ADMINISTRATIVE & SELLING -- -- 18. OTHER (attach list) -- 63,217 -------------- ----------- ------------ ----------- TOTAL DISBURSEMENTS FROM OPERATIONS 1,533,633 63,217 -- -- ============== =========== ============ =========== 19. PROFESSIONAL FEES -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -------------- ----------- ------------ ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS 1,533,633 63,217 -- -- ============== =========== ============ =========== 22. NET CASH FLOW -- (13,184) -- -- 23. CASH - END OF MONTH (MOR-2) -- (13,084) -- -- CASH RECEIPTS AND Total DISBURSEMENTS Debtor - ----------------- ------------ ----------- ------------- 1. CASH-BEGINNING OF MONTH -- -- 100 ============ =========== ============= RECEIPTS: 2. CASH SALES -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 50,033 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 1,533,633 ------------ ----------- ------------- TOTAL RECEIPTS -- -- 1,583,667 ------------ ----------- ------------- (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 1,533,633 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING -- 18. OTHER (attach list) 63,217 ------------ ----------- ------------- TOTAL DISBURSEMENTS FROM OPERATIONS -- -- 1,596,851 ============ =========== ============= 19. PROFESSIONAL FEES -- -- -- 20. U.S. TRUSTEE FEES -- -- -- ------------ ----------- ------------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS -- -- 1,596,851 ============ =========== ============= 22. NET CASH FLOW -- -- (13,184) 23. CASH - END OF MONTH (MOR-2) -- -- (13,084)
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11 FOR THE PERIOD 01/01/02 - 01/31/02
OTHER CASH RECEIPTS AND Chase Chase Total DISBURSEMENTS: 00103317203 00101818459 Debtor - -------------- ------------ ------------ ------------ 6. OTHER RECEIPTS: Interest Income -- -- -- 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Dividend -- -- -- Royalty Owners Trust Account -- -- Emission Credits -- -- -- Intercompany Transfer 1,533,633 -- 1,533,633 ------------ --------- ------------ TOTAL OTHER RECEIPTS 1,533,633 -- 1,533,633 ============ ========= ============ 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 -- 50,033 50,033 ------------ --------- ------------ TOTAL OTHER DISBURSEMENTS -- 50,033 50,033 ============ ========= ============
MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 2002
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 50,033 50,033 TRANSFERS BETWEEN ACCOUNTS 1,533,633 1,533,633 (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (1,533,633) (50,033) (1,583,667) ---------------- --------------- ----------- 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 EX-99.4 6 h94494ex99-4.txt MONTLY OPERATING REPORT - STERLING FIBERS INC 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: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ----------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 4,472,168 $ 1,311,018 $1,891,936 $1,569,117 $1,466,000 $ 1,578,891 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (209,403) $ (228,529) $ (309,258) $ (277,643) $ (13,259) $ (339,192) NET INCOME (LOSS) (MOR-6) $ (1,202,563) $ (891,256) $ (971,769) $ (939,694) $ (675,264) $(1,001,244) PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $ 6,063,610 $ 4,412,856 $3,673,189 $3,090,908 $2,756,941 $ 3,117,506
***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 FIBERS, INC. CASE NUMBER: 01-37808-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
------------------------------------------------------------------------------------------ 8/31/2001(1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 MONTH ------------------------------------------------------------------------------------------ TRADE ACCOUNTS PAYABLE $ 3,026 $ 3,514 $ 5,878 $ 5,656 $ 2,614 $ 5,479 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- TAX PAYABLE: -- -- -- Federal Payroll Taxes 5 5 -- -- 26 -- State Payroll & Sales 13 1 (1) (2) (3) (3) Ad Valorem Taxes -- -- -- -- -- -- Other Taxes 389 62 87 112 137 162 TOTAL TAXES PAYABLE $ 407 $ 68 $ 86 $ 110 $ 161 $ 159 $ -- 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) $ 3,433 $ 3,582 $ 5,964 $ 5,766 $ 2,775 $ 5,638 $ -- ================================================================================================================================
*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 MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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 FIBERS, INC. CASE NUMBER: 01-37808-H4-11
CASH RECEIPTS AND DISBURSEMENTS 8/31/2001(1) Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 - ----------------- ------------ ------------ ---------- ---------- ---------- ---------- 1. CASH-BEGINNING OF MONTH $ 714,483 $ 361,051 $ 295,511 $ 297,869 $ 213,923 $ 412,443 ------------ ------------ ---------- ----------- ---------- ---------- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 4,481,633 2,962,072 1,914,342 1,695,639 $1,489,298 $1,582,440 4. LOANS & ADVANCES (attach list) -- -- -- -- 5. SALE OF ASSETS -- -- -- -- 6. OTHER (attach list) 1,228,545 1,385,244 1,761,204 1,311,323 1,466,164 1,246,396 TOTAL RECEIPTS $ 5,710,178 $ 4,347,316 $3,675,546 $3,006,962 $2,955,462 $2,828,836 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ 319,807 $ 156,419 $ 165,492 $ 297,757 $ 146,889 $ 211,662 8. PAYROLL TAXES PAID 142,508 64,049 68,457 58,459 89,708 81,238 9. SALES, USE & OTHER TAXES PAID -- -- 2,686 2,786 21 802 10. SECURED/RENTAL/LEASES -- 4,000 -- 486 -- 11. UTILITIES 122,540 -- 236,879 279,750 260,897 242,028 12. INSURANCE -- 280,148 -- -- --$1,582,440 13. INVENTORY PURCHASES 47,098 162,287 257,863 83,785 146,466 61,262 14. VEHICLE EXPENSES -- -- -- -- -- 15. TRAVEL & ENTERTAINMENT 208 14,891 9,766 10,869 861 546 16. REPAIRS, MAINTENANCE & SUPPLIES 26,090 58,632 78,051 78,837 49,567 84,536 17. ADMINISTRATIVE & SELLING -- 5,339 -- 2,747 1,950 18. OTHER (attach list) 5,405,358 3,667,091 2,853,995 2,275,432 2,060,583 2,435,431 TOTAL DISBURSEMENTS FROM OPERATIONS $ 6,063,610 $ 4,412,856 $3,673,189 $3,090,908 $2,756,941 $3,117,506 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- TOTAL DISBURSEMENTS $ 6,063,610 $ 4,412,856 $3,673,189 $3,090,908 $2,756,941 $3,117,506 22. NET CASH FLOW $ (353,432) $ (65,540) $ 2,357 $ (83,946) $ 198,521 $ (288,670) 23. CASH - END OF MONTH (MOR-2) $ 361,051 $ 295,511 $ 297,869 $ 213,923 $ 412,444 $ 123,772 CASH RECEIPTS AND FILING TO DISBURSEMENTS DATE ----------------- ------------ 1. CASH-BEGINNING OF MONTH $ 714,483 ------------ RECEIPTS: 2. CASH SALES $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 14,125,423 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 8,398,877 TOTAL RECEIPTS $ 22,524,300 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A DISBURSEMENTS: 7. NET PAYROLL $ 1,298,025 8. PAYROLL TAXES PAID 504,419 9. SALES, USE & OTHER TAXES PAID 6,295 10. SECURED/RENTAL/LEASES 4,486 11. UTILITIES 1,142,094 12. INSURANCE 280,148 13. INVENTORY PURCHASES 758,760 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 37,142 16. REPAIRS, MAINTENANCE & SUPPLIES 375,713 17. ADMINISTRATIVE & SELLING 10,036 18. OTHER (attach list) 18,697,890 TOTAL DISBURSEMENTS FROM OPERATIONS $ 23,115,010 19. PROFESSIONAL FEES $ -- 20. U.S. TRUSTEE FEES -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- TOTAL DISBURSEMENTS $ 23,115,010 22. NET CASH FLOW $ (590,710) 23. CASH - END OF MONTH (MOR-2) $ 123,773
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11
OTHER CASH RECEIPTS AND 8/31/2001 (1) Sep-01 Oct-01 Nov-01 Dec-01 DISBURSEMENTS: ----------------------- ------------- ------------- ---------- ------ ------ 6. OTHER RECEIPTS: Interest Income $ 545 $ -- $ -- -- 401(k) Plan Refund -- -- -- -- Cobra Insurance Payment 6,083 3,806 7,928 5,259 3,764 Miscellaneous 80,917 42,438 1,276 12,065 -- Royalty Owners Trust Account -- -- -- -- Emission Credits -- -- -- -- Intercompany Transfers 871,000 1,139,000 1,512,000 1,294,000 1,462,400 Account Transfers 270,000 200,000 240,000 -- TOTAL OTHER RECEIPTS $ 1,228,545 $ 1,385,244 $1,761,204 $1,311,323 $1,466,164 18. OTHER DISBURSEMENTS: Lease Operating Expense $ -- $ -- $ -- -- Workover Expense -- -- -- -- Capital Expenditures 13,000 4,812 -- -- Revenue & Royalties -- -- -- 10,150 -- Interest Payment -- -- -- -- Employee Benefits 55,027 27,405 27,144 13,438 26,485 Severance tax -- -- -- -- Pre-petition checks voided in current period (3,215) (2,000) -- -- Insiders -- -- -- -- Restricted Cash Transactions -- -- -- -- Contract Services 473,664 431,305 468,686 481,869 367,969 Licenses / Fees / Permits 1,439 -- 19,878 89 -- Freight 87,551 101,650 87,536 100,851 59,460 Account Transfers 270,000 200,000 240,000 -- Outstanding checks to Balance to G/L (183,381) (150,611) 72,328 (59,844) 168,807 CIT Revolver Payments 4,691,274 3,054,530 1,938,423 1,728,878 1,437,861 TOTAL OTHER DISBURSEMENTS $ 5,405,358 $ 3,667,091 $2,853,995 $2,275,432 $2,060,583 OTHER CASH RECEIPTS AND Jan-02 FILING TO DISBURSEMENTS: DATE ----------------------- ------ ----------- 6. OTHER RECEIPTS: Interest Income -- $ 545 401(k) Plan Refund -- -- Cobra Insurance Payment -- 26,840 Miscellaneous 32,396 169,092 Royalty Owners Trust Account -- Emission Credits -- Intercompany Transfers 1,214,000 7,492,400 Account Transfers 710,000 TOTAL OTHER RECEIPTS $1,246,396 $ 8,398,877 18. OTHER DISBURSEMENTS: Lease Operating Expense $ -- Workover Expense -- Capital Expenditures 17,812 Revenue & Royalties 10,150 Interest Payment -- Employee Benefits 27,352 176,851 Severance tax -- Pre-petition checks voided in current period (5,215) Insiders -- Restricted Cash Transactions -- Contract Services 464,117 2,687,610 Licenses / Fees / Permits 14,645 36,051 Freight 73,970 511,018 Account Transfers 393,386 1,103,386 Outstanding checks to Balance to G/L (160,665) (313,366) CIT Revolver Payments 1,622,626 14,473,592 TOTAL OTHER DISBURSEMENTS $2,435,431 $18,697,890
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11 JANUARY 2002
CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS 00100547117 00103316965 103405768 630181003508 ----------------- ----------- ----------- ----------- ------------ 1. CASH-BEGINNING OF MONTH $ 100 $ 781 $ 147,148 $ 0 RECEIPTS: 2. CASH SALES $ 0 $ 0 $ 0 $ 3. COLLECTION OF ACCOUNTS RECEIVABLE 299,088 4. LOANS & ADVANCES (attach list) 5. SALE OF ASSETS 6. OTHER (attach list) 0 1,008,306 200,000 0 TOTAL RECEIPTS $ 299,088 $ 1,008,306 $ 200,000 $ 0 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ 0 $ 0 $ 211,662 $ 0 8. PAYROLL TAXES PAID 81,238 9. SALES, USE & OTHER TAXES PAID 802 10. SECURED/RENTAL/LEASES 11. UTILITIES 242,028 12. INSURANCE 13. INVENTORY PURCHASES 61,262 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 546 16. REPAIRS, MAINTENANCE & SUPPLIES 84,536 17. ADMINISTRATIVE & SELLING 18. OTHER (attach list) 299,088 619,419 0 0 TOTAL DISBURSEMENTS FROM OPERATIONS $ 299,088 $ 1,008,594 $ 292,900 $ 0 19. PROFESSIONAL FEES $ 0 $ 0 $ 0 $ 0 20. U.S. TRUSTEE FEES 0 0 0 0 21. OTHER REORGANIZATION EXPENSES (attach list) 0 0 0 0 TOTAL DISBURSEMENTS $ 299,088 $ 1,008,594 $ 292,900 $ 0 22. NET CASH FLOW $ 0 $ -288 $ -92,900 $ 0 23. CASH - END OF MONTH (MOR-2) $ 100 $ 493 $ 54,248 $ 0 CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS 5577659 1171987307 DATE ----------------- ----------- --------------- ----------- 1. CASH-BEGINNING OF MONTH $ 59,117 $ 205,297 $ 412,443 RECEIPTS: 2. CASH SALES $ 0 $ 0 $ 0 3. COLLECTION OF ACCOUNTS RECEIVABLE 1,283,352 1,582,440 4. LOANS & ADVANCES (attach list) 0 5. SALE OF ASSETS 0 6. OTHER (attach list) 0 38,089 1,246,396 TOTAL RECEIPTS $ 1,283,352 $ 38,089 $ 2,828,836 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ 0 $ 0 $ 211,662 8. PAYROLL TAXES PAID 81,238 9. SALES, USE & OTHER TAXES PAID 802 10. SECURED/RENTAL/LEASES 0 11. UTILITIES 242,028 12. INSURANCE 0 13. INVENTORY PURCHASES 61,262 14. VEHICLE EXPENSES 0 15. TRAVEL & ENTERTAINMENT 546 16. REPAIRS, MAINTENANCE & SUPPLIES 84,536 17. ADMINISTRATIVE & SELLING 0 18. OTHER (attach list) 1,323,538 193,386 2,435,431 TOTAL DISBURSEMENTS FROM OPERATIONS $ 1,323,538 $ 193,386 $ 3,117,506 19. PROFESSIONAL FEES $ 0 $ 0 $ 0 20. U.S. TRUSTEE FEES 0 0 0 21. OTHER REORGANIZATION EXPENSES (attach list) 0 0 0 TOTAL DISBURSEMENTS $ 1,323,538 $ 193,386 $ 3,117,506 22. NET CASH FLOW $ -40,186 $ -155,297 $ -288,670 23. CASH - END OF MONTH (MOR-2) $ 18,931 $ 50,000 $ 123,772
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H4-11 January 2002
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 -5,694 Royalty Owners Trust Account Emission Credits Intercompany Transfers 1,014,000 200,000 Account Transfers TOTAL OTHER RECEIPTS $ 0 $ 1,008,306 $ 200,000 $ 0 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures Revenue & Royalties 0 Interest Payment Employee Benefits 27,352 Severance tax Pre-petition checks voided in current period Insiders Restricted Cash Transactions Contract Services 464,117 Licenses / Fees / Permits 14,645 Freight 73,970 Account Transfers 200,000 Outstanding checks to Balance to G/L -160,665 CIT Revolver Payments 299,088 TOTAL OTHER DISBURSEMENTS $ 299,088 $ 619,419 $ 0 $ 0 OTHER CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS: 5577659 1171987307 DATE ----------------------- --------------------------------------- 6. OTHER RECEIPTS: Interest Income $ 0 401(k) Plan Refund 0 Cobra Insurance Payment Miscellaneous 38,089 32,396 Royalty Owners Trust Account 0 Emission Credits 0 Intercompany Transfers 1,214,000 Account Transfers 0 0 0 TOTAL OTHER RECEIPTS $ 0 $ 38,089 $ 1,246,396 18. OTHER DISBURSEMENTS: Lease Operating Expense $ 0 Workover Expense 0 Capital Expenditures 0 Revenue & Royalties 0 Interest Payment 0 Employee Benefits 27,352 Severance tax 0 Pre-petition checks voided in current period 0 Insiders 0 Restricted Cash Transactions 0 Contract Services 464,117 Licenses / Fees / Permits 14,645 Freight 73,970 Account Transfers 193,386 393,386 Outstanding checks to Balance to G/L -160,665 CIT Revolver Payments 1,323,538 1,622,626 TOTAL OTHER DISBURSEMENTS $ 1,323,538 $ 193,386 $ 2,435,431
MOR-7 ATTACHMENT CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 2002
BANK NAME Chase Bk of TX Bank One Bank of America Chase Bk of TX Chase Bk of TX Chase Bk of Del ACCOUNT NUMBER 00103316965 5577659 0011 7198 7307 00103405768 00100547117 630181003508 ACCOUNT TYPE AP Trade Lockbox Petty Cash Payroll AR Wires Contr. Disb. - -------------- --------------- ---------- ---------------- -------------- --------------- --------------- BANK BALANCE $ 493 $ 18,931 $ 50,000 $ 54,248 $ 100 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS -- ADJUSTED BANK BALANCE $ 493 $ 18,931 $ 50,000 $ 54,248 $ 100 $ -- ================================================================================================================================= BEGINNING CASH - PER BOOKS $ 781 $ 59,117 $ 205,297 $ 147,148 $ 100 $ -- RECEIPTS 1,283,352 38,089 299,088 TRANSFERS BETWEEN ACCOUNTS 814,000 (193,386) 200,000 (WITHDRAWAL)CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS (814,288) (1,323,538) (292,900) (299,088) ENDING CASH - PER BOOKS $ 493 $ 18,931 $ 50,000 $ 54,248 $ 100 $ -- ================================================================================================================================= BANK NAME ACCOUNT NUMBER ACCOUNT TYPE TOTAL - -------------- ----------- BANK BALANCE $ 123,772 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- ADJUSTED BANK BALANCE $ 123,772 =========================================== BEGINNING CASH - PER BOOKS $ 412,443 RECEIPTS 1,620,529 TRANSFERS BETWEEN ACCOUNTS 820,614 (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (2,729,813) ENDING CASH - PER BOOKS $ 123,771 ===========================================
MOR-8 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 EX-99.5 7 h94494ex99-5.txt MONTHLY OPERATING REPORT - STERLING CHEM INT'L EXHIBIT 99.5 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS INTERNATIONAL, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37809-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ REVENUES (MOR-6) $ 123,655 $ (460,327) $ 83,333 $ 83,333 $ 88,333 $ 83,333 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 110,646 $ (460,327) $ 72,339 $ 81,800 $ 66,830 $ 77,363 NET INCOME (LOSS) (MOR-6) $ 19,648 $ (520,992) $ 11,674 $ 21,135 $ 6,165 $ 16,698 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $ -- $ -- $ -- $ -- $ -- $ --
***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 INTERNATIONAL, INC. CASE NUMBER: 01-37809-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* 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 INTERNATIONAL, INC. CASE NUMBER: 01-37809-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
-------------------------------------------------------------------------------------- 8/31/2001(1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 MONTH -------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 13 $ 13 $ 24 $ 26 $ 42 $ 48 $ -- ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- -- NOTES PAYABLE -- -- -- -- -- -- -- 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) $ 13 $ 13 $ 24 $ 26 $ 42 $ 48 $ -- ============================================================================================================================
*Payment Requires Court Approval (1) Represents the period 7/17/01 thru 08/31/01 MOR-4 CONSOLIDATED DEBTORS(1)
AGING OF POST-PETITION LIABILITIES MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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 INTERNATIONAL CASE NUMBER: 01-37809-H4-11 Chase Bank of Texas - #00100551903
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 -- -- -- -- -- -- -- RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- -- -- -- -- 4. LOANS & ADVANCES (attach list) -- -- -- -- -- -- -- 5. SALE OF ASSETS -- -- -- -- -- -- -- 6. OTHER (attach list) -- -- -- -- -- -- -- TOTAL RECEIPTS -- -- -- -- -- -- -- (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 -- -- -- -- -- -- -- 12. INSURANCE -- -- -- -- -- -- -- 13. INVENTORY PURCHASES -- -- -- -- -- -- -- 14. VEHICLE EXPENSES -- -- -- -- -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- -- -- -- -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- -- -- 17. ADMINISTRATIVE & SELLING -- -- -- -- -- -- -- 18. OTHER (attach list) -- -- -- -- -- -- -- TOTAL DISBURSEMENTS FROM OPERATIONS -- -- -- -- -- -- -- 19. PROFESSIONAL FEES -- -- -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- TOTAL DISBURSEMENTS -- -- -- -- -- -- -- 22. NET CASH FLOW -- -- -- -- -- -- -- 23. CASH - END OF MONTH (MOR-2) -- -- -- -- -- -- --
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS INTERNATIONAL CASE NUMBER: 01-37809-H4-11 Chase Bank of Texas - #00100551903
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 -- -- -- -- -- -- -- TOTAL OTHER RECEIPTS -- -- -- -- -- -- -- 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 -- -- -- -- -- -- -- TOTAL OTHER DISBURSEMENTS -- -- -- -- -- -- --
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals International, Inc. CASE NUMBER: 01-37809-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 2002
BANK NAME Chase Bk of TX ACCOUNT NUMBER 00100551903 ACCOUNT TYPE Concentration TOTAL - ------------ -------------- ----- BANK BALANCE $ -- DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- OTHER 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 $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
MOR-8 CASE NAME: STERLING CHEMICALS INTERNATIONAL, INC. CASE NUMBER: 01-37809-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 EX-99.6 8 h94494ex99-6.txt MONTHLY OPERATING REPORT - STERLING CANADA INC EXHIBIT 99.6 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CANADA, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37810-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ----------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 1,688,935 $ 1,122,478 $ 1,076,560 $1,116,391 $1,156,830 $1,059,266 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 1,252,362 $ 884,743 $ 786,631 $ 819,067 $ 662,161 $ 584,521 NET INCOME (LOSS) (MOR-6) $ 282,441 $ 162,907 $ 140,457 $ 154,684 $ 15,785 $ (61,844) PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $22,340,404 $ 1,289,890 $ 2,681,498 $3,848,954 $1,130,065 $2,967,841
***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 CANADA, INC. CASE NUMBER: 01-37810-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 CASE NAME: STERLING CANADA, INC. CASE NUMBER: 01-37810-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
---------------------------------------------------------------------------------------------- 8/31/2001(1) Sep-2001 10/31/01 11/30/01 12/31/01 1/31/02 MONTH ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 807 $ 257 $ 467 $ 276 $ 420 $ 440 $ -- ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- -- NOTES PAYABLE - INSURANCE 19,409 19,409 19,409 19,409 19,410 19,409 -- TAX PAYABLE: -- -- -- -- -- -- -- Federal Payroll Taxes -- -- -- -- -- -- -- State Payroll & Sales -- -- -- -- -- -- -- Ad Valorem Taxes -- -- -- -- -- -- -- Other Taxes -- -- -- 21 8 35 -- TOTAL TAXES PAYABLE $ -- $ -- $ -- $ 21 $ 8 $ 35 -- SECURED DEBT POST-PETITION -- -- -- -- -- -- -- ACCRUED INTEREST PAYABLE -- -- -- -- -- -- -- *ACCRUED PROFESSIONAL FEES: -- -- -- -- -- -- -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs -- 108 70 90 110 130 -- 2. Lease Operating Expenses/Capital -- -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 20,216 $ 19,774 $ 19,946 $ 19,796 $ 19,947 $ 20,014 -- ====================================================================================================================================
*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 MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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 CANADA INC. CASE NUMBER: 01-37810-H4-11
CASH RECEIPTS AND DISBURSEMENTS 8/31/2001(1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ 1. CASH-BEGINNING OF MONTH $ 271,082 $ 507,515 $ 915,961 $ 329,491 $ 9,021 $ 19,490 RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- $ 392,516 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,837,627 961,439 2,094,812 831,076 1,978,631 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 19,739,210 736,897 216 2,697,409 748,018 923,764 TOTAL RECEIPTS $ 22,576,837 $ 1,698,336 $2,095,028 $3,528,485 $1,140,534 $ 2,902,395 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- $ -- $ -- $ 8. PAYROLL TAXES PAID -- 9. SALES, USE & OTHER TAXES PAID 1,840 72,245 5,916 46,425 15,790 7,707 10. SECURED/RENTAL/LEASES -- -- 11. UTILITIES -- -- 12. INSURANCE -- -- 13. INVENTORY PURCHASES -- -- 14. VEHICLE EXPENSES -- -- 15. TRAVEL & ENTERTAINMENT -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- 17. ADMINISTRATIVE & SELLING 21,145 35 14,940 211,897 107,893 143,435 18. OTHER (attach list) 22,317,418 1,217,610 2,660,642 3,590,632 1,006,383 2,816,699 TOTAL DISBURSEMENTS FROM OPERATIONS $ 22,340,404 $ 1,289,890 $2,681,498 $3,848,954 $1,130,065 $ 2,967,841 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS $ 22,340,404 $ 1,289,890 $2,681,498 $3,848,954 $1,130,065 $ 2,967,841 22. NET CASH FLOW $ 236,433 $ 408,446 $ (586,470) $ (320,470) $ 10,469 $ (65,446) 23. CASH - END OF MONTH (MOR-2) $ 507,515 $ 915,961 $ 329,491 $ 9,021 $ 19,490 $ (45,956) CASH RECEIPTS AND FILING TO DISBURSEMENTS DATE - --------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ 271,082 RECEIPTS: 2. CASH SALES $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 9,096,100 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 24,845,514 TOTAL RECEIPTS $33,941,614 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A DISBURSEMENTS: 7. NET PAYROLL $ -- 8. PAYROLL TAXES PAID -- 9. SALES, USE & OTHER TAXES PAID 149,923 10. SECURED/RENTAL/LEASES -- 11. UTILITIES -- 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING 499,345 18. OTHER (attach list) 33,609,384 TOTAL DISBURSEMENTS FROM OPERATIONS $34,258,652 19. PROFESSIONAL FEES $ -- 20. U.S. TRUSTEE FEES -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- TOTAL DISBURSEMENTS $34,258,652 22. NET CASH FLOW $ (317,038) 23. CASH - END OF MONTH (MOR-2) $ (45,956)
(1) Represents the period 7/17/01 through 8/31/01. MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CANADA, INC. CASE NUMBER: 01-37810-H4-11
OTHER CASH RECEIPTS AND DISBURSEMENTS: 8/31/2001 (1) 9/30/01 10/31/01 - -------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income $ 1,107 $ 185 $ 204 401(k) Plan Refund Cobra Insurance Payment Miscellaneous 3,887 12 Emission Credits Loan Advance from a subsidiary - Sterling NRO 19,409,155 -- Return of investment from SPCUS Rec'd in error, to be returned in Sep 01 SPC Ltd 328,947 (328,947) cash receipts re Inter company AR 827,114 -- rec'd in error and to be returned in Nov 01. 234,658 TOTAL OTHER RECEIPTS $ 19,739,210 $ 736,897 $ 216 18. OTHER DISBURSEMENTS: Workover Expense Capital Expenditures Interest Payment Pre-petition checks voided in current period Advance to Parent company - Sterling Chemicals 22,317,418 329,798 78,000 cash disbursements re Inter company AP 663,621 CIT revolver cash sweep 155,838 2,582,642 Capital contribution to SPCUS 68,353 TOTAL OTHER DISBURSEMENTS $ 22,317,418 $ 1,217,610 $2,660,642 OTHER CASH RECEIPTS AND 11/30/01 12/31/01 1/31/02 FILING TO DISBURSEMENTS: DATE - ----------------------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income 2 13 $ 1,512 401(k) Plan Refund -- -- Cobra Insurance Payment 23 -- -- Miscellaneous -- 3,922 Emission Credits -- -- Loan Advance from a subsidiary - Sterling NRO -- 19,409,155 Return of investment from SPCUS 1,463,216 107,183 -- 1,570,399 Rec'd in error, to be returned in Sep 01 SPC Ltd -- -- cash receipts re Inter company AR 1,234,170 640,833 923,751 3,625,868 rec'd in error and to be returned in Nov 01. -- 234,658 TOTAL OTHER RECEIPTS $2,697,409 $ 748,018 $ 923,764 $ 24,845,514 18. OTHER DISBURSEMENTS: Workover Expense -- -- Capital Expenditures -- -- Interest Payment -- -- Pre-petition checks voided in current period -- -- Advance to Parent company - Sterling Chemicals 1,982,808 484,482 119,811 25,312,317 cash disbursements re Inter company AP 454,578 228,534 440,050 1,786,783 CIT revolver cash sweep 1,153,246 293,367 1,891,948 6,077,040 Capital contribution to SPCUS 364,890 433,243 TOTAL OTHER DISBURSEMENTS $3,590,632 $1,006,383 $ 2,816,699 $ 33,609,384
(1)Represents the period 7/17/01 through 8/31/01. MOR-7 ATTACHMENT CASE NAME: STERLING CANADA, INC. CASE NUMBER: 01-37810-H-11 MONTH OF JANUARY 2002
Bank One Chase Manhattan Chase Manhattan CIBC CASH RECEIPTS AND 5561841 001-00526970 001-03317054 77-01713 DISBURSEMENTS Lock Box General Checking Checking Total ----------------- --------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH 1,000 100 4,746 13,644 19,490 =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 1,815,624 103,697 59,311 1,978,631 4. LOANS & ADVANCES (attach list) 5. SALE OF ASSETS 6. OTHER (attach list) -- -- 923,751 13 923,764 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS 1,815,624 103,697 923,751 59,324 2,902,395 --------------- --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A =============== =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- -- -- -- -- 8. PAYROLL TAXES PAID -- 9. SALES, USE & OTHER TAXES PAID 7,707 7,707 10. SECURED/RENTAL/LEASES -- 11. UTILITIES -- 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING 138,480 4,955 143,435 18. OTHER (attach list) 1,788,252 103,697 924,751 -- 2,816,699 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 1,788,252 103,697 1,063,231 12,662 2,967,841 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 1,788,252 103,697 1,063,231 12,662 2,967,841 =============== =============== =============== =============== =============== 22. NET CASH FLOW 27,372 -- (139,480) 46,662 (65,446) 23. CASH - END OF MONTH (MOR-2) 28,372 100 (134,734) 60,306 (45,956)
(1) Represents the period 7/17/01 through 8/31/01. MOR-7 * Applies to Individuals debtor's only. CASE NAME: STERLING CANADA, INC. CASE NUMBER: 01-37810-H4-11 MONTH OF JANUARY 2002
Chase Chase Bank One Manhatten Manhatten OTHER CASH RECEIPTS AND 5561841 001-00526970 001-03317054 DISBURSEMENTS: Lock Box General Checking - -------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income $ -- $ -- $ -- 401(k) Plan Refund Cobra Insurance Payment Miscellaneous Transfer Between Accounts Loan Advance from a subsidiary - Sterling NRO -- Funds belonging to Sterling Pulp Chemicals Ltd. Return of investment from SPCUS cash receipts re Inter company AR 923,751 rec'd in error and to be returned in Oct 01. -- TOTAL OTHER RECEIPTS $ -- $ -- $ 923,751 18. OTHER DISBURSEMENTS: Transfer Between Accounts -- Capital Expenditures Interest Payment Pre-petition checks voided in current period Advance to Parent company - Sterling Chemicals 119,811 cash disbursements re Inter company AP 440,050 CIT revolver cash sweep 1,788,252 103,697 Capital contribution to SPCUS 364,890 TOTAL OTHER DISBURSEMENTS $ 1,788,252 $ 103,697 $ 924,751 CIBC OTHER CASH RECEIPTS AND 77-01713 DISBURSEMENTS: Checking Total - -------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income 13 $ 13 401(k) Plan Refund -- Cobra Insurance Payment -- Miscellaneous -- -- Transfer Between Accounts -- -- Loan Advance from a subsidiary - Sterling NRO -- Funds belonging to Sterling Pulp Chemicals Ltd. -- Return of investment from SPCUS -- cash receipts re Inter company AR 923,751 rec'd in error and to be returned in Oct 01. -- TOTAL OTHER RECEIPTS $ 13 $ -- $ 923,764 18. OTHER DISBURSEMENTS: Transfer Between Accounts -- Capital Expenditures -- Interest Payment -- Pre-petition checks voided in current period -- Advance to Parent company - Sterling Chemicals -- 119,811 cash disbursements re Inter company AP -- 440,050 CIT revolver cash sweep 1,891,948 Capital contribution to SPCUS 364,890 TOTAL OTHER DISBURSEMENTS $ -- $ -- $ 2,816,699
(1)Represents the period 7/17/01 through 8/31/01. MOR-7 ATTACHMENT CASE NAME: Sterling Canada, Inc. CASE NUMBER: 01-37810-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 31, 2002
BANK NAME Bank One Chase Manhattan Chase Manhattan CIBC ACCOUNT NUMBER 5561841 001-00526970 001-03317054 77-01713 ACCOUNT TYPE Lock Box General Checking Consolidated Checking TOTAL - ------------ ------------ --------------- --------------- ------------ ---------- ------------ BANK BALANCE $ 28,373 $ 100 $ 1,870 $ 30,343 $ 64,997 $ 95,340 DEPOSIT IN TRANSIT -- -- OUTSTANDING CHECKS (136,604) (136,604) -- (141,296) ADJUSTED BANK BALANCE $ 28,373 $ 100 $ (134,734) $ (106,261) $ (4,691) $ -- $ -- $ (45,956) BEGINNING CASH - PER BOOKS $ 1,000 $ 100 $ 4,746 $ 5,846 $ 60,305 $ 19,490 RECEIPTS 1,815,624 103,697 923,751 2,843,071 13,644 $ 2,902,395 TRANSFERS BETWEEN ACCOUNTS -- 59,324 -- (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (1,788,252) (103,697) (1,063,231) (2,955,179) (12,662) $ (2,967,841) ENDING CASH - PER BOOKS $ 28,373 $ 100 $ (134,734) $ (106,261) $ 60,305 $ -- $ -- $ (45,956)
MOR-8 CASE NAME: STERLING CANADA, INC. CASE NUMBER: 01-37810-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.)
INSIDERS: NAME/POSITION 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 FILING TO /COMP TYPE (2) DATE - ------------------------------------------------------------------------------------------------------------------------------------ 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 FILING TO NAME/ORDER DATE 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 EX-99.7 9 h94494ex99-7.txt MONTLY OPERATING REPORT - STERLING PULP CHEM US EXHIBIT 99.7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING PULP CHEMICALS US, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37811-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ---------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 595,406 $ 358,476 $ 289,723 $285,909 $288,348 $328,152 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (61,516) $ (82,781) $(133,798) $(74,164) $(77,489) $(81,177) NET INCOME (LOSS) (MOR-6) $ (61,516) $ (82,781) $(133,798) $(74,164) $(77,489) $(81,177) PAYMENTS TO INSIDERS (MOR-9) $ - $ - $ - $ - $ - $ - PAYMENTS TO PROFESSIONALS (MOR-9) $ - $ - $ - $ - $ - $ - TOTAL DISBURSEMENTS (MOR-7) $ - $ - $ - $ - $ - $ -
***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 PULP CHEMICALS US, INC. CASE NUMBER: 01-37811-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 CASE NAME: STERLING PULP CHEMICALS US, INC. CASE NUMBER: 01-37811-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
----------------------------------------------------------------------------------------- 8/31/2001(1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 MONTH ----------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 779 $ 426 $ 1,043 $ 571 $ 505 $ 515 $ -- 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 1 37 114 98 127 133 -- 2. Lease Operating Expenses/Capital -- -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 780 $ 463 $ 1,157 $ 669 $ 632 $ 648 $ -- ================================================================================================================================
*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 MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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 PULP CHEMICALS US, INC. CASE NUMBER: 01-37811-H4-11
==================================================================================================================================== CASH RECEIPTS AND 8/31/2001 (1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 FILING TO DISBURSEMENTS DATE - ------------------------------------------------------------------------------------------------------------------------------------ 1. CASH-BEGINNING OF MONTH $ - $ - $ - $ - $ - $ - $ - - ------------------------------------------------------------------------------------------------------------------------------------ RECEIPTS: - ------------------------------------------------------------------------------------------------------------------------------------ 2. CASH SALES $ - $ - $ - $ - $ - $ - $ - - ------------------------------------------------------------------------------------------------------------------------------------ 3. COLLECTION OF ACCOUNTS RECEIVABLE - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 4. LOANS & ADVANCES (attach list) - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 5. SALE OF ASSETS - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 6. OTHER (attach list) - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RECEIPTS $ - $ - $ - $ - $ - $ - $ - - ------------------------------------------------------------------------------------------------------------------------------------ (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 - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 12. INSURANCE - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 13. INVENTORY PURCHASES - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 14. VEHICLE EXPENSES - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 15. TRAVEL & ENTERTAINMENT - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 16. REPAIRS, MAINTENANCE & SUPPLIES - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 17. ADMINISTRATIVE & SELLING - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 18. OTHER (attach list) - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL DISBURSEMENTS FROM OPERATIONS $ - $ - $ - $ - $ - $ - $ - - ------------------------------------------------------------------------------------------------------------------------------------ 19. PROFESSIONAL FEES $ - $ - $ - $ - - $ - - - ------------------------------------------------------------------------------------------------------------------------------------ 20. U.S. TRUSTEE FEES - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 21. OTHER REORGANIZATION EXPENSES (attach list) - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL DISBURSEMENTS $ - $ - $ - $ - - $ - - - ------------------------------------------------------------------------------------------------------------------------------------ 22. NET CASH FLOW $ - $ - $ - $ - - $ - - - ------------------------------------------------------------------------------------------------------------------------------------ 23. CASH - END OF MONTH (MOR-2) $ - $ - $ - $ - - $ - - ====================================================================================================================================
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING PULP CHEMICALS US, INC. CASE NUMBER: 01-37811-H4-11
=============================================================================================================================== OTHER CASH RECEIPTS AND 8/31/2001 (1) Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 FILING TO DISBURSEMENTS: DATE - -------------------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: - -------------------------------------------------------------------------------------------------------------------------------- Interest Income $ - $ - $ - $ - $ - $ - $ - - -------------------------------------------------------------------------------------------------------------------------------- 401(k) Plan Refund - - - - - - - - -------------------------------------------------------------------------------------------------------------------------------- Cobra Insurance Payment - - - - - - - - -------------------------------------------------------------------------------------------------------------------------------- Miscellaneous - - - - - - - - -------------------------------------------------------------------------------------------------------------------------------- Emission Credits - - - - - - - - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER RECEIPTS $ - $ - $ - $ - $ - $ - $ - - -------------------------------------------------------------------------------------------------------------------------------- 18. OTHER DISBURSEMENTS: - -------------------------------------------------------------------------------------------------------------------------------- Capital Expenditures $ - $ - $ - $ - $ - $ - - - -------------------------------------------------------------------------------------------------------------------------------- Interest Payment - - - - - - - - -------------------------------------------------------------------------------------------------------------------------------- Restricted Cash - Bond Funding - - - - - - - - -------------------------------------------------------------------------------------------------------------------------------- Pre-petition checks voided in current period - - - - - - - - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER DISBURSEMENTS $ - $ - $ - $ - $ - $ - $ - ================================================================================================================================
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: Sterling Pulp Chemicals US, Inc. CASE NUMBER: 01-37811-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 2002 --------------------------------- =========================================================================================================================== BANK NAME N/A - --------------------------------------------------------------------------------------------------------------------------- ACCOUNT NUMBER - --------------------------------------------------------------------------------------------------------------------------- ACCOUNT TYPE TOTAL - ------------ ----- - --------------------------------------------------------------------------------------------------------------------------- BANK BALANCE $ - - --------------------------------------------------------------------------------------------------------------------------- DEPOSIT IN TRANSIT - - --------------------------------------------------------------------------------------------------------------------------- OUTSTANDING CHECKS - - --------------------------------------------------------------------------------------------------------------------------- ADJUSTED BANK BALANCE $ - $ - $ - $ - $ - $ - $ - $ - $ - - --------------------------------------------------------------------------------------------------------------------------- BEGINNING CASH - PER BOOS $ - - --------------------------------------------------------------------------------------------------------------------------- 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 CASE NAME: STERLING PULP CHEMICALS US, INC. CASE NUMBER: 01-37811-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.)
==================================================================================================================================== 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 FILING TO INSIDERS: NAME/POSITION/COMP TYPE (2) DATE - ------------------------------------------------------------------------------------------------------------------------------------ 1. $ - $ - $ - $ - $ - $ - $ - - ------------------------------------------------------------------------------------------------------------------------------------ 2. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 3. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 4. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 5. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 6. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 7. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 8. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 9. - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INSIDERS (MOR-1) $ - $ - $ - $ - $ - $ - $ - ====================================================================================================================================
==================================================================================================================================== 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 FILING TO PROFESSIONALS DATE NAME/ORDER 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 EX-99.8 10 h94494ex99-8.txt MONTHLY OPERATING REPORT - STERLING PULP CHEM INC EXHIBIT 99.8 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING PULP CHEMICALS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37812-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: JANUARY YEAR: 2002
MONTH 7/16/01-8/31/01 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - -------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 4,044,462 $2,936,623 $3,168,738 $2,729,574 $3,383,414 $3,335,583 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 503,539 405,982 $ 405,925 $ 438,056 $ 686,339 $ 639,912 NET INCOME (LOSS) (MOR-6) $ (109,322) 400 $ 736 $ 32,982 $ 281,280 $ 232,478 PAYMENTS TO INSIDERS (MOR-9) $ -- -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $ 6,975,175 $5,097,690 $6,563,984 $8,489,123 $5,442,236 $7,258,781
***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 PULP CHEMICALS, INC. CASE NUMBER: 01-37812-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 2 of 13 2/19/02 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 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 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. 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 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
Page 3 of 13 2/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 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. 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 --- ----------------- -------------- 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 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 JANUARY 31, 2002 (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 $ 170 $ 1,984 $ - $ 124 Trade accounts receivable, net - 44,350 67 2,714 Other Receivables - 1,567 - 3,659 Due from affiliates 1,090 21,376 12,801 - Inventories - 33,468 - 8,636 Prepaid expenses 33 4,338 - 108 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,293 107,083 12,868 15,241 Property, plant and equipment, net - 123,619 3,074 6,120 Deferred income taxes - - - - Investments-Third Party - 1,500 6,165 - Investments in Subs 35,060 94,735 - - Other assets 865 35,805 - 1,331 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,218 $ 362,742 $ 22,107 $ 22,692 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 142,108 1,702 5,638 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 29,528 - 7,415 Unsecured debt 186,538 280,615 1,110 70,749 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - (458) - 458 Redeemable preferred stock 27,297 (15,794) - 15,794 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (985) (49,001) 3,961 (4,563) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (2) - - ------------------------------------------------------------------------------------ (176,617) (499,842) 19,295 (134,618) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,617) (502,379) 19,295 (134,618) TOTAL LIABILITIES AND EQUITY $ 37,218 $ 362,742 $ 22,107 $ 22,692 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ - $ - $ 50 Trade accounts receivable, net - 2,274 914 4,531 Other Receivables - 4,371 - - Due from affiliates 2,967 51,814 666 6,590 Inventories - - 278 1,615 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,684 58,459 1,858 12,786 Property, plant and equipment, net - - - 42,977 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 296,023 1,804 - Other assets 2,662 5,284 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,346 $ 359,766 $ 3,662 $ 55,763 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 48 20,014 648 1,953 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 474 8,702 - - Unsecured debt 840 265,052 170 62,478 Other / Intercompany - 5,351 - 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 4,232 1,803 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (447) 693 (511) 438 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 332 (6,505) 2,844 (8,668) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 332 (6,505) 2,844 (8,668) TOTAL LIABILITIES AND EQUITY $ 5,346 $ 359,766 $ 3,662 $ 55,763 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,328 Trade accounts receivable, net - 54,850 Other Receivables - 9,597 Due from affiliates (99,100) (1,796) Inventories - 43,997 Prepaid expenses - 4,196 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (99,100) 113,172 Property, plant and equipment, net - 175,790 Deferred income taxes - - Investments-Third Party - 7,665 Investments in Subs (382,169) 45,453 Other assets (1) 45,946 -------------------------------- TOTAL ASSETS $(481,270) $ 388,026 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (38,587) 133,524 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (7,889) 38,230 Unsecured debt (132,154) 735,398 Other / Intercompany (201,020) 5,351 Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,746) (546,057) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (50,415) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (2) -------------------------------- (40,747) (844,526) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,747) (847,063) TOTAL LIABILITIES AND EQUITY $(481,270) $ 388,026 ================================
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37812-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
---------------------------------------------------------------------------------------------- 8/31/2001(1) Sep-2001 10/31/01 11/30/01 12/31/01 1/31/02 MONTH ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 1,029 $ 2,220 $ 2,039 $ 308 $ 1,089 $ 1,438 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- TAX PAYABLE: -- -- -- Federal Payroll Taxes -- -- -- -- -- -- State Payroll & Sales -- -- -- -- -- -- Ad Valorem Taxes -- -- -- -- -- -- Other Taxes 40 50 76 102 129 155 TOTAL TAXES PAYABLE $ 40 $ 50 $ 76 $ 102 $ 129 $ 155 $ -- SECURED DEBT POST-PETITION -- -- -- -- -- -- ACCRUED INTEREST PAYABLE -- -- -- -- -- -- *ACCRUED PROFESSIONAL FEES: -- -- -- -- -- -- OTHER ACCRUED LIABILITIES: 1,208 1. General and Administrative Costs 343 447 323 346 487 360 2. Lease Operating Expenses/Capital -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 2,620 $ 2,716 $ 2,438 $ 756 $ 1,704 $ 1,953 $ -- ====================================================================================================================================
*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 MONTH 1/31/02 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $ 75,457 $ 70,976 $ -- $ 228 $ 4,253 $ -- ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 42,738 $ 42,738 $ -- $ -- $ -- $ -- 31-60 1,086 1,086 -- -- -- -- 61-90 (82) (82) -- -- -- -- 91 + 22,940 22,940 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 66,682 $ 66,682 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JANUARY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 20,053,870 $ 302,130 $ 1,578,891 TOTAL COST OF REVENUES -- 19,648,584 302,130 1,802,124 GROSS PROFIT $ -- $ 405,286 $ -- $ (223,233) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 51,350 $ 888,529 $ -- $ 115,959 Insiders Compensation -- 142,597 -- -- Professional Fees -- 1,707,557 -- -- Other (Earnings in Joint Venture) -- 464,670 (464,670) -- TOTAL OPERATING EXPENSE $ 51,350 $ 3,203,353 $ (464,670) $ 115,959 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (51,350) $ (2,798,067) $ 464,670 $ (339,192) INTEREST EXPENSE (includes amort of debt fees) (184) 2,500,805 -- 614,434 DEPRECIATION -- 1,881,286 -- 47,618 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (184) $ 4,382,091 $ -- $ 662,052 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (51,166) $ (7,180,158) $ 464,670 $ (1,001,244) INCOME TAXES -- -- 24,982 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (51,166) $ (7,180,158) $ 439,688 $ (1,001,244) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 328,152 TOTAL COST OF REVENUES -- 193,620 499,502 GROSS PROFIT $ 83,333 $ 865,646 $ (171,350) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,970 $ 281,125 $ (90,173) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,970 $ 281,125 $ (90,173) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,363 $ 584,521 $ (81,177) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,570 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,365 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,698 $ (61,844) $ (81,177) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,698 $ (61,844) $ (81,177) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,335,583 $ (83,333) $ 26,657,892 TOTAL COST OF REVENUES 2,068,154 (83,333) 24,430,781 GROSS PROFIT $ 1,267,429 $ -- $ 2,227,111 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 627,517 $ (558,861) 1,321,416 Insiders Compensation -- -- 142,597 Professional Fees -- -- 1,707,557 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 627,517 $ (558,861) $ 3,171,570 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 639,912 $ 558,861 (944,459) INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,872,151 DEPRECIATION 407,434 -- 2,845,133 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 407,434 $ 558,861 $ 6,717,284 ================================================================================================================= NET INCOME BEFORE TAXES $ 232,478 $ -- $ (7,661,743) INCOME TAXES -- -- 24,982 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 232,478 $ -- $ (7,686,725) =================================================================================================================
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 PULP CHEMICALS, INC. CASE NUMBER: 01-37812-H4-11
================================================================================================================================= CASH RECEIPTS AND DISBURSEMENTS 8/31/2001(1) 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ------------------------------------------------------------------------------------------------------------------------------------ 1. CASH-BEGINNING OF MONTH $ 308,953 $ (78,711) $ 170,374 $ 238,608 $ (13,646) $ 147,113 ------------ ----------- ---------- ---------- ---------- ---------- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- $ -- ------------ ----------- ---------- ---------- ---------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 4,593,479 2,187,309 3,520,713 2,652,571 2,431,379 4,683,780 ------------ ----------- ---------- ---------- ---------- ---------- 4. LOANS & ADVANCES (attach list) -- -- -- -- -- ------------ ----------- ---------- ---------- ---------- 5. SALE OF ASSETS -- -- -- -- -- ------------ ----------- ---------- ---------- ---------- 6. OTHER (attach list) 1,994,032 3,159,466 3,111,505 5,584,297 3,171,616 2,478,016 ------------ ----------- ---------- ---------- ---------- ---------- TOTAL RECEIPTS $ 6,587,511 $ 5,346,775 $6,632,218 $8,236,868 $5,602,995 $7,161,796 ------------ ----------- ---------- ---------- ---------- ---------- (Withdrawal)Contribution by Individual Debtor MFR-2* 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 4,002 2,538 3,198 4,558 1,472 669 ------------ ----------- ---------- ---------- ---------- ---------- 11. UTILITIES 548,000 1,077,734 2,383,745 1,703,174 1,118,571 682,974 ------------ ----------- ---------- ---------- ---------- ---------- 12. INSURANCE -- -- -- -- -- -- ------------ ----------- ---------- ---------- ---------- ---------- 13. INVENTORY PURCHASES 188,215 251,647 291,355 318,099 296,353 289,263 ------------ ----------- ---------- ---------- ---------- ---------- 14. VEHICLE EXPENSES -- -- -- -- -- 142 ------------ ----------- ---------- ---------- ---------- ---------- 15. TRAVEL & ENTERTAINMENT 1,606 487 8,200 3,731 2,238 2,751 ------------ ----------- ---------- ---------- ---------- ---------- 16. REPAIRS, MAINTENANCE & SUPPLIES 135,944 71,367 82,154 141,233 61,693 94,732 ------------ ----------- ---------- ---------- ---------- ---------- 17. ADMINISTRATIVE & SELLING 254,459 228,571 202,541 238,024 131,898 228,742 ------------ ----------- ---------- ---------- ---------- ---------- 18. OTHER (attach list) 5,842,948 3,465,346 3,592,791 6,080,303 3,830,011 5,959,508 ------------ ----------- ---------- ---------- ---------- ---------- TOTAL DISBURSEMENTS FROM OPERATIONS $ 6,975,175 $ 5,097,690 $6,563,984 $8,489,123 $5,442,236 $7,258,781 ------------ ----------- ---------- ---------- ---------- ---------- 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- $ -- ------------ ----------- ---------- ---------- ---------- 20. U.S. TRUSTEE FEES -- -- -- -- -- ------------ ----------- ---------- ---------- ---------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- ------------ ----------- ---------- ---------- ---------- TOTAL DISBURSEMENTS $ 6,975,175 $ 5,097,690 $6,563,984 $8,489,123 $5,442,236 $7,258,781 ------------ ----------- ---------- ---------- ---------- ---------- 22. NET CASH FLOW $ (387,664) $ 249,085 $ 68,234 $ (252,254) $ 160,759 $ (96,985) ------------ ----------- ---------- ---------- ---------- ---------- 23. CASH - END OF MONTH (MOR-2) $ (78,711) $ 170,374 $ 238,608 $ (13,646) $ 147,113 $ 50,128 ============ =========== ========== ========== ========== ========== ============================================================================ CASH RECEIPTS AND FILING TO DISBURSEMENTS Month DATE ---------------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ -- $ 308,953 ------ ----------- RECEIPTS: 2. CASH SALES $ -- $ -- ------ ----------- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- 20,069,231 ------ ----------- 4. LOANS & ADVANCES (attach list) -- -- ------ ----------- 5. SALE OF ASSETS -- -- ------ ----------- 6. OTHER (attach list) -- 19,498,932 ------ ----------- TOTAL RECEIPTS $ -- $39,568,163 ------ ----------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A ------ ----------- DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- ------ ----------- 8. PAYROLL TAXES PAID -- -- ------ ----------- 9. SALES, USE & OTHER TAXES PAID -- -- ------ ----------- 10. SECURED/RENTAL/LEASES -- 16,438 ------ ----------- 11. UTILITIES -- 7,514,198 ------ ----------- 12. INSURANCE -- -- ------ ----------- 13. INVENTORY PURCHASES -- 1,634,931 ------ ----------- 14. VEHICLE EXPENSES -- 142 ------ ----------- 15. TRAVEL & ENTERTAINMENT -- 19,014 ------ ----------- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 587,123 ------ ----------- 17. ADMINISTRATIVE & SELLING -- 1,284,235 ------ ----------- 18. OTHER (attach list) -- 28,770,908 ------ ----------- TOTAL DISBURSEMENTS FROM OPERATIONS $ -- $39,826,988 ------ ----------- 19. PROFESSIONAL FEES $ -- $ -- ------ ----------- 20. U.S. TRUSTEE FEES -- -- ------ ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- ------ ----------- TOTAL DISBURSEMENTS $ -- $39,826,988 ------ ----------- 22. NET CASH FLOW $ -- $ (258,825) ------ ----------- 23. CASH - END OF MONTH (MOR-2) $ -- $ 50,128 ====== ===========
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37812-H4-11
==================================================================================================================================== OTHER CASH RECEIPTS AND 8/31/2001 (1) Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 DISBURSEMENTS: - ------------------------------------------------------------------------------------------------------------------------------------ 6.OTHER RECEIPTS: Interest Income $ -- $ -- $ -- $ -- $ -- $ -- $ -- ---------- ---------- ---------- ---------- ---------- ---------- ---- 401(k) Plan Refund -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Cobra Insurance Payment -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Miscellaneous -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Emission Credits -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Trade AR receipts of an affiliated co. SPC LTD 448,032 120,020 505 40,880 223,586 36,733 -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Cash advance from Sterling Chemicals 1,546,000 1,750,000 3,111,000 2,347,000 1,840,500 1,318,000 -- cash receipts re Inter company AR -- 1,289,446 3,196,417 1,107,530 927,448 -- Capital Contribution from SPCUS 195,835 ---------- ---------- ---------- ---------- ---------- ---------- ---- TOTAL OTHER RECEIPTS $1,994,032 $3,159,466 $3,111,505 $5,584,297 $3,171,616 $2,478,016 $ -- ---------- ---------- ---------- ---------- ---------- ---------- ---- 18.OTHER DISBURSEMENTS: Capital Expenditures $ -- $ 73,370 $ 81,005 $ 39,534 $ 106,606 $ 45,835 $ -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Interest Payment -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Restricted Cash - Bond Funding -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Pre-petition checks voided in current period -- -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Trade AR receipts of an affiliated co. SPC LTD 596,035 -- -- -- -- 36,733 -- ---------- ---------- ---------- ---------- ---------- ---------- ---- CIT revolver cash sweep 5,246,912 2,102,530 3,511,786 2,844,352 2,615,871 4,753,659 -- ---------- ---------- ---------- ---------- ---------- ---------- ---- Return of investment to SPCUS 81,069 -- 1,272,914 237,864 -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---- cash disbursements re Inter company AP 1,208,377 1,923,503 869,666 1,123,282 -- ---------- ---------- ---------- ---------- ---------- ---------- ---- TOTAL OTHER DISBURSEMENTS $5,842,948 $3,465,346 $3,592,791 $6,080,303 $3,830,011 $5,959,508 $ -- ========== ========== ========== ========== ========== ========== ====
========================================================= OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: DATE - --------------------------------------------------------- 6.OTHER RECEIPTS: Interest Income $ -- ----------- 401(k) Plan Refund -- ----------- Cobra Insurance Payment -- ----------- Miscellaneous -- ----------- Emission Credits -- ----------- Trade AR receipts of an affiliated co. SPC LTD 869,756 ----------- Cash advance from Sterling Chemicals 11,912,500 cash receipts re Inter company AR Capital Contribution from SPCUS ----------- TOTAL OTHER RECEIPTS $12,782,256 ----------- 18.OTHER DISBURSEMENTS: Capital Expenditures $346,353.92 ----------- Interest Payment -- ----------- Restricted Cash - Bond Funding -- ----------- Pre-petition checks voided in current period -- ----------- Trade AR receipts of an affiliated co. SPC LTD 632,768 ----------- CIT revolver cash sweep -- ----------- Return of investment to SPCUS 1,591,847 ----------- cash disbursements re Inter company AP ----------- TOTAL OTHER DISBURSEMENTS $ 2,570,969 ===========
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37812-H4-11 MONTH OF JANUARY 31, 2002
================================================================================================================================= BANK ONE CHASE MANHATTEN CHASE MANHATTEN FIRST STATE BANK CASH RECEIPTS AND 5589665 001-00546119 001-03317146 011-077-220-1 DISBURSEMENTS LOCK BOX GENERAL CHECKING CHECKING --------------------------------------------------------------------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ 144,336 $ 100 $ (9,750) $ 12,427 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 3. COLLECTION OF ACCOUNTS RECEIVABLE 3,568,306 1,115,475 -- -- ------------ --------------- --------------- ---------------- ----- ------ 4. LOANS & ADVANCES (attach list) -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 5. SALE OF ASSETS -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 6. OTHER (attach list) -- -- 2,478,016 30,000 -- -- ------------ --------------- --------------- ---------------- ----- ------ TOTAL RECEIPTS $ 3,568,306 $ 1,115,475 $ 2,478,016 $ 30,000 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ (Withdrawal)Contribution by Individual Debtor MFR-2* 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 669 -- -- ------------ --------------- --------------- ---------------- ----- ------ 11. UTILITIES 682,974 -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 12. INSURANCE -- -- ------------ --------------- --------------- ---------------- ----- ------ 13. INVENTORY PURCHASES 289,263 -- -- ------------ --------------- --------------- ---------------- ----- ------ 14. VEHICLE EXPENSES -- 142 -- -- ------------ --------------- --------------- ---------------- ----- ------ 15. TRAVEL & ENTERTAINMENT 2,751 -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 16. REPAIRS, MAINTENANCE & SUPPLIES 93,131 1,600 -- -- ------------ --------------- --------------- ---------------- ----- ------ 17. ADMINISTRATIVE & SELLING 225,684 3,058 -- -- ------------ --------------- --------------- ---------------- ----- ------ 18. OTHER (attach list) 3,638,184 1,115,475 1,230,594 5,255 -- -- ------------ --------------- --------------- ---------------- ----- ------ TOTAL DISBURSEMENTS FROM OPERATIONS $ 3,638,184 $ 1,115,475 $ 2,525,066 $ 10,055 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 20. U.S. TRUSTEE FEES -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ TOTAL DISBURSEMENTS $ 3,638,184 $ 1,115,475 $ 2,525,066 $ 10,055 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 22. NET CASH FLOW $ (69,878) $ -- $ (47,050) $ 19,945 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 23. CASH - END OF MONTH (MOR-2) $ 74,458 $ 100 $ (56,800) $ 32,372 $ -- $ -- ============ =============== =============== ================ ===== ====== =================================================================== CASH RECEIPTS AND DISBURSEMENTS TOTAL ------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ 147,113 ----------- RECEIPTS: 2. CASH SALES $ -- ----------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 4,683,780 ----------- 4. LOANS & ADVANCES (attach list) -- ----------- 5. SALE OF ASSETS -- ----------- 6. OTHER (attach list) 2,508,016 ----------- TOTAL RECEIPTS $ 7,191,796 ----------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A ----------- DISBURSEMENTS: 7. NET PAYROLL $ -- ----------- 8. PAYROLL TAXES PAID -- ----------- 9. SALES, USE & OTHER TAXES PAID -- ----------- 10. SECURED/RENTAL/LEASES 669 ----------- 11. UTILITIES 682,974 ----------- 12. INSURANCE -- ----------- 13. INVENTORY PURCHASES 289,263 ----------- 14. VEHICLE EXPENSES 142 ----------- 15. TRAVEL & ENTERTAINMENT 2,751 ----------- 16. REPAIRS, MAINTENANCE & SUPPLIES 94,732 ----------- 17. ADMINISTRATIVE & SELLING 228,742 ----------- 18. OTHER (attach list) 5,989,508 ----------- TOTAL DISBURSEMENTS FROM OPERATIONS $ 7,288,781 ----------- 19. PROFESSIONAL FEES $ -- ----------- 20. U.S. TRUSTEE FEES -- ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- ----------- TOTAL DISBURSEMENTS $ 7,288,781 ----------- 22. NET CASH FLOW $ (96,984) ----------- 23. CASH - END OF MONTH (MOR-2) $ 50,129 ===========
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37810-H4-11 MONTH OF JANUARY 31, 2002
============================================================================================================================= Chase Chase First State Bank One Manhattan Manhattan Bank OTHER CASH RECEIPTS AND 5589665 001-00546119 001-03317146 011-077-220-1 DISBURSEMENTS: Lock Box General Checking Checking Total - ----------------------------------------------------------------------------------------------------------------------------- 6.OTHER RECEIPTS: Interest Income $ -- $ -- $ -- $ $ -- ---------- ---------- ---------- ---------- ---------- 401(k) Plan Refund -- ---------- ---------- ---------- ---------- ---------- Cobra Insurance Payment -- ---------- ---------- ---------- ---------- ---------- Miscellaneous -- ---------- ---------- ---------- ---------- ---------- Transfer Between Accounts 30,000 30,000 ---------- ---------- ---------- ---------- ---------- Cash advance from Sterling Chemicals -- 1,318,000 1,318,000 Funds belonging to Sterling Pulp Chemicals Ltd. -- 36,733 36,733 rec'd in error and to be returned in Sept 01. -- cash receipts re Inter company AR 927,448 927,448 ---------- ---------- ---------- ---------- ---------- Return of investment from SPCUS 195,835 195,835 TOTAL OTHER RECEIPTS $ -- $ -- $2,478,016 $ 30,000 $2,508,016 ---------- ---------- ---------- ---------- ---------- 18.OTHER DISBURSEMENTS: Transfer Between Accounts 30,000 30,000 Capital Expenditures $ $ $ 40,580 $ 5,255 $ 45,835 ---------- ---------- ---------- ---------- ---------- Trade AR receipts of an affiliated co. SPC LTD 36,733 36,733 ---------- ---------- ---------- ---------- ---------- Pre-petition checks voided in current period -- ---------- ---------- ---------- ---------- ---------- Advance to Parent company - Sterling Chemicals -- -- ---------- ---------- ---------- ---------- ---------- cash disbursements re Inter company AP 1,123,282 1,123,282 ---------- ---------- ---------- ---------- ---------- CIT revolver cash sweep 3,638,184 1,115,475 4,753,659 ---------- ---------- ---------- ---------- ---------- Return of investment to SPCUS -- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER DISBURSEMENTS $3,638,184 $1,115,475 $1,230,594 $ 5,255 $5,989,508 ========== ========== ========== ========== ==========
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01. MOR-7 ATTACHMENT CASE NAME: STERLING PULP CHEMICALS INC. CASE NUMBER: 01-37812-H3-11 CASH ACCOUNT RECONCILIATION MONTH OF JANUARY 2002 --------------------------------- BANK NAME Bank One Chase Manhattan Chase Manhattan First State Bank - ---------------------------------------------------------------------------------------------------------------------------------- ACCOUNT NUMBER 5589665 001-00546119 001-03317146 Consolidated 011-077-220-1 - ---------------------------------------------------------------------------------------------------------------------------------- ACCOUNT TYPE Lock Box General Checking Checking TOTAL - ---------------------------------------------------------------------------------------------------------------------------------- BANK BALANCE $ 74,457 $ 100 $ 249 $ 74,807 $ 37,862 $ 112,669 - ---------------------------------------------------------------------------------------------------------------------------------- DEPOSIT IN TRANSIT 1,764 $ 1,764 1,764 - ---------------------------------------------------------------------------------------------------------------------------------- OUTSTANDING CHECKS (58,815) (58,815) (5,490) (64,305) - ---------------------------------------------------------------------------------------------------------------------------------- ADJUSTED BANK BALANCE $ 74,457 $ 100 $ (56,801) $ 17,756 $ 32,372 $ - $ - $ 50,128 - ---------------------------------------------------------------------------------------------------------------------------------- BEGINNING CASH - PER BOOKS $ 144,336 $ 100 $ (9,750) $ 134,685 $ 12,427 147,112 - ---------------------------------------------------------------------------------------------------------------------------------- RECEIPTS 3,568,306 1,115,475 2,478,016 7,161,796 - 7,161,796 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSFERS BETWEEN ACCOUNTS (30,000) (30,000) 30,000 - - ---------------------------------------------------------------------------------------------------------------------------------- (WITHDRAWAL)CONTRIBUTION- - - ---------------------------------------------------------------------------------------------------------------------------------- BY INDIVIDUAL DEBTOR MFR-2 - - ---------------------------------------------------------------------------------------------------------------------------------- CHECKS/OTHER DISBURSEMENTS (3,638,184) (1,115,475) (2,495,067) (7,248,726) (10,055) (7,258,781) - ---------------------------------------------------------------------------------------------------------------------------------- ENDING CASH - PER BOOKS $ 74,457 $ 100 $ (56,801) $ 17,756 $ 32,372 $ - $ - $ 50,128 ==================================================================================================================================
MOR-8 CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37812-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.)
================================================================================================================================= 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 FILING TO INSIDERS: NAME/POSITION/COMP TYPE (2) DATE 1. $-- $-- $-- $-- $-- $-- $-- --- --- --- --- --- --- --- 2. -- -- -- -- -- -- -- --- --- --- --- --- --- --- 3. -- -- -- -- -- -- -- --- --- --- --- --- --- --- 4. -- -- -- -- -- -- -- --- --- --- --- --- --- --- 5. -- -- -- -- -- -- -- --- --- --- --- --- --- --- 6. -- -- -- -- -- -- -- --- --- --- --- --- --- --- 7. -- -- -- -- -- -- -- --- --- --- --- --- --- --- 8. -- -- -- -- -- -- -- --- --- --- --- --- --- --- 9. -- -- -- -- -- -- -- --- --- --- --- --- --- --- TOTAL INSIDERS (MOR-1) $-- $-- $-- $-- $-- $-- $-- === === === === === === ===
================================================================================================================== 8/31/2001 (1) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 FILING TO PROFESSIONALS DATE NAME/ORDER 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 -----END PRIVACY-ENHANCED MESSAGE-----