-----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, T54S9ppmrARoUQyBGGtwaCnjRtSXUywAWJ5SeltdUXwE6v7jfB9+7pW2DxAw1US9 w/TNcmVWB/Lg5RepiyPQRA== 0000950129-02-002144.txt : 20020430 0000950129-02-002144.hdr.sgml : 20020430 ACCESSION NUMBER: 0000950129-02-002144 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20020422 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20020429 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: 02624498 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 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: 02624499 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 8-K 1 h96317e8-k.txt STERLING CHEMICALS HOLDINGS, INC. - APRIL 22, 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): APRIL 22, 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 March 2002. Exhibit 99.2 -- Monthly Operating Report for Sterling Chemicals, Inc. for March 2002. Exhibit 99.3 -- Monthly Operating Report for Sterling Chemicals Energy, Inc. for March 2002. Exhibit 99.4 -- Monthly Operating Report for Sterling Fibers, Inc. for March 2002. Exhibit 99.5 -- Monthly Operating Report for Sterling Chemicals International, Inc. for March 2002. Exhibit 99.6 -- Monthly Operating Report for Sterling Canada, Inc. for March 2002. Exhibit 99.7 -- Monthly Operating Report for Sterling Pulp Chemicals US, Inc. for March 2002. Exhibit 99.8 -- Monthly Operating Report for Sterling Pulp Chemicals, Inc. for March 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 March 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: April 29, 2002 By: /s/ DAVID G. ELKINS ------------------------------------- David G. Elkins, President STERLING CHEMICALS INC. Date: April 29, 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 March 2002. Exhibit 99.2 -- Monthly Operating Report for Sterling Chemicals, Inc. for March 2002. Exhibit 99.3 -- Monthly Operating Report for Sterling Chemicals Energy, Inc. for March 2002. Exhibit 99.4 -- Monthly Operating Report for Sterling Fibers, Inc. for March 2002. Exhibit 99.5 -- Monthly Operating Report for Sterling Chemicals International, Inc. for March 2002. Exhibit 99.6 -- Monthly Operating Report for Sterling Canada, Inc. for March 2002. Exhibit 99.7 -- Monthly Operating Report for Sterling Pulp Chemicals US, Inc. for March 2002. Exhibit 99.8 -- Monthly Operating Report for Sterling Pulp Chemicals, Inc. for March 2002. EX-99.1 3 h96317ex99-1.txt MONTHLY OPERATING RPT. - STERLING CHEMICALS HOLD. 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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 - ------------------------------------------------------------------------------------------------------------------------ REVENUES (MOR-6) $ -- $ -- $ -- $ -- $ -- $ -- $ -- INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 990 $(61,848) $ -- $ (967) $(51,350 $ (957) $ (960) NET INCOME (LOSS) (MOR-6) $74,944 $(56,126) $ 9,797 $(128,714) $(51,166 $ (775) $ (794) 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 3 of 14 4/19/02 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 4 of 14 4/19/02
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 MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 6 CASE NAME: STERLING CHEMICALS HOLDINGS, INC. CASE NUMBER: 01-37805-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
--------------------------------------------------------------------------- 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 --------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 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) $ 1 $ 63 $ 63 $ 64 $ -- $ -- ====================================================================================================================
*Payment Requires Court Approval (1) Represents the period 07/17/01 thru 08/31/01 MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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-H-11
CASH RECEIPTS AND FILING TO DISBURSEMENTS Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 DATE - ----------------- --------- --------- --------- --------- --------- -------- ------- ---------- 1. CASH-BEGINNING OF MONTH 1,368,676 1,370,865 1,365,144 723,230 170,226 170,410 170,592 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) 2,189 (5,722) 9,797 286 184 182 166 13,678 --------- --------- --------- --------- -------- ------- ------- ---------- TOTAL RECEIPTS 2,189 (5,722) 9,797 286 184 182 166 13,678 --------- --------- --------- --------- -------- ------- ------- ---------- (Withdrawal) Contribution by Individual Debtor MFR-2* N/A 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 2,189 (5,722) (641,913) (553,005) 184 182 166 (1,191,323) 23. CASH - END OF MONTH (MOR-2) 1,370,865 1,365,144 723,230 170,226 170,410 170,592 170,758 170,758
(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-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 DATE ----------------------- -------- ------ ------ ------ ------ ------ ------ --------- 6. OTHER RECEIPTS: Interest Income 2,189 (5,722) 9,797 286 184 182 166 13,678 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Miscellaneous -- -- -- -- -- -- -- -- Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- -------- ------ ------ ------ ------ ------ ------ -------- TOTAL OTHER RECEIPTS 2,189 (5,722) 9,797 286 184 182 166 13,678 ======== ====== ====== ====== ====== ====== ====== ======== 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 -- 170,592 170,592 =========== ============ ============ RECEIPTS: 2. CASH SALES -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- 4. LOANS & ADVANCES (attach list) -- -- -- 5. SALE OF ASSETS -- -- -- 6. OTHER (attach list) -- 166 166 ----------- ------------ ------------ TOTAL RECEIPTS -- 166 166 ----------- ------------ ------------ (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 -- 166 166 23. CASH - END OF MONTH (MOR-2) -- 170,758 170,758
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 -- 166 166 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Miscellaneous -- -- -- Royalty Owners Trust Account -- -- -- Emission Credits -- -- -- -- -- -- -- -- ----------- ----------- -------- TOTAL OTHER RECEIPTS -- 166 166 =========== =========== ======== 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-H-11 CASH ACCOUNT RECONCILIATION MONTH OF MARCH 2002 ------------
Closed BANK NAME Chase Bk of TX Chase Bk of TX ACCOUNT NUMBER 00100547125 0010535021 ACCOUNT TYPE Concentration Concentration TOTAL - -------------- ------------- -------------- ---------- BANK BALANCE $ -- $ 170,758 $ 170,758 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- OTHER ------------- -------------- ------ ------ ------ ------ ------ ------ ---------- ADJUSTED BANK BALANCE $ -- $ 170,758 $ -- $ -- $ -- $ -- $ -- $ -- $ 170,758 ============= ============== ====== ====== ====== ====== ====== ====== ========== BEGINNING CASH - PER BOOKS $ -- $ 170,592 $ 170,592 RECEIPTS 166 166 TRANSFERS BETWEEN ACCOUNTS -- (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS -- -- ------------- -------------- ------ ------ ------ ------ ------ ------ ---------- ENDING CASH - PER BOOKS $ -- $ 170,758 $ -- $ -- $ -- $ -- $ -- $ -- $ 170,758 ============= ============== ====== ====== ====== ====== ====== ====== ==========
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) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-02 Mar-02 DATE - --------------------------------------- -------- -------- -------- -------- -------- -------- -------- --------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- ------------ ------ ---------- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ============ ====== ==========
PROFESSIONALS FILING TO NAME/ORDER DATE Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-02 Mar-02 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 h96317ex99-2.txt MONTHLY OPERATING RPT.-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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 - --------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 23,943,367 $ 21,691,268 $ 21,898,981 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (6,254,090) $ (1,550,037) $ (4,402,886) NET INCOME (LOSS) (MOR-6) $ (10,767,435) $ (5,850,757) $ (8,543,837) PAYMENTS TO INSIDERS (MOR-9) $ 188,763 $ 156,110 $ 106,743 PAYMENTS TO PROFESSIONALS (MOR-9) $ 11,243 $ 1,408,481 $ 802,884 TOTAL DISBURSEMENTS (MOR-7) $ 60,972,958 $ 72,465,946 $ 64,901,653 MONTH 12/31/01 1/31/02 2/28/02 3/31/02 - ------------------------------------------------------------------------------------------------ REVENUES (MOR-6) $ 18,571,799 $ 20,053,870 $ 20,096,849 $ 21,923,335 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (1,583,651) $ (2,798,067) $ (2,749,269) $ (148,300) NET INCOME (LOSS) (MOR-6) $ (5,648,707) $ (7,180,158) $ (6,872,689) $ (4,363,757) PAYMENTS TO INSIDERS (MOR-9) $ 204,995 $ 142,597 $ 116,429 $ 150,683 PAYMENTS TO PROFESSIONALS (MOR-9) $ 683,788 $ 1,238,773 $ 1,045,883 $ 1,257,449 TOTAL DISBURSEMENTS (MOR-7) $ 62,720,965 $ 65,092,860 $ 63,507,042 $ 80,262,399
***The original of this document MUST BE FILED with the United States Bankruptcy Court and a COPY MUST BE SENT to the United States Trustee*** REQUIRED INSURANCE MAINTAINED AS OF SIGNATURE DATE EXP. See attachment 2 DATE - ----------------------------- CASUALTY YES (x) NO ( ) 08 - 01 - 02 LIABILITY YES (x) NO ( ) 07 - 01 - 02 VEHICLE YES (x) NO ( ) 07 - 01 - 02 WORKER'S YES (x) NO ( ) 07 - 01 - 02 OTHER YES (x) NO ( ) various ATTORNEY NAME: Jeff Spiers FIRM: Andrews & Kurth LLP ADDRESS: 600 Travis ADDRESS: Suite 4200 CITY, STATE ZIP: Houston, TX 77002 TELEPHONE: 713-220-4103 Are all accounts receivable being collected within terms? NO Are all post-petition liabilities, including taxes, being paid with terms? YES Have any pre-petition liabilities been paid? YES If so, describe See Attachment 3 - -------------------------------------------------------------------------------- Are all funds received being deposited into DIP bank accounts? YES Were any assets disposed of outside the normal course of business? NO If so, describe ---------------------------------------------------- Are all U.S. Trustee Quarterly Fee Payments current? YES What is the status of your Plan of Reorganization? A Plan of Reorganization is currently being developed. - -------------------------------------------------------------------------------- I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct. SIGNED /s/ PAUL VANDERHOVEN --------------------------------------------------- (ORIGINAL SIGNATURE) TITLE VP Finance, CFO --------------------------------------------------- MOR-1 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 3 of 15 4/19/02 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 4 of 15 4/19/02
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. ATTACHMENT 3 POSTPETITION PAYMENT OF PREPETITION LIABILITIES
VENDOR AMOUNT ORDER(1) STERLING CHEMICALS, INC. CASE #01-37806-H4-11 City of Texas City 165,001.83 Galveston County Tax Assessor 400,554.24 Texas City ISD 838,392.03 State of California 276.92 ------------- TOTAL $1,404,225.02 =============
(1) ALL PREPETITION PAYMENTS MADE IN MARCH WERE PURSUANT TO COURT APPROVAL OF THESE PAYMENTS STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* 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
---------------------------------------------------------------------------------------- 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 (revised) ---------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 34,262 $ 29,556 $ 35,921 $ 25,602 $ 43,566 $ 43,581 $ 53,511 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- TAX PAYABLE: -- -- -- -- -- Federal Payroll Taxes -- -- 260 -- -- 8 State Payroll & Sales 33 45 39 178 231 364 437 Ad Valorem Taxes -- -- -- -- -- -- Other Taxes 1,550 2,175 2,800 3,383 3,901 4,527 5,162 TOTAL TAXES PAYABLE $ 1,583 $ 2,220 $ 3,099 $ 3,561 $ 4,132 $ 4,891 $ 5,607 SECURED DEBT POST-PETITION 42,229 44,780 49,084 51,301 51,346 51,127 56,066 ACCRUED INTEREST PAYABLE 263 299 469 436 370 553 670 *ACCRUED PROFESSIONAL FEES: 4,000 4,802 4,798 4,714 5,236 5,587 5,989 OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 21,744 21,729 22,520 31,422 37,458 31,736 31,003 2. Lease Operating Expenses/Capital -- -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 104,081 $ 103,386 $ 115,891 $ 117,036 $ 142,108 $137,475 $ 152,846 ==============================================================================================================================
*Payment Requires Court Approval (1) Represents the period 07/17/01 thru 08/31/01 MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 DATE ------------- ---------- ----------- ---------- ---------- ---------- ---------- ------------ ----------- 1. CASH-BEGINNING OF MONTH 1,430,565 1,217,400 159,499 (421,404) (256,194) 498,098 (1,530,893) 9,346,546 ========== =========== ========== ========== ========== ========== ========== =========== RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 20,950,661 23,372,230 20,886,265 22,270,996 24,602,303 20,717,983 25,478,506 199,205,812 4. LOANS & ADVANCES - CIT REVOLVER 30,000,000 35,600,000 31,300,000 29,200,000 31,600,000 26,900,000 36,300,000 253,300,000 5. SALE OF ASSETS -- -- -- -- -- -- -- -- 6. OTHER (attach list) 9,809,132 12,435,815 12,134,485 11,415,178 9,644,850 13,860,068 19,408,945 105,985,235 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- TOTAL RECEIPTS 60,759,793 71,408,045 64,320,750 62,886,174 65,847,152 61,478,051 81,187,451 558,491,047 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A N/A N/A N/A ========== =========== ========== ========== ========== ========== ========== =========== DISBURSEMENTS: 7. NET PAYROLL 1,885,987 1,820,918 2,759,985 1,932,984 1,297,213 1,930,462 2,601,421 16,960,049 8. PAYROLL TAXES PAID 929,631 898,310 443,402 870,019 974,973 972,750 1,053,588 7,439,633 9. SALES, USE & OTHER TAXES PAID 59,392 54,688 55,177 50,776 57,123 -- 1,404,405 3,126,969 10.SECURED/RENTAL/LEASES 223,715 267,731 179,910 184,920 161,222 154,571 99,905 1,422,935 11.UTILITIES 2,190,006 5,169,539 3,737,135 4,230,558 2,765,343 2,158,233 1,150,288 24,281,082 12.INSURANCE 830,148 452,349 425,842 456,145 728,204 589,057 410,554 5,361,817 13.INVENTORY PURCHASES 10,899,473 12,316,618 12,485,921 8,921,056 11,876,414 2,984,285 10,861,846 82,258,050 14.VEHICLE EXPENSES -- -- -- -- -- -- -- -- 15.TRAVEL & ENTERTAINMENT 31,508 48,462 53,052 64,095 60,079 63,635 36,818 396,991 16.REPAIRS, MAINTENANCE & SUPPLIES 1,162,418 1,519,414 1,100,361 1,085,130 1,487,951 7,400,962 4,837,494 19,872,825 17.ADMINISTRATIVE & SELLING 1,698,951 3,178,324 3,136,392 3,142,158 2,804,552 2,442,379 3,841,855 21,563,202 18.OTHER (attach list) 41,050,486 45,331,111 39,721,594 41,099,335 41,641,012 43,639,825 52,706,777 379,186,379 TOTAL DISBURSEMENTS FROM OPERATIONS 60,961,714 71,057,466 64,098,769 62,037,177 63,854,086 62,336,159 79,004,950 561,869,932 19.PROFESSIONAL FEES 11,243 1,368,231 802,884 683,788 1,185,274 1,045,883 1,257,449 6,354,752 20.U.S. TRUSTEE FEES -- 40,250 -- -- 53,500 -- -- 93,750 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- 125,000 -- 125,000 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- TOTAL DISBURSEMENTS 60,972,958 72,465,946 64,901,653 62,720,965 65,092,860 63,507,042 80,262,399 568,443,434 ========== =========== ========== ========== ========== ========== ========== =========== 22.NET CASH FLOW (213,165) (1,057,901) (580,903) 165,210 754,292 (2,028,991) 925,052 (9,952,387) 23.CASH - END OF MONTH (MOR-2) 1,217,400 159,499 (421,404) (256,194) 498,098 (1,530,893) (605,842) (605,842)
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 per MOR-7 1,217,400.33 159,499.29 (421,403.88) (256,194.38) 498,097.76 (1,530,893.34) (605,841.51) per 211 trial balance 1,222,225.02 926,043.98 527,547.60 622,716.13 1,983,218.51 986,980.26 636,425.59 ------------ ---------- ----------- ----------- ------------ ------------- ------------ difference 4,824.69 766,544.69 948,951.48 878,910.51 1,485,120.75 2,517,873.60 1,242,267.10 g/l acct 10123 - not a good account, s/b zero 794.70 794.70 794.70 794.70 794.70 794.70 794.70 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 4,029.99 g/l acct 10199 - cash overdraft reclass of outstanding checks 0.00 761,720.00 944,126.79 874,085.82 1,480,296.06 2,513,048.91 1,237,442.41 ------------ ---------- ----------- ---------- ------------ ------------- ------------ reconciled difference 4,824.69 766,544.69 948,951.48 878,910.51 1,485,120.75 2,517,873.60 1,242,267.10
CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 DATE ---------- ---------- ---------- ---------- ---------- ---------- ------------ ----------- 6. OTHER RECEIPTS: Interest Income 80,302 -- -- -- -- -- -- 80,302 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Miscellaneous 156,450 1,147,947 181,336 146,500 100,833 223,221 131,124 2,411,244 Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- Account Transfers 8,360,380 11,197,868 9,047,528 10,348,106 9,120,571 13,636,846 17,715,686 96,379,916 Intercompany Transfers 1,212,000 90,000 2,905,621 920,573 423,445 -- 1,562,134 7,113,773 ---------- ---------- ---------- ---------- ---------- ---------- ------------ ----------- TOTAL OTHER RECEIPTS 9,809,132 12,435,815 12,134,485 11,415,178 9,644,850 13,860,068 19,408,945 105,985,235 ========== ========== ========== ========== ========== ========== ============ =========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- -- -- -- -- -- -- -- Workover Expense -- -- -- -- -- -- -- -- Capital Expenditures 352,420 408,428 297,523 558,388 1,491,633 1,841,654 1,418,900 6,526,163 Revenue & Royalties -- -- -- -- -- - -- -- Interest Payment -- 97,161 -- -- -- - -- 97,161 Employee Benefits 1,923,632 2,430,056 1,259,446 1,276,424 2,711,036 1,602,513 2,285,842 15,205,711 Severance tax -- -- -- -- -- - -- -- Pre-petition checks voided in current period -- -- -- -- -- - -- (30,000) Account Transfers 8,360,380 11,197,868 9,047,528 10,348,106 9,120,571 13,636,846 17,715,686 96,379,916 CIT Revolver Payments 24,100,472 24,983,680 21,322,848 22,948,750 23,718,420 21,934,238 25,605,169 216,471,268 Intercompany Transfers 6,313,582 6,213,918 7,794,248 5,967,667 4,599,352 4,624,574 5,681,179 44,536,160 ---------- ---------- ---------- ---------- ---------- ---------- ------------ ----------- TOTAL OTHER DISBURSEMENTS 41,050,486 45,331,111 39,721,594 41,099,335 41,641,012 43,639,825 52,706,777 379,186,379 ========== ========== ========== ========== ========== ========== ============ ===========
(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 -- 100 119,490 980,856 (2,632,631) =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 20,971,677 4. LOANS & ADVANCES - CIT REVOLVER 36,300,000 5. SALE OF ASSETS 6. OTHER (attach list) -- -- 1,562,134 3,300,000 12,987,097 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS -- 20,971,677 37,862,134 3,300,000 12,987,097 --------------- --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A =============== =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- 2,601,421 -- 8. PAYROLL TAXES PAID 1,053,588 9. SALES, USE & OTHER TAXES PAID -- 1,404,405 10. SECURED/RENTAL/LEASES 99,905 11. UTILITIES 1,150,288 12. INSURANCE 1,500 409,054 13. INVENTORY PURCHASES 10,738,210 123,636 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 36,818 16. REPAIRS, MAINTENANCE & SUPPLIES 1,849,103 2,988,391 17. ADMINISTRATIVE & SELLING 122,457 3,719,398 18. OTHER (attach list) -- 20,971,677 24,062,484 -- 1,610,534 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS -- 20,971,677 37,924,042 3,655,008 10,392,141 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- 1,257,449 20. U.S. TRUSTEE FEES -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS -- 20,971,677 37,924,042 3,655,008 11,649,590 =============== =============== =============== =============== =============== 22. NET CASH FLOW -- -- (61,908) (355,008) 1,337,507 23. CASH - END OF MONTH (MOR-2) -- 100 57,582 625,848 (1,295,124) 57,681.63 625,848.03 (1,295,124.04) 0.00 0.00 0.00 CASH RECEIPTS AND Chase Chase Wells Fargo Bank One Total DISBURSEMENTS 6301810036508 6301810028508 4496870106 5561833 Debtor ----------------- --------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH -- -- -- 1,291 (1,530,893) =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 4,506,829 25,478,506 4. LOANS & ADVANCES - CIT REVOLVER 36,300,000 5. SALE OF ASSETS -- 6. OTHER (attach list) 1,412,768 15,821 -- 131,124 19,408,945 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS 1,412,768 15,821 -- 4,637,953 81,187,451 --------------- --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A =============== =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- -- -- -- 2,601,421 8. PAYROLL TAXES PAID 1,053,588 9. SALES, USE & OTHER TAXES PAID 1,404,405 10. SECURED/RENTAL/LEASES 99,905 11. UTILITIES 1,150,288 12. INSURANCE 410,554 13. INVENTORY PURCHASES 10,861,846 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 36,818 16. REPAIRS, MAINTENANCE & SUPPLIES 4,837,494 17. ADMINISTRATIVE & SELLING 3,841,855 18. OTHER (attach list) 1,412,768 15,821 -- 4,633,492 52,706,777 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 1,412,768 15,821 -- 4,633,492 79,004,950 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- 1,257,449 20. U.S. TRUSTEE FEES -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 1,412,768 15,821 -- 4,633,492 80,262,399 =============== =============== =============== =============== =============== 22. NET CASH FLOW -- -- -- 4,462 925,052 23. CASH - END OF MONTH (MOR-2) -- -- -- 5,753 (605,842) 5,752.87 (0.00)
MOR-7 * Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-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 3,300,000 12,987,097 Intercompany Transfers 1,562,134 ----------- ---------- ---------- --------- ---------- TOTAL OTHER RECEIPTS -- -- 1,562,134 3,300,000 12,987,097 =========== ========== ========== ========= ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures 1,418,900 Revenue & Royalties Interest Payment Employee Benefits 665,618 191,634 Severance tax Pre-petition checks voided in current period Account Transfers 17,715,686 CIT Revolver Payments 20,971,677 -- Intercompany Transfers 5,681,791 ----------- ---------- ---------- --------- ---------- TOTAL OTHER DISBURSEMENTS -- 20,971,677 24,062,484 -- 1,610,534 =========== ========== ========== ========= ========== 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 131,124 131,124 Royalty Owners Trust Account -- Emission Credits -- Account Transfers 1,412,768 15,821 17,715,686 Intercompany Transfers 1,562,134 --------- --------- ------------ ---------- ---------- TOTAL OTHER RECEIPTS 1,412,768 15,821 -- 131,124 19,408,945 ========= ========= ============ ========== ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- Workover Expense -- Capital Expenditures 1,418,900 Revenue & Royalties -- Interest Payment -- Employee Benefits 1,412,768 15,821 2,285,842 Severance tax -- Pre-petition checks voided in current period -- Account Transfers 17,715,686 CIT Revolver Payments 4,633,492 25,605,169 Intercompany Transfers 5,681,179 --------- --------- ------------ ---------- ---------- TOTAL OTHER DISBURSEMENTS 1,412,768 15,821 -- 4,633,492 52,706,777 ========= ========= ============ ========== ==========
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals, Inc. CASE NUMBER: 01-37806-H-11 CASH ACCOUNT RECONCILIATION MONTH OF MARCH 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 $ 57,582 $ 277,968 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS (1,295,124) OTHER 347,880 --------------- --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ 100 $ 57,582 $ 625,848 $ (1,295,124) =============== =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ 100 $ 119,490 $ 980,856 $ (2,632,630) RECEIPTS 20,971,677 36,300,000 TRANSFERS BETWEEN ACCOUNTS -- (21,834,731) 3,300,000 12,987,097 (WITHDRAWAL) CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS -- (20,971,677) (14,527,177) (3,655,008) (11,649,591) --------------- --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ 100 $ 57,582 $ 625,848 $ (1,295,124) =============== =============== =============== =============== =============== 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 $ -- $ -- $ -- $ 5,753 $ 341,403 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS (1,295,124) OTHER 347,880 --------------- --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ -- $ -- $ 5,753 $ (605,842) =============== =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ -- $ -- $ 1,292 $ (1,530,893) RECEIPTS 4,637,953 61,909,630 TRANSFERS BETWEEN ACCOUNTS 1,412,768 15,821 (4,119,045) (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (1,412,768) (15,821) (4,633,492) (56,865,534) --------------- --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ -- $ -- $ 5,753 $ (605,842) =============== =============== =============== =============== ===============
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.)
INSIDERS: FILING TO NAME/POSITION/COMP TYPE(2) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 DATE - --------------------------------------- -------- ---------- --------- --------- --------- -------- -------- ---------- 1. Frank Diassi/Chairman of Board/Salary $ 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 1,741 -- -- -- -- 2,262 Frank Diassi/Chairman of Board/Vacation payout 45,193 45,193 4. David Elkins/President/Salary 29,167 29,167 29,167 29,167 29,167 29,167 30,333 249,085 5. David Elkins/President/Bonus 21,875 -- -- 21,875 -- 22,750 66,500 6. David Elkins/President/Expenses 35 410 -- 2,035 3,378 4,601 -- 15,472 David Elkins/President/Life Insurance 2,184 -- 2,184 7. Richard Crump/Exec VP Opers/Salary 25,000 25,000 25,000 25,000 28,636 27,500 27,917 221,553 8. Richard Crump/Exec VP Opers/Bonus 18,750 -- -- 18,750 1,875 20,938 60,313 9. Richard Crump/Exec VP Opers/Expense 2,939 642 2,331 531 4,453 5,404 4,610 23,102 10. Paul Vanderhoven/VP Finance & CFO/Salary 16,667 16,667 16,667 16,667 16,667 16,667 18,333 143,335 11. Paul Vanderhoven/VP Finance & CFO/Bonus 10,000 -- -- 10,000 -- 11,000 31,000 12. Paul Vanderhoven/VP Finance & CFO/Expense 5,573 974 -- 2,199 4,509 4,629 2,474 20,358 13. Robert Roten/Former Pres & Board Member/SERP 2,328 2,328 2,328 2,328 2,328 2,328 2,328 18,624 14. Robert Roten/Former Pres & Board Member/Consulting fee -- -- -- -- -- 10,000 10,000 30,000 15. Robert Roten/Former Pres & Board Member/BOD fee -- 17,550 -- 15,150 -- -- 32,700 16. Rolf Towe/Board Member/BOD fees -- 10,150 -- 10,850 -- -- 21,000 17. Rolf Towe/Board Member/Expenses -- -- -- -- -- 16,133 -- 16,133 18. Hunter Nelson/Board Member -- 13,550 -- 11,150 -- -- 24,700 19. Frank Hevrdejs/Board Member -- 10,750 -- 12,250 -- -- 23,000 -------- ---------- --------- --------- --------- -------- --------- ---------- TOTAL INSIDERS (MOR-1) $188,763 $ 158,438 $ 106,743 $ 204,995 $ 142,597 $116,429 $150,683 $1,241,827 ======== ========== ========= ========= ========= ======== ========= ==========
PROFESSIONALS FILING TO NAME/ORDER DATE Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 DATE - --------------------------- --------- ---------- --------- --------- --------- ------------ -------- ----------- 1. Logan & Company, Inc. $ 11,243 $ 15,330 $ 65,978 $ 30,272 $ 9,958.00 $ 15,624.27 $ 23,247 $ 171,653 2. Andrews & Kurth LLP -- 324,139 -- 210,726 139,340 128,643.28 213,187 1,016,036 3. US Trustee -- 40,250 -- -- 53,500 -- -- 93,750 4. Skadden, Arps, Slate, Meagher & Flom LLP -- 751,593 -- -- 293,229 466,138.76 634,706 2,145,667 5. Akin Gump Strauss -- 277,168 126,980 231,124 -- 35,089.74 120,257 790,619 6. Arthur Andersen -- -- 134,935 31,792 115,041 22,556.70 -- 304,324 7. Lazard Freres & Co. LLC 268,613 -- -- 284,550.16 153,356 706,519 8. Baker & Botts 154,797 132,523 111,985 46,197.50 32,861 478,363 9. Groom Law Group 11,331 4,587 10,078 9,773.24 9,738 45,507 10. Nexant, Inc. 40,250 42,764 8,399 37,309.09 16,416 145,139 11. Greenhill & Co. 497,243 -- 53,680 550,923 --------- ---------- --------- --------- ---------- ------------ ----------- ----------- TOTAL PROFESSIONALS (MOR-1) $ 11,243 $1,408,481 $ 802,884 $ 683,788 $1,238,773 $ 1,045,883 $ 1,257,449 $ 6,448,500 ========= ========== ========= ========= ========== ============ =========== ===========
(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 h96317ex99-3.txt MONTHLY OPERATING RPT.-STERLING CHEMICALS 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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 - -------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 158,149 $ 155,612 $ 179,733 $ 179,201 $ 302,130 $ (262,068) $ (192,124) INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 616,375 $ 600,671 $ 550,328 $ 593,727 $ 464,670 $ 43,425 $ (61,716) NET INCOME (LOSS) (MOR-6) $ 616,375 $ 572,140 $ 521,459 $ 562,547 $ 439,688 $ 38,020 $ (54,923) PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $2,311,319 $2,625,313 $1,569,319 $1,865,793 $1,583,667 $1,560,614 $1,604,507
***The original of this document MUST BE FILED with the United States Bankruptcy Court and a COPY MUST BE SENT to the United States Trustee*** REQUIRED INSURANCE MAINTAINED AS OF SIGNATURE DATE EXP. See attachment 2 DATE - ------------------------------- CASUALTY YES (x) NO ( ) 08-01-02 LIABILITY YES (x) NO ( ) 07-01-02 VEHICLE YES (x) NO ( ) 07-01-02 WORKER'S YES (x) NO ( ) 07-01-02 OTHER YES (x) NO ( ) various ATTORNEY NAME: Jeff Spiers FIRM: Andrews & Kurth LLP ADDRESS: 600 Travis ADDRESS: Suite 4200 CITY, STATE ZIP: Houston, TX 77002 TELEPHONE: 713-220-4103 Are all accounts receivable being collected within terms? NO Are all post-petition liabilities, including taxes, being paid with terms? YES Have any pre-petition liabilities been paid? NO If so, describe - -------------------------------------------------------------------------------- Are all funds received being deposited into DIP bank accounts? YES Were any assets disposed of outside the normal course of business? NO If so, describe ---------------------------------------------------------------- Are all U.S. Trustee Quarterly Fee Payments current? YES What is the status of your Plan of Reorganization? A Plan of Reorganization is currently being developed. - -------------------------------------------------------------------------------- I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct. SIGNED /s/ PAUL VANDERHOVEN ----------------------------------------------- (ORIGINAL SIGNATURE) TITLE VP Finance, CFO ----------------------------------------------- MOR-1 CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH - ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 3 of 14 4/19/02 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 4 of 14 4/19/02
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 MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* 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
------------------------------------------------------------------------------------- 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 ------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 1,676 $ 1,645 $ 1,175 $ 1,719 $ 1,702 $ 754 $ 1,057 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) $ 1,676 $ 1,645 $ 1,175 $ 1,719 $ 1,702 $ 754 $ 1,057 ===========================================================================================================================
*Payment Requires Court Approval. (1) Represents the period 07/17/01 thru 08/31/01 MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 DATE - ----------------- --------- --------- --------- --------- --------- ---------- ---------- --------- 1. CASH-BEGINNING OF MONTH 100 100 100 100 100 100 100 100 ========= ========= ========= ========= ========= ========== ========== ========== RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 98,737 46,395 50,693 63,217 50,033 69,040 67,945 566,936 4. LOANS & ADVANCES (attach list) -- -- -- -- -- -- -- -- 5. SALE OF ASSETS -- -- -- -- -- -- -- -- 6. OTHER (attach list) 2,212,582 2,578,918 1,518,626 1,802,575 1,533,633 1,491,574 1,536,562 13,599,110 --------- --------- --------- --------- --------- --------- --------- ---------- TOTAL RECEIPTS 2,311,319 2,625,313 1,569,319 1,865,793 1,583,667 1,560,614 1,604,507 14,166,046 --------- --------- --------- --------- --------- --------- --------- ---------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A 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 2,212,582 1,578,918 1,518,626 1,802,575 1,533,633 1,491,574 536,562 11,599,110 12. INSURANCE -- -- -- -- -- -- -- -- 13. INVENTORY PURCHASES -- -- -- -- -- -- -- -- 14. VEHICLE EXPENSES -- -- -- -- -- -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- -- -- -- -- -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- -- -- -- 17. ADMINISTRATIVE & SELLING -- -- -- -- -- -- -- -- 18. OTHER (attach list) 98,737 1,046,395 50,693 63,217 50,033 69,040 1,067,945 2,566,936 --------- --------- --------- --------- --------- --------- --------- ---------- TOTAL DISBURSEMENTS FROM OPERATIONS 2,311,319 2,625,313 1,569,319 1,865,793 1,583,667 1,560,614 1,604,507 14,166,046 ========= ========= ========= ========= ========= ========= ========= ========== 19. PROFESSIONAL FEES -- -- -- -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- -- -- -- --------- --------- --------- --------- --------- --------- --------- ---------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- -- --------- --------- --------- --------- --------- --------- --------- ---------- TOTAL DISBURSEMENTS 2,311,319 2,625,313 1,569,319 1,865,793 1,583,667 1,560,614 1,604,507 14,166,046 ========= ========= ========= ========= ========= ========= ========= ========== 22. NET CASH FLOW -- -- -- -- -- -- -- -- 23. CASH - END OF MONTH (MOR-2) 100 100 100 100 100 100 100 100
(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-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 DATE ---------- --------- ---------- --------- ---------- ---------- ------------- ---------- 6. OTHER RECEIPTS: Interest Income -- -- -- -- -- -- -- -- 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Dividend -- 1,000,000 -- -- -- -- 1,000,000 2,000,000 Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- Intercompany Funding 2,212,582 1,578,918 1,518,626 1,802,575 1,533,633 1,491,574 536,562 11,599,110 -- -- -- -- ---------- --------- ---------- --------- ---------- ---------- ------------- ---------- TOTAL OTHER RECEIPTS 2,212,582 2,578,918 1,518,626 1,802,575 1,533,633 1,491,574 1,536,562 13,599,110 ========== ========= ========== ========= ========== ========== ============= ========== 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 98,737 1,046,395 50,693 63,217 50,033 69,040 1,067,945 2,566,936 -- -- ---------- --------- ---------- --------- ---------- ---------- ------------- ---------- TOTAL OTHER DISBURSEMENTS 98,737 1,046,395 50,693 63,217 50,033 69,040 1,067,945 2,566,936 ========== ========= ========== ========= ========== ========== ============= ==========
(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 3/01/02 - 3/31/02
CASH RECEIPTS AND Chase Chase DISBURSEMENTS 00103317203 00101818459 - ----------------- -------------- ----------- ------------ ----------- 1. CASH-BEGINNING OF MONTH -- 100 -- -- ============== =========== ============ =========== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- 67,945 4. LOANS & ADVANCES (attach list) -- -- 5. SALE OF ASSETS -- -- 6. OTHER (attach list) 536,562 1,000,000 -- -------------- ----------- ------------ ----------- TOTAL RECEIPTS 536,562 1,067,945 -- -- -------------- ----------- ------------ ----------- (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 536,562 -- 12. INSURANCE -- -- 13. INVENTORY PURCHASES -- -- 14. VEHICLE EXPENSES -- -- 15. TRAVEL & ENTERTAINMENT -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- 17. ADMINISTRATIVE & SELLING -- -- 18. OTHER (attach list) -- 1,067,945 -------------- ----------- ------------ ----------- TOTAL DISBURSEMENTS FROM OPERATIONS 536,562 1,067,945 -- -- ============== =========== ============ =========== 19. PROFESSIONAL FEES -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -------------- ----------- ------------ ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS 536,562 1,067,945 -- -- ============== =========== ============ =========== 22. NET CASH FLOW -- -- -- -- 23. CASH - END OF MONTH (MOR-2) -- 100 -- -- CASH RECEIPTS AND Total DISBURSEMENTS Debtor - ----------------- ------------ ----------- ------------- 1. CASH-BEGINNING OF MONTH -- -- 100 ============ =========== ============= RECEIPTS: 2. CASH SALES -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 67,945 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 1,536,562 ------------ ----------- ------------- TOTAL RECEIPTS -- -- 1,604,507 ------------ ----------- ------------- (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 536,562 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING -- 18. OTHER (attach list) 1,067,945 ------------ ----------- ------------- TOTAL DISBURSEMENTS FROM OPERATIONS -- -- 1,604,507 ============ =========== ============= 19. PROFESSIONAL FEES -- -- -- 20. U.S. TRUSTEE FEES -- -- -- ------------ ----------- ------------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS -- -- 1,604,507 ============ =========== ============= 22. NET CASH FLOW -- -- -- 23. CASH - END OF MONTH (MOR-2) -- -- 100
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11 FOR THE PERIOD 3/01/02 - 3/31/02
OTHER CASH RECEIPTS AND Chase Chase Total DISBURSEMENTS: 00103317203 00101818459 Debtor - -------------- ------------ ------------ ------------ 6. OTHER RECEIPTS: Interest Income -- -- -- 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Dividend -- 1,000,000 1,000,000 Royalty Owners Trust Account -- -- Emission Credits -- -- -- Intercompany Transfer 536,562 -- 536,562 ------------ --------- ------------ TOTAL OTHER RECEIPTS 536,562 1,000,000 1,536,562 ============ ========= ============ 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 -- 1,067,945 1,067,945 ------------ --------- ------------ TOTAL OTHER DISBURSEMENTS -- 1,067,945 1,067,945 ============ ========= ============
MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11 CASH ACCOUNT RECONCILIATION MONTH OF MARCH 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 1,067,945 1,067,945 TRANSFERS BETWEEN ACCOUNTS 536,562 536,562 (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (536,562) (1,067,945) (1,604,507) ---------------- --------------- ----------- 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) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 DATE - ----------------------------------- -------- -------- -------- -------- -------- -------- -------- --------- 1 $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2 -- -- -- -- -- -- -- -- 3 -- -- -- -- -- -- -- -- 4 -- -- -- -- -- -- -- -- 5 -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- 7 -- -- -- -- -- -- -- -- 8 -- -- -- -- -- -- -- -- 9 -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- --------- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ======== ======== =========
PROFESSIONALS FILING TO NAME/ORDER DATE Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-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 h96317ex99-4.txt MONTHLY OPERATING RPT.-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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 - --------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $1,311,018 $1,891,936 $1,569,117 $1,466,000 $ 1,578,891 $1,141,971 $ 1,554,279 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (228,529) $ (309,258) $ (277,643) $ (13,259) $ (339,192) $ (604,191) $ (421,580) NET INCOME (LOSS) (MOR-6) $ (891,256) $ (971,769) $ (939,694) $ (675,264) $(1,001,244) $1,266,289 $(1,083,585) PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $4,412,856 $3,673,189 $3,090,908 $2,756,941 $ 3,117,506 $2,773,236 $ 2,948,115
***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 3 of 13 4/19/02 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 4 of 13 4/19/02
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 MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* 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
----------------------------------------------------------------------------------------- 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 ----------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 3,514 $ 5,878 $ 5,656 $ 2,614 $ 5,479 $ 5,821 $ 6,096 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- TAX PAYABLE: -- -- -- Federal Payroll Taxes 5 -- -- 26 -- State Payroll & Sales 1 (1) (2) (3) (3) -- (1) Ad Valorem Taxes -- -- -- -- -- Other Taxes 62 87 112 137 162 232 220 TOTAL TAXES PAYABLE $ 68 $ 86 $ 110 $ 161 $ 159 $ 232 $ 219 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) $ 3,582 $ 5,964 $ 5,766 $ 2,775 $ 5,638 $ 6,053 $ 6,315 ================================================================================================================================
*Payment Requires Court Approval (1) Represents the period 07/17/01 thru 08/31/01. MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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-H3-11
CASH RECEIPTS AND DISBURSEMENTS Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 - ----------------- ------------ ---------- ---------- ---------- ---------- 1. CASH-BEGINNING OF MONTH $ 361,051 $ 295,511 $ 297,869 $ 213,923 $ 412,443 ------------ ---------- ----------- ---------- ---------- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 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) 1,385,244 1,761,204 1,311,323 1,466,164 1,246,396 TOTAL RECEIPTS $ 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 DISBURSEMENTS: 7. NET PAYROLL $ 156,419 $ 165,492 $ 297,757 $ 146,889 $ 211,662 8. PAYROLL TAXES PAID 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 -- 236,879 279,750 260,897 242,028 12. INSURANCE 280,148 -- -- --$1,582,440 13. INVENTORY PURCHASES 162,287 257,863 83,785 146,466 61,262 14. VEHICLE EXPENSES -- -- -- -- 15. TRAVEL & ENTERTAINMENT 14,891 9,766 10,869 861 546 16. REPAIRS, MAINTENANCE & SUPPLIES 58,632 78,051 78,837 49,567 84,536 17. ADMINISTRATIVE & SELLING 5,339 -- 2,747 1,950 18. OTHER (attach list) 3,667,091 2,853,995 2,275,432 2,060,583 2,435,431 TOTAL DISBURSEMENTS FROM OPERATIONS $ 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 $ 4,412,856 $3,673,189 $3,090,908 $2,756,941 $3,117,506 22. NET CASH FLOW $ (65,540) $ 2,357 $ (83,946) $ 198,521 $ (288,670) 23. CASH - END OF MONTH (MOR-2) $ 295,511 $ 297,869 $ 213,923 $ 412,444 $ 123,772 CASH RECEIPTS AND FILING TO DISBURSEMENTS Feb-02 Mar-02 DATE ----------------- ---------- ---------- ------------ 1. CASH-BEGINNING OF MONTH $ 123,772 $ 165,556 $ 714,483 ---------- ---------- ------------ RECEIPTS: 2. CASH SALES $ -- -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 1,349,186 1,657,321 17,131,930 4. LOANS & ADVANCES (attach list) -- -- -- 5. SALE OF ASSETS -- -- -- 6. OTHER (attach list) 1,465,834 1,292,880 11,157,591 TOTAL RECEIPTS $2,815,019 $2,950,201 $ 28,289,521 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ 142,024 $ 157,720 $ 1,597,769 8. PAYROLL TAXES PAID 61,762 66,433 632,614 9. SALES, USE & OTHER TAXES PAID 567 4,742 11,604 10. SECURED/RENTAL/LEASES -- -- 4,486 11. UTILITIES 192,360 254,704 1,589,159 12. INSURANCE -- -- 280,148 13. INVENTORY PURCHASES 151,616 73,403 983,779 14. VEHICLE EXPENSES -- -- -- 15. TRAVEL & ENTERTAINMENT 6,593 5,975 49,710 16. REPAIRS, MAINTENANCE & SUPPLIES 55,567 39,635 470,915 17. ADMINISTRATIVE & SELLING -- -- 10,036 18. OTHER (attach list) 2,162,748 2,345,504 23,206,142 TOTAL DISBURSEMENTS FROM OPERATIONS $2,773,236 $2,948,115 $ 28,836,361 19. PROFESSIONAL FEES $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS $2,773,236 $2,948,115 $ 28,836,361 22. NET CASH FLOW $ 41,783 $ 2,086 $ (546,840) 23. CASH - END OF MONTH (MOR-2) $ 165,556 $ 167,642 $ 167,643
(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-H3-11
OTHER CASH RECEIPTS AND Sep-01 Oct-01 Nov-01 Dec-01 DISBURSEMENTS: ----------------------- ------------- ---------- ------ ------ 6. OTHER RECEIPTS: Interest Income $ -- $ -- -- 401(k) Plan Refund -- -- -- Cobra Insurance Payment 3,806 7,928 5,259 3,764 Miscellaneous 42,438 1,276 12,065 -- Royalty Owners Trust Account -- -- -- Emission Credits -- -- -- Intercompany Transfers 1,139,000 1,512,000 1,294,000 1,462,400 Account Transfers 200,000 240,000 -- TOTAL OTHER RECEIPTS $ 1,385,244 $1,761,204 $1,311,323 $1,466,164 18. OTHER DISBURSEMENTS: Lease Operating Expense $ -- $ -- -- Workover Expense -- -- -- Capital Expenditures 4,812 -- -- Revenue & Royalties -- -- 10,150 -- Interest Payment -- -- -- Employee Benefits 27,405 27,144 13,438 26,485 Severance tax -- -- -- Pre-petition checks voided in current period (2,000) -- -- Insiders -- -- -- Restricted Cash Transactions -- -- -- Contract Services 431,305 468,686 481,869 367,969 Licenses / Fees / Permits -- 19,878 89 -- Freight 101,650 87,536 100,851 59,460 Account Transfers 200,000 240,000 -- Outstanding checks to Balance to G/L (150,611) 72,328 (59,844) 168,807 CIT Revolver Payments 3,054,530 1,938,423 1,728,878 1,437,861 TOTAL OTHER DISBURSEMENTS $ 3,667,091 $2,853,995 $2,275,432 $2,060,583 OTHER CASH RECEIPTS AND Jan-02 Feb-02 Mar-02 FILING TO DISBURSEMENTS: DATE ----------------------- ---------- ---------- ---------- ----------- 6. OTHER RECEIPTS: Interest Income -- $ -- $ 545 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- 4,834 -- 31,674 Miscellaneous 32,396 1,880 170,972 Royalty Owners Trust Account -- -- Emission Credits -- -- Intercompany Transfers 1,214,000 1,461,000 1,291,000 10,244,400 Account Transfers -- 710,000 TOTAL OTHER RECEIPTS $1,246,396 $1,465,834 $1,292,880 $11,157,591 18. OTHER DISBURSEMENTS: Lease Operating Expense -- $ -- $ -- Workover Expense -- -- -- Capital Expenditures -- -- 17,812 Revenue & Royalties -- -- 10,150 Interest Payment -- -- -- Employee Benefits 27,352 27,296 41,037 245,184 Severance tax -- -- -- Pre-petition checks voided in current period -- -- (5,215) Insiders -- -- -- Restricted Cash Transactions -- -- -- Contract Services 464,117 463,768 502,800 2,687,610 Licenses / Fees / Permits 14,645 2,190 1,000 36,051 Freight 73,970 56,410 74,185 511,018 Account Transfers 393,386 200,000 210,000 1,103,386 Outstanding checks to Balance to G/L (160,665) 104,132 (125,520) (313,366) CIT Revolver Payments 1,622,626 1,308,951 1,642,003 14,473,592 TOTAL OTHER DISBURSEMENTS $2,435,431 $2,162,748 $2,345,504 $18,766,223
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01 MOR-7 ATTACHMENT CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H3-11 MARCH 2002
CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS 00100547117 00103316965 103405768 630181003508 ----------------- ----------- ------------- ----------- ------------- 1. CASH-BEGINNING OF MONTH $ 906 $ 994 $ 50,462 $ -- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 789,362 4. LOANS & ADVANCES (attach list) 5. SALE OF ASSETS 6. OTHER (attach list) -- 1,081,000 210,000 -- TOTAL RECEIPTS $ 789,362 $ 1,081,000 $ 210,000 $ -- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ $ $ 157,720 $ 8. PAYROLL TAXES PAID 66,433 9. SALES, USE & OTHER TAXES PAID 4,742 10. SECURED/RENTAL/LEASES 11. UTILITIES 254,704 12. INSURANCE 13. INVENTORY PURCHASES 73,403 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 5,975 16. REPAIRS, MAINTENANCE & SUPPLIES 39,635 17. ADMINISTRATIVE & SELLING 18. OTHER (attach list) 790,168 703,501 -- -- TOTAL DISBURSEMENTS FROM OPERATIONS $ 790,168 $ 1,081,960 $ 224,153 $ -- 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS $ 790,168 $ 1,081,960 $ 224,153 $ -- 22. NET CASH FLOW $ (806) $ (960) $ (14,153) $ -- 23. CASH - END OF MONTH (MOR-2) $ 100 $ 34 $ 36,310 $ -- CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS 5577659 1171987307 DATE ----------------- ------------- --------------- ------------- 1. CASH-BEGINNING OF MONTH $ 63,193 $ 50,000 165,556 RECEIPTS: 2. CASH SALES $ -- $ -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 867,959 1,657,321 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) -- 1,880 1,292,880 TOTAL RECEIPTS $ 867,959 $ 1,880 2,950,201 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ $ 0 157,720 8. PAYROLL TAXES PAID 66,433 9. SALES, USE & OTHER TAXES PAID 4,742 10. SECURED/RENTAL/LEASES -- 11. UTILITIES 254,704 12. INSURANCE -- 13. INVENTORY PURCHASES 73,403 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 5,975 16. REPAIRS, MAINTENANCE & SUPPLIES 39,635 17. ADMINISTRATIVE & SELLING -- 18. OTHER (attach list) 851,835 -- 2,345,504 TOTAL DISBURSEMENTS FROM OPERATIONS $ 851,835 $ -- 2,948,115 19. PROFESSIONAL FEES $ -- $ -- -- 20. U.S. TRUSTEE FEES -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS $ 851,835 $ -- 2,948,115 22. NET CASH FLOW $ 16,124 $ 1,880 2,086 23. CASH - END OF MONTH (MOR-2) $ 79,317 $ 51,880 167,642
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H3-11 March 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 Royalty Owners Trust Account Emission Credits Intercompany Transfers 1,081,000 210,000 Account Transfers TOTAL OTHER RECEIPTS $ -- $1,081,000 $ 210,000 $ -- 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures Revenue & Royalties Interest Payment Employee Benefits 41,037 Severance tax Pre-petition checks voided in current period Insiders Restricted Cash Transactions Contract Services 502,800 Licenses / Fees / Permits 1,000 Freight 74,185 Account Transfers 210,000 Outstanding checks to Balance to G/L (125,520) CIT Revolver Payments 790,168 TOTAL OTHER DISBURSEMENTS $ 790,168 $ 703,501 $ -- $ -- OTHER CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS: 5577659 1171987307 DATE ----------------------- ---------------------------------------------------- 6. OTHER RECEIPTS: Interest Income $ -- 401(k) Plan Refund -- Cobra Insurance Payment -- Miscellaneous 1,880 1,880 Royalty Owners Trust Account -- Emission Credits -- Intercompany Transfers 1,291,000 Account Transfers -- -- -- TOTAL OTHER RECEIPTS $ -- $ 1,880 $ 1,292,880 18. OTHER DISBURSEMENTS: Lease Operating Expense $ -- Workover Expense -- Capital Expenditures -- Revenue & Royalties -- Interest Payment -- Employee Benefits 41,037 Severance tax -- Pre-petition checks voided in current period -- Insiders -- Restricted Cash Transactions -- Contract Services 502,800 Licenses / Fees / Permits 1,000 Freight 74,185 Account Transfers 210,000 Outstanding checks to Balance to G/L (125,520) CIT Revolver Payments $ 851,835 1,642,003 TOTAL OTHER DISBURSEMENTS $ 851,835 $ -- $ 2,345,504
MOR-7 ATTACHMENT CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H-11 CASH ACCOUNT RECONCILIATION MONTH OF MARCH 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 $ 34 $ 79,317 $ 51,880 $ 36,310 $ 100 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS -- ADJUSTED BANK BALANCE $ 34 79,317 $ 51,880 $ 36,310 $ 100 $ -- ================================================================================================================================= BEGINNING CASH - PER BOOKS $ 994 $ 63,193 $ 50,000 $ 50,462 $ 906 $ -- RECEIPTS 867,959 1,880 789,362 TRANSFERS BETWEEN ACCOUNTS 1,081,000 -- 210,000 (WITHDRAWAL)CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS (1,081,960) (851,835) (224,153) (790,168) ENDING CASH - PER BOOKS $ 34 $ 79,317 $ 51,880 $ 36,310 $ 100 $ -- ================================================================================================================================= BANK NAME ACCOUNT NUMBER ACCOUNT TYPE TOTAL - -------------- ----------- BANK BALANCE $ 167,642 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- ADJUSTED BANK BALANCE $ 167,642 =========================================== BEGINNING CASH - PER BOOKS $ 165,556 RECEIPTS 1,659,201 TRANSFERS BETWEEN ACCOUNTS 1,291,000 (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (2,948,115) ENDING CASH - PER BOOKS $ 167,641 ===========================================
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) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 DATE - ------------------------------------- -------- -------- -------- -------- -------- -------- --------- --------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS FILING TO NAME/ORDER DATE Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-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 h96317ex99-5.txt MONTHLY OPERATING RPT.-STERLING CHEMICALS 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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 - --------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ (460,327) $ 83,333 $ 83,333 $ 88,333 $ 83,333 $ 83,333 $ 83,333 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (460,327) $ 72,339 $ 81,800 $ 66,830 $ 77,363 $ 81,888 $ 79,933 NET INCOME (LOSS) (MOR-6) $ (520,992) $ 11,674 $ 21,135 $ 6,165 $ 16,698 $ 21,223 $ 19,268 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 3 of 12 4/19/02 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 4 of 12 4/19/02
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 MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* 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
---------------------------------------------------------------------------------- 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 ---------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 13 $ 24 $ 26 $ 42 $ 48 $ 50 $ 53 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 $ 24 $ 26 $ 42 $ 48 $ 50 $ 53 ==========================================================================================================================
*Payment Requires Court Approval (1) Represents the period 7/17/01 thru 08/31/01 MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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-H-11 Chase Bank of Texas - #00100551903
CASH RECEIPTS AND FILING TO DISBURSEMENTS Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-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 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-H-11 Chase Bank of Texas - #00100551903
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-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-H-11 CASH ACCOUNT RECONCILIATION MONTH OF MARCH 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) Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 DATE ------------------------------------- -------- -------- -------- -------- -------- -------- ------------ --------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS FILING TO NAME/ORDER DATE Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-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 h96317ex99-6.txt MONTHLY OPERATING RPT.-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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 - -------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 1,122,478 $ 1,076,560 $1,116,391 $1,156,830 $1,059,266 $1,059,266 $ 1,087,139 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 884,743 $ 786,631 $ 819,067 $ 662,161 $ 584,521 $ 781,134 $ 786,914 NET INCOME (LOSS) (MOR-6) $ 162,907 $ 140,457 $ 154,684 $ 15,785 $ (61,844) $ (80,692) $ 140,569 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $ 1,289,890 $ 2,681,498 $3,848,954 $1,130,065 $2,967,841 $1,041,816 $ 1,279,695
***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 3 of 14 4/19/02 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 4 of 14 4/19/02
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 MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* 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
---------------------------------------------------------------------------------------------- Sep-2001 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 Mar-2002 ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 257 $ 467 $ 276 $ 420 $ 440 $ 656 $ 326 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- NOTES PAYABLE - INSURANCE 19,409 19,409 19,409 19,409 19,409 19,409 19,409 TAX PAYABLE: -- -- -- -- -- Federal Payroll Taxes -- -- -- -- -- State Payroll & Sales -- -- -- -- -- Ad Valorem Taxes -- -- -- -- -- Other Taxes -- -- 21 8 35 13 -- TOTAL TAXES PAYABLE $ -- $ -- $ 21 $ 8 $ 35 13 $ 12 SECURED DEBT POST-PETITION -- -- -- -- 12 ACCRUED INTEREST PAYABLE -- -- -- -- -- *ACCRUED PROFESSIONAL FEES: -- -- -- -- -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 108 70 90 110 130 150 170 2. Lease Operating Expenses/Capital -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 19,774 $ 19,946 $ 19,796 $ 19,946 $ 20,014 20,228 $ 19,917 ====================================================================================================================================
*Payment Requires Court Approval (1) Represents the period 07/17/01 thru 08/31/01. MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ------------------------------------------------------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ 507,515 $ 915,961 $ 329,491 $ 9,021 $ 19,490 RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ 392,516 3. COLLECTION OF ACCOUNTS RECEIVABLE 961,439 2,094,812 831,076 1,978,631 4. LOANS & ADVANCES (attach list) 5. SALE OF ASSETS 6. OTHER (attach list) 736,897 216 2,697,409 748,018 923,764 TOTAL RECEIPTS $ 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 DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- $ -- $ 8. PAYROLL TAXES PAID 9. SALES, USE & OTHER TAXES PAID 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 35 14,940 211,897 107,893 143,435 18. OTHER (attach list) 1,217,610 2,660,642 3,590,632 1,006,383 2,816,699 TOTAL DISBURSEMENTS FROM OPERATIONS $ 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 $ 1,289,890 $2,681,498 $3,848,954 $1,130,065 $ 2,967,841 22. NET CASH FLOW $ 408,446 $ (586,470) $ (320,470) $ 10,469 $ (65,446) 23. CASH - END OF MONTH (MOR-2) $ 915,961 $ 329,491 $ 9,021 $ 19,490 $ (45,956) CASH RECEIPTS AND FILING TO DISBURSEMENTS 2/28/02 3/31/02 DATE - ------------------------------------------------------------------------------------------------ 1. CASH-BEGINNING OF MONTH $ (45,956) $ (13,573) $ 271,082 RECEIPTS: 2. CASH SALES $ $ $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 969,180 242,792 10,308,072 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 105,019 1,063,679 26,014,204 TOTAL RECEIPTS $ 1,074,199 $ 1,306,464 $36,322,277 (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 35,293 13,458 198,674 10. SECURED/RENTAL/LEASES -- 11. UTILITIES -- 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING 9,970 137,451 646,766 18. OTHER (attach list) 996,552 1,128,786 35,734,722 TOTAL DISBURSEMENTS FROM OPERATIONS $ 1,041,816 $ 1,279,695 $36,580,162 19. PROFESSIONAL FEES $ -- $ -- 20. U.S. TRUSTEE FEES -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- TOTAL DISBURSEMENTS $ 1,041,816 $ 1,279,695 $36,580,162 22. NET CASH FLOW $ 32,383 $ 26,769 $ (257,886) 23. CASH - END OF MONTH (MOR-2) $ (13,573) $ 13,196 $ 13,196
(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: 9/30/01 10/31/01 11/30/01 - ---------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income $ 185 $ 204 401(k) Plan Refund Cobra Insurance Payment 23 Miscellaneous 3,887 12 Advance from Parent company - Sterling Chemicals Loan Advance from a subsidiary - Sterling NRO -- Return of investment from SPCUS 1,463,216 Rec'd in error, to be returned in Sep 01 SPC Ltd (328,947) cash receipts re Inter company AR 827,114 -- 1,234,170 rec'd in error and to be returned in Nov 01. 234,658 TOTAL OTHER RECEIPTS $ 736,897 $ 216 $2,697,409 18. OTHER DISBURSEMENTS: Workover Expense Capital Expenditures Interest Payment Pre-petition checks voided in current period Advance to Parent company - Sterling Chemicals 329,798 78,000 1,982,808 cash disbursements re Inter company AP 663,621 454,578 CIT revolver cash sweep 155,838 2,582,642 1,153,246 Capital contribution to SPCUS 68,353 TOTAL OTHER DISBURSEMENTS $ 1,217,610 $2,660,642 $3,590,632 OTHER CASH RECEIPTS AND 12/31/01 1/31/02 2/28/02 3/31/02 FILING TO DISBURSEMENTS: DATE - ---------------------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income 2 13 19 $ 33 $ 1,563 401(k) Plan Refund -- -- Cobra Insurance Payment -- -- Miscellaneous -- 3,922 Advance from Parent company - Sterling Chemicals -- 105,000 105,000 Loan Advance from a subsidiary - Sterling NRO -- 19,409,155 Return of investment from SPCUS 107,183 -- 1,570,399 Rec'd in error, to be returned in Sep 01 SPC Ltd -- -- cash receipts re Inter company AR 640,833 923,751 1,063,639 4,689,507 rec'd in error and to be returned in Nov 01. -- 234,658 TOTAL OTHER RECEIPTS $ 748,018 $ 923,764 $ 105,019 $ 1,063,672 $ 26,014,204 18. OTHER DISBURSEMENTS: Workover Expense -- -- Capital Expenditures -- -- Interest Payment -- -- Pre-petition checks voided in current period -- -- Advance to Parent company - Sterling Chemicals 484,482 119,811 949,787 26,262,104 cash disbursements re Inter company AP 228,534 440,050 31,852 1,818,635 CIT revolver cash sweep 293,367 1,891,948 996,552 147,147 7,220,740 Capital contribution to SPCUS 364,890 433,243 TOTAL OTHER DISBURSEMENTS $1,006,383 $ 2,816,699 $ 996,552 $ 1,128,786 $ 35,734,722
(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 MONTH OF MARCH 31, 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 (30,203) 15,530 (13,573) =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 147,147 -- 95,645 242,792 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) -- -- 1,063,639 15,033 1,078,672 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS 147,147 -- 1,159,284 15,033 1,321,464 --------------- --------------- --------------- --------------- --------------- (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 13,458 13,458 10. SECURED/RENTAL/LEASES -- 11. UTILITIES -- 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING 132,409 5,042 137,451 18. OTHER (attach list) 147,147 -- 996,639 -- 1,143,786 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 147,147 -- 1,129,048 18,500 1,294,695 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 147,147 -- 1,129,048 18,500 1,294,695 =============== =============== =============== =============== =============== 22. NET CASH FLOW -- -- 30,236 (3,467) 26,769 23. CASH - END OF MONTH (MOR-2) 1,000 100 33 12,063 13,196
(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 MARCH 31, 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 Advance from Parent company - Sterling Chemicals 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 $1,063,639 rec'd in error and to be returned in Oct 01. TOTAL OTHER RECEIPTS $ -- $ -- $1,063,639 18. OTHER DISBURSEMENTS: Transfer Between Accounts 15,000 Capital Expenditures Interest Payment Pre-petition checks voided in current period Advance to Parent company - Sterling Chemicals 949,787 cash disbursements re Inter company AP 31,852 CIT revolver cash sweep 147,147 Capital contribution to SPCUS -- TOTAL OTHER DISBURSEMENTS $ 147,147 $ -- $ 996,639 CIBC OTHER CASH RECEIPTS AND 77-01713 DISBURSEMENTS: Checking Total - -------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income 33 $ 33 401(k) Plan Refund -- Advance from Parent company - Sterling Chemicals -- Miscellaneous -- -- Transfer Between Accounts 15,000 15,000 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 1,063,639 rec'd in error and to be returned in Oct 01. -- TOTAL OTHER RECEIPTS $ 15,033 $ -- $ 1,078,672 18. OTHER DISBURSEMENTS: Transfer Between Accounts 15,000 Capital Expenditures -- Interest Payment -- Pre-petition checks voided in current period -- Advance to Parent company - Sterling Chemicals -- 949,787 cash disbursements re Inter company AP -- 31,852 CIT revolver cash sweep 147,147 Capital contribution to SPCUS -- TOTAL OTHER DISBURSEMENTS $ -- $ -- $ 1,143,786
(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 MARCH 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 $ 1,000 $ 100 $ 33 $ 1,134 $ 25,520 $ 26,654 DEPOSIT IN TRANSIT -- -- OUTSTANDING CHECKS -- (13,458) (13,458) ADJUSTED BANK BALANCE $ 1,000 $ 100 $ 33 $ 1,134 $ 12,062 $ -- $ -- $ 13,196 BEGINNING CASH - PER BOOKS $ 1,000 $ 100 $ (30,203) $ (29,103) $ 15,530 $ (13,573) RECEIPTS 147,147 1,159,284 1,306,431 33 $ 1,306,464 TRANSFERS BETWEEN ACCOUNTS (15,000) (15,000) 15,000 -- (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (147,147) (1,114,048) (1,261,195) (18,500) $ (1,279,695) ENDING CASH - PER BOOKS $ 1,000 $ 100 $ 33 $ 1,133 $ 12,063 $ -- $ -- $ 13,196
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 Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 FILING TO /COMP TYPE (2) DATE - -------------------------------------------------------------------------------------------------------------------------------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 FILING TO NAME/ORDER DATE DATE - -------------------------------------------------------------------------------------------------------------------------------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- TOTAL PROFESSIONALS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
(1) REPRESENTS THE PERIOD 07/ (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 h96317ex99-7.txt MONTHLY OPERATING RPT.-STERLING PULP CHEM. US, INC 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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 - -------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 358,476 $ 289,723 $285,909 $288,348 $328,152 $239,252 $ 286,617 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (82,781) $(133,798) $(74,164) $(77,489) $(81,177) $(59,026) $ (49,004) NET INCOME (LOSS) (MOR-6) $ (82,781) $(133,798) $(74,164) $(77,489) $(81,177) $(59,026) $ (49,004) 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 3 of 12 4/19/02 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 4 of 12 4/19/02
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 MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* 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
-------------------------------------------------------------------------------------------- Sep-2001 Oct-2001 Jan-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 -------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 426 $ 1,043 $ 571 $ 505 $ 515 $ 949 $ 367 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 37 114 98 127 133 114 94 2. Lease Operating Expenses/Capital -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 463 $ 1,157 $ 669 $ 632 $ 648 $ 1,063 $ 461 ===================================================================================================================================
*Payment Requires Court Approval (1) Represents the period 07/17/01 thru 08/31/01. MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 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 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 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 3/31/02 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 MARCH 31, 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.)
==================================================================================================================================== Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 FILING TO INSIDERS: NAME/POSITION/COMP TYPE (2) DATE - ------------------------------------------------------------------------------------------------------------------------------------ 1. $ - $ - $ - $ - $ - $ - $ - $ - - ------------------------------------------------------------------------------------------------------------------------------------ 2. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 3. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 4. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 5. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 6. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 7. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 8. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ 9. - - - - - - - - - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INSIDERS (MOR-1) $ - $ - $ - $ - $ - $ - $ - $ - ====================================================================================================================================
==================================================================================================================================== Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-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 h96317ex99-8.txt MONTHLY OPERATING RPT.-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: MARCH YEAR: 2002
MONTH 9/30/01 10/31/01 11/30/01 - -------------------------------------------------------------------------------- REVENUES (MOR-6) $2,936,623 $3,168,738 $2,729,574 INCOME BEFORE INT. DEPREC./TAX (MOR-6) 405,982 $ 405,925 $ 438,056 NET INCOME (LOSS) (MOR-6) 400 $ 736 $ 32,982 PAYMENTS TO INSIDERS (MOR-9) -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $5,097,690 $6,563,984 $8,489,123 MONTH 12/31/01 1/31/02 2/28/02 3/31/02 - -------------------------------------------------------------------------------------------- REVENUES (MOR-6) $3,383,414 $3,335,583 $3,227,039 $3,175,608 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 686,339 $ 639,912 $ 573,082 $ 561,378 NET INCOME (LOSS) (MOR-6) $ 281,280 $ 232,478 $ 245,985 $ 236,593 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $5,442,236 $7,258,781 $4,778,478 $7,005,690
***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 3 of 15 4/19/02 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 4 of 15 4/19/02
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 MARCH 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 $ 171 $ 636 $ - $ 168 Trade accounts receivable, net - 44,243 66 2,566 Other Receivables - 786 - 2,789 Due from affiliates 1,088 23,250 13,271 - Inventories - 27,259 - 8,532 Prepaid expenses 33 3,326 - 33 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,292 99,500 13,337 14,088 Property, plant and equipment, net - 123,661 2,948 6,025 Deferred income taxes - - - - Investments-Third Party - 1,500 5,146 - Investments in Subs 35,060 94,735 - - Other assets 865 34,854 - 1,282 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,217 $ 354,250 $ 21,431 $ 21,395 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 152,846 1,057 6,314 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 34,227 - 8,596 Unsecured debt 186,538 267,452 1,110 70,403 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - 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 (986) (60,226) 3,930 (6,913) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,618) (511,066) 19,264 (136,968) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,618) (513,603) 19,264 (136,968) TOTAL LIABILITIES AND EQUITY $ 37,217 $ 354,250 $ 21,431 $ 21,395 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 13 $ - $ - Trade accounts receivable, net - 3,057 873 4,660 Other Receivables - 4,379 - - Due from affiliates 3,134 53,499 572 6,412 Inventories - - 240 1,845 Prepaid expenses (283) - - - Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,851 60,948 1,685 12,917 Property, plant and equipment, net - - - 42,533 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,900 1,558 - Other assets 2,616 4,258 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,467 $ 361,106 $ 3,243 $ 55,450 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 53 25,099 461 1,537 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 549 10,087 - - Unsecured debt 840 265,052 170 62,343 Other / Intercompany - - - 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 4,109 1,557 Retained earnings-Filing Date 779 (90,594) (877) (10,909) Retained earnings-Post Filing Date (406) 914 (620) 922 Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 373 (6,284) 2,612 (8,430) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 373 (6,284) 2,612 (8,430) TOTAL LIABILITIES AND EQUITY $ 5,467 $ 361,106 $ 3,243 $ 55,450 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 988 Trade accounts receivable, net - 55,465 Other Receivables - 7,954 Due from affiliates (101,596) (370) Inventories - 37,876 Prepaid expenses - 3,109 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (101,596) 105,022 Property, plant and equipment, net - 175,167 Deferred income taxes - - Investments-Third Party - 6,646 Investments in Subs (381,799) 45,454 Other assets (1) 43,874 -------------------------------- TOTAL ASSETS $(483,396) $ 376,163 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (39,358) 148,009 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,144) 44,315 Unsecured debt (132,624) 721,284 Other / Intercompany (201,020) - 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 (40,376) (546,056) Retained earnings-Filing Date - (244,777) Retained earnings-Post Filing Date - (63,385) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,377) (857,494) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,377) (860,031) TOTAL LIABILITIES AND EQUITY $(483,396) $ 376,163 ================================
* 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
---------------------------------------------------------------------------------------------- Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 2,220 $ 2,039 $ 308 $ 1,088 $ 1,438 2,652 $ 1,043 ROYALTY AND REVENUE PAYABLE -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- TAX PAYABLE: -- -- Federal Payroll Taxes -- -- -- -- State Payroll & Sales -- -- -- -- Ad Valorem Taxes -- -- -- -- Other Taxes 50 76 102 129 155 100 120 TOTAL TAXES PAYABLE $ 50 $ 76 $ 102 $ 129 $ 155 $ 100 $ 120 SECURED DEBT POST-PETITION -- -- -- -- ACCRUED INTEREST PAYABLE -- -- -- -- *ACCRUED PROFESSIONAL FEES: -- -- -- -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 447 323 346 487 360 321 374 2. Lease Operating Expenses/Capital -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 2,716 $ 2,438 $ 756 $ 1,703 $ 1,953 $ 3,073 $ 1,537 ====================================================================================================================================
*Payment Requires Court Approval (1) Represents the period 07/17/01 thru 08/31/01. MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MARCH 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $187,367 $ 176,145 $ 6 $ 437 $ 5,514 $ 5,265 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 39,000 $ 39,000 $ -- $ -- $ -- $ -- 31-60 1,181 1,181 -- -- -- -- 61-90 3,223 3,223 -- -- -- -- 91 + 24,217 24,217 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 67,621 $ 67,621 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 MARCH 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) $ -- $ 21,923,335 $ (192,124) $ 1,554,279 TOTAL COST OF REVENUES -- 19,697,291 (192,124) 1,813,762 GROSS PROFIT $ -- $ 2,226,044 $ -- $ (259,483) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 960 $ 915,630 $ -- $ 162,097 Insiders Compensation -- 150,683 -- -- Professional Fees -- 1,369,747 -- -- Other (Earnings in Joint Venture) -- (61,716) 61,716 -- TOTAL OPERATING EXPENSE $ 960 $ 2,374,344 $ 61,716 $ 162,097 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (960) $ (148,300) $ (61,716) $ (421,580) INTEREST EXPENSE (includes amort of debt fees) (166) 2,354,624 -- 614,434 DEPRECIATION -- 1,860,833 -- 47,571 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (166) $ 4,215,457 $ -- $ 662,005 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (794) $ (4,363,757) $ (61,716) $ (1,083,585) INCOME TAXES -- -- (6,793) -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (794) $ (4,363,757) $ (54,923) $ (1,083,585) ==================================================================================================================================== 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 $ 1,087,139 $ 286,617 TOTAL COST OF REVENUES -- 46,546 405,159 GROSS PROFIT $ 83,333 $ 1,040,593 $ (118,542) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 3,400 $ 253,679 $ (69,538) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 3,400 $ 253,679 $ (69,538) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 79,933 $ 786,914 $ (49,004) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,550 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,345 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 19,268 $ 140,569 $ (49,004) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 19,268 $ 140,569 $ (49,004) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,175,608 $ (83,333) $ 27,834,854 TOTAL COST OF REVENUES 1,987,571 (83,333) 23,674,872 GROSS PROFIT $ 1,188,037 $ -- $ 4,159,982 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 626,659 $ (558,861) 1,334,026 Insiders Compensation -- -- 150,683 Professional Fees -- -- 1,369,747 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 626,659 $ (558,861) $ 2,854,456 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 561,378 $ 558,861 1,305,526 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,725,968 DEPRECIATION 324,785 -- 2,741,984 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 324,785 $ 558,861 $ 6,467,952 ================================================================================================================= NET INCOME BEFORE TAXES $ 236,593 $ -- $ (5,162,426) INCOME TAXES -- -- (6,793) ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 236,593 $ -- $ (5,155,633) =================================================================================================================
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 9/30/01 10/31/01 11/30/01 12/31/01 1/31/02 - ---------------------------------------------------------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ (78,711) $ 170,374 $ 238,608 $ (13,646) $ 147,113 ----------- ---------- ---------- ---------- ---------- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- ----------- ---------- ---------- ---------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 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) 3,159,466 3,111,505 5,584,297 3,171,616 2,478,016 ----------- ---------- ---------- ---------- ---------- TOTAL RECEIPTS $ 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 ----------- ---------- ---------- ---------- DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- $ -- $ -- ----------- ---------- ---------- ---------- 8. PAYROLL TAXES PAID -- -- -- -- ----------- ---------- ---------- ---------- 9. SALES, USE & OTHER TAXES PAID -- -- -- -- ----------- ---------- ---------- ---------- 10. SECURED/RENTAL/LEASES 2,538 3,198 4,558 1,472 669 ----------- ---------- ---------- ---------- ---------- 11. UTILITIES 1,077,734 2,383,745 1,703,174 1,118,571 682,974 ----------- ---------- ---------- ---------- ---------- 12. INSURANCE -- -- -- -- -- ----------- ---------- ---------- ---------- ---------- 13. INVENTORY PURCHASES 251,647 291,355 318,099 296,353 289,263 ----------- ---------- ---------- ---------- ---------- 14. VEHICLE EXPENSES -- -- -- -- 142 ----------- ---------- ---------- ---------- ---------- 15. TRAVEL & ENTERTAINMENT 487 8,200 3,731 2,238 2,751 ----------- ---------- ---------- ---------- ---------- 16. REPAIRS, MAINTENANCE & SUPPLIES 71,367 82,154 141,233 61,693 94,732 ----------- ---------- ---------- ---------- ---------- 17. ADMINISTRATIVE & SELLING 228,571 202,541 238,024 131,898 228,742 ----------- ---------- ---------- ---------- ---------- 18. OTHER (attach list) 3,465,346 3,592,791 6,080,303 3,830,011 5,959,508 ----------- ---------- ---------- ---------- ---------- TOTAL DISBURSEMENTS FROM OPERATIONS $ 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 $ 5,097,690 $6,563,984 $8,489,123 $5,442,236 $7,258,781 ----------- ---------- ---------- ---------- ---------- 22. NET CASH FLOW $ 249,085 $ 68,234 $ (252,254) $ 160,759 $ (96,985) ----------- ---------- ---------- ---------- ---------- 23. CASH - END OF MONTH (MOR-2) $ 170,374 $ 238,608 $ (13,646) $ 147,113 $ 50,128 =========== ========== ========== ========== ========== ================================================================================================ CASH RECEIPTS AND FILING TO DISBURSEMENTS 2/28/02 3/31/02 DATE ------------------------------------------------------------------------------------------------ 1. CASH-BEGINNING OF MONTH $ 50,128 $ (45,869) $ 308,953 ---------- ------------ ----------- RECEIPTS: 2. CASH SALES $ -- $ $ -- ---------- ----------- ----------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,872,054 3,070,216 26,011,501 ---------- ----------- ----------- 4. LOANS & ADVANCES (attach list) -- -- ---------- ----------- ----------- 5. SALE OF ASSETS -- -- ---------- ----------- ----------- 6. OTHER (attach list) 1,810,427 3,894,062 25,203,421 ---------- ----------- ----------- TOTAL RECEIPTS $4,682,481 $ 6,964,278 $51,214,922 ---------- ----------- ----------- (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 906 700 1,606 ---------- ------------ ----------- 10. SECURED/RENTAL/LEASES 680 1,070,005 1,087,122 ---------- ------------ ----------- 11. UTILITIES 1,207,375 -- 8,721,573 ---------- ------------ ----------- 12. INSURANCE -- 269,741 269,741 ---------- ------------ ----------- 13. INVENTORY PURCHASES 245,145 46 1,880,123 ---------- ------------ ----------- 14. VEHICLE EXPENSES -- 126 268 ---------- ------------ ----------- 15. TRAVEL & ENTERTAINMENT 2,334 130,331 151,679 ---------- ------------ ----------- 16. REPAIRS, MAINTENANCE & SUPPLIES 106,723 198,980 892,827 ---------- ------------ ----------- 17. ADMINISTRATIVE & SELLING 219,941 1,504,175 ---------- ------------ ----------- 18. OTHER (attach list) 2,995,373 5,335,761 37,102,042 ---------- ------------ ----------- TOTAL DISBURSEMENTS FROM OPERATIONS $4,778,478 $ 7,005,690 $51,611,156 ---------- ------------ ----------- 19. PROFESSIONAL FEES $ -- $ -- $ -- ---------- ------------ ----------- 20. U.S. TRUSTEE FEES -- -- -- ---------- ------------ ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- ---------- ------------ ----------- TOTAL DISBURSEMENTS $4,778,478 $ $51,611,156 ---------- ------------ ----------- 22. NET CASH FLOW $ (95,997) $ 6,964,278 $ (396,234) ---------- ------------ ----------- 23. CASH - END OF MONTH (MOR-2) $ (45,869) $ 6,918,409 $ (87,281) ========== ============ ===========
(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 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-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 120,020 505 40,880 223,586 36,733 43,427 9,445 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Cash advance from Sterling Chemicals 1,750,000 3,111,000 2,347,000 1,840,500 1,318,000 1,767,000 1,846,000 cash receipts re Inter company AR 1,289,446 3,196,417 1,107,530 927,448 -- 2,038,617 Capital Contribution from SPCUS 195,835 ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER RECEIPTS $3,159,466 $3,111,505 $5,584,297 $3,171,616 $2,478,016 $1,810,427 $3,894,062 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 18.OTHER DISBURSEMENTS: Capital Expenditures $ 73,370 $ 81,005 $ 39,534 $ 106,606 $ 45,835 $ 73,428 $ 150,489 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Interest Payment -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Restricted Cash - Bond Funding -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Pre-petition checks voided in current period -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Trade AR receipts of an affiliated co. SPC LTD -- -- -- -- 36,733 -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- CIT revolver cash sweep 2,102,530 3,511,786 2,844,352 2,615,871 4,753,659 2,921,945 3,146,655 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 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 -- 2,038,617 ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER DISBURSEMENTS $3,465,346 $3,592,791 $6,080,303 $3,830,011 $5,959,508 $2,995,373 $5,335,761 ========== ========== ========== ========== ========== ========== ==========
========================================================= 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 922,628 ----------- Cash advance from Sterling Chemicals 15,525,500 cash receipts re Inter company AR Capital Contribution from SPCUS ----------- TOTAL OTHER RECEIPTS $16,448,128 ----------- 18.OTHER DISBURSEMENTS: Capital Expenditures $570,270.92 ----------- 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 $ 2,794,886 ===========
(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 MARCH 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 $ 67,994 $ 100 $ (136,151) $ 22,189 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,598,945 471,271 -- -- ------------ --------------- --------------- ---------------- ----- ------ 4. LOANS & ADVANCES (attach list) -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 5. SALE OF ASSETS -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 6. OTHER (attach list) 9,445 -- 3,884,617 25,000 -- -- ------------ --------------- --------------- ---------------- ----- ------ TOTAL RECEIPTS $ 2,608,390 $ 471,271 $ 3,884,617 $ 25,000 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ (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 700 -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 11. UTILITIES 1,070,005 -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 12. INSURANCE -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 13. INVENTORY PURCHASES 269,741 -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 14. VEHICLE EXPENSES -- 46 -- -- ------------ --------------- --------------- ---------------- ----- ------ 15. TRAVEL & ENTERTAINMENT 126 -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 16. REPAIRS, MAINTENANCE & SUPPLIES 119,100 11,231 -- -- ------------ --------------- --------------- ---------------- ----- ------ 17. ADMINISTRATIVE & SELLING 198,859 121 -- -- ------------ --------------- --------------- ---------------- ----- ------ 18. OTHER (attach list) 2,675,384 471,271 2,205,571 8,535 -- -- ------------ --------------- --------------- ---------------- ----- ------ TOTAL DISBURSEMENTS FROM OPERATIONS $ 2,675,384 $ 471,271 $ 3,864,102 $ 19,933 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 20. U.S. TRUSTEE FEES -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- ------------ --------------- --------------- ---------------- ----- ------ TOTAL DISBURSEMENTS $ 2,675,384 $ 471,271 $ 3,864,102 $ 19,933 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 22. NET CASH FLOW $ (66,994) $ -- $ 20,515 $ 5,067 $ -- $ -- ------------ --------------- --------------- ---------------- ----- ------ 23. CASH - END OF MONTH (MOR-2) $ 1,000 $ 100 $ (115,636) $ 27,256 $ -- $ -- ============ =============== =============== ================ ===== ====== =================================================================== CASH RECEIPTS AND DISBURSEMENTS TOTAL ------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ (45,868) ----------- RECEIPTS: 2. CASH SALES $ -- ----------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 3,070,216 ----------- 4. LOANS & ADVANCES (attach list) -- ----------- 5. SALE OF ASSETS -- ----------- 6. OTHER (attach list) 3,919,062 ----------- TOTAL RECEIPTS $ 6,989,278 ----------- (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 700 ----------- 11. UTILITIES 1,070,005 ----------- 12. INSURANCE -- ----------- 13. INVENTORY PURCHASES 269,741 ----------- 14. VEHICLE EXPENSES 46 ----------- 15. TRAVEL & ENTERTAINMENT 126 ----------- 16. REPAIRS, MAINTENANCE & SUPPLIES 130,331 ----------- 17. ADMINISTRATIVE & SELLING 198,980 ----------- 18. OTHER (attach list) 5,360,761 ----------- TOTAL DISBURSEMENTS FROM OPERATIONS $ 7,030,690 ----------- 19. PROFESSIONAL FEES $ -- ----------- 20. U.S. TRUSTEE FEES -- ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- ----------- TOTAL DISBURSEMENTS $ 7,030,690 ----------- 22. NET CASH FLOW $ (41,412) ----------- 23. CASH - END OF MONTH (MOR-2) $ (87,281) ===========
(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 MARCH 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 25,000 25,000 ---------- ---------- ---------- ---------- ---------- Cash advance from Sterling Chemicals -- 1,846,000 1,846,000 Funds belonging to Sterling Pulp Chemicals Ltd. 9,445 -- -- 9,445 rec'd in error and to be returned in Sept 01. -- cash receipts re Inter company AR 2,038,617 2,038,617 ---------- ---------- ---------- ---------- ---------- Return of investment from SPCUS -- -- TOTAL OTHER RECEIPTS $ 9,445 $ -- $3,884,617 $ 25,000 $3,919,062 ---------- ---------- ---------- ---------- ---------- 18.OTHER DISBURSEMENTS: Transfer Between Accounts 25,000 25,000 Capital Expenditures $ $ $ 141,954 $ 8,535 $ 150,489 ---------- ---------- ---------- ---------- ---------- Trade AR receipts of an affiliated co. SPC LTD -- -- ---------- ---------- ---------- ---------- ---------- Pre-petition checks voided in current period -- ---------- ---------- ---------- ---------- ---------- Advance to Parent company - Sterling Chemicals -- -- ---------- ---------- ---------- ---------- ---------- cash disbursements re Inter company AP 2,038,617 2,038,617 ---------- ---------- ---------- ---------- ---------- CIT revolver cash sweep 2,675,384 471,271 3,146,655 ---------- ---------- ---------- ---------- ---------- Return of investment to SPCUS -- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER DISBURSEMENTS $2,675,384 $ 471,271 $2,205,571 $ 8,535 $5,360,761 ========== ========== ========== ========== ==========
(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 MARCH 31, 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 $ 1,000 $ 100 $ 925 $ 2,024 $ 28,854 $ 30,878 - ---------------------------------------------------------------------------------------------------------------------------------- DEPOSIT IN TRANSIT 1,764 $ 1,764 1,764 - ---------------------------------------------------------------------------------------------------------------------------------- OUTSTANDING CHECKS (118,326) (118,326) (1,598) (119,924) - ---------------------------------------------------------------------------------------------------------------------------------- ADJUSTED BANK BALANCE $ 1,000 $ 100 $ (115,637) $ (114,538) $ 27,256 $ - $ - $ (87,282) - ---------------------------------------------------------------------------------------------------------------------------------- BEGINNING CASH - PER BOOKS $ 67,994 $ 100 $ (136,151) $ (68,058) $ 22,189 (45,869) - ---------------------------------------------------------------------------------------------------------------------------------- RECEIPTS 2,608,391 471,271 3,884,699 6,964,360 - 6,964,360 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSFERS BETWEEN ACCOUNTS (25,000) (25,000) 25,000 - - ---------------------------------------------------------------------------------------------------------------------------------- (WITHDRAWAL)CONTRIBUTION- - - ---------------------------------------------------------------------------------------------------------------------------------- BY INDIVIDUAL DEBTOR MFR-2 - - ---------------------------------------------------------------------------------------------------------------------------------- CHECKS/OTHER DISBURSEMENTS (2,675,384) (471,271) (3,839,184) (6,985,839) (19,933) (7,005,772) - ---------------------------------------------------------------------------------------------------------------------------------- ENDING CASH - PER BOOKS $ 1,000 $ 100 $ (115,636) $ (114,537) $ 27,256 $ - $ - $ (87,281) ==================================================================================================================================
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.)
=================================================================================================================================== Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 FILING TO INSIDERS: NAME/POSITION/COMP TYPE (2) DATE 1. $-- $-- $-- $-- $-- $-- $-- $-- --- --- --- --- --- --- --- --- 2. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 3. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 4. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 5. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 6. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 7. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 8. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 9. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- TOTAL INSIDERS (MOR-1) $-- $-- $-- $-- $-- $-- $-- $-- === === === === === === === ===
============================================================================================================================= Sep-2001 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-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-----