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