-----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, I4UynYWRKnrh8T9A6JFz4AszEMZ7pSaHbMZ5xs5HYOquDaQs09tZfTqJUEiX/Xy5 JGpTHMmCCZWpAfbZO3kdTw== 0000950129-02-002785.txt : 20020528 0000950129-02-002785.hdr.sgml : 20020527 20020528164156 ACCESSION NUMBER: 0000950129-02-002785 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20020520 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20020528 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: 02663694 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: 02663695 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 h97319e8vk.txt STERLING CHEMICALS HOLDINGS, INC. - MAY 20, 2002 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM 8-K CURRENT REPORT FILED PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 20, 2002 STERLING CHEMICALS HOLDINGS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 1-00059 76-0185186 (STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER JURISDICTION OF INCORPORATION FILE NUMBER) IDENTIFICATION NO.) OR ORGANIZATION) 1200 SMITH STREET, SUITE 1900 HOUSTON, TEXAS 77002-4312 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) (713) 650-3700 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ------------------------ STERLING CHEMICALS INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 333-04343-01 76-0502785 (STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER JURISDICTION OF INCORPORATION FILE NUMBER) IDENTIFICATION NO.) OR ORGANIZATION) 1200 SMITH STREET, SUITE 1900 HOUSTON, TEXAS 77002-4312 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) (713) 650-3700 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ------------------------ ================================================================================ ITEM 7. EXHIBITS Exhibit 99.1 -- Monthly Operating Report for Sterling Chemicals Holdings, Inc. for April 2002. Exhibit 99.2 -- Monthly Operating Report for Sterling Chemicals, Inc. for April 2002. Exhibit 99.3 -- Monthly Operating Report for Sterling Chemicals Energy, Inc. for April 2002. Exhibit 99.4 -- Monthly Operating Report for Sterling Fibers, Inc. for April 2002. Exhibit 99.5 -- Monthly Operating Report for Sterling Chemicals International, Inc. for April 2002. Exhibit 99.6 -- Monthly Operating Report for Sterling Canada, Inc. for April 2002. Exhibit 99.7 -- Monthly Operating Report for Sterling Pulp Chemicals US, Inc. for April 2002. Exhibit 99.8 -- Monthly Operating Report for Sterling Pulp Chemicals, Inc. for April 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 April 2002. The monthly operating reports filed herewith contain unaudited financial information that is subject to future reconciliations and adjustments that April 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: May 28, 2002 By: /s/ DAVID G. ELKINS ------------------------------------- David G. Elkins, President STERLING CHEMICALS INC. Date: May 28, 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 April 2002. Exhibit 99.2 -- Monthly Operating Report for Sterling Chemicals, Inc. for April 2002. Exhibit 99.3 -- Monthly Operating Report for Sterling Chemicals Energy, Inc. for April 2002. Exhibit 99.4 -- Monthly Operating Report for Sterling Fibers, Inc. for April 2002. Exhibit 99.5 -- Monthly Operating Report for Sterling Chemicals International, Inc. for April 2002. Exhibit 99.6 -- Monthly Operating Report for Sterling Canada, Inc. for April 2002. Exhibit 99.7 -- Monthly Operating Report for Sterling Pulp Chemicals US, Inc. for April 2002. Exhibit 99.8 -- Monthly Operating Report for Sterling Pulp Chemicals, Inc. for April 2002. EX-99.1 3 h97319exv99w1.txt MONTHLY OPERATING REPORTS - STERLING CHEM HOLDINGS EXHIBIT 99.1 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS HOLDINGS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37805-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 - ----------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ -- $ -- $ -- $ -- $ -- $ -- $ -- INCOME BEFORE INT. DEPREC./TAX (MOR-6) $(61,848) $ -- $ (967) $(51,350) $ (957) $ (960) $(46,778) NET INCOME (LOSS) (MOR-6) $(56,126) $ 9,797 $(128,714) $(51,166) $ (775) $ (794) $(46,590) 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 5/17/02 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 5/17/02
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 APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
---------------------------------------------------------------------------------- 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 ---------------------------------------------------------------------------------- (revised) (revised) (revised) TRADE ACCOUNTS PAYABLE $ -- $ -- $ -- $ -- $ -- $ -- $ -- 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) $ -- $ -- $ -- $ -- $ -- $ -- $ -- ===========================================================================================================================
*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 APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 DATE - ----------------- --------- --------- --------- --------- ------- ------- -------- ---------- 1. CASH-BEGINNING OF MONTH 1,370,865 1,365,144 723,230 170,226 170,410 170,592 170,758 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) (5,722) 9,797 286 184 182 166 188 13,866 --------- --------- --------- -------- ------- ------- ------- ---------- TOTAL RECEIPTS (5,722) 9,797 286 184 182 166 188 13,866 --------- --------- --------- -------- ------- ------- ------- ---------- (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 (5,722) (641,913) (553,005) 184 182 166 188 (1,191,135) 23. CASH - END OF MONTH (MOR-2) 1,365,144 723,230 170,226 170,410 170,592 170,758 170,946 170,946
MOR-7 CASE NAME: STERLING CHEMICALS HOLDINGS, INC. CASE NUMBER: 01-37805-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 DATE ----------------------- ------ ------ ------ ------ ------ ------ -------- --------- 6. OTHER RECEIPTS: Interest Income (5,722) 9,797 286 184 182 166 188 13,866 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Miscellaneous -- -- -- -- -- -- -- -- Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- ------ ------ ------ ------ ------ ------ -------- -------- TOTAL OTHER RECEIPTS (5,722) 9,797 286 184 182 166 188 13,866 ====== ====== ====== ====== ====== ====== ======== ======== 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 RECEIPTS AND Chase Chase Total DISBURSEMENTS 00100547125 00100535021 Debtor - ----------------- ----------- ------------ ------------ 1. CASH-BEGINNING OF MONTH -- 170,758 170,758 =========== ============ ============ RECEIPTS: 2. CASH SALES -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- -- -- 4. LOANS & ADVANCES (attach list) -- -- -- 5. SALE OF ASSETS -- -- -- 6. OTHER (attach list) -- 188 188 ----------- ------------ ------------ TOTAL RECEIPTS -- 188 188 ----------- ------------ ------------ (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 -- 188 188 23. CASH - END OF MONTH (MOR-2) -- 170,946 170,946
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 -- 188 188 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Miscellaneous -- -- -- Royalty Owners Trust Account -- -- -- Emission Credits -- -- -- -- -- -- -- -- ----------- ----------- -------- TOTAL OTHER RECEIPTS -- 188 188 =========== =========== ======== 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 APRIL 2002 ------------
Closed BANK NAME Chase Bk of TX Chase Bk of TX ACCOUNT NUMBER 00100547125 0010535021 ACCOUNT TYPE Concentration Concentration TOTAL - -------------- ------------- -------------- ---------- BANK BALANCE $ -- $ 170,946 $ 170,946 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- OTHER ------------- -------------- ------ ------ ------ ------ ------ ------ ---------- ADJUSTED BANK BALANCE $ -- $ 170,946 $ -- $ -- $ -- $ -- $ -- $ -- $ 170,946 ============= ============== ====== ====== ====== ====== ====== ====== ========== BEGINNING CASH - PER BOOKS $ -- $ 170,758 $ 170,758 RECEIPTS 188 188 TRANSFERS BETWEEN ACCOUNTS -- (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS -- -- ------------- -------------- ------ ------ ------ ------ ------ ------ ---------- ENDING CASH - PER BOOKS $ -- $ 170,946 $ -- $ -- $ -- $ -- $ -- $ -- $ 170,946 ============= ============== ====== ====== ====== ====== ====== ====== ==========
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) Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-02 Mar-02 Apr-2002 DATE - --------------------------------------- -------- -------- -------- -------- -------- ------- -------- ---------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- ------- -------- ---------- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ======= ======== ==========
PROFESSIONALS FILING TO NAME/ORDER DATE Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-02 Mar-02 Apr-2002 DATE - ------------------------- -------- ----------- ----------- -------- ------ ------------ -------- ----------- 1. Skadden, Arps, Slate, Meagher & Flom LLP $ -- $418,494.62 $553,291.25 $ -- $ -- $ -- $ -- $971,785.87 2. Arthur Andersen -- 233,215.40 -- -- -- -- -- 233,215 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- -------- ----------- ----------- -------- ------ ------------ -------- ----------- TOTAL PROFESSIONALS (MOR-1) $ -- $ 651,710 $ 553,291 $ -- $ -- $ -- $ -- $ 1,205,001 ======== =========== =========== ======== ====== ============ ======== ===========
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01. (2) THE DEBTOR HAS LIMITED THE SCOPE OF ITS ANSWER TO (i) DIRECTORS, (ii) OFFICERS DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SECURITIES AND EXCHANGE ACT OF 1934, (iii) AFFILIATES; AND (iv) PARTIES TO THE VOTING AGREEMENT GRANTING AUTHORITY TO DESIGNATED THE NOMINEES WHO BENEFIT FROM THE VOTING AGREEMENT. INFORMATION AS TO OFFICERS WHO ARE NOT DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SEC ACT OF 1934 HAS BEEN COMPLIED BY THE DEBTOR AND WILL BE PROVIDED TO THE OFFICE OF THE UNITED STATES TRUSTEE AND TO THE COUNCIL FOR THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS UPON REQUEST. SUCH INFORMATION PRIMARILY RELATES TO COMPENSATION, BENEFITS AND EXPENSE REIMBURSEMENTS PAYMENTS MADE TO SUCH OFFICERS AS EMPLOYEES OF THE DEBTOR. IT IS THE POLICY OF THE DEBTOR TO PRESERVE THE CONFIDENTIALITY OF SUCH INFORMATION ON BEHALF OF ITS EMPLOYEES. (3) ALL PAYMENTS TO DIRECTORS AND OFFICERS, AS DEFINED IN FOOTNOTE (2) ABOVE, ARE MADE BY STERLING CHEMICALS, INC., A JOINTLY ADMINISTERED DEBTOR (CASE #01-37806-H4-11. MOR-9 EX-99.2 4 h97319exv99w2.txt MONTHLY OPERATING REPORT - STERLING CHEMICALS INC EXHIBIT 99.2 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37806-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 - ------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 21,691,268 $ 21,898,981 $ 18,571,799 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (1,550,037) $ (4,402,886) $ (1,583,651) NET INCOME (LOSS) (MOR-6) $ (5,850,757) $ (8,543,837) $ (5,648,707) PAYMENTS TO INSIDERS (MOR-9) $ 156,110 $ 106,743 $ 204,995 PAYMENTS TO PROFESSIONALS (MOR-9) $ 1,408,481 $ 802,884 $ 683,788 TOTAL DISBURSEMENTS (MOR-7) $ 72,465,946 $ 64,901,653 $ 62,720,965 MONTH 1/31/02 2/28/02 3/31/02 4/30/02 - ------------------------------------------------------------------------------------------------ REVENUES (MOR-6) $ 20,053,870 $ 20,096,849 $ 21,923,335 $ 42,567,625 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (2,798,067) $ (2,749,269) $ (148,300) $ 5,024,220 NET INCOME (LOSS) (MOR-6) $ (7,180,158) $ (6,872,689) $ (4,363,757) $ 495,693 PAYMENTS TO INSIDERS (MOR-9) $ 142,597 $ 116,429 $ 150,683 $ 494,281 PAYMENTS TO PROFESSIONALS (MOR-9) $ 1,238,773 $ 1,045,883 $ 1,257,449 $ 1,572,252 TOTAL DISBURSEMENTS (MOR-7) $ 65,092,860 $ 63,507,042 $ 80,262,399 $ 78,079,249
***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 5/17/02 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 5/17/02
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 Equistar Chemicals, LP 250,000.00 ------------- TOTAL $1,653,948.10 =============
(1) ALL PREPETITION PAYMENTS MADE IN APRIL WERE PURSUANT TO COURT APPROVAL OF THESE PAYMENTS RELATED TO STATE TAXES, WITH THE EXCEPTION OF THE EQUISTAR PAYMENT, WHICH WAS PURSUANT TO A SEPARATE COURT ORDER ALLOWING THE SETTLEMENT OF A PREPETITION CLAIM WITH EQUISTAR. STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
---------------------------------------------------------------------------------------- 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 (revised) ---------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 29,556 $ 35,921 $ 25,602 $ 43,566 $ 43,581 $ 53,511 $ 61,483 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- TAX PAYABLE: -- -- -- -- -- Federal Payroll Taxes -- 260 -- -- 8 8 State Payroll & Sales 45 39 178 231 364 437 405 Ad Valorem Taxes -- -- -- -- -- -- Other Taxes 2,175 2,800 3,383 3,901 4,527 5,162 5,795 TOTAL TAXES PAYABLE $ 2,220 $ 3,099 $ 3,561 $ 4,132 $ 4,891 $ 5,607 $ 6,208 SECURED DEBT POST-PETITION 44,780 49,084 51,301 51,346 51,127 56,066 78,668 ACCRUED INTEREST PAYABLE 299 469 436 370 553 670 752 *ACCRUED PROFESSIONAL FEES: 4,802 4,798 4,714 5,236 5,587 5,989 6,106 OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 21,729 22,520 31,422 37,458 31,736 31,003 30,498 2. Lease Operating Expenses/Capital -- -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 103,386 $ 115,891 $ 117,036 $ 142,108 $137,475 $ 152,846 ) $ 183,715 ==============================================================================================================================
*Payment Requires Court Approval MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 DATE ------------- ----------- ---------- ---------- ---------- ---------- ------------ ---------- ----------- 1. CASH-BEGINNING OF MONTH 1,217,400 159,499 (421,404) (256,194) 498,098 (1,530,893) (605,842) 9,346,546 =========== ========== ========== ========== ========== ========== ========== =========== RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 23,372,230 20,886,265 22,270,996 24,602,303 20,717,983 25,478,506 17,926,575 217,132,387 4. LOANS & ADVANCES - CIT REVOLVER 35,600,000 31,300,000 29,200,000 31,600,000 26,900,000 36,300,000 46,100,000 299,400,000 5. SALE OF ASSETS -- -- -- -- -- -- -- -- 6. OTHER (attach list) 12,435,815 12,134,485 11,415,178 9,644,850 13,860,068 19,408,945 16,090,857 122,076,092 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- TOTAL RECEIPTS 71,408,045 64,320,750 62,886,174 65,847,152 61,478,051 81,187,451 80,117,432 638,608,479 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- (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 1,820,918 2,759,985 1,932,984 1,297,213 1,930,462 2,601,421 1,983,856 18,943,905 8. PAYROLL TAXES PAID 898,310 443,402 870,019 974,973 972,750 1,053,588 932,205 8,371,837 9. SALES, USE & OTHER TAXES PAID 54,688 55,177 50,776 57,123 -- 1,404,405 1,650,149 4,777,119 10.SECURED/RENTAL/LEASES 267,731 179,910 184,920 161,222 154,571 99,905 30,705 1,453,640 11.UTILITIES 5,169,539 3,737,135 4,230,558 2,765,343 2,158,233 1,150,288 6,922,372 31,203,454 12.INSURANCE 452,349 425,842 456,145 728,204 589,057 410,554 50,625 5,412,442 13.INVENTORY PURCHASES 12,316,618 12,485,921 8,921,056 11,876,414 2,984,285 10,861,846 17,691,587 99,949,637 14.VEHICLE EXPENSES -- -- -- -- -- -- -- -- 15.TRAVEL & ENTERTAINMENT 48,462 53,052 64,095 60,079 63,635 36,818 65,732 462,723 16.REPAIRS, MAINTENANCE & SUPPLIES 1,519,414 1,100,361 1,085,130 1,487,951 7,400,962 4,837,494 3,235,006 23,107,831 17.ADMINISTRATIVE & SELLING 3,178,324 3,136,392 3,142,158 2,804,552 2,442,379 3,841,855 4,503,340 26,066,542 18.OTHER (attach list) 45,331,111 39,721,594 41,099,335 41,641,012 43,639,825 52,706,777 39,441,420 418,627,799 TOTAL DISBURSEMENTS FROM OPERATIONS 71,057,466 64,098,769 62,037,177 63,854,086 62,336,159 79,004,950 76,506,997 638,376,929 19.PROFESSIONAL FEES 1,368,231 802,884 683,788 1,185,274 1,045,883 1,257,449 1,525,502 7,880,254 20.U.S. TRUSTEE FEES 40,250 -- -- 53,500 -- -- 46,750 140,500 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- 125,000 -- -- 125,000 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- TOTAL DISBURSEMENTS 72,465,946 64,901,653 62,720,965 65,092,860 63,507,042 80,262,399 78,079,249 646,522,683 =========== ========== ========== ========== ========== ========== ========== =========== 22.NET CASH FLOW (1,057,901) (580,903) 165,210 754,292 (2,028,991) 925,052 2,038,183 (7,914,205) 23.CASH - END OF MONTH (MOR-2) 159,499 (421,404) (256,194) 498,098 (1,530,893) (605,842) 1,432,341 1,432,341
MOR-7 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 DATE ---------- ---------- ---------- ---------- ---------- ------------ ---------- ----------- 6. OTHER RECEIPTS: Interest Income -- -- -- -- -- -- -- 80,302 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Miscellaneous 1,147,947 181,336 146,500 100,833 223,221 131,124 195,444 2,606,687 Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- Account Transfers 11,197,868 9,047,528 10,348,106 9,120,571 13,636,846 17,715,686 15,239,518 111,619,435 Intercompany Transfers 90,000 2,905,621 920,573 423,445 -- 1,562,134 655,895 7,769,668 ---------- ---------- ---------- ---------- ---------- ------------ ---------- ----------- TOTAL OTHER RECEIPTS 12,435,815 12,134,485 11,415,178 9,644,850 13,860,068 19,408,945 16,090,857 122,076,092 ========== ========== ========== ========== ========== ============ ========== =========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- -- -- -- -- -- -- -- Workover Expense -- -- -- -- -- -- -- -- Capital Expenditures 408,428 297,523 558,388 1,491,633 1,841,654 1,418,900 (581,465) 5,944,698 Revenue & Royalties -- -- -- -- - -- -- -- Interest Payment 97,161 -- -- -- - -- -- 97,161 Employee Benefits 2,430,056 1,259,446 1,276,424 2,711,036 1,602,513 2,285,842 2,492,292 17,698,003 Severance tax -- -- -- -- - -- -- -- Pre-petition checks voided in current period -- -- -- -- - -- -- (30,000) Account Transfers 11,197,868 9,047,528 10,348,106 9,120,571 13,636,846 17,715,686 15,239,518 111,619,435 CIT Revolver Payments 24,983,680 21,322,848 22,948,750 23,718,420 21,934,238 25,605,169 17,344,416 233,815,684 Intercompany Transfers 6,213,918 7,794,248 5,967,667 4,599,352 4,624,574 5,681,179 4,946,658 49,482,818 ---------- ---------- ---------- ---------- ---------- ------------ ---------- ----------- TOTAL OTHER DISBURSEMENTS 45,331,111 39,721,594 41,099,335 41,641,012 43,639,825 52,706,777 39,441,420 418,627,799 ========== ========== ========== ========== ========== ============ ========== ===========
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 57,582 625,848 (1,295,124) =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 15,628,692 4. LOANS & ADVANCES - CIT REVOLVER 46,100,000 5. SALE OF ASSETS 6. OTHER (attach list) -- -- 755,895 4,150,000 10,476,967 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS -- 15,628,692 46,855,895 4,150,000 10,476,967 --------------- --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A =============== =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- 1,983,856 -- 8. PAYROLL TAXES PAID 932,205 9. SALES, USE & OTHER TAXES PAID 244,438 1,405,711 10. SECURED/RENTAL/LEASES 30,705 11. UTILITIES 6,922,372 12. INSURANCE 49,921 705 13. INVENTORY PURCHASES 17,455,481 236,106 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 65,732 16. REPAIRS, MAINTENANCE & SUPPLIES 159,589 3,075,417 17. ADMINISTRATIVE & SELLING 249,151 4,254,189 18. OTHER (attach list) -- 14,846,724 21,832,409 -- (247,956) --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS -- 14,846,724 46,913,360 2,916,061 8,820,608 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- 1,525,502 20. U.S. TRUSTEE FEES -- -- -- -- 46,750 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS -- 14,846,724 46,913,360 2,916,061 10,392,860 =============== =============== =============== =============== =============== 22. NET CASH FLOW -- 781,968 (57,465) 1,233,939 84,106 23. CASH - END OF MONTH (MOR-2) -- 782,068 116 1,859,787 (1,211,018) 782,184.55 1,859,787.49 (1,211,017.93) 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 -- -- -- 5,753 (605,842) =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,297,883 17,926,575 4. LOANS & ADVANCES - CIT REVOLVER 46,100,000 5. SALE OF ASSETS -- 6. OTHER (attach list) 497,614 14,937 -- 195,444 16,090,857 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS 497,614 14,937 -- 2,493,326 80,117,432 --------------- --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A =============== =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- -- -- -- 1,983,856 8. PAYROLL TAXES PAID 932,205 9. SALES, USE & OTHER TAXES PAID 1,650,149 10. SECURED/RENTAL/LEASES 30,705 11. UTILITIES 6,922,372 12. INSURANCE 50,625 13. INVENTORY PURCHASES 17,691,587 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 65,732 16. REPAIRS, MAINTENANCE & SUPPLIES 3,235,006 17. ADMINISTRATIVE & SELLING 4,503,340 18. OTHER (attach list) 497,614 14,937 -- 2,497,692 39,441,420 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 497,614 14,937 -- 2,497,692 76,506,997 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- 1,525,502 20. U.S. TRUSTEE FEES -- -- -- -- 46,750 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 497,614 14,937 -- 2,497,692 78,079,249 =============== =============== =============== =============== =============== 22. NET CASH FLOW -- -- -- (4,366) 2,038,183 23. CASH - END OF MONTH (MOR-2) -- -- -- 1,387 1,432,341 1,387.05 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 100,000 4,150,000 10,476,967 Intercompany Transfers 655,895 ----------- ---------- ---------- --------- ---------- TOTAL OTHER RECEIPTS -- -- 755,895 4,150,000 10,476,967 =========== ========== ========== ========= ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures (581,465) Revenue & Royalties Interest Payment Employee Benefits 1,646,232 333,509 Severance tax Pre-petition checks voided in current period Account Transfers 15,239,518 CIT Revolver Payments 14,846,724 -- Intercompany Transfers 4,946,658 ----------- ---------- ---------- --------- ---------- TOTAL OTHER DISBURSEMENTS -- 14,846,724 21,832,409 -- (247,956) =========== ========== ========== ========= ========== 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 195,444 195,444 Royalty Owners Trust Account -- Emission Credits -- Account Transfers 497,614 14,937 15,239,518 Intercompany Transfers 655,895 --------- --------- ------------ ---------- ---------- TOTAL OTHER RECEIPTS 497,614 14,937 -- 195,444 16,090,857 ========= ========= ============ ========== ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- Workover Expense -- Capital Expenditures (581,465) Revenue & Royalties -- Interest Payment -- Employee Benefits 497,614 14,937 2,492,292 Severance tax -- Pre-petition checks voided in current period -- Account Transfers 15,239,518 CIT Revolver Payments 2,497,692 17,344,416 Intercompany Transfers 4,946,658 --------- --------- ------------ ---------- ---------- TOTAL OTHER DISBURSEMENTS 497,614 14,937 -- 2,497,692 39,441,420 ========= ========= ============ ========== ==========
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals, Inc. CASE NUMBER: 01-37806-H-11 CASH ACCOUNT RECONCILIATION MONTH OF APRIL 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 $ -- $ 782,068 $ 116 $ 1,057,320 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS (1,211,017) OTHER 1 802,467 --------------- --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ 782,068 $ 117 $ 1,859,787 $ (1,211,017) =============== =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ 100 $ 57,582 $ 625,848 $ (1,295,124) RECEIPTS 15,628,692 46,100,000 TRANSFERS BETWEEN ACCOUNTS -- (19,430,281) 4,150,000 10,476,967 (WITHDRAWAL) CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS -- (14,846,724) (26,727,184) (2,916,061) (10,392,860) --------------- --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ 782,068 $ 117 $ 1,859,787 $ (1,211,017) =============== =============== =============== =============== =============== CLOSED 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 $ -- $ -- $ -- $ 1,813 $ 1,841,317 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS (1,211,017) OTHER (426) 802,042 --------------- --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ -- $ -- $ 1,387 $ 1,432,341 =============== =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ -- $ -- $ 5,753 $ (605,842) RECEIPTS 2,493,326 64,222,018 TRANSFERS BETWEEN ACCOUNTS 497,614 14,937 (4,290,763) (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (497,614) (14,937) (2,497,692) (57,893,072) --------------- --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ -- $ -- $ 1,387 $ 1,432,341 =============== =============== =============== =============== ===============
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) Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 DATE - --------------------------------------- ---------- --------- --------- --------- -------- -------- -------- ---------- 1. Frank Diassi/Chairman of Board/Salary $ 31,250 $ 31,250 $ 31,250 $ -- $ -- $ 171,875 2. Frank Diassi/Chairman of Board/Bonus -- -- 23,438 3. Frank Diassi/Chairman of Board/Expenses -- -- -- -- 2,262 4. Frank Diassi/Chairman of Board/Vacation payout 45,193 45,193 5. David Elkins/President/Salary 29,167 29,167 29,167 29,167 29,167 30,333 30,333 279,418 6. David Elkins/President/Bonus -- -- 21,875 -- 22,750 136,500 203,000 7. David Elkins/President/Expenses 410 -- 2,035 3,378 4,601 -- 5,115 20,587 8. David Elkins/President/Life Insurance 2,184 -- -- 2,184 9. Richard Crump/Exec VP Opers/Salary 25,000 25,000 25,000 28,636 27,500 27,917 27,917 249,470 10. Richard Crump/Exec VP Opers/Bonus -- -- 18,750 1,875 20,938 125,625 185,938 11. Richard Crump/Exec VP Opers/Expense 642 2,331 531 4,453 5,404 4,610 6,728 29,830 12. Paul Vanderhoven/VP Finance & CFO/Salary 16,667 16,667 16,667 16,667 16,667 18,333 18,333 161,668 13. Paul Vanderhoven/VP Finance & CFO/Bonus -- -- 10,000 -- 11,000 79,200 110,200 14. Paul Vanderhoven/VP Finance & CFO/Expense 974 -- 2,199 4,509 4,629 2,474 6,402 26,760 15. Robert Roten/Former Pres & Board Member/SERP 2,328 2,328 2,328 2,328 2,328 2,328 2,328 20,952 16. Robert Roten/Former Pres & Board Member/Consulting fee -- -- -- -- 10,000 10,000 10,000 40,000 17. Robert Roten/Former Pres & Board Member/BOD fee 17,550 -- 15,150 -- -- 13,750 46,450 18. Rolf Towe/Board Member/BOD fees 10,150 -- 10,850 -- -- 9,650 30,650 19. Rolf Towe/Board Member/Expenses -- -- -- -- 16,133 -- 16,133 20. Hunter Nelson/Board Member 13,550 -- 11,150 -- -- 10,350 35,050 21. Frank Hevrdejs/Board Member 10,750 -- 12,250 -- -- 12,050 35,050 ---------- --------- --------- --------- -------- --------- -------- ---------- TOTAL INSIDERS (MOR-1) $ 158,438 $ 106,743 $ 204,995 $ 142,597 $116,429 $ 150,683 $494,281 $1,736,108 ========== ========= ========= ========= ======== ========= ======== ==========
PROFESSIONALS FILING TO NAME/ORDER DATE Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 DATE - --------------------------- ---------- --------- --------- ---------- ------------ ----------- ----------- ----------- 1. Logan & Company, Inc. $ 15,330 $ 65,978 $ 30,272 $ 9,958.00 $ 15,624.27 $ 23,247 $ 3,541 $ 175,194 2. Andrews & Kurth LLP 324,139 -- 210,726 139,340 128,643.28 213,187 132,819 1,148,856 3. US Trustee 40,250 -- -- 53,500 -- -- 46,750 140,500 4. Skadden, Arps, Slate, Meagher & Flom LLP 751,593 -- -- 293,229 466,138.76 634,706 321,403 2,467,070 5. Akin Gump Strauss 277,168 126,980 231,124 -- 35,089.74 120,257 78,728 869,347 6. Arthur Andersen -- 134,935 31,792 115,041 22,556.70 -- 95,421 399,745 7. Lazard Freres & Co. LLC 268,613 -- -- 284,550.16 153,356 295,856 1,002,375 8. Baker & Botts 154,797 132,523 111,985 46,197.50 32,861 66,007 544,370 9. Groom Law Group 11,331 4,587 10,078 9,773.24 9,738 23,879 69,386 10. Nexant, Inc. 40,250 42,764 8,399 37,309.09 16,416 9,595 154,734 11. Greenhill & Co. 497,243 -- 53,680 498,253 1,049,176 ---------- --------- ---------- ---------- ------------ ----------- ----------- ----------- TOTAL PROFESSIONALS (MOR-1) $1,408,481 $ 802,884 $ 683,788 $1,238,773 $ 1,045,883 $ 1,257,449 $ 1,572,252 $ 8,020,752 ========== ========= ========== ========== ============ =========== =========== ===========
(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 h97319exv99w3.txt MONTHLY OPERATING REPORT - STERLING CHEM ENERGY EXHIBIT 99.3 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS ENERGY, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37807-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 (revised) (revised) - ---------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 155,612 $ 179,733 $ 179,201 $ 302,130 $ 262,068 $ 192,124 $ 193,956 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 600,671 $ 550,328 $ 593,727 $ 464,670 $ 43,425 $ (61,716) $ 15,879 NET INCOME (LOSS) (MOR-6) $ 572,140 $ 521,459 $ 562,547 $ 439,688 $ 38,020 $ (54,923) $ 14,278 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $2,625,313 $1,569,319 $1,865,793 $1,583,667 $1,560,614 $1,604,507 $ 914,795
***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 5/17/02 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 5/17/02
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 APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
-------------------------------------------------------------------------------------- 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 -------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 1,645 $ 1,175 $ 1,719 $ 1,702 $ 754 $ 1,057 $ 1,493 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) $ 1,645 $ 1,175 $ 1,719 $ 1,702 $ 754 $ 1,057 $ 1,493 ==============================================================================================================================
*Payment Requires Court Approval. MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 DATE - ----------------- --------- --------- --------- --------- ---------- ---------- --------- ---------- 1. CASH-BEGINNING OF MONTH 100 100 100 100 100 100 100 ========= ========= ========= ========= ========== ========== ========= ========== RECEIPTS: 2. CASH SALES -- -- -- -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 46,395 50,693 63,217 50,033 69,040 67,945 67,591 634,528 4. LOANS & ADVANCES (attach list) -- -- -- -- -- -- -- -- 5. SALE OF ASSETS -- -- -- -- -- -- -- -- 6. OTHER (attach list) 2,578,918 1,518,626 1,802,575 1,533,633 1,491,574 1,536,562 847,203 14,446,313 --------- --------- --------- --------- --------- --------- --------- ---------- TOTAL RECEIPTS 2,625,313 1,569,319 1,865,793 1,583,667 1,560,614 1,604,507 914,795 15,080,841 --------- --------- --------- --------- --------- --------- --------- ---------- (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 1,578,918 1,518,626 1,802,575 1,533,633 1,491,574 536,562 847,203 12,446,313 12. INSURANCE -- -- -- -- -- -- -- -- 13. INVENTORY PURCHASES -- -- -- -- -- -- -- -- 14. VEHICLE EXPENSES -- -- -- -- -- -- -- -- 15. TRAVEL & ENTERTAINMENT -- -- -- -- -- -- -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- -- -- -- -- -- -- 17. ADMINISTRATIVE & SELLING -- -- -- -- -- -- -- -- 18. OTHER (attach list) 1,046,395 50,693 63,217 50,033 69,040 1,067,945 67,591 2,634,528 --------- --------- --------- --------- --------- --------- --------- ---------- TOTAL DISBURSEMENTS FROM OPERATIONS 2,625,313 1,569,319 1,865,793 1,583,667 1,560,614 1,604,507 914,795 15,080,841 ========= ========= ========= ========= ========= ========= ========= ========== 19. PROFESSIONAL FEES -- -- -- -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- -- -- -- --------- --------- --------- --------- --------- --------- --------- ---------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- -- -- -- --------- --------- --------- --------- --------- --------- --------- ---------- TOTAL DISBURSEMENTS 2,625,313 1,569,319 1,865,793 1,583,667 1,560,614 1,604,507 914,795 15,080,841 ========= ========= ========= ========= ========= ========= ========= ========== 22. NET CASH FLOW -- -- -- -- -- -- -- -- 23. CASH - END OF MONTH (MOR-2) 100 100 100 100 100 100 100 100
MOR-7 CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-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 1,578,918 1,518,626 1,802,575 1,533,633 1,491,574 536,562 847,203 12,446,313 -- -- -- -- --------- ---------- --------- ---------- ---------- ------------- ---------- ---------- TOTAL OTHER RECEIPTS 2,578,918 1,518,626 1,802,575 1,533,633 1,491,574 1,536,562 847,203 14,446,313 ========= ========== ========= ========== ========== ============= ========== ========== 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 1,046,395 50,693 63,217 50,033 69,040 1,067,945 67,591 2,634,528 -- -- --------- ---------- --------- ---------- ---------- ------------- ---------- ---------- TOTAL OTHER DISBURSEMENTS 1,046,395 50,693 63,217 50,033 69,040 1,067,945 67,591 2,634,528 ========= ========== ========= ========== ========== ============= ========== ==========
MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11 FOR THE PERIOD 4/01/02 - 4/30/02
CASH RECEIPTS AND Chase Chase DISBURSEMENTS 00103317203 00101818459 - ----------------- -------------- ----------- ------------ ----------- 1. CASH-BEGINNING OF MONTH -- 100 -- -- ============== =========== ============ =========== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE -- 67,591 4. LOANS & ADVANCES (attach list) -- -- 5. SALE OF ASSETS -- -- 6. OTHER (attach list) 847,203 -- -- -------------- ----------- ------------ ----------- TOTAL RECEIPTS 847,203 67,591 -- -- -------------- ----------- ------------ ----------- (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 847,203 -- 12. INSURANCE -- -- 13. INVENTORY PURCHASES -- -- 14. VEHICLE EXPENSES -- -- 15. TRAVEL & ENTERTAINMENT -- -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- 17. ADMINISTRATIVE & SELLING -- -- 18. OTHER (attach list) -- 67,591 -------------- ----------- ------------ ----------- TOTAL DISBURSEMENTS FROM OPERATIONS 847,203 67,591 -- -- ============== =========== ============ =========== 19. PROFESSIONAL FEES -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -------------- ----------- ------------ ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS 847,203 67,591 -- -- ============== =========== ============ =========== 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 67,591 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 847,203 ------------ ----------- ------------- TOTAL RECEIPTS -- -- 914,795 ------------ ----------- ------------- (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 847,203 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING -- 18. OTHER (attach list) 67,591 ------------ ----------- ------------- TOTAL DISBURSEMENTS FROM OPERATIONS -- -- 914,795 ============ =========== ============= 19. PROFESSIONAL FEES -- -- -- 20. U.S. TRUSTEE FEES -- -- -- ------------ ----------- ------------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS -- -- 914,795 ============ =========== ============= 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 4/01/02 - 4/30/02
OTHER CASH RECEIPTS AND Chase Chase Total DISBURSEMENTS: 00103317203 00101818459 Debtor - -------------- ------------ ------------ ------------ 6. OTHER RECEIPTS: Interest Income -- -- -- 401(k) Plan Refund -- -- -- Cobra Insurance Payment -- -- -- Dividend -- -- -- Royalty Owners Trust Account -- -- Emission Credits -- -- -- Intercompany Transfer 847,203 -- 847,203 ------------ --------- ------------ TOTAL OTHER RECEIPTS 847,203 -- 847,203 ============ ========= ============ 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 -- 67,591 67,591 ------------ --------- ------------ TOTAL OTHER DISBURSEMENTS -- 67,591 67,591 ============ ========= ============
MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS ENERGY, INC. CASE NUMBER: 01-37807-H-11 CASH ACCOUNT RECONCILIATION MONTH OF APRIL 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 67,591 67,591 TRANSFERS BETWEEN ACCOUNTS 847,203 847,203 (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (847,203) (67,591) (914,794) ---------------- --------------- ----------- 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) Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 DATE - ----------------------------------- -------- -------- -------- -------- -------- -------- -------- --------- 1 $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2 -- -- -- -- -- -- -- -- 3 -- -- -- -- -- -- -- -- 4 -- -- -- -- -- -- -- -- 5 -- -- -- -- -- -- -- -- 6 -- -- -- -- -- -- -- -- 7 -- -- -- -- -- -- -- -- 8 -- -- -- -- -- -- -- -- 9 -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- --------- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ======== ======== =========
PROFESSIONALS FILING TO NAME/ORDER DATE Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-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 h97319exv99w4.txt MONTHLY OPERATING REPORT - STERLING FIBERS INC EXHIBIT 99.4 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING FIBERS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37808-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 - ----------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $1,891,936 $1,569,117 $1,466,000 $ 1,578,891 $ 1,141,971 $ 1,554,279 $1,707,430 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (309,258) $ (277,643) $ (13,259) $ (339,192) $ (604,191) $ (421,580) $ (127,852) NET INCOME (LOSS) (MOR-6) $ (971,769) $ (939,694) $ (675,264) $(1,001,244) $(1,266,289) $(1,083,585) $ (789,902) PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $3,673,189 $3,090,908 $2,756,941 $ 3,117,506 $ 2,773,236 $ 2,948,115 $3,412,878
***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 14 5/17/02 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 5/17/02
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 APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
----------------------------------------------------------------------------------------- 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 ----------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 5,878 $ 5,656 $ 2,614 $ 5,479 $ 5,821 $ 6,096 $ 6,168 ROYALTY AND REVENUE PAYABLE -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- TAX PAYABLE: -- -- Federal Payroll Taxes -- -- 26 -- State Payroll & Sales (1) (2) (3) (3) -- (1) (1) Ad Valorem Taxes -- -- -- -- Other Taxes 87 112 137 162 232 220 245 TOTAL TAXES PAYABLE $ 86 $ 110 $ 161 $ 159 $ 232 $ 219 $ 244 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) $ 5,964 $ 5,766 $ 2,775 $ 5,638 $ 6,053 $ 6,315 $ 6,412 ================================================================================================================================
*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 APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 Oct-01 Nov-01 Dec-01 Jan-02 - ----------------- ---------- ---------- ---------- ---------- 1. CASH-BEGINNING OF MONTH $ 295,511 $ 297,869 $ 213,923 $ 412,443 ---------- ----------- ---------- ---------- RECEIPTS: 2. CASH SALES $ -- $ -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 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) 1,761,204 1,311,323 1,466,164 1,246,396 TOTAL RECEIPTS $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 DISBURSEMENTS: 7. NET PAYROLL $ 165,492 $ 297,757 $ 146,889 $ 211,662 8. PAYROLL TAXES PAID 68,457 58,459 89,708 81,238 9. SALES, USE & OTHER TAXES PAID 2,686 2,786 21 802 10. SECURED/RENTAL/LEASES -- 486 -- 11. UTILITIES 236,879 279,750 260,897 242,028 12. INSURANCE -- -- --$1,582,440 13. INVENTORY PURCHASES 257,863 83,785 146,466 61,262 14. VEHICLE EXPENSES -- -- -- 15. TRAVEL & ENTERTAINMENT 9,766 10,869 861 546 16. REPAIRS, MAINTENANCE & SUPPLIES 78,051 78,837 49,567 84,536 17. ADMINISTRATIVE & SELLING -- 2,747 1,950 18. OTHER (attach list) 2,853,995 2,275,432 2,060,583 2,435,431 TOTAL DISBURSEMENTS FROM OPERATIONS $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 $3,673,189 $3,090,908 $2,756,941 $3,117,506 22. NET CASH FLOW $ 2,357 $ (83,946) $ 198,521 $ (288,670) 23. CASH - END OF MONTH (MOR-2) $ 297,869 $ 213,923 $ 412,444 $ 123,772 CASH RECEIPTS AND FILING TO DISBURSEMENTS Feb-02 Mar-02 Apr-02 DATE ----------------- ---------- ---------- ---------- ------------ 1. CASH-BEGINNING OF MONTH $ 123,772 $ 165,556 $ 167,642 $ 714,483 ---------- ---------- ---------- ------------ RECEIPTS: 2. CASH SALES $ -- -- -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 1,349,186 1,657,321 1,655,125 18,787,054 4. LOANS & ADVANCES (attach list) -- -- -- -- 5. SALE OF ASSETS -- -- -- -- 6. OTHER (attach list) 1,465,834 1,292,880 1,741,879 12,899,471 TOTAL RECEIPTS $2,815,019 $2,950,201 $3,397,004 $ 31,686,525 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ 142,024 $ 157,720 $ 184,218 $ 1,781,987 8. PAYROLL TAXES PAID 61,762 66,433 71,168 703,782 9. SALES, USE & OTHER TAXES PAID 567 4,742 3,914 15,518 10. SECURED/RENTAL/LEASES -- -- -- 4,486 11. UTILITIES 192,360 254,704 223,466 1,812,624 12. INSURANCE -- -- -- 280,148 13. INVENTORY PURCHASES 151,616 73,403 192,570 1,176,349 14. VEHICLE EXPENSES -- -- -- -- 15. TRAVEL & ENTERTAINMENT 6,593 5,975 -- 49,710 16. REPAIRS, MAINTENANCE & SUPPLIES 55,567 39,635 48,832 519,747 17. ADMINISTRATIVE & SELLING -- -- 2,710 12,746 18. OTHER (attach list) 2,162,748 2,345,504 2,685,999 25,892,142 TOTAL DISBURSEMENTS FROM OPERATIONS $2,773,236 $2,948,115 $3,412,878 $ 32,249,239 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS $2,773,236 $2,948,115 $3,412,878 $ 32,249,239 22. NET CASH FLOW $ 41,783 $ 2,086 $ (15,874) $ (562,714) 23. CASH - END OF MONTH (MOR-2) $ 165,556 $ 167,642 $ 151,768 $ 151,769
MOR-7 CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H3-11
OTHER CASH RECEIPTS AND Oct-01 Nov-01 Dec-01 DISBURSEMENTS: ----------------------- ---------- ------ ------ 6. OTHER RECEIPTS: Interest Income $ -- -- 401(k) Plan Refund -- -- Cobra Insurance Payment 7,928 5,259 3,764 Miscellaneous 1,276 12,065 -- Royalty Owners Trust Account -- -- Emission Credits -- -- Intercompany Transfers 1,512,000 1,294,000 1,462,400 Account Transfers 240,000 -- TOTAL OTHER RECEIPTS $1,761,204 $1,311,323 $1,466,164 18. OTHER DISBURSEMENTS: Lease Operating Expense $ -- -- Workover Expense -- -- Capital Expenditures -- -- Revenue & Royalties -- 10,150 -- Interest Payment -- -- Employee Benefits 27,144 13,438 26,485 Severance tax -- -- Pre-petition checks voided in current period -- -- Insiders -- -- Restricted Cash Transactions -- -- Contract Services 468,686 481,869 367,969 Licenses / Fees / Permits 19,878 89 -- Freight 87,536 100,851 59,460 Account Transfers 240,000 -- Outstanding checks to Balance to G/L 72,328 (59,844) 168,807 CIT Revolver Payments 1,938,423 1,728,878 1,437,861 TOTAL OTHER DISBURSEMENTS $2,853,995 $2,275,432 $2,060,583 OTHER CASH RECEIPTS AND Jan-02 Feb-02 Mar-02 Apr-02 FILING TO DISBURSEMENTS: DATE ----------------------- ---------- ---------- ---------- ------------- ----------- 6. OTHER RECEIPTS: Interest Income -- $ -- $ 13,960.67 $ 14,505 401(k) Plan Refund -- -- -- -- Cobra Insurance Payment -- 4,834 -- 3,398 35,072 Miscellaneous 32,396 1,880 70,520 241,493 Royalty Owners Trust Account -- -- -- Emission Credits -- -- -- Intercompany Transfers 1,214,000 1,461,000 1,291,000 1,424,000 11,668,400 Account Transfers -- 230,000 940,000 TOTAL OTHER RECEIPTS $1,246,396 $1,465,834 $1,292,880 $ 1,741,879 $12,899,471 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 27,032 272,216 Severance tax -- -- -- -- Pre-petition checks voided in current period -- -- -- (5,215) Insiders -- -- -- -- Restricted Cash Transactions -- -- -- -- Contract Services 464,117 463,768 502,800 434,528 2,687,610 Licenses / Fees / Permits 14,645 2,190 1,000 25 36,051 Freight 73,970 56,410 74,185 67,647 511,018 Account Transfers 393,386 200,000 210,000 230,000 1,103,386 Outstanding checks to Balance to G/L (160,665) 104,132 (125,520) 195,350 (313,366) CIT Revolver Payments 1,622,626 1,308,951 1,642,003 1,734,416 14,473,592 TOTAL OTHER DISBURSEMENTS $2,435,431 $2,162,748 $2,345,504 $ 2,688,999 $18,793,255
MOR-7 ATTACHMENT CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H3-11 APRIL 2002
CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS 00100547117 00103316965 103405768 630181003508 ----------------- ----------- ------------- ----------- ------------- 1. CASH-BEGINNING OF MONTH $ 100 $ 34 $ 36,310 $ -- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 414,593 4. LOANS & ADVANCES (attach list) 5. SALE OF ASSETS 6. OTHER (attach list) -- 1,424,000 230,000 -- TOTAL RECEIPTS $ 414,593 $ 1,424,000 $ 230,000 $ -- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ $ $ 184,218 $ 8. PAYROLL TAXES PAID 71,168 9. SALES, USE & OTHER TAXES PAID 3,914 10. SECURED/RENTAL/LEASES 11. UTILITIES 223,466 12. INSURANCE 13. INVENTORY PURCHASES 192,570 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 48,832 16. REPAIRS, MAINTENANCE & SUPPLIES 2,710 17. ADMINISTRATIVE & SELLING 18. OTHER (attach list) 394,109 951,558 25 -- TOTAL DISBURSEMENTS FROM OPERATIONS $ 394,109 $ 1,423,050 $ 255,411 $ -- 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- TOTAL DISBURSEMENTS $ 394,109 $ 1,423,050 $ 255,411 $ -- 22. NET CASH FLOW $ 20,483 $ 950 $ (25,411) $ -- 23. CASH - END OF MONTH (MOR-2) $ 20,583 $ 984 $ 10,898 $ -- CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS 5577659 1171987307 DATE ----------------- ------------- --------------- ------------- 1. CASH-BEGINNING OF MONTH $ 79,317 $ 51,880 167,642 RECEIPTS: 2. CASH SALES $ -- $ -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 1,240,532 1,655,125 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 87,879 -- 1,741,879 TOTAL RECEIPTS $ 1,328,411 $ -- 3,397,004 (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A DISBURSEMENTS: 7. NET PAYROLL $ $ 184,218 8. PAYROLL TAXES PAID 71,168 9. SALES, USE & OTHER TAXES PAID 3,914 10. SECURED/RENTAL/LEASES -- 11. UTILITIES 223,466 12. INSURANCE -- 13. INVENTORY PURCHASES 192,570 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES 48,832 17. ADMINISTRATIVE & SELLING 2,710 18. OTHER (attach list) 1,340,307 -- 2,685,999 TOTAL DISBURSEMENTS FROM OPERATIONS $ 1,340,307 $ -- 3,412,878 19. PROFESSIONAL FEES $ -- $ -- -- 20. U.S. TRUSTEE FEES -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS $ 1,340,307 $ -- 3,412,878 22. NET CASH FLOW $ (11,896) $ -- (15,874) 23. CASH - END OF MONTH (MOR-2) $ 67,422 $ 51,880 151,768
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H3-11 April 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 1,424,000 Account Transfers 230,000 TOTAL OTHER RECEIPTS $ -- $1,424,000 $ 230,000 $ -- 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures Revenue & Royalties Interest Payment Employee Benefits 27,032 Severance tax Pre-petition checks voided in current period Insiders Restricted Cash Transactions Contract Services 434,528 Licenses / Fees / Permits -- 25 Freight 64,647 Account Transfers 230,000 Outstanding checks to Balance to G/L 195,350 CIT Revolver Payments 394,109 TOTAL OTHER DISBURSEMENTS $ 394,109 $ 951,558 $ 25 $ -- OTHER CASH RECEIPTS AND Bank One Bank of America FILING TO DISBURSEMENTS: 5577659 1171987307 DATE ----------------------- ---------------------------------------------------- 6. OTHER RECEIPTS:$ 13 Interest Income 13,961 $ 13,961 401(k) Plan Refund -- Cobra Insurance Payment 3,398 3,398 Miscellaneous 70,520 -- 70,520 Royalty Owners Trust Account -- Emission Credits -- Intercompany Transfers 1,424,000 Account Transfers 230,000 -- -- TOTAL OTHER RECEIPTS $ 87,879 $ -- $ 1,741,879 18. OTHER DISBURSEMENTS: Lease Operating Expense $ -- Workover Expense -- Capital Expenditures -- Revenue & Royalties -- Interest Payment -- Employee Benefits 27,032 Severance tax -- Pre-petition checks voided in current period -- Insiders -- Restricted Cash Transactions -- Contract Services 434,528 Licenses / Fees / Permits 25 Freight 64,647 Account Transfers 230,000 Outstanding checks to Balance to G/L 195,350 CIT Revolver Payments $ 1,340,307 1,734,416 TOTAL OTHER DISBURSEMENTS $ 1,340,307 $ -- $ 2,685,999
MOR-7 ATTACHMENT CASE NAME: STERLING FIBERS, INC. CASE NUMBER: 01-37808-H-11 CASH ACCOUNT RECONCILIATION MONTH OF APRIL 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 $ 984 $ 67,422 $ 51,880 $ 10,898 $ 20,583 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS -- ADJUSTED BANK BALANCE $ 984 67,422 $ 51,880 $ 10,898 $ 20,583 $ -- ================================================================================================================================= BEGINNING CASH - PER BOOKS $ 34 $ 79,317 $ 51,880 $ 36,310 $ 100 $ -- RECEIPTS 1,328,411 414,593 TRANSFERS BETWEEN ACCOUNTS 1,424,000 -- 230,000 (WITHDRAWAL) CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS (1,423,050) (1,340,307) (255,411) (394,109) ENDING CASH - PER BOOKS $ 984 $ 67,422 $ 51,880 $ 10,898 $ 20,583 $ -- ================================================================================================================================= BANK NAME ACCOUNT NUMBER ACCOUNT TYPE TOTAL - -------------- ----------- BANK BALANCE $ 151,768 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS -- ADJUSTED BANK BALANCE $ 151,768 =========================================== BEGINNING CASH - PER BOOKS $ 167,642 RECEIPTS 1,743,004 TRANSFERS BETWEEN ACCOUNTS 1,654,000 (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (3,412,878) ENDING CASH - PER BOOKS $ 151,767 ===========================================
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) Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 DATE - ------------------------------------- -------- -------- -------- -------- -------- --------- -------- --------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS FILING TO NAME/ORDER DATE Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-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 h97319exv99w5.txt MONTHLY OPERATING REPORT - STERLING CHEMICALS INTL 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: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 - ----------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 83,333 $ 83,333 $ 88,333 $ 83,333 $ 83,333 $ 83,333 $ 83,333 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 72,339 $ 81,800 $ 66,830 $ 77,363 $ 81,888 $ 79,933 $ 77,397 NET INCOME (LOSS) (MOR-6) $ 11,674 $ 21,135 $ 6,165 $ 16,698 $ 21,223 $ 19,268 $ 16,732 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 5/17/02 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 5/17/02
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 APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
-------------------------------------------------------------------------------- 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 (revised) (revised) (revised) (revised) (revised) (revised) -------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ -- $ -- $ -- $ -- $ -- $ -- $ -- 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) $ -- $ -- $ -- $ -- $ --- $ -- $ -- ========================================================================================================================
*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 APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-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) -- -- -- -- -- -- -- --
MOR-7 CASE NAME: STERLING CHEMICALS INTERNATIONAL CASE NUMBER: 01-37809-H-11 Chase Bank of Texas - #00100551903
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-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 -- -- -- -- --
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals International, Inc. CASE NUMBER: 01-37809-H-11 CASH ACCOUNT RECONCILIATION MONTH OF APRIL 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) Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 DATE ------------------------------------- -------- -------- -------- -------- -------- ------------ -------- --------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS FILING TO NAME/ORDER DATE Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-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 h97319exv99w6.txt MONTHLY OPERATING REPORT - STERLING CANADA INC EXHIBIT 99.6 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CANADA, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37810-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 - ----------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 1,076,560 $1,116,391 $1,156,830 $1,059,266 $1,059,266 $ 1,087,139 $ 1,076,963 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 786,631 $ 819,067 $ 662,161 $ 584,521 $ 781,134 $ 786,914 $ 765,999 NET INCOME (LOSS) (MOR-6) $ 140,457 $ 154,684 $ 15,785 $ (61,844) $ 80,692 $ 140,569 $ 101,602 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- $ -- $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $ 2,681,498 $3,848,954 $1,130,065 $2,967,841 $1,041,816 $ 1,279,695 $ 2,127,093
***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 5/17/02 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 5/17/02
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 APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
---------------------------------------------------------------------------------------------- Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 467 $ 276 $ 420 $ 440 $ 656 $ 326 $ 305 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 $ 12 24 TOTAL TAXES PAYABLE $ -- $ 21 $ 8 $ 35 13 12 $ 24 SECURED DEBT POST-PETITION -- -- -- ACCRUED INTEREST PAYABLE -- -- -- *ACCRUED PROFESSIONAL FEES: -- -- -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 70 90 110 130 150 170 50 2. Lease Operating Expenses/Capital -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 19,946 $ 19,796 $ 19,946 $ 20,014 $ 20,228 $ 19,917 $ 19,787 ====================================================================================================================================
*Payment Requires Court Approval MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 10/31/01 11/30/01 12/31/01 1/31/02 - ------------------------------------------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ 915,961 $ 329,491 $ 9,021 $ 19,490 RECEIPTS: 2. CASH SALES $ -- $ -- $ 392,516 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,094,812 831,076 1,978,631 4. LOANS & ADVANCES (attach list) 5. SALE OF ASSETS 6. OTHER (attach list) 216 2,697,409 748,018 923,764 TOTAL RECEIPTS $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 DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- $ 8. PAYROLL TAXES PAID 9. SALES, USE & OTHER TAXES PAID 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 14,940 211,897 107,893 143,435 18. OTHER (attach list) 2,660,642 3,590,632 1,006,383 2,816,699 TOTAL DISBURSEMENTS FROM OPERATIONS $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 $2,681,498 $3,848,954 $1,130,065 $ 2,967,841 22. NET CASH FLOW $ (586,470) $ (320,470) $ 10,469 $ (65,446) 23. CASH - END OF MONTH (MOR-2) $ 329,491 $ 9,021 $ 19,490 $ (45,956) CASH RECEIPTS AND FILING TO DISBURSEMENTS 2/28/02 3/31/02 4/30/02 DATE - ------------------------------------------------------------------------------------------------------------ 1. CASH-BEGINNING OF MONTH $ (45,956) $ (13,573) $ 13,196 $ 271,082 RECEIPTS: 2. CASH SALES $ $ $ -- $ -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 969,180 242,792 1,531,316 11,839,388 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) 105,019 1,063,679 746,611 26,760,815 TOTAL RECEIPTS $ 1,074,199 $ 1,306,464 $ 2,277,927 $38,600,204 (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 35,293 13,458 12,292 210,967 10. SECURED/RENTAL/LEASES -- 11. UTILITIES -- 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING 9,970 137,451 177,328 824,094 18. OTHER (attach list) 996,552 1,128,786 1,937,473 37,672,195 TOTAL DISBURSEMENTS FROM OPERATIONS $ 1,041,816 $ 1,279,695 $ 2,127,093 $38,707,256 19. PROFESSIONAL FEES $ -- $ -- $ -- 20. U.S. TRUSTEE FEES -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- TOTAL DISBURSEMENTS $ 1,041,816 $ 1,279,695 $ 2,127,093 $38,707,256 22. NET CASH FLOW $ 32,383 $ 26,769 $ 150,833 $ (107,052) 23. CASH - END OF MONTH (MOR-2) $ (13,573) $ 13,196 $ 164,030 $ 164,030
MOR-7 CASE NAME: STERLING CANADA, INC. CASE NUMBER: 01-37810-H4-11
OTHER CASH RECEIPTS AND DISBURSEMENTS: 10/31/01 11/30/01 12/31/01 - ---------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income $ 204 2 401(k) Plan Refund Cobra Insurance Payment 23 Miscellaneous 12 Advance from Parent company - Sterling Chemicals Loan Advance from a subsidiary - Sterling NRO Return of investment from SPCUS 1,463,216 107,183 Rec'd in error, to be returned in Sep 01 SPC Ltd cash receipts re Inter company AR -- 1,234,170 640,833 rec'd in error and to be returned in Nov 01. TOTAL OTHER RECEIPTS $ 216 $2,697,409 $ 748,018 18. OTHER DISBURSEMENTS: Workover Expense Capital Expenditures Interest Payment Pre-petition checks voided in current period Advance to Parent company - Sterling Chemicals 78,000 1,982,808 484,482 cash disbursements re Inter company AP 454,578 228,534 CIT revolver cash sweep 2,582,642 1,153,246 293,367 Capital contribution to SPCUS TOTAL OTHER DISBURSEMENTS $2,660,642 $3,590,632 $1,006,383 OTHER CASH RECEIPTS AND 1/31/02 2/28/02 3/31/02 4/30/02 FILING TO DISBURSEMENTS: DATE - ---------------------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income 13 19 $ 33 $ 9 $ 1,572 401(k) Plan Refund -- -- Cobra Insurance Payment -- -- Miscellaneous -- 3,922 Advance from Parent company - Sterling Chemicals -- 105,000 99,000 204,000 Loan Advance from a subsidiary - Sterling NRO -- -- 19,409,155 Return of investment from SPCUS -- 88,741 1,659,140 Rec'd in error, to be returned in Sep 01 SPC Ltd -- -- cash receipts re Inter company AR 923,751 1,063,639 558,861 5,248,368 rec'd in error and to be returned in Nov 01. -- 234,658 TOTAL OTHER RECEIPTS $ 923,764 $ 105,019 $ 1,063,672 $ 746,611 $ 26,760,815 18. OTHER DISBURSEMENTS: Workover Expense -- -- Capital Expenditures -- -- Interest Payment -- -- Pre-petition checks voided in current period -- -- Advance to Parent company - Sterling Chemicals 119,811 949,787 351,178 26,613,282 cash disbursements re Inter company AP 440,050 31,852 296,424 2,115,059 CIT revolver cash sweep 1,891,948 996,552 147,147 1,289,871 8,510,611 Capital contribution to SPCUS 364,890 433,243 TOTAL OTHER DISBURSEMENTS $ 2,816,699 $ 996,552 $ 1,128,786 $ 1,937,473 $ 37,672,195
MOR-7 ATTACHMENT CASE NAME: STERLING CANADA, INC. CASE NUMBER: 01-37810-H4-11 MONTH OF APRIL 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 33 12,063 13,196 =============== =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 1,360,202 171,114 -- 1,531,316 4. LOANS & ADVANCES (attach list) -- 5. SALE OF ASSETS -- 6. OTHER (attach list) -- -- 746,602 27,009 773,611 --------------- --------------- --------------- --------------- --------------- TOTAL RECEIPTS 1,360,202 171,114 746,602 27,009 2,304,927 --------------- --------------- --------------- --------------- --------------- (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 194 12,098 12,292 10. SECURED/RENTAL/LEASES -- 11. UTILITIES -- 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT -- 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING 163,770 13,559 177,328 18. OTHER (attach list) 1,145,527 144,344 674,602 -- 1,964,473 --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 1,145,527 144,344 838,566 25,656 2,154,093 =============== =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- -- -- 20. U.S. TRUSTEE FEES -- -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- --------------- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 1,145,527 144,344 838,566 25,656 2,154,093 =============== =============== =============== =============== =============== 22. NET CASH FLOW 214,675 26,770 (91,964) 1,353 150,834 23. CASH - END OF MONTH (MOR-2) 215,675 26,870 (91,931) 13,416 164,030
(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 APRIL 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 99,000 Miscellaneous Transfer Between Accounts Loan Advance from a subsidiary - Sterling NRO -- Funds belonging to Sterling Pulp Chemicals Ltd. Return of investment from SPCUS 88,741 cash receipts re Inter company AR $ 558,861 rec'd in error and to be returned in Oct 01. TOTAL OTHER RECEIPTS $ -- $ -- $ 746,602 18. OTHER DISBURSEMENTS: Transfer Between Accounts 27,000 Capital Expenditures Interest Payment Pre-petition checks voided in current period Advance to Parent company - Sterling Chemicals 351,178 cash disbursements re Inter company AP 296,424 CIT revolver cash sweep 1,145,527 144,344 Capital contribution to SPCUS -- TOTAL OTHER DISBURSEMENTS $ 1,145,527 $ 144,344 $ 674,602 CIBC OTHER CASH RECEIPTS AND 77-01713 DISBURSEMENTS: Checking Total - --------------------------------------------------------------------------------------------------------------------------- 6. OTHER RECEIPTS: Interest Income $ 9 $ 9 401(k) Plan Refund -- Advance from Parent company - Sterling Chemicals 99,000 Miscellaneous -- -- Transfer Between Accounts 27,000 27,000 Loan Advance from a subsidiary - Sterling NRO -- Funds belonging to Sterling Pulp Chemicals Ltd. -- Return of investment from SPCUS 88,741 cash receipts re Inter company AR 558,861 rec'd in error and to be returned in Oct 01. -- TOTAL OTHER RECEIPTS $ 27,009 $ 773,611 18. OTHER DISBURSEMENTS: Transfer Between Accounts 27,000 Capital Expenditures -- Interest Payment -- Pre-petition checks voided in current period -- Advance to Parent company - Sterling Chemicals -- 351,178 cash disbursements re Inter company AP -- 296,424 CIT revolver cash sweep 1,289,871 Capital contribution to SPCUS -- TOTAL OTHER DISBURSEMENTS $ -- $ 1,964,473
MOR-7 ATTACHMENT CASE NAME: Sterling Canada, Inc. CASE NUMBER: 01-37810-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF APRIL 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 $ 215,675 $ 26,870 $ 109 $ 242,654 $ 13,415 $ 256,069 DEPOSIT IN TRANSIT -- -- OUTSTANDING CHECKS (92,040) (92,040) -- (92,040) ADJUSTED BANK BALANCE $ 215,675 $ 26,870 $ (91,931) $ 150,614 $ 13,415 $ -- $ -- $ 164,028 BEGINNING CASH - PER BOOKS $ 1,000 $ 100 $ 33 $ 1,133 $ 12,063 $ 13,196 RECEIPTS 1,360,202 171,114 746,602 2,277,918 9 2,277,927 TRANSFERS BETWEEN ACCOUNTS (27,000) (27,000) 27,000 -- (WITHDRAWAL)CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (1,145,527) (144,344) (811,566) (2,101,437) (25,657) $ (2,127,093) ENDING CASH - PER BOOKS $ 215,675 $ 26,870 $ (91,931) $ 150,614 $ 13,415 $ -- $ -- $ 164,030
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 Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 FILING TO /COMP TYPE (2) DATE - ------------------------------------------------------------------------------------------------------------------------------------ 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- 7. -- -- -- -- -- -- -- -- 8. -- -- -- -- -- -- -- -- 9. -- -- -- -- -- -- -- -- TOTAL INSIDERS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
PROFESSIONALS Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 FILING TO NAME/ORDER DATE DATE - -------------------------------------------------------------------------------------------------------------------------------- 1. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- 2. -- -- -- -- -- -- -- -- 3. -- -- -- -- -- -- -- -- 4. -- -- -- -- -- -- -- -- 5. -- -- -- -- -- -- -- -- 6. -- -- -- -- -- -- -- -- TOTAL PROFESSIONALS (MOR-1) $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
(1) REPRESENTS THE PERIOD 07/17/01 THRU 08/31/01. (2) THE DEBTOR HAS LIMITED THE SCOPE OF ITS ANSWER TO (i) DIRECTORS, (ii) OFFICERS DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SECURITIES AND EXCHANGE ACT OF 1934, (iii) AFFILIATES; AND (iv) PARTIES TO THE VOTING AGREEMENT GRANTING AUTHORITY TO DESIGNATED THE NOMINEES WHO BENEFIT FROM THE VOTING AGREEMENT. INFORMATION AS TO OFFICERS WHO ARE NOT DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SEC ACT OF 1934 HAS BEEN COMPLIED BY THE DEBTOR AND WILL BE PROVIDED TO THE OFFICE OF THE UNITED STATES TRUSTEE AND TO THE COUNCIL FOR THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS UPON REQUEST. SUCH INFORMATION PRIMARILY RELATES TO COMPENSATION, BENEFITS AND EXPENSE REIMBURSEMENTS PAYMENTS MADE TO SUCH OFFICERS AS EMPLOYEES OF THE DEBTOR. IT IS THE POLICY OF THE DEBTOR TO PRESERVE THE CONFIDENTIALITY OF SUCH INFORMATION ON BEHALF OF ITS EMPLOYEES. (3) ALL PAYMENTS TO DIRECTORS AND OFFICERS, AS DEFINED IN FOOTNOTE (2) ABOVE, ARE MADE BY STERLING CHEMICALS, INC., A JOINTLY ADMINISTERED DEBTOR (CASE #01-37806-H4-11. MOR-9 EX-99.7 9 h97319exv99w7.txt MONTLY OPERATING REPORT - STERLING PULP CHEM US EXHIBIT 99.7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING PULP CHEMICALS US, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37811-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 - -------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 289,723 $285,909 $288,348 $328,152 $239,252 $ 286,617 $ 365,854 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $(133,798) $(74,164) $(77,489) $(81,177) $(59,026) $ (49,004) $ (54,804) NET INCOME (LOSS) (MOR-6) $(133,798) $(74,164) $(77,489) $(81,177) $(59,026) $ (49,004) $ (54,804) 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 5/17/02 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 5/17/02
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 APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
-------------------------------------------------------------------------------------------- Oct-2001 Jan-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 -------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 1,043 $ 571 $ 505 $ 515 $ 949 $ 367 $ 518 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 114 98 127 133 114 94 19 2. Lease Operating Expenses/Capital -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 1,157 $ 669 $ 632 $ 648 $ 1,063 $ 461 $ 537 ===================================================================================================================================
*Payment Requires Court Approval MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 10/31/01 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 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) $ - $ - - $ - $ - $ - - $ - ===================================================================================================================================
MOR-7 CASE NAME: STERLING PULP CHEMICALS US, INC. CASE NUMBER: 01-37811-H4-11
================================================================================================================================== OTHER CASH RECEIPTS AND 10/31/01 11/30/01 12/13/-01 1/31/02 2/28/02 3/31/02 4/30/02 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 $ - $ - $ - $ - $ - $ - $ - $ - ==================================================================================================================================
MOR-7 ATTACHMENT CASE NAME: Sterling Pulp Chemicals US, Inc. CASE NUMBER: 01-37811-H4-11 CASH ACCOUNT RECONCILIATION MONTH OF APRIL 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.)
=================================================================================================================================== Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 FILING TO INSIDERS: NAME/POSITION/COMP TYPE (2) DATE - ----------------------------------------------------------------------------------------------------------------------------------- 1. $ - $ - $ - $ - $ - $ - $ - $ - - ----------------------------------------------------------------------------------------------------------------------------------- 2. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 3. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 4. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 5. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 6. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 7. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 8. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 9. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INSIDERS (MOR-1) $ - $ - $ - $ - $ - $ - $ - $ - ===================================================================================================================================
=================================================================================================================================== Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 FILING TO PROFESSIONALS DATE NAME/ORDER DATE - ----------------------------------------------------------------------------------------------------------------------------------- 1. $ - $ - $ - $ - $ - $ - $ - $ - - ----------------------------------------------------------------------------------------------------------------------------------- 2. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 3. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 4. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 5. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- 6. - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL PROFESSIONALS (MOR-1) $ - $ - $ - $ - $ - $ - $ - $ - ===================================================================================================================================
(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 h97319exv99w8.txt MONTHLY OPERATING REPORT - STERLING PULP CHEM INC EXHIBIT 99.8 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING PULP CHEMICALS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37812-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: APRIL YEAR: 2002
MONTH 10/31/01 11/30/01 12/31/01 - --------------------------------------------------------------------------------- REVENUES (MOR-6) $3,168,738 $2,729,574 $3,383,414 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 405,925 $ 438,056 $ 686,339 NET INCOME (LOSS) (MOR-6) $ 736 $ 32,982 $ 281,280 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- TOTAL DISBURSEMENTS (MOR-7) $6,563,984 $8,489,123 $5,442,236 MONTH 1/31/02 2/28/02 3/31/02 4/30/02 - -------------------------------------------------------------------------------------------- REVENUES (MOR-6) $3,335,583 $3,227,039 $3,175,608 $3,332,627 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ 639,912 $ 573,082 $ 561,378 692,530 NET INCOME (LOSS) (MOR-6) $ 232,478 $ 245,985 $ 236,593 365,040 PAYMENTS TO INSIDERS (MOR-9) $ -- $ -- $ -- -- PAYMENTS TO PROFESSIONALS (MOR-9) $ -- $ -- $ -- -- TOTAL DISBURSEMENTS (MOR-7) $7,258,781 $4,778,478 $7,005,690 $6,253,512
***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 14 5/17/02 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 5/17/02
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 APRIL 30, 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 $ 1,866 $ - $ 152 Trade accounts receivable, net - 67,997 71 2,626 Other Receivables - 624 - 2,694 Due from affiliates 1,205 23,874 13,782 - Inventories - 32,762 - 8,535 Prepaid expenses 33 7,578 - 52 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 134,701 13,853 14,059 Property, plant and equipment, net - 121,481 2,885 5,977 Deferred income taxes - - - - Investments-Third Party - 1,500 5,162 - Investments in Subs 35,060 94,735 - - Other assets 865 34,560 - 1,258 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 386,977 $ 21,900 $ 21,294 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 164 183,715 1,493 6,413 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 36,577 - 9,186 Unsecured debt 186,538 266,481 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) - 15,769 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 (1,033) (59,747) 3,963 (7,678) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,665) (510,587) 19,297 (137,733) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,665) (513,124) 19,297 (137,333) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 386,977 $ 21,900 $ 21,294 ====================================================================================
------------------------------------------------------------------------------------------ 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 $ - $ 164 $ - $ 49 Trade accounts receivable, net - 2,552 872 4,299 Other Receivables - 4,389 - - Due from affiliates 3,217 55,026 534 7,527 Inventories - - 251 1,803 Prepaid expenses (283) - - 21 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,934 62,131 1,657 13,699 Property, plant and equipment, net - - - 42,248 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,593 3,746 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,527 $ 361,688 $ 3,176 $ 55,947 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 59 24,885 537 1,709 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 587 10,780 - - 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 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (390) 1,017 (674) (11,180) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 389 (6,181) 2,469 (8,105) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 389 (6,181) 2,469 (8,105) TOTAL LIABILITIES AND EQUITY $ 5,527 $ 361,888 $ 3,176 $ 55,947 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,402 Trade accounts receivable, net - 78,417 Other Receivables - 7,707 Due from affiliates (105,219) (54) Inventories - 43,351 Prepaid expenses - 7,401 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (105,219) 139,224 Property, plant and equipment, net - 172,591 Deferred income taxes - - Investments-Third Party - 6,662 Investments in Subs (381,672) 45,453 Other assets (1) 43,021 -------------------------------- TOTAL ASSETS $(486,892) $ 406,951 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (41,841) 177,134 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (9,773) 47,357 Unsecured debt (133,135) 719,802 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,722) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (857,366) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,903) TOTAL LIABILITIES AND EQUITY $(486,892) $ 406,951 ================================
* 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
---------------------------------------------------------------------------------------------- Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 ---------------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 2,039 $ 308 $ 1,088 $ 1,438 2,652 $ 1,043 $ 1,242 ROYALTY AND REVENUE PAYABLE -- -- -- NOTES PAYABLE - INSURANCE -- -- -- TAX PAYABLE: -- Federal Payroll Taxes -- -- -- State Payroll & Sales -- -- -- Ad Valorem Taxes -- -- -- Other Taxes 76 102 129 155 100 120 113 TOTAL TAXES PAYABLE $ 76 $ 102 $ 129 $ 155 $ 100 $ 120 $ 113 SECURED DEBT POST-PETITION -- -- -- ACCRUED INTEREST PAYABLE -- -- -- *ACCRUED PROFESSIONAL FEES: -- -- -- OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 323 346 487 360 321 374 354 2. Lease Operating Expenses/Capital -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 2,438 $ 756 $ 1,703 $ 1,953 $ 3,073 $ 1,537 $ 1,709 ====================================================================================================================================
*Payment Requires Court Approval MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH APRIL 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $218,752 $ 207,065 $ 8 $ 404 $ 6,177 $ 5,098 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 62,239 $ 62,239 $ -- $ -- $ -- $ -- 31-60 516 516 -- -- -- -- 61-90 911 911 -- -- -- -- 91 + 27,343 27,343 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 91,009 $ 91,009 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 APRIL 30, 2002 STATEMENT OF INCOME (LOSS)
ATTACHED 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) $ -- $ 42,567,625 $ 193,956 $ 1,707,430 TOTAL COST OF REVENUES -- 34,665,250 193,956 1,735,717 GROSS PROFIT $ -- $ 7,902,375 $ -- $ (28,287) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 46,778 $ 631,122 $ -- $ 99,565 Insiders Compensation -- 494,281 -- -- Professional Fees -- 1,736,873 -- -- Other (Earnings in Joint Venture) -- 15,879 (15,879) -- TOTAL OPERATING EXPENSE $ 46,778 $ 2,878,155 $ (15,879) $ 99,565 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (46,778) $ 5,024,220 $ 15,879 $ (127,852) INTEREST EXPENSE (includes amort of debt fees) (188) 2,578,733 -- 614,434 DEPRECIATION -- 1,949,794 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (188) $ 4,528,527 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (46,590) $ 495,693 $ 15,879 $ (789,902) INCOME TAXES -- -- 1,601 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (46,590) $ 495,693 $ 14,278 $ (789,902) ==================================================================================================================================== 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 $ 1,076,963 $ 365,854 TOTAL COST OF REVENUES -- 68,649 494,189 GROSS PROFIT $ 83,333 $ 1,008,314 $ (128,335) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 5,936 $ 242,315 $ (73,531) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 5,936 $ 242,315 $ (73,531) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 77,397 $ 765,999 $ (54,804) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,602 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,397 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 16,732 $ 101,602 $ (54,804) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 16,732 $ 101,602 $ (54,804) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,332,627 $ (83,333) $ 49,244,455 TOTAL COST OF REVENUES 2,030,382 (83,333) 39,104,810 GROSS PROFIT $ 1,302,245 $ -- $ 10,139,645 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 609,715 $ (540,833) 1,021,067 Insiders Compensation -- -- 494,281 Professional Fees -- -- 1,736,873 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 609,715 $ (540,833) $ 3,252,221 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 692,530 $ 540,833 6,887,424 INTEREST EXPENSE (includes amort of debt fees) -- 540,833 3,950,079 DEPRECIATION 327,490 -- 2,833,695 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 327,490 $ 540,833 $ 6,783,774 ================================================================================================================= NET INCOME BEFORE TAXES $ 365,040 $ -- $ 103,650 INCOME TAXES -- -- 1,601 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 365,040 $ -- $ 102,049 =================================================================================================================
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 Oct-01 Nov-01 Dec-01 Jan-02 - --------------------------------------------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ 170,374 $ 238,608 $ (13,646) $ 147,113 ---------- ---------- ---------- ---------- RECEIPTS: 2. CASH SALES $ -- $ -- $ -- ---------- ---------- ---------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 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) 3,111,505 5,584,297 3,171,616 2,478,016 ---------- ---------- ---------- ---------- TOTAL RECEIPTS $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 ---------- ---------- ---------- DISBURSEMENTS: 7. NET PAYROLL $ -- $ -- $ -- ---------- ---------- ---------- 8. PAYROLL TAXES PAID -- -- -- ---------- ---------- ---------- 9. SALES, USE & OTHER TAXES PAID -- -- -- ---------- ---------- ---------- 10. SECURED/RENTAL/LEASES 3,198 4,558 1,472 669 ---------- ---------- ---------- ---------- 11. UTILITIES 2,383,745 1,703,174 1,118,571 682,974 ---------- ---------- ---------- ---------- 12. INSURANCE -- -- -- -- ---------- ---------- ---------- ---------- 13. INVENTORY PURCHASES 291,355 318,099 296,353 289,263 ---------- ---------- ---------- ---------- 14. VEHICLE EXPENSES -- -- -- 142 ---------- ---------- ---------- ---------- 15. TRAVEL & ENTERTAINMENT 8,200 3,731 2,238 2,751 ---------- ---------- ---------- ---------- 16. REPAIRS, MAINTENANCE & SUPPLIES 82,154 141,233 61,693 94,732 ---------- ---------- ---------- ---------- 17. ADMINISTRATIVE & SELLING 202,541 238,024 131,898 228,742 ---------- ---------- ---------- ---------- 18. OTHER (attach list) 3,592,791 6,080,303 3,830,011 5,959,508 ---------- ---------- ---------- ---------- TOTAL DISBURSEMENTS FROM OPERATIONS $6,563,984 $8,489,123 $5,442,236 $7,258,781 ---------- ---------- ---------- ---------- 19. PROFESSIONAL FEES $ -- $ -- $ -- ---------- ---------- ---------- 20. U.S. TRUSTEE FEES -- -- -- ---------- ---------- ---------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- ---------- ---------- ---------- TOTAL DISBURSEMENTS $6,563,984 $8,489,123 $5,442,236 $7,258,781 ---------- ---------- ---------- ---------- 22. NET CASH FLOW $ 68,234 $ (252,254) $ 160,759 $ (96,985) ---------- ---------- ---------- ---------- 23. CASH - END OF MONTH (MOR-2) $ 238,608 $ (13,646) $ 147,113 $ 50,128 ========== ========== ========== ========== ============================================================================================================= CASH RECEIPTS AND FILING TO DISBURSEMENTS Feb-02 Mar-02 Apr-02 DATE ------------------------------------------------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ 50,128 $ (45,869) $ (87,281) $ 308,953 ---------- ------------ ----------- ----------- RECEIPTS: 2. CASH SALES $ -- $ $ -- $ -- ---------- ----------- ----------- ----------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,872,054 3,070,216 3,547,110 29,558,611 ---------- ----------- ----------- ----------- 4. LOANS & ADVANCES (attach list) -- -- -- ---------- ----------- ----------- ----------- 5. SALE OF ASSETS -- -- -- ---------- ----------- ----------- ----------- 6. OTHER (attach list) 1,810,427 3,894,062 2,842,408 28,045,829 ---------- ----------- ----------- ----------- TOTAL RECEIPTS $4,682,481 $ 6,964,278 $ 6,389,518 $57,604,440 ---------- ----------- ----------- ----------- (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 906 700 434 2,040 ---------- ------------ ----------- ----------- 10. SECURED/RENTAL/LEASES 680 1,070,005 552 1,087,673 ---------- ------------ ----------- ----------- 11. UTILITIES 1,207,375 -- 1,202,470 9,924,043 ---------- ------------ ----------- ----------- 12. INSURANCE -- 269,741 -- 269,741 ---------- ------------ ----------- ----------- 13. INVENTORY PURCHASES 245,145 46 255,526 2,135,649 ---------- ------------ ----------- ----------- 14. VEHICLE EXPENSES -- 126 -- 268 ---------- ------------ ----------- ----------- 15. TRAVEL & ENTERTAINMENT 2,334 130,331 265 151,944 ---------- ------------ ----------- ----------- 16. REPAIRS, MAINTENANCE & SUPPLIES 106,723 198,980 92,812 985,639 ---------- ------------ ----------- ----------- 17. ADMINISTRATIVE & SELLING 219,941 209,070 1,713,246 ---------- ------------ ----------- ----------- 18. OTHER (attach list) 2,995,373 5,335,761 4,492,383 41,594,425 ---------- ------------ ----------- ----------- TOTAL DISBURSEMENTS FROM OPERATIONS $4,778,478 $ 7,005,690 $ 6,253,512 $57,864,669 ---------- ------------ ----------- ----------- 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- ---------- ------------ ----------- ----------- 20. U.S. TRUSTEE FEES -- -- -- -- ---------- ------------ ----------- ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- ---------- ------------ ----------- ----------- TOTAL DISBURSEMENTS $4,778,478 $ 7,005,690 $ 6,253,512 $57,864,669 ---------- ------------ ----------- ----------- 22. NET CASH FLOW $ (95,997) $ (41,412) $ 136,006 $ (260,228) ---------- ------------ ----------- ----------- 23. CASH - END OF MONTH (MOR-2) $ (45,869) $ (87,281) $ 48,725 $ 48,725 ========== ============ =========== ===========
MOR-7 CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37812-H4-11
==================================================================================================================================== OTHER CASH RECEIPTS AND Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-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 505 40,880 223,586 36,733 43,427 9,445 265,953 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Cash advance from Sterling Chemicals 3,111,000 2,347,000 1,840,500 1,318,000 1,767,000 1,846,000 1,788,000 cash receipts re Inter company AR 3,196,417 1,107,530 927,448 -- 2,038,617 788,455 Capital Contribution from SPCUS 195,835 ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER RECEIPTS $3,111,505 $5,584,297 $3,171,616 $2,478,016 $1,810,427 $3,894,062 $2,842,408 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 18.OTHER DISBURSEMENTS: Capital Expenditures $ 81,005 $ 39,534 $ 106,606 $ 45,835 $ 73,428 $ 150,489 $ 45,333 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 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 3,511,786 2,844,352 2,615,871 4,753,659 2,921,945 3,146,655 3,673,595 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Return of investment to SPCUS -- 1,272,914 237,864 -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- cash disbursements re Inter company AP 1,923,503 869,666 1,123,282 -- 2,038,617 773,455 ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER DISBURSEMENTS $3,592,791 $6,080,303 $3,830,011 $5,959,508 $2,995,373 $5,335,761 $4,492,383 ========== ========== ========== ========== ========== ========== ==========
========================================================= 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 1,188,581 ----------- Cash advance from Sterling Chemicals 17,313,500 cash receipts re Inter company AR Capital Contribution from SPCUS ----------- TOTAL OTHER RECEIPTS $18,502,081 ----------- 18.OTHER DISBURSEMENTS: Capital Expenditures $615,603.92 ----------- 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 $ 2,840,219 ===========
MOR-7 ATTACHMENT CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37812-H4-11 MONTH OF APRIL 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 $ 1,000 $ 100 $ (115,636) $ 27,256 $ -- ------------ --------------- --------------- ---------------- ------ RECEIPTS: 2. CASH SALES $ -- $ -- $ -- $ -- $ -- ------------ --------------- --------------- ---------------- ------ 3. COLLECTION OF ACCOUNTS RECEIVABLE 3,156,017 391,093 -- ------------ --------------- --------------- ---------------- ------ 4. LOANS & ADVANCES (attach list) -- -- -- -- -- ------------ --------------- --------------- ---------------- ------ 5. SALE OF ASSETS -- -- -- -- -- ------------ --------------- --------------- ---------------- ------ 6. OTHER (attach list) 109,344 156,610 2,576,455 -- -- ------------ --------------- --------------- ---------------- ------ TOTAL RECEIPTS $ 3,265,361 $ 547,703 $ 2,576,455 $ -- $ -- ------------ --------------- --------------- ---------------- ------ (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 434 -- ------------ --------------- --------------- ---------------- ------ 10. SECURED/RENTAL/LEASES 552 -- -- ------------ --------------- --------------- ---------------- ------ 11. UTILITIES 1,202,470 -- -- ------------ --------------- --------------- ---------------- ------ 12. INSURANCE -- -- ------------ --------------- --------------- ---------------- ------ 13. INVENTORY PURCHASES 255,526 -- -- ------------ --------------- --------------- ---------------- ------ 14. VEHICLE EXPENSES -- -- -- ------------ --------------- --------------- ---------------- ------ 15. TRAVEL & ENTERTAINMENT 265 -- -- ------------ --------------- --------------- ---------------- ------ 16. REPAIRS, MAINTENANCE & SUPPLIES 92,009 803 -- ------------ --------------- --------------- ---------------- ------ 17. ADMINISTRATIVE & SELLING 208,932 138 -- ------------ --------------- --------------- ---------------- ------ 18. OTHER (attach list) 3,125,893 547,703 818,788 -- -- ------------ --------------- --------------- ---------------- ------ TOTAL DISBURSEMENTS FROM OPERATIONS $ 3,125,893 $ 547,703 $ 2,578,542 $ 1,375 $ -- ------------ --------------- --------------- ---------------- ------ 19. PROFESSIONAL FEES $ -- $ -- $ -- $ -- $ -- ------------ --------------- --------------- ---------------- ------ 20. U.S. TRUSTEE FEES -- -- -- -- -- ------------ --------------- --------------- ---------------- ------ 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- -- ------------ --------------- --------------- ---------------- ------ TOTAL DISBURSEMENTS $ 3,125,893 $ 547,703 $ 2,578,542 $ 1,375 $ -- ------------ --------------- --------------- ---------------- ------ 22. NET CASH FLOW $ 139,468 $ -- $ (2,087) $ (1,375) $ -- ------------ --------------- --------------- ---------------- ------ 23. CASH - END OF MONTH (MOR-2) $ 140,468 $ 100 $ (117,723) $ 25,881 $ -- ============ =============== =============== ================ ====== =================================================================== CASH RECEIPTS AND DISBURSEMENTS TOTAL ------------------------------------------------------------------- 1. CASH-BEGINNING OF MONTH $ (87,280) ----------- RECEIPTS: 2. CASH SALES $ -- ----------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 3,547,110 ----------- 4. LOANS & ADVANCES (attach list) -- ----------- 5. SALE OF ASSETS -- ----------- 6. OTHER (attach list) 2,842,408 ----------- TOTAL RECEIPTS $ 6,389,518 ----------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A ----------- DISBURSEMENTS: 7. NET PAYROLL $ -- ----------- 8. PAYROLL TAXES PAID -- ----------- 9. SALES, USE & OTHER TAXES PAID 434 ----------- 10. SECURED/RENTAL/LEASES 552 ----------- 11. UTILITIES 1,202,470 ----------- 12. INSURANCE -- ----------- 13. INVENTORY PURCHASES 255,526 ----------- 14. VEHICLE EXPENSES -- ----------- 15. TRAVEL & ENTERTAINMENT 265 ----------- 16. REPAIRS, MAINTENANCE & SUPPLIES 92,812 ----------- 17. ADMINISTRATIVE & SELLING 209,070 ----------- 18. OTHER (attach list) 4,492,383 ----------- TOTAL DISBURSEMENTS FROM OPERATIONS $ 6,253,513 ----------- 19. PROFESSIONAL FEES $ -- ----------- 20. U.S. TRUSTEE FEES -- ----------- 21. OTHER REORGANIZATION EXPENSES (attach list) -- ----------- TOTAL DISBURSEMENTS $ 6,253,513 ----------- 22. NET CASH FLOW $ 136,006 ----------- 23. CASH - END OF MONTH (MOR-2) $ 48,725 ===========
MOR-7 *Applies to Individual debtor's only. CASE NAME: STERLING PULP CHEMICALS, INC. CASE NUMBER: 01-37810-H4-11 MONTH OF APRIL 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 -- -- ---------- ---------- ---------- ---------- ---------- Cash advance from Sterling Chemicals -- 1,788,000 -- 1,788,000 Funds belonging to Sterling Pulp Chemicals Ltd. 109,344 156,610 -- -- 265,953 rec'd in error and to be returned in Sept 01. -- cash receipts re Inter company AR 788,455 -- 788,455 ---------- ---------- ---------- ---------- ---------- Return of investment from SPCUS -- -- TOTAL OTHER RECEIPTS $ 109,344 $ 156,610 $2,576,455 $ -- $2,842,408 ---------- ---------- ---------- ---------- ---------- 18.OTHER DISBURSEMENTS: Transfer Between Accounts -- -- Capital Expenditures $ $ $ 45,333 $ -- $ 45,333 ---------- ---------- ---------- ---------- ---------- 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 773,455 773,455 ---------- ---------- ---------- ---------- ---------- CIT revolver cash sweep 3,125,893 547,703 3,673,595 ---------- ---------- ---------- ---------- ---------- Return of investment to SPCUS -- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER DISBURSEMENTS $3,125,893 $ 547,703 $ 818,788 $ -- $4,492,383 ========== ========== ========== ========== ==========
MOR-7 ATTACHMENT CASE NAME: STERLING PULP CHEMICALS INC. CASE NUMBER: 01-37812-H3-11 CASH ACCOUNT RECONCILIATION MONTH OF APRIL 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 $ 140,468 $ 100 $ 1,007 $ 141,574 $ 25,986 $ 167,560 - ---------------------------------------------------------------------------------------------------------------------------------- DEPOSIT IN TRANSIT 1,764 $ 1,764 1,764 - ---------------------------------------------------------------------------------------------------------------------------------- OUTSTANDING CHECKS (120,495) (120,495) (105) (120,600) - ---------------------------------------------------------------------------------------------------------------------------------- ADJUSTED BANK BALANCE $ 140,468 $ 100 $ (117,724) $ 22,843 $ 25,881 $ - $ - $ 48,724 - ---------------------------------------------------------------------------------------------------------------------------------- BEGINNING CASH - PER BOOKS $ 1,000 $ 100 $ (115,636) $ (114,536) $ 27,256 (87,280) - ---------------------------------------------------------------------------------------------------------------------------------- RECEIPTS 3,265,361 547,703 2,576,455 6,389,518 - 6,389,518 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSFERS BETWEEN ACCOUNTS - - - - ---------------------------------------------------------------------------------------------------------------------------------- (WITHDRAWAL)CONTRIBUTION- - - ---------------------------------------------------------------------------------------------------------------------------------- BY INDIVIDUAL DEBTOR MFR-2 - - ---------------------------------------------------------------------------------------------------------------------------------- CHECKS/OTHER DISBURSEMENTS (3,125,893) (547,703) (2,578,543) (6,252,138) (1,375) (6,253,513) - ---------------------------------------------------------------------------------------------------------------------------------- ENDING CASH - PER BOOKS $ 140,468 $ 100 $ (117,724) $ 22,844 $ 25,881 $ - $ - $ 48,725 ==================================================================================================================================
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.)
================================================================================================================================= Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 FILING TO INSIDERS: NAME/POSITION/COMP TYPE (2) DATE 1. $-- $-- $-- $-- $-- $-- $-- $-- --- --- --- --- --- --- --- --- 2. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 3. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 4. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 5. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 6. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 7. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 8. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- 9. -- -- -- -- -- -- -- -- --- --- --- --- --- --- --- --- TOTAL INSIDERS (MOR-1) $-- $-- $-- $-- $-- $-- $-- $-- === === === === === === === ===
======================================================================================================================== Oct-2001 Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-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-----