EX-99.2 4 h01651exv99w2.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 CASEN UMBER: 01-37806-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: OCTOBER YEAR: 2002
4/30/02 MONTH Revised 5/31/02 6/30/02 7/31/02 8/31/02 9/30/02 10/31/02 ----------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $42,567,625 $ 45,186,158 $48,626,030 $ 31,375,535 $ 44,301,404 $ 42,522,545 $ 36,364,891 INCOME BEFORE INT. DEPREC./TAX $ 5,024,220 $ 4,957,088 $ 7,401,423 $ (404,653) $ 2,873,930 $ 13,541,752 $ (621,434) NET INCOME (LOSS) (MOR-6) $ 495,693 $ 813,702 $ 2,748,385 $ (4,909,430) $ (1,383,826) $ 6,428,456 $ (5,034,848) PAYMENTS TO INSIDERS (MOR-9) $ 494,281 $ 78,911 $ 131,411 $ 78,911 $ 112,872 $ 131,592 $ 470,408 PAYMENTS TO PROFESSIONALS (MOR-9) $ 1,572,252 $ 1,014,508 $ 700,599 $ 1,019,131 $ 622,317 $ 362,823 $ 1,123,130 TOTAL DISBURSEMENTS (MOR-7)(1) $57,893,073 $ 69,069,844 $90,769,682 $ 89,651,958 $ 73,952,992 $ 67,752,947 $ 88,180,518 (1) Excludes intercompany transfers as follows: $20,186,176 $ 16,157,239 $17,490,363 $ 15,729,203 $ 14,831,022 $ 15,653,136 $ 16,106,931
***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 proposed Plan of Reorganization was filed with the U.S. Bankruptcy Court on May 14, 2002. -------------------------------------------------------------------------------- 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 11/19/02 SUMMARY OF COVERAGES FOR STERLING CHEMICALS HOLDINGS, INC.
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 1 Workers Compensation Statutory - $1,000,000 Employers American Guar. 1 year 7/1/03 Total annual Liability. Zurich US remuneration Ded. $250,000 per accident. 2 Automobile Liability $2,000,000 ea. occurrence. American Guar. 1 year 7/1/03 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 7/1/03 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 7/1/03 Included aggregate. (Reinsured through Munich Re:) 5 Excess Liability $50,000,000 ea. loss and Gerling Global 1 year 7/1/03 Flat charge - based aggregate. on exposures and risk potential 6 Excess Liability $50,000,000 ea. loss and Zurich Energy - 1 year 7/1/03 Flat charge - based aggregate. London on exposures and 7 Excess Liability $50,000,000 Swiss Re: 1 year 7/1/03 Flat charge 8 Excess Liability $50,000,000 Zurich Ins. 1 year 7/1/03 Flat Charge NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 1 Workers Compensation $239,650 - Audit at expiration. (Plus all losses within deductible. (AFCO) 2 Automobile Liability $96,876 (AFCO) 3 Excess Liability $607,121 Annual - Half on 7/1/01; Excess to $1 Million SIR 1/2 on 1/1/02. 4 Excess Liability Included 5 Excess Liability $495,000 (AFCO) 6 Excess Liability $310,000 (AFCO) 7 Excess Liability $280,000 (AFCO) 8 Excess Liability $200,000 (AFCO)
Page 4 of 15 11/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 9 Excess Liability $100,000,000 Starr Excess 1 year 7/1/03 Flat Charge 10 Marine Terminal $50,000,000 ea. occurrence. New Hampshire Ins. 1 year 7/1/03 Based on volume Operators Liability and Ded. $25,000 per occurrence & NY M&G throughput and no. Charterer's Legal $100,000 pollution chartered vessels. Liability per occurrence. 11 Excess Marine Liability $24,000,000 excess of MTO, CLL, XL Specialty 1 year 7/1/03 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 7/1/03 Flat Brockbank & N.Y. Marine Gen. Ins. 13 Property Damage, $500 million combined Munich Re: 1 year 8/1/03 Property Values - PD Business Interruption all-risk. Sublimits: Flood - FM Global, Income values - BI and Boiler & Machinery $100 mil., Earthquake - $100 et al. PML, fire protection mil., $10 mil extra expense. available; many other factors. 14 Directors & Officers $15,000,000 each loss and each National Union 1 year 8/1/03 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 8/21/03 Various Officers Liability 16 Directors & Officers $10,000,000 XL Specialty Ins. 1 year 8/21/02 Various Liability Co. NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 9 Excess Liability $300,000 (AFCO) 10 Marine Terminal $51,850 Min. premium & deposit. (AFCO) Operators Liability and Charterer's Legal Liability 11 Excess Marine Liability $34,425 (AFCO) 12 Excess Marine Liability $21,250 (AFCO) 13 Property Damage, $6,500,000 + Tax (AFCO) Business Interruption and Boiler & Machinery 14 Directors & Officers $444,650 Liability 15 Excess Directors & $275,000 Officers Liability 16 Directors & Officers $170,000 Liability
Page 5 of 15 11/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 17 Employee Dishonesty & $5,000,000 each Insuring Texas Pacific 1 year 10/1/02 Various Depositor's Forgery Agreement. Ded. $50,000. Chubb 18 Hull & Machinery and Barge Hull Value Great-American 1 year 7/1/03 Hull & Machinery Protection & Indemnity (M-25 = ) Insurance Co. values Ded. $5,000 per loss. of NY $1,000,000 P&I 19 Pollution Insurance Section A - $250,000 Water Quality 1 year 7/1/03 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 Limit National Union 1 year 8/21/03 Various Ded. $150,000 per occurrence 23 Environmental Impairment $4,000,000 per loss Chubb 1 year 2/20/03 Loss Potential Liability (Petrochem & $8,000,000 aggregate Fibers) 24 Closure/Post Closure $1,995,222 Combined Underwriters 1 year Continuous Estimated Bonds - Petrochem Indemnity Closure/Post Closure Costs NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 17 Employee Dishonesty & $14,450 Depositor's Forgery 18 Hull & Machinery and $23,852 (AFCO) Protection & Indemnity 19 Pollution Insurance $3,600 (AFCO) 20 Marine and Railroad Cargo $40,000 Annual Approx. (AFCO) 21 Duty Drawback Bond $2,875 22 Fiduciary $49,000 23 Environmental Impairment $147,831 Liability (Petrochem & Fibers) 24 Closure/Post Closure $40,610 Bonds - Petrochem ANNUAL TOTAL: *
* 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 OCTOBER 31, 2002 (In Thousands) (Unaudited)
-------------------------------------------------------------------------------------------- STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS HOLDINGS INC. INC. ENERGY, INC. INC. ASSETS 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 -------------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 1 $ 461 $ - $ 83 Trade accounts receivable, net - 56,863 60 2,586 Other Receivables - 1,254 - 1,999 Due from affiliates 1,375 27,999 13,957 - Inventories - 31,311 - 8,246 Prepaid expenses 33 6,617 - 186 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 124,505 14,017 13,100 Property, plant and equipment, net - 113,625 2,520 - Deferred income taxes - - - - Investments-Third Party - 1,500 5,445 - Investments in Subs 35,060 94,735 - - Other assets 865 32,777 - 1,112 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 367,142 $ 21,982 $ 14,212 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 251 168,473 1,263 6,637 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 54,755 - 13,751 Secured - Other 469 Unsecured debt 186,538 256,134 1,110 67,942 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - - - - 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 (1,120) (60,895) 4,275 (17,053) Pension adjustment - (14,890) - - Accumulated translation adj. - - - - Deferred compensation - - - - ------------------------------------------------------------------------------------ (176,752) (523,226) 19,609 (147,108) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,752) (525,763) 19,609 (147,108) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 367,142 $ 21,982 $ 14,212 ====================================================================================
-------------------------------------------------------------------------------- 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 $ - $ 99 $ - $ - Trade accounts receivable, net - 2,191 819 4,771 Other Receivables - - 32 - Due from affiliates 2,771 62,541 585 11,459 Inventories - - 100 1,445 Prepaid expenses - - - 144 Deferred income tax benefit - - - - ---------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,771 64,831 1,536 17,819 Property, plant and equipment, net - - - 40,614 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,487 - Other assets - 1,230 - - --------------------------------------------------------------------------- TOTAL ASSETS $ 2,771 $ 361,872 $ 3,023 $ 58,433 =========================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 99 25,645 752 3,234 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 878 16,160 - - Secured - Other Unsecured debt 840 264,937 139 62,282 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 1,486 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (3,477) (4,824) (1,011) (10,087) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - --------------------------------------------------------------------------- (2,698) (12,022) 2,132 (7,083) Treasury stock at cost - - - - --------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY (2,698) (12,022) 2,132 (7,083) TOTAL LIABILITIES AND EQUITY $ (2,771) $ 361,872 $ 3,023 $ 58,433 ===========================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 644 Trade accounts receivable, net - 67,290 Other Receivables - 3,285 Due from affiliates (120,082) 605 Inventories - 41,102 Prepaid expenses - 6,980 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (120,082) 119,906 Property, plant and equipment, net - 156,759 Deferred income taxes - - Investments-Third Party - 6,945 Investments in Subs (395,322) 31,771 Other assets (1) 35,983 -------------------------------- TOTAL ASSETS $(515,405) $ 351,364 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (51,651) 154,703 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (14,651) 70,893 Secured - Other 469 Unsecured debt (133,310) 706,612 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - - Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (53,899) (559,739) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (94,192) Pension adjustment - (14,890) Accumulated translation adj. - - Deferred compensation - - -------------------------------- (53,900) (901,048) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (53,900) (903,585) TOTAL LIABILITIES AND EQUITY $(515,405) $ 351,364 ================================
* 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
----------------------------------------------------------------------------------- 4/30/02 5/31/02 6/30/02 7/31/02 8/31/02 9/30/02 10/31/02 ----------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 61,483 $ 68,952 $ 70,812 $ 65,012 $ 66,090 $ 67,655 $ 73,489 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- -- TAX PAYABLE: -- -- -- -- -- -- Federal Payroll Taxes 8 98 3 -- -- -- 95 State Payroll & Sales 405 409 415 419 419 56 -- Ad Valorem Taxes -- -- -- -- -- -- -- Other Taxes 5,795 4,408 3,730 4,290 4,850 5,141 5,275 TOTAL TAXES PAYABLE $ 6,208 $ 4,915 $ 4,148 $ 4,709 $ 5,218 $ 5,197 $ 5,370 SECURED DEBT POST-PETITION 78,668 74,598 76,479 58,656 54,769 57,242 32,404 ACCRUED INTEREST PAYABLE 752 518 624 509 486 513 607 *ACCRUED PROFESSIONAL FEES: 6,106 6,427 7,096 7,490 8,478 8,989 10,078 OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 30,498 32,171 32,233 34,268 33,069 46,721 46,525 2. Lease Operating Expenses/Capital -- -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 183,715 $ 187,581 $ 191,392 $170,644 $ 168,110 $186,317 $ 168,473 ============================================================================================================================
*Payment Requires Court Approval MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH OCTOBER 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $154,703 $ 143,507 $ -- $ 95 $ 5,856 $ 5,245 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $154,703 $ 143,507 $ -- $ 95 $ 5,856 $ 5,245 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 52,119 $ 52,119 $ -- $ -- $ -- $ -- 31-60 546 546 -- -- -- -- 61-90 352 352 -- -- -- -- 91 + 30,046 30,046 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $ 83,063 $ 83,063 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 OCTOBER 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 36,364,891 $ 203,142 $ 1,605,316 TOTAL COST OF REVENUES -- 33,726,485 203,142 1,732,546 GROSS PROFIT $ -- $ 2,638,406 $ -- $ (127,230) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 31,112 $ 514,746 $ -- $ 178,896 Insiders Compensation -- 470,408 -- -- Professional Fees -- 2,141,012 -- -- Other (Earnings in Joint Venture) -- 133,674 (66,098) -- TOTAL OPERATING EXPENSE $ 31,112 $ 3,259,840 $ (66,098) $ 178,896 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (31,112) $ (621,434) $ 66,098 $ (306,126) INTEREST EXPENSE (includes amort of debt fees) -- 2,553,390 -- 723,970 DEPRECIATION -- 1,860,024 -- -- OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ -- $ 4,413,414 $ -- $ 723,970 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (31,112) $ (5,034,848) $ 66,098 $ (1,030,096) INCOME TAXES -- -- 3,738 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (31,112) $ (5,034,848) $ 62,360 $ (1,030,096) ==================================================================================================================================== 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) $ 10,000 $ 851,790 $ 358,662 TOTAL COST OF REVENUES -- 33,247 486,157 GROSS PROFIT $ 10,000 $ 818,543 $ (127,535) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 4,433 $ 225,466 $ (74,101) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 4,433 $ 225,466 $ (74,101) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 5,567 $ 593,077 $ (53,434) INTEREST EXPENSE (includes amort of debt fees) 44,657 289,067 -- DEPRECIATION -- -- -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 44,657 $ 289,067 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ (39,090) $ 304,010 $ (53,434) INCOME TAXES -- 90,000 -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ (39,090) $ 214,010 $ (53,434) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 2,959,285 $ (397,743) $ 41,955,303 TOTAL COST OF REVENUES 1,952,293 (397,743) 37,736,127 GROSS PROFIT $ 1,006,992 $ -- $ 4,219,176 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 68,229 $ -- 948,781 Insiders Compensation -- -- 470,408 Professional Fees -- -- 2,141,012 Other (Earnings in Joint Venture) -- -- 67,576 TOTAL OPERATING EXPENSE $ 68,229 $ -- $ 3,627,777 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 938,763 $ -- 591,399 INTEREST EXPENSE (includes amort of debt fees) 558,861 -- 4,169,945 DEPRECIATION 327,282 -- 2,187,306 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 886,143 $ -- $ 6,357,251 ================================================================================================================= NET INCOME BEFORE TAXES $ 52,620 $ -- $ (5,765,852) INCOME TAXES -- -- 93,738 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 52,620 $ -- $ (5,859,590) =================================================================================================================
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 DISBURSEMENTS Apr-02 May-02 ------------ ------------ 1. CASH-BEGINNING OF MONTH (605,842) 1,432,341 ============ ============ RECEIPTS: 2. CASH SALES -- -- ------------ 3. COLLECTION OF ACCOUNTS RECEIVABLE 17,926,575 34,807,911 4. LOANS & ADVANCES - CIT REVOLVER 46,100,000 37,400,000 5. SALE OF ASSETS -- -- 6. OTHER (attach list) 16,090,857 11,363,818 ------------ ------------ TOTAL RECEIPTS 80,117,432 83,571,729 ------------ ------------ (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A ============ ============ DISBURSEMENTS: 7. NET PAYROLL 1,983,856 1,609,373 8. PAYROLL TAXES PAID 932,205 936,861 9. SALES, USE & OTHER TAXES PAID 1,650,149 1,456,271 10.SECURED/RENTAL/LEASES 30,705 101,829 11.UTILITIES 6,922,372 3,817,800 12.INSURANCE 50,625 15,583 13.INVENTORY PURCHASES 17,691,587 16,201,310 14.VEHICLE EXPENSES -- -- 15.TRAVEL & ENTERTAINMENT 65,732 72,716 16.REPAIRS, MAINTENANCE & SUPPLIES 3,235,006 1,896,650 17.ADMINISTRATIVE & SELLING 4,503,340 4,089,807 18.OTHER (attach list) 39,441,420 54,014,374 TOTAL DISBURSEMENTS FROM OPERATIONS 76,506,997 84,212,575 19.PROFESSIONAL FEES 1,525,502 1,014,508 20.U.S. TRUSTEE FEES 46,750 -- 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- ------------ ------------ TOTAL DISBURSEMENTS 78,079,249 85,227,083 ============ ============ 22.NET CASH FLOW 2,038,183 (1,655,353) 23.CASH - END OF MONTH (MOR-2) 1,432,341 (223,012) per MOR-7 1,432,341.16 (223,012.32) per 211 trial balance 1,865,999.23 1,368,935.72 ------------ ------------ difference 433,658.07 1,591,948.04 g/1 acct 10123 - not a good account, s/b zero 794.70 0.00 g/1 acct 10131 - account was closed before filing, bal s/b zero 4,029.99 0.00 g/1 acct 10199 - cash overdraft reclass of outstanding checks 428,833.38 1,591,948.04 ------------ ------------ reconciled difference 433,658.07 1,591,948.04 CASH RECEIPTS AND FILING TO DISBURSEMENTS Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 DATE ------------ ------------ ------------ ------------- ------------ ------------- 1. CASH-BEGINNING OF MONTH (223,012) 2,127,996 (648,863) 155,243 10,216,056 9,346,546 ============ ============ ============ ============= ============ ============= RECEIPTS: 2. CASH SALES -- -- -- -- -- -- ------------ ------------ ------------ ------------- ------------ ------------- 3. COLLECTION OF ACCOUNTS RECEIVABLE 46,518,489 50,696,794 37,988,857 41,624,865 45,651,554 474,420,858 4. LOANS & ADVANCES - CIT REVOLVER 51,000,000 40,400,000 40,900,000 39,000,000 38,200,000 546,300,000 5. SALE OF ASSETS -- -- -- -- -- -- 6. OTHER (attach list) 13,092,564 11,507,508 10,699,263 12,842,031 11,128,933 192,710,209 ------------ ------------ ------------ ------------- ------------ ------------- TOTAL RECEIPTS 110,611,053 102,604,302 89,588,121 93,466,896 94,980,488 1,213,431,067 ------------ ------------ ------------ ------------- ------------ ------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A N/A N/A ============ ============ ============ ============= ============ ============= DISBURSEMENTS: 7. NET PAYROLL 2,733,978 1,746,717 839,107 2,316,573 2,368,561 30,558,214 8. PAYROLL TAXES PAID 1,092,418 852,876 819,258 763,168 1,084,046 13,920,465 9. SALES, USE & OTHER TAXES PAID 1,303,015 117,874 155,540 -- 134,653 7,944,471 10.SECURED/RENTAL/LEASES 147,956 167,081 52,603 114,647 182,652 2,220,408 11.UTILITIES 3,361,146 4,886,600 3,726,325 4,443,473 4,507,855 55,946,653 12.INSURANCE 7,256 1,010,982 2,806,647 682,576 682,576 10,618,063 13.INVENTORY PURCHASES 29,280,908 20,102,494 19,550,777 20,626,111 16,705,209 222,416,446 14.VEHICLE EXPENSES -- -- -- -- -- -- 15.TRAVEL & ENTERTAINMENT 38,426 19,843 32,254 56,335 53,599 735,895 16.REPAIRS, MAINTENANCE & SUPPLIES 1,681,812 1,825,551 2,065,181 1,434,386 1,448,005 33,459,416 17.ADMINISTRATIVE & SELLING 2,334,678 3,411,237 2,111,745 3,707,187 2,623,594 44,344,792 18.OTHER (attach list) 65,577,853 70,220,775 56,002,260 48,898,803 74,496,700 787,838,564 TOTAL DISBURSEMENTS FROM OPERATIONS 107,559,446 104,362,030 88,161,697 83,043,260 104,287,449 1,210,003,386 19.PROFESSIONAL FEES 700,599 971,381 622,317 362,823 1,076,880 12,628,762 20.U.S. TRUSTEE FEES -- 47,750 -- -- 46,250 234,500 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- 250,000 375,000 ------------ ------------ ------------ ------------- ------------ ------------- TOTAL DISBURSEMENTS 108,260,045 105,381,161 88,784,014 83,406,083 105,660,579 1,223,241,648 ============ ============ ============ ============= ============ ============= 22.NET CASH FLOW 2,351,008 (2,776,859) 804,106 10,060,813 (10,680,091) (9,810,581) 23.CASH - END OF MONTH (MOR-2) 2,127,996 (648,863) 155,243 10,216,056 (464,035) (464,035) per MOR-7 2,127,995.75 (648,863.18) 155,243.26 10,216,055.80 (464,035.42) per 211 trial balance 2,127,995.75 807,570.06 1,439,881.93 10,216,055.80 460.952.13 ------------ ------------ ------------ ------------- ------------- difference (0.00) 1,456,433.24 1,284,638.67 (0.00) 924,987.55 g/1 acct 10123 - not a good account, s/b zero 0.00 0.00 0.00 0.00 0.00 g/1 acct 10131 - account was closed before filing, bal s/b zero 0.00 0.00 0.00 0.00 0.00 g/1 acct 10199 - cash overdraft reclass of outstanding checks reconciled difference 0.00 1,456,433.24 1,284,638.67 0.00 924,987.55 ------------ ------------ ------------ ------------- ------------- 0.00 1,456,433.24 1,284,638.67 0.00 924,987.55
MOR-7 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 DATE ---------- ------------- ------------ ----------- ---------- ---------- ------------ ----------- 6. OTHER RECEIPTS: Interest Income -- -- -- -- -- -- -- 80,302 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Miscellaneous 195,444 128,178 159,394 119,703 129,984 115,953 70,287 3,330,187 Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- Account Transfers 15,239,518 11,235,640 11,535,051 10,517,018 9,680,461 10,293,339 10,256,352 175,137,295 Intercompany Transfers 655,895 -- 1,398,119 870,787 888,819 2,432,738 802,294 14,162,425 ---------- ------------- ------------- ---------- ---------- ---------- ------------ ----------- TOTAL OTHER RECEIPTS 16,090,857 11,363,818 13,092,564 11,507,508 10,699,263 12,842,031 11,128,933 192,710,209 ========== ============= ============= ========== ========== ========== ============ =========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- -- -- -- -- -- -- -- Workover Expense -- -- -- -- -- -- -- -- Capital Expenditures (581,465 598,552 134,895 178,576 133,192 219,678 468,375 7,677,966 Revenue & Royalties -- -- -- -- -- -- -- -- Interest Payment -- -- -- -- -- -- -- 97,161 Employee Benefits 2,492,292 1,544,520 2,998,019 1,890,070 1,393,784 1,198,033 1,905,173 28,627,602 Severance tax -- -- -- -- -- -- -- -- Pre-petition checks voided in current period -- -- -- -- -- -- -- (30,000) Account Transfers 15,239,518 11,235,640 11,535,051 10,517,018 9,680,461 10,293,339 10,256,352 175,137,295 CIT Revolver Payments 17,344,416 35,714,063 44,954,575 52,422,925 39,644,262 31,827,957 56,017,221 494,396,687 Intercompany Transfers 4,946,658 4,921,599 5,955,312 5,212,185 5,150,562 5,359,797 5,849,579 81,931,853 ---------- ------------- ------------- ---------- ---------- ---------- ------------ ----------- TOTAL OTHER DISBURSEMENTS 39,441,420 54,014,374 65,577,853 70,220,775 56,002,260 48,898,803 74,496,700 787,838,564 ========== ============= ============= ========== ========== ========== ============ ===========
MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS 00101824317 00103316882 103405743 6301810002508 ----------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH 8,638,068 28,494 949,458 (1,071,699) =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 42,455,612 4. LOANS & ADVANCES - CIT REVOLVER 38,200,000 5. SALE OF ASSETS 6. OTHER (attach list) -- 802,294 2,950,000 6,666,825 --------------- --------------- --------------- --------------- TOTAL RECEIPTS 42,455,612 39,002,294 2,950,000 6,666,825 --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL 2,368,561 -- 8. PAYROLL TAXES PAID 1,084,046 9. SALES, USE & OTHER TAXES PAID 134,653 -- 10. SECURED/RENTAL/LEASES 182,652 11. UTILITIES 4,507,855 12. INSURANCE 13,730 668,846 13. INVENTORY PURCHASES 16,547,869 157,340 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 53,599 16. REPAIRS, MAINTENANCE & SUPPLIES 1,448,005 17. ADMINISTRATIVE & SELLING 163,894 2,459,700 18. OTHER (attach list) 51,093,358 17,237,797 -- 602,155 --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 51,093,358 38,605,797 3,452,606 5,572,297 =============== =============== =============== =============== 19. PROFESSIONAL FEES -- 17,200 -- 1,059,680 20. U.S. TRUSTEE FEES -- -- -- 46,250 21. OTHER REORGANIZATION EXPENSES (attach list) -- 250,000 -- -- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 51,093,358 38,872,997 3,452,606 6,678,227 =============== =============== =============== =============== 22. NET CASH FLOW (8,637,746) 129,297 (502,606) (11,402) 23. CASH - END OF MONTH (MOR-2) 322 157,791 446,852 (1,083,101) CASH RECEIPTS AND Chase Chase Bank One Total DISBURSEMENTS 6301810036508 6301810028508 5561833 Debtor ----------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH -- -- 1,671,735 10,216,056 =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 3,195,942 45,651,554 4. LOANS & ADVANCES - CIT REVOLVER 38,200,000 5. SALE OF ASSETS -- 6. OTHER (attach list) 634,236 5,291 70,287 11,128,933 --------------- --------------- --------------- --------------- TOTAL RECEIPTS 634,236 5,291 3,266,229 94,980,488 --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- -- -- 2,368,561 8. PAYROLL TAXES PAID 1,084,046 9. SALES, USE & OTHER TAXES PAID 134,653 10. SECURED/RENTAL/LEASES 182,652 11. UTILITIES 4,507,855 12. INSURANCE 682,576 13. INVENTORY PURCHASES 16,705,209 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 53,599 16. REPAIRS, MAINTENANCE & SUPPLIES 1,448,005 17. ADMINISTRATIVE & SELLING 2,623,594 18. OTHER (attach list) 634,236 5,291 4,923,863 74,496,700 --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 634,236 5,291 4,923,863 104,287,449 =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- 1,076,880 20. U.S. TRUSTEE FEES -- -- -- 46,250 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- 250,000 --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 634,236 5,291 4,923,863 105,660,579 =============== =============== =============== =============== 22. NET CASH FLOW -- -- (1,657,634) (10,680,091) 23. CASH - END OF MONTH (MOR-2) -- -- 14,101 (464,035)
MOR-7 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
OTHER CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS: 00101824317 00103316882 103405743 6301810002508 -------------- ----------- ----------- --------- ------------- 6. OTHER RECEIPTS: Interest Income 401(k) Plan Refund Cobra Insurance Payment Miscellaneous Royalty Owners Trust Account Emission Credits Account Transfers 2,950,000 6,666,825 Intercompany Transfers 802,294 ---------- ---------- --------- ---------- TOTAL OTHER RECEIPTS -- 802,294 2,950,000 6,666,825 ========== ========== ========= ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures 468,375 Revenue & Royalties Interest Payment Employee Benefits 1,131,866 133,780 Severance tax Pre-petition checks voided in current period Account Transfers 10,256,352 CIT Revolver Payments 51,093,358 Intercompany Transfers 5,849,579 ---------- ---------- --------- ---------- TOTAL OTHER DISBURSEMENTS 51,093,358 17,237,797 -- 602,155 ========== ========== ========= ========== 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 70,287 70,287 Royalty Owners Trust Account -- Emission Credits -- Account Transfers 634,236 5,291 10,256,352 Intercompany Transfers 802,294 --------- --------- ------------ ---------- ---------- TOTAL OTHER RECEIPTS 634,236 5,291 -- 70,287 11,128,933 ========= ========= ============ ========== ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- Workover Expense -- Capital Expenditures 468,375 Revenue & Royalties -- Interest Payment -- Employee Benefits 634,236 5,291 1,905,173 Severance tax -- Pre-petition checks voided in current period -- Account Transfers 10,256,352 CIT Revolver Payments 4,923,863 56,017,221 Intercompany Transfers 5,849,579 --------- --------- ------------ ---------- ---------- TOTAL OTHER DISBURSEMENTS 634,236 5,291 -- 4,923,863 74,496,700 ========= ========= ============ ========== ==========
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals, Inc. CASE NUMBER: 01-37806-H-11 CASH ACCOUNT RECONCILIATION MONTH OF OCTOBER 2002 ---------------------------------
BANK NAME Chase Bk of TX Chase Bk of TX Chase Bk of TX Chase Bk of DE ACCOUNT NUMBER 00101824317 00103316882 00103405743 6301810036508 -------------- ACCOUNT TYPE AR Wires Concentration Payroll Contr. Disb. -------------- --------------- --------------- --------------- --------------- BANK BALANCE $ 100 $ 158,013 $ 251,988 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS (1,083,100) OTHER 221 (222) 194,863 --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ 321 $ 157,791 $ 446,851 $ (1,083,100) =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ 8,638,067 $ 28,494 $ 949,457 $ (1,071,698) RECEIPTS 42,455,612 38,200,000 TRANSFERS BETWEEN ACCOUNTS (15,303,637) 2,950,000 6,666,825 (WITHDRAWAL) CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS (51,093,358) (22,767,066) (3,452,606) (6,678,227) --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ 321 $ 157,791 $ 446,851 $ (1,083,100) =============== =============== =============== =============== BANK NAME Chase Bk of Del Chase Bk of Del Bank One ACCOUNT NUMBER 6301810036508 6301810028508 5561833 -------------- ACCOUNT TYPE Sal Ben Disb Flex Ben Disb Lockbox TOTAL -------------- --------------- --------------- --------------- --------------- BANK BALANCE $ -- $ -- $ 14,100 $ 424,201 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS (1,083,100) OTHER -- 1 194,863 --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ -- $ 14,101 $ (464,036) =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ -- $ 1,671,735 $ 10,216,055 RECEIPTS 3,266,229 83,921,841 TRANSFERS BETWEEN ACCOUNTS 634,236 5,291 (5,047,285) (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (634,236) (5,291) (4,923,863) (89,554,647) --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ -- $ 14,101 $ (464,036) =============== =============== =============== ===============
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(1) Apr-2002 May-2002 Jun-2002 Jul-2002 Aug-2002 Sep-2002 Oct-2002 DATE ---------------------------------------- -------- ---------- --------- --------- -------- --------- -------- ---------- 1. Frank Diassi/Chairman of Board/Salary $ -- $ -- $ -- $ -- $ -- $ 62,500 2. Frank Diassi/Chairman of Board/Bonus -- -- 3. Frank Diassi/Chairman of Board/Expenses -- -- -- -- 4. Frank Diassi/Chairman of Board/Vacation payout 45,193 5. David Elkins/President/Salary 30,333 30,333 30,333 30,333 30,333 30,333 30,333 359,332 6. David Elkins/President/Bonus 136,500 -- 21,875 -- 22,288 21,875 136,500 383,663 7. David Elkins/President/Expenses 5,115 -- -- 37 181 -- 15,347 8. David Elkins/President/Life Insurance -- 1,445 -- -- 3,629 9. Richard Crump/Exec VP Opers/Salary 27,917 27,917 27,917 27,917 27,917 27,917 27,917 329,472 10. Richard Crump/Exec VP Opers/Bonus 125,625 -- 20,625 -- -- 20,625 125,625 334,063 11. Richard Crump/Exec VP Opers/Expense 6,728 -- 25 -- 30 24,112 12. Paul Vanderhoven/VP Finance & CFO/Salary 18,333 18,333 18,333 18,333 18,333 18,333 18,333 213,332 13. Paul Vanderhoven/VP Finance & CFO/Bonus 79,200 -- 10,000 -- -- 10,000 79,200 199,400 14. Paul Vanderhoven/VP Finance & CFO/Expense 6,402 -- -- 166 -- -- 20,379 15. Robert Roten/Former Pres & Board Member/SERP 2,328 2,328 2,328 2,328 2,328 2,328 2,328 27,936 16. Robert Roten/Former Pres & Board Member/Consulting fee 10,000 -- -- 30,000 17. Robert Roten/Former Pres & Board Member/BOD fee 13,750 -- 10,000 20,000 58,900 18. Rolf Towe/Board Member/BOD fees 9,650 -- 7,050 27,550 19. Rolf Towe/Board Member/Expenses -- -- 5,592 21,725 20. Hunter Nelson/Board Member 10,350 -- 10,450 31,950 21. Frank Hevrdejs/Board Member 12,050 -- 7,050 31,350 -------- ---------- --------- --------- --------- --------- --------- ---------- TOTAL INSIDERS (MOR-1) $494,281 $ 78,911 $ 131,411 $ 78,911 $ 112,872 $ 131,592 $ 470,408 $2,219,833 ======== ========== ========= ========= ========= ========= ========= ==========
PROFESSIONALS FILING TO NAME/ORDER DATE Apr-2002 May-2002 Jun-2002 Jul-2002 Aug-2002 Sep-2002 Oct-2002 DATE --------------------------- ----------- ----------- --------- --------- ---------- ----------- ----------- ----------- 1. Logan & Company, Inc. $ 3,541 $ 6,645.54 $ 2,631.30 $ 2,850 $ 13,370 $ 5,538.58 $ 19,892 $ 199,548 2. Andrews & Kurth LLP 132,819 256,170.65 246,122.69 199,288 227,814 128,654.51 100,347 1,983,114 3. US Trustee 46,750 -- -- 47,750 -- -- 46,250 194,250 4. Skadden, Arps, Slate, Meagher & Flom LLP 321,403 406,542.75 115,338.02 405,299 92,770 -- 472,733 3,208,160 5. Akin Gump Strauss 78,728 81,093.82 104,790.97 64,896 91,414 28,235.40 17,599 980,208 6. Arthur Andersen 95,421 70,316.52 -- 12,986 -- -- -- 483,048 7. Lazard Freres & Co. LLC 295,856 138,638.86 182,916.20 138,779 135,315 136,320.88 135,329 1,869,674 8. Baker & Botts 66,007 30,965.11 10,376.97 13,310 10,488 -- 6,460 615,970 9. Groom Law Group 23,879 10,670.30 4,244.10 4,735 11,727 28,999.85 26,769 156,531 10. Nexant, Inc. 9,595 13,464.59 34,178.90 76,738 39,419 35,073.89 -- 353,608 11. Greenhill & Co. 498,253 -- -- 52,500 -- -- -- 1,101,676 12. Deloitte & Touche(2) -- -- -- -- -- -- 297,751 297,751 ----------- ----------- ----------- --------- ---------- ----------- ----------- ----------- TOTAL PROFESSIONALS (MOR-1) $ 1,572,252 $ 1,014,508 $ 700,599 $1,019,131 $ 622,317 $ 362,823 $ 1,123,130 $11,443,537 =========== =========== =========== ========== ========== =========== =========== ===========
(1) 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. (2) OCTOBER 2002 FIGURE INCLUDES PAYMENTS MADE IN PRIOR PERIODS NOT YET INCLUDED IN THIS MOR. MOR-9