EX-99.1 2 v335351_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.1 Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Monthly Operating Report

For the Period November 14, 2012 through November 30, 2012

 

Required Documents   Form No.  

Documents

Complete

 

Explanation

Attached

 

Debtors’

Statement

 
Schedule of Operating Cash Flow   MOR-1   X          
Schedule of Disbursements by Legal Entity   MOR-1a   X          
Schedule of Professional Fees and Expenses Paid   MOR-1b   X          
Banks Account Reconciliations, Bank Statements and Cash Disbursements Journal               X  
Statement of Operations   MOR-2   X          
Balance Sheets   MOR-3   X          
Status of Post-Petition Taxes               X  
Summary of Unpaid Post-Petition Accounts Payable   MOR-4   X          
Trade Accounts Receivable and Aging   MOR-5   X          
Debtor Questionnaire   MOR-6   X          

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief.

 

/s/ Myles R. Itkin   2/15/13  
Myles R. Itkin   Date  

Executive Vice President, Chief Financial Officer and Treasurer

Overseas Shipholding Group, Inc.

 

Notes:

1Refer to Appendix A for a full listing of the Debtors.

 

The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustment. Overseas Shipholding Group, Inc. (the “Company”) maintains its books and records on a business unit reporting level and those units do not in all cases correspond to legal entities. Certain assumptions have been made as noted herein. In addition, the Company maintains certain liabilities on its balance sheet (such as administrative payroll, benefits, professional fees and tax related liabilities) that may relate to one or more of the Company’s subsidiaries and no conclusion as to the legal obligation is made by the presentation herein. Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 Proceedings (as defined herein), including, but not limited to, matters involving objections to claims, substantive consolidation, equitable subordination, defenses, characterization or re-characterization of contracts, assumption or rejection of contracts under the provisions of chapter 3 of Title 11 of the United States Code (the “Bankruptcy Code”) and/or causes of action under the provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover assets or avoid transfers. 

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 1 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

General Notes

 

Introduction – On November 14, 2012, Overseas Shipholding Group, Inc. and its affiliated Debtors in the above referenced chapter 11 cases, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors are operating their business and managing their property as debtors-in-possession pursuant to the Bankruptcy Code. The Company prepared this Monthly Operating Report relying primarily upon the information set forth in its books and records. Consequently, certain transactions that are not identified in the normal course of business in its books and records may not be included in this Monthly Operating Report. Nonetheless, in preparing this Monthly Operating Report, the Company made reasonable efforts to supplement the information set forth in its books and records with additional information concerning transactions that may not have been identified therein. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented.  No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.

 

Unaudited Condensed Consolidated Financial Statements – The unaudited condensed consolidated financial statements and supplemental information contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects.

 

Accounting Standards Codification (“ASC”) Topic 852, “Reorganizations” (“ASC Topic 852”), which is applicable to companies in chapter 11, generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Overseas Shipholding Group, Inc.’s (the “Company”) unaudited condensed consolidated financial statements contained herein have been prepared in accordance with the guidance in ASC Topic 852 and have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. The unaudited condensed consolidated financial statements have been derived from the books and records of the Company. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Company believes that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would typically be made in accordance with U.S. GAAP.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 2 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

General Notes (Continued)

 

The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position, and cash flows of the Company in the future.

 

As disclosed in the Forms 8-K filed by the Company with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Internal Revenue Service filed an amended claim (Claim No. 82) in the Overseas Shipholding Group, Inc. bankruptcy case (Case 12-20000-PJW) on February 11, 2013 in the amount of $463,013,177.63, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8).

 

Intercompany Balances – Receivables and payables between the Debtors and between Debtors and non-debtor subsidiaries are eliminated in the unaudited condensed consolidated financial statements. However, receivables and payables between Debtors and between Debtors and non-debtor subsidiaries are reflected as separate line items in the Company’s unaudited condensed consolidating balance sheets attached hereto in Appendix B. No conclusion as to the legal obligation related to the intercompany transactions resulting in these balances is made by the presentation herein. Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, have not yet been reflected in the financial statements presented herein.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 3 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

General Notes (Continued)

 

Liabilities Subject to Compromise – As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under a plan of reorganization. The determination of how liabilities will ultimately be settled and treated cannot be made until the Court approves a chapter 11 plan of reorganization. Accordingly, the ultimate amount of such liabilities is not determinable at this time. ASC Topic 852 requires prepetition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the value of any collateral securing such claims, rejection of executory contracts or unexpired leases, continued reconciliation or other events.

 

Net Book Value of Assets – It would be an inefficient use of estate assets for the Debtors to obtain current market valuations of all of their assets. Accordingly, unless otherwise indicated, the values for assets contained in this Monthly Operating Report are net book values as of the end of the month. Consequently, amounts ultimately realized from a potential disposition of the Debtors’ assets may materially vary from the stated net book value. Unless otherwise noted, this Monthly Operating Report reflects the carrying value of the assets as currently recorded on the Debtors’ books and records as of the end of the reporting period and are not based upon any estimate of their current market value. The Debtors reserve their right to amend or adjust the value of each asset or liability set forth herein.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 4 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidated Schedule of Operating Cash Flow

For the Period November 14, 2012 through November 30, 2012

(in thousands of dollars)

 

   November 14 - 30, 
   2012 
Cash Flows from Operating Activities:     
      
Net Loss before taxes  $(7,099)
Items included in net loss before taxes not affecting cash flows:     
Depreciation and amortization   9,333 
      
Amortization of deferred gain on sale and leasebacks   (131)
Amortization of deferred financing costs   19 
Compensation related to restricted stock and stock option grants   383 
Undistributed earnings of affiliated companies   (1,611)
Deferred payment obligations on charters-in   260 
Loss on subleases   (140)
Other net   (106)
      
Items included in net loss before taxes related to investing and financing activities:     
      
Gain on disposal of vessels net   31 
Payments for drydocking   (5,760)
Changes in operating assets and liabilities   14,632 
      
Net cash provided by operating activities   9,811 
      
Cash Flows from Investing Activities:     
Expenditures for vessels and other property   (156)
      
Net cash used in investing activities   (156)
      
Cash Flows from Financing Activities:   - 
      
Net increase in cash and cash equivalents   9,655 
Cash and cash equivalents at beginning of period   477,973 
Cash and cash equivalents at end of month  $487,628 

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 5 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period November 14, 2012 through November 30, 2012

 

   Filing Entities:  Case #   Total Disbursements 
1  Overseas Shipholding Group, Inc.   12-20000   $85,404 
2  OSG International, Inc.   12-20001    412,877 
3  OSG Bulk Ships, Inc.   12-20002    1,329,146 
4  1372 Tanker Corporation   12-20003    324,741 
5  Africa Tanker Corporation   12-20004    - 
6  Alcesmar Limited   12-20005    159,681 
7  Alcmar Limited   12-20006    152,302 
8  Alpha Suezmax Corporation   12-20007    910,771 
9  Alpha Tanker Corporation   12-20008    - 
10  Amalia Product Corporation   12-20009    170,954 
11  Ambermar Product Carrier Corporation   12-20010    183,745 
12  Ambermar Tanker Corporation   12-20011    - 
13  Andromar Limited   12-20012    171,193 
14  Antigmar Limited   12-20013    235,144 
15  Aqua Tanker Corporation   12-20014    - 
16  Aquarius Tanker Corporation   12-20015    1,076,980 
17  Ariadmar Limited   12-20016    156,538 
18  Aspro Tanker Corporation   12-20017    - 
19  Atalmar Limited   12-20018    210,716 
20  Athens Product Tanker Corporation   12-20019    777,295 
21  Atlas Chartering Corporation   12-20020    567,100 
22  Aurora Shipping Corporation   12-20021    344,898 
23  Avila Tanker Corporation   12-20022    - 
24  Batangas Tanker Corporation   12-20023    3,123 
25  Beta Aframax Corporation   12-20024    741,845 
26  Brooklyn Product Tanker Corporation   12-20025    75,657 
27  Cabo Hellas Limited   12-20026    210,315 
28  Cabo Sounion Limited   12-20027    181,681 
29  Caribbean Tanker Corporation   12-20028    - 

 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. All allocations are subject to certain assumptions and uncertainties.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 6 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period November 14, 2012 through November 30, 2012

 

   Filing Entities:  Case #   Total Disbursements 
30  Carina Tanker Corporation   12-20029    765,614 
31  Carl Product Corporation   12-20030    189,798 
32  Concept Tanker Corporation   12-20031    - 
33  Crown Tanker Corporation   12-20032    - 
34  Delphina Tanker Corporation   12-20033    - 
35  Delta Aframax Corporation   12-20034    221,043 
36  DHT Ania Aframax Corp.   12-20035    - 
37  DHT Ann VLCC Corp.   12-20036    - 
38  DHT Cathy Aframax Corp.   12-20037    20,155 
39  DHT Chris VLCC Corp.   12-20038    - 
40  DHT Rebecca Aframax Corp.   12-20039    - 
41  DHT Regal Unity VLCC Corp.   12-20040    - 
42  DHT Sophie Aframax Corp.   12-20041    215 
43  Dignity Chartering Corporation   12-20042    995,778 
44  Edindun Shipping Corporation   12-20043    - 
45  Eighth Aframax Tanker Corporation   12-20044    202,927 
46  Epsilon Aframax Corporation   12-20045    247,626 
47  First Chemical Carrier Corporation   12-20046    574,400 
48  First LPG Tanker Corporation   12-20047    - 
49  First Union Tanker Corporation   12-20048    410,584 
50  Fourth Aframax Tanker Corporation   12-20049    - 
51  Front President Inc.   12-20050    346,941 
52  Goldmar Limited   12-20051    172,782 
53  GPC Aframax Corporation   12-20052    927,934 
54  Grace Chartering Corporation   12-20053    435,200 
55  International Seaways, Inc.   12-20054    1,637,925 
56  Jademar Limited   12-20055    156,520 
57  Joyce Car Carrier Corporation   12-20056    20,893 
58  Juneau Tanker Corporation   12-20057    - 

 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. All allocations are subject to certain assumptions and uncertainties.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 7 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period November 14, 2012 through November 30, 2012

 

   Filing Entities:  Case #   Total Disbursements 
59  Kimolos Tanker Corporation   12-20058    927,975 
60  Kythnos Chartering Corporation   12-20059    165,531 
61  Leo Tanker Corporation   12-20060    564,782 
62  Leyte Product Tanker Corporation   12-20061    734,424 
63  Limar Charter Corporation   12-20062    551,837 
64  Luxmar Product Tanker Corporation   12-20063    46,019 
65  Luxmar Tanker LLC   12-20064    239,686 
66  Majestic Tankers Corporation   12-20065    417,015 
67  Maple Tanker Corporation   12-20066    277,149 
68  Maremar Product Tanker Corporation   12-20067    676 
69  Maremar Tanker LLC   12-20068    210,054 
70  Marilyn Vessel Corporation   12-20069    - 
71  Maritrans General Partner Inc.   12-20070    - 
72  Maritrans Operating Company L.P.   12-20071    - 
73  Milos Product Tanker Corporation   12-20072    763,284 
74  Mindanao Tanker Corporation   12-20073    - 
75  Mykonos Tanker LLC   12-20074    299,204 
76  Nedimar Charter Corporation   12-20075    600,397 
77  Oak Tanker Corporation   12-20076    336,255 
78  Ocean Bulk Ships, Inc.   12-20077    - 
79  Oceania Tanker Corporation   12-20078    298,504 
80  OSG 192 LLC   12-20079    37,219 
81  OSG 209 LLC   12-20080    44,848 
82  OSG 214 LLC   12-20081    49,356 
83  OSG 215 Corporation   12-20082    - 
84  OSG 242 LLC   12-20083    200,782 
85  OSG 243 LLC   12-20084    328,892 
86  OSG 244 LLC   12-20085    37,629 
87  OSG 252 LLC   12-20086    62,211 

 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. All allocations are subject to certain assumptions and uncertainties.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 8 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period November 14, 2012 through November 30, 2012

 

   Filing Entities:  Case #   Total Disbursements 
88  OSG 254 LLC   12-20087    222,196 
89  OSG 300 LLC   12-20088    - 
90  OSG 400 LLC   12-20089    - 
91  OSG America L.P.   12-20090    - 
92  OSG America LLC   12-20091    - 
93  OSG America Operating Company LLC   12-20092    - 
94  OSG Car Carriers, Inc.   12-20093    - 
95  OSG Clean Products International, Inc.   12-20094    - 
96  OSG Columbia LLC   12-20095    77,973 
97  OSG Constitution LLC   12-20096    - 
98  OSG Courageous LLC   12-20097    109,292 
99  OSG Delaware Bay Lightering LLC   12-20098    565,938 
100  OSG Discovery LLC   12-20099    - 
101  OSG Endeavor LLC   12-20100    16,026 
102  OSG Endurance LLC   12-20101    91,422 
103  OSG Enterprise LLC   12-20102    78,660 
104  OSG Financial Corp.   12-20103    - 
105  OSG Freedom LLC   12-20104    17,933 
106  OSG Honour LLC   12-20105    92,756 
107  OSG Independence LLC   12-20106    86,998 
108  OSG Intrepid LLC   12-20107    111,302 
109  OSG Liberty LLC   12-20108    - 
110  OSG Lightering LLC   12-20109    3,171,440 
111  OSG Lightering Acquisition Corporation   12-20110    - 
112  OSG Lightering Solutions LLC   12-20111    - 
113  OSG Mariner LLC   12-20112    16,026 
114  OSG Maritrans Parent LLC   12-20113    - 
115  OSG Navigator LLC   12-20114    91,389 
116  OSG New York, Inc.   12-20115    993,916 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. All allocations are subject to certain assumptions and uncertainties.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 9 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period November 14, 2012 through November 30, 2012

 

   Filing Entities:  Case #   Total Disbursements 
117  OSG Product Tankers AVTC, LLC   12-20116    - 
118  OSG Product Tankers Member LLC   12-20117    - 
119  OSG Product Tankers II, LLC   12-20118    - 
120  OSG Product Tankers I, LLC   12-20119    - 
121  OSG Product Tankers, LLC   12-20120    - 
122  OSG Quest LLC   12-20121    8,013 
123  OSG Seafarer LLC   12-20122    - 
124  OSG Ship Management, Inc.   12-20123    1,528,495 
125  OSG Valour LLC   12-20124    - 
126  Overseas Allegiance Corporation   12-20125    - 
127  Overseas Anacortes LLC   12-20126    1,039,774 
128  Overseas Boston LLC   12-20127    1,050,740 
129  Overseas Diligence LLC   12-20128    - 
130  Overseas Galena Bay LLC   12-20129    - 
131  Overseas Houston LLC   12-20130    854,794 
132  Overseas Integrity LLC   12-20131    - 
133  Overseas Long Beach LLC   12-20132    851,502 
134  Overseas Los Angeles LLC   12-20133    899,473 
135  Overseas Martinez LLC   12-20134    1,043,291 
136  Overseas New Orleans LLC   12-20135    - 
137  Overseas New York LLC   12-20136    840,388 
138  Overseas Nikiski LLC   12-20137    1,002,390 
139  Overseas Perseverance Corporation   12-20138    - 
140  Overseas Philadelphia LLC   12-20139    - 
141  Overseas Puget Sound LLC   12-20140    - 
142  Overseas Sea Swift Corporation   12-20141    - 
143  Overseas Shipping (GR) Ltd.   12-20142    - 
144  Overseas ST Holding LLC   12-20143    561,410 
145  Overseas Tampa LLC   12-20144    1,001,421 

 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. All allocations are subject to certain assumptions and uncertainties.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 10 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period November 14, 2012 through November 30, 2012

 

   Filing Entities:  Case #  Total Disbursements 
146  Overseas Texas City LLC  12-20145   864,221 
147  Pearlmar Limited  12-20146   162,798 
148  Petromar Limited  12-20147   337,025 
149  Pisces Tanker Corporation  12-20148   641,091 
150  Polaris Tanker Corporation  12-20149   576,087 
151  Queens Product Tanker Corporation  12-20150   227,108 
152  Reymar Limited  12-20151   202,821 
153  Rich Tanker Corporation  12-20152   - 
154  Rimar Chartering Corporation  12-20153   1,604,168 
155  Rosalyn Tanker Corporation  12-20154   213,045 
156  Rosemar Limited  12-20155   149,783 
157  Rubymar Limited  12-20156   3,761 
158  Sakura Transport Corp.  12-20157   226,725 
159  Samar Product Tanker Corporation  12-20158   140,757 
160  Santorini Tanker LLC  12-20159   30,109 
161  Serifos Tanker Corporation  12-20160   517,698 
162  Seventh Aframax Tanker Corporation  12-20161   243,787 
163  Shirley Tanker SRL  12-20162   459,447 
164  Sifnos Tanker Corporation  12-20163   554,377 
165  Silvermar Limited  12-20164   241,549 
166  Sixth Aframax Tanker Corporation  12-20165   275,280 
167  Skopelos Product Tanker Corporation  12-20166   789,601 
168  Star Chartering Corporation  12-20167   435,200 
169  Suezmax International Agencies, Inc.  12-20168   2,237,434 
170  Talara Chartering Corporation  12-20169   737,203 
171  Third United Shipping Corporation  12-20170   - 
172  Tokyo Transport Corp.  12-20171   293,932 
173  Transbulk Carriers, Inc.  12-20172   - 
174  Troy Chartering Corporation  12-20173   716,863 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. All allocations are subject to certain assumptions and uncertainties.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 11 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period November 14, 2012 through November 30, 2012

 

   Filing Entities:  Case #  Total Disbursements 
175  Troy Product Corporation  12-20174   - 
176  Urban Tanker Corporation  12-20175   38,072 
177  Vega Tanker Corporation  12-20176   - 
178  View Tanker Corporation  12-20177   424,682 
179  Vivian Tankships Corporation  12-20178   - 
180  Vulpecula Chartering Corporation  12-20179   807,082 
181  Wind Aframax Tanker Corporation  12-20180   - 
            
      Total Disbursements  $53,578,830 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. All allocations are subject to certain assumptions and uncertainties.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 12 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.1 Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1b

Schedule of Professional Fees and Expenses Paid1

For the Period November 14, 2012 through November 30, 2012

 

   Amounts Paid this Period   Cumulative Amount Paid Since Petition
Date
 
Professional  Fees   Expenses   Total   Fees   Expenses   Total 
Kurtzman Carson Consultants LLC  $-   $-   $-   $-   $-   $- 
Total Professional Fees and Expenses  $-   $-   $-   $-   $-   $- 

 

 

1 The professionals listed in the table below have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 13 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1b

Schedule of Professional Fees and Expenses Paid (continued)1

For the Period November 14, 2012 through November 30, 2012

 

Professional   Role
Kurtzman Carson Consultants LLC   Claims and Noticing Agent

 

 

1 The professionals listed in the table below have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 14 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash Disbursements Journal

For the Period November 14, 2012 through November 30, 2012

 

Bank Account Reconciliations & Cash Disbursement Journals

 

The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.

 

Bank Statements

 

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.

 

Closed Bank Accounts

The Debtors affirm that the following bank account(s) were closed during the current reporting period.

 

Debtor Bank/Institution Date of Closing

None

 

Opened Bank Accounts

The Debtors affirm that the following bank account(s) were opened during the current reporting period.

 

Debtor Bank/Institution Date of Closing

None

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 15 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-2

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidated Statement of Operations

For the Period November 14, 2012 through November 30, 2012

(in thousands of dollars)

 

   November 14, 2012 
   through 
   November 30, 2012 
     
Shipping Revenues:     
Pool revenues  $8,487 
Time and bareboat charter revenues   15,106 
Voyage charter revenues   23,555 
    47,148 
Operating Expenses:     
Voyage expenses   12,640 
Vessel expenses   12,181 
Charter hire expenses   15,956 
Depreciation and amortization   9,333 
General and administrative   3,143 
(Gain)/loss on disposal of vessels   31 
Total Operating Expenses   53,284 
Income/(Loss) from Vessel Operations   (6,136)
Equity in Income/(Loss) of Affiliated Companies   1,611 
Operating Income/(Loss)   (4,525)
Other Income/(expense)   219 
Loss before Interest Expense and Income Taxes   (4,306)
Interest Expense   (588)
Loss before Reorganization Items and Income Taxes   (4,894)
Reorganization Items, net   2,205 
Loss before Income Taxes  $(7,099)

 

See Notes to Unaudited Condensed Consolidated Statement of Operations on the following page

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 16 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-2

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Statement of Operations

For the Period November 14, 2012 through November 30, 2012

 

1.The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustment. The Unaudited Condensed Consolidated Statement of Operations has not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.As disclosed in the Forms 8-K filed by Overseas Shipholding Group, Inc. (the “Company”) with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

3.Reorganization Items consists of the following:

 

   November 14, 2012 
   through 
   November 30, 2012 
Professional fees  $2,205 
      
   $2,205 

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 17 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidated Balance Sheets

As of November 13, 2012 and November 30, 2012

(in thousands of dollars)

 

   November 13, 2012   November 30, 2012 
ASSETS          
Current Assets:          
Cash and cash equivalents  $477,973   $487,628 
Voyage receivables   171,753    169,483 
Other receivables   80,024    69,227 
Inventory   13,831    17,489 
Prepaid expenses and other current assets   47,538    56,022 
Total Current Assets   791,119    799,849 
Vessels and other property, less accumulated depreciation   3,135,823    3,128,510 
Deferred drydock expenditures, net   73,898    77,857 
Total Vessels, Deferred Drydock and Other Property   3,209,721    3,206,367 
Investments in Affiliated Companies   247,964    247,858 
Intangible Assets, less accumulated amortization   72,655    72,407 
Goodwill   9,589    9,589 
Other Assets   20,579    21,760 
Total Assets  $4,351,627   $4,357,830 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $93,106   $97,925 
Total Current Liabilities   93,106    97,925 
           
Noncurrent Liabilities:          
Deferred Gain on Sale and Leaseback of Vessels   5,457    5,326 
Other Liabilities   39,040    39,585 
Liabilities Subject to Compromise   2,836,368    2,837,908 
Total Noncurrent Liabilities   2,880,865    2,882,819 
           
Total Liabilities   2,973,971    2,980,744 
Equity:          
Total Equity   1,377,656    1,377,086 
Total Liabilities and Equity  $4,351,627   $4,357,830 

 

See Notes to Unaudited Condensed Consolidated Balance Sheets on the following page

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 18 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Balance Sheets

As of November 13, 2012 and November 30, 2012

(in thousands of dollars)

 

1.The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. All information contained herein is unaudited and subject to future adjustment. The Unaudited Condensed Consolidated Balance Sheets have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.As disclosed in the Forms 8-K filed by Overseas Shipholding Group, Inc. (the “Company”) with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

3.The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect any analysis regarding potential claims under the Bankruptcy Code.

 

4.The Company allocated liabilities between pre-petition and post-petition periods based on the information available and research conducted in connection with the preparation of this Monthly Operating Report. As additional information becomes available, the allocation of liabilities between the pre-petition and post-petition periods may change.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 19 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Balance Sheets (continued)

As of November 13, 2012 and November 30, 2012

(in thousands of dollars)

 

5.As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets.   In accordance with ASC Topic 852, as interest on the Company’s unsecured debt subsequent to the Petition Date is not expected to be an allowed claim, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is still being determined, and accordingly, the Company does not know if the value of the collateral is sufficient to satisfy the secured debt claims. As a result, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2012, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date.

 

6.Liabilities Subject to Compromise include the following:

 

   November 13, 2012   November 30, 2012 
Pre-petition accounts payable, accrued expenses and other liabilities  $398   $1,609 
Senior Notes   500,780    500,780 
Unsecured Revolver   1,488,579    1,488,579 
Accrued Interest and Fees on Unsecured Revolver   10,878    10,878 
Secured Debt Facilities   582,139    582,762 
Derivative liabilities   3,566    3,566 
Deferred Income Taxes and Other Liabilities   213,101    213,101 
Pension liabilities   36,927    36,633 
   $2,836,368   $2,837,908 

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

  Page 20 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Declaration Regarding the Status of Post-Petition Taxes of the Debtors

As of November 30, 2012

 

STATE OF NEW YORK

 

NEW YORK COUNTY

 

Jerry Miller hereby declares and states:

 

1.          I am Controller for Overseas Shipholding Group, Inc., a corporation organized under the laws of the State of Delaware and the Debtor in the above-captioned chapter 11 cases (the “Debtors”). I am familiar with the Debtors’ day-to-day operations, business affairs and books and records.

 

2.          All statements in this Declaration are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors’ operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents or opinion. I am authorized to submit this Declaration on behalf of the Debtors.

 

3.          To the best of my knowledge, the Debtors have filed all necessary federal, state and local post-petition tax returns and made all required post-petition tax payments in connection therewith on a timely basis or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.1

 

Dated: February 15, 2013 Respectfully submitted,
New York, New York    
     
    /s/ Jerry Miller
    Jerry Miller
    Controller, Overseas Shipholding Group, Inc.

  

 

1 The Debtors used ADP for the remittance of all payroll taxes.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 21 of 117
 

  

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

MOR-4

Overseas Shipholding Group, Inc.

Consolidated Summary of Unpaid Post-Petition Accounts Payable1

November 30, 2012

 

Days Past Due  
Current     1-30     31-60     61-90     >91     Total  
$ 2,364,886     $ 406,882     $ 52,866     $ 15,313     $ 249,125     $ 3,089,072  
  77 %     13 %     2 %     0.5 %     8 %        

  

 

1 The post-petition accounts payable is reported at a consolidated basis including both Debtors and non-Debtor subsidiaries to more completely reflect the liabilities of all Debtor entities, many of which utilize non-Debtor affiliates as their paying agent under the centralized cash management system of the Company. The accounts payable reported represent open trade vendor invoices that have been entered into the Company’s accounts payable system and pre-petition amounts that the Company intends to pay in accordance with various orders of the Bankruptcy Court. This summary does not include accruals for invoices not yet received or approved.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 22 of 117
 

  

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

MOR-5

Overseas Shipholding Group, Inc.

Consolidated Trade Accounts Receivable and Aging

November 30, 2012

 

    Days Aged 1  
    0-30     31-60     61-90     91-120     120-180     >180     Total  
Trade Receivables:                                                        
Trade – Invoiced2   $ 20,086,782     $ 8,440,153     $ 6,180,811     $ 2,543,786     $ 2,570,598     $ 6,632,429     $ 46,454,559  
Trade - Accrued and Unbilled3                                                   $ 27,255,432  
Trade - Pools4                                                   $ 98,437,163  
Allowance for Doubtful Receivables                                                   $ (2,663,873 )
Accounts Receivable   $ 20,086,782     $ 8,440,153     $ 6,180,811     $ 2,543,786     $ 2,570,598     $ 6,632,429     $ 169,483,281  
Percentage of Trade-Invoiced5     43 %     18 %     13 %     6 %     6 %     14 %     100 %

 

 

1 Days Aged is based on the date of invoice.

2 Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company.

3 Represents unbilled trade accounts receivables of the consolidated Company.

4 Represents undistributed earnings receivable from the commercial pools in which the Company participates.

5 Represents percentage of Trade-Invoiced amounts only.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 23 of 117
 

  

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

MOR-6

Debtor Questionnaire

For the Period November 14, 2012 through November 30, 2012

 

    Yes No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.   X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period. If yes, provide an explanation below. X1  
3. Have all post-petition tax returns been timely filed? If no, provide an explanation. X  
4. Are workers compensation, general liability and other necessary insurance coverage’s in effect? If no, provide an explanation. X  
5. Have any bank accounts been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to Local Rule 4001-3   X

 

 

1 As provided for in the Final Order Pursuant to 11 U.S.C. §§ 105(a), 345, 363(c)(1), 364(a), 364(c) and 503(b)(1), and Fed. R. Bankr. P. 6003: (A) Approving the Continued Use of the Cash Management System, Bank Accounts and Business Forms; (B) Permitting Continued Intercompany Transactions and Transfers and Granting Liens, Claims and Other Relief in Connection Therewith; (C) Authorizing Banks to Honor Certain Transfers and Charge Certain Fees and Other Amounts; and (D) Approving Limited Waiver of Section 345 dated January 24, 2013 [D.I. 0396] (the “Cash Management Order”), certain non-Debtor affiliates pay expenses to third parties on behalf of current or prior vessel-operating Debtors, including the payment of general and administrative expenses incurred by such non-Debtor affiliates. These non-Debtor affiliates are funded through Intercompany Revolvers, as defined in the Cash Management Order.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 24 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

 

Company Legal Name   Case No.
Overseas Shipholding Group, Inc.   12-20000
OSG International, Inc.    12-20001
OSG Bulk Ships, Inc.   12-20002
1372 Tanker Corporation   12-20003
Africa Tanker Corporation   12-20004
Alcesmar Limited   12-20005
Alcmar Limited   12-20006
Alpha Suezmax Corporation   12-20007
Alpha Tanker Corporation   12-20008
Amalia Product Corporation   12-20009
Ambermar Product Carrier Corporation   12-20010
Ambermar Tanker Corporation   12-20011
Andromar Limited   12-20012
Antigmar Limited   12-20013
Aqua Tanker Corporation   12-20014
Aquarius Tanker Corporation   12-20015
Ariadmar Limited   12-20016
Aspro Tanker Corporation   12-20017
Atalmar Limited   12-20018
Athens Product Tanker Corporation   12-20019
Atlas Chartering Corporation   12-20020
Aurora Shipping Corporation   12-20021
Avila Tanker Corporation   12-20022
Batangas Tanker Corporation   12-20023
Beta Aframax Corporation   12-20024
Brooklyn Product Tanker Corporation   12-20025
Cabo Hellas Limited   12-20026
Cabo Sounion Limited   12-20027
Caribbean Tanker Corporation   12-20028
Carina Tanker Corporation   12-20029
Carl Product Corporation   12-20030
Concept Tanker Corporation   12-20031
Crown Tanker Corporation   12-20032
Delphina Tanker Corporation   12-20033
Delta Aframax Corporation   12-20034
DHT Ania Aframax Corp.   12-20035
DHT Ann VLCC Corp.   12-20036
DHT Cathy Aframax Corp.   12-20037
DHT Chris VLCC Corp.   12-20038
DHT Rebecca Aframax Corp.   12-20039

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 25 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

 

Company Legal Name   Case No.
DHT Regal Unity VLCC Corp.   12-20040
DHT Sophie Aframax Corp.   12-20041
Dignity Chartering Corporation   12-20042
Edindun Shipping Corporation   12-20043
Eighth Aframax Tanker Corporation   12-20044
Epsilon Aframax Corporation   12-20045
First Chemical Carrier Corporation   12-20046
First LPG Tanker Corporation   12-20047
First Union Tanker Corporation   12-20048
Fourth Aframax Tanker Corporation   12-20049
Front President Inc.    12-20050
Goldmar Limited   12-20051
GPC Aframax Corporation   12-20052
Grace Chartering Corporation   12-20053
International Seaways, Inc.    12-20054
Jademar Limited   12-20055
Joyce Car Carrier Corporation   12-20056
Juneau Tanker Corporation   12-20057
Kimolos Tanker Corporation   12-20058
Kythnos Chartering Corporation   12-20059
Leo Tanker Corporation   12-20060
Leyte Product Tanker Corporation   12-20061
Limar Charter Corporation   12-20062
Luxmar Product Tanker Corporation   12-20063
Luxmar Tanker LLC   12-20064
Majestic Tankers Corporation   12-20065
Maple Tanker Corporation   12-20066
Maremar Product Tanker Corporation   12-20067
Maremar Tanker LLC   12-20068
Marilyn Vessel Corporation   12-20069
Maritrans General Partner Inc.    12-20070
Maritrans Operating Company L.P.   12-20071
Milos Product Tanker Corporation   12-20072
Mindanao Tanker Corporation   12-20073
Mykonos Tanker LLC   12-20074
Nedimar Charter Corporation   12-20075
Oak Tanker Corporation   12-20076
Ocean Bulk Ships, Inc.    12-20077
Oceania Tanker Corporation   12-20078
OSG 192 LLC   12-20079
OSG 209 LLC   12-20080

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 26 of 117
 

 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

 

Company Legal Name   Case No.
OSG 214 LLC   12-20081
OSG 215 Corporation   12-20082
OSG 242 LLC   12-20083
OSG 243 LLC   12-20084
OSG 244 LLC   12-20085
OSG 252 LLC   12-20086
OSG 254 LLC   12-20087
OSG 300 LLC   12-20088
OSG 400 LLC   12-20089
OSG America L.P.    12-20090
OSG America LLC   12-20091
OSG America Operating Company LLC   12-20092
OSG Car Carriers, Inc.   12-20093
OSG Clean Products International, Inc.    12-20094
OSG Columbia LLC   12-20095
OSG Constitution LLC   12-20096
OSG Courageous LLC   12-20097
OSG Delaware Bay Lightering LLC   12-20098
OSG Discovery LLC   12-20099
OSG Endeavor LLC   12-20100
OSG Endurance LLC   12-20101
OSG Enterprise LLC   12-20102
OSG Financial Corp.   12-20103
OSG Freedom LLC   12-20104
OSG Honour LLC   12-20105
OSG Independence LLC    12-20106
OSG Intrepid LLC   12-20107
OSG Liberty LLC   12-20108
OSG Lightering LLC    12-20109
OSG Lightering Acquisition Corporation   12-20110
OSG Lightering Solutions LLC    12-20111
OSG Mariner LLC   12-20112
OSG Maritrans Parent LLC   12-20113
OSG Navigator LLC   12-20114
OSG New York, Inc.   12-20115
OSG Product Tankers AVTC, LLC   12-20116
OSG Product Tankers Member LLC   12-20117
OSG Product Tankers II, LLC   12-20118
OSG Product Tankers I, LLC   12-20119
OSG Product Tankers, LLC   12-20120
OSG Quest LLC   12-20121

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 27 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

 

Company Legal Name   Case No.
OSG Seafarer LLC   12-20122
OSG Ship Management, Inc.   12-20123
OSG Valour LLC   12-20124
Overseas Allegiance Corporation   12-20125
Overseas Anacortes LLC   12-20126
Overseas Boston LLC   12-20127
Overseas Diligence LLC   12-20128
Overseas Galena Bay LLC   12-20129
Overseas Houston LLC   12-20130
Overseas Integrity LLC   12-20131
Overseas Long Beach LLC   12-20132
Overseas Los Angeles LLC   12-20133
Overseas Martinez LLC   12-20134
Overseas New Orleans LLC   12-20135
Overseas New York LLC   12-20136
Overseas Nikiski LLC   12-20137
Overseas Perseverance Corporation   12-20138
Overseas Philadelphia LLC   12-20139
Overseas Puget Sound LLC   12-20140
Overseas Sea Swift Corporation   12-20141
Overseas Shipping (GR) Ltd.   12-20142
Overseas ST Holding LLC   12-20143
Overseas Tampa LLC   12-20144
Overseas Texas City LLC    12-20145
Pearlmar Limited   12-20146
Petromar Limited   12-20147
Pisces Tanker Corporation   12-20148
Polaris Tanker Corporation   12-20149
Queens Product Tanker Corporation   12-20150
Reymar Limited   12-20151
Rich Tanker Corporation   12-20152
Rimar Chartering Corporation   12-20153
Rosalyn Tanker Corporation   12-20154
Rosemar Limited   12-20155
Rubymar Limited   12-20156
Sakura Transport Corp.   12-20157
Samar Product Tanker Corporation   12-20158
Santorini Tanker LLC   12-20159
Serifos Tanker Corporation   12-20160
Seventh Aframax Tanker Corporation   12-20161
Shirley Tanker SRL   12-20162

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

 

 

  Page 28 of 117
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

 

Company Legal Name   Case No.
Sifnos Tanker Corporation   12-20163
Silvermar Limited   12-20164
Sixth Aframax Tanker Corporation   12-20165
Skopelos Product Tanker Corporation   12-20166
Star Chartering Corporation   12-20167
Suezmax International Agencies, Inc.   12-20168
Talara Chartering Corporation   12-20169
Third United Shipping Corporation   12-20170
Tokyo Transport Corp.   12-20171
Transbulk Carriers, Inc.   12-20172
Troy Chartering Corporation   12-20173
Troy Product Corporation   12-20174
Urban Tanker Corporation   12-20175
Vega Tanker Corporation   12-20176
View Tanker Corporation   12-20177
Vivian Tankships Corporation   12-20178
Vulpecula Chartering Corporation   12-20179
Wind Aframax Tanker Corporation   12-20180

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 29 of 117
 

  

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Appendix B

Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets

 

These unaudited condensed consolidating financial statements are provided to fulfill the requirements of the Office of the United States Trustee. Amounts in the columns and rows in the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets may not sum to subtotal or total amounts due to rounding. All information contained herein is unaudited and subject to future adjustment. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. The Company put forth significant efforts to attribute the results of operations to the proper legal entity. However, because the Company’s accounting systems, policies, and practices were developed with a view to producing consolidated reporting, rather than by legal entity, it is possible that not all assets and liabilities and/or results of operations have been recorded at the correct legal entity in the unaudited condensed consolidating financial statements. These statements should be read in conjunction with the General Notes contained within this Monthly Operating Report. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented.  No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.

 

In accordance with normal Company practice, adjustments related to prior periods are recorded and reflected in the period in which it is determined that such adjustments are needed.

 

The company is a publicly-held company that prepared and filed consolidated financial statements on a quarterly basis. In accordance with the Company’s historic policies and practices related to quarterly reporting, certain information contained in the Monthly Operating Reports is estimated in the first and second months of each calendar quarter, then reconciled to actual results and/or other analysis performed quarterly and adjusted accordingly in the final month of the calendar quarter.

 

Post-petition interest expense and interest income on intercompany loans from Non-Debtors to Debtors is included in Other Income in the accompanying Unaudited Condensed Consolidating Statements of Operations.

 

The Company owns a fleet of ten (10) articulated tug-barges (“ATB”). An ATB consists of a tug and a barge. Each tug and its respective barge are owned by a different Debtor. The revenue associated with the operation of an ATB is recorded on the related barge Debtor entity, whereas the operating expenses of the ATB are recorded on both the related tug and barge respective Debtor entities.

 

All of the Company's chartered in vessels are accounted for as operating leases. ASC Topic 840 states that if costs expected to be incurred under an operating sublease (that is, executory costs, which represent costs typically classified as voyage expenses, and charter hire expense - rental payments) exceed anticipated revenue on the operating sublease, a loss shall be recognized by the sublessor in the period it executed the sublease. The provision for a loss on a sublease would be based on the net expected future cash disbursements. Credits to charter hire expense arise, when terms of the sublease, time charter-out, are modified in a period subsequent to the period in which the provision is recorded.

  

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 30 of 117
 

  

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re:   Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.   Case Number: 12-20000 (PJW)
Debtors   Jointly Administered
    Hon. Peter J. Walsh

 

Appendix B

Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets

(continued)

  

As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidating Balance Sheets.   In accordance with ASC Topic 852, as interest on the Company’s unsecured debt subsequent to the Petition Date is not expected to be an allowed claim, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is still being determined, and accordingly, the Company does not know if the value of the collateral is sufficient to satisfy the secured debt claims. As a result, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidating Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2012, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date.

 

Monthly Operating Report

November 14, 2012 through November 30, 2012

  

  Page 31 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Overseas
Shipholding
Group, Inc.
  

 

OSG

International, Inc.

  

 

OSG Bulk Ships,

Inc.

  

 

1372 Tanker

Corporation

  

 

Africa Tanker

Corporation

 

 

($000s)

  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    -    -    -    - 
Operating Expenses:                         
Voyage expenses   -    -    -    -    - 
Vessel expenses   -    (29)   (99)   179    3 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   -    -    -    143    - 
General and administrative   276    (266)   3    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   276    (295)   (95)   322    3 
Income/(Loss) from Vessel Operations   (276)   295    95    (322)   (3)
Equity in Income/(Loss) of Affiliated Companies   -    296    -    -    1,315 
Operating Income/(Loss)   (276)   591    95    (322)   1,312 
Other Income/(expense)   290    (346)   (112)   -    - 
Income/(Loss) before Interest Expense and Income Taxes   14    246    (16)   (322)   1,312 
Interest Expense   0    94    -    (60)   - 
Income/(loss) before Reorganization Items and Income Taxes   14    340    (16)   (382)   1,312 
Reorganization Items, net   2,205    -    -    -    - 
Income/(loss) before Income Taxes  $(2,191)  $340   $(16)  $(382)  $1,312 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 32 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

  

 

Alcesmar Limited

  

 

Alcmar Limited

   Alpha Suezmax
Corporation
   Alpha Tanker
Corporation
   Amalia Product
Corporation
 

 

($000s)

  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $211   $215   $-   $-   $241 
Time and bareboat charter revenues   -    0    352    -    - 
Voyage charter revenues   -    (0)   -    -    - 
    211    215    352    -    241 
Operating Expenses:                         
Voyage expenses   1    2    14    -    - 
Vessel expenses   107    97    94    -    91 
Charter hire expenses   -    -    431    -    - 
Depreciation and amortization   114    105    30    -    132 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   222    204    569    -    223 
Income/(Loss) from Vessel Operations   (11)   11    (217)   -    17 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (11)   11    (217)   -    17 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (11)   11    (217)   -    17 
Interest Expense   (8)   (8)   -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (20)   3    (217)   -    17 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(20)  $3   $(217)  $-   $17 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 33 of 117
 

 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Ambermar
Product Carrier
Corporation
   Ambermar
Tanker
Corporation
   Andromar
Limited
   Antigmar Limited   Aqua Tanker
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $214   $212   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   844    -    0    52    - 
    844    -    214    264    - 
Operating Expenses:                         
Voyage expenses   301    -    0    34    - 
Vessel expenses   97    -    107    103    - 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   109    -    106    98    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   507    -    214    235    - 
Income/(Loss) from Vessel Operations   337    -    1    29    - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   337    -    1    29    - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   337    -    1    29    - 
Interest Expense   -    -    (8)   (8)   - 
Income/(loss) before Reorganization Items and Income Taxes   337    -    (8)   21    - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $337   $-   $(8)  $21   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 34 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Aquarius Tanker
Corporation
   Ariadmar Limited   Aspro Tanker
Corporation
   Atalmar Limited   Athens Product
Tanker
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $215   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   671    -    -    730    503 
    671    215    -    730    503 
Operating Expenses:                         
Voyage expenses   309    (1)   -    436    354 
Vessel expenses   2    93    -    116    87 
Charter hire expenses   269    -    -    -    - 
Depreciation and amortization   -    112    -    107    75 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   580    203    -    659    515 
Income/(Loss) from Vessel Operations   91    11    -    71    (13)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   91    11    -    71    (13)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   91    11    -    71    (13)
Interest Expense   -    (8)   -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   91    3    -    71    (13)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $91   $3   $-   $71   $(13)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 35 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Atlas Chartering
Corporation
   Aurora Shipping
Corporation
   Avila Tanker
Corporation
   Batangas Tanker
Corporation
   Beta Aframax
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $9   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    306 
Voyage charter revenues   551    -    -    -    - 
    551    9    -    -    306 
Operating Expenses:                         
Voyage expenses   278    15    -    -    - 
Vessel expenses   4    153    -    2    142 
Charter hire expenses   268    -    -    -    299 
Depreciation and amortization   -    127    -    -    2 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   550    295    -    2    443 
Income/(Loss) from Vessel Operations   1    (286)   -    (2)   (137)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   1    (286)   -    (2)   (137)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   1    (286)   -    (2)   (137)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   1    (286)   -    (2)   (137)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $1   $(286)  $-   $(2)  $(137)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 36 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Brooklyn Product
Tanker
Corporation
   Cabo Hellas
Limited
   Cabo Sounion
Limited
   Caribbean
Tanker
Corporation
   Carina Tanker
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    217    232    -    - 
Voyage charter revenues   -    -    3    -    517 
    -    217    235    -    517 
Operating Expenses:                         
Voyage expenses   -    5    6    -    235 
Vessel expenses   -    108    107    -    2 
Charter hire expenses   -    -    -    -    276 
Depreciation and amortization   -    108    108    -    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    221    222    -    513 
Income/(Loss) from Vessel Operations   -    (4)   13    -    4 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    (4)   13    -    4 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    (4)   13    -    4 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (4)   13    -    4 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $(4)  $13   $-   $4 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 37 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Carl Product
Corporation
   Concept Tanker
Corporation
   Crown Tanker
Corporation
   Delphina Tanker
Corporation
   Delta Aframax
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $22   $218   $-   $-   $- 
Time and bareboat charter revenues   213    -    -    -    231 
Voyage charter revenues   (1)   -    -    -    - 
    234    218    -    -    231 
Operating Expenses:                         
Voyage expenses   3    -    -    -    - 
Vessel expenses   157    2    -    -    128 
Charter hire expenses   -    272    -    -    - 
Depreciation and amortization   133    -    -    -    111 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   293    274    -    -    239 
Income/(Loss) from Vessel Operations   (58)   (57)   -    -    (8)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (58)   (57)   -    -    (8)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (58)   (57)   -    -    (8)
Interest Expense   -    -    -    -    (53)
Income/(loss) before Reorganization Items and Income Taxes   (58)   (57)   -    -    (62)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(58)  $(57)  $-   $-   $(62)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 38 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   DHT Ania
Aframax Corp.
   DHT Ann VLCC
Corp.
   DHT Cathy
Aframax Corp.
   DHT Chris VLCC
Corp.
   DHT Rebecca
Aframax Corp.
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $333   $251   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    333    251    -    - 
Operating Expenses:                         
Voyage expenses   -    -    -    -    - 
Vessel expenses   -    2    0    0    - 
Charter hire expenses   -    570    352    -    - 
Depreciation and amortization   -    -    -    -    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    571    352    0    - 
Income/(Loss) from Vessel Operations   -    (238)   (101)   (0)   - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    (238)   (101)   (0)   - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    (238)   (101)   (0)   - 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (238)   (101)   (0)   - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $(238)  $(101)  $(0)  $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 39 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   DHT Regal Unity
VLCC Corp.
   DHT Sophie
Aframax Corp.
   Dignity
Chartering
Corporation
   Edindun Shipping
Corporation
   Eighth Aframax
Tanker
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $3   $-   $231   $-   $235 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    3    -    231    -    235 
Operating Expenses:                         
Voyage expenses   -    -    2    -    - 
Vessel expenses   -    -    129    -    123 
Charter hire expenses   -    -    453    -    - 
Depreciation and amortization   -    -    25    -    77 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    -    609    -    199 
Income/(Loss) from Vessel Operations   3    -    (379)   -    36 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   3    -    (379)   -    36 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   3    -    (379)   -    36 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   3    -    (379)   -    36 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $3   $-   $(379)  $-   $36 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 40 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Epsilon Aframax
Corporation
   First Chemical
Carrier
Corporation
   First LPG Tanker
Corporation
   First Union
Tanker
Corporation
   Fourth Aframax
Tanker
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $222   $-   $-   $43   $- 
Time and bareboat charter revenues   -    204    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    222    204    -    43    - 
Operating Expenses:                         
Voyage expenses   -    3    -    33    - 
Vessel expenses   156    3    -    173    - 
Charter hire expenses   -    183    -    -    - 
Depreciation and amortization   110    -    -    178    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   266    188    -    384    - 
Income/(Loss) from Vessel Operations   (44)   16    -    (341)   - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (44)   16    -    (341)   - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (44)   16    -    (341)   - 
Interest Expense   (53)   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (98)   16    -    (341)   - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(98)  $16   $-   $(341)  $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 41 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Front President
Inc.
   Goldmar Limited   GPC Aframax
Corporation
   Grace Chartering
Corporation
   International
Seaways, Inc.
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $152   $229   $222   $220   $854 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    152    229    222    220    854 
Operating Expenses:                         
Voyage expenses   29    -    -    -    - 
Vessel expenses   130    119    134    1    6 
Charter hire expenses   -    -    210    238    895 
Depreciation and amortization   195    117    2    -    - 
General and administrative   -    -    (0)   -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   353    236    345    239    902 
Income/(Loss) from Vessel Operations   (201)   (6)   (124)   (19)   (48)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (201)   (6)   (124)   (19)   (48)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (201)   (6)   (124)   (19)   (48)
Interest Expense   (99)   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (301)   (6)   (124)   (19)   (48)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(301)  $(6)  $(124)  $(19)  $(48)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 42 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Jademar Limited   Joyce Car Carrier
Corporation
   Juneau Tanker
Corporation
   Kimolos Tanker
Corporation
   Kythnos
Chartering
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $209   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   3    -    -    487    486 
    211    -    -    487    486 
Operating Expenses:                         
Voyage expenses   -    -    -    280    274 
Vessel expenses   95    -    -    81    152 
Charter hire expenses   -    -    -    221    - 
Depreciation and amortization   117    -    -    18    64 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   212    -    -    600    491 
Income/(Loss) from Vessel Operations   (1)   -    -    (113)   (5)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (1)   -    -    (113)   (5)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (1)   -    -    (113)   (5)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (1)   -    -    (113)   (5)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(1)  $-   $-   $(113)  $(5)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 43 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Leo Tanker
Corporation
   Leyte Product
Tanker
Corporation
   Limar Charter
Corporation
   Luxmar Product
Tanker
Corporation
   Luxmar Tanker
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   474    210    525    536    - 
    474    210    525    536    - 
Operating Expenses:                         
Voyage expenses   357    280    296    345    - 
Vessel expenses   4    82    92    123    0 
Charter hire expenses   269    -    204    -    - 
Depreciation and amortization   -    101    97    113    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   630    464    689    581    0 
Income/(Loss) from Vessel Operations   (156)   (254)   (164)   (45)   (0)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (156)   (254)   (164)   (45)   (0)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (156)   (254)   (164)   (45)   (0)
Interest Expense   -    (44)   -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (156)   (297)   (164)   (45)   (0)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(156)  $(297)  $(164)  $(45)  $(0)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 44 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Majestic Tankers
Corporation
   Maple Tanker
Corporation
   Maremar Product
Tanker
Corporation
   Maremar Tanker
LLC
   Marilyn Vessel
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $(48)  $(54)  $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    404    - 
    (48)   (54)   -    404    - 
Operating Expenses:                         
Voyage expenses   33    39    -    332    - 
Vessel expenses   207    145    (3)   166    - 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   201    248    -    126    - 
General and administrative   0    -    -    4    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   442    432    (3)   628    - 
Income/(Loss) from Vessel Operations   (490)   (486)   3    (224)   - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (490)   (486)   3    (224)   - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (490)   (486)   3    (224)   - 
Interest Expense   -    (128)   -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (490)   (614)   3    (224)   - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(490)  $(614)  $3   $(224)  $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 45 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Maritrans
General Partner
Inc.
   Maritrans
Operating
Company L.P.
   Milos Product
Tanker
Corporation
   Mindanao Tanker
Corporation
   Mykonos Tanker
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    609    -    760 
    -    -    609    -    760 
Operating Expenses:                         
Voyage expenses   -    -    207    -    367 
Vessel expenses   -    -    83    -    152 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   -    -    76    -    93 
General and administrative   -    -    -    -    9 
(Gain)/loss on disposal of vessels   -    -    -    -    (1)
Total Operating Expenses   -    -    366    -    619 
Income/(Loss) from Vessel Operations   -    -    243    -    141 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    -    243    -    141 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    -    243    -    141 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    243    -    141 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $243   $-   $141 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 46 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Nedimar Charter
Corporation
   Oak Tanker
Corporation
   Ocean Bulk Ships,
Inc.
   Oceania Tanker
Corporation
   OSG 192 LLC 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $122   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    417 
Voyage charter revenues   547    -    -    -    - 
    547    122    -    -    417 
Operating Expenses:                         
Voyage expenses   252    23    -    -    3 
Vessel expenses   153    156    -    -    11 
Charter hire expenses   208    -    -    -    - 
Depreciation and amortization   62    248    -    -    111 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   675    428    -    -    125 
Income/(Loss) from Vessel Operations   (128)   (305)   -    -    292 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (128)   (305)   -    -    292 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (128)   (305)   -    -    292 
Interest Expense   -    (125)   -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (128)   (430)   -    -    292 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(128)  $(430)  $-   $-   $292 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 47 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG 209 LLC   OSG 214 LLC   OSG 215
Corporation
   OSG 242 LLC   OSG 243 LLC 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   433    381    -    -    - 
Voyage charter revenues   2    26    -    916    470 
    435    407    -    916    470 
Operating Expenses:                         
Voyage expenses   6    35    -    307    85 
Vessel expenses   14    19    -    13    (39)
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   103    128    -    118    106 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   123    183    -    438    152 
Income/(Loss) from Vessel Operations   312    224    -    478    317 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   312    224    -    478    317 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   312    224    -    478    317 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   312    224    -    478    317 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $312   $224   $-   $478   $317 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 48 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG 244 LLC   OSG 252 LLC   OSG 254 LLC   OSG 300 LLC   OSG 400 LLC 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   476    -    -    -    - 
Voyage charter revenues   -    835    48    -    - 
    476    835    48    -    - 
Operating Expenses:                         
Voyage expenses   7    226    16    -    - 
Vessel expenses   13    11    11    -    - 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   127    132    212    -    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   147    370    239    -    - 
Income/(Loss) from Vessel Operations   329    465    (191)   -    - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   329    465    (191)   -    - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   329    465    (191)   -    - 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   329    465    (191)   -    - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $329   $465   $(191)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 49 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG America
L.P.
   OSG America
LLC
   OSG America
Operating
Company LLC
   OSG Car
Carriers, Inc.
   OSG Clean
Products
International, Inc.
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    -    -    -    - 
Operating Expenses:                         
Voyage expenses   -    -    -    -    - 
Vessel expenses   -    -    (1)   -    - 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   -    -    217    -    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    -    216    -    - 
Income/(Loss) from Vessel Operations   -    -    (216)   -    - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    -    (216)   -    - 
Other Income/(expense)   -    -    1    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    -    (215)   -    - 
Interest Expense   -    -    0    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (215)   -    - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $(215)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 50 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG Columbia
LLC
   OSG Constitution
LLC
   OSG Courageous
LLC
   OSG Delaware
Bay Lightering
LLC
   OSG Discovery
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    2,254    - 
    -    -    -    2,254    - 
Operating Expenses:                         
Voyage expenses   -    -    -    563    - 
Vessel expenses   113    -    122    448    - 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   42    -    43    606    - 
General and administrative   3    -    4    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    27 
Total Operating Expenses   158    -    169    1,617    27 
Income/(Loss) from Vessel Operations   (158)   -    (169)   637    (27)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (158)   -    (169)   637    (27)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (158)   -    (169)   637    (27)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (158)   -    (169)   637    (27)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(158)  $-   $(169)  $637   $(27)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 51 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG Endeavor
LLC
   OSG Endurance
LLC
   OSG Enterprise
LLC
   OSG Financial
Corp.
   OSG Freedom
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    -    -    -    - 
Operating Expenses:                         
Voyage expenses   -    -    -    -    - 
Vessel expenses   -    103    128    -    (0)
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   -    45    62    -    103 
General and administrative   -    3    4    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    152    193    -    102 
Income/(Loss) from Vessel Operations   -    (152)   (193)   -    (102)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    (152)   (193)   -    (102)
Other Income/(expense)   -    -    -    (0)   - 
Income/(Loss) before Interest Expense and Income Taxes   -    (152)   (193)   (0)   (102)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (152)   (193)   (0)   (102)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $(152)  $(193)  $(0)  $(102)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 52 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG Honour
LLC
   OSG
Independence
LLC
   OSG Intrepid
LLC
   OSG Liberty LLC   OSG Lightering
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $(48)
Time and bareboat charter revenues   -    -    -    -    (768)
Voyage charter revenues   -    -    -    -    5,586 
    -    -    -    -    4,770 
Operating Expenses:                         
Voyage expenses   -    3    -    -    3,379 
Vessel expenses   124    121    119    -    378 
Charter hire expenses   -    -    -    -    1,186 
Depreciation and amortization   33    26    178    -    342 
General and administrative   4    4    4    -    103 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   161    154    301    -    5,389 
Income/(Loss) from Vessel Operations   (161)   (154)   (301)   -    (619)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (161)   (154)   (301)   -    (619)
Other Income/(expense)   -    -    -    -    0 
Income/(Loss) before Interest Expense and Income Taxes   (161)   (154)   (301)   -    (618)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (161)   (154)   (301)   -    (618)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(161)  $(154)  $(301)  $-   $(618)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 53 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG Lightering
Acquisition
Corporation
   OSG Lightering
Solutions LLC
   OSG Mariner
LLC
   OSG Maritrans
Parent LLC
   OSG Navigator
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    -    -    -    - 
Operating Expenses:                         
Voyage expenses   -    -    -    -    - 
Vessel expenses   -    -    -    -    116 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   -    -    -    6    40 
General and administrative   -    -    -    -    4 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    -    -    6    160 
Income/(Loss) from Vessel Operations   -    -    -    (6)   (160)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    -    -    (6)   (160)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    -    -    (6)   (160)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    (6)   (160)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $(6)  $(160)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 54 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG New York,
Inc.
   OSG Product
Tankers AVTC,
LLC
   OSG Product
Tankers I, LLC
   OSG Product
Tankers II, LLC
   OSG Product
Tankers Member
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $309   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   637    -    -    -    - 
    945    -    -    -    - 
Operating Expenses:                         
Voyage expenses   472    -    -    -    - 
Vessel expenses   6    -    -    -    - 
Charter hire expenses   626    -    -    -    - 
Depreciation and amortization   -    -    -    -    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   1,104    -    -    -    - 
Income/(Loss) from Vessel Operations   (158)   -    -    -    - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (158)   -    -    -    - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (158)   -    -    -    - 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (158)   -    -    -    - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(158)  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 55 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   OSG Product
Tankers, LLC
   OSG Quest LLC   OSG Seafarer
LLC
   OSG Ship
Management, Inc.
   OSG Valour LLC 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    -    -    -    - 
Operating Expenses:                         
Voyage expenses   -    -    -    -    - 
Vessel expenses   -    -    (0)   -    - 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   -    -    -    164    - 
General and administrative   -    -    -    1,911    - 
(Gain)/loss on disposal of vessels   -    5    -    -    - 
Total Operating Expenses   -    5    (0)   2,074    - 
Income/(Loss) from Vessel Operations   -    (5)   0    (2,074)   - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    (5)   0    (2,074)   - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    (5)   0    (2,074)   - 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (5)   0    (2,074)   - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $(5)  $0   $(2,074)  $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 56 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Overseas
Allegiance
Corporation
   Overseas
Anacortes LLC
   Overseas Boston
LLC
   Overseas
Diligence LLC
   Overseas Galena
Bay LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    952    905    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    952    905    -    - 
Operating Expenses:                         
Voyage expenses   -    12    7    -    - 
Vessel expenses   -    291    281    -    - 
Charter hire expenses   -    431    424    -    - 
Depreciation and amortization   -    5    19    -    - 
General and administrative   -    9    10    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    748    741    -    - 
Income/(Loss) from Vessel Operations   -    204    165    -    - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    204    165    -    - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    204    165    -    - 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    204    165    -    - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $204   $165   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 57 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Overseas Houston
LLC
   Overseas
Integrity LLC
   Overseas Long
Beach LLC
   Overseas Los
Angeles LLC
   Overseas
Martinez LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   795    -    791    783    880 
Voyage charter revenues   -    -    -    -    - 
    795    -    791    783    880 
Operating Expenses:                         
Voyage expenses   3    -    7    7    13 
Vessel expenses   279    -    316    284    300 
Charter hire expenses   403    -    404    405    431 
Depreciation and amortization   35    -    27    28    6 
General and administrative   9    -    9    9    10 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   730    -    763    733    760 
Income/(Loss) from Vessel Operations   65    -    28    50    120 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   65    -    28    50    120 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   65    -    28    50    120 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   65    -    28    50    120 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $65   $-   $28   $50   $120 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 58 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Overseas New
Orleans LLC
   Overseas New
York LLC
   Overseas Nikiski
LLC
   Overseas
Perseverance
Corporation
   Overseas
Philadelphia LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    769    905    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    769    905    -    - 
Operating Expenses:                         
Voyage expenses   -    3    13    -    - 
Vessel expenses   -    275    296    -    - 
Charter hire expenses   -    407    425    -    - 
Depreciation and amortization   -    13    27    -    - 
General and administrative   -    9    9    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    707    769    -    - 
Income/(Loss) from Vessel Operations   -    62    136    -    - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    62    136    -    - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    62    136    -    - 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    62    136    -    - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $62   $136   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 59 of 117
 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Overseas Puget
Sound LLC
   Overseas Sea
Swift Corporation
   Overseas
Shipping (GR)
Ltd.
   Overseas ST
Holding LLC
   Overseas Tampa
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    2,215    986 
Voyage charter revenues   -    -    -    -    3 
    -    -    -    2,215    989 
Operating Expenses:                         
Voyage expenses   -    -    -    17    16 
Vessel expenses   (0)   -    -    601    279 
Charter hire expenses   -    -    -    -    444 
Depreciation and amortization   -    -    -    518    1 
General and administrative   -    -    -    19    9 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   (0)   -    -    1,155    749 
Income/(Loss) from Vessel Operations   0    -    -    1,060    241 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   0    -    -    1,060    241 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   0    -    -    1,060    241 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   0    -    -    1,060    241 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $0   $-   $-   $1,060   $241 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 60 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Overseas Texas
City LLC
   Pearlmar Limited   Petromar Limited   Pisces Tanker
Corporation
   Polaris Tanker
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $241   $-   $-   $- 
Time and bareboat charter revenues   863    -    -    -    - 
Voyage charter revenues   -    2    316    648    490 
    863    243    316    648    490 
Operating Expenses:                         
Voyage expenses   11    0    175    359    364 
Vessel expenses   315    108    103    2    4 
Charter hire expenses   410    -    -    278    278 
Depreciation and amortization   11    120    95    -    - 
General and administrative   9    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   756    228    372    640    647 
Income/(Loss) from Vessel Operations   107    15    (56)   8    (156)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   107    15    (56)   8    (156)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   107    15    (56)   8    (156)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   107    15    (56)   8    (156)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $107   $15   $(56)  $8   $(156)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 61 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Queens Product
Tanker
Corporation
   Reymar Limited   Rich Tanker
Corporation
   Rimar Chartering
Corporation
   Rosalyn Tanker
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $236   $-   $-   $(108)
Time and bareboat charter revenues   -    -    283    -    - 
Voyage charter revenues   -    4    6    172    - 
    -    240    288    172    (108)
Operating Expenses:                         
Voyage expenses   -    1    11    176    90 
Vessel expenses   -    134    2    125    132 
Charter hire expenses   -    -    273    196    - 
Depreciation and amortization   -    108    -    4    134 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    243    286    502    356 
Income/(Loss) from Vessel Operations   -    (4)   2    (330)   (463)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    (4)   2    (330)   (463)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    (4)   2    (330)   (463)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (4)   2    (330)   (463)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $(4)  $2   $(330)  $(463)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 62 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Rosemar Limited   Rubymar Limited   Sakura Transport
Corp.
   Samar Product
Tanker
Corporation
   Santorini Tanker
LLC
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $(102)  $-   $- 
Time and bareboat charter revenues   204    159    -    213    - 
Voyage charter revenues   2    -    -    (8)   885 
    206    159    (102)   205    885 
Operating Expenses:                         
Voyage expenses   5    0    37    8    315 
Vessel expenses   92    1    194    68    127 
Charter hire expenses   -    -    -    -    - 
Depreciation and amortization   127    117    137    101    100 
General and administrative   -    -    -    -    3 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   224    119    368    176    545 
Income/(Loss) from Vessel Operations   (18)   40    (470)   28    340 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (18)   40    (470)   28    340 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (18)   40    (470)   28    340 
Interest Expense   -    -    -    (60)   - 
Income/(loss) before Reorganization Items and Income Taxes   (18)   40    (470)   (32)   340 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(18)  $40   $(470)  $(32)  $340 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 63 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Serifos Tanker
Corporation
   Seventh Aframax
Tanker
Corporation
   Shirley Tanker
SRL
   Sifnos Tanker
Corporation
   Silvermar Limited 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $221   $247   $173   $222   $207 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    221    247    173    222    207 
Operating Expenses:                         
Voyage expenses   2    -    -    1    - 
Vessel expenses   90    118    156    97    120 
Charter hire expenses   221    -    -    221    - 
Depreciation and amortization   9    79    173    10    124 
General and administrative   -    -    (15)   -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   321    196    314    328    244 
Income/(Loss) from Vessel Operations   (100)   51    (141)   (107)   (37)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (100)   51    (141)   (107)   (37)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (100)   51    (141)   (107)   (37)
Interest Expense   -    -    (17)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (100)   51    (158)   (107)   (37)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(100)  $51   $(158)  $(107)  $(37)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 64 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Sixth Aframax
Tanker
Corporation
   Skopelos Product
Tanker
Corporation
   Star Chartering
Corporation
   Suezmax
International
Agencies, Inc.
   Talara
Chartering
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $-   $-   $1,069   $217 
Time and bareboat charter revenues   231    -    238    -    - 
Voyage charter revenues   -    726    -    -    - 
    231    726    238    1,069    217 
Operating Expenses:                         
Voyage expenses   -    336    -    -    2 
Vessel expenses   177    129    1    15    117 
Charter hire expenses   -    -    238    1,250    303 
Depreciation and amortization   77    63    -    -    6 
General and administrative   -    -    -    (25)   - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   254    528    239    1,240    429 
Income/(Loss) from Vessel Operations   (23)   198    (1)   (171)   (212)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (23)   198    (1)   (171)   (212)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (23)   198    (1)   (171)   (212)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (23)   198    (1)   (171)   (212)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(23)  $198   $(1)  $(171)  $(212)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 65 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Third United
Shipping
Corporation
   Tokyo Transport
Corp.
   Transbulk
Carriers, Inc.
   Troy Chartering
Corporation
   Troy Product
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $-   $399   $-   $204   $- 
Time and bareboat charter revenues   -    -    -    -    - 
Voyage charter revenues   -    -    -    -    - 
    -    399    -    204    - 
Operating Expenses:                         
Voyage expenses   -    31    -    1    - 
Vessel expenses   -    121    -    94    - 
Charter hire expenses   -    -    -    302    - 
Depreciation and amortization   -    148    -    6    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   -    299    -    403    - 
Income/(Loss) from Vessel Operations   -    100    -    (199)   - 
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   -    100    -    (199)   - 
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   -    100    -    (199)   - 
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    100    -    (199)   - 
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $-   $100   $-   $(199)  $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 66 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Urban Tanker
Corporation
   Vega Tanker
Corporation
   View Tanker
Corporation
   Vivian Tankships
Corporation
   Vulpecula
Chartering
Corporation
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                     
Shipping Revenues:                         
                          
Pool revenues  $212   $-   $6   $-   $- 
Time and bareboat charter revenues   -    -    243    -    - 
Voyage charter revenues   (1)   -    -    -    628 
    211    -    249    -    628 
Operating Expenses:                         
Voyage expenses   (32)   -    13    -    435 
Vessel expenses   6    -    3    -    (4)
Charter hire expenses   274    -    243    -    268 
Depreciation and amortization   -    -    -    -    - 
General and administrative   -    -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    -    - 
Total Operating Expenses   248    -    258    -    699 
Income/(Loss) from Vessel Operations   (37)   -    (9)   -    (71)
Equity in Income/(Loss) of Affiliated Companies   -    -    -    -    - 
Operating Income/(Loss)   (37)   -    (9)   -    (71)
Other Income/(expense)   -    -    -    -    - 
Income/(Loss) before Interest Expense and Income Taxes   (37)   -    (9)   -    (71)
Interest Expense   -    -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (37)   -    (9)   -    (71)
Reorganization Items, net   -    -    -    -    - 
Income/(loss) before Income Taxes  $(37)  $-   $(9)  $-   $(71)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 67 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Wind Aframax
Tanker
Corporation
   Combined
Debtors
   Eliminations   Consolidated
Debtors
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $8,487   $-   $8,487 
Time and bareboat charter revenues   -    15,106         15,106 
Voyage charter revenues   -    23,555         23,555 
    -    47,148    -    47,148 
Operating Expenses:                    
Voyage expenses   -    12,683         12,683 
Vessel expenses   -    12,194         12,194 
Charter hire expenses   -    15,956         15,956 
Depreciation and amortization   -    9,362         9,362 
General and administrative   -    2,145         2,145 
(Gain)/loss on disposal of vessels   -    31         31 
Total Operating Expenses   -    52,372    -    52,372 
Income/(Loss) from Vessel Operations   -    (5,224)   -    (5,224)
Equity in Income/(Loss) of Affiliated Companies   -    1,611         1,611 
Operating Income/(Loss)   -    (3,613)   -    (3,613)
Other Income/(expense)   -    (167)        (167)
Income/(Loss) before Interest Expense and Income Taxes   -    (3,779)   -    (3,779)
Interest Expense   -    (588)        (588)
Income/(loss) before Reorganization Items and Income Taxes   -    (4,367)   -    (4,367)
Reorganization Items, net   -    2,205         2,205 
Income/(loss) before Income Taxes  $-   $(6,572)  $-   $(6,572)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 68 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Period from November 14, 2012 through November 30, 2012

 

   Total
Non-debtors
   Eliminations   Consolidated
Overseas
Shipholding
Group, Inc.
 
($000s)  November 14 - 30,
2012
   November 14 - 30,
2012
   November 14 - 30,
2012
 
             
Shipping Revenues:               
                
Pool revenues  $-   $-   $8,487 
Time and bareboat charter revenues   -         15,106 
Voyage charter revenues   -         23,555 
    -    -    47,148 
Operating Expenses:               
Voyage expenses   (43)        12,640 
Vessel expenses   (13)        12,181 
Charter hire expenses   -         15,956 
Depreciation and amortization   (29)        9,333 
General and administrative   998         3,143 
(Gain)/loss on disposal of vessels   0         31 
Total Operating Expenses   912    -    53,284 
Income/(Loss) from Vessel Operations   (912)   -    (6,136)
Equity in Income/(Loss) of Affiliated Companies   -         1,611 
Operating Income/(Loss)   (912)   -    (4,525)
Other Income/(expense)   386         219 
Income/(Loss) before Interest Expense and Income Taxes   (527)   -    (4,306)
Interest Expense   -         (588)
Income/(loss) before Reorganization Items and Income Taxes   (527)   -    (4,894)
Reorganization Items, net   -         2,205 
Income/(loss) before Income Taxes  $(527)  $-   $(7,099)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 69 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Overseas Shipholding Group, Inc.   OSG International, Inc.   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $320,126   $322,765   $3,986   $42,785   $46,300   $55,064   $-   $- 
Voyage receivables   530    467    (990)   (990)   -    -    2,611    2,749 
Other receivables   26,385    26,378    13,363    12,895    746    1,120    27    29 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   16,696    14,030    449    14    -    -    75    157 
Total Current Assets   363,738    363,640    16,809    54,704    47,046    56,184    2,713    2,934 
Vessels and other property, less accumulated depreciation   -    -    1    1    -    -    50,585    50,459 
Deferred drydock expenditures, net   -    -    -    -    -    -    2,212    2,189 
Total Vessels, Deferred Drydock and Other Property   -    -    1    1    -    -    52,797    52,648 
Investments in Affiliated Companies   38    38    (2,998)   (2,702)   -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   (1,758,985)   (1,758,985)   (535,720)   (535,720)   1,512,260    1,512,260    -    - 
Intercompany loans receivable and accrued interest   267,376    267,656    180,732    179,997    -    -    -    - 
Pre-petition intercompany receivables from debtors   331,328    331,328    386,101    386,101    986,788    986,788    16,336    16,336 
Pre-petition Intercompany receivables from non-debtors   61,649    61,649    1,439,873    1,439,873    4,239    4,239    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    339    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    126    -    18,490    -    3,161    -    - 
Other Assets   0    0    36    35    237    235    257    253 
Total Assets  $(734,856)  $(734,548)  $1,484,835   $1,541,119   $2,550,569   $2,562,867   $72,103   $72,172 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $8,019   $2,997   $-   $(632)  $55   $411   $1,150   $999 
Total Current Liabilities Not Subject to Compromise   8,019    2,997    -    (632)   55    411    1,150    999 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    168    -    112    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    37,502    -    -    -    - 
Post-petition intercompany payables to other debtors   -    483    -    18,963    -    10,828    -    150 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    1,808    1,900    -    - 
Total Liabilities Not Subject to Compromise   8,019    3,481    -    56,002    1,863    13,251    1,150    1,149 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    227,716    227,716    50,033    50,033    -    - 
Pre-petition intercompany payables to non-debtors   16,617    16,617    317,740    317,740    59,429    59,429    28,127    28,127 
Pre-petition intercompany payables to other debtors   76,604    79,198    1,932,666    1,932,666    1,079,525    1,079,525    -    - 
Other liabilities   2,231,657    2,231,653    509    509    403    1,431    47,270    47,327 
Total Liabilities Subject to Compromise   2,324,879    2,327,468    2,478,631    2,478,631    1,189,390    1,190,418    75,397    75,454 
                                         
Total Liabilities   2,332,897    2,330,949    2,478,631    2,534,634    1,191,253    1,203,669    76,547    76,603 
Equity:                                        
Total Equity   (3,067,754)   (3,065,496)   (993,796)   (993,514)   1,359,316    1,359,198    (4,444)   (4,431)
Total Liabilities and Equity  $(734,856)  $(734,548)  $1,484,835   $1,541,119   $2,550,569   $2,562,867   $72,103   $72,172 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 70 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Africa Tanker Corporation   Alcesmar Limited   Alcmar Limited   Alpha Suezmax Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    1,547    1,348    153    708    2,957    3,131 
Other receivables   (1)   (1)   11    (1)   (24)   8    2,741    2,729 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   18    116    21    53    21    53    528    992 
Total Current Assets   18    115    1,579    1,399    150    769    6,226    6,852 
Vessels and other property, less accumulated depreciation   -    -    34,822    34,731    34,750    34,659    228    223 
Deferred drydock expenditures, net   -    -    674    715    401    386    1,800    1,775 
Total Vessels, Deferred Drydock and Other Property   -    -    35,496    35,446    35,151    35,046    2,028    1,998 
Investments in Affiliated Companies   231,376    231,952    300    300    600    600    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   259,313    259,313    3,930    3,930    7,926    7,926    6,502    6,502 
Pre-petition Intercompany receivables from non-debtors   4,350    4,350    0    0    -    -    14    14 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    650    -    229    -    -    -    - 
Other Assets   -    -    53    58    67    66    55    55 
Total Assets  $495,057   $496,381   $41,358   $41,362   $43,893   $44,407   $14,825   $15,420 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $44   $60   $708   $793   $116   $123 
Total Current Liabilities Not Subject to Compromise   -    -    44    60    708    793    116    123 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    418    -    806 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   43    43    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   43    43    44    60    708    1,211    116    929 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   17    17    6,818    6,818    7,706    7,706    26,898    26,898 
Pre-petition intercompany payables to other debtors   39    39    238    238    222    222    2,722    2,722 
Other liabilities   -    -    19,950    19,958    19,950    19,958    -    - 
Total Liabilities Subject to Compromise   56    56    27,006    27,014    27,878    27,885    29,620    29,620 
                                         
Total Liabilities   99    99    27,050    27,074    28,586    29,096    29,736    30,549 
Equity:                                        
Total Equity   494,959    496,282    14,308    14,288    15,308    15,311    (14,912)   (15,129)
Total Liabilities and Equity  $495,057   $496,381   $41,358   $41,362   $43,893   $44,407   $14,825   $15,420 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 71 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Alpha Tanker Corporation   Amalia Product Corporation   Ambermar Product Carrier
Corporation
   Ambermar Tanker Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (62)   (62)   2,562    2,626    1,417    2,040    (22)   - 
Other receivables   131    131    6    27    14    369    -    (22)
Inventory   -    -    -    -    318    499    -    - 
Prepaid expenses and other current assets   -    -    426    67    21    45    1,071    - 
Total Current Assets   69    69    2,995    2,720    1,769    2,953    1,049    (22)
Vessels and other property, less accumulated depreciation   -    -    51,954    51,845    26,361    26,283    -    - 
Deferred drydock expenditures, net   -    -    1,747    1,724    1,657    1,626    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    53,701    53,569    28,018    27,909    -    - 
Investments in Affiliated Companies   -    -    601    601    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   157    157    6,826    6,826    16,108    16,108    102    102 
Pre-petition Intercompany receivables from non-debtors   481    481    -    -    -    -    783    783 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    438    -    -    -    449 
Other Assets   -    -    (1)   (1)   33    36    -    622 
Total Assets  $707   $707   $64,121   $64,153   $45,929   $47,006   $1,934   $1,934 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $41   $55   $374   $862   $4   $4 
Total Current Liabilities Not Subject to Compromise   -    -    41    55    374    862    4    4 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    253    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    41    55    374    1,114    4    4 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    6,322    6,322    17,078    17,078    -    - 
Pre-petition intercompany payables to other debtors   147    147    3    3    335    335    840    840 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   147    147    6,325    6,325    17,413    17,413    840    840 
                                         
Total Liabilities   147    147    6,366    6,380    17,787    18,528    844    844 
Equity:                                        
Total Equity   560    560    57,755    57,772    28,142    28,479    1,090    1,090 
Total Liabilities and Equity  $707   $707   $64,121   $64,153   $45,929   $47,006   $1,934   $1,934 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 72 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Andromar Limited   Antigmar Limited   Aqua Tanker Corporation   Aquarius Tanker Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,480    1,321    270    1,095    455    455    2,193    1,507 
Other receivables   20    10    (27)   (35)   3,779    3,779    15    15 
Inventory   -    -    484    (0)   -    -    150    485 
Prepaid expenses and other current assets   23    52    21    51    4,651    4,651    273    494 
Total Current Assets   1,523    1,383    748    1,111    8,884    8,884    2,631    2,501 
Vessels and other property, less accumulated depreciation   35,473    35,385    35,287    35,200    -    -    -    - 
Deferred drydock expenditures, net   534    515    395    384    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   36,006    35,900    35,682    35,584    -    -    -    - 
Investments in Affiliated Companies   600    600    600    600    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   14,837    14,837    15,228    15,228    199    199    19,515    19,515 
Pre-petition Intercompany receivables from non-debtors   1    1    -    -    440    440    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    223 
Other Assets   46    46    (24)   (7)   -    -    -    - 
Total Assets  $53,013   $52,766   $52,233   $52,515   $9,523   $9,523   $22,146   $22,239 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $928   $75   $469   $244   $57   $57   $478   $480 
Total Current Liabilities Not Subject to Compromise   928    75    469    244    57    57    478    480 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    607    -    479    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   928    681    469    723    57    57    478    480 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   16,388    16,388    17,540    17,540    1,979    1,979    23,009    23,009 
Pre-petition intercompany payables to other debtors   226    226    241    241    18    18    -    - 
Other liabilities   19,950    19,958    19,950    19,958    -    -    -    - 
Total Liabilities Subject to Compromise   36,564    36,572    37,731    37,739    1,997    1,997    23,009    23,009 
                                         
Total Liabilities   37,492    37,253    38,200    38,462    2,053    2,053    23,487    23,489 
Equity:                                        
Total Equity   15,521    15,513    14,033    14,054    7,470    7,470    (1,340)   (1,249)
Total Liabilities and Equity  $53,013   $52,766   $52,233   $52,515   $9,523   $9,523   $22,146   $22,239 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 73 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Ariadmar Limited   Aspro Tanker Corporation   Atalmar Limited   Athens Product Tanker Corporation 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,578    1,367    330    330    1,936    2,334    1,699    1,438 
Other receivables   6    0    26    26    2    (18)   (4)   105 
Inventory   -    -    -    -    182    664    -    226 
Prepaid expenses and other current assets   29    54    31    31    23    53    342    55 
Total Current Assets   1,612    1,421    386    386    2,143    3,033    2,037    1,824 
Vessels and other property, less accumulated depreciation   35,133    35,043    -    -    35,037    34,948    41,872    41,797 
Deferred drydock expenditures, net   762    740    -    -    726    707    -    - 
Total Vessels, Deferred Drydock and Other Property   35,895    35,783    -    -    35,762    35,655    41,872    41,797 
Investments in Affiliated Companies   300    300    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   4,859    4,859    1,193    1,193    13,184    13,184    16    16 
Pre-petition Intercompany receivables from non-debtors   1    1    550    550    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    302    -    -    -    -    -    641 
Other Assets   30    29    -    -    (114)   (33)   2    2 
Total Assets  $42,697   $42,695   $2,130   $2,130   $50,976   $51,839   $43,926   $44,279 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $42   $30   $-   $-   $571   $700   $63   $428 
Total Current Liabilities Not Subject to Compromise   42    30    -    -    571    700    63    428 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    664    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   42    30    -    -    571    1,364    63    428 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   7,987    7,987    -    -    9,783    9,783    7,512    7,512 
Pre-petition intercompany payables to other debtors   223    223    1,193    1,193    261    261    35,276    35,276 
Other liabilities   19,950    19,958    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   28,159    28,167    1,193    1,193    10,045    10,045    42,788    42,788 
                                         
Total Liabilities   28,202    28,197    1,193    1,193    10,616    11,409    42,851    43,217 
Equity:                                        
Total Equity   14,496    14,498    936    936    40,360    40,430    1,075    1,062 
Total Liabilities and Equity  $42,697   $42,695   $2,130   $2,130   $50,976   $51,839   $43,926   $44,279 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 74 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Atlas Chartering Corporation   Aurora Shipping Corporation   Avila Tanker Corporation   Batangas Tanker Corporation 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   904    2,100    3,187    2,772    171    171    -    - 
Other receivables   -    -    28    55    (53)   (53)   -    - 
Inventory   433    219    -    -    -    -    -    - 
Prepaid expenses and other current assets   605    492    96    154    221    221    -    - 
Total Current Assets   1,941    2,811    3,311    2,980    339    339    -    - 
Vessels and other property, less accumulated depreciation   -    -    38,944    38,845    -    -    59,564    59,615 
Deferred drydock expenditures, net   -    -    1,486    1,555    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    40,429    40,400    -    -    59,564    59,615 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   22,309    22,309    12,328    12,328    1,271    1,271    22,063    22,063 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    299    299 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    2    -    -    -    - 
Other Assets   (9)   (9)   (37)   (37)   -    -    -    - 
Total Assets  $24,241   $25,110   $56,032   $55,674   $1,611   $1,611   $81,926   $81,977 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $59   $260   $321   $249   $249   $249   $-   $- 
Total Current Liabilities Not Subject to Compromise   59    260    321    249    249    249    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    30 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    667    -    -    -    -    -    24 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   59    927    321    249    249    249    -    54 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    57,592    57,592 
Pre-petition intercompany payables to non-debtors   365    365    6,453    6,453    -    -    24,229    24,229 
Pre-petition intercompany payables to other debtors   25,381    25,381    7    7    1,208    1,208    5    5 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   25,746    25,746    6,460    6,460    1,208    1,208    81,826    81,826 
                                         
Total Liabilities   25,805    26,673    6,782    6,710    1,457    1,457    81,826    81,880 
Equity:                                        
Total Equity   (1,564)   (1,563)   49,250    48,964    154    154    100    97 
Total Liabilities and Equity  $24,241   $25,110   $56,032   $55,674   $1,611   $1,611   $81,926   $81,977 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 75 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Beta Aframax Corporation   Brooklyn Product Tanker
Corporation
   Cabo Hellas Limited   Cabo Sounion Limited 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   697    457    710    525    195    29    205    31 
Other receivables   13    13    (3)   (3)   22    56    (9)   (17)
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   44    621    -    7    47    70    33    58 
Total Current Assets   753    1,091    707    529    264    156    230    72 
Vessels and other property, less accumulated depreciation   141    141    -    -    36,005    35,913    37,294    37,198 
Deferred drydock expenditures, net   65    63    -    -    358    343    306    293 
Total Vessels, Deferred Drydock and Other Property   206    205    -    -    36,364    36,256    37,600    37,491 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   10,281    10,281    2,827    2,827    26,270    26,270    27,240    27,240 
Pre-petition Intercompany receivables from non-debtors   -    -    25,270    25,270    4    4    3    3 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    122    -    177    -    242 
Other Assets   105    105    (3)   (4)   -    -    (41)   (41)
Total Assets  $11,345   $11,681   $28,802   $28,745   $62,901   $62,862   $65,032   $65,007 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $609   $292   $279   $222   $461   $425   $489   $452 
Total Current Liabilities Not Subject to Compromise   609    292    279    222    461    425    489    452 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    781    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   (854)   (845)   -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (245)   228    279    222    461    425    489    452 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   15,430    15,430    370    370    3,342    3,342    2,979    2,979 
Pre-petition intercompany payables to other debtors   341    341    47,640    47,640    17,008    17,008    17,774    17,774 
Other liabilities   -    -    -    0    -    -    -    - 
Total Liabilities Subject to Compromise   15,771    15,771    48,010    48,010    20,350    20,350    20,753    20,753 
                                         
Total Liabilities   15,526    15,999    48,289    48,233    20,811    20,775    21,242    21,204 
Equity:                                        
Total Equity   (4,181)   (4,318)   (19,488)   (19,488)   42,091    42,087    43,790    43,803 
Total Liabilities and Equity  $11,345   $11,681   $28,802   $28,745   $62,901   $62,862   $65,032   $65,007 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 76 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Caribbean Tanker Corporation   Carina Tanker Corporation   Carl Product Corporation   Concept Tanker Corporation 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   67    67    908    755    2,622    2,396    1,991    1,378 
Other receivables   -    -    -    -    11    7    -    - 
Inventory   -    -    752    624    -    -    -    - 
Prepaid expenses and other current assets   -    -    3    2    33    67    241    340 
Total Current Assets   67    67    1,662    1,381    2,667    2,470    2,232    1,717 
Vessels and other property, less accumulated depreciation   -    -    -    -    51,896    51,786    -    - 
Deferred drydock expenditures, net   -    -    -    -    1,873    1,849    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    53,768    53,635    -    - 
Investments in Affiliated Companies   -    -    -    -    612    412    300    300 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   30,925    30,925    18,588    18,588    6,388    6,388    7,495    7,495 
Pre-petition Intercompany receivables from non-debtors   18    18    0    0    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    635    -    810    -    491 
Other Assets   14    14    -    -    (58)   (58)   -    - 
Total Assets  $31,024   $31,024   $20,251   $20,604   $63,377   $63,657   $10,027   $10,003 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $19   $368   $102   $440   $-   $- 
Total Current Liabilities Not Subject to Compromise   -    -    19    368    102    440    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    493    525 
Total Liabilities Not Subject to Compromise   -    -    19    368    102    440    493    525 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    24,230    24,230    6,327    6,327    11,522    11,522 
Pre-petition intercompany payables to other debtors   -    -    -    -    2    2    1    1 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   -    -    24,230    24,230    6,330    6,330    11,523    11,523 
                                         
Total Liabilities   -    -    24,249    24,598    6,431    6,770    12,015    12,048 
Equity:                                        
Total Equity   31,024    31,024    (3,998)   (3,994)   56,946    56,887    (1,989)   (2,045)
Total Liabilities and Equity  $31,024   $31,024   $20,251   $20,604   $63,377   $63,657   $10,027   $10,003 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 77 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Crown Tanker Corporation   Delphina Tanker Corporation   Delta Aframax Corporation   DHT Ania Aframax Corp. 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   90    50    -    -    758    758    (40)   (40)
Other receivables   -    -    -    -    4    (378)   (15)   (4)
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    42    80    (60)   - 
Total Current Assets   90    50    -    -    805    461    (115)   (44)
Vessels and other property, less accumulated depreciation   -    -    -    -    56,274    56,164    -    - 
Deferred drydock expenditures, net   -    -    -    -    43    42    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    56,317    56,205    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   431    431    -    -    3,875    3,875    1,477    1,477 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    119    119 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    40    -    -    -    419    -    - 
Other Assets   -    -    -    -    136    135    -    - 
Total Assets  $522   $522   $-   $-   $61,132   $61,095   $1,481   $1,552 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $-   $-   $660   $351   $-   $71 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    660    351    -    71 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    281    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    660    632    -    71 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   83    83    -    -    7,653    7,653    1,337    1,337 
Pre-petition intercompany payables to other debtors   18    18    -    -    2    2    -    - 
Other liabilities   10    10    -    -    36,973    37,026    -    - 
Total Liabilities Subject to Compromise   111    111    -    -    44,628    44,681    1,337    1,337 
                                         
Total Liabilities   111    111    -    -    45,288    45,312    1,337    1,408 
Equity:                                        
Total Equity   410    410    -    -    15,844    15,783    144    144 
Total Liabilities and Equity  $522   $522   $-   $-   $61,132   $61,095   $1,481   $1,552 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 78 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp.   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   3,455    3,401    1,711    1,780    2,422    2,053    243    243 
Other receivables   687    687    883    928    44    44    373    373 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   579    93    409    57    479    479    -    - 
Total Current Assets   4,721    4,181    3,003    2,765    2,945    2,577    616    616 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   31,966    31,966    14,591    14,591    26,495    26,495    1,106    1,106 
Pre-petition Intercompany receivables from non-debtors   1,186    1,186    66    66    1,332    1,332    835    835 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    203    -    155    -    268    -    - 
Other Assets   (1)   (1)   (5)   (5)   -    -    51    51 
Total Assets  $37,873   $37,535   $17,655   $17,572   $30,772   $30,671   $2,608   $2,608 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $285   $185   $-   $18   $100   $0   $-   $- 
Total Current Liabilities Not Subject to Compromise   285    185    -    18    100    0    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   285    185    -    18    100    0    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   28,300    28,300    18,440    18,440    22,718    22,718    1,046    1,046 
Pre-petition intercompany payables to other debtors   -    -    1    1    955    955    835    835 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   28,300    28,300    18,441    18,441    23,673    23,673    1,881    1,881 
                                         
Total Liabilities   28,585    28,485    18,441    18,459    23,773    23,673    1,881    1,881 
Equity:                                        
Total Equity   9,288    9,050    (786)   (887)   6,999    6,998    727    727 
Total Liabilities and Equity  $37,873   $37,535   $17,655   $17,572   $30,772   $30,671   $2,608   $2,608 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 79 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp.   Dignity Chartering Corporation   Edindun Shipping Corporation 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,247    1,033    581    581    3,016    2,967    -    - 
Other receivables   750    750    865    858    8    54    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    (31)   -    511    926    -    - 
Total Current Assets   1,997    1,782    1,415    1,439    3,534    3,947    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    483    479    -    - 
Deferred drydock expenditures, net   -    -    -    -    1,422    1,401    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    1,905    1,880    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   10,664    10,664    10,543    10,543    9,160    9,160    -    - 
Pre-petition Intercompany receivables from non-debtors   2,601    2,601    8    8    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    215    -    -    -    -    -    - 
Other Assets   -    -    0    0    26    25    -    - 
Total Assets  $15,262   $15,262   $11,965   $11,990   $14,624   $15,010   $-   $- 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $7   $31   $162   $110   $-   $- 
Total Current Liabilities Not Subject to Compromise   -    -    7    31    162    110    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    1    -    817    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    7    32    162    927    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   16,475    16,475    12,505    12,505    26,406    26,406    -    - 
Pre-petition intercompany payables to other debtors   -    -    -    -    0    0    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   16,475    16,475    12,505    12,505    26,407    26,407    -    - 
                                         
Total Liabilities   16,475    16,475    12,512    12,536    26,569    27,334    -    - 
Equity:                                        
Total Equity   (1,213)   (1,213)   (547)   (547)   (11,944)   (12,323)   -    - 
Total Liabilities and Equity  $15,262   $15,262   $11,965   $11,990   $14,624   $15,010   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 80 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Eighth Aframax Tanker Corporation   Epsilon Aframax Corporation   First Chemical Carrier Corporation   First LPG Tanker Corporation 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $1   $1   $-   $-   $-   $- 
Voyage receivables   1,427    1,492    1,703    1,573    22    22    287    287 
Other receivables   33    22    73    83    -    -    0    0 
Inventory   -    -    -    -    -    -    (0)   (0)
Prepaid expenses and other current assets   46    71    42    78    335    615    0    0 
Total Current Assets   1,506    1,586    1,819    1,734    357    637    288    288 
Vessels and other property, less accumulated depreciation   23,283    23,225    56,928    56,818    -    -    -    - 
Deferred drydock expenditures, net   1,671    1,652    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   24,954    24,878    56,928    56,818    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   7,170    7,170    2,383    2,383    5,755    5,755    7,053    7,053 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    29    -    305    -    -    -    - 
Other Assets   85    85    290    289    -    -    -    - 
Total Assets  $33,715   $33,747   $61,419   $61,529   $6,113   $6,393   $7,341   $7,341 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $119   $115   $423   $265   $2,054   $2,066   $995   $995 
Total Current Liabilities Not Subject to Compromise   119    115    423    265    2,054    2,066    995    995 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    313    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    251    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   119    115    423    578    2,054    2,318    995    995 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   32,826    32,826    7,606    7,606    8,117    8,117    5,815    5,815 
Pre-petition intercompany payables to other debtors   7    7    34    34    -    -    -    - 
Other liabilities   -    (0)   36,973    37,026    -    -    -    - 
Total Liabilities Subject to Compromise   32,833    32,833    44,613    44,666    8,117    8,117    5,815    5,815 
                                         
Total Liabilities   32,952    32,948    45,036    45,244    10,170    10,434    6,810    6,810 
Equity:                                        
Total Equity   763    799    16,383    16,285    (4,058)   (4,042)   531    531 
Total Liabilities and Equity  $33,715   $33,747   $61,419   $61,529   $6,113   $6,393   $7,341   $7,341 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 81 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   First Union Tanker Corporation   Fourth Aframax Tanker Corporation   Front President Inc.   Goldmar Limited 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   2,635    2,305    (303)   (303)   2,991    2,871    2,099    2,130 
Other receivables   7    (16)   0    0    179    167    0    (9)
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   107    160    -    -    90    174    33    60 
Total Current Assets   2,749    2,448    (302)   (302)   3,261    3,213    2,132    2,180 
Vessels and other property, less accumulated depreciation   38,368    38,238    -    -    105,641    105,447    34,252    34,155 
Deferred drydock expenditures, net   2,032    1,986    -    -    -    123    1,546    1,857 
Total Vessels, Deferred Drydock and Other Property   40,401    40,223    -    -    105,641    105,570    35,798    36,012 
Investments in Affiliated Companies   -    -    -    -    -    -    641    641 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   21,750    21,750    30,074    30,074    65,978    65,978    19,307    19,307 
Pre-petition Intercompany receivables from non-debtors   117    117    -    -    0    0    8    8 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    38    -    -    -    268    -    409 
Other Assets   421    471    -    -    380    379    67    39 
Total Assets  $65,438   $65,049   $29,772   $29,772   $175,261   $175,409   $57,955   $58,596 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $525   $477   $0   $0   $239   $335   $39   $692 
Total Current Liabilities Not Subject to Compromise   525    477    0    0    239    335    39    692 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    254    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   525    477    0    0    239    589    39    692 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   11,373    11,373    -    -    12,424    12,424    5,499    5,499 
Pre-petition intercompany payables to other debtors   10    10    -    -    3    3    11,659    11,659 
Other liabilities   -    -    -    -    69,042    69,140    -    - 
Total Liabilities Subject to Compromise   11,383    11,383    -    -    81,469    81,567    17,158    17,158 
                                         
Total Liabilities   11,908    11,860    0    0    81,708    82,156    17,198    17,851 
Equity:                                        
Total Equity   53,530    53,189    29,772    29,772    93,553    93,253    40,757    40,746 
Total Liabilities and Equity  $65,438   $65,049   $29,772   $29,772   $175,261   $175,409   $57,955   $58,596 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 82 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   GPC Aframax Corporation   Grace Chartering Corporation   International Seaways, Inc.   Jademar Limited 
($000s)  November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
   November  13,
2012
   November  30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,818    1,865    1,564    1,362    5,877    6,127    2,067    2,109 
Other receivables   25    11    -    -    75    75    21    11 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   470    857    242    438    917    1,652    29    71 
Total Current Assets   2,312    2,733    1,806    1,800    6,869    7,853    2,116    2,191 
Vessels and other property, less accumulated depreciation   77    73    -    -    -    -    35,721    35,601 
Deferred drydock expenditures, net   16    15    -    -    -    -    1,321    1,362 
Total Vessels, Deferred Drydock and Other Property   93    88    -    -    -    -    37,042    36,964 
Investments in Affiliated Companies   -    -    300    300    -    -    420    420 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   1,460    1,460    (3,023)   (3,023)   15,356    15,356    33,198    33,198 
Pre-petition Intercompany receivables from non-debtors   9,871    9,871    -    -    49    49    5,584    5,584 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    359 
Other Assets   (185)   138    -    -    -    -    (34)   (34)
Total Assets  $13,551   $14,290   $(918)  $(923)  $22,274   $23,258   $78,326   $78,682 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $224   $503   $-   $0   $5   $3   $53   $411 
Total Current Liabilities Not Subject to Compromise   224    503    -    0    5    3    53    411 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    571    -    13    -    1,034    -    - 
Deferred Gain on Sale and Leaseback of Vessels   (1,626)   (1,612)   -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (1,402)   (539)   -    13    5    1,038    53    411 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   21,856    21,856    -    -    17,262    17,262    6,402    6,402 
Pre-petition intercompany payables to other debtors   1    1    -    -    12,454    12,454    32,050    32,050 
Other liabilities   -    -    -    -    0    -    -    - 
Total Liabilities Subject to Compromise   21,857    21,857    -    -    29,716    29,716    38,453    38,453 
                                         
Total Liabilities   20,455    21,319    -    13    29,721    30,754    38,506    38,863 
Equity:                                        
Total Equity   (6,905)   (7,028)   (918)   (937)   (7,448)   (7,496)   39,820    39,819 
Total Liabilities and Equity  $13,551   $14,290   $(918)  $(923)  $22,274   $23,258   $78,326   $78,682 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 83 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Joyce Car Carrier Corporation   Juneau Tanker Corporation   Kimolos Tanker Corporation   Kythnos Chartering Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    2,143    966    1,368    2,656 
Other receivables   (19)   (19)   -    -    21    3    42    (1,756)
Inventory   -    -    -    -    524    290    216    367 
Prepaid expenses and other current assets   0    2    -    -    240    466    263    56 
Total Current Assets   (19)   (17)   -    -    2,928    1,725    1,889    1,323 
Vessels and other property, less accumulated depreciation   -    -    -    -    982    974    35,080    35,015 
Deferred drydock expenditures, net   -    -    -    -    164    155    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    1,146    1,128    35,080    35,015 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   27,330    27,330    10,114    10,114    13,389    13,389    18,822    18,822 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    651    -    925 
Other Assets   (198)   (208)   -    -    (22)   (22)   (20)   (120)
Total Assets  $27,112   $27,105   $10,114   $10,114   $17,441   $16,870   $55,771   $55,965 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $56   $13   $-   $-   $719   $261   $99   $297 
Total Current Liabilities Not Subject to Compromise   56    13    -    -    719    261    99    297 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    36    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   56    49    -    -    719    261    99    297 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   5,554    5,554    -    -    23,413    23,413    15,205    15,205 
Pre-petition intercompany payables to other debtors   4    4    8,114    8,114    5    5    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   5,558    5,558    8,114    8,114    23,418    23,418    15,205    15,205 
                                         
Total Liabilities   5,614    5,607    8,114    8,114    24,137    23,679    15,304    15,502 
Equity:                                        
Total Equity   21,498    21,498    2,000    2,000    (6,696)   (6,809)   40,468    40,463 
Total Liabilities and Equity  $27,112   $27,105   $10,114   $10,114   $17,441   $16,870   $55,771   $55,965 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 84 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Leo Tanker Corporation   Leyte Product Tanker Corporation   Limar Charter Corporation   Luxmar Product Tanker Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,865    2,458    2,668    585    812    590    410    923 
Other receivables   -    -    23    882    27    389    -    540 
Inventory   259    608    479    1,036    206    341    52    615 
Prepaid expenses and other current assets   273    494    27    64    246    463    (9)   29 
Total Current Assets   3,397    3,559    3,198    2,566    1,290    1,784    454    2,108 
Vessels and other property, less accumulated depreciation   -    -    55,430    55,328    199    198    23,904    23,853 
Deferred drydock expenditures, net   -    -    -    -    3,322    3,226    482    1,682 
Total Vessels, Deferred Drydock and Other Property   -    -    55,430    55,328    3,521    3,424    24,386    25,534 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   19,471    19,471    6,981    6,981    8,467    8,467    24,007    24,007 
Pre-petition Intercompany receivables from non-debtors   -    -    11    11    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    348    -    -    -    - 
Other Assets   -    -    263    261    (26)   (50)   -    - 
Total Assets  $22,868   $23,030   $65,882   $65,495   $13,253   $13,626   $48,847   $51,650 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $745   $973   $1,398   $1,282   $1,021   $1,047   $636   $993 
Total Current Liabilities Not Subject to Compromise   745    973    1,398    1,282    1,021    1,047    636    993 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    90    -    -    -    530    -    2,490 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    972    936    -    - 
Other Liabilities   -    -    -    -    60    77    -    - 
Total Liabilities Not Subject to Compromise   745    1,063    1,398    1,282    2,053    2,590    636    3,483 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   23,812    23,812    25,031    25,031    26,414    26,414    24,205    24,205 
Pre-petition intercompany payables to other debtors   -    -    267    267    9    9    11,407    11,407 
Other liabilities   -    -    41,668    41,694    -    -    -    - 
Total Liabilities Subject to Compromise   23,812    23,812    66,967    66,992    26,423    26,423    35,612    35,612 
                                         
Total Liabilities   24,557    24,875    68,364    68,275    28,476    29,013    36,248    39,095 
Equity:                                        
Total Equity   (1,689)   (1,845)   (2,482)   (2,780)   (15,223)   (15,387)   12,600    12,555 
Total Liabilities and Equity  $22,868   $23,030   $65,882   $65,495   $13,253   $13,626   $48,847   $51,650 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 85 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Luxmar Tanker LLC   Majestic Tankers Corporation   Maple Tanker Corporation   Maremar Product Tanker
Corporation
 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   0    -    2,926    2,455    (430)   (789)   -    - 
Other receivables   12    13    21    58    86    117    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    5    86    141    62    160    -    6 
Total Current Assets   12    18    3,032    2,653    (282)   (510)   -    6 
Vessels and other property, less accumulated depreciation   -    -    40,698    40,553    141,583    141,334    -    - 
Deferred drydock expenditures, net   0    -    2,099    2,042    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   0    -    42,797    42,595    141,583    141,334    -    - 
Investments in Affiliated Companies   -    -    -    -    3,629    3,629    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   56,792    56,792    11,354    11,354    40    40    99    99 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    271    -    53    -    301    -    6 
Other Assets   13    73    (2)   (2)   1,143    1,138    9    - 
Total Assets  $56,818   $57,154   $57,181   $56,653   $146,113   $145,932   $108   $111 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $121   $457   $461   $424   $424   $402   $-   $- 
Total Current Liabilities Not Subject to Compromise   121    457    461    424    424    402    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    331    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   121    457    461    424    424    733    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   568    568    10,471    10,471    14,674    14,674    7    7 
Pre-petition intercompany payables to other debtors   31,784    31,784    16    16    44,979    44,979    1    1 
Other liabilities   -    -    -    -    87,005    87,128    -    - 
Total Liabilities Subject to Compromise   32,351    32,351    10,487    10,487    146,658    146,781    8    8 
                                         
Total Liabilities   32,472    32,808    10,949    10,911    147,081    147,514    8    8 
Equity:                                        
Total Equity   24,346    24,346    46,232    45,742    (968)   (1,582)   100    103 
Total Liabilities and Equity  $56,818   $57,154   $57,181   $56,653   $146,113   $145,932   $108   $111 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 86 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Maremar Tanker LLC   Marilyn Vessel Corporation   Maritrans General Partner Inc.   Maritrans Operating Company L.P. 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   3,112    589    -    -    -    -    -    - 
Other receivables   427    259    -    -    -    -    -    - 
Inventory   198    639    -    -    -    -    -    - 
Prepaid expenses and other current assets   36    34    -    -    -    -    -    - 
Total Current Assets   3,772    1,522    -    -    -    -    -    - 
Vessels and other property, less accumulated depreciation   24,600    24,506    -    -    -    -    -    - 
Deferred drydock expenditures, net   310    278    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   24,910    24,784    -    -    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    (385)   (385)   -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   40,336    40,336    953    953    -    -    53,629    53,629 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    2,630    -    -    -    -    -    - 
Other Assets   (216)   26    -    -    -    -    -    - 
Total Assets  $68,802   $69,298   $953   $953   $(385)  $(385)  $53,629   $53,629 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $726   $1,446   $-   $-   $-   $-   $-   $- 
Total Current Liabilities Not Subject to Compromise   726    1,446    -    -    -    -    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   726    1,446    -    -    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   435    435    -    -    -    -    7    7 
Pre-petition intercompany payables to other debtors   30,577    30,577    -    -    146    146    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   31,011    31,011    -    -    146    146    7    7 
                                         
Total Liabilities   31,738    32,457    -    -    146    146    7    7 
Equity:                                        
Total Equity   37,064    36,841    953    953    (531)   (531)   53,622    53,622 
Total Liabilities and Equity  $68,802   $69,298   $953   $953   $(385)  $(385)  $53,629   $53,629 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 87 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Milos Product Tanker Corporation   Mindanao Tanker Corporation   Mykonos Tanker LLC   Nedimar Charter Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,078    1,862    -    -    881    1,141    1,553    1,367 
Other receivables   (12)   500    -    -    -    390    (5)   17 
Inventory   733    633    -    -    55    977    333    550 
Prepaid expenses and other current assets   25    58    -    -    24    69    256    458 
Total Current Assets   1,824    3,054    -    -    959    2,576    2,137    2,391 
Vessels and other property, less accumulated depreciation   42,284    42,208    34,414    34,432    47,429    47,337    47    47 
Deferred drydock expenditures, net   -    -    -    -    -    -    1,379    1,317 
Total Vessels, Deferred Drydock and Other Property   42,284    42,208    34,414    34,432    47,429    47,337    1,426    1,364 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   0    0    5    5    47,635    47,635    12,466    12,466 
Pre-petition Intercompany receivables from non-debtors   -    -    135    135    -    -    2    2 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    56    -    - 
Other Assets   -    -    -    -    -    -    (41)   (41)
Total Assets  $44,109   $45,262   $34,554   $34,572   $96,023   $97,603   $15,991   $16,183 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $114   $752   $-   $-   $277   $1,716   $591   $295 
Total Current Liabilities Not Subject to Compromise   114    752    -    -    277    1,716    591    295 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    18    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    273    -    -    -    -    -    632 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    1,339    1,306 
Other Liabilities   -    -    -    -    -    -    197    214 
Total Liabilities Not Subject to Compromise   114    1,025    -    18    277    1,716    2,127    2,447 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    33,894    33,894    -    -    -    - 
Pre-petition intercompany payables to non-debtors   22,672    22,672    345    345    47,682    47,682    24,337    24,337 
Pre-petition intercompany payables to other debtors   19,387    19,387    214    214    26,607    26,607    9    9 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   42,059    42,059    34,454    34,454    74,289    74,289    24,346    24,346 
                                         
Total Liabilities   42,173    43,084    34,454    34,472    74,566    76,005    26,473    26,793 
Equity:                                        
Total Equity   1,936    2,179    100    100    21,457    21,598    (10,482)   (10,610)
Total Liabilities and Equity  $44,109   $45,262   $34,554   $34,572   $96,023   $97,603   $15,991   $16,183 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 88 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Oak Tanker Corporation   Ocean Bulk Ships, Inc.   Oceania Tanker Corporation   OSG 192 LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $1   $1   $-   $-   $-   $-   $-   $- 
Voyage receivables   (234)   (503)   -    -    2,100    2,567    (20)   (20)
Other receivables   115    127    -    -    114    106    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   61    161    -    -    96    195    9    44 
Total Current Assets   (57)   (214)   -    -    2,310    2,869    (11)   24 
Vessels and other property, less accumulated depreciation   138,736    138,488    -    -    79,751    79,572    9,219    9,147 
Deferred drydock expenditures, net   -    -    -    -    168    142    796    757 
Total Vessels, Deferred Drydock and Other Property   138,736    138,488    -    -    79,920    79,713    10,015    9,904 
Investments in Affiliated Companies   3,788    3,788    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   422    422    -    -    84,867    84,867    24,239    24,239 
Pre-petition Intercompany receivables from non-debtors   0    0    -    -    -    -    3,001    3,001 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    388    -    -    -    -    -    707 
Other Assets   1,197    1,192    -    -    -    -    -    - 
Total Assets  $144,086   $144,064   $-   $-   $167,097   $167,449   $37,244   $37,875 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $325   $319   $-   $-   $102   $151   $440   $780 
Total Current Liabilities Not Subject to Compromise   325    319    -    -    102    151    440    780 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    294    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    303    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   325    613    -    -    102    455    440    780 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   16,128    16,128    -    -    10,310    10,310    52    52 
Pre-petition intercompany payables to other debtors   46,972    46,972    15    15    360    360    14,899    14,899 
Other liabilities   84,746    84,866    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   147,846    147,966    15    15    10,670    10,670    14,950    14,950 
                                         
Total Liabilities   148,171    148,579    15    15    10,772    11,125    15,391    15,730 
Equity:                                        
Total Equity   (4,085)   (4,515)   (15)   (15)   156,325    156,325    21,853    22,145 
Total Liabilities and Equity  $144,086   $144,064   $-   $(0)  $167,097   $167,449   $37,244   $37,875 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 89 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG 209 LLC   OSG 214 LLC   OSG 215 Corporation   OSG 242 LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (9)   (9)   34    63    -    -    1,551    829 
Other receivables   265    265    298    298    -    -    284    300 
Inventory   -    -    -    -    -    -    315    223 
Prepaid expenses and other current assets   5    46    5    42    -    -    5    48 
Total Current Assets   261    302    337    403    -    -    2,155    1,400 
Vessels and other property, less accumulated depreciation   22,021    21,942    18,892    18,819    -    -    29,890    29,799 
Deferred drydock expenditures, net   1,099    1,075    1,762    1,702    -    -    746    719 
Total Vessels, Deferred Drydock and Other Property   23,121    23,018    20,653    20,521    -    -    30,636    30,517 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   24,400    24,400    14,836    14,836    124    124    29,932    29,932 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    638    -    -    -    381 
Other Assets   19    19    -    -    -    -    17    17 
Total Assets  $47,801   $47,738   $35,826   $36,398   $124   $124   $62,739   $62,247 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $464   $33   $398   $745   $-   $-   $1,084   $114 
Total Current Liabilities Not Subject to Compromise   464    33    398    745    -    -    1,084    114 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    56    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   464    90    398    745    -    -    1,084    114 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   54    54    50    50    -    -    58    58 
Pre-petition intercompany payables to other debtors   11,106    11,106    8,902    8,902    124    124    8,725    8,725 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   11,160    11,160    8,951    8,951    124    124    8,783    8,783 
                                         
Total Liabilities   11,624    11,250    9,349    9,697    124    124    9,867    8,897 
Equity:                                        
Total Equity   36,177    36,489    26,477    26,701    (0)   (0)   52,872    53,350 
Total Liabilities and Equity  $47,801   $47,738   $35,826   $36,398   $124   $124   $62,739   $62,247 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 90 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG 243 LLC   OSG 244 LLC   OSG 252 LLC   OSG 254 LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,820    593    68    52    1,600    1,898    -    48 
Other receivables   60    60    276    276    328    303    247    263 
Inventory   166    105    -    -    278    122    -    - 
Prepaid expenses and other current assets   15    47    5    41    5    45    5    45 
Total Current Assets   2,061    805    350    369    2,211    2,368    252    356 
Vessels and other property, less accumulated depreciation   31,327    31,238    16,006    15,912    18,995    18,907    21,186    21,075 
Deferred drydock expenditures, net   703    962    1,102    1,069    1,152    1,107    1,870    1,996 
Total Vessels, Deferred Drydock and Other Property   32,030    32,199    17,108    16,981    20,147    20,015    23,056    23,071 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   2,761    2,761    27,376    27,376    18,417    18,417    22,276    22,276 
Pre-petition Intercompany receivables from non-debtors   25,647    25,647    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,389    -    -    -    126    -    - 
Other Assets   (94)   -    -    -    (7)   (7)   -    - 
Total Assets  $62,405   $62,802   $44,834   $44,726   $40,769   $40,919   $45,584   $45,703 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $20   $100   $474   $9   $386   $73   $1   $92 
Total Current Liabilities Not Subject to Compromise   20    100    474    9    386    73    1    92 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    27    -    -    -    219 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   20    100    474    37    386    73    1    311 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   70    70    51    51    53    53    55    55 
Pre-petition intercompany payables to other debtors   10,001    10,001    11,421    11,421    1,872    1,872    5,994    5,994 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   10,070    10,070    11,472    11,472    1,925    1,925    6,048    6,048 
                                         
Total Liabilities   10,090    10,170    11,946    11,509    2,312    1,998    6,050    6,359 
Equity:                                        
Total Equity   52,314    52,631    32,888    33,218    38,457    38,922    39,535    39,344 
Total Liabilities and Equity  $62,405   $62,802   $44,834   $44,726   $40,769   $40,919   $45,584   $45,703 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 91 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG 300 LLC   OSG 400 LLC   OSG America L.P.   OSG America LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    -    - 
Total Current Assets   -    -    -    -    -    -    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    0    0 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   84    84    4,141    4,141    -    -    458    458 
Pre-petition Intercompany receivables from non-debtors   -    -    18,323    18,323    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   -    -    532    532    -    -    -    - 
Total Assets  $84   $84   $22,996   $22,996   $-   $-   $459   $459 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $(1)  $6   $-   $-   $-   $- 
Total Current Liabilities Not Subject to Compromise   -    -    (1)   6    -    -    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    (1)   6    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    50    50    -    -    -    - 
Pre-petition intercompany payables to other debtors   -    -    6,183    6,183    79    79    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   -    -    6,233    6,233    79    79    -    - 
                                         
Total Liabilities   -    -    6,232    6,240    79    79    -    - 
Equity:                                        
Total Equity   84    84    16,764    16,756    (79)   (79)   459    459 
Total Liabilities and Equity  $84   $84   $22,996   $22,996   $-   $-   $459   $459 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 92 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG America Operating Company
LLC
   OSG Car Carriers, Inc.   OSG Clean Products International,
Inc.
   OSG Columbia LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                             
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $23,350   $14,289   $-   $-   $-   $-   $-   $- 
Voyage receivables   (1,501)   -    -    -    -    -    -    - 
Other receivables   -    (3)   -    -    -    -    26    26 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   (1)   -    -    -    -    -    4    26 
Total Current Assets   21,847    14,287    -    -    -    -    29    52 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    7,024    7,004 
Deferred drydock expenditures, net   -    -    -    -    -    -    602    580 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    7,626    7,585 
Investments in Affiliated Companies   995    995    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   64,617    64,400    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   234,396    234,396    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   834,282    834,282    6,682    6,682    100    100    2,435    2,435 
Pre-petition Intercompany receivables from non-debtors   1    1    205    205    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    1,392    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    21,736    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    - 
Total Assets  $1,156,138   $1,171,488   $6,887   $6,887   $100   $100   $10,091   $10,072 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $16   $16   $-   $-   $-   $-   $125   $133 
Total Current Liabilities Not Subject to Compromise   16    16    -    -    -    -    125    133 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    14,214    -    -    -    -    -    132 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   16    14,230    -    -    -    -    125    265 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   134,949    134,949    0    0    -    -    33    33 
Pre-petition intercompany payables to other debtors   686,818    686,818    6,899    6,899    -    -    9,323    9,323 
Other liabilities    302    302    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   822,069    822,069    6,899    6,899    -    -    9,355    9,355 
                                         
Total Liabilities   822,085    836,298    6,899    6,899    -    -    9,480    9,620 
Equity:                                        
Total Equity   334,053    335,190    (13)   (13)   100    100    611    452 
Total Liabilities and Equity  $1,156,138   $1,171,488   $6,887   $6,887   $100   $100   $10,091   $10,072 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 93 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG Constitution LLC   OSG Courageous LLC   OSG Delaware Bay Lightering LLC   OSG Discovery LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    5,421    2,906    -    - 
Other receivables   -    -    10    10    63    198    -    - 
Inventory   -    -    -    -    710    776    -    - 
Prepaid expenses and other current assets   -    -    4    41    47    349    -    - 
Total Current Assets   -    -    14    51    6,241    4,229    -    - 
Vessels and other property, less accumulated depreciation   -    -    30,264    30,222    382,438    381,831    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    30,264    30,222    382,438    381,831    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   1,070    1,070    2,062    2,062    15,144    15,144    1,272    1,272 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    104,456    104,456    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    4,551    -    - 
Other Assets   0    (0)   (2)   (2)   0    8    -    - 
Total Assets  $1,070   $1,070   $32,339   $32,333   $508,278   $510,219   $1,272   $1,272 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $2   $2   $140   $135   $598   $1,365   $21   $- 
Total Current Liabilities Not Subject to Compromise   2    2    140    135    598    1,365    21    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    168    -    537    -    49 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   2    2    140    303    598    1,902    21    49 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   32    32    1    1    380    380    -    - 
Pre-petition intercompany payables to other debtors   4,544    4,544    17,212    17,212    88,794    88,794    508    508 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   4,576    4,576    17,213    17,213    89,174    89,174    508    508 
                                         
Total Liabilities   4,579    4,579    17,353    17,516    89,772    91,076    529    557 
Equity:                                        
Total Equity   (3,508)   (3,508)   14,986    14,817    418,506    419,143    743    715 
Total Liabilities and Equity  $1,070   $1,070   $32,339   $32,333   $508,278   $510,219   $1,272   $1,272 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 94 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG Endeavor LLC   OSG Endurance LLC   OSG Enterprise LLC   OSG Financial Corp. 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $16   $16 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    23    23    10    10    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    4    41    4    24    -    - 
Total Current Assets   -    -    27    64    14    34    16    16 
Vessels and other property, less accumulated depreciation   -    -    32,214    32,168    4,238    4,224    -    - 
Deferred drydock expenditures, net   -    -    -    -    1,494    1,446    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    32,214    32,168    5,732    5,670    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    69    69    3,140    3,140    10,251    10,251 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   -    -    (30)   (30)   9    9    731    731 
Total Assets  $-   $-   $32,280   $32,271   $8,895   $8,854   $10,999   $10,999 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $145   $136   $189   $194   $-   $- 
Total Current Liabilities Not Subject to Compromise   -    -    145    136    189    194    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    152    -    147    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    145    288    189    341    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   111    111    1    1    29    29    -    - 
Pre-petition intercompany payables to other debtors   310    310    15,683    15,683    8,420    8,420    9,457    9,457 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   421    421    15,684    15,684    8,449    8,449    9,457    9,457 
                                         
Total Liabilities   421    421    15,828    15,972    8,638    8,790    9,457    9,457 
Equity:                                        
Total Equity   (421)   (421)   16,452    16,299    257    63    1,541    1,541 
Total Liabilities and Equity  $-   $-   $32,280   $32,271   $8,895   $8,854   $10,999   $10,999 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 95 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG Freedom LLC   OSG Honour LLC   OSG Independence LLC   OSG Intrepid LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    16    16    14    14    13    35 
Inventory   0    0    -    -    -    -    -    - 
Prepaid expenses and other current assets   5    20    4    24    4    26    4    24 
Total Current Assets   5    21    20    41    18    40    17    59 
Vessels and other property, less accumulated depreciation   1,478    1,375    3,802    3,787    6,615    6,596    2,897    2,879 
Deferred drydock expenditures, net   -    -    848    829    311    303    1,219    1,101 
Total Vessels, Deferred Drydock and Other Property   1,478    1,375    4,649    4,616    6,926    6,900    4,116    3,980 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   829    829    2,458    2,458    246    246    2    2 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    1    1    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   0    0    (3)   (3)   0    0    (8)   (4)
Total Assets  $2,312   $2,225   $7,124   $7,112   $7,191   $7,186   $4,126   $4,036 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $(7)  $(7)  $143   $134   $270   $265   $134   $157 
Total Current Liabilities Not Subject to Compromise   (7)   (7)   143    134    270    265    134    157 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    18    -    158    -    155    -    187 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (7)   11    143    292    270    420    134    344 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   28    28    31    31    33    33    30    30 
Pre-petition intercompany payables to other debtors   3,753    3,753    8,722    8,722    6,907    6,907    7,284    7,284 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   3,781    3,781    8,753    8,753    6,940    6,940    7,314    7,314 
                                         
Total Liabilities   3,775    3,792    8,896    9,045    7,210    7,360    7,447    7,658 
Equity:                                        
Total Equity   (1,462)   (1,567)   (1,772)   (1,933)   (19)   (174)   (3,321)   (3,622)
Total Liabilities and Equity  $2,312   $2,225   $7,124   $7,112   $7,191   $7,186   $4,126   $4,036 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 96 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

 

 

   OSG Liberty LLC   OSG Lightering LLC   OSG Lightering Acquisition
Corporation
   OSG Lightering Solutions LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $3,502   $5,097   $-   $-   $-   $- 
Voyage receivables   -    -    10,331    18,206    -    -    -    - 
Other receivables   -    -    10,758    7,180    -    -    -    - 
Inventory   -    -    3,464    4,516    -    -    -    - 
Prepaid expenses and other current assets   -    -    1,893    1,346    -    -    -    - 
Total Current Assets   -    -    29,948    36,344    -    -    -    - 
Vessels and other property, less accumulated depreciation   -    -    47,653    47,376    -    -    -    - 
Deferred drydock expenditures, net   -    -    2,465    3,457    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    50,118    50,832    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    7,190    7,167    -    -    -    - 
Goodwill   -    -    8,101    8,101    -    -    1,567    1,567 
Investments in subsidiaries   -    -    -    -    2,000    2,000    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   9,493    9,493    128,768    128,768    -    -    2,650    2,650 
Pre-petition Intercompany receivables from non-debtors   1    1    137,738    137,738    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    3    -    -    -    - 
Other Assets   (9)   (9)   107    107    -    -    -    - 
Total Assets  $9,485   $9,485   $361,970   $369,059   $2,000   $2,000   $4,216   $4,216 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $(1)  $(1)  $4,100   $10,602   $-   $-   $-   $- 
Total Current Liabilities Not Subject to Compromise   (1)   (1)   4,100    10,602    -    -    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    1,103    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    (53)   -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (1)   (1)   4,100    11,652    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   32    32    170,514    170,514    -    -    -    - 
Pre-petition intercompany payables to other debtors   10,766    10,766    176,883    176,883    1,999    1,999    2,650    2,650 
Other liabilities   -    -    (11)   175    -    -    -    - 
Total Liabilities Subject to Compromise   10,799    10,799    347,385    347,571    1,999    1,999    2,650    2,650 
                                         
Total Liabilities   10,798    10,798    351,485    359,223    1,999    1,999    2,650    2,650 
Equity:                                        
Total Equity   (1,313)   (1,313)   10,485    9,836    1    1    1,567    1,567 
Total Liabilities and Equity  $9,485   $9,485   $361,970   $369,059   $2,000   $2,000   $4,216   $4,216 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 97 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG Mariner LLC   OSG Maritrans Parent LLC   OSG Navigator LLC   OSG New York, Inc. 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    5,178    4,541 
Other receivables   -    -    -    -    18    18    -    372 
Inventory   -    -    -    -    -    -    352    445 
Prepaid expenses and other current assets   -    -    -    -    4    24    781    1,299 
Total Current Assets   -    -    -    -    21    41    6,311    6,657 
Vessels and other property, less accumulated depreciation   -    -    -    -    2,853    2,836    -    - 
Deferred drydock expenditures, net   -    -    -    -    587    564    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    3,440    3,400    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    300    300 
Intangible Assets, less accumulated amortization   -    -    606    600    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    385    385    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    -    -    19    19    21,479    21,479 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    364 
Other Assets   -    -    -    -    (4)   (4)   -    - 
Total Assets  $-   $-   $990   $985   $3,476   $3,456   $28,090   $28,800 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $-   $-   $167   $156   $506   $1,198 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    167    156    506    1,198 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    151    -    177 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    167    307    506    1,375 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   111    111    198    198    30    30    26,292    26,292 
Pre-petition intercompany payables to other debtors   311    311    120,143    120,143    6,801    6,801    10,719    10,719 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   422    422    120,341    120,341    6,831    6,831    37,011    37,011 
                                         
Total Liabilities   422    422    120,341    120,341    6,999    7,138    37,517    38,385 
Equity:                                        
Total Equity   (422)   (422)   (119,351)   (119,356)   (3,523)   (3,682)   (9,427)   (9,586)
Total Liabilities and Equity  $-   $-   $990   $985   $3,476   $3,456   $28,090   $28,800 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 98 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG Product Tankers AVTC, LLC   OSG Product Tankers I, LLC   OSG Product Tankers II, LLC   OSG Product Tankers Member LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    -    - 
Total Current Assets   -    -    -    -    -    -    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   100    100    -    -    -    -    1    1 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    - 
Total Assets  $100   $100   $-   $-   $-   $-   $1   $1 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $-   $-   $-   $-   $-   $- 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    -    -    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to other debtors   -    -    8    8    8    8    1    1 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   -    -    8    8    8    8    1    1 
                                         
Total Liabilities   -    -    8    8    8    8    1    1 
Equity:                                        
Total Equity   100    100    (8)   (8)   (8)   (8)   -    - 
Total Liabilities and Equity  $100   $100   $-   $-   $-   $-   $1   $1 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 99 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG Product Tankers, LLC   OSG Quest LLC   OSG Seafarer LLC   OSG Ship Management, Inc. 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $1,431   $663 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    1,773    583 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    2,832    2,830 
Total Current Assets   -    -    -    -    -    -    6,036    4,076 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    12,623    12,496 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    12,623    12,496 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    139    139 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    64    64    1,000    1,000    193,053    193,053 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    968    968 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    162 
Other Assets   -    -    -    -    -    -    117    100 
Total Assets  $-   $-   $64   $64   $1,000   $1,000   $212,936   $210,994 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $4   $-   $-   $(0)  $9,813   $8,901 
Total Current Liabilities Not Subject to Compromise   -    -    4    -    -    (0)   9,813    8,901 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    8    -    -    -    927 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    3,157    3,154 
Total Liabilities Not Subject to Compromise   -    -    4    8    -    (0)   12,970    12,982 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    50    50    27    27    279    279 
Pre-petition intercompany payables to other debtors   16    16    151    151    343    343    369,068    369,068 
Other liabilities   -    -    -    -    -    -    21,359    21,067 
Total Liabilities Subject to Compromise   16    16    201    201    370    370    390,705    390,413 
                                         
Total Liabilities   16    16    205    209    370    369    403,675    403,395 
Equity:                                        
Total Equity   (16)   (16)   (140)   (145)   631    631    (190,740)   (192,401)
Total Liabilities and Equity  $-   $-   $64   $64   $1,000   $1,000   $212,936   $210,994 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 100 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   OSG Valour LLC   Overseas Allegiance Corporation   Overseas Anacortes LLC   Overseas Boston LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    13    3    -    - 
Other receivables   -    -    -    -    28    18    21    44 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    450    876    448    871 
Total Current Assets   -    -    -    -    492    898    468    915 
Vessels and other property, less accumulated depreciation   -    -    -    -    274    270    171    166 
Deferred drydock expenditures, net   -    -    -    -    4    4    606    591 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    279    274    776    757 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   1,163    1,163    2    2    42,388    42,388    40,291    40,291 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    30    30    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    641    -    483 
Other Assets   -    -    -    -    2,141    2,127    1,159    1,148 
Total Assets  $1,163   $1,163   $2   $2   $45,329   $46,357   $42,695   $43,594 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $-   $-   $1,193   $2,017   $1,192   $1,926 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    1,193    2,017    1,192    1,926 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    1,193    2,017    1,192    1,926 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    -    -    106    106    91    91 
Pre-petition intercompany payables to other debtors   1,075    1,075    2    2    35,688    35,688    36,030    36,030 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   1,075    1,075    2    2    35,794    35,794    36,122    36,122 
                                         
Total Liabilities   1,075    1,075    2    2    36,986    37,810    37,313    38,047 
Equity:                                        
Total Equity   88    88    0    0    8,343    8,547    5,382    5,547 
Total Liabilities and Equity  $1,163   $1,163   $2   $2   $45,329   $46,357   $42,695   $43,594 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 101 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Overseas Diligence LLC   Overseas Galena Bay LLC   Overseas Houston LLC   Overseas Integrity LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   137    137    276    276    289    282    8    8 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    357    719    -    - 
Total Current Assets   137    137    276    276    646    1,000    8    8 
Vessels and other property, less accumulated depreciation   -    -    -    -    143    139    -    - 
Deferred drydock expenditures, net   -    -    -    -    2,793    2,764    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    2,936    2,903    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   311    311    4,465    4,465    35,162    35,162    1,150    1,150 
Pre-petition Intercompany receivables from non-debtors   2    2    4    4    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    49 
Other Assets   -    -    -    -    601    599    -    - 
Total Assets  $451   $451   $4,744   $4,744   $39,345   $39,664   $1,157   $1,206 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $(0)  $2   $-   $-   $990   $212   $-   $- 
Total Current Liabilities Not Subject to Compromise   (0)   2    -    -    990    212    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    981    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    5,875    5,927    -    - 
Total Liabilities Not Subject to Compromise   (0)   2    -    -    6,865    7,119    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   49    49    -    -    96    96    -    - 
Pre-petition intercompany payables to other debtors   300    300    565    565    33,329    33,329    932    932 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   348    348    565    565    33,425    33,425    932    932 
                                         
Total Liabilities   348    351    565    565    40,289    40,544    932    932 
Equity:                                        
Total Equity   103    100    4,179    4,179    (944)   (879)   225    274 
Total Liabilities and Equity  $451   $451   $4,744   $4,744   $39,345   $39,664   $1,157   $1,206 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 102 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Overseas Long Beach LLC   Overseas Los Angeles LLC   Overseas Martinez LLC   Overseas New Orleans LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   307    296    358    249    34    37    211    211 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   357    721    360    718    447    874    -    - 
Total Current Assets   664    1,017    719    968    482    910    211    211 
Vessels and other property, less accumulated depreciation   164    159    167    163    345    338    -    - 
Deferred drydock expenditures, net   2,195    2,173    2,489    2,465    -    10    -    - 
Total Vessels, Deferred Drydock and Other Property   2,359    2,332    2,656    2,628    345    348    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   35,775    35,775    34,432    34,432    14,892    14,892    3,717    3,717 
Pre-petition Intercompany receivables from non-debtors   3    3    3    3    3    3    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    385    -    - 
Other Assets   588    580    921    915    2,138    2,123    -    - 
Total Assets  $39,388   $39,706   $38,730   $38,945   $17,860   $18,662   $3,928   $3,928 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $1,268   $506   $1,881   $949   $1,207   $1,889   $11   $11 
Total Current Liabilities Not Subject to Compromise   1,268    506    1,881    949    1,207    1,889    11    11 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    1,001    -    1,046    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   5,458    5,510    5,016    5,068    -    -    -    - 
Total Liabilities Not Subject to Compromise   6,726    7,016    6,897    7,063    1,207    1,889    11    11 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   95    95    98    98    97    97    28    28 
Pre-petition intercompany payables to other debtors   31,967    31,967    33,285    33,285    8,451    8,451    459    459 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   32,062    32,062    33,383    33,383    8,549    8,549    488    488 
                                         
Total Liabilities   38,788    39,078    40,280    40,446    9,755    10,437    498    498 
Equity:                                        
Total Equity   600    628    (1,551)   (1,501)   8,104    8,225    3,430    3,430 
Total Liabilities and Equity  $39,388   $39,706   $38,730   $38,945   $17,860   $18,662   $3,928   $3,928 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 103 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Overseas New York LLC   Overseas Nikiski LLC   Overseas Perseverance Corporation   Overseas Philadelphia LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   119    102    30    19    -    -    211    211 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   357    721    448    871    -    -    -    - 
Total Current Assets   476    823    477    890    -    -    211    211 
Vessels and other property, less accumulated depreciation   51    50    244    236    -    -    -    - 
Deferred drydock expenditures, net   209    201    891    871    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   260    251    1,134    1,107    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   35,303    35,303    39,256    39,256    383    383    596    596 
Pre-petition Intercompany receivables from non-debtors   6,190    6,190    -    -    -    -    2    2 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    519    -    -    -    - 
Other Assets   1,189    1,180    1,246    1,236    -    -    66    66 
Total Assets  $43,418   $43,747   $42,113   $43,008   $383   $383   $875   $875 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $1,043   $263   $1,239   $1,998   $-   $-   $-   $- 
Total Current Liabilities Not Subject to Compromise   1,043    263    1,239    1,998    -    -    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    995    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   4,570    4,622    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   5,613    5,880    1,239    1,998    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   95    95    91    91    -    -    -    - 
Pre-petition intercompany payables to other debtors   36,723    36,723    35,177    35,177    378    378    940    940 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   36,818    36,818    35,268    35,268    378    378    940    940 
                                         
Total Liabilities   42,430    42,697    36,507    37,266    378    378    940    940 
Equity:                                        
Total Equity   987    1,049    5,606    5,742    4    4    (65)   (65)
Total Liabilities and Equity  $43,418   $43,747   $42,113   $43,008   $383   $383   $875   $875 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 104 of 117
 

 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Overseas Puget Sound LLC   Overseas Sea Swift Corporation   Overseas Shipping (GR) Ltd.   Overseas ST Holding LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    211    198 
Other receivables   222    222    -    -    -    -    188    209 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    7    7    36    254 
Total Current Assets   222    222    -    -    7    7    436    660 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    244,259    243,772 
Deferred drydock expenditures, net   -    -    -    -    -    -    235    301 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    244,494    244,073 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    432,794    432,794    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   10,663    10,663    9    9    370,028    370,028    96,224    96,224 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    314,966    314,966    6    6 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    0    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    88    109 
Total Assets  $10,885   $10,886   $9   $9   $1,117,796   $1,117,796   $341,248   $341,071 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $18   $19   $-   $-   $5   $5   $3,003   $913 
Total Current Liabilities Not Subject to Compromise   18    19    -    -    5    5    3,003    913 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    852 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   18    19    -    -    5    5    3,003    1,766 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   31    31    -    -    5,976    5,976    110    110 
Pre-petition intercompany payables to other debtors   6,220    6,220    7    7    45    45    158,460    158,460 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   6,251    6,251    7    7    6,021    6,021    158,570    158,570 
                                         
Total Liabilities   6,269    6,269    7    7    6,025    6,025    161,573    160,335 
Equity:                                        
Total Equity   4,616    4,617    2    2    1,111,770    1,111,770    179,676    180,736 
Total Liabilities and Equity  $10,885   $10,886   $9   $9   $1,117,796   $1,117,796   $341,248   $341,071 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 105 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Overseas Tampa LLC   Overseas Texas City LLC   Pearlmar Limited   Petromar Limited 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   10    16    -    -    2,457    2,103    1,407    1,591 
Other receivables   51    41    (30)   51    21    10    10    341 
Inventory   -    -    -    -    -    -    421    656 
Prepaid expenses and other current assets   443    879    358    721    29    57    27    48 
Total Current Assets   504    937    328    772    2,507    2,170    1,865    2,635 
Vessels and other property, less accumulated depreciation   219    217    9    9    35,337    35,234    24,544    24,469 
Deferred drydock expenditures, net   -    -    309    299    1,450    1,433    1,497    1,478 
Total Vessels, Deferred Drydock and Other Property   219    217    318    308    36,787    36,667    26,041    25,946 
Investments in Affiliated Companies   -    -    -    -    440    440    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   4,190    4,190    41,721    41,721    32,776    32,776    13,809    13,809 
Pre-petition Intercompany receivables from non-debtors   5    5    -    -    5,550    5,550    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    670    -    -    -    468    -    - 
Other Assets   3,469    3,456    1,584    1,570    -    -    (40)   (33)
Total Assets  $8,387   $9,475   $43,952   $44,371   $78,059   $78,071   $41,675   $42,357 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $1,186   $2,034   $1,050   $328   $373   $370   $67   $648 
Total Current Liabilities Not Subject to Compromise   1,186    2,034    1,050    328    373    370    67    648 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    983    -    -    -    157 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    4,079    4,131    -    -    -    - 
Total Liabilities Not Subject to Compromise   1,186    2,034    5,129    5,442    373    370    67    806 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    98    98    6,226    6,226    14,353    14,353 
Pre-petition intercompany payables to other debtors   6,866    6,866    29,053    29,053    31,100    31,100    166    166 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   6,866    6,866    29,152    29,152    37,326    37,326    14,519    14,519 
                                         
Total Liabilities   8,052    8,900    34,280    34,593    37,700    37,696    14,586    15,324 
Equity:                                        
Total Equity   334    575    9,671    9,778    40,360    40,375    27,089    27,033 
Total Liabilities and Equity  $8,387   $9,475   $43,952   $44,371   $78,059   $78,071   $41,675   $42,357 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 106 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Pisces Tanker Corporation   Polaris Tanker Corporation   Queens Product Tanker Corporation   Reymar Limited 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,982    1,688    1,168    1,653    418    442    2,373    2,044 
Other receivables   -    (50)   (5)   8    11    89    (7)   (14)
Inventory   248    282    359    405    658    -    -    - 
Prepaid expenses and other current assets   282    511    282    511    34    52    29    55 
Total Current Assets   2,512    2,431    1,804    2,577    1,122    583    2,395    2,085 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    37,449    37,355 
Deferred drydock expenditures, net   -    -    -    -    -    -    331    322 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    37,780    37,677 
Investments in Affiliated Companies   -    -    -    -    -    -    414    414 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   20,752    20,752    21,287    21,287    4,141    4,141    26,868    26,868 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    47,372    47,372    11,856    11,856 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    429    -    -    -    281    -    422 
Other Assets   (1)   (1)   (3)   (3)   3    3    (33)   (33)
Total Assets  $23,264   $23,611   $23,088   $23,860   $52,639   $52,381   $79,279   $79,288 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $84   $423   $438   $382   $431   $174   $59   $71 
Total Current Liabilities Not Subject to Compromise   84    423    438    382    431    174    59    71 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    985    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   84    423    438    1,367    431    174    59    71 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   24,007    24,007    24,709    24,709    23,799    23,799    2,567    2,567 
Pre-petition intercompany payables to other debtors   162    162    741    741    47,711    47,711    30,609    30,609 
Other liabilities   -    -    -    -    -    0    -    - 
Total Liabilities Subject to Compromise   24,168    24,168    25,450    25,450    71,510    71,510    33,177    33,177 
                                         
Total Liabilities   24,252    24,591    25,888    26,817    71,941    71,684    33,236    33,248 
Equity:                                        
Total Equity   (989)   (981)   (2,800)   (2,957)   (19,302)   (19,302)   46,044    46,040 
Total Liabilities and Equity  $23,264   $23,611   $23,088   $23,860   $52,639   $52,381   $79,279   $79,288 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 107 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Rich Tanker Corporation   Rimar Chartering Corporation   Rosalyn Tanker Corporation   Rosemar Limited 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,779    2,604    598    728    3,110    2,617    24    28 
Other receivables   9    85    53    186    21    16    11    (8)
Inventory   -    -    192    -    -    -    -    - 
Prepaid expenses and other current assets   243    195    303    550    75    147    34    67 
Total Current Assets   3,031    2,883    1,147    1,464    3,206    2,781    69    87 
Vessels and other property, less accumulated depreciation   -    -    269    265    51,807    51,695    35,909    35,806 
Deferred drydock expenditures, net   -    -    387    1,403    73    50    1,270    1,646 
Total Vessels, Deferred Drydock and Other Property   -    -    656    1,668    51,879    51,746    37,179    37,452 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   15,814    15,814    52,488    52,488    10,179    10,179    25,954    25,954 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    134    -    184 
Other Assets   -    -    (96)   (40)   (23)   (23)   (38)   - 
Total Assets  $18,845   $18,697   $54,195   $55,580   $65,241   $64,816   $63,163   $63,677 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $367   $108   $350   $447   $301   $339   $247   $780 
Total Current Liabilities Not Subject to Compromise   367    108    350    447    301    339    247    780 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    76    -    1,694    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    4,284    4,207    -    -    -    - 
Other Liabilities   511    545    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   878    729    4,633    6,348    301    339    247    780 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   19,532    19,532    27,292    27,292    6,406    6,406    6,632    6,632 
Pre-petition intercompany payables to other debtors   11    11    30,274    30,274    1    1    18,287    18,287 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   19,542    19,542    57,566    57,566    6,407    6,407    24,919    24,919 
                                         
Total Liabilities   20,420    20,271    62,199    63,914    6,707    6,746    25,166    25,699 
Equity:                                        
Total Equity   (1,576)   (1,574)   (8,004)   (8,334)   58,534    58,071    37,996    37,978 
Total Liabilities and Equity  $18,845   $18,697   $54,195   $55,580   $65,241   $64,816   $63,163   $63,677 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 108 of 117
 

 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Rubymar Limited   Sakura Transport Corp.   Samar Product Tanker Corporation   Santorini Tanker LLC 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   66    262    2,925    2,408    226    56    364    928 
Other receivables   445    445    61    70    33    25    -    26 
Inventory   -    -    -    -    -    -    486    225 
Prepaid expenses and other current assets   2    1    94    148    30    66    119    5 
Total Current Assets   513    708    3,080    2,626    289    147    969    1,184 
Vessels and other property, less accumulated depreciation   34,354    34,256    47,915    47,804    55,715    55,614    47,696    47,700 
Deferred drydock expenditures, net   1,392    1,430    1,970    1,944    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   35,746    35,687    49,885    49,748    55,715    55,614    47,696    47,700 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   39,950    39,950    9,838    9,838    1,349    1,349    47,700    47,700 
Pre-petition Intercompany receivables from non-debtors   18    18    0    0    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    121    -    128    -    255    -    269 
Other Assets   -    -    (33)   (33)   230    229    -    - 
Total Assets  $76,226   $76,483   $62,770   $62,307   $57,583   $57,593   $96,365   $96,854 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $652   $869   $260   $266   $438   $439   $30   $179 
Total Current Liabilities Not Subject to Compromise   652    869    260    266    438    439    30    179 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   652    869    260    266    438    439    30    179 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   4,148    4,148    8,952    8,952    15,238    15,238    1    1 
Pre-petition intercompany payables to other debtors   26,155    26,155    -    -    284    284    74,363    74,363 
Other liabilities   -    -    -    -    41,668    41,709    -    - 
Total Liabilities Subject to Compromise   30,303    30,303    8,952    8,952    57,190    57,231    74,364    74,364 
                                         
Total Liabilities   30,955    31,172    9,212    9,218    57,627    57,670    74,394    74,543 
Equity:                                        
Total Equity   45,271    45,311    53,559    53,089    (44)   (76)   21,971    22,311 
Total Liabilities and Equity  $76,226   $76,483   $62,770   $62,307   $57,583   $57,593   $96,365   $96,854 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 109 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Serifos Tanker Corporation   Seventh Aframax Tanker
Corporation
   Shirley Tanker SRL   Sifnos Tanker Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $10   $10   $-   $- 
Voyage receivables   1,537    1,361    1,417    1,495    1,727    1,847    1,549    1,358 
Other receivables   (4)   8    16    (1)   10    (10)   3    (7)
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   240    469    47    73    23    241    240    466 
Total Current Assets   1,773    1,838    1,480    1,566    1,770    2,088    1,792    1,816 
Vessels and other property, less accumulated depreciation   935    926    22,496    22,438    42,556    42,406    1,040    1,031 
Deferred drydock expenditures, net   4    32    1,887    1,865    1,389    1,366    (0)   17 
Total Vessels, Deferred Drydock and Other Property   938    958    24,384    24,303    43,945    43,772    1,040    1,048 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    875    875    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   5,941    5,941    9,979    9,979    10,555    10,555    5,840    5,840 
Pre-petition Intercompany receivables from non-debtors   0    0    1    1    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   10    5    66    68    156    30    15    10 
Total Assets  $8,663   $8,742   $35,909   $35,917   $57,301   $57,320   $8,687   $8,715 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $45   $49   $220   $176   $1,282   $1,184   $44   $44 
Total Current Liabilities Not Subject to Compromise   45    49    220    176    1,282    1,184    44    44 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    181    -    1    -    260    -    140 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   45    230    220    177    1,282    1,444    44    184 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    6,111    6,111    -    - 
Pre-petition intercompany payables to non-debtors   11,875    11,875    34,974    34,974    19,866    19,866    12,130    12,130 
Pre-petition intercompany payables to other debtors   8    8    16    16    38    38    0    0 
Other liabilities   -    -    -    0    37,043    37,058    -    - 
Total Liabilities Subject to Compromise   11,884    11,884    34,990    34,990    63,058    63,072    12,130    12,130 
                                         
Total Liabilities   11,929    12,114    35,210    35,166    64,340    64,516    12,174    12,314 
Equity:                                        
Total Equity   (3,266)   (3,372)   699    751    (7,038)   (7,197)   (3,487)   (3,599)
Total Liabilities and Equity  $8,663   $8,742   $35,909   $35,917   $57,301   $57,320   $8,687   $8,715 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 110 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Silvermar Limited   Sixth Aframax Tanker Corporation   Skopelos Product Tanker
Corporation
   Star Chartering Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,047    2,087    459    282    1,715    999    19    19 
Other receivables   (16)   (24)   6    24    33    91    -    (434)
Inventory   -    -    41    -    598    742    -    - 
Prepaid expenses and other current assets   29    57    -    65    220    49    241    438 
Total Current Assets   2,061    2,120    506    371    2,565    1,881    260    23 
Vessels and other property, less accumulated depreciation   34,297    34,200    21,356    21,300    32,130    32,069    -    - 
Deferred drydock expenditures, net   1,564    2,164    1,279    1,257    (2)   32    -    - 
Total Vessels, Deferred Drydock and Other Property   35,861    36,364    22,635    22,558    32,128    32,101    -    - 
Investments in Affiliated Companies   703    703    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   17,433    17,433    8,513    8,513    19,977    19,977    8,855    8,855 
Pre-petition Intercompany receivables from non-debtors   0    0    -    -    2    2    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    360    -    (70)   -    1,955    -    - 
Other Assets   (12)   (32)   37    42    -    -    -    - 
Total Assets  $56,046   $56,948   $31,690   $31,413   $54,673   $55,916   $9,116   $8,878 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $57   $997   $743   $206   $148   $1,194   $240   $3 
Total Current Liabilities Not Subject to Compromise   57    997    743    206    148    1,194    240    3 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    283    -    -    -    1 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   57    997    743    489    148    1,194    240    4 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   5,014    5,014    5,769    5,769    17,088    17,088    8,852    8,852 
Pre-petition intercompany payables to other debtors   9,736    9,736    80    80    7    7    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   14,750    14,750    5,849    5,849    17,095    17,095    8,852    8,852 
                                         
Total Liabilities   14,807    15,747    6,592    6,338    17,243    18,289    9,091    8,855 
Equity:                                        
Total Equity   41,238    41,202    25,098    25,075    37,429    37,627    24    23 
Total Liabilities and Equity  $56,046   $56,948   $31,690   $31,413   $54,673   $55,916   $9,116   $8,878 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 111 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Suezmax International Agencies, Inc.   Talara Chartering Corporation   Third United Shipping Corporation   Tokyo Transport Corp. 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   14,133    13,853    1,692    1,728    -    -    3,339    3,247 
Other receivables   522    637    26    17    -    -    18    12 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   1,416    2,437    639    628    -    -    92    156 
Total Current Assets   16,071    16,928    2,357    2,373    -    -    3,449    3,415 
Vessels and other property, less accumulated depreciation   -    -    1,068    1,051    -    -    50,753    50,627 
Deferred drydock expenditures, net   -    -    -    -    -    -    1,950    1,928 
Total Vessels, Deferred Drydock and Other Property   -    -    1,068    1,051    -    -    52,703    52,555 
Investments in Affiliated Companies   2,864    1,885    542    542    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    105,125    105,125    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   35,592    35,592    11,095    11,095    -    -    10,324    10,324 
Pre-petition Intercompany receivables from non-debtors   486    486    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    224 
Other Assets   -    -    (20)   (15)   -    -    (6)   (6)
Total Assets  $55,012   $54,890   $15,042   $15,046   $105,125   $105,125   $66,470   $66,512 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $616   $635   $53   $44   $-   $-   $326   $269 
Total Current Liabilities Not Subject to Compromise   616    635    53    44    -    -    326    269 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    905    -    229    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    633    630    -    -    -    - 
Other Liabilities   563    593    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   1,179    2,133    686    902    -    -    326    269 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   978    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   54,430    54,430    21,873    21,873    -    -    8,479    8,479 
Pre-petition intercompany payables to other debtors   2,592    2,592    1    1    -    -    16    16 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   58,000    57,022    21,874    21,874    -    -    8,494    8,494 
                                         
Total Liabilities   59,179    59,155    22,560    22,776    -    -    8,821    8,763 
Equity:                                        
Total Equity   (4,167)   (4,265)   (7,518)   (7,730)   105,125    105,125    57,649    57,749 
Total Liabilities and Equity  $55,012   $54,890   $15,042   $15,046   $105,125   $105,125   $66,470   $66,512 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 112 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Transbulk Carriers, Inc.   Troy Chartering Corporation   Troy Product Corporation   Urban Tanker Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    173    (103)   -    -    1,574    1,137 
Other receivables   -    -    13    1    -    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    344    632    -    -    243    229 
Total Current Assets   -    -    531    530    -    -    1,817    1,366 
Vessels and other property, less accumulated depreciation   -    -    1,101    1,095    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    1,101    1,095    -    -    -    - 
Investments in Affiliated Companies   -    -    -    200    -    -    300    300 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   295    295    30,356    30,356    58,765    58,765    19,341    19,341 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    453 
Other Assets   -    -    (35)   (35)   -    -    (9)   (9)
Total Assets  $295   $295   $31,953   $32,146   $58,765   $58,765   $21,448   $21,451 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $-   $-   $68   $32   $-   $-   $27   $31 
Total Current Liabilities Not Subject to Compromise   -    -    68    32    -    -    27    31 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    432    -    -    -    - 
Deferred Gain on Sale and Leaseback of Vessels   -    -    708    704    -    -    -    - 
Other Liabilities   -    -    -    -    -    -    500    535 
Total Liabilities Not Subject to Compromise   -    -    776    1,168    -    -    526    566 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    42,724    42,724    58,345    58,345    23,602    23,602 
Pre-petition intercompany payables to other debtors   211    211    4,372    4,372    -    -    3    3 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   211    211    47,096    47,096    58,345    58,345    23,604    23,604 
                                         
Total Liabilities   211    211    47,872    48,264    58,345    58,345    24,131    24,170 
Equity:                                        
Total Equity   85    85    (15,919)   (16,118)   420    420    (2,683)   (2,719)
Total Liabilities and Equity  $295   $295   $31,953   $32,146   $58,765   $58,765   $21,448   $21,451 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 113 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Vega Tanker Corporation   View Tanker Corporation   Vivian Tankships Corporation   Vulpecula Chartering Corporation 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                                 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    2,869    1,938    -    -    753    1,485 
Other receivables   13    13    -    80    -    -    2    2 
Inventory   -    -    -    (0)   -    -    169    220 
Prepaid expenses and other current assets   -    -    186    368    -    -    272    493 
Total Current Assets   13    13    3,055    2,386    -    -    1,196    2,200 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   5,080    5,080    7,323    7,323    21,117    21,117    24,373    24,373 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    188    188 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    421    -    -    -    - 
Other Assets   87    87    54    54    -    -    -    - 
Total Assets  $5,179   $5,179   $10,432   $10,183   $21,117   $21,117   $25,757   $26,761 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities  $20   $20   $764   $491   $-   $-   $549   $650 
Total Current Liabilities Not Subject to Compromise   20    20    764    491    -    -    549    650 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    974 
Deferred Gain on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Other Liabilities   -    -    511    545    -    -    -    - 
Total Liabilities Not Subject to Compromise   20    20    1,275    1,036    -    -    549    1,624 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   9    9    11,439    11,439    -    -    24,937    24,937 
Pre-petition intercompany payables to other debtors   2,127    2,127    1    1    14,490    14,490    681    681 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   2,136    2,136    11,440    11,440    14,490    14,490    25,618    25,618 
                                         
Total Liabilities   2,156    2,156    12,715    12,476    14,490    14,490    26,167    27,242 
Equity:                                        
Total Equity   3,023    3,023    (2,283)   (2,292)   6,627    6,627    (410)   (482)
Total Liabilities and Equity  $5,179   $5,179   $10,432   $10,183   $21,117   $21,117   $25,757   $26,761 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 114 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Wind Aframax Tanker Corporation   Combined Debtors   Eliminations 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                         
ASSETS                              
Current Assets:                              
Cash and cash equivalents  $-   $-   $398,725   $440,695   $-   $- 
Voyage receivables   -    -    168,830    165,284    -    - 
Other receivables   10    10    70,348    67,189    -    - 
Inventory   -    -    13,831    17,489    -    - 
Prepaid expenses and other current assets   -    -    47,497    55,553    -    - 
Total Current Assets   10    10    699,231    746,211    -    - 
Vessels and other property, less accumulated depreciation   -    -    3,147,915    3,140,613    -    - 
Deferred drydock expenditures, net   -    -    73,898    77,857    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    3,221,813    3,218,469    -    - 
Investments in Affiliated Companies   -    -    247,664    247,558    -    - 
Intangible Assets, less accumulated amortization   -    -    72,413    72,167    -    - 
Goodwill   -    -    9,668    9,668    -    - 
Investments in subsidiaries   -    -    (7,116)   (7,116)   -    - 
Intercompany loans receivable and accrued interest   -    -    448,108    447,653    (358,862)   (359,190)
Pre-petition intercompany receivables from debtors   51    51    5,883,923    5,883,923    (5,883,923)   (5,883,923)
Pre-petition Intercompany receivables from non-debtors   -    -    2,236,927    2,236,927    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    1,731    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    74,361    -    (74,361)
Other Assets   -    -    20,849    22,022    (1)   (1)
Total Assets  $61   $61   $12,833,481   $12,953,574   $(6,242,786)  $(6,317,476)
                               
LIABILITIES AND EQUITY                              
Current Liabilities Not Subject to Compromise:                              
Accounts payable, accrued expenses and other current liabilities  $0   $0   $73,627   $78,027   $-   $- 
Total Current Liabilities Not Subject to Compromise   0    0    73,627    78,027    -    - 
                               
Noncurrent Liabilities Not Subject to Compromise:                              
Intercompany loans payable and accrued interest   -    -    -    328    -    (328)
Post-petition intercompany payables to non-debtors   -    -    -    40,078    -    - 
Post-petition intercompany payables to other debtors   -    -    -    71,767    -    (71,767)
Deferred Gain on Sale and Leaseback of Vessels   -    -    5,457    5,326    -    - 
Other Liabilities   -    -    32,839    33,388    -    - 
Total Liabilities Not Subject to Compromise   0    0    111,923    228,914    -    (72,095)
                               
Liabilities Subject to Compromise:                              
Pre-petition intercompany loans payable and accrued interest   -    -    376,324    375,346    (358,862)   (358,862)
Pre-petition intercompany payables to non-debtors   -    -    2,107,622    2,107,622    -    - 
Pre-petition intercompany payables to other debtors   -    -    5,923,048    5,925,643    (5,923,048)   (5,925,643)
Other liabilities   -    -    2,836,368    2,837,908    -    - 
Total Liabilities Subject to Compromise   -    -    11,243,363    11,246,519    (6,281,911)   (6,284,505)
                               
Total Liabilities   0    0    11,355,286    11,475,433    (6,281,911)   (6,356,600)
Equity:                              
Total Equity   61    61    1,478,195    1,478,141    -    - 
Total Liabilities and Equity  $61   $61   $12,833,481   $12,953,574   $(6,281,911)  $(6,356,600)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 115 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Consolidated Debtors   Total
Non-debtors
   Eliminations 
($000s)  November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
   November 13,
2012
   November 30,
2012
 
                         
ASSETS                              
Current Assets:                              
Cash and cash equivalents  $398,725   $440,695   $79,248   $46,933   $-   $- 
Voyage receivables   168,830    165,284    2,923    4,199    -    - 
Other receivables   70,348    67,189    9,676    2,038    -    - 
Inventory   13,831    17,489    -    -    -    - 
Prepaid expenses and other current assets   47,497    55,553    40    469    -    - 
Total Current Assets   699,231    746,211    91,888    53,639    -    - 
Vessels and other property, less accumulated depreciation   3,147,915    3,140,613    (12,092)   (12,102)   -    - 
Deferred drydock expenditures, net   73,898    77,857    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   3,221,813    3,218,469    (12,092)   (12,102)   -    - 
Investments in Affiliated Companies   247,664    247,558    300    300    -    - 
Intangible Assets, less accumulated amortization   72,413    72,167    242    240    -    - 
Goodwill   9,668    9,668    (79)   (79)   -    - 
Investments in subsidiaries   (7,116)   (7,116)   7,116    7,116    -    - 
Intercompany loans receivable and accrued interest   89,246    88,463    19,537    19,549    (108,783)   (108,011)
Pre-petition intercompany receivables from debtors   -    -    2,146,629    2,146,629    (2,146,629)   (2,146,629)
Pre-petition Intercompany receivables from non-debtors   2,236,927    2,236,927    893,686    893,686    (3,130,613)   (3,130,613)
Post-petition intercompany receivables from non-debtors   -    1,731    -    842    -    (2,573)
Post-petition Intercompany receivables from debtors   -    -    -    40,078    -    (40,078)
Other Assets   20,848    22,021    (270)   (261)   -    - 
Total Assets  $6,590,694   $6,636,098   $3,146,958   $3,149,638   $(5,386,026)  $(5,427,906)
                               
LIABILITIES AND EQUITY                              
Current Liabilities Not Subject to Compromise:                              
Accounts payable, accrued expenses and other current liabilities  $73,627   $78,027   $19,478   $19,898   $-   $- 
Total Current Liabilities Not Subject to Compromise   73,627    78,027    19,478    19,898    -    - 
                               
Noncurrent Liabilities Not Subject to Compromise:                              
Intercompany loans payable and accrued interest   -    -    91,321    91,528    (91,321)   (91,528)
Post-petition intercompany payables to non-debtors   -    40,078    893,686    894,528    (893,686)   (934,607)
Post-petition intercompany payables to other debtors   -    -    2,236,810    2,238,541    (2,236,810)   (2,238,541)
Deferred Gain on Sale and Leaseback of Vessels   5,457    5,326    -    -    -    - 
Other Liabilities   32,839    33,388    6,201    6,198    -    - 
Total Liabilities Not Subject to Compromise   111,923    156,818    3,247,497    3,250,693    (3,221,817)   (3,264,675)
                               
Liabilities Subject to Compromise:                              
Pre-petition intercompany loans payable and accrued interest   17,462    16,484    -    -    (17,462)   (16,484)
Pre-petition intercompany payables to non-debtors   2,107,622    2,107,622    -    -    (2,107,622)   (2,107,622)
Pre-petition intercompany payables to other debtors   -    -    -    -    -    - 
Other liabilities   2,836,368    2,837,908    -    -    -    - 
Total Liabilities Subject to Compromise   4,961,452    4,962,014    -    -    (2,125,085)   (2,124,106)
                               
Total Liabilities   5,073,375    5,118,833    3,247,497    3,250,693    (5,346,902)   (5,388,781)
Equity:                              
Total Equity   1,478,195    1,478,141    (100,539)   (101,055)   -    - 
Total Liabilities and Equity  $6,551,570   $6,596,974   $3,146,958   $3,149,638   $(5,346,902)  $(5,388,781)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 116 of 117
 

 

Appendix B

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and November 30, 2012

 

   Consolidated Overseas Shipholding
Group, Inc.
 
($000s)  November 13,
2012
   November 30,
2012
 
         
ASSETS          
Current Assets:          
Cash and cash equivalents  $477,973   $487,628 
Voyage receivables   171,753    169,483 
Other receivables   80,024    69,227 
Inventory   13,831    17,489 
Prepaid expenses and other current assets   47,538    56,022 
Total Current Assets   791,119    799,849 
Vessels and other property, less accumulated depreciation   3,135,823    3,128,510 
Deferred drydock expenditures, net   73,898    77,857 
Total Vessels, Deferred Drydock and Other Property   3,209,721    3,206,367 
Investments in Affiliated Companies   247,964    247,858 
Intangible Assets, less accumulated amortization   72,655    72,407 
Goodwill   9,589    9,589 
Investments in subsidiaries   0    (0)
Intercompany loans receivable and accrued interest   -    - 
Pre-petition intercompany receivables from debtors   -    - 
Pre-petition Intercompany receivables from non-debtors   -    - 
Post-petition intercompany receivables from non-debtors   -    - 
Post-petition Intercompany receivables from debtors   -    - 
Other Assets   20,579    21,760 
Total Assets  $4,351,627   $4,357,830 
           
LIABILITIES AND EQUITY          
Current Liabilities Not Subject to Compromise:          
Accounts payable, accrued expenses and other current liabilities  $93,106   $97,925 
Total Current Liabilities Not Subject to Compromise   93,106    97,925 
           
Noncurrent Liabilities Not Subject to Compromise:          
Intercompany loans payable and accrued interest   -    - 
Post-petition intercompany payables to non-debtors   -    - 
Post-petition intercompany payables to other debtors   -    - 
Deferred Gain on Sale and Leaseback of Vessels   5,457    5,326 
Other Liabilities   39,040    39,585 
Total Liabilities Not Subject to Compromise   137,603    142,835 
           
Liabilities Subject to Compromise:          
Pre-petition intercompany loans payable and accrued interest   -    - 
Pre-petition intercompany payables to non-debtors   -    - 
Pre-petition intercompany payables to other debtors   -    - 
Other liabilities   2,836,368    2,837,908 
Total Liabilities Subject to Compromise   2,836,368    2,837,908 
           
Total Liabilities   2,973,971    2,980,744 
Equity:          
Total Equity   1,377,656    1,377,086 
Total Liabilities and Equity  $4,351,627   $4,357,830 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 117 of 117